Washington Trust Bancorp : Q1 2024 Fact Sheet

"Washington Trust's first quarter performance reflects the importance of our diversified business model, as we were able to generate solid noninterest income while faced with continued margin pressure associated with higher funding costs. We remain focused on managing the balance sheet, maintaining credit quality, and prudently overseeing expenses to ensure we are adequately positioned to meet the challenges ahead."

- Edward O. Handy III, Chairman & CEO

Q1 2024 Highlights

• Returns on average equity and average assets for the first quarter were 9.33% and 0.61%, respectively, compared to 11.77% and 0.71%, respectively for the preceding quarter.
• Total loans amounted to $5.7 billion, up by $38 million, or 1%, from the end of the preceding quarter.
• In-marketdeposits (total deposits less wholesale brokered deposits) amounted to $4.7 billion, down by $20 million, or 0.4%, from December 31, 2023.
• Asset and credit quality metrics continue to remain strong.
• Cash dividend of $0.56 per share.

In the Community

From L to R: Kyle McKendall, Vice President of Resource Development & Communications at ONE Neighborhood Builders; Jennifer Hawkins, President & CEO at ONE Neighborhood Builders; and Rolando Lora, Executive Vice President, Chief Retail Lending Officer and Director of Community Lending at Washington Trust.

Washington Trust recently awarded $122,000 to seven Rhode Island organizations in support of various programs to provide safe and affordable housing and homeownership programs throughout the Ocean State.

The grants are part of more than $459,000 of total giving granted by the Washington Trust Charitable Foundation to 60 organizations throughout the Bank's footprint. In addition to these grants, additional funds were awarded to organizations in support of financial literacy and economic empowerment, basic needs and family services, diversity and inclusion, and more.

For more information about the charitable donation click here.

23 Broad Street, Westerly, RI 02891

1-800-475-2265, x1566

ir.washtrust.com

Nasdaq: WASH

Market Summary

Trading Symbol	WASH
Exchange	NASDAQ
Market Value ($M)	458
Stock Price	$26.88

As of March 31, 2024

Deposit & Loan Mix

$5.0 $5.1 $5.0 $5.6 $5.3 $5.7 $5.3

$4.2 $4.4 $4.3

2020	2021	2022	2023	3/31/2024
$ billions; at December 31st unless otherwise noted	Loans	Deposits

Top Line Revenues

	All Other
Deposit Fees	10%
1%

Mortgage	Net
Interest
Banking
Income
5%
	65%
Wealth
Management
19%
	For the 3 months ended March 31, 2024

Wealth Management Revenues

		$41.3	$38.7	$35.5
$35.5
						$9.3
$ millions
2020	2021	2022 2023	YTD
						03/31/24
Cash Dividends	Declared per share
$2.05	$2.10	$2.18	$2.24

				$0.56
2020	2021	2022	2023	YTD

03/31/24

Member FDIC

Financial Highlights

		At or for the Quarters Ended
($ and shares in thousands, except per share amounts)	3/31/2024	12/31/2023	9/30/2023	6/30/2023
Balance Sheet ($000)
Total assets	$7,249,124	$7,202,847	$7,183,475	$7,011,760
Total loans	5,685,232	5,647,706	5,611,115	5,381,113
Total securities	970,060	1,000,380	958,990	1,022,458
Total deposits	5,347,893	5,348,160	5,415,563	5,314,478
Total shareholders' equity	466,920	472,686	431,404	459,161
Income Statement ($000) and Profitability
Net interest income	31,665	32,654	33,751	33,500
Provision for credit losses	700	1,200	500	700
Wealth management revenues	9,338	8,881	8,948	9,048
Mortgage banking revenues	2,506	1,554	2,108	1,753
Other noninterest income	5,319	2,871	4,170	3,524
Noninterest expenses	34,363	32,587	34,390	33,016
Net income	10,936	12,947	11,161	11,256
Return on average assets	0.61%	0.71%	0.62%	0.65%
Return on average equity	9.33%	11.77%	9.65%	9.67%
Net interest margin (fully taxable equivalent)	1.84%	1.88%	1.97%	2.03%
Balance Sheet Ratios/Capital
Total risk based capital	11.62%	11.58%	11.48%	11.81%
Tier 1 leverage ratio	7.81%	7.80%	7.87%	8.05%
Equity to assets	6.44%	6.56%	6.01%	6.55%
Tangible equity / tangible assets; non-GAAP(1)	5.56%	5.68%	5.11%	5.63%
Asset Quality
Total past due loans to total loans	0.18%	0.20%	0.17%	0.12%
Nonperforming assets to total assets	0.43%	0.63%	0.48%	0.16%
Nonaccrual loans to total loans	0.54%	0.79%	0.60%	0.19%
Allowance for loan losses to total loans	0.74%	0.73%	0.72%	0.73%
Share Data:
Diluted earnings per share	$0.64	$0.76	$0.65	$0.66
Dividends declared per share	$0.56	$0.56	$0.56	$0.56
Book value per share	$27.41	$27.75	$25.35	$26.98
Tangible book value per share; non-GAAP(2)	$23.45	$23.78	$21.36	$22.98
Market value per share	$26.88	$32.38	$26.33	$26.81
Shares outstanding at end of period	17,033	17,031	17,019	17,019
Weighted average shares outstanding - diluted	17,074	17,070	17,041	17,030

1. GAAP shareholders' equity less goodwill & intangible assets divided by GAAP assets less goodwill & intangible assets
2. GAAP shareholders' equity less goodwill & intangible assets divided by shares outstanding

About Washington Trust At 03/31/24

• $7.2 billion in assets
• Publicly-ownedholding company of The Washington Trust Company
• RI state-chartered commercial bank
• Founded in 1800; oldest community bank in the United States
• Personal banking, commercial banking, and wealth management services
• Market area of Rhode Island, eastern Massachusetts, and Connecticut:

o	27 branches	o	7 residential mortgage loan offices
o	5 wealth management offices	o	4 commercial lending offices

Nasdaq: WASH

C&I Loans by Industry At 03/31/24

Total portfolio: $613.4 million

Percent of total loans: 11%

Health care & social assistance

27%

Real estate rental and leasing

12%

Transportation & warehousing

10%

Manufacturing

9%

Retail trade

7%

Educational services

7%

Finance and insurance

6%

Information

4%

Arts, entertainment and recreation

4%

Accommodation and food services

2%

Professional, scientific and technical services

1%

Public administration

0%

Other

11%

Commercial Real Estate At 03/31/24

Total portfolio: $2.2 billion

Percent of total loans: 38%

Multi‐family

27%

Retail

20%

Industrial & Warehouse

15%

Office

13%

Hospitality

10%

Healthcare facility

9%

Mixed Use

2%

Other

4%

Analyst Coverage

• American Capital Partners, LLC Nicole Gulino
• Keefe Bruyette & Woods Inc. Damon Delmonte
• Piper Sandler & Co. Mark Fitzgibbon
• Seaport Research Partners Laurie Hunsicker

The financial information contained herein is unaudited, and qualified in its entirety by reference to Washington Trust's Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission and as updated by its Quarterly Reports on Form 10-Q.