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Published: 2022-01-26 00:00:00 ET
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Exhibit 99.1

bancorpflatbluehorizontalaa.jpg
    NASDAQ: WASH
Contact: Elizabeth B. Eckel
SVP, Chief Marketing & Corporate Communications Officer
Telephone: (401) 348-1309
E-mail: ebeckel@washtrust.com
Date: January 26, 2022
FOR IMMEDIATE RELEASE

Washington Trust Reports Fourth Quarter and Full-Year 2021 Earnings

WESTERLY, R.I., January 26, 2022 (PR NEWSWIRE)…Washington Trust Bancorp, Inc. (Nasdaq:WASH), parent company of The Washington Trust Company, today announced fourth quarter 2021 net income of $20.2 million, or $1.15 per diluted share, compared to net income of $18.8 million, or $1.07 per diluted share, for the third quarter of 2021. Net income for the year ended December 31, 2021 totaled $76.9 million, or $4.39 per diluted share, compared to $69.8 million, or $4.00 per diluted share, reported for the prior year.

“Washington Trust reported strong fourth quarter and full-year 2021 results,” stated Edward O. Handy III, Washington Trust Chairman and Chief Executive Officer. “We achieved record wealth management revenues, originated an all-time high volume of residential mortgages, reached a record level of in-market deposits and maintained healthy commercial loan activity. Solid business line performances and a strong balance sheet have positioned us well as we enter 2022.”

Selected financial highlights for the fourth quarter and full-year 2021 include:
•Returns on average equity and average assets for the fourth quarter were 14.34% and 1.36%, respectively, compared to 13.37% and 1.26%, respectively, for the preceding quarter. Full-year returns on average equity and average assets for 2021 were 14.03% and 1.32%, respectively, compared to 13.51% and 1.22%, respectively, for the prior year.
•A negative provision for credit losses (or a benefit) of $2.8 million was recognized in earnings in the fourth quarter of 2021, compared to no provision for credit losses in the preceding quarter. For the full-year 2021, a negative provision for credit losses (or a benefit) of $4.8 million was recognized in earnings, compared to a positive provision for credit losses (or a charge) of $12.3 million in 2020.
•Wealth management assets under administration ("AUA") amounted to an all-time high $7.8 billion at December 31, 2021. Fourth quarter and full-year wealth management revenues reached record highs of $10.5 million and $41.3 million, respectively.
•Residential real estate loan originations totaled $363 million in the fourth quarter, bringing the full-year residential loan origination total to an all-time high of $1.69 billion.
•Total loans excluding Paycheck Protection Program ("PPP") loans amounted to $4.2 billion, up by $26 million, or 1%, from the end of the preceding quarter and up by $256 million, or 6%, from a year ago.
•In-market deposits (total deposits less out-of-market wholesale brokered deposits) amounted to a record $4.5 billion at December 31, 2021, up by $162 million, or 4%, from the end of the preceding quarter, and up by $678 million, or 18%, from a year ago.
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Washington Trust
January 26, 2022
Net Interest Income
Net interest income was $37.7 million for the fourth quarter of 2021, up by $1.7 million, or 5%, from the third quarter of 2021. The net interest margin was 2.71% for the fourth quarter, up by 13 basis points from the preceding quarter. Both net interest income and the net interest margin benefited from commercial loan prepayment fee income, as well as accelerated net deferred fee amortization associated with PPP loans that were forgiven by the Small Business Administration. Commercial loan prepayment fee income amounted to $2.2 million, or 16 basis points, in the fourth quarter of 2021. There was no commercial loan prepayment fee income in the preceding quarter. In the fourth quarter of 2021, accelerated net deferred fee amortization on PPP loans amounted to $1.2 million, or 9 basis points, compared to $2.0 million, or 13 basis points, in the preceding quarter. Excluding the impact of these items for both periods, the net interest margin was 2.46% in the fourth quarter of 2021, up from 2.45% in the preceding quarter. Linked quarter changes included:
•Average interest-earning assets decreased by $8 million, largely reflecting a decline in average loan balances, partially offset by increases in average investment securities and cash and due from banks balances. The yield on interest-earning assets for the fourth quarter was 2.97%, up by 12 basis points from the preceding quarter. Excluding the impact of commercial loan prepayment fee income and accelerated net deferred fee amortization on PPP loans for both periods, the yield on interest-earning assets was essentially unchanged.
•Average interest-bearing liabilities decreased by $54 million, due to a decrease of $257 million in average wholesale funding balances, partially offset by an increase of $203 million in average in-market deposits. The cost of interest-bearing liabilities for the fourth quarter of 2021 was 0.34%, down by 1 basis point from the preceding quarter.

Noninterest Income
Noninterest income totaled $20.3 million for the fourth quarter of 2021, down by $213 thousand, or 1%, from the third quarter of 2021. Linked quarter changes included:
•Wealth management revenues amounted to $10.5 million in the fourth quarter of 2021, up by $49 thousand, or 0.5%, on a linked quarter basis. This included an increase in asset-based revenues of $193 thousand, or 2%, and a decrease in transaction-based revenues of $144 thousand, or 62%, from the preceding quarter. The linked quarter decline in transaction-based revenues was concentrated in annuity commission fee income.
Wealth management AUA amounted to $7.8 billion at December 31, 2021, up by $341 million from September 30, 2021. The increase reflected net investment appreciation of $359 million, partially offset by net client asset outflows of $18 million in the fourth quarter of 2021. The average balance of AUA for the fourth quarter of 2021 increased by approximately $86 million, or 1%, from the average balance for the preceding quarter.
•Mortgage banking revenues totaled $4.3 million for the fourth quarter of 2021, down by $2.0 million, or 32%, from the third quarter of 2021, largely due to changes in fair value of mortgage loan commitments. Realized gains on sales of loans decreased by a $55 thousand, or 1%, as a lower sales yield on loans sold to the secondary market was essentially offset by a higher sales volume. Mortgage loans sold to the secondary market amounted to $197 million in the fourth quarter of 2021, up by $23 million, or 13%, from the preceding quarter.
•Loan related derivative income was $2.0 million in the fourth quarter of 2021, up by $1.2 million from the preceding quarter, reflecting a higher volume of commercial borrower interest rate swap transactions.
•Income from bank-owned life insurance totaled $1.1 million in the fourth quarter of 2021, up by $526 thousand, or
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Washington Trust
January 26, 2022
85%, from the preceding quarter. The fourth quarter included the recognition of $526 thousand in non-taxable income associated with the receipt of life insurance proceeds.

Noninterest Expense
Noninterest expense totaled $35.2 million for the fourth quarter of 2021, up by $2.7 million, or 8%, from the third quarter of 2021. Included in noninterest expense for the fourth quarter of 2021 was debt prepayment penalty expense of $2.7 million, resulting from the payoff of higher-yielding FHLB advances. There was no debt prepayment penalty expense recognized in the third quarter of 2021. Excluding the impact of debt prepayment penalty expense, noninterest expense was essentially unchanged from the prior quarter.

Salaries and employee benefits expense, the largest component of noninterest expense, amounted to $21.5 million for the fourth quarter of 2021, down by $638 thousand, or 3%, from the preceding quarter, largely reflecting adjustments to performance-based compensation accruals. The decrease in salaries and employee benefits expense was essentially offset by an increase of $291 thousand in outsourced services expense, due to a higher volume of commercial borrower loan related derivative transactions, as well as modest increases across a variety of other expense categories.

Income Tax
Income tax expense totaled $5.5 million for the fourth quarter of 2021, up by $143 thousand from the preceding quarter, largely due to a higher level of pre-tax income. The effective tax rate for the fourth quarter of 2021 was 21.3%, compared to 22.1% in the preceding quarter. Based on current federal and applicable state income statutes, the Corporation currently expects its full-year 2022 effective tax rate to be approximately 21.5%.

Investment Securities
The securities portfolio totaled $1.0 billion at December 31, 2021, down by $3 million, from September 30, 2021, reflecting routine pay-downs on mortgage-backed securities and calls of debt securities, partially offset by purchases of U.S. government agency and U.S. government-sponsored debt securities, including mortgage-backed securities. Purchases of debt securities in the fourth quarter 2021 totaled $80 million, with a weighted average yield of 1.78%. Securities represented 18% of total assets at December 31, 2021, compared to 17% of total assets at September 30, 2021.

Loans
Total loans amounted to $4.3 billion at December 31, 2021, down by $13 million, from the end of the preceding quarter. Linked quarter changes included:
•Commercial loans decreased by $64 million, or 3%, from September 30, 2021, which included a net reduction in PPP loans of $39 million. Excluding PPP loans, commercial loans decreased by $25 million, or 1%, from September 30, 2021, reflecting payoffs and pay-downs of approximately $195 million, partially offset by commercial loan originations and advances of approximately $170 million.
•Residential real estate loans increased by $55 million, or 3%, from September 30, 2021. In the fourth quarter of 2021, residential real estate loans originated for portfolio amounted to $174 million.
•The consumer loan portfolio decreased by $4 million, or 2%, from the balance at September 30, 2021.
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Washington Trust
January 26, 2022

Deposits and Borrowings
At December 31, 2021, in-market deposits, which exclude wholesale brokered time deposits, amounted to $4.5 billion, up by $162 million, or 4%, from the end of the preceding quarter, reflecting growth across all deposit categories. Wholesale brokered time deposits amounted to $515 million, down by $240 million, or 32%, from September 30, 2021. Total deposits amounted to $5.0 billion at December 31, 2021, down by $78 million, or 2%, from the end of the preceding quarter.

FHLB advances totaled $145 million at December 31, 2021, down by $78 million from September 30, 2021. In the fourth quarter of 2021, higher-yielding FHLB advances of approximately $45 million were prepaid.

Asset Quality
Total nonaccrual loans amounted to $14.2 million, or 0.33% of total loans, at December 31, 2021, compared to $11.0 million, or 0.26% of total loans, at September 30, 2021.

Total past due loans amounted to $10.4 million, or 0.24% of total loans, at December 31, 2021, compared to $9.5 million, or 0.22% of total loans, at September 30, 2021.

As of December 31, 2021, active loan payment deferral modifications, or "deferments", in response to the COVID-19 pandemic remain on one commercial real estate relationship with two loans totaling $9.7 million, or 0.2% of the outstanding balance of total loans excluding PPP loan balances. This is down from active deferments on five loans totaling $38.0 million, or 1% of the outstanding balance of total loans excluding PPP loan balances, as of September 30, 2021.

Total troubled debt restructured loans ("TDR") amounted to $19.1 million as of December 31, 2021, up by $9.4 million from September 30, 2021, due to the restructuring of one commercial real estate relationship with two loans that did not qualify for additional TDR accounting relief.

The allowance for credit losses ("ACL") on loans amounted to $39.1 million, or 0.91% of total loans, at December 31, 2021, compared to $41.7 million, or 0.97% of total loans, at September 30, 2021. The ACL on unfunded commitments, included in other liabilities on the Consolidated Balance Sheets, amounted to $2.2 million at December 31, 2021, compared to $2.3 million at September 30, 2021.

In the fourth quarter of 2021, there was a negative $2.8 million provision for credit losses (or a benefit) recognized in earnings. There was no provision for credit losses recognized in the preceding quarter. The reduction in the provision for credit losses and the related ACL reflected a continued downward trend in loan loss rates, as well as improvements in forecasted economic conditions and relatively stable asset quality metrics. In the fourth quarter of 2021, net recoveries of $27 thousand were recognized, compared to net charge-offs of $168 thousand in the preceding quarter. Full-year 2021 net charge-offs were $417 thousand, compared to $1.1 million in the prior year.

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Washington Trust
January 26, 2022
Capital and Dividends
Total shareholders' equity was $564.8 million at December 31, 2021, up by $9.5 million from September 30, 2021. This increase included net income of $20.2 million, partially offset by $9.4 million in dividend declarations, as well as a decrease of $1.9 million in the accumulated other comprehensive income component of shareholders' equity. The decrease in the accumulated other comprehensive income component of shareholders' equity included a temporary decrease in the fair value of available for sale securities, partially offset by a $4.5 million increase associated with the annual remeasurement of pension liabilities. The increase to shareholders' equity associated with the annual remeasurement of pension liabilities was largely due to an increase in the discount rate used to measure the present value of pension plan liabilities, resulting from a rise in market interest rates in 2021.

Capital levels at December 31, 2021 exceeded the regulatory minimum levels to be considered well capitalized, with a total risk-based capital ratio of 14.01% at December 31, 2021, compared to 13.83% at September 30, 2021.

Book value per share was $32.59 at December 31, 2021, compared to $32.06 at September 30, 2021.

The Board of Directors declared a quarterly dividend of 54 cents per share for the quarter ended December 31, 2021, representing an increase of 2 cents per share from the preceding quarter. The dividend was paid on January 7, 2022 to shareholders of record on January 3, 2022. Full-year 2021 dividends totaled $2.10 per share, an increase of 5 cents per share from full-year 2020 dividends of $2.05 per share.

Conference Call
Washington Trust will host a conference call to discuss its fourth quarter results, business highlights and outlook on Thursday, January 27, 2022 at 8:30 a.m. (Eastern Time). Individuals may dial in to the call at 1-844-200-6205. An audio replay of the call will be available, shortly after the conclusion of the call, by dialing 1-866-813-9403 and entering the Replay PIN Number 665774; the audio replay will be available through February 26, 2022. Also, a webcast of the call will be posted in the Investor Relations section of Washington Trust's website, http://ir.washtrust.com, and will be available through March 31, 2022.

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Washington Trust
January 26, 2022
Background
Washington Trust Bancorp, Inc. is the parent of The Washington Trust Company. Founded in 1800, Washington Trust is the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast's premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Corporation’s common stock trades on NASDAQ under the symbol WASH. Investor information is available on the Corporation’s web site at http://ir.washtrust.com.

Forward-Looking Statements
This press release contains statements that are “forward-looking statements”. We may also make forward-looking statements in other documents we file with the SEC, in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward-looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters. You should not rely on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors, some of which are beyond our control. These risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from the anticipated future results, performance or achievements expressed or implied by the forward-looking statements.

Some of the factors that might cause these differences include the following: ongoing disruptions due to the COVID-19 pandemic and measures taken to contain its spread on our employees, customers, business operations, credit quality, financial position, liquidity and results of operations; changes in consumer behavior due to changing political, business and economic conditions, including concerns about inflation, or legislative or regulatory initiatives; the possibility that future credit losses are higher than currently expected due to changes in economic assumptions or adverse economic developments; volatility in national and international financial markets; interest rate changes or volatility, as well as changes in the balance and mix of loans and deposits; reductions in the market value or outflows of wealth management assets under administration; decreases in the value of securities and other assets; changes in loan demand and collectability; increases in defaults and charge-off rates; changes related to the discontinuation and replacement of LIBOR; changes in the size and nature of our competition; changes in legislation or regulation and accounting principles, policies and guidelines; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters and future pandemics; reputational risk relating to our participation in the Paycheck Protection Program and other pandemic-related legislative and regulatory initiatives and programs; and changes in the assumptions used in making such forward-looking statements. In addition, the factors described under “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as updated by our Quarterly Reports on Form 10-Q and other filings submitted to the SEC, may result in these differences. You should carefully review all of these factors and you should be aware that there may be other factors that could cause these differences. These forward-looking statements were based on information, plans and estimates at the date of this report, and we assume no obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes.

Supplemental Information - Explanation of Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. Washington Trust's management believes that the supplemental non-GAAP information, which consists of measurements and ratios based on tangible equity and tangible assets, is utilized by regulators and market analysts to evaluate a company's financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.

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Washington Trust Bancorp, Inc. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; Dollars in thousands)
Dec 31,
2021		Sep 30,
2021		Jun 30,
2021		Mar 31,
2021		Dec 31,
2020
Assets:
Cash and due from banks$175,259 $297,039 $127,743 $166,960 $194,143 
Short-term investments3,234 3,349 4,463 3,783 8,125 
Mortgage loans held for sale, at fair value
40,196 48,705 31,492 77,450 61,614 
Available for sale debt securities, at fair value1,042,859 1,045,833 1,052,577 948,094 894,571 
Federal Home Loan Bank stock, at cost13,031 15,094 22,757 24,772 30,285 
Loans:
Total loans
4,272,925 4,286,404 4,299,800 4,194,666 4,195,990 
Less: allowance for credit losses on loans
39,088 41,711 41,879 42,137 44,106 
Net loans
4,233,837 4,244,693 4,257,921 4,152,529 4,151,884 
Premises and equipment, net28,908 28,488 29,031 28,953 28,870 
Operating lease right-of-use assets26,692 27,518 28,329 28,761 29,521 
Investment in bank-owned life insurance92,592 92,974 92,355 84,749 84,193 
Goodwill63,909 63,909 63,909 63,909 63,909 
Identifiable intangible assets, net5,414 5,631 5,853 6,079 6,305 
Other assets125,196 129,410 135,550 133,350 159,749 
Total assets
$5,851,127 $6,002,643 $5,851,980 $5,719,389 $5,713,169 
Liabilities:
Deposits:
Noninterest-bearing deposits
$945,229 $950,974 $901,801 $932,999 $832,287 
Interest-bearing deposits
4,034,822 4,107,168 3,823,858 3,616,143 3,546,066 
Total deposits
4,980,051 5,058,142 4,725,659 4,549,142 4,378,353 
Federal Home Loan Bank advances145,000 222,592 408,592 466,912 593,859 
Junior subordinated debentures22,681 22,681 22,681 22,681 22,681 
Operating lease liabilities29,010 29,810 30,558 30,974 31,717 
Other liabilities109,577 114,100 116,634 116,081 152,364 
Total liabilities
5,286,319 5,447,325 5,304,124 5,185,790 5,178,974 
Shareholders’ Equity:
Common stock
1,085 1,085 1,085 1,085 1,085 
Paid-in capital126,511 126,265 125,442 124,882 125,610 
Retained earnings458,310 447,566 437,927 429,598 418,246 
Accumulated other comprehensive (loss) income(19,981)(18,128)(15,128)(20,006)(7,391)
Treasury stock, at cost(1,117)(1,470)(1,470)(1,960)(3,355)
Total shareholders’ equity
564,808 555,318 547,856 533,599 534,195 
Total liabilities and shareholders’ equity
$5,851,127 $6,002,643 $5,851,980 $5,719,389 $5,713,169 


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Washington Trust Bancorp, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited; Dollars and shares in thousands, except per share amounts)
For the Three Months EndedFor the Twelve Months Ended
Dec 31,
2021		Sep 30,
2021		Jun 30,
2021		Mar 31,
2021		Dec 31,
2020		Dec 31,
2021		Dec 31,
2020
Interest income:
Interest and fees on loans
$36,882 $35,691 $34,820 $34,159 $34,487 $141,552 $145,425 
Interest on mortgage loans held for sale
387 298 405 441 569 1,531 1,762 
Taxable interest on debt securities
3,929 3,683 3,441 3,242 3,869 14,295 20,050 
Dividends on Federal Home Loan Bank stock
98 95 110 133 414 436 2,240 
Other interest income
60 56 32 33 35 181 459 
Total interest and dividend income
41,356 39,823 38,808 38,008 39,374 157,995 169,936 
Interest expense:
Deposits
2,977 2,789 2,961 3,663 4,632 12,390 25,812 
Federal Home Loan Bank advances
547 872 1,001 1,380 2,305 3,800 15,806 
Junior subordinated debentures
92 92 92 94 122 370 641 
Other interest expense
— — — — 72 — 233 
Total interest expense
3,616 3,753 4,054 5,137 7,131 16,560 42,492 
Net interest income37,740 36,070 34,754 32,871 32,243 141,435 127,444 
Provision for credit losses(2,822)— — (2,000)1,781 (4,822)12,342 
Net interest income after provision for credit losses40,562 36,070 34,754 34,871 30,462 146,257 115,102 
Noninterest income:
Wealth management revenues
10,504 10,455 10,428 9,895 9,206 41,282 35,454 
Mortgage banking revenues
4,332 6,373 5,994 11,927 14,077 28,626 47,377 
Card interchange fees
1,282 1,265 1,316 1,133 1,148 4,996 4,287 
Service charges on deposit accounts
766 673 635 609 767 2,683 2,742 
Loan related derivative income
1,972 728 1,175 467 173 4,342 3,991 
Income from bank-owned life insurance
1,144 618 607 556 569 2,925 2,491 
Other income
307 408 438 1,387 1,787 2,540 3,100 
Total noninterest income
20,307 20,520 20,593 25,974 27,727 87,394 99,442 
Noninterest expense:
Salaries and employee benefits
21,524 22,162 22,082 21,527 22,075 87,295 82,899 
Outsourced services
3,585 3,294 3,217 3,200 2,950 13,296 11,894 
Net occupancy
2,145 2,134 2,042 2,128 2,083 8,449 8,023 
Equipment
959 977 975 994 1,025 3,905 3,831 
Legal, audit and professional fees
817 767 678 597 1,014 2,859 3,747 
FDIC deposit insurance costs
391 482 374 345 330 1,592 1,818 
Advertising and promotion
502 559 560 222 640 1,843 1,469 
Amortization of intangibles
216 223 225 226 226 890 914 
Debt prepayment penalties
2,700 — 895 3,335 1,413 6,930 1,413 
Other expenses
2,380 1,922 1,964 2,139 2,353 8,405 9,376 
Total noninterest expense
35,219 32,520 33,012 34,713 34,109 135,464 125,384 
Income before income taxes25,650 24,070 22,335 26,132 24,080 98,187 89,160 
Income tax expense5,462 5,319 4,875 5,661 5,514 21,317 19,331 
Net income
$20,188 $18,751 $17,460 $20,471 $18,566 $76,870 $69,829 
Net income available to common shareholders$20,128 $18,697 $17,408 $20,415 $18,524 $76,648 $69,678 
Weighted average common shares outstanding:
  Basic17,328 17,320 17,314 17,275 17,264 17,310 17,282 
  Diluted17,469 17,444 17,436 17,431 17,360 17,455 17,402 
Earnings per common share:
  Basic$1.16 $1.08 $1.01 $1.18 $1.07 $4.43 $4.03 
  Diluted$1.15 $1.07 $1.00 $1.17 $1.07 $4.39 $4.00 
Cash dividends declared per share$0.54 $0.52 $0.52 $0.52 $0.52 $2.10 $2.05 
-8-

Washington Trust Bancorp, Inc. and Subsidiaries
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited; Dollars and shares in thousands, except per share amounts)
Dec 31,
2021		Sep 30,
2021		Jun 30,
2021		Mar 31,
2021		Dec 31,
2020
Share and Equity Related Data:
Book value per share$32.59 $32.06 $31.63 $30.83 $30.94 
Tangible book value per share - Non-GAAP (1)
$28.59 $28.05 $27.60 $26.79 $26.87 
Market value per share$56.37 $52.98 $51.35 $51.63 $44.80 
Shares issued at end of period17,363 17,363 17,363 17,363 17,363 
Shares outstanding at end of period17,331 17,320 17,320 17,306 17,265 
Capital Ratios (2):
Tier 1 risk-based capital 13.24 %13.01 %12.82 %12.99 %12.61 %
Total risk-based capital 14.01 %13.83 %13.65 %13.85 %13.51 %
Tier 1 leverage ratio9.36 %9.12 %9.07 %9.11 %8.95 %
Common equity tier 112.71 %12.47 %12.28 %12.43 %12.06 %
Balance Sheet Ratios:
Equity to assets9.65 %9.25 %9.36 %9.33 %9.35 %
Tangible equity to tangible assets - Non-GAAP (1)
8.57 %8.19 %8.27 %8.21 %8.22 %
Loans to deposits (3)
85.8 %84.9 %90.8 %93.0 %96.2 %
For the Twelve Months Ended
For the Three Months Ended
Dec 31,
2021		Sep 30,
2021		Jun 30,
2021		Mar 31,
2021		Dec 31,
2020		Dec 31,
2021		Dec 31,
2020
Performance Ratios (4):
Net interest margin (5)
2.71 %2.58 %2.55 %2.51 %2.39 %2.59 %2.40 %
Return on average assets (net income divided by average assets)
1.36 %1.26 %1.20 %1.45 %1.28 %1.32 %1.22 %
Return on average tangible assets - Non-GAAP (1)
1.38 %1.27 %1.22 %1.47 %1.30 %1.33 %1.24 %
Return on average equity (net income available for common shareholders divided by average equity)
14.34 %13.37 %12.92 %15.55 %13.96 %14.03 %13.51 %
Return on average tangible equity - Non-GAAP (1)
16.39 %15.29 %14.84 %17.91 %16.10 %16.09 %15.66 %
Efficiency ratio (6)
60.7 %57.5 %59.6 %59.0 %56.9 %59.2 %55.3 %

(1)See the section labeled “Supplemental Information - Calculation of Non-GAAP Financial Measures” at the end of this document.
(2)Estimated for December 31, 2021 and actuals for prior periods.
(3)Period-end balances of net loans and mortgage loans held for sale as a percentage of total deposits.
(4)Annualized based on the actual number of days in the period.
(5)Fully taxable equivalent (FTE) net interest income as a percentage of average-earnings assets.
(6)Total noninterest expense as percentage of total revenues (net interest income and noninterest income).

-9-

Washington Trust Bancorp, Inc. and Subsidiaries
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited; Dollars in thousands)
For the Three Months EndedFor the Twelve Months Ended
Dec 31,
2021		Sep 30,
2021		Jun 30,
2021		Mar 31,
2021		Dec 31,
2020		Dec 31,
2021		Dec 31,
2020
Wealth Management Results
Wealth Management Revenues:
Asset-based revenues$10,417 $10,224 $9,991 $9,583 $9,066 $40,215 $34,363 
Transaction-based revenues87 231 437 312 140 1,067 1,091 
Total wealth management revenues$10,504 $10,455 $10,428 $9,895 $9,206 $41,282 $35,454 
Assets Under Administration (AUA):
Balance at beginning of period$7,443,396 $7,441,519 $7,049,226 $6,866,737 $6,395,652 $6,866,737 $6,235,801 
Net investment appreciation (depreciation) & income
358,796 (4,830)368,383 208,953 540,189 931,302 774,265 
Net client asset inflows (outflows)(17,981)6,707 23,910 (26,464)(69,104)(13,828)(143,329)
Balance at end of period$7,784,211 $7,443,396 $7,441,519 $7,049,226 $6,866,737 $7,784,211 $6,866,737 
Percentage of AUA that are managed assets
92%91%92%91%91%92%91%
Mortgage Banking Results
Mortgage Banking Revenues:
Realized gains on loan sales, net (1)
$5,695 $5,750 $8,562 $13,745 $13,394 $33,752 $42,008 
Changes in fair value, net (2)
(1,594)467 (2,543)(1,888)813 (5,558)5,998 
Loan servicing fee income, net (3)
231 156 (25)70 (130)432 (629)
Total mortgage banking revenues$4,332 $6,373 $5,994 $11,927 $14,077 $28,626 $47,377 
Residential Mortgage Loan Originations:
Originations for retention in portfolio (4)
$174,438 $205,293 $244,821 $131,791 $134,002 $756,343 $502,120 
Originations for sale to secondary market (5)
188,735 190,702 244,562 309,325 312,226 933,324 1,171,906 
Total mortgage loan originations$363,173 $395,995 $489,383 $441,116 $446,228 $1,689,667 $1,674,026 
Residential Mortgage Loans Sold:
Sold with servicing rights retained$21,180 $108,445 $235,280 $226,645 $240,104 $591,550 $849,467 
Sold with servicing rights released (5)
175,818 65,416 55,278 65,374 78,072 361,886 290,294 
Total mortgage loans sold$196,998 $173,861 $290,558 $292,019 $318,176 $953,436 $1,139,761 

(1)Includes gains on loan sales, commission income on loans originated for others, servicing right gains, and gains (losses) on forward loan commitments.
(2)Represents fair value changes on mortgage loans held for sale and forward loan commitments.
(3)Represents loan servicing fee income, net of servicing right amortization and valuation adjustments.
(4)Includes the full commitment amount of homeowner construction loans.
(5)Includes brokered loans (loans originated for others).

-10-

Washington Trust Bancorp, Inc. and Subsidiaries
END OF PERIOD LOAN COMPOSITION
(Unaudited; Dollars in thousands)
Dec 31,
2021		Sep 30,
2021		Jun 30,
2021		Mar 31,
2021		Dec 31,
2020
Loans:
Commercial real estate (1)$1,639,062 $1,661,785 $1,669,624 $1,618,540 $1,633,024 
Commercial & industrial641,555 682,774 764,509 840,585 817,408 
Total commercial2,280,617 2,344,559 2,434,133 2,459,125 2,450,432 
Residential real estate (2)1,726,975 1,672,364 1,590,389 1,457,490 1,467,312 
Home equity247,697 249,874 254,802 256,799 259,185 
Other17,636 19,607 20,476 21,252 19,061 
Total consumer265,333 269,481 275,278 278,051 278,246 
Total loans$4,272,925 $4,286,404 $4,299,800 $4,194,666 $4,195,990 
(1)Commercial real estate loans consist of commercial mortgages and construction and development loans. Commercial mortgages are loans secured by income producing property.
(2)Residential real estate loans consist of mortgage and homeowner construction loans secured by one- to four-family residential properties.

December 31, 2021December 31, 2020
CountBalance% of TotalCountBalance% of Total
Commercial Real Estate Portfolio Segmentation:
Multi-family dwelling 127 $474,229 29 %137 $524,874 32 %
Retail 121 389,487 24 136 339,569 21 
Office 57 216,602 13 73 290,756 18 
Hospitality31 184,990 11 40 157,720 10 
Industrial and warehouse 35 137,254 8 28 97,055 6 
Healthcare13 128,189 8 15 109,321 7 
Commercial mixed use 20 38,978 2 22 42,405 2 
Other36 69,333 5 38 71,324 4 
Commercial real estate loans
440 $1,639,062 100 %489 $1,633,024 100 %
Commercial & Industrial Portfolio Segmentation:
Healthcare and social assistance101 $174,376 27 %253 $200,217 24 %
Owner occupied and other real estate185 72,957 11 268 74,309 9 
Manufacturing65 55,341 9 146 88,802 11 
Educational services28 52,211 8 53 64,969 8 
Retail79 47,290 7 192 63,895 8 
Transportation and warehousing
31 35,064 5 42 24,061 3 
Entertainment and recreation
37 32,087 5 91 29,415 4 
Finance and insurance
59 31,279 5 106 26,244 3 
Accommodation and food services114 28,320 4 271 47,020 6 
Information
14 25,045 4 32 28,394 3 
Professional, scientific and technical
69 8,912 1 265 39,295 5 
Public administration
16 5,441 1 26 23,319 3 
Other
281 73,232 13 772 107,468 13 
Commercial & industrial loans
1,079 $641,555 100 %2,517 $817,408 100 %

-11-

Washington Trust Bancorp, Inc. and Subsidiaries
SUPPLEMENTAL LOAN PORTFOLIO INFORMATION
(Unaudited; Dollars in thousands)
December 31, 2021December 31, 2020
CountBalance% of TotalCountBalance% of Total
PPP Loans By Industry:
Accommodation and food services69 $13,687 36 %209 $23,678 12 %
Healthcare and social assistance36 6,926 18 173 47,354 24 
Professional, scientific and technical
34 2,464 6 220 20,031 10 
Information
6 2,034 5 20 2,478 1 
Retail22 1,698 4 134 12,107 6 
Entertainment and recreation
12 1,693 4 61 3,386 2 
Manufacturing11 1,274 3 89 23,321 12 
Owner occupied and other real estate20 709 2 115 9,241 5 
Educational services8 312 1 32 9,681 5 
Finance and insurance
6 299 1 55 2,000 1 
Transportation and warehousing
9 138 — 21 2,059 1 
Public administration
1 21 — 4 483 — 
Other
113 6,764 20 573 43,961 21 
Total PPP loans (included in the commercial & industrial loan portfolio)
347 $38,019 100 %1,706 $199,780 100 %
Average PPP loan size$110 $117 
Net unamortized fees on PPP loans$1,267 $3,893 

December 31, 2021September 30, 2021
CountBalance
% of Outstanding Balance, excl PPP loans (1)
CountBalance
% of Outstanding Balance, excl PPP loans (1)
Active Loan Deferments by Portfolio:
Commercial real estate deferments
2 $9,720 1 %5 $37,955 2 %
Commercial & industrial deferments
— — — — — — 
Total commercial deferments2 9,720 1 5 37,955 2 
Residential real estate deferments— — — — — — 
Total consumer deferments— — — — — — 
Total active loan deferments2 $9,720 — %5 $37,955 1 %
(1)Percent of respective outstanding portfolio segment balance excluding balance of PPP loans.

-12-

Washington Trust Bancorp, Inc. and Subsidiaries
END OF PERIOD LOAN AND DEPOSIT COMPOSITION
(Unaudited; Dollars in thousands)
December 31, 2021December 31, 2020
Balance% of TotalBalance% of Total
Commercial Real Estate Loans by Property Location:
Connecticut$643,182 39 %$649,919 40 %
Massachusetts464,018 28 468,947 29 
Rhode Island408,496 25 431,133 26 
Subtotal
1,515,696 92 1,549,999 95 
All other states123,366 8 83,025 5 
Total commercial real estate loans
$1,639,062 100 %$1,633,024 100 %
Residential Real Estate Loans by Property Location:
Massachusetts
$1,207,789 70 %$994,800 68 %
Rhode Island
365,831 21 331,713 23 
Connecticut
132,430 8 122,102 8 
Subtotal
1,706,050 99 1,448,615 99 
All other states
20,925 1 18,697 1 
Total residential real estate loans
$1,726,975 100 %$1,467,312 100 %

Dec 31,
2021		Sep 30,
2021		Jun 30,
2021		Mar 31,
2021		Dec 31,
2020
Deposits:
Noninterest-bearing demand deposits$945,229 $950,974 $901,801 $932,999 $832,287 
Interest-bearing demand deposits251,032 238,317 174,165 171,571 174,290 
NOW accounts867,138 817,937 774,693 745,376 698,706 
Money market accounts1,072,864 1,046,324 941,511 950,413 910,167 
Savings accounts555,177 540,306 524,155 511,759 466,507 
Time deposits (in-market)773,383 709,288 677,061 701,524 704,855 
In-market deposits
4,464,823 4,303,146 3,993,386 4,013,642 3,786,812 
Wholesale brokered time deposits515,228 754,996 732,273 535,500 591,541 
Total deposits
$4,980,051 $5,058,142 $4,725,659 $4,549,142 $4,378,353 
-13-

Washington Trust Bancorp, Inc. and Subsidiaries
CREDIT & ASSET QUALITY DATA
(Unaudited; Dollars in thousands)
Dec 31,
2021		Sep 30,
2021		Jun 30,
2021		Mar 31,
2021		Dec 31,
2020
Asset Quality Ratios:
Nonperforming assets to total assets0.24 %0.18 %0.18 %0.23 %0.23 %
Nonaccrual loans to total loans0.33 %0.26 %0.24 %0.31 %0.31 %
Total past due loans to total loans0.24 %0.22 %0.20 %0.26 %0.30 %
Allowance for credit losses on loans to nonaccrual loans275.21 %380.02 %399.57 %324.56 %334.21 %
Allowance for credit losses on loans to total loans0.91 %0.97 %0.97 %1.00 %1.05 %
Nonperforming Assets:
Commercial real estate$— $— $— $— $— 
Commercial & industrial— — 539 — — 
Total commercial— — 539 — — 
Residential real estate13,576 10,321 8,926 11,748 11,981 
Home equity 627 655 1,016 1,147 1,128 
Other consumer— — — 88 88 
Total consumer627 655 1,016 1,235 1,216 
Total nonaccrual loans14,203 10,976 10,481 12,983 13,197 
Other real estate owned— — — — — 
Total nonperforming assets$14,203 $10,976 $10,481 $12,983 $13,197 
Past Due Loans (30 days or more past due):
Commercial real estate$— $— $— $— $265 
Commercial & industrial3 2 540 1 3 
Total commercial3 2 540 1 268 
Residential real estate9,622 8,698 6,656 9,661 10,339 
Home equity765 824 1,231 1,131 1,667 
Other consumer21 24 28 119 118 
Total consumer786 848 1,259 1,250 1,785 
Total past due loans$10,411 $9,548 $8,455 $10,912 $12,392 
Accruing loans 90 days or more past due$— $— $— $— $— 
Nonaccrual loans included in past due loans$9,359 $6,930 $5,773 $8,356 $8,521 
Troubled Debt Restructurings:
Accruing TDRs$16,328 $7,979 $8,541 $12,358 $13,340 
Nonaccrual TDRs2,819 1,732 2,278 1,935 2,345 
Total TDRs$19,147 $9,711 $10,819 $14,293 $15,685 
Washington Trust Bancorp, Inc. and Subsidiaries
CREDIT & ASSET QUALITY DATA
(Unaudited; Dollars in thousands)
For the Three Months EndedFor the Twelve Months Ended
Dec 31,
2021		Sep 30,
2021		Jun 30,
2021		Mar 31,
2021		Dec 31,
2020		Dec 31,
2021		Dec 31,
2020
Nonaccrual Loan Activity:
Balance at beginning of period$10,976 $10,481 $12,983 $13,197 $14,740 $13,197 $17,408 
Additions to nonaccrual status3,959 2,583 537 734 707 7,813 3,644 
Loans returned to accruing status(339)— (874)(3)(1,112)(1,216)(3,282)
Loans charged-off(31)(249)(317)(64)(246)(661)(1,317)
Loans transferred to other real estate owned— — — — (285)— (313)
Payments, payoffs and other changes(362)(1,839)(1,848)(881)(607)(4,930)(2,943)
Balance at end of period$14,203 $10,976 $10,481 $12,983 $13,197 $14,203 $13,197 
Allowance for Credit Losses on Loans:
Balance at beginning of period$41,711 $41,879 $42,137 $44,106 $42,645 $44,106 $27,014 
Adoption of CECL accounting standard (Topic 326)— — — — — — 6,501 
Provision for credit losses on loans (1)
(2,650)— — (1,951)1,579 (4,601)11,736 
Charge-offs(33)(249)(317)(64)(245)(663)(1,317)
Recoveries60 81 59 46 127 246 172 
Balance at end of period$39,088 $41,711 $41,879 $42,137 $44,106 $39,088 $44,106 
Allowance for Credit Losses on Unfunded Commitments:
Balance at beginning of period$2,333 $2,333 $2,333 $2,382 $2,180 $2,382 $293 
Adoption of CECL accounting standard (Topic 326)— — — — — — 1,483 
Provision for credit losses on unfunded commitments (1)
(172)— — (49)202 (221)606 
Balance at end of period (2)
$2,161 $2,333 $2,333 $2,333 $2,382 $2,161 $2,382 
(1)    Included in provision for credit losses in the Consolidated Statements of Income.
(2)     Included in other liabilities in the Consolidated Balance Sheets.

For the Three Months EndedFor the Twelve Months Ended
Dec 31,
2021		Sep 30,
2021		Jun 30,
2021		Mar 31,
2021		Dec 31,
2020		Dec 31,
2021		Dec 31,
2020
Net Loan Charge-Offs (Recoveries):
Commercial real estate$— $— $— $— $133 $— $305 
Commercial & industrial(35)(2)302 1 (12)266 562 
Total commercial(35)(2)302 1 121 266 867 
Residential real estate(4)52 (47)17 (20)18 79 
Home equity(12)110 (4)(2)9 92 172 
Other consumer24 8 7 2 8 41 27 
Total consumer12 118 3 — 17 133 199 
Total($27)$168 $258 $18 $118 $417 $1,145 
Net charge-offs to average loans (annualized)— %0.02 %0.02 %— %0.01 %0.01 %0.03 %

-14-

The following table presents average balance and interest rate information. Tax-exempt income is converted to a fully taxable equivalent (“FTE”) basis using the statutory federal income tax rate adjusted for applicable state income taxes net of the related federal tax benefit. Unrealized gains (losses) on available for sale securities and changes in fair value on mortgage loans held for sale are excluded from the average balance and yield calculations. Nonaccrual loans, as well as interest recognized on these loans, are included in amounts presented for loans.
Washington Trust Bancorp, Inc. and Subsidiaries
CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)
(Unaudited; Dollars in thousands)
For the Three Months EndedDecember 31, 2021September 30, 2021Change
Average BalanceInterestYield/
Rate		Average BalanceInterestYield/
Rate		Average BalanceInterestYield/
Rate
Assets:
Cash, federal funds sold and short-term investments
$190,291 $60 0.13 %$179,574 $56 0.12 %$10,717 $4 0.01 %
Mortgage loans held for sale50,425 387 3.04 41,261 298 2.87 9,164 89 0.17 
Taxable debt securities1,060,045 3,929 1.47 1,045,997 3,683 1.40 14,048 246 0.07 
FHLB stock12,986 98 2.99 18,909 95 1.99 (5,923)3 1.00 
Commercial real estate1,657,669 14,281 3.42 1,648,972 12,209 2.94 8,697 2,072 0.48 
Commercial & industrial630,805 6,960 4.38 736,073 7,886 4.25 (105,268)(926)0.13 
Total commercial
2,288,474 21,241 3.68 2,385,045 20,095 3.34 (96,571)1,146 0.34 
Residential real estate
1,689,949 13,636 3.20 1,623,913 13,511 3.30 66,036 125 (0.10)
Home equity249,336 1,992 3.17 252,938 2,043 3.20 (3,602)(51)(0.03)
Other18,171 224 4.89 19,822 247 4.94 (1,651)(23)(0.05)
Total consumer267,507 2,216 3.29 272,760 2,290 3.33 (5,253)(74)(0.04)
Total loans
4,245,930 37,093 3.47 4,281,718 35,896 3.33 (35,788)1,197 0.14 
Total interest-earning assets
5,559,677 41,567 2.97 5,567,459 40,028 2.85 (7,782)1,539 0.12 
Noninterest-earning assets324,904 351,678 (26,774)
Total assets
$5,884,581 $5,919,137 ($34,556)
Liabilities and Shareholders' Equity:
Interest-bearing demand deposits$238,390 $63 0.10 %$206,237 $51 0.10 %$32,153 $12 — %
NOW accounts819,590 142 0.07 782,963 129 0.07 36,627 13 — 
Money market accounts1,059,846 561 0.21 1,014,204 586 0.23 45,642 (25)(0.02)
Savings accounts544,981 70 0.05 530,956 70 0.05 14,025 — — 
Time deposits (in-market)746,887 1,927 1.02 672,012 1,695 1.00 74,875 232 0.02 
Total interest-bearing in-market deposits3,409,694 2,763 0.32 3,206,372 2,531 0.31 203,322 232 0.01 
Wholesale brokered time deposits611,467 214 0.14 722,233 258 0.14 (110,766)(44)— 
Total interest-bearing deposits4,021,161 2,977 0.29 3,928,605 2,789 0.28 92,556 188 0.01 
FHLB advances171,079 547 1.27 317,766 872 1.09 (146,687)(325)0.18 
Junior subordinated debentures22,681 92 1.61 22,681 92 1.61 — — — 
PPPLF borrowings— — — — — — — — — 
Total interest-bearing liabilities
4,214,921 3,616 0.34 4,269,052 3,753 0.35 (54,131)(137)(0.01)
Noninterest-bearing demand deposits981,706 952,676 29,030 
Other liabilities131,189 142,562 (11,373)
Shareholders' equity556,765 554,847 1,918 
Total liabilities and shareholders' equity
$5,884,581 $5,919,137 ($34,556)
Net interest income (FTE)
$37,951 $36,275 $1,676 
Interest rate spread2.63 %2.50 %0.13 %
Net interest margin2.71 %2.58 %0.13 %

Interest income amounts presented in the preceding table include the following adjustments for taxable equivalency:
For the Three Months EndedDec 31, 2021Sep 30, 2021Change
Commercial loans$211 $205 $6 
Total$211 $205 $6 
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Washington Trust Bancorp, Inc. and Subsidiaries
CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)
(Unaudited; Dollars in thousands)
For the Twelve Months Ended December 31, 2021December 31, 2020Change
Average BalanceInterestYield/
Rate		Average BalanceInterestYield/
 Rate		Average BalanceInterestYield/
 Rate
Assets:
Cash, federal funds sold and short-term investments
$167,898 $181 0.11 %$160,427 $459 0.29 %$7,471 ($278)(0.18 %)
Mortgage loans for sale52,580 1,531 2.91 54,237 1,762 3.25 (1,657)(231)(0.34)
Taxable debt securities1,013,445 14,295 1.41 902,278 20,050 2.22 111,167 (5,755)(0.81)
FHLB stock21,422 436 2.04 45,235 2,240 4.95 (23,813)(1,804)(2.91)
Commercial real estate1,643,107 49,551 3.02 1,632,460 52,231 3.20 10,647 (2,680)(0.18)
Commercial & industrial752,934 30,824 4.09 767,176 27,410 3.57 (14,242)3,414 0.52 
Total commercial
2,396,041 80,375 3.35 2,399,636 79,641 3.32 (3,595)734 0.03 
Residential real estate
1,571,459 52,884 3.37 1,488,343 55,866 3.75 83,116 (2,982)(0.38)
Home equity254,289 8,212 3.23 277,296 10,032 3.62 (23,007)(1,820)(0.39)
Other19,765 966 4.89 18,929 941 4.97 836 25 (0.08)
Total consumer274,054 9,178 3.35 296,225 10,973 3.70 (22,171)(1,795)(0.35)
Total loans
4,241,554 142,437 3.36 4,184,204 146,480 3.50 57,350 (4,043)(0.14)
Total interest-earning assets
5,496,899 158,880 2.89 5,346,381 170,991 3.20 150,518 (12,111)(0.31)
Noninterest-earning assets341,067 358,569 (17,502)
Total assets
$5,837,966 $5,704,950 $133,016 
Liabilities and Shareholders' Equity:
Interest-bearing demand deposits$202,929 $259 0.13 %$159,366 $806 0.51 %$43,563 ($547)(0.38 %)
NOW accounts765,584 491 0.06 593,105 368 0.06 172,479 123 — 
Money market accounts984,278 2,413 0.25 839,915 5,402 0.64 144,363 (2,989)(0.39)
Savings accounts521,143 282 0.05 415,741 265 0.06 105,402 17 (0.01)
Time deposits (in-market)702,303 7,749 1.10 742,236 13,138 1.77 (39,933)(5,389)(0.67)
Total interest-bearing in-market deposits3,176,237 11,194 0.35 2,750,363 19,979 0.73 425,874 (8,785)(0.38)
Wholesale brokered time deposits644,151 1,196 0.19 501,306 5,833 1.16 142,845 (4,637)(0.97)
Total interest-bearing deposits3,820,388 12,390 0.32 3,251,669 25,812 0.79 568,719 (13,422)(0.47)
FHLB advances370,881 3,800 1.02 920,704 15,806 1.72 (549,823)(12,006)(0.70)
Junior subordinated debentures22,681 370 1.63 22,681 641 2.83 — (271)(1.20)
PPPLF borrowings— — — 66,492 233 0.35 (66,492)(233)(0.35)
Total interest-bearing liabilities
4,213,950 16,560 0.39 4,261,546 42,492 1.00 (47,596)(25,932)(0.61)
Noninterest-bearing demand deposits934,626 759,841 174,785 
Other liabilities143,197 167,861 (24,664)
Shareholders' equity546,193 515,702 30,491 
Total liabilities and shareholders' equity
$5,837,966 $5,704,950 $133,016 
Net interest income (FTE)
$142,320 $128,499 $13,821 
Interest rate spread2.50 %2.20 %0.30 %
Net interest margin2.59 %2.40 %0.19 %

Interest income amounts presented in the preceding table include the following adjustments for taxable equivalency:
For the Twelve Months Ended Dec 31, 2021Dec 31, 2020Change
Commercial loans$885 $1,055 ($170)
Total$885 $1,055 ($170)
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Washington Trust Bancorp, Inc. and Subsidiaries
SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures
(Unaudited; Dollars in thousands, except per share amounts)
Dec 31,
2021		Sep 30,
2021		Jun 30,
2021		Mar 31,
2021		Dec 31,
2020
Tangible Book Value per Share:
Total shareholders' equity, as reported$564,808 $555,318 $547,856 $533,599 $534,195 
Less:
Goodwill
63,909 63,909 63,909 63,909 63,909 
Identifiable intangible assets, net
5,414 5,631 5,853 6,079 6,305 
Total tangible shareholders' equity$495,485 $485,778 $478,094 $463,611 $463,981 
Shares outstanding, as reported17,331 17,320 17,320 17,306 17,265 
Book value per share - GAAP$32.59 $32.06 $31.63 $30.83 $30.94 
Tangible book value per share - Non-GAAP$28.59 $28.05 $27.60 $26.79 $26.87 
Tangible Equity to Tangible Assets:
Total tangible shareholders' equity$495,485 $485,778 $478,094 $463,611 $463,981 
Total assets, as reported$5,851,127 $6,002,643 $5,851,980 $5,719,389 $5,713,169 
Less:
Goodwill
63,909 63,909 63,909 63,909 63,909 
Identifiable intangible assets, net
5,414 5,631 5,853 6,079 6,305 
Total tangible assets$5,781,804 $5,933,103 $5,782,218 $5,649,401 $5,642,955 
Equity to assets - GAAP9.65 %9.25 %9.36 %9.33 %9.35 %
Tangible equity to tangible assets - Non-GAAP8.57 %8.19 %8.27 %8.21 %8.22 %
For the Three Months EndedFor the Twelve Months Ended
Dec 31,
2021		Sep 30,
2021		Jun 30,
2021		Mar 31,
2021		Dec 31,
2020		Dec 31,
2021		Dec 31,
2020
Return on Average Tangible Assets:
Net income, as reported$20,188 $18,751 $17,460 $20,471 $18,566 $76,870 $69,829 
Total average assets, as reported$5,884,581 $5,919,137 $5,833,425 $5,711,931 $5,768,263 $5,837,966 $5,704,950 
Less average balances of:
Goodwill
63,909 63,909 63,909 63,909 63,909 63,909 63,909 
Identifiable intangible assets, net
5,526 5,739 5,963 6,189 6,414 5,852 6,755 
Total average tangible assets$5,815,146 $5,849,489 $5,763,553 $5,641,833 $5,697,940 $5,768,205 $5,634,286 
Return on average assets - GAAP1.36 %1.26 %1.20 %1.45 %1.28 %1.32 %1.22 %
Return on average tangible assets - Non-GAAP
1.38 %1.27 %1.22 %1.47 %1.30 %1.33 %1.24 %
Return on Average Tangible Equity:
Net income available to common shareholders, as reported
$20,128 $18,697 $17,408 $20,415 $18,524 $76,648 $69,678 
Total average equity, as reported$556,765 $554,847 $540,524 $532,271 $527,969 $546,193 $515,702 
Less average balances of:
Goodwill
63,909 63,909 63,909 63,909 63,909 63,909 63,909 
Identifiable intangible assets, net
5,526 5,739 5,963 6,189 6,414 5,852 6,755 
Total average tangible equity$487,330 $485,199 $470,652 $462,173 $457,646 $476,432 $445,038 
Return on average equity - GAAP14.34 %13.37 %12.92 %15.55 %13.96 %14.03 %13.51 %
Return on average tangible equity - Non-GAAP
16.39 %15.29 %14.84 %17.91 %16.10 %16.09 %15.66 %
-17-