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EX-99.1

2 exhibit9912026q1.htm

EX-99.1

Document

Exhibit 99.1

NASDAQ: WASH

Media Contact: Kathleen Hart

VP, Public Relations Manager

Telephone: (401) 348-1495

E-mail: kahart@washtrust.com

Date: April 20, 2026

FOR IMMEDIATE RELEASE

Washington Trust Reports First Quarter 2026 Results

WESTERLY, R.I., April 20, 2026 (PR NEWSWIRE)…Washington Trust Bancorp, Inc. (Nasdaq: WASH; “Washington Trust” or the “Corporation”), today reported first quarter 2026 net income of $12.6 million, or $0.66 per diluted share, compared to $16.0 million, or $0.83 per diluted share, for the preceding quarter. Compared to the first quarter of 2025, net income was up by $421 thousand, or $0.03 per diluted share, on a GAAP basis, and was up by $838 thousand, or $0.05 per diluted share, on an adjusted (non-GAAP) basis.

“Washington Trust delivered solid first quarter 2026 results, led by an increase in net interest margin, which reflects the strength of our core banking business and continued benefits from the December 2024 balance sheet repositioning transactions,” said Washington Trust Chairman and Chief Executive Officer Edward O. “Ned” Handy III. “Our balance sheet remains strong, and as we move through 2026, Washington Trust is focused on delivering long‑term shareholder value while providing customers with personalized service, local decision‑making, and a comprehensive suite of financial products and services.”

FIRST QUARTER HIGHLIGHTS (Q1 2026 vs. Q4 2025, unless otherwise noted):

•Returns on average equity and average assets were 9.23% and 0.78% for the first quarter.

•Net interest margin ("NIM") was 2.63%, up by 7 basis points and up by 34 basis points from the first quarter of 2025.

•The provision for credit losses was $4.0 million for the first quarter.

•Wealth management revenues decreased by 2% and were up by 8% from the first quarter of 2025.

•Mortgage banking revenues were seasonally down by 6%, and were up by 32% from the first quarter of 2025.

•Loan balances were down by 2% from both December 31, 2025 and March 31, 2025.

•In-market deposits (total deposits less wholesale brokered deposits) were down by 2% from December 31, 2025 and up by 3% from March 31, 2025.

•Capital ratios remained strong, with a total risk-based capital ratio of 13.38% at March 31, 2026.

-1-

Washington Trust

April 20, 2026

RESULTS OF OPERATIONS (Q1 2026 vs. Q4 2025, unless otherwise noted):

Net Interest Income

Net interest income was down by $223 thousand, or 1%, and as noted above NIM was up by 7 basis points. Compared to the first quarter of 2025, net interest income was up by $4.1 million, or 11%, and NIM was up by 34 basis points.

•Commercial loan prepayment fee income was $116 thousand (a 1 basis point benefit to NIM), compared to $516 thousand (a 3 basis point benefit to NIM) in the prior quarter.

•Average interest-earning assets decreased by $88 million, and the yield was down by 7 basis points.

•Average interest-bearing liabilities decreased by $49 million, and the rate was down by 19 basis points.

Noninterest Income

Noninterest income was down by $1.2 million, or 6%. Adjusted noninterest income (non-GAAP) was up by $1.7 million, or 11%, from the first quarter of 2025.

•Wealth management revenues decreased by $205 thousand, or 2%, and average assets under administration ("AUA") decreased by 1%. Compared to the first quarter of 2025, wealth management revenues increased by $756 thousand, or 8%, and average AUA increased by 10%.

•Mortgage banking revenues were down by $205 thousand, or 6%, largely driven by a seasonal decline in loan sales volume. Mortgage banking revenues increased by 32% compared to the first quarter of 2025.

•Loan related derivative income totaled $227 thousand, down by $854 thousand, reflecting lower transaction volume.

Noninterest Expense

Noninterest expense was down by $218 thousand, or 1%. Adjusted noninterest expense (non-GAAP) was up by $2.0 million, or 6%, from the first quarter of 2025.

•Salaries and employee benefits expense increased by $693 thousand, or 3%, largely reflecting higher payroll taxes associated with the start of a new calendar year. Compared to the first quarter of 2025, salaries and employee benefits expense increased by $1.9 million, or 9%, reflecting staffing increases, including the addition of resources in our commercial banking and wealth management business lines.

•Other noninterest expenses were down by $1.2 million, or 31%, largely due to a $1.0 million contribution made by Washington Trust to its charitable foundation in the prior quarter.

Income Tax

Income tax expense was down by $1.2 million. The effective tax rate was 21.6%, compared to 22.7%. The Corporation expects its full-year 2026 effective tax rate to be approximately 21.5%.

FINANCIAL CONDITION (Mar 31, 2026 vs. Dec 31, 2025, unless otherwise noted):

Investment Securities

The securities portfolio totaled $912 million, down by $28 million, or 3%, and remained at 14% of total assets

wash-202601280000737468FALSE00007374682026-01-282026-01-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 28, 2026

WASHINGTON TRUST BANCORP, INC.

(Exact Name of Registrant as Specified in Charter)

Rhode Island001-3299105-0404671 (State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)

23 Broad Street Westerly,Rhode Island02891 (Address of principal executive offices)(Zip Code)

(401)348-1200 (Registrant's telephone number, including area code)

N/A (Former name or address, if changed from last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

COMMON STOCK, $.0625 PAR VALUE PER SHARE

WASH

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On January 28, 2026, Washington Trust Bancorp, Inc. issued a press release in which it disclosed unaudited financial information related to fourth quarter 2025 consolidated earnings. A copy of the press release relating to such announcement, dated January 28, 2026, is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Pursuant to General Instructions B.2 of Form 8-K, this information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits.

Exhibit No.Exhibit

99.1 Press release dated January 28, 2026* 104Cover Page Interactive Data File (embedded within the Inline XBRL document)

*Furnished herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

WASHINGTON TRUST BANCORP, INC.

Date:January 28, 2026By:/s/ Ronald S. Ohsberg Ronald S. Ohsberg Senior Executive Vice President, Chief Financial Officer and Treasurer