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Washington Trust Bancorp
WASH
#6764
Rank
$0.64 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$33.68
Share price
0.75%
Change (1 day)
23.96%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Washington Trust Bancorp
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q2

Washington Trust Bancorp - 10-Q quarterly report FY2025 Q2


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 10-Q
(Mark One)
☒Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended
June 30, 2025or
☐Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ______ to ______.
Commission file number:  001-32991
WASHINGTON TRUST BANCORP, INC.
(Exact name of registrant as specified in its charter)
Rhode Island
05-0404671
(State or other jurisdiction of incorporation or organization)(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)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
COMMON STOCK, $.0625 PAR VALUE PER SHAREWASHNasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large accelerated filer☐Accelerated filer☒
Non-accelerated filer☐Smaller reporting company☐
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 accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
☐ Yes ☒ No
The number of shares of common stock of the registrant outstanding as of July 31, 2025 was 19,155,214.


FORM 10-Q
WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES
For the Quarter Ended June 30, 2025
TABLE OF CONTENTS
Page Number
3
Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024
4
Consolidated Statements of Income for the three and six months ended June 30, 2025 and 2024
5
Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2025 and 2024
6
Consolidated Statements of Changes in Shareholders’ Equity for the three and six months ended June 30, 2025 and 2024
7
Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024
9
Condensed Notes to Unaudited Consolidated Financial Statements:
10
Note 1 - Basis of Presentation
10
Note 2 - Recently Issued Accounting Pronouncements
10
Note 3 - Securities
11
Note 4 - Loans
14
Note 5 - Allowance for Credit Losses on Loans
24
Note 6 - Leases
24
Note 7 - Derivative Financial Instruments
26
Note 8 - Fair Value Measurements
30
Note 9 - Deposits
34
Note 10 - Borrowings
35
Note 11 - Shareholders’ Equity
35
Note 12 - Revenue from Contracts with Customers
37
Note 13 - Defined Benefit Pension Plans
38
Note 14 - Business Segments
39
Note 15 - Other Comprehensive Income (Loss)
42
Note 16 - Earnings Per Common Share
44
Note 17 - Commitments and Contingencies
45
47
80
80
80
80
81
81
81
82

-2-


Glossary of Acronyms and Terms
The following is a list of acronyms and terms that are used throughout this Quarterly Report on Form 10-Q:

2025 Repurchase ProgramWashington Trust Bancorp, Inc.'s Stock Repurchase Program adopted on May 15, 2025
ACLAllowance for credit losses
ALCOAsset/Liability Committee
AOCLAccumulated other comprehensive loss
ASCAccounting Standards Codification
ASUAccounting Standards Update
ATMAutomated teller machine
AUAAssets under administration
BancorpWashington Trust Bancorp, Inc.
BankThe Washington Trust Company, of Westerly
BOLIBank-owned life insurance
C&ICommercial and industrial
CDARSCertificate of Deposit Account Registry Service
CODMChief Operating Decision Maker
CorporationThe Bancorp and its subsidiaries
CRECommercial real estate
DDMDemand Deposit Marketplace
EPSEarnings per common share
ERMEnterprise risk management
Exchange ActSecurities Exchange Act of 1934, as amended
FDICFederal Deposit Insurance Corporation
Federal ReserveBoard of Governors of the Federal Reserve System
FHLBFederal Home Loan Bank of Boston
FRBBFederal Reserve Bank of Boston
FTEFully taxable equivalent
GAAPAccounting principles generally accepted in the United States of America
ICSInsured Cash Sweep
LTVLoan to value
NIMNet interest margin
OREOProperty acquired through foreclosure or repossession
ROURight-of-use
S&PStandard and Poors, Inc.
SBASmall Business Administration
SECU.S. Securities and Exchange Commission
TLMTroubled loan modification
Washington TrustThe Bancorp and its subsidiaries

-3-

PART I.  Financial Information
Item 1.  Financial Statements
Washington Trust Bancorp, Inc. and Subsidiaries
Consolidated Balance Sheets (unaudited)
(Dollars in thousands, except par value)
June 30,
2025		December 31,
2024
Assets:
Cash and due from banks$43,997 $21,534 
Interest-earning deposits with correspondent banks119,582 88,368 
Short-term investments4,145 3,987 
Mortgage loans held for sale, at fair value35,681 21,708 
Mortgage loans held for sale, at lower of cost or market— 281,706 
Premises and equipment held for sale, lower of cost or market— 4,788 
Available for sale debt securities, at fair value (amortized cost of $1,084,845, net of allowance for credit losses on securities of $0 at June 30, 2025; and amortized cost of $1,049,557; net of allowance for credit losses on securities of $0 at December 31, 2024)
971,341 916,305 
Federal Home Loan Bank stock, at cost45,273 49,817 
Loans:
Total loans5,140,260 5,137,838 
Less: allowance for credit losses on loans41,059 41,960 
Net loans5,099,201 5,095,878 
Premises and equipment, net25,574 26,873 
Operating lease right-of-use assets35,578 26,943 
Investment in bank-owned life insurance113,372 106,777 
Goodwill63,909 63,909 
Identifiable intangible assets, net2,478 2,885 
Other assets185,036 219,169 
Total assets$6,745,167 $6,930,647 
Liabilities:
Deposits:
Noninterest-bearing deposits$646,584 $661,776 
Interest-bearing deposits4,398,664 4,454,024 
Total deposits5,045,248 5,115,800 
Federal Home Loan Bank advances1,001,000 1,125,000 
Junior subordinated debentures22,681 22,681 
Operating lease liabilities38,299 29,578 
Other liabilities110,420 137,860 
Total liabilities6,217,648 6,430,919 
Commitments and contingencies (Note 17)
Shareholders’ Equity:
Common stock of $.0625 par value; authorized 60,000,000 shares; 19,561,985 shares issued and 19,283,420 shares outstanding at June 30, 2025 and 19,561,985 shares issued and 19,273,583 shares outstanding at December 31, 2024
1,223 1,223 
Paid-in capital197,392 196,947 
Retained earnings437,520 434,014 
Accumulated other comprehensive loss(95,949)(119,171)
Treasury stock, at cost, 278,565 shares at June 30, 2025 and 288,402 shares at December 31, 2024
(12,667)(13,285)
Total shareholders’ equity527,519 499,728 
Total liabilities and shareholders’ equity$6,745,167 $6,930,647 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
-4-

Washington Trust Bancorp, Inc. and Subsidiaries
Consolidated Statements of Income (unaudited)
(Dollars and shares in thousands, except per share amounts)

Three MonthsSix Months
Periods ended June 30, 2025202420252024
Interest income:
Interest and fees on loans$67,345 $76,240 $134,001 $151,876 
Interest on mortgage loans held for sale442 392 1,400 647 
Taxable interest on debt securities9,230 6,944 18,057 14,040 
Nontaxable interest on debt securities8 — 15 — 
Dividends on Federal Home Loan Bank stock792 1,124 1,814 2,197 
Other interest income1,029 1,297 3,022 2,493 
Total interest and dividend income78,846 85,997 158,309 171,253 
Interest expense:  
Deposits30,864 36,713 62,612 74,760 
Federal Home Loan Bank advances10,451 17,296 21,397 32,434 
Junior subordinated debentures346 403 693 809 
Total interest expense41,661 54,412 84,702 108,003 
Net interest income37,185 31,585 73,607 63,250 
Provision for credit losses600 500 1,800 1,200 
Net interest income after provision for credit losses36,585 31,085 71,807 62,050 
Noninterest income:
Wealth management revenues10,120 9,678 20,011 19,016 
Mortgage banking revenues3,034 2,761 5,338 5,267 
Card interchange fees1,247 1,275 2,756 2,420 
Service charges on deposit accounts808 769 1,552 1,454 
Loan related derivative income676 49 777 333 
Income from bank-owned life insurance826 753 1,595 1,492 
Gain on sale of bank-owned properties, net— 988 6,994 988 
Other income367 387 698 2,853 
Total noninterest income17,078 16,660 39,721 33,823 
Noninterest expense:
Salaries and employee benefits23,025 21,260 45,447 43,035 
Outsourced services4,404 4,096 8,750 7,876 
Net occupancy2,662 2,397 5,403 4,958 
Equipment930 958 1,821 1,978 
Legal, audit, and professional fees726 741 1,476 1,447 
FDIC deposit insurance costs
1,235 1,404 2,497 2,845 
Advertising and promotion717 661 1,127 1,209 
Amortization of intangibles203 208 407 416 
Pension plan settlement charge— — 6,436 — 
Other expenses2,628 2,185 5,362 4,509 
Total noninterest expense36,530 33,910 78,726 68,273 
Income before income taxes17,133 13,835 32,802 27,600 
Income tax expense3,888 3,020 7,378 5,849 
Net income$13,245 $10,815 $25,424 $21,751 
Net income available to common shareholders$13,245 $10,807 $25,424 $21,731 
Weighted average common shares outstanding - basic19,285 17,052 19,280 17,042 
Weighted average common shares outstanding - diluted19,374 17,110 19,372 17,082 
Per share information:Basic earnings per common share$0.69 $0.63 $1.32 $1.28 
Diluted earnings per common share$0.68 $0.63 $1.31 $1.27 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
-5-

Washington Trust Bancorp, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income (unaudited)
(Dollars in thousands)

Three MonthsSix Months
Periods ended June 30, 2025202420252024
Net income$13,245 $10,815 $25,424 $21,751 
Other comprehensive income (loss), net of tax:
Net change in fair value of available for sale debt securities2,132 749 14,762 (10,239)
Net change in fair value of cash flow hedges1,076 1,815 1,669 5,020 
Net change in defined benefit plan obligations22 23 6,791 46 
Total other comprehensive income (loss), net of tax3,230 2,587 23,222 (5,173)
Total comprehensive income$16,475 $13,402 $48,646 $16,578 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
-6-

Washington Trust Bancorp, Inc. and Subsidiaries
Consolidated Statements of Changes in Shareholders' Equity (unaudited)
(Dollars and shares in thousands, except per share amounts)

For the three months ended June 30, 2025Common
Shares Outstanding		Common
Stock		Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Treasury StockTotal
Balance at March 31, 202519,276 $1,223 $197,570 $435,233 ($99,179)($13,167)$521,680 
Net income
— — — 13,245 — — 13,245 
Total other comprehensive income, net of tax— — — — 3,230 — 3,230 
Cash dividends declared ($0.56 per share)
— — — (10,958)— — (10,958)
Share-based compensation— — 873 — — — 873 
Exercise of stock options, issuance of other compensation-related equity awards, net of awards surrendered
17 — (1,051)— — 796 (255)
Treasury stock purchased under 2025 Repurchase Program
(10)— — — — (296)(296)
Balance at June 30, 202519,283 $1,223 $197,392 $437,520 ($95,949)($12,667)$527,519 
For the six months ended June 30, 2025Common
Shares Outstanding		Common
Stock		Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Treasury StockTotal
Balance at December 31, 202419,274 $1,223 $196,947 $434,014 ($119,171)($13,285)$499,728 
Net income
— — — 25,424 — — 25,424 
Total other comprehensive income, net of tax— — — — 23,222 — 23,222 
Cash dividends declared ($1.12 per share)
— — — (21,918)— — (21,918)
Share-based compensation— — 1,653 — — — 1,653 
Exercise of stock options, issuance of other compensation-related equity awards, net of awards surrendered
19 — (1,208)— — 914 (294)
Treasury stock purchased under 2025 Repurchase Program
(10)— — — — (296)(296)
Balance at June 30, 202519,283 $1,223 $197,392 $437,520 ($95,949)($12,667)$527,519 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
-7-

Washington Trust Bancorp, Inc. and Subsidiaries
Consolidated Statements of Changes in Shareholders' Equity (unaudited)
(Dollars and shares in thousands, except per share amounts)


For the three months ended June 30, 2024Common
Shares Outstanding		Common
Stock		Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Treasury StockTotal
Balance at March 31, 202417,033 $1,085 $126,785 $503,175 ($148,913)($15,212)$466,920 
Net income
— — — 10,815 — — 10,815 
Total other comprehensive income, net of tax— — — — 2,587 — 2,587 
Cash dividends declared ($0.56 per share)
— — — (9,640)— — (9,640)
Share-based compensation— — 524 — — — 524 
Exercise of stock options, issuance of other compensation-related equity awards, net of awards surrendered
25 — (1,411)— — 1,162 (249)
Balance at June 30, 202417,058 $1,085 $125,898 $504,350 ($146,326)($14,050)$470,957 

For the six months ended June 30, 2024Common
Shares Outstanding		Common
Stock		Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Treasury StockTotal
Balance at December 31, 202317,031 $1,085 $126,150 $501,917 ($141,153)($15,313)$472,686 
Net income
— — — 21,751 — — 21,751 
Total other comprehensive loss, net of tax— — — — (5,173)— (5,173)
Cash dividends declared ($1.12 per share)
— — — (19,318)— — (19,318)
Share-based compensation— — 1,278 — — — 1,278 
Exercise of stock options, issuance of other compensation-related equity awards, net of awards surrendered
27 — (1,530)— — 1,263 (267)
Balance at June 30, 202417,058 $1,085 $125,898 $504,350 ($146,326)($14,050)$470,957 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
-8-

Washington Trust Bancorp, Inc. and Subsidiaries
Consolidated Statement of Cash Flows (unaudited)
(Dollars in thousands)

Six months ended June 30, 20252024
Cash flows from operating activities:
Net income$25,424 $21,751 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses1,800 1,200 
Gain on sale of bank-owned properties, net(6,994)(988)
Depreciation of premises and equipment1,770 1,998 
Net amortization of premiums and discounts on debt securities and loans364 573 
Amortization of intangibles407 416 
Amortization of terminated cash flow hedge loss4,255 4,279 
Pension plan settlement charge6,436 — 
Share-based compensation1,653 1,278 
Tax expense from stock option exercises and other equity awards(174)(135)
Income from bank-owned life insurance(1,595)(1,492)
Net gains on loan sales, including changes in fair value(4,187)(4,135)
Proceeds from sales of loans, net189,449 178,728 
Loans originated for sale(199,134)(181,608)
Decrease in operating lease right-of-use assets1,783 977 
Decrease in operating lease liabilities(1,697)(1,015)
Decrease (increase) in other assets8,949 (746)
Decrease in other liabilities(8,717)(7,952)
Net cash provided by operating activities19,792 13,129 
Cash flows from investing activities:
Purchases of:Available for sale debt securities: Mortgage-backed(73,303)— 
Available for sale debt securities: Other— (400)
Maturities, calls, and principal payments of:Available for sale debt securities: Mortgage-backed34,271 34,073 
Available for sale debt securities: Other3,250 500 
Net redemptions (purchases) of Federal Home Loan Bank stock4,544 (14,273)
Net (increase) decrease in loans(6,367)20,162 
Net proceeds from sale of portfolio loans283,182 — 
Purchases of loans(453)(597)
Purchases of premises and equipment(489)(2,246)
Purchases of bank-owned life insurance(5,000)— 
Net proceeds from the sale of bank-owned properties11,780 1,669 
Equity investments in real estate limited partnerships(74)(2,841)
Purchases of other equity investments(375)(250)
Net cash provided by investing activities250,966 35,797 
Cash flows from financing activities:
Net decrease in deposits(70,552)(372,034)
Proceeds from Federal Home Loan Bank advances1,022,000 1,770,000 
Repayments of Federal Home Loan Bank advances(1,146,000)(1,410,000)
Treasury stock purchased(296)— 
Net proceeds from stock option exercises and issuance of other equity awards, net of awards surrendered(294)(267)
Cash dividends paid(21,781)(19,278)
Net cash used in by financing activities(216,923)(31,579)
Net increase in cash and cash equivalents53,835 17,347 
Cash and cash equivalents at beginning of period113,889 90,184 
Cash and cash equivalents at end of period$167,724 $107,531 
Noncash Investing and Financing Activities:
Loans charged-off$3,189 $123 
Supplemental Disclosures:
Interest payments$92,695 $114,441 
Income tax payments23 4,646 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
-9-


Condensed Notes to Unaudited Consolidated Financial Statements

Note 1 - Basis of Presentation
Nature of Operations
The Bancorp is a publicly-owned registered bank holding company that has elected to be a financial holding company.  The Bancorp’s principal subsidiary is the Bank, a Rhode Island chartered financial institution founded in 1800. The Bank is the oldest community bank in the nation and the largest state-chartered bank headquartered in Rhode Island.

Washington Trust offers a full range of financial services, including commercial, residential, and consumer lending, retail and commercial deposit products, and wealth management and trust services through its offices in Rhode Island, Massachusetts, and Connecticut.

Basis of Presentation
The accounting and reporting policies of the Washington Trust conform to GAAP and to general practices of the banking industry.

The Corporation’s Unaudited Consolidated Financial Statements include the accounts of the Bancorp and its wholly-owned subsidiaries, except subsidiaries that are not deemed necessary to be consolidated.  Through consolidation, intercompany balances and transactions have been eliminated.

The Unaudited Consolidated Financial Statements of the Corporation presented herein have been prepared pursuant to the rules of the SEC for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures considered necessary for the fair presentation of the accompanying Unaudited Consolidated Financial Statements have been included. Interim results are not necessarily indicative of the results of the entire year. The accompanying Unaudited Consolidated Financial Statements should be read in conjunction with the Audited Consolidated Financial Statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Reclassification
Certain previously reported amounts have been reclassified to conform to the current year’s presentation.

Use of Estimates
In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period.  Actual results could differ from those estimates. Management considers the ACL on loans to be a material estimate that is particularly susceptible to change.

Note 2 - Recently Issued Accounting Pronouncements
Accounting Standards Pending Adoption
Income Taxes - Topic 740
Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures” (“ASU 2023-09”), was issued in December 2023 to enhance and provide additional transparency on income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The provisions under ASU 2023-09 should be applied on a prospective basis, however retrospective application is also permitted. ASU 2023-09 is not expected to have a material impact on the Corporation’s financial statements.

Income Statement - Reporting Comprehensive Income - Subtopic 220
Accounting Standards Update No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) - Disaggregation of Income Statement Expenses” (“ASU 2024-03”), was issued in November 2024 to enhance and provide additional disclosure on certain costs and expenses. The effective date of ASU 2024-03 was further clarified in a subsequent ASU issued in January 2025. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The provisions under ASU 2024-03 can be applied on either a prospective or retrospective basis. ASU 2024-03 is not expected to have a material impact on the Corporation’s financial statements.

-10-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
Note 3 - Securities
Available for Sale Debt Securities
The following tables present the amortized cost, gross unrealized holding gains, gross unrealized holding losses, ACL on securities, and fair value of securities by major security type and class of security:
(Dollars in thousands)
June 30, 2025Amortized CostUnrealized GainsUnrealized Losses
ACL
Fair Value
Available for Sale Debt Securities:
Obligations of U.S. government agencies and U.S. government-sponsored enterprises$41,751 $74 ($2,244)$— $39,581 
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises
1,023,057 672 (111,219)— 912,510 
Obligations of states and political subdivisions
650 — (15)— 635 
Individual name issuer trust preferred debt securities
6,183 — (134)— 6,049 
Corporate bonds
13,204 — (638)— 12,566 
Total available for sale debt securities$1,084,845 $746 ($114,250)$— $971,341 

(Dollars in thousands)
December 31, 2024Amortized CostUnrealized GainsUnrealized Losses
ACL
Fair Value
Available for Sale Debt Securities:
Obligations of U.S. government agencies and U.S. government-sponsored enterprises$41,751 $— ($3,139)$— $38,612 
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises
984,546 52 (129,451)— 855,147 
Obligations of states and political subdivisions
650 5 — — 655 
Individual name issuer trust preferred debt securities
9,414 — (193)— 9,221 
Corporate bonds
13,196 — (526)— 12,670 
Total available for sale debt securities$1,049,557 $57 ($133,309)$— $916,305 

Available for sale debt securities balances exclude accrued interest receivable of $3.3 million and $3.2 million, respectively, as of June 30, 2025 and December 31, 2024.

At June 30, 2025 and December 31, 2024, securities with a fair value of $366.4 million and $310.5 million, respectively, were pledged as collateral for FHLB borrowings, potential borrowings with the FRBB, certain public deposits, and for other purposes. See Note 10 for additional discussion on FHLB borrowings.

The schedule of maturities of available for sale debt securities is presented below. Mortgage-backed securities are included based on weighted average maturities, adjusted for anticipated prepayments.  All other debt securities are included based on contractual maturities.  Actual maturities may differ from amounts presented because certain issuers have the right to call or prepay obligations with or without call or prepayment penalties.
-11-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
(Dollars in thousands)
June 30, 2025Amortized CostFair Value
Due in one year or less$88,267 $78,792 
Due after one year to five years
341,966 308,144 
Due after five years to ten years
262,554 234,183 
Due after ten years
392,058 350,222 
Total debt securities
$1,084,845 $971,341 

Included in the above table are debt securities with an amortized cost balance of $46.8 million and a fair value of $43.8 million at June 30, 2025 that are callable at the discretion of the issuers.  Final maturities of the callable securities range from 1 month to 19 years, with call features ranging from 1 month to 8 years.
Assessment of Available for Sale Debt Securities for Impairment
Management assesses the decline in fair value of investment securities on a regular basis. Unrealized losses on debt securities may occur from current market conditions, increases in interest rates since the time of purchase, a structural change in an investment, volatility of earnings of a specific issuer, or deterioration in credit quality of the issuer.  Management evaluates both qualitative and quantitative factors to assess whether an impairment exists.

The following tables summarize available for sale debt securities in an unrealized loss position, for which an ACL on securities has not been recorded, segregated by length of time that the securities have been in a continuous unrealized loss position:
(Dollars in thousands)Less than 12 Months12 Months or LongerTotal
June 30, 2025#Fair
Value		Unrealized
Losses		#Fair
Value		Unrealized
Losses		#Fair
Value		Unrealized
Losses
Obligations of U.S. government agencies and U.S. government-sponsored enterprises1 $297 ($2)6 $24,208 ($2,242)7 $24,505 ($2,244)
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises
31 115,754 (391)92 461,720 (110,828)123 577,474 (111,219)
Obligations of states and political subdivisions1 635 (15)— — — 1 635 (15)
Individual name issuer trust preferred debt securities
— — — 2 6,049 (134)2 6,049 (134)
Corporate bonds— — — 4 12,566 (638)4 12,566 (638)
Total
33 $116,686 ($408)104 $504,543 ($113,842)137 $621,229 ($114,250)


(Dollars in thousands)Less than 12 Months12 Months or LongerTotal
December 31, 2024#Fair
Value		Unrealized
Losses		#Fair
Value		Unrealized
Losses		#Fair
Value		Unrealized
Losses
Obligations of U.S. government agencies and U.S. government-sponsored enterprises2 $15,289 ($12)6 $23,323 ($3,127)8 $38,612 ($3,139)
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises
57 384,164 (3,632)93 466,741 (125,819)150 850,905 (129,451)
Individual name issuer trust preferred debt securities
— — — 3 9,221 (193)3 9,221 (193)
Corporate bonds— — — 4 12,670 (526)4 12,670 (526)
Total
59 $399,453 ($3,644)106 $511,955 ($129,665)165 $911,408 ($133,309)

-12-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
There were no debt securities on nonaccrual status at June 30, 2025 and 2024 and, therefore there was no accrued interest related to debt securities reversed against interest income for the three and six months ended June 30, 2025 and 2024.

As of June 30, 2025, the Corporation does not intend to sell the debt securities in an unrealized loss position and has determined that it is more-likely-than-not that the Corporation will not be required to sell each security before the recovery of its amortized cost basis. In addition, management does not believe that any of the securities are impaired due to reasons of credit quality. As further described below, management believes the unrealized losses on these debt securities are primarily attributable to changes in the investment spreads and interest rates. Therefore, no ACL was recorded at both June 30, 2025 and December 31, 2024.

Obligations of U.S. Government Agency and U.S. Government-Sponsored Enterprise Securities, including Mortgage-Backed Securities
The contractual cash flows for these securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major credit rating agencies, and have a long history of no credit losses. The issuers of these securities continue to make timely principal and interest payments, and none of these securities were past due at June 30, 2025. Additionally, the Corporation utilizes a zero credit loss estimate for these securities.

Obligations of States and Political Subdivisions
Obligations of states and political subdivisions consist of a high credit quality (rated AA or higher) state and municipal bond. High credit quality obligations of state and political subdivisions have a history of zero to near-zero credit losses. We noted no downgrades to below investment grade between June 30, 2025 and the filing date of this report. Based on the information available through the filing date of this report, the state and municipal bond continues to accrue interest and make payments as expected with no payment deferrals or defaults on the part of the issuer.

Individual Name Issuer Trust Preferred Debt Securities
These securities in an unrealized loss position at June 30, 2025 included two trust preferred securities issued by two individual companies in the banking sector. Management reviewed the collectability of these securities taking into consideration such factors as the financial condition of the issuers, reported regulatory capital ratios of the issuers, credit ratings, including ratings in effect as of the reporting period date, as well as credit rating changes between the reporting period date and the filing date of this report, and other information.  As of June 30, 2025, there was one individual name issuer trust preferred debt security with an amortized cost of $2.0 million and unrealized losses of $85 thousand that was rated below investment grade by S&P. We noted no downgrades to below investment grade between June 30, 2025 and the filing date of this report.  Based on the information available through the filing date of this report, all individual name issuer trust preferred debt securities continue to accrue interest and make payments as expected with no payment deferrals or defaults on the part of the issuers.

Corporate Bonds
These securities in an unrealized loss position at June 30, 2025 included four corporate bond holdings issued by three individual companies in the financial services industry. Management reviewed the collectability of these securities taking into consideration such factors as the financial condition of the issuers, reported regulatory capital ratios of the issuers, credit ratings, including ratings in effect as of the reporting period date, as well as credit rating changes between the reporting period date and the filing date of this report, and other information. As of June 30, 2025, there was one corporate bond debt security with an amortized cost of $2.0 million and unrealized losses of $12 thousand that was rated below investment grade by S&P. We noted no downgrades to below investment grade between June 30, 2025 and the filing date of this report. Based on the information available through the filing date of this report, all corporate bond debt securities continue to accrue interest and make payments as expected with no payment deferrals or defaults on the part of the issuers.

-13-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
Note 4 - Loans
The following table presents the carrying value of loans, segregated by class of loans:
(Dollars in thousands)June 30,
2025		December 31, 2024
Commercial:
Commercial real estate (1)
$2,178,925 $2,154,504 
Commercial & industrial (2)
547,318 542,474 
Total commercial2,726,243 2,696,978 
Residential Real Estate:
Residential real estate (3)
2,096,250 2,126,171 
Consumer:
Home equity
300,917 297,119 
Other (4)
16,850 17,570 
Total consumer317,767 314,689 
Total loans (5)
$5,140,260 $5,137,838 
(1)CRE consists of commercial mortgages primarily secured by non-owner occupied income-producing property, as well as construction and development loans. Construction and development loans are made to businesses for land development or the on-site construction of industrial, commercial, or residential buildings.
(2)C&I consists of loans to businesses and individuals, a portion of which are fully or partially collateralized by owner occupied real estate.
(3)Residential real estate consists of mortgage and homeowner construction loans secured by one- to four-family residential properties. Also, includes negative basis adjustments associated with fair value hedges of $179 thousand and $1.5 million, respectively, at June 30, 2025 and December 31, 2024. See Note 7 for additional disclosure.
(4)Other consists of loans to individuals secured by general aviation aircraft and other personal installment loans.
(5)Includes net unamortized loan origination costs of $11.5 million and $10.9 million, respectively, at June 30, 2025 and December 31, 2024 and net unamortized premiums on loans purchased from and serviced by other financial institutions of $217 thousand and $242 thousand, respectively, at June 30, 2025 and December 31, 2024.

The carrying value of loans excludes accrued interest receivable of $20.6 million and $22.1 million, respectively, as of June 30, 2025 and December 31, 2024.

As of June 30, 2025 and December 31, 2024, loans amounting to $3.0 billion and $2.8 billion, respectively, were pledged as collateral to the FHLB under a blanket pledge agreement and to the FRBB for the discount window. See Note 10 for additional disclosure regarding borrowings.

Concentrations of Credit Risk
A significant portion of our loan portfolio is concentrated among borrowers in southern New England, and a substantial portion of the portfolio is collateralized by real estate in this area. The ability of single family residential and consumer borrowers to honor their repayment commitments is generally dependent on the level of overall economic activity within the market area and real estate values. The ability of commercial borrowers to honor their repayment commitments is dependent on the general economy, as well as the health of the real estate economic sector in the Corporation’s market area.

-14-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
Past Due Loans
Past due status is based on the contractual payment terms of the loan. The following tables present an aging analysis of past due loans, segregated by class of loans:
(Dollars in thousands)Days Past Due
June 30, 2025Current30-5960-8990 or MoreTotal Past DueTotal Loans
Commercial:
Commercial real estate
$2,178,925 $— $— $— $— $2,178,925 
Commercial & industrial
545,519 1,376 — 423 1,799 547,318 
Total commercial2,724,444 1,376 — 423 1,799 2,726,243 
Residential Real Estate:
Residential real estate2,086,478 5,745 2,518 1,509 9,772 2,096,250 
Consumer:
Home equity
298,487 1,833 456 141 2,430 300,917 
Other
16,816 34 — — 34 16,850 
Total consumer315,303 1,867 456 141 2,464 317,767 
Total loans$5,126,225 $8,988 $2,974 $2,073 $14,035 $5,140,260 

(Dollars in thousands)Days Past Due
December 31, 2024Current30-5960-8990 or MoreTotal Past DueTotal Loans
Commercial:
Commercial real estate
$2,154,504 $— $— $— $— $2,154,504 
Commercial & industrial
541,574 518 382 — 900 542,474 
Total commercial2,696,078 518 382 — 900 2,696,978 
Residential Real Estate:
Residential real estate
2,118,430 3,476 1,892 2,373 7,741 2,126,171 
Consumer:
Home equity
294,172 1,630 410 907 2,947 297,119 
Other
17,176 44 350 — 394 17,570 
Total consumer311,348 1,674 760 907 3,341 314,689 
Total loans$5,125,856 $5,668 $3,034 $3,280 $11,982 $5,137,838 

Included in past due loans as of June 30, 2025 and December 31, 2024, were nonaccrual loans of $8.2 million and $6.4 million, respectively. In addition, all loans 90 days or more past due at June 30, 2025 and December 31, 2024 were classified as nonaccrual.

Nonaccrual Loans
Loans, with the exception of certain well-secured loans that are in the process of collection, are placed on nonaccrual status and interest recognition is suspended when such loans are 90 days or more overdue with respect to principal and/or interest, or sooner if considered appropriate by management. Well-secured loans are permitted to remain on accrual status provided that full collection of principal and interest is assured and the loan is in the process of collection. Loans are also placed on nonaccrual status when, in the opinion of management, full collection of principal and interest is doubtful. When loans are placed on nonaccrual status, interest previously accrued but not collected is reversed against current period income.  Subsequent interest payments received on nonaccrual loans are applied to the outstanding principal balance of the loan or recognized as interest income depending on management’s assessment of the ultimate collectability of the loan. Loans are removed from nonaccrual status when they have been current as to principal and interest (generally for six months), the borrower has demonstrated an ability to comply with repayment terms, and when, in management’s opinion, the loans are considered to be fully collectible.

-15-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
The following table is a summary of nonaccrual loans, segregated by class of loans:
(Dollars in thousands)June 30, 2025December 31, 2024
Nonaccrual LoansNonaccrual Loans
With an ACL
Without an ACL
Total
With an ACL
Without an ACL
Total
Commercial:
Commercial real estate$— $4,276 $4,276 $10,053 $— $10,053 
Commercial & industrial9,288 423 9,711 515 — 515 
Total commercial9,288 4,699 13,987 10,568 — 10,568 
Residential Real Estate:
Residential real estate9,601 1,013 10,614 9,743 1,024 10,767 
Consumer:
Home equity1,507 — 1,507 1,972 — 1,972 
Other— — — — — — 
Total consumer1,507 — 1,507 1,972 — 1,972 
Total nonaccrual loans$20,396 $5,712 $26,108 $22,283 $1,024 $23,307 
Accruing loans 90 days or more past due$— $— 

Nonaccrual loans of $17.9 million and $16.9 million, respectively, at June 30, 2025 and December 31, 2024 were current as to the payment of principal and interest.

As of June 30, 2025 and December 31, 2024, nonaccrual loans secured by one- to four-family residential properties amounting to $1.5 million and $1.0 million, respectively, were in process of foreclosure.

The following table presents interest income recognized on nonaccrual loans:
(Dollars in thousands)Three MonthsSix Months
Periods ended June 30, 2025202420252024
Commercial:
Commercial real estate
$— $— $— $— 
Commercial & industrial
2 — 32 — 
Total commercial2 — 32 — 
Residential Real Estate:
Residential real estate
124 71 268 186 
Consumer:
Home equity
48 32 83 69 
Other
— — — — 
Total consumer48 32 83 69 
Total$174 $103 $383 $255 

Troubled Loan Modifications
A loan that has been modified is considered a TLM when the modification is made to a borrower experiencing financial difficulty and the modification has a direct impact to the contractual cash flows. If both of the aforementioned criteria are met, then the modification is considered a TLM and subject to the enhanced disclosure requirements.

In the course of resolving problem loans, the Corporation may choose to modify the contractual terms of loans to borrowers who are experiencing financial difficulty. Such modifications to borrowers experiencing financial difficulty may include modified contractual terms that have a direct impact to contractual cash flows, including principal forgiveness, interest rate reductions, maturity extensions, other-than-insignificant payment delays, or any combination thereof. Debt could be
-16-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
bifurcated with separate terms for each tranche of the TLM. Executing a TLM in lieu of aggressively enforcing the collection of the loan may benefit the Corporation by increasing the ultimate probability of collection.

Nonaccrual loans that become TLMs generally remain on nonaccrual status for six months, subsequent to being modified, before management considers their return to accrual status. If a TLM is on accrual status prior to being modified, it is reviewed to determine if the modified loan should remain on accrual status.

If the TLM successfully meets all repayment terms according to the modification documents for a specified period of time (generally 12 months) and the borrower is no longer experiencing financial difficulty, it would be declassified from TLM status.

The following tables present the carrying value of TLMs made during the periods indicated, segregated by class of loans and type of concession granted:
(Dollars in thousands)
Three months ended June 30, 2025Other-than-Insignificant Payment Delay
Combination (1)
Total
% of Loan Class (2)
Commercial:
Commercial real estate$—$4,276$4,276—%
Commercial & industrial———— 
Total commercial—4,2764,276— 
Total$—$4,276$4,276—%
(1)Combination includes an interest rate reduction, maturity extension and other-than-insignificant payment delay.
(2)Percentage of TLMs to the total loans outstanding within the respective loan class.

(Dollars in thousands)
Six months ended June 30, 2025Other-than-Insignificant Payment Delay
Combination (1)
Total
% of Loan Class (2)
Commercial:
Commercial real estate$—$4,276$4,276—%
Commercial & industrial———— 
Total commercial—4,2764,276— 
Residential Real Estate:
Residential real estate$1,429$—$1,429—%
Total$1,429$4,276$5,705—%
(1)Combination includes an interest rate reduction, maturity extension and other-than-insignificant payment delay.
(2)Percentage of TLMs to the total loans outstanding within the respective loan class.

(Dollars in thousands)
Three months ended June 30, 2024Maturity ExtensionOther-than-Insignificant Payment DelayTotal
% of Loan Class (1)
Residential Real Estate:
Residential real estate—$267$267—
Total$—$267$267—%
(1)Percentage of TLMs to the total loans outstanding within the respective loan class.
-17-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
(Dollars in thousands)
Six months ended June 30, 2024
Maturity ExtensionOther-than-Insignificant Payment DelayTotal
% of Loan Class (1)
Commercial:
Commercial real estate$—$—$——%
Commercial & industrial642—642— 
Total commercial642—642— 
Residential Real Estate:
Residential real estate—267267—
Total$642$267$909—%
(1)Percentage of TLMs to the total loans outstanding within the respective loan class.

The following tables describe the financial effect of TLMs made during the periods indicated, segregated by class of loans:

Three months ended June 30, 2025
Financial Effect
Combination - Interest Rate Reduction, Maturity Extension and Other-than Insignificant Payment Delay:
Commercial real estate
Provided interest rate reduction by a weighted average rate of 1.7%, maturity extension for a weighted average period of 8 months, and payment delay for a weighted average period of 8 months

Six months ended June 30, 2025
Financial Effect
Combination - Interest Rate Reduction, Maturity Extension and Other-than Insignificant Payment Delay:
Commercial real estate
Provided interest rate reduction by a weighted average rate of 1.7%, maturity extension for a weighted average period of 8 months, and payment delay for a weighted average period of 8 months
Other-than-Insignificant Payment Delay:
Residential real estate
Provided payment delay for a weighted average period of 6 months

Three months ended June 30, 2024Financial Effect
Other-than-Insignificant Payment Delay:
Residential real estate
Provided payment delay for a weighted average period of 6 months

Six months ended June 30, 2024
Financial Effect
Maturity Extension:
Commercial & industrial
Extended maturity by a weighted average of 120 months
Other-than-Insignificant Payment Delay:
Residential real estate
Provided payment delay for a weighted average period of 6 months

-18-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
Management closely monitors the performance of TLMs to understand the effectiveness of the modifications. As of the dates indicated, the following tables present an aging analysis of TLMs that have been modified in the past 12 months:
(Dollars in thousands)Days Past Due
June 30, 2025Current30-5960-8990 or MoreTotal Past DueTotal Loans
Commercial:
Commercial real estate
$4,276 $— $— $— $— $4,276 
Commercial & industrial
5,000 — — — — 5,000 
Total commercial9,276 — — — — 9,276 
Residential Real Estate:
Residential real estate
1,429 — — — — 1,429 
Total loans$10,705 $— $— $— $— $10,705 

At June 30, 2025, there were no TLMs made in the previous 12 months for which there was a subsequent payment default.
(Dollars in thousands)Days Past Due
June 30, 2024Current30-5960-8990 or MoreTotal Past DueTotal Loans
Commercial:
Commercial real estate
$7,612 $— $— $— $— $7,612 
Commercial & industrial
910 — — — — 910 
Total commercial8,522 — — — — 8,522 
Residential Real Estate:
Residential real estate
267 — — — — 267 
Total loans$8,789 $— $— $— $— $8,789 

At June 30, 2024, there were no TLMs made in the previous 12 months for which there was a subsequent payment default.

There were no significant commitments to lend additional funds to borrowers experiencing financial difficulty whose loans were TLMs at June 30, 2025.

Individually Analyzed Loans
Individually analyzed loans include nonaccrual commercial loans, TLMs, as well as certain other loans based on the underlying risk characteristics and the discretion of management to individually analyze such loans.

As of June 30, 2025 and December 31, 2024, the carrying value of individually analyzed loans amounted to $21.4 million and $16.6 million, respectively.

The carrying value of collateral dependent individually analyzed loans was $16.4 million and $11.6 million, respectively, at June 30, 2025 and December 31, 2024. For collateral dependent loans where management has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and repayment of the loan is to be provided substantially through the operation or sale of the collateral, the ACL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the loan as of the measurement date. See Note 8 for additional disclosure regarding fair value of individually analyzed collateral dependent loans.

-19-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
The following table presents the carrying value of collateral dependent individually analyzed loans:
(Dollars in thousands)June 30, 2025December 31, 2024
Carrying ValueRelated AllowanceCarrying ValueRelated Allowance
Commercial:
Commercial real estate (1)
$4,276 $— $10,053 $1,252 
Commercial & industrial (2)
9,711 2,269 515 259 
Total commercial13,987 2,269 10,568 1,511 
Residential Real Estate:
Residential real estate (3)
2,442 — 1,023 — 
Total$16,429 $2,269 $11,591 $1,511 
(1)    Secured by income-producing property.
(2)    Secured by business assets.
(3)    Secured by one- to four-family residential properties.

Credit Quality Indicators
Commercial
The Corporation utilizes an internal rating system to assign a risk to each of its commercial loans. Loans are rated on a scale of 1 to 10. This scale can be assigned to three broad categories including “pass” for ratings 1 through 6, “special mention” for 7-rated loans, and “classified” for loans rated 8, 9 or 10. The loan risk rating system takes into consideration parameters including the borrower’s financial condition, the borrower’s performance with respect to loan terms, the adequacy of collateral, the adequacy of guarantees, and other credit quality characteristics. The Corporation takes the risk rating into consideration along with other credit attributes in the establishment of an appropriate ACL on loans. See Note 5 for additional information.

A description of the commercial loan categories is as follows:

Pass - Loans with acceptable credit quality, defined as ranging from superior or very strong to a status of lesser stature. Superior or very strong credit quality is characterized by a high degree of cash collateralization or strong balance sheet liquidity. Lesser stature loans have an acceptable level of credit quality, but may exhibit some weakness in various credit metrics such as collateral adequacy, cash flow, performance or may be in an industry or of a loan type known to have a higher degree of risk. These weaknesses may be mitigated by secondary sources of repayment, including SBA guarantees.

Special Mention - Loans with potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Bank’s position as creditor at some future date. Special Mention assets are not adversely classified and do not expose the Bank to sufficient risk to warrant adverse classification. Examples of these conditions include but are not limited to outdated or poor quality financial data, strains on liquidity and leverage, losses or negative trends in operating results, marginal cash flow, weaknesses in occupancy rates or trends in the case of commercial real estate, and frequent delinquencies.

Classified - Loans identified as “substandard,” “doubtful” or “loss” based on criteria consistent with guidelines provided by banking regulators. A “substandard” loan has defined weaknesses which make payment default or principal exposure likely, but not yet certain. Such loans are apt to be dependent upon collateral liquidation, a secondary source of repayment or an event outside of the normal course of business. The loans are closely watched and are either already on nonaccrual status or may be placed on nonaccrual status when management determines there is uncertainty of collectability. A “doubtful” loan is placed on nonaccrual status and has a high probability of loss, but the extent of the loss is difficult to quantify due to dependency upon collateral having a value that is difficult to determine or upon some near-term event which lacks certainty. A loan in the “loss” category is considered generally uncollectible or the timing or amount of payments cannot be determined. “Loss” is not intended to imply that the loan has no recovery value, but rather, it is not practical or desirable to continue to carry the asset.

The Corporation’s procedures call for loan risk ratings and classifications to be revised whenever information becomes available that indicates a change is warranted. On a quarterly basis, management reviews a watched asset list, which generally consists of commercial loans that are risk-rated 6 or worse, highly leveraged transaction loans, high-volatility
-20-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
commercial real estate, and other selected loans. Management’s review focuses on the current status of the loans, the appropriateness of risk ratings and strategies to improve the credit.

An annual credit review program is conducted by a third party to provide an independent evaluation of the creditworthiness of the commercial loan portfolio, the quality of the underwriting and credit risk management practices, and the appropriateness of the risk rating classifications. This review is supplemented with selected targeted internal reviews of the commercial loan portfolio.

Residential and Consumer
Management monitors the relatively homogeneous residential real estate and consumer loan portfolios on an ongoing basis using delinquency information by loan type.

In addition, other techniques are utilized to monitor indicators of credit deterioration in the residential real estate loans and home equity consumer loans. Among these techniques is the periodic tracking of loans with an updated Fair Isaac Corporation (commonly known as “FICO”) score and an updated estimated LTV ratio. LTV is estimated based on such factors as geographic location, the original appraised value, and changes in median home prices, and takes into consideration the age of the loan. The results of these analyses and other credit review procedures, including selected targeted internal reviews, are taken into account in the determination of qualitative loss factors for residential real estate and home equity consumer credits.

-21-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
The following table includes information on credit quality indicators and gross charge-offs for the Corporation’s loan portfolio, segregated by class of loans as of June 30, 2025:
(Dollars in thousands)Term Loans Amortized Cost by Origination Year
20252024202320222021PriorRevolving Loans Amortized CostRevolving Loans Converted to Term LoansTotal
Commercial:
CRE:
Pass
$114,831 $134,816 $463,479 $581,435 $322,274 $501,784 $11,986 $965 $2,131,570 
Special mention— — 6,509 5,330 — 2,197 — — 14,036 
Classified
4,276 22,830 — — — 6,213 — — 33,319 
Total CRE
119,107 157,646 469,988 586,765 322,274 510,194 11,986 965 2,178,925 
  Gross charge-offs— — — — — 2,724 — — 2,724 
C&I:
Pass
24,204 47,122 45,816 140,956 21,506 177,291 61,397 357 518,649 
Special mention— 800 — 3,518 1,208 7,614 5,674 — 18,814 
Classified
— — 9,275 — 144 — 436 — 9,855 
Total C&I
24,204 47,922 55,091 144,474 22,858 184,905 67,507 357 547,318 
  Gross charge-offs25 — — — — 299 — — 324 
Residential Real Estate:
Residential real estate:
Current (1)
66,290 62,061 361,499 721,464 361,530 513,813 — — 2,086,657 
Past due— — 1,149 2,724 — 5,899 — — 9,772 
Total residential real estate66,290 62,061 362,648 724,188 361,530 519,712 — — 2,096,429 
  Gross charge-offs— — — — — — — — — 
Consumer:
Home equity:
Current
9,106 11,509 16,706 11,479 5,771 7,531 223,004 13,381 298,487 
Past due— — 88 — 90 319 970 963 2,430 
Total home equity
9,106 11,509 16,794 11,479 5,861 7,850 223,974 14,344 300,917 
  Gross charge-offs— — — — — — — — — 
Other:
Current
1,930 3,261 3,872 1,959 2,070 3,492 232 — 16,816 
Past due24 4 — — 6 — — — 34 
Total other
1,954 3,265 3,872 1,959 2,076 3,492 232 — 16,850 
  Gross charge-offs140 — 1 — — — — — 141 
Total loans, amortized cost$220,661 $282,403 $908,393 $1,468,865 $714,599 $1,226,153 $303,699 $15,666 $5,140,439 
Total gross charge-offs$165 $— $1 $— $— $3,023 $— $— $3,189 
(1)Excludes a $179 thousand negative basis adjustment associated with fair value hedges. See Note 7 for additional disclosure.

-22-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
The following table includes information on credit quality indicators and gross charge-offs for the Corporation’s loan portfolio, segregated by class of loans as of December 31, 2024:
(Dollars in thousands)Term Loans Amortized Cost by Origination Year
20242023202220212020PriorRevolving Loans Amortized CostRevolving Loans Converted to Term LoansTotal
Commercial:
CRE:
Pass
$172,931 $432,763 $598,805 $362,292 $125,834 $405,381 $9,879 $989 $2,108,874 
Special mention— 6,116 — — — 2,237 — — 8,353 
Classified
31,010 — — — — 6,267 — — 37,277 
Total CRE
203,941 438,879 598,805 362,292 125,834 413,885 9,879 989 2,154,504 
Gross charge-offs— — — — — 1,961 — — 1,961 
C&I:
Pass
38,128 51,162 136,449 23,474 36,954 159,522 76,857 469 523,015 
Special mention— — 3,593 1,172 1,398 6,428 5,381 — 17,972 
Classified
811 — — 161 — 515 — — 1,487 
Total C&I
38,939 51,162 140,042 24,807 38,352 166,465 82,238 469 542,474 
Gross charge-offs33 — — — — 175 — — 208 
Residential Real Estate:
Residential real estate:
Current (1)
74,458 383,983 746,566 375,848 173,676 365,380 — — 2,119,911 
Past due— 287 1,434 — 1,290 4,730 — — 7,741 
Total residential real estate
74,458 384,270 748,000 375,848 174,966 370,110 — — 2,127,652 
Gross charge-offs— — — — — — — — — 
Consumer:
Home equity:
Current
12,850 18,301 12,749 6,165 2,282 4,815 225,522 11,488 294,172 
Past due— 61 — — 142 630 871 1,243 2,947 
Total home equity
12,850 18,362 12,749 6,165 2,424 5,445 226,393 12,731 297,119 
Gross charge-offs— — — — — — — — — 
Other:
Current
4,176 4,497 2,331 2,175 757 2,989 251 — 17,176 
Past due24 — 370 — — — — — 394 
Total other
4,200 4,497 2,701 2,175 757 2,989 251 — 17,570 
Gross charge-offs229 10 — — 2 3 — — 244 
Total loans, amortized cost$334,388 $897,170 $1,502,297 $771,287 $342,333 $958,894 $318,761 $14,189 $5,139,319 
Total gross charge-offs$262 $10 $— $— $2 $2,139 $— $— $2,413 
(1)Excludes a $1.5 million negative basis adjustment associated with fair value hedges. See Note 7 for additional disclosure.

-23-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
Washington Trust may renew commercial loans at or immediately prior to their maturity. In the tables above, renewals subject to full credit evaluation before being granted are reported as originations in the period renewed. Loans with extensions of maturity dates of more than three months, including TLMs, are reported as originations in the period extended. Gross charge-offs are reported in the loan’s initial origination year.

Note 5 - Allowance for Credit Losses on Loans
The ACL on loans is management’s estimate of expected lifetime credit losses on loans carried at amortized cost. The level of the ACL on loans is based on management’s ongoing review of all relevant information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts.

The following table presents the activity in the ACL on loans for the three months ended June 30, 2025:
(Dollars in thousands)CommercialConsumer
CRE
C&I
Total CommercialResidential Real EstateHome EquityOtherTotal ConsumerTotal
Beginning Balance$25,207 $7,656 $32,863 $6,776 $1,057 $360 $1,417 $41,056 
Charge-offs(274)(317)(591)— — (76)(76)(667)
Recoveries— 10 10 — 1 9 10 20 
Provision(5,329)5,809 480 143 49 (22)27 650 
Ending Balance$19,604 $13,158 $32,762 $6,919 $1,107 $271 $1,378 $41,059 

The following table presents the activity in the ACL on loans for the six months ended June 30, 2025:
(Dollars in thousands)CommercialConsumer
CREC&ITotal CommercialResidential Real EstateHome EquityOtherTotal ConsumerTotal
Beginning Balance$26,485 $7,277 $33,762 $6,832 $1,031 $335 $1,366 $41,960 
Charge-offs(2,724)(324)(3,048)— — (141)(141)(3,189)
Recoveries200 14 214 — 2 22 24 238 
Provision(4,357)6,191 1,834 87 74 55 129 2,050 
Ending Balance$19,604 $13,158 $32,762 $6,919 $1,107 $271 $1,378 $41,059 

The following table presents the activity in the ACL on loans for the three months ended June 30, 2024:
(Dollars in thousands)CommercialConsumer
CRE
C&I
Total CommercialResidential Real EstateHome EquityOtherTotal ConsumerTotal
Beginning Balance$24,856 $7,620 $32,476 $8,035 $1,057 $337 $1,394 $41,905 
Charge-offs— (12)(12)— — (41)(41)(53)
Recoveries— 8 8 — 6 12 18 26 
Provision910 (519)391 67 17 25 42 500 
Ending Balance$25,766 $7,097 $32,863 $8,102 $1,080 $333 $1,413 $42,378 

-24-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
The following table presents the activity in the ACL on loans for the six months ended June 30, 2024:
(Dollars in thousands)CommercialConsumer
CREC&ITotal CommercialResidential Real EstateHome EquityOtherTotal ConsumerTotal
Beginning Balance$24,144 $8,088 $32,232 $7,403 $1,048 $374 $1,422 $41,057 
Charge-offs— (20)(20)— — (103)(103)(123)
Recoveries— 17 17 — 7 20 27 44 
Provision1,622 (988)634 699 25 42 67 1,400 
Ending Balance$25,766 $7,097 $32,863 $8,102 $1,080 $333 $1,413 $42,378 

Note 6 - Leases
The Corporation has committed to rent premises used in business operations under non-cancelable operating leases and determines if an arrangement meets the definition of a lease upon inception. Upon commencement of a new lease, a ROU asset and corresponding lease liability is recognized. The Corporation recognizes an adjustment to the ROU asset and lease liability when lease agreements are amended and executed. The discount rate used in determining the present value of lease payments is based on the lessor’s implicit rate in the lease if known or the Corporation’s incremental borrowing rate for borrowing terms similar to the lease upon commencement date. Operating lease ROU assets amounted to $35.6 million and $26.9 million, respectively, as of June 30, 2025 and December 31, 2024. Operating lease liabilities totaled $38.3 million and $29.6 million, respectively, as of June 30, 2025 and December 31, 2024.

In the first quarter of 2025, sales-leaseback transactions were completed for five branch locations and a pre-tax net gain on the sale of the bank-owned properties totaling $7.0 million was recognized in noninterest income. In addition, operating lease ROU assets of $10.0 million and operating lease liabilities of $10.0 million were recorded on the balance sheet. These leases expire in 17 years and include options to renew for two additional 15-year terms.

As of both June 30, 2025 and December 31, 2024, there were no operating leases that had not yet commenced.

The following table presents information regarding the Corporation’s operating leases:
Jun 30, 2025Dec 31, 2024
Weighted average discount rate5.30%3.80%
Range of lease expiration dates
4 months - 22 years
4 months - 23 years
Range of lease renewal options
3 years - 15 years
1 year - 5 years
Weighted average remaining lease term
13.4 years12.6 years

The following table presents the undiscounted annual lease payments under the terms of the Corporation’s operating leases at June 30, 2025, including a reconciliation to the present value of operating lease liabilities recognized in the Consolidated Balance Sheets:
(Dollars in thousands)
July 1, 2025 to December 31, 2025$2,554 
20264,712 
20274,029 
20283,707 
20293,597 
2030 and thereafter35,641 
Total operating lease payments54,240 
Less: interest15,941 
Present value of operating lease liabilities (1)
$38,299 
(1)Includes short-term operating lease liabilities of $3.2 million.

-25-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
The following table presents the components of total lease expense and operating cash flows:
(Dollars in thousands)Three MonthsSix Months
Periods ended June 30, 2025202420252024
Lease Expense:
Operating lease expense$1,356 $1,124 $2,627 $2,247 
Variable lease expense50 41 96 81 
Total lease expense (1)
$1,406 $1,165 $2,723 $2,328 
Cash Paid:
Cash paid reducing operating lease liabilities$1,303 $1,120 $2,541 $2,285 
(1)Included in net occupancy expenses in the Consolidated Statements of Income.

Note 7 - Derivative Financial Instruments
The Corporation’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Corporation’s known or expected cash receipts and its known or expected cash payments, principally to manage the Corporation’s interest rate risk. Additionally, the Corporation enters into interest rate derivatives to accommodate the business requirements of its customers. Derivatives are measured at fair value.  Derivative assets are included in other assets and derivative liabilities are included in other liabilities in the Unaudited Consolidated Balance Sheets. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and resulting designation.

Interest Rate Risk Management Agreements
Interest rate risk management agreements, such as swaps, caps, floors, and collars, are used from time to time as part of the Corporation’s interest rate risk management strategy. Interest rate swaps are agreements in which the Corporation and another party agree to exchange interest payments (e.g., fixed-rate for variable-rate payments or variable-rate for fixed-rate payments) computed on a notional principal amount. Interest rate caps and floors represent options purchased by the Corporation to manage the interest rate paid throughout the term of the option contract. An interest rate collar is a derivative instrument that represents simultaneously buying an interest rate cap and selling an interest rate floor. The credit risk associated with these derivative transactions is the risk of default by the counterparty. To minimize this risk, the Corporation enters into interest rate agreements only with highly rated counterparties that management believes to be creditworthy. The notional amounts of these agreements do not represent amounts exchanged by the parties and, thus, are not a measure of the potential loss exposure.

Cash Flow Hedging Instruments
As of June 30, 2025 and December 31, 2024, the Corporation had interest rate swap contracts and interest rate collars that were designated as cash flow hedges. These cash flow hedges were executed to hedge the interest rate risk associated with short-term borrowings. See Note 10 for additional disclosure on borrowings. The changes in fair value of these derivatives designated as cash flow hedges are recorded in other comprehensive income (loss) and subsequently reclassified to earnings when gains or losses are realized (i.e., in the same period during which the hedged transactions affect earnings.)

The Corporation previously had an interest rate swap contract that was designated as a cash flow hedge to hedge the interest rate risk associated with a pool of variable rate commercial loans. On March 31, 2023, the Corporation terminated this interest rate swap contract and the derivative liability was derecognized. The loss on this interest rate swap included in the AOCL component of shareholders’ equity was updated to its termination date fair value of $26.5 million, or $20.1 million after tax. This loss is being amortized into earnings as a reduction of interest income on a straight-line basis over the remaining life of the original interest rate swap term, or through May 1, 2026. At June 30, 2025, the remaining unamortized balance of the loss included in the AOCL component of shareholders’ equity was $7.2 million, or $5.4 million after tax.

Fair Value Hedging Instruments
As of June 30, 2025 and December 31, 2024, the Corporation had interest rate swap contracts that were designated as fair value hedges. The fair value hedges were executed to hedge the interest rate risk associated with a closed-pool of fixed-rate residential real estate loans (the “hedged item”). The hedged item is measured at fair value through a basis adjustment recognized on the balance sheet. The changes in fair value of derivatives designated as fair value hedges, as well as the offsetting changes in fair value of the hedged item are recognized in earnings.

-26-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
Loan Related Derivative Contracts
Interest Rate Derivative Contracts with Customers
The Corporation enters into interest rate swap and interest rate cap contracts to help commercial loan borrowers manage their interest rate risk.  These interest rate swap contracts allow borrowers to convert variable-rate loan payments to fixed-rate loan payments, while interest rate cap contracts allow borrowers to limit their interest rate exposure in a rising rate environment.  When the Corporation enters into an interest rate derivative contract with a commercial loan borrower, it simultaneously enters into a “mirror” interest rate contract with a third party.  For interest rate swaps, the third party exchanges the client’s fixed-rate loan payments for variable-rate loan payments. The Corporation’s credit policies with respect to interest rate contracts with commercial borrowers are similar to those used for loans. The Corporation retains the risk that is associated with the potential failure of counterparties and the risk inherent in originating loans.  The interest rate contracts with counterparties are generally subject to bilateral collateralization terms. These derivatives are not designated as hedges and therefore, changes in fair value are recognized in earnings.

Risk Participation Agreements
The Corporation has entered into risk participation agreements with other banks in commercial loan arrangements. Participating banks guarantee the performance on borrower-related interest rate swap contracts. These derivatives are not designated as hedges and therefore, changes in fair value are recognized in earnings.

Under a risk participation-out agreement, a derivative asset, the Corporation participates out a portion of the credit risk associated with the interest rate swap position executed with the commercial borrower for a fee paid to the participating bank. Under a risk participation-in agreement, a derivative liability, the Corporation assumes, or participates in, a portion of the credit risk associated with the interest rate swap position with the commercial borrower for a fee received from the other bank.

Mortgage Loan Commitments
Interest rate lock commitments are extended to borrowers and relate to the origination of mortgage loans held for sale.  To mitigate the interest rate risk and pricing risk associated with rate locks and mortgage loans that are originated and intended for sale, the Corporation enters into forward sale commitments. Forward sale commitments are contracts for delayed delivery or net settlement of the underlying instrument, such as a residential mortgage loan, where the seller agrees to deliver on a specified future date, either a specified instrument at a specified price or yield or the net cash equivalent of an underlying instrument. Both interest rate lock commitments and forward sale commitments are derivative financial instruments, but do not meet criteria for hedge accounting and therefore, the changes in fair value of these commitments are recognized in earnings.

-27-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
The following table presents the notional amounts and fair values of derivative instruments in the Unaudited Consolidated Balance Sheets:
(Dollars in thousands)June 30, 2025December 31, 2024
Fair ValueFair Value
Notional AmountsDerivative AssetsDerivative LiabilitiesNotional AmountsDerivative AssetsDerivative Liabilities
Derivatives Designated as Cash Flow Hedging Instruments:
Interest rate risk management contracts:
Interest rate swaps (1)
$120,000 $279 $1,011 $120,000 $1,529 $229 
Interest rate collars100,000 — 63 50,000 — 30 
Derivatives Designated as Fair Value Hedging Instruments:
Interest rate risk management contracts:
Interest rate swaps100,000 179 — 100,000 1,477 — 
Derivatives not Designated as Hedging Instruments:
Loan related derivative contracts:
Interest rate contracts with customers856,539 6,134 32,834 886,912 2,468 51,372 
Mirror contracts with counterparties856,539 32,710 6,221 886,912 51,176 2,529 
Risk participation agreements
322,425 37 — 343,935 29 — 
Mortgage loan commitments:
Interest rate lock commitments
37,232 785 23 20,238 248 — 
Forward sale commitments
84,050 4 1,012 52,100 163 291 
Gross amounts
40,128 41,164 57,090 54,451 
Less: amounts offset (2)
6,500 6,500 2,788 2,788 
Derivative balances, net of offset33,628 34,664 54,302 51,663 
Less: collateral pledged (3)
— — — — 
Net amounts$33,628 $34,664 $54,302 $51,663 
(1)The fair value of derivative assets includes accrued interest receivable of $79 thousand and $120 thousand, respectively, at June 30, 2025 and December 31, 2024. There was no accrued interest payable included in the fair value of derivative liabilities at June 30, 2025 or at December 31, 2024.
(2)Interest rate risk management contracts and loan related derivative contracts with counterparties are subject to master netting arrangements.
(3)Collateral contractually required to be pledged to derivative counterparties is in the form of cash. Washington Trust may need to post additional collateral in the future in proportion to potential increases in unrealized loss positions.

The following table presents the balance sheet location, carrying value, and cumulative basis adjustment of the hedged item associated with fair value hedges:
(Dollars in thousands)
June 30, 2025December 31, 2024
Balance Sheet Location
Carrying Value of Hedged Item (1)
Cumulative Basis Adjustment
Carrying Value of Hedged Item (1)
Cumulative Basis Adjustment
Residential real estate loans$99,821 ($179)$98,519 ($1,481)
(1)Represents the carrying value of the hedged item associated with fair value hedges on a closed-pool of fixed-rate residential real estate loans that are expected to be outstanding for the designated hedged periods. The amortized cost balance of the closed-pool of residential real estate loans used in the fair value hedges was $634.8 million and $733.2 million, respectively, at June 30, 2025 and December 31, 2024.

-28-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
The following table presents the effect of derivative instruments in the Unaudited Consolidated Statements of Changes in Shareholders’ Equity:
(Dollars in thousands)Amounts Recognized in
Other Comprehensive Income (Loss), Net of Tax
Three MonthsSix Months
Periods ended June 30, 2025202420252024
Derivatives Designated as Cash Flow Hedging Instruments:
Interest rate risk management contracts:
Interest rate swaps
$1,094 $1,846 $1,693 $5,051 
Interest rate collars(18)(31)(24)(31)
Total$1,076 $1,815 $1,669 $5,020 

The following table presents the effect of derivative instruments in the Unaudited Consolidated Statements of Income:
(Dollars in thousands)Amount of Gain (Loss)
Recognized in the Unaudited Consolidated Statements of Income
Three MonthsSix Months
Periods ended June 30, Statement of Income Location2025202420252024
Derivatives Designated as Cash Flow Hedging Instruments:
Interest rate risk management contracts:
Interest rate swapsInterest income: Interest and fees on loans($2,139)($2,140)$(4,255)$(4,279)
Interest rate swaps
Interest expense: FHLB advances
192 495 386 988 
Derivatives Designated as Fair Value Hedging Instruments:
Interest rate risk management contracts:
Interest rate swapsInterest income: Interest and fees on loans(519)— (1,298)— 
Hedged itemInterest income: Interest and fees on loans520 — 1,302 — 
Derivatives not Designated as Hedging Instruments:
Loan related derivative contracts:
Interest rate contracts with customersLoan related derivative income$4,357 ($6,348)$14,154 ($25,357)
Mirror interest rate contracts with counterpartiesLoan related derivative income(3,690)6,404 (13,418)25,714 
Risk participation agreements
Loan related derivative income9 (7)41 (24)
Mortgage loan commitments:
Interest rate lock commitments
Mortgage banking revenues(55)(48)515 200 
Forward sale commitments
Mortgage banking revenues(87)177 (726)243 
Total($1,412)($1,467)($3,299)($2,515)
For derivatives designated as cash flow hedging instruments in the table above, the amounts represent the pre-tax reclassifications from AOCL into earnings.

-29-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
Note 8 - Fair Value Measurements
The Corporation uses fair value measurements to record fair value adjustments on certain assets and liabilities and to determine fair value disclosures.  Items recorded at fair value on a recurring basis include securities available for sale, mortgage loans that are originated and intended for sale to the secondary market, and derivatives.  Additionally, from time to time, we may be required to record other assets at fair value on a nonrecurring basis, such as collateral dependent individually analyzed loans, loan servicing rights, property acquired through foreclosure or repossession, and mortgage loans reclassified to held for sale from portfolio.

Fair value is a market-based measurement, not an entity-specific measurement.  Fair value measurements are determined based on the assumptions the market participants would use in pricing the asset or liability.  In addition, GAAP specifies a hierarchy of valuation techniques based on whether the types of valuation information, or “inputs”, are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Corporation’s market assumptions. These two types of inputs have created the following fair value hierarchy:

•Level 1 – Quoted prices for identical assets or liabilities in active markets.
•Level 2 – Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.
•Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable in the markets and which reflect the Corporation’s market assumptions.

Fair Value Option Election
GAAP allows for the irrevocable option to elect fair value accounting for the initial and subsequent measurement for certain financial assets and liabilities on a contract-by-contract basis. The Corporation has elected the fair value option for mortgage loans that are originated and intended for sale to the secondary market to better match changes in fair value of the loans with changes in the fair value of the forward sale commitment contracts used to economically hedge them.

The following table presents a summary of mortgage loans held for sale accounted for under the fair value option:
(Dollars in thousands)June 30,
2025		December 31,
2024
Aggregate fair value$35,681 $21,708 
Aggregate principal balance
34,877 21,420 
Difference between fair value and principal balance$804 $288 

Changes in fair value of mortgage loans held for sale accounted for under the fair value option election are included in mortgage banking revenues in the Unaudited Consolidated Statements of Income. Changes in fair value amounted to increases in mortgage banking revenues of $292 thousand and $517 thousand, respectively, for the three and six months ended June 30, 2025. This compared to decreases in mortgage banking revenues of $22 thousand and $91 thousand, respectively, for the three and six months ended June 30, 2024.
There were no mortgage loans held for sale 90 days or more past due as of June 30, 2025 and December 31, 2024.

Valuation Techniques for Items Recorded at Fair Value on a Recurring Basis
Available for Sale Debt Securities
Available for sale debt securities are recorded at fair value on a recurring basis. When available, the Corporation uses quoted market prices to determine the fair value of debt securities; such items are classified as Level 1. There were no Level 1 debt securities held at June 30, 2025 and December 31, 2024.

Level 2 debt securities are traded less frequently than exchange-traded instruments. The fair value of these securities is determined using matrix pricing with inputs that are observable in the market or can be derived principally from or corroborated by observable market data.  This category includes obligations of U.S. government-sponsored enterprises, including mortgage-backed securities, individual name issuer trust preferred debt securities, and corporate bonds.

-30-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
Debt securities not actively traded whose fair value is determined through the use of cash flows utilizing inputs that are unobservable are classified as Level 3. There were no Level 3 debt securities held at June 30, 2025 and December 31, 2024.

Mortgage Loans Held for Sale, at Fair Value
The Corporation has elected the fair value option for mortgage loans that are originated and intended for sale to the secondary market. The fair value is estimated based on current market prices for similar loans in the secondary market and therefore are classified as Level 2 assets.

Derivatives
Interest rate derivative contracts are traded in over-the-counter markets where quoted market prices are not readily available.  Fair value measurements are determined using independent valuation software, which utilizes the present value of future cash flows discounted using market observable inputs such as forward rate assumptions. The Corporation evaluates the credit risk of its counterparties, as well as that of the Corporation.  Accordingly, factors such as the likelihood of default by the Corporation and its counterparties, its net exposures, and remaining contractual life are considered in determining if any fair value adjustments related to credit risk are required.  Counterparty exposure is evaluated by netting positions that are subject to master netting agreements, as well as considering the amount of collateral securing the position, if any. The Corporation has determined that the majority of the inputs used to value its derivative positions fall within Level 2 of the fair value hierarchy. However, the credit valuation adjustments utilize Level 3 inputs. As of June 30, 2025 and December 31, 2024, the Corporation has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation. As a result, the Corporation has classified its derivative valuations in their entirety as Level 2.

Fair value measurements of forward loan commitments (interest rate lock commitments and forward sale commitments) are primarily based on current market prices for similar assets in the secondary market and therefore are classified as Level 2 assets. The fair value of interest rate lock commitments is also dependent on the ultimate closing of the loans. Pull-through rates are based on the Corporation’s historical data and reflect the Corporation’s best estimate of the likelihood that a commitment will result in a closed loan. Although the pull-through rates are Level 3 inputs, the Corporation has assessed the significance of the impact of pull-through rates on the overall valuation of its interest rate lock commitments and has determined that they are not significant to the overall valuation. As a result, the Corporation has classified its interest rate lock commitments as Level 2.

Items Recorded at Fair Value on a Recurring Basis
The following tables present the balances of assets and liabilities reported at fair value on a recurring basis:
(Dollars in thousands)TotalQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
June 30, 2025
Assets:
Available for sale debt securities:
Obligations of U.S. government agencies and U.S government sponsored enterprises$39,581 $— $39,581 $— 
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises
912,510 — 912,510 — 
Obligations of states and political subdivisions
635 — 635 — 
Individual name issuer trust preferred debt securities
6,049 — 6,049 — 
Corporate bonds
12,566 — 12,566 — 
Mortgage loans held for sale35,681 — 35,681 — 
Derivative assets33,628 — 33,628 — 
Total assets at fair value on a recurring basis$1,040,650 $— $1,040,650 $— 
Liabilities:
Derivative liabilities$34,664 $— $34,664 $— 
Total liabilities at fair value on a recurring basis$34,664 $— $34,664 $— 

-31-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
(Dollars in thousands)TotalQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
December 31, 2024
Assets:
Available for sale debt securities:
Obligations of U.S. government agencies and U.S government sponsored enterprises$38,612 $— $38,612 $— 
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises
855,147 — 855,147 — 
Obligations of states and political subdivisions
655 — 655 — 
Individual name issuer trust preferred debt securities
9,221 — 9,221 — 
Corporate bonds
12,670 — 12,670 — 
Mortgage loans held for sale21,708 — 21,708 — 
Derivative assets54,302 — 54,302 — 
Total assets at fair value on a recurring basis$992,315 $— $992,315 $— 
Liabilities:
Derivative liabilities$51,663 $— $51,663 $— 
Total liabilities at fair value on a recurring basis$51,663 $— $51,663 $— 

Valuation Techniques for Items Recorded at Fair Value on a Nonrecurring Basis
Collateral Dependent Individually Analyzed Loans
Collateral dependent individually analyzed loans are valued based upon the lower of amortized cost or fair value. Fair value is determined based on the appraised value of the underlying collateral. Such collateral primarily consists of real estate and, to a lesser extent, other business assets. For collateral dependent loans that are expected to be repaid substantially through the sale of the collateral, management adjusts the fair value for estimated costs to sell. Management may also adjust appraised values to reflect estimated market value declines or apply other discounts to appraised values resulting from its knowledge of the collateral. Internal valuations may be utilized to determine the fair value of other business assets. Collateral dependent individually analyzed loans are categorized as Level 3.

Mortgage Loans Held for Sale, at Lower of Cost or Market
Pursuant to the terms of a sales agreement effective December 30, 2024, the Bank had committed to sell residential mortgage loans with an amortized cost balance of $344.6 million that were held in portfolio. These loans were reclassified to held for sale and written down to a fair value of $281.7 million in December 2024. The fair value of these loans was based on the terms of the sales agreement with an unrelated third party and therefore are categorized as Level 2. The sale of these loans was completed on January 24, 2025.

Items Recorded at Fair Value on a Nonrecurring Basis
The following table presents the carrying value of assets held at June 30, 2025, which were written down to fair value during the six months ended June 30, 2025:
(Dollars in thousands)TotalQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Assets:
Collateral dependent individually analyzed loans$11,295 $— $— $11,295 
Total assets at fair value on a nonrecurring basis$11,295 $— $— $11,295 

-32-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
The following table presents the carrying value of assets held at December 31, 2024, which were written down to fair value during the year ended December 31, 2024.
(Dollars in thousands)TotalQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Assets:
Collateral dependent individually analyzed loans$9,057 $— $— $9,057 
Mortgage loans held for sale, at lower of cost or market281,706 — 281,706 — 
Total assets at fair value on a nonrecurring basis$290,763 $— $281,706 $9,057 

The following tables present valuation techniques and unobservable inputs for assets measured at fair value on a nonrecurring
basis for which the Corporation has utilized Level 3 inputs to determine fair value:
(Dollars in thousands)Fair ValueValuation TechniqueUnobservable InputRange of Inputs Utilized
(Weighted Average)
June 30, 2025
Collateral dependent individually analyzed loans$11,295 Appraisals of collateralDiscount for costs to sell
0% - 15% (5%)
Appraisal adjustments
0% - 30% (20%)
(Dollars in thousands)Fair ValueValuation TechniqueUnobservable InputInputs Utilized
(Weighted Average)
December 31, 2024
Collateral dependent individually analyzed loans$9,057 Appraisals of collateralDiscount for costs to sell
14% - 49% (16%)
Appraisal adjustments
0% - 10% (7%)

Items for which Fair Value is Only Disclosed
The estimated fair values and related carrying amounts for financial instruments for which fair value is only disclosed are presented in the tables below:
(Dollars in thousands)
June 30, 2025Carrying AmountTotal
Fair Value		Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Financial Assets:
Cash and cash equivalents$167,724 $167,724 $167,724 $— $— 
Loans, net of allowance for credit losses on loans (1)
5,099,201 4,956,288 — — 4,956,288 
FHLB stock
45,273 45,273 — 45,273 — 
Investment in BOLI
113,372 113,372 — 113,372 — 
Financial Liabilities:
Non-maturity deposits$3,836,160 $3,836,160 $— $3,836,160 $— 
Time deposits1,209,088 1,204,994 — 1,204,994 — 
FHLB advances
1,001,000 1,004,500 — 1,004,500 — 
Junior subordinated debentures22,681 19,618 — 19,618 — 
(1)The estimated fair value excludes a $179 thousand negative basis adjustment associated with fair value hedges. See Note 7 for additional disclosure.

-33-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
(Dollars in thousands)
December 31, 2024Carrying AmountTotal
Fair Value		Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Financial Assets:
Cash and cash equivalents$113,889 $113,889 $113,889 $— $— 
Loans, net of allowance for credit losses on loans (1)
5,095,878 4,952,110 — — 4,952,110 
FHLB stock
49,817 49,817 — 49,817 — 
Investment in BOLI
106,777 106,777 — 106,777 — 
Financial Liabilities:
Non-maturity deposits$3,626,152 $3,626,152 $— $3,626,152 $— 
Time deposits1,489,648 1,479,267 — 1,479,267 — 
FHLB advances
1,125,000 1,125,819 — 1,125,819 — 
Junior subordinated debentures22,681 19,602 — 19,602 — 
(1)The estimated fair value excludes a $1.5 million negative basis adjustment associated with fair value hedges. See Note 7 for additional disclosure.

Note 9 - Deposits
The following table presents a summary of deposits:
(Dollars in thousands)June 30,
2025		December 31,
2024
Noninterest-bearing:
Noninterest-bearing demand deposits$646,584 $661,776 
Interest-bearing:
Interest-bearing demand deposits668,483 592,904 
NOW accounts680,246 692,812 
Money market accounts1,147,792 1,154,745 
Savings accounts693,055 523,915 
Time deposits (1)
1,209,088 1,489,648 
Total interest-bearing deposits4,398,664 4,454,024 
Total deposits$5,045,248 $5,115,800 
(1)Includes wholesale brokered time deposit balances of $1.8 million and $297.5 million, respectively, as of June 30, 2025 and December 31, 2024.

The following table presents scheduled maturities of time certificates of deposit:
(Dollars in thousands)Scheduled MaturityWeighted Average Rate
July 1, 2025 to December 31, 2025$831,039 3.81%
2026289,029 3.55 
202751,859 3.06 
202827,871 3.71 
20295,714 2.78 
2030 and thereafter3,576 2.25 
Balance at June 30, 2025$1,209,088 3.70%

Time certificates of deposit in denominations of $250 thousand or more totaled $355.6 million and $353.9 million,
-34-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
respectively, at June 30, 2025 and December 31, 2024.

Note 10 - Borrowings
Advances payable to the FHLB amounted to $1.0 billion and $1.1 billion, respectively, at June 30, 2025 and December 31, 2024. See Note 7 for additional disclosure on derivatives designated as cash flow hedges to hedge the interest rate risk associated with short-term FHLB advances.

The Bank pledges certain qualified investment securities and loans as collateral to the FHLB. As of June 30, 2025 and December 31, 2024, the Bank had available borrowing capacity of $987.1 million and $753.0 million, respectively, with the FHLB.

In addition, the Bank had access to a $40.0 million unused line of credit with the FHLB at both June 30, 2025 and December 31, 2024. Furthermore, the Bank had standby letters of credit with the FHLB of $66.0 million at both June 30, 2025 and December 31, 2024 to collateralize institutional deposits.

The following table presents maturities and weighted average interest rates on FHLB advances outstanding as of June 30, 2025:
(Dollars in thousands)Scheduled
Maturity		Weighted
Average Rate
July 1, 2025 to December 31, 2025$615,000 4.59%
2026165,000 4.54 
202745,000 4.24 
202890,000 4.33 
202980,000 3.82 
2030 and thereafter6,000 3.33 
Balance at June 30, 2025$1,001,000 4.47%

Note 11 - Shareholders' Equity
Stock Repurchase Program
On May 15, 2025, the Board of Directors of the Corporation adopted the 2025 Repurchase Program, which authorizes the repurchase of up to 850,000 shares, or approximately 4%, of the Corporation’s outstanding common stock. This authority may be exercised from time to time and in such amounts as market conditions warrant, and subject to regulatory considerations. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, market conditions, and other corporate liquidity requirements and priorities. The 2025 Repurchase Program expires on May 15, 2026 and may be modified, suspended, or discontinued at any time. The Corporation has repurchased 10,000 shares, at an average price of $29.56 and a total cost of $296 thousand, under its 2025 Repurchase Program, all of which were repurchased in the second quarter of 2025.

-35-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
Regulatory Capital Requirements
Capital levels at June 30, 2025 exceeded the regulatory minimum levels to be considered “well capitalized.”

The following table presents the Corporation’s and the Bank’s actual capital amounts and ratios, as well as the corresponding minimum and well capitalized regulatory amounts and ratios that were in effect during the respective periods:
(Dollars in thousands)ActualFor Capital Adequacy PurposesTo Be “Well Capitalized” Under Prompt Corrective Action Provisions
AmountRatioAmountRatioAmountRatio
June 30, 2025
Total Capital (to Risk-Weighted Assets):
Corporation
$621,953 13.06%$380,994 8.00%N/AN/A
Bank
616,722 12.96 380,784 8.00 $475,979 10.00%
Tier 1 Capital (to Risk-Weighted Assets):
Corporation
579,704 12.17 285,745 6.00 N/AN/A
Bank
574,473 12.07 285,588 6.00 380,784 8.00 
Common Equity Tier 1 Capital (to Risk-Weighted Assets):
Corporation
557,707 11.71 214,309 4.50 N/AN/A
Bank
574,473 12.07 214,191 4.50 309,387 6.50 
Tier 1 Capital (to Average Assets): (1)
Corporation
579,704 8.66 267,864 4.00 N/AN/A
Bank
574,473 8.58 267,737 4.00 334,671 5.00 
December 31, 2024
Total Capital (to Risk-Weighted Assets):
Corporation
617,762 12.47 396,309 8.00 N/AN/A
Bank
612,603 12.37 396,150 8.00 495,187 10.00 
Tier 1 Capital (to Risk-Weighted Assets):
Corporation
576,731 11.64 297,232 6.00 N/AN/A
Bank
571,572 11.54 297,112 6.00 396,150 8.00 
Common Equity Tier 1 Capital (to Risk-Weighted Assets):
Corporation
554,734 11.20 222,924 4.50 N/AN/A
Bank
571,572 11.54 222,834 4.50 321,872 6.50 
Tier 1 Capital (to Average Assets): (1)
Corporation
576,731 8.13 283,730 4.00 N/AN/A
Bank
571,572 8.06 283,628 4.00 354,536 5.00 
(1)    Leverage ratio.

In addition to the minimum regulatory capital required for capital adequacy outlined in the table above, the Corporation and the Bank are required to maintain a minimum capital conservation buffer, in the form of common equity, of 2.50%, resulting in a requirement for the Corporation and the Bank to effectively maintain total capital, Tier 1 capital, and common equity Tier 1 capital ratios of 10.50%, 8.50%, and 7.00%, respectively. The Corporation and the Bank must maintain the capital conservation buffer to avoid restrictions on the ability to pay dividends and discretionary bonuses. The Corporation’s and the Bank’s capital levels exceeded the minimum regulatory capital requirements plus the capital conservation buffer at June 30, 2025 and December 31, 2024.

The Bancorp owns the common stock of two capital trusts, which have issued trust preferred securities. In accordance with GAAP, the capital trusts are treated as unconsolidated subsidiaries. At both June 30, 2025 and December 31, 2024, $22.0 million in trust preferred securities were included in the Tier 1 capital of the Corporation for regulatory capital reporting purposes pursuant to the capital adequacy guidelines of the Federal Reserve.

In accordance with regulatory capital rules, the Corporation elected the option to delay the estimated impact of ASC 326 on its regulatory capital over a two-year deferral and subsequent three-year transition period ending December 31, 2024. As a
-36-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
result, the December  31, 2024 capital ratios in the table above excluded the full impact of the increased ACL on loans and unfunded loan commitments attributed to the adoption of ASC 326, adjusted for an approximation of the after-tax provision for credit losses attributable to ASC 326 relative to the incurred loss methodology during the two-year deferral period. The cumulative difference quantified at the end of the deferral period was fully phased-in to regulatory capital on January 1, 2025.

Note 12 - Revenue from Contracts with Customers
The following tables summarize total revenues as presented in the Unaudited Consolidated Statements of Income and the related amounts that are from contracts with customers within the scope of ASC 606. As shown below, a substantial portion of our revenues are specifically excluded from the scope of ASC 606.
For the three months ended June 30, 20252024
(Dollars in thousands)
Revenue (1)
ASC 606 Revenue (2)
Revenue (1)
ASC 606 Revenue (2)
Net interest income$37,185 $— $31,585 $— 
Noninterest income:
Wealth management revenues10,120 10,120 9,678 9,678 
Mortgage banking revenues
3,034 — 2,761 — 
Card interchange fees
1,247 1,247 1,275 1,275 
Service charges on deposit accounts
808 808 769 769 
Loan related derivative income
676 — 49 — 
Income from bank-owned life insurance
826 — 753 — 
Gain on sale of bank-owned properties, net— — 988 — 
Other income
367 287 387 286 
Total noninterest income17,078 12,462 16,660 12,008 
Total revenues$54,263 $12,462 $48,245 $12,008 
(1)As reported in the Unaudited Consolidated Statements of Income.
(2)Revenue from contracts with customers in scope of ASC 606.

For the six months ended June 30, 20252024
(Dollars in thousands)Revenue (1)
ASC 606 Revenue (2)
Revenue (1)
ASC 606 Revenue (2)
Net interest income$73,607 $— $63,250 $— 
Noninterest income:
Wealth management revenues20,011 20,011 19,016 19,016 
Mortgage banking revenues5,338 — 5,267 — 
Card interchange fees2,756 2,756 2,420 2,420 
Service charges on deposit accounts1,552 1,552 1,454 1,454 
Loan related derivative income777 — 333 — 
Income from bank-owned life insurance1,595 — 1,492 — 
Gain on sale of bank-owned properties, net (3)
6,994 6,994 988 — 
Other income698 551 2,853 556 
Total noninterest income39,721 31,864 33,823 23,446 
Total revenues$113,328 $31,864 $97,073 $23,446 
(1)As reported in the Unaudited Consolidated Statements of Income.
(2)Revenue from contracts with customers in scope of ASC 606.
(3)For the six months ended June 30, 2025, included herein in accordance with sales-leaseback transaction provisions of ASC 842 and ASC 606.

-37-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
The following table presents revenue from contracts with customers based on the timing of revenue recognition:
(Dollars in thousands)Three MonthsSix Months
Periods ended June 30, 2025202420252024
Revenue recognized at a point in time:
Card interchange fees$1,247 $1,275 $2,756 $2,420 
Service charges on deposit accounts540 490 1,003 915 
Gain on sale of bank-owned properties, net — — 6,994 — 
Other income225 227 429 438 
Revenue recognized over time:
Wealth management revenues
10,120 9,678 20,011 19,016 
Service charges on deposit accounts
268 279 549 539 
Other income
62 59 122 118 
Total revenues from contracts with customers in scope of ASC 606
$12,462 $12,008 $31,864 $23,446 

Receivables for revenue from contracts with customers primarily consist of amounts due for wealth management services performed for which the Corporation’s performance obligations have been fully satisfied. Receivables amounted to $6.2 million and $6.0 million, respectively, at June 30, 2025 and December 31, 2024 and were included in other assets in the Unaudited Consolidated Balance Sheets.

Deferred revenues, which are considered contract liabilities under ASC 606, represent advance consideration received from customers for which the Corporation has a remaining performance obligation to fulfill. Contract liabilities are recognized as revenue over the life of the contract as the performance obligations are satisfied. The balances of contract liabilities were insignificant at both June 30, 2025 and December 31, 2024 and were included in other liabilities in the Unaudited Consolidated Balance Sheets.

For commissions and incentives that are in scope of ASC 606, such as those paid to employees in our wealth management services and commercial banking segments in order to obtain customer contracts, contract cost assets are established. The contract cost assets are capitalized and amortized over the estimated useful life that the asset is expected to generate benefits. The carrying value of contract cost assets amounted to $2.0 million and $2.1 million, respectively at June 30, 2025 and December 31, 2024 and were included in other assets in the Unaudited Consolidated Balance Sheets. The amortization of contract cost assets is recorded within salaries and employee benefits expense in the Unaudited Consolidated Statements of Income.

Note 13 - Defined Benefit Pension Plans
Washington Trust maintained a qualified pension plan for the benefit of certain eligible employees who were hired prior to October 1, 2007. Washington Trust also has non-qualified retirement plans to provide supplemental retirement benefits to certain employees, as defined in the plans. These defined benefit pension plans were previously amended to freeze benefit accruals after a 10-year transition period, which ended in December 2023.

In the fourth quarter of 2023, the Corporation’s Board of Directors approved a resolution to terminate the qualified pension plan, and participants were notified of the termination. In the first quarter of 2025, the qualified pension plan liability was settled after plan assets were distributed through a combination of lump sum payments to participants and the purchase of a group annuity contract from a highly-rated insurance company. This resulted in a pre-tax non-cash pension settlement charge of $6.4 million being recognized in noninterest expenses in the first quarter of 2025. The settlement charge included the recognition of pre-tax actuarial losses accumulated in AOCL and the effects of the remeasurement of plan assets and liabilities upon settlement. As a result of the plan’s over-funded status, remaining surplus plan assets of approximately $10.3 million are expected to be transferred directly to the Corporation’s 401(k) Plan (a qualified replacement plan) to fund future non-elective employer contributions.

-38-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
The following table presents components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss), on a pre-tax basis:
(Dollars in thousands)Qualified Pension PlanNon-Qualified Retirement Plans
Three MonthsSix Months Three MonthsSix Months
Periods ended June 30, 20252024202520242025202420252024
Net Periodic Benefit Cost:
Service cost (1)
$— $125 $— $250 $— $— $— $— 
Interest cost (2)
— 833 15 1,666 163 163 326 325 
Expected return on plan assets (2)
— (1,028)(34)(2,056)— — — — 
Recognized net actuarial loss (2)
— — — — 29 30 58 61 
Net periodic benefit cost before settlement— (70)(19)(140)192 193 384 386 
Pension plan settlement charge— — 6,436 — — — — — 
Net periodic benefit cost$— ($70)$6,417 ($140)$192 $193 $384 $386 
(1)Included in salaries and employee benefits expense in the Unaudited Consolidated Statements of Income. Service cost for 2024 represents administrative expenses related to the termination of the qualified pension plan.
(2)Included in other expenses in the Unaudited Consolidated Statements of Income.
Note 14 - Business Segments
The Corporation manages its operations through two reportable business segments, consisting of Commercial Banking and Wealth Management Services. The Corporation’s reportable business segments are determined by the Senior Executive Vice President, Chief Financial Officer and Treasurer, the designated CODM.

An allocation methodology is utilized to allocate income and expenses to the business segments. Direct activities are assigned to the appropriate business segment to which the activity relates. Indirect activities, such as corporate, technology and other support functions, are allocated to business segments primarily based upon full-time equivalent employee computations.

The Commercial Banking segment includes commercial, residential, and consumer lending activities; mortgage banking activities; deposit generation; cash management services; other banking activities, including customer support and the operation of ATMs, telephone banking, internet banking, and mobile banking services; as well as investment portfolio and wholesale funding activities.

Wealth management services and operations are provided through the Bank and its registered investment adviser subsidiary. The Wealth Management Services segment provides investment management; holistic financial planning services; personal trust and estate services, including services as trustee, personal representative, and custodian; settlement of decedents’ estates; and institutional trust services, including custody and fiduciary services.

The CODM evaluates the financial performance of each business segment, which is measured based upon the business segment’s net income. Components of net income for the business segments that are reviewed by the CODM include net interest income, provision for credit losses, noninterest income, noninterest expense, and income tax expense. The CODM, in conjunction with management committees (such as the ALCO) and certain members of executive management, evaluates financial performance to make decisions related to the products and services that are offered, pricing, and the allocation of resources, for each business segment.

-39-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
The following tables present the components of net income, as well as other supplemental information for Washington Trust’s reportable business segments:
(Dollars in thousands)Commercial BankingWealth Management ServicesConsolidated Total
Three months ended June 30, 202520242025202420252024
Total interest income and dividend income$78,846 $85,997 $— $— $78,846 $85,997 
Total interest expense41,661 54,412 — — 41,661 54,412 
Net interest income37,185 31,585 — — 37,185 31,585 
Provision for credit losses600 500 — — 600 500 
Net interest income after provision for credit losses36,585 31,085 — — 36,585 31,085 
Noninterest income6,720 6,651 10,358 10,009 17,078 16,660 
Noninterest expenses:
Salaries and employee benefits17,434 16,443 5,591 4,817 23,025 21,260 
Outsourced services3,374 3,115 1,030 981 4,404 4,096 
Net occupancy2,393 2,131 269 266 2,662 2,397 
Equipment855 877 75 81 930 958 
Legal, audit and professional fees525 633 201 108 726 741 
FDIC deposit insurance costs
1,235 1,404 — — 1,235 1,404 
Advertising and promotion601 564 116 97 717 661 
Amortization of intangibles— — 203 208 203 208 
Other expenses2,095 1,752 533 433 2,628 2,185 
Total noninterest expenses28,512 26,919 8,018 6,991 36,530 33,910 
Income before income taxes14,793 10,817 2,340 3,018 17,133 13,835 
Income tax expense3,283 2,342 605 678 3,888 3,020 
Net income$11,510 $8,475 $1,735 $2,340 $13,245 $10,815 
Supplemental Information:
Total assets at period end$6,683,840 $7,125,943 $61,327 $58,417 $6,745,167 $7,184,360 
Expenditures for long-lived assets388 1,598 13 22 401 1,620 
Depreciation expense (1)
790 893 86 103 876 996 
(1)Included in net occupancy and equipment expenses in the table above.
-40-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
(Dollars in thousands)Commercial BankingWealth Management ServicesConsolidated Total
Six months ended June 30, 202520242025202420252024
Total interest income and dividend income$158,309 $171,253 $— $— $158,309 $171,253 
Total interest expense84,702 108,003 — — 84,702 108,003 
Net interest income73,607 63,250 — — 73,607 63,250 
Provision for credit losses1,800 1,200 — — 1,800 1,200 
Net interest income after provision for credit losses71,807 62,050 — — 71,807 62,050 
Noninterest income 19,355 12,223 20,366 21,600 39,721 33,823 
Noninterest expenses:
Salaries and employee benefits34,413 33,013 11,034 10,022 45,447 43,035 
Outsourced services6,639 5,963 2,111 1,913 8,750 7,876 
Net occupancy4,864 4,437 539 521 5,403 4,958 
Equipment1,670 1,778 151 200 1,821 1,978 
Legal, audit and professional fees1,052 1,223 424 224 1,476 1,447 
FDIC deposit insurance costs
2,497 2,845 — — 2,497 2,845 
Advertising and promotion949 1,030 178 179 1,127 1,209 
Amortization of intangibles— — 407 416 407 416 
Other expenses8,974 3,663 2,824 846 11,798 4,509 
Total noninterest expenses61,058 53,952 17,668 14,321 78,726 68,273 
Income before income taxes30,104 20,321 2,698 7,279 32,802 27,600 
Income tax expense6,630 4,248 748 1,601 7,378 5,849 
Net income$23,474 $16,073 $1,950 $5,678 $25,424 $21,751 
Total assets at period end$6,683,840 $7,125,943 $61,327 $58,417 $6,745,167 $7,184,360 
Expenditures for long-lived assets475 2,156 14 90 489 2,246 
Depreciation expense (1)
1,598 1,786 172 212 1,770 1,998 
(1)Included in net occupancy and equipment expenses in the table above.

For the six months ended June 30, 2025, noninterest income for the Commercial Banking segment included a $7.0 million net gain recognized in the first quarter associated with sales-leaseback transactions that were completed for five branch locations. See additional disclosure regarding the sale-leaseback transactions in Note 6.

Also, for the six months ended June 30, 2025, total other expenses included a $6.4 million pension plan settlement charge recognized in the first quarter, of which $4.9 million was included in the Commercial Banking segment and $1.5 million was included in the Wealth Management Services segment. See additional disclosure regarding the pension plan settlement charge in Note 13.

For the six months ended June 30, 2024, noninterest income for the Wealth Management Services segment included income of $2.1 million recognized in the first quarter associated with a litigation settlement.
-41-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
Note 15 - Other Comprehensive Income (Loss)
The following tables present the activity in other comprehensive income (loss):
Three months ended June 30, 20252024
(Dollars in thousands)Pre-tax AmountsIncome Tax Benefit (Expense)Net of TaxPre-tax AmountsIncome Tax Benefit (Expense)Net of Tax
Available for Sale Debt Securities:
Change in fair value of available for sale debt securities$2,852 ($720)$2,132 $1,006 ($257)$749 
Cash Flow Hedges:
Change in fair value of cash flow hedges(507)128 (379)802 (213)589 
Net cash flow hedge losses reclassified into earnings1,947 (492)1,455 1,645 (419)1,226 
Net change in fair value of cash flow hedges1,440 (364)1,076 2,447 (632)1,815 
Defined Benefit Plan Obligations:
Amortization of net actuarial losses into earnings29 (7)22 30 (7)23 
Total other comprehensive income$4,321 ($1,091)$3,230 $3,483 ($896)$2,587 

Six months ended June 30, 20252024
(Dollars in thousands)Pre-tax AmountsIncome Tax Benefit (Expense)Net of TaxPre-tax AmountsIncome Tax Benefit (Expense)Net of Tax
Securities available for sale:
Change in fair value of available for sale debt securities$19,748 ($4,986)$14,762 ($13,742)$3,503 ($10,239)
Cash flow hedges:
Change in fair value of cash flow hedges(1,636)413 (1,223)3,458 (890)2,568 
Net cash flow hedge losses reclassified into earnings3,869 (977)2,892 3,291 (839)2,452 
Net change in fair value of cash flow hedges2,233 (564)1,669 6,749 (1,729)5,020 
Defined benefit plan obligations:
Defined benefit plan obligation remeasurement2,665 (728)1,937 — — — 
Pension plan settlement charge reclassified into earnings58 (15)43 61 (15)46 
Amortization of net actuarial losses into earnings6,436 (1,625)4,811 — — — 
Net change in defined benefit plan obligations9,159 (2,368)6,791 61 (15)46 
Total other comprehensive income (loss)$31,140 ($7,918)$23,222 ($6,932)$1,759 ($5,173)

The following tables present the changes in AOCL by component, net of tax:
(Dollars in thousands)Net Unrealized Losses on Available For Sale Debt SecuritiesNet Unrealized Losses on Cash Flow HedgesNet Unrealized Losses on Defined Benefit Plan ObligationsTotal
For the three months ended June 30, 2025
Balance at March 31, 2025($89,809)($7,345)($2,025)($99,179)
Other comprehensive income (loss) before reclassifications2,132 (379)— 1,753 
Amounts reclassified from AOCL
— 1,455 22 1,477 
Net other comprehensive income2,132 1,076 22 3,230 
Balance at June 30, 2025($87,677)($6,269)($2,003)($95,949)

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Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
(Dollars in thousands)Net Unrealized Losses on Available For Sale Debt SecuritiesNet Unrealized Losses on Cash Flow HedgesNet Unrealized Losses on Defined Benefit Plan ObligationsTotal
For the six months ended June 30, 2025
Balance at December 31, 2024($102,439)($7,938)($8,794)($119,171)
Other comprehensive income (loss) before reclassifications14,762 (1,223)1,937 15,476 
Amounts reclassified from AOCL
— 2,892 4,854 7,746 
Net other comprehensive income14,762 1,669 6,791 23,222 
Balance at June 30, 2025($87,677)($6,269)($2,003)($95,949)

(Dollars in thousands)Net Unrealized Losses on Available For Sale Debt SecuritiesNet Unrealized Losses on Cash Flow HedgesNet Unrealized Losses on Defined Benefit Plan Obligations Total
For the three months ended June 30, 2024
Balance at March 31, 2024($127,579)($12,414)($8,920)($148,913)
Other comprehensive income before reclassifications749 589 — 1,338 
Amounts reclassified from AOCL
— 1,226 23 1,249 
Net other comprehensive income749 1,815 23 2,587 
Balance at June 30, 2024($126,830)($10,599)($8,897)($146,326)

(Dollars in thousands)Net Unrealized Losses on Available For Sale Debt SecuritiesNet Unrealized Losses on Cash Flow HedgesNet Unrealized Losses on Defined Benefit Plan ObligationsTotal
For the six months ended June 30, 2024
Balance at December 31, 2023($116,591)($15,619)($8,943)($141,153)
Other comprehensive (loss) income before reclassifications(10,239)2,568 — (7,671)
Amounts reclassified from AOCL
— 2,452 46 2,498 
Net other comprehensive (loss) income(10,239)5,020 46 (5,173)
Balance at June 30, 2024($126,830)($10,599)($8,897)($146,326)

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Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
Note 16 - Earnings per Common Share
The following table presents the calculation of EPS:
(Dollars and shares in thousands, except per share amounts)
Three MonthsSix Months
Periods ended June 30, 2025202420252024
Earnings for basic and diluted EPS calculations:
Net income$13,245 $10,815 $25,424 $21,751 
Less: dividends and undistributed earnings allocated to participating securities— (8)— (20)
Net income available to common shareholders$13,245 $10,807 $25,424 $21,731 
Shares for basic and diluted EPS calculations:
Weighted average common shares outstanding for basic EPS
19,285 17,052 19,280 17,042 
Dilutive effect of common stock equivalents89 58 92 40 
Weighted average common and potential common shares outstanding for diluted EPS
19,374 17,110 19,372 17,082 
EPS:
Basic earnings per common share$0.69 $0.63 $1.32 $1.28 
Diluted earnings per common share$0.68 $0.63 $1.31 $1.27 
Shares excluded from the calculation of diluted EPS:
Weighted average anti-dilutive common stock equivalents (1)
516 459 487 459 
(1)For the three and six months ended June 30, 2025 and 2024, weighted average anti-dilutive common stock equivalents represent share-based compensation awards not included in the calculation of common shares outstanding for purposes of calculating diluted EPS as the grant prices were greater than the average market price of the Bancorp’s common stock, and therefore were anti-dilutive.

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Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
Note 17 - Commitments and Contingencies
Financial Instruments with Off-Balance Sheet Risk
The Corporation is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers and to manage the Corporation’s exposure to fluctuations in interest rates.  These financial instruments include commitments to extend credit and standby letters of credit, as well as derivative financial instruments, such as mortgage loan commitments, loan related derivative contracts and interest rate risk management contracts.  These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Unaudited Consolidated Balance Sheets.  The contract or notional amounts of these instruments reflect the extent of involvement the Corporation has in particular classes of financial instruments. See Note 7 for additional disclosure pertaining to derivative financial instruments.

Financial Instruments Whose Contract Amounts Represent Credit Risk (Unfunded Commitments)
Commitments to Extend Credit
Commitments to extend credit are agreements to lend to a customer as long as there are no violations of any condition established in the contract.  Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee.  Since some of the commitments are expected to expire without being drawn upon, total commitment amounts do not necessarily represent future cash requirements.  Each borrower’s creditworthiness is evaluated on a case-by-case basis.  The amount of collateral obtained is based on management’s credit evaluation of the borrower.

Standby Letters of Credit
Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. These standby letters of credit are primarily issued to support the financing needs of the Bank’s commercial customers. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loan facilities to customers. The collateral supporting those commitments is essentially the same as for other commitments. Most standby letters of credit extend for one year. At June 30, 2025 and December 31, 2024, there were no liabilities to beneficiaries resulting from standby letters of credit. Should the Corporation be required to make payments to the beneficiary, repayment from the customer to the Corporation is required.

The following table presents the contractual and notional amounts of financial instruments with off-balance sheet risk:
(Dollars in thousands)June 30,
2025		December 31,
2024
Financial instruments whose contract amounts represent credit risk:
Commitments to extend credit$965,716 $968,858 
Standby letters of credit8,776 12,455 

ACL on Unfunded Commitments
The ACL on unfunded commitments is management’s estimate of expected lifetime credit losses over the expected contractual term in which the Corporation is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Corporation.

The activity in the ACL on unfunded commitments for the three months ended June 30, 2025 is presented below:
(Dollars in thousands)CommercialConsumer
CRE
C&I
Total CommercialResidential Real EstateHome EquityOtherTotal ConsumerTotal
Beginning Balance$694 $518 $1,212 $17 $— $11 $11 $1,240 
Provision(274)223 (51)3 — (2)(2)(50)
Ending Balance$420 $741 $1,161 $20 $— $9 $9 $1,190 

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Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
The activity in the ACL on unfunded commitments for the six months ended June 30, 2025 is presented below:
(Dollars in thousands)CommercialConsumer
CREC&ITotal CommercialResidential Real EstateHome EquityOtherTotal ConsumerTotal
Beginning Balance$822 $589 $1,411 $18 $— $11 $11 $1,440 
Provision(402)152 (250)2 — (2)(2)(250)
Ending Balance$420 $741 $1,161 $20 $— $9 $9 $1,190 

The activity in the ACL on unfunded commitments for the three months ended June 30, 2024 is presented below:
(Dollars in thousands)CommercialConsumer
CRE
C&I
Total CommercialResidential Real EstateHome EquityOtherTotal ConsumerTotal
Beginning Balance$943 $771 $1,714 $15 $— $11 $11 $1,740 
Provision(37)28 (9)9 — — — — 
Ending Balance$906 $799 $1,705 $24 $— $11 $11 $1,740 

The activity in the ACL on unfunded commitments for the six months ended June 30, 2024 is presented below:
(Dollars in thousands)CommercialConsumer
CREC&ITotal CommercialResidential Real EstateHome EquityOtherTotal ConsumerTotal
Beginning Balance$1,091 $822 $1,913 $15 $— $12 $12 $1,940 
Provision(185)(23)(208)9 — (1)(1)(200)
Ending Balance$906 $799 $1,705 $24 $— $11 $11 $1,740 

Other Contingencies
Litigation
The Corporation is involved in various claims and legal proceedings arising out of the ordinary course of business. Management is of the opinion, based on its review with counsel of the development of such matters to date, that the ultimate disposition of such matters will not materially affect the consolidated balance sheets or statements of income of the Corporation.

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Management's Discussion and Analysis
Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with the Corporation’s Audited Consolidated Financial Statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2024, and in conjunction with the condensed Unaudited Consolidated Financial Statements and notes thereto included in Item 1 of this report.  Operating results for the three and six months ended June 30, 2025 are not necessarily indicative of the results for the full-year ended December 31, 2025 or any future period.

Forward-Looking Statements
This report 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 than 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:
•changes in general business and economic conditions (including the impact of actual or threatened tariffs imposed by the U.S. and foreign governments, inflation and concerns about liquidity) on a national basis and in the local markets in which we operate;
•interest rate changes or volatility, as well as changes in the balance and mix of loans and deposits;
•changes in customer behavior due to political, business and economic conditions;
•changes in loan demand and collectability;
•the possibility that future credit losses are higher than currently expected due to changes in economic assumptions or adverse economic developments;
•ongoing volatility in national and international financial markets;
•reductions in the market value or outflows of wealth management AUA;
•decreases in the value of securities and other assets;
•increases in defaults and charge-off rates;
•changes in the size and nature of our competition;
•changes in, and evolving interpretations of, existing and future laws, rules and regulations;
•changes in accounting principles, policies and guidelines;
•operational risks including, but not limited to, changes in information technology, cybersecurity incidents, fraud, natural disasters, war, terrorism, civil unrest and future pandemics;
•regulatory, litigation and reputational risks; 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, 2024, 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.

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Management's Discussion and Analysis
Non-GAAP Financial Measures and Reconciliation to GAAP
In addition to evaluating the Corporation’s results of operations in accordance with GAAP, management supplements this evaluation with an analysis of certain non-GAAP financial measures, such as adjusted noninterest income, adjusted noninterest expense, adjusted income before income taxes, adjusted income tax expense, adjusted effective tax rate, adjusted net income, adjusted net income available to common shareholders, adjusted diluted earnings per common share, adjusted return on average assets and adjusted return on average equity.

We believe these non-GAAP financial measures are utilized by regulators and market analysts to evaluate the Corporation’s results of operations and financial condition, and therefore such information is useful to investors. In addition, these non-GAAP financial measures remove the impact of infrequent items that may obscure trends in the Corporation’s underlying performance. 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.

Each presentation below reconciles the “as reported” GAAP measure to the adjusted non-GAAP measure.

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Management's Discussion and Analysis
The following table presents adjusted noninterest income, adjusted noninterest expense, adjusted income before income taxes, adjusted income tax expense, adjusted effective tax rate, adjusted net income, and adjusted net income available to common shareholders:
(Dollars in thousands, except per share amounts)
Three MonthsSix Months
Periods ended June 30, 2025202420252024
Adjusted Noninterest Income:
Noninterest income, as reported$17,078 $16,660 $39,721 $33,823 
Less adjustments:
Gain on sale of bank-owned properties, net— 988 6,994 988 
Litigation settlement income— — — 2,100 
Total adjustments, pre-tax— 988 6,994 3,088 
Adjusted noninterest income (non-GAAP)
$17,078 $15,672 $32,727 $30,735 
Adjusted Noninterest Expense:
Noninterest expense, as reported$36,530 $33,910 $78,726 $68,273 
Less adjustments:
Pension plan settlement charge— — 6,436 — 
Total adjustments, pre-tax— — 6,436 — 
Adjusted noninterest expense (non-GAAP)
$36,530 $33,910 $72,290 $68,273 
Adjusted Income Before Income Taxes:
Income before income taxes$17,133 $13,835 $32,802 $27,600 
Less: total adjustments, pre-tax— 988 558 3,088 
Adjusted income before income taxes (non-GAAP)
$17,133 $12,847 $32,244 $24,512 
Adjusted Income Tax Expense:
Income tax expense, as reported$3,888 $3,020 $7,378 $5,849 
Less: tax on total adjustments— 249 141 779 
Adjusted income tax expense (non-GAAP)
$3,888 $2,771 $7,237 $5,070 
Adjusted Effective Tax Rate:
Effective tax rate (1)
22.7%21.8%22.5%21.2%
Less: impact of total adjustments—0.20.10.5
Adjusted effective tax rate (non-GAAP) (2)
22.7%21.6%22.4%20.7%
Adjusted Net Income:
Net income, as reported$13,245 $10,815 $25,424 $21,751 
Less: total adjustments, after-tax— 739 417 2,309 
Adjusted net income (non-GAAP)
$13,245 $10,076 $25,007 $19,442 
Adjusted Net Income Available to Common Shareholders:
Net income available to common shareholders, as reported$13,245 $10,807 $25,424 $21,731 
Less: total adjustments available to common shareholders, after-tax— 738 417 2,306 
Adjusted net income available to common shareholders (non-GAAP)
$13,245 $10,069 $25,007 $19,425 
(1)Calculated as income tax expense divided by income before income taxes.
(2)Calculated as income tax expense, adjusted for the tax impact of the adjustments as outlined in the table above, divided by income before income taxes, adjusted for the pre-tax impact of the adjustments as outlined in the table above.
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Management's Discussion and Analysis
The following table presents adjusted diluted earnings per common share:
(Dollars in thousands, except per share amounts)
Three MonthsSix Months
Periods ended June 30, 2025202420252024
Adjusted Diluted Earnings per Common Share:
Diluted earnings per common share, as reported (1)
$0.68 $0.63 $1.31 $1.27 
Less: impact of total adjustments— 0.04 0.02 0.13 
Adjusted diluted earnings per common share (non-GAAP) (2)
$0.68 $0.59 $1.29 $1.14 
(1)Net income available to common shareholders divided by weighted average diluted common and potential shares outstanding.
(2)Net income available to common shareholders, adjusted for the after-tax impact of adjustments as outlined in the table above, divided by weighted average diluted common and potential shares outstanding.

The following table presents adjusted return on average assets and adjusted return on average equity:
(Dollars in thousands)
Three MonthsSix Months
Periods ended June 30, 2025202420252024
Adjusted Return on Average Assets (1):
Net income, as reported$13,245 $10,815 $25,424 $21,751 
Less: total adjustments, after-tax— 739 417 2,309 
Adjusted net income (non-GAAP)
13,245 10,076 25,007 19,442 
Total average assets, as reported6,643,370 7,227,478 6,703,877 7,229,656 
Return on average assets (2)
0.80%0.60%0.76%0.61%
Adjusted return on average assets (non-GAAP) (3)
0.80%0.56%0.75%0.54%
Adjusted Return on Average Equity (1):
Net income available to common shareholders, as reported$13,245 $10,807 $25,424 $21,731 
Less: total adjustments, after-tax— 738 417 2,306 
Adjusted net income available to common shareholders (non-GAAP)
13,245 10,069 25,007 19,425 
Total average equity, as reported523,709 460,959 518,408 466,028 
Return on average equity (4)
10.14%9.43%9.89%9.38%
Adjusted return on average equity (non-GAAP) (5)
10.14%8.79%9.73%8.38%
(1)Annualized based on the actual number of days in the period.
(2)Net income divided by total average assets.
(3)Net income, adjusted for the after-tax impact of adjustments as outlined in the table above, divided by total average assets.
(4)Net income available to common shareholders divided by total average equity.
(5)Net income available to common shareholders, adjusted for the after-tax impact of adjustments as outlined in the table above, divided by total average equity.

Overview
Washington Trust offers a full range of financial services, including commercial, residential, and consumer lending, retail and commercial deposit products, and wealth management and trust services through its offices in Rhode Island, Massachusetts, and Connecticut.

Our largest source of operating income is net interest income, which is the difference between interest earned on loans and securities and interest paid on deposits and borrowings.  In addition, we generate noninterest income from a number of sources, including wealth management services, mortgage banking activities, and deposit services.  Our principal noninterest
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Management's Discussion and Analysis
expenses include salaries and employee benefit costs, outsourced services (including software-as-a-service) provided by third-party vendors, occupancy and facility-related costs, and other administrative expenses.

We continue to leverage our strong regional brand to build market share and remain steadfast in our commitment to provide superior service. We believe the key to future growth is providing customers with convenient in-person service and digital banking solutions.

Risk Management
The Corporation has a comprehensive ERM program through which the Corporation identifies, measures, monitors, and controls current and emerging material risks.

The Board of Directors is responsible for oversight of the ERM program. The ERM program enables the aggregation of risk across the Corporation and ensures the Corporation has the tools, programs, and processes in place to support informed decision making, to anticipate risks before they materialize and to maintain the Corporation’s risk profile consistent with its risk strategy. The Board of Directors has approved an ERM Policy that addresses each category of risk. The risk categories include: credit risk, interest rate risk, liquidity risk, price and market risk, compliance risk, strategic and reputation risk, and operational risk. A description of each risk category is provided below.

Credit risk represents the possibility that borrowers or other counterparties may not repay loans or other contractual obligations according to their terms due to changes in the financial capacity, ability, and willingness of such borrowers or counterparties to meet their obligations. In some cases, the collateral securing payment of the loans may be sufficient to assure repayment, but in other cases the Corporation may experience significant credit losses, which could have an adverse effect on its operating results. The Corporation makes various assumptions and judgments about the collectability of its loan portfolio, including the creditworthiness of its borrowers and counterparties and the value of the real estate and other assets serving as collateral for the repayment of loans. Credit risk also exists with respect to investment securities. For further discussion regarding the credit risk and the credit quality of the Corporation’s loan portfolio, see Notes 4 and 5 to the Unaudited Consolidated Financial Statements. For further discussion regarding credit risk associated with unfunded commitments, see Note 17 to the Unaudited Consolidated Financial Statements. For further discussion regarding the Corporation’s securities portfolio, see Note 3 to the Unaudited Consolidated Financial Statements.

Interest rate risk is the risk of loss to earnings due to movements in interest rates. Interest rate risk arises from differences between the timing of rate changes and the timing of cash flows. It exists because the repricing frequency and magnitude of interest-earning assets and interest-bearing liabilities are not identical. See the “Asset/Liability Management and Interest Rate Risk” section below for additional disclosure.

Liquidity risk is the risk that the Corporation will not have the ability to generate adequate amounts of cash in the most economical way for it to meet its maturing liability obligations and customer loan demand. Liquidity risk includes the inability to manage unplanned decreases or changes in funding sources. For detailed disclosure regarding liquidity management, see the “Liquidity and Capital Resources” section below.

Price and market risk refers to the risk of loss arising from adverse changes in interest rates and other relevant market rates and prices, such as equity prices. Interest rate risk, discussed above, is the most significant market risk to which the Corporation is exposed. The Corporation is also exposed to financial market risk and housing market risk.

Compliance risk represents the risk of regulatory sanctions or financial loss resulting from the failure to comply with laws, rules, and regulations and standards of good banking practice. Activities that may expose the Corporation to compliance risk include, but are not limited to, those dealing with the prevention of money laundering, privacy and data protection, adherence to all applicable laws and regulations, and employment and tax matters.

Strategic and reputation risk represent the risk of loss due to impairment of reputation, failure to fully develop and execute business plans, and failure to assess existing and new opportunities and threats in business, markets, and products.

Operational risk is the risk of loss due to human behavior, inadequate or failed internal processes, systems and controls, information technology changes or failures, and external influences such as market conditions, fraudulent activities, cybersecurity incidents, natural disasters, and security risks.

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Management's Discussion and Analysis
ERM is an overarching program that includes all areas of the Corporation. A framework approach is utilized to assign responsibility and to ensure that the various business units and activities involved in the risk management life-cycle are effectively integrated. The Corporation has adopted the “three lines of defense” strategy that is an industry best practice for ERM. Business units are the first line of defense in managing risk. They are responsible for identifying, measuring, monitoring, and controlling current and emerging risks. They must report on and escalate their concerns. Corporate functions such as Credit Risk Management, Financial Administration, Information Assurance, and Compliance represent the second line of defense. They are responsible for policy setting and for reviewing and challenging the risk management activities of the business units. They collaborate closely with business units on planning and resource allocation with respect to risk management. Internal Audit is a third line of defense. They provide independent assurance to the Board of Directors of the effectiveness of the first and second lines in fulfilling their risk management responsibilities.

For additional factors that could adversely impact Washington Trust’s future results of operations and financial condition, see Part II, Item 1A below and the section labeled “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as updated by our Quarterly Reports on Form 10-Q and other filings submitted to the SEC.

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Management's Discussion and Analysis
Results of Operations
Summary
The following table presents a summarized consolidated statement of operations:
(Dollars in thousands)Three MonthsSix Months
ChangeChange
Periods ended June 30, 20252024$%20252024$%
Net interest income$37,185 $31,585 $5,600 18%$73,607 $63,250 $10,357 16%
Noninterest income17,078 16,660 418 3 39,721 33,823 5,898 17 
Total revenues54,263 48,245 6,018 12 113,328 97,073 16,255 17 
Provision for credit losses600 500 100 20 1,800 1,200 600 50 
Noninterest expense36,530 33,910 2,620 8 78,726 68,273 10,453 15 
Income before income taxes17,133 13,835 3,298 24 32,802 27,600 5,202 19 
Income tax expense3,888 3,020 868 29 7,378 5,849 1,529 26 
Net income$13,245 $10,815 $2,430 22%$25,424 $21,751 $3,673 17%
Adjusted net income (non-GAAP)
$13,245 $10,076 $3,169 31%$25,007 $19,442 $5,565 29%

Net income totaled $13.2 million and $25.4 million, respectively, for the three and six months ended June 30, 2025, compared to $10.8 million and $21.8 million, respectively, reported for the same periods in 2024. These results included the following infrequent transactions:
•In the first quarter of 2025, sales-leaseback transactions were completed for five branch locations and a pre-tax net gain on the sale of the bank-owned properties totaling $7.0 million was recognized within noninterest income.
•Also in the first quarter of 2025 and in connection with the termination of the Corporation's qualified pension plan, a pre-tax non-cash pension plan settlement charge of $6.4 million was recognized within noninterest expenses.
•In the second quarter of 2024, noninterest income included a net gain of $988 thousand recognized on the sale of a bank-owned operations facility.
•In the first quarter of 2024, noninterest income included income of $2.1 million associated with a litigation settlement.
Excluding these items, adjusted net income (non-GAAP) for the three and six months ended June 30, 2025 was $13.2 million and $25.0 million, respectively, compared to $10.1 million and $19.4 million, respectively, for the same periods in 2024. These increases were largely driven by increases in net interest income.

The following table presents a summary of performance metrics and ratios:
Three MonthsSix Months
Periods ended June 30, 2025202420252024
Diluted earnings per common share$0.68 $0.63 $1.31 $1.27 
Adjusted diluted earnings per common share (non-GAAP)
$0.68 $0.59 $1.29 $1.14 
Return on average assets (net income divided by average assets)0.80%0.60%0.76%0.61%
Adjusted return on average assets (non-GAAP)
0.80%0.56%0.75%0.54%
Return on average equity (net income available for common shareholders divided by average equity)
10.14%9.43%9.89%9.38%
Adjusted return on average equity (non-GAAP)
10.14%8.79%9.73%8.38%

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Management's Discussion and Analysis
Average Balances / Net Interest Margin - Fully Taxable Equivalent Basis
The following tables present daily average balance, interest, and yield/rate information, as well as net interest margin on an FTE basis.  Tax-exempt income is converted to an 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, changes in fair value on mortgage loans held for sale, and basis adjustments associated with fair value hedges 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.
Three months ended June 30, 20252024Change
(Dollars in thousands)Average BalanceInterestYield/ RateAverage BalanceInterestYield/ RateAverage BalanceInterestYield/ Rate
Assets:
Cash, federal funds sold, and short-term investments$92,692 $1,029 4.45%$96,934 $1,297 5.38%($4,242)($268)(0.93%)
Mortgage loans held for sale27,466 442 6.4522,755 392 6.934,711 50 (0.48)
Taxable debt securities1,067,394 9,230 3.471,129,573 6,944 2.47(62,179)2,286 1.00
Nontaxable debt securities650 8 4.94— — —650 8 4.94
Total securities
1,068,044 9,238 3.471,129,573 6,944 2.47(61,529)2,294 1.00
FHLB stock
41,484 792 7.6660,354 1,124 7.49(18,870)(332)0.17
Commercial real estate2,161,987 31,225 5.792,167,785 34,707 6.44(5,798)(3,482)(0.65)
Commercial & industrial550,550 7,967 5.80602,786 9,837 6.56(52,236)(1,870)(0.76)
Total commercial2,712,537 39,192 5.802,770,571 44,544 6.47(58,034)(5,352)(0.67)
Residential real estate2,096,538 22,996 4.402,569,945 26,473 4.14(473,407)(3,477)0.26
Home equity298,645 5,167 6.94306,703 5,211 6.83(8,058)(44)0.11
Other17,001 207 4.8818,375 239 5.23(1,374)(32)(0.35)
Total consumer
315,646 5,374 6.83325,078 5,450 6.74(9,432)(76)0.09
Total loans
5,124,721 67,562 5.295,665,594 76,467 5.43(540,873)(8,905)(0.14)
Total interest-earning assets
6,354,407 79,063 4.996,975,210 86,224 4.97(620,803)(7,161)0.02
Noninterest-earning assets288,963 252,268 36,695 
Total assets
$6,643,370 $7,227,478 ($584,108)
Liabilities and Shareholders’ Equity:
Interest-bearing demand deposits (in-market)$664,290 $6,251 3.77%$536,752 $6,064 4.54%$127,538 $187 (0.77%)
NOW accounts670,878 341 0.20712,874 388 0.22(41,996)(47)(0.02)
Money market accounts1,182,377 9,779 3.321,120,333 10,934 3.9362,044 (1,155)(0.61)
Savings accounts664,590 3,080 1.86482,674 803 0.67181,916 2,277 1.19
Time deposits (in-market)1,215,018 11,308 3.731,157,962 11,802 4.1057,056 (494)(0.37)
Interest-bearing in-market deposits4,397,153 30,759 2.814,010,595 29,991 3.01386,558 768 (0.20)
Wholesale brokered time deposits8,485 105 4.96517,424 6,722 5.23(508,939)(6,617)(0.27)
Total interest-bearing deposits4,405,638 30,864 2.814,528,019 36,713 3.26(122,381)(5,849)(0.45)
FHLB advances
934,066 10,451 4.491,397,143 17,296 4.98(463,077)(6,845)(0.49)
Junior subordinated debentures
22,681 346 6.1222,681 403 7.15— (57)(1.03)
Total interest-bearing liabilities
5,362,385 41,661 3.125,947,843 54,412 3.68(585,458)(12,751)(0.56)
Noninterest-bearing demand deposits615,926 652,189 (36,263)
Other liabilities141,350 166,487 (25,137)
Shareholders’ equity523,709 460,959 62,750 
Total liabilities and shareholders’ equity
$6,643,370 $7,227,478 ($584,108)
Net interest income (FTE)
$37,402 $31,812 $5,590 
Interest rate spread1.87%1.29%0.58%
Net interest margin2.36%1.83%0.53%
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Management's Discussion and Analysis
Interest income amounts presented in the preceding table include the following adjustments for taxable equivalency:

(Dollars in thousands)
Three months ended June 30, 20252024Change
Commercial loans$219 $227 ($8)
Nontaxable debt securities— — — 
Total$219 $227 ($8)
Six months ended June 30, 20252024Change
(Dollars in thousands)Average BalanceInterestYield/ RateAverage BalanceInterestYield/ RateAverage BalanceInterestYield/ Rate
Assets:
Cash, federal funds sold, and short-term investments$138,950 $3,022 4.39%$87,964 $2,493 5.70%$50,986 $529 (1.31%)
Mortgage loans held for sale66,145 1,400 4.27 19,103 647 6.81 47,042 753 (2.54)
Taxable debt securities1,055,109 18,057 3.45 1,138,013 14,040 2.48 (82,904)4,017 0.97 
Nontaxable debt securities650 16 4.96 — — — 650 16 4.96 
Total debt securities1,055,759 18,073 3.45 1,138,013 14,040 2.48 (82,254)4,033 0.97 
FHLB stock
42,482 1,814 8.61 57,106 2,197 7.74 (14,624)(383)0.87 
Commercial real estate2,150,209 61,579 5.78 2,154,336 68,927 6.43 (4,127)(7,348)(0.65)
Commercial & industrial (1)544,352 15,841 5.87 606,766 19,728 6.54 (62,414)(3,887)(0.67)
Total commercial2,694,561 77,420 5.79 2,761,102 88,655 6.46 (66,541)(11,235)(0.67)
Residential real estate2,108,429 46,350 4.43 2,581,357 53,004 4.13 (472,928)(6,654)0.30 
Home equity297,695 10,229 6.93 308,467 10,215 6.66 (10,772)14 0.27 
Other17,174 423 4.97 18,744 451 4.84 (1,570)(28)0.13 
Total consumer314,869 10,652 6.82 327,211 10,666 6.56 (12,342)(14)0.26 
Total loans5,117,859 134,422 5.30 5,669,670 152,325 5.40 (551,811)(17,903)(0.10)
Total interest-earning assets6,421,195 158,731 4.98 6,971,856 171,702 4.95 (550,661)(12,971)0.03 
Noninterest-earning assets282,682 257,800 24,882 
Total assets$6,703,877 $7,229,656 ($525,779)
Liabilities and Shareholders’ Equity:
Interest-bearing demand deposits (in-market)$646,489 $12,126 3.78%$521,495 $11,770 4.54%$124,994 $356 (0.76%)
NOW accounts674,985 685 0.20 716,896 764 0.21 (41,911)(79)(0.01)
Money market accounts1,207,072 19,806 3.31 1,113,962 21,351 3.85 93,110 (1,545)(0.54)
Savings accounts614,573 4,932 1.62 486,472 1,554 0.64 128,101 3,378 0.98 
Time deposits (in-market)1,209,927 22,611 3.77 1,153,702 23,522 4.10 56,225 (911)(0.33)
Interest-bearing in-market deposits4,353,046 60,160 2.79 3,992,527 58,961 2.97 360,519 1,199 (0.18)
Wholesale brokered time deposits97,939 2,452 5.05 608,514 15,799 5.22 (510,575)(13,347)(0.17)
Total interest-bearing deposits4,450,985 62,612 2.84 4,601,041 74,760 3.27 (150,056)(12,148)(0.43)
FHLB advances
946,906 21,397 4.56 1,318,544 32,434 4.95 (371,638)(11,037)(0.39)
Junior subordinated debentures22,681 693 6.16 22,681 809 7.17 — (116)(1.01)
Total interest-bearing liabilities5,420,572 84,702 3.15 5,942,266 108,003 3.66 (521,694)(23,301)(0.51)
Noninterest-bearing demand deposits618,373 658,423 (40,050)
Other liabilities146,524 162,939 (16,415)
Shareholders’ equity518,408 466,028 52,380 
Total liabilities and shareholders’ equity$6,703,877 $7,229,656 ($525,779)
Net interest income (FTE)
$74,029$63,699 $10,330 
Interest rate spread1.83%1.29%0.54%
Net interest margin2.32%1.84%0.48%

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Management's Discussion and Analysis
Interest income amounts presented in the preceding table include the following adjustments for taxable equivalency:
(Dollars in thousands)
Six months ended June 30, 20252024Change
Commercial loans$425 $449 ($24)
Nontaxable debt securities1 — 1 
Total$426 $449 ($23)

Net Interest Income
Net interest income, the primary source of our operating income, totaled $37.2 million and $73.6 million, respectively, for the three and six months ended June 30, 2025, compared to $31.6 million and $63.3 million, respectively, for the same periods in 2024. Net interest income is affected by the level of and changes in interest rates, and changes in the amount and composition of interest-earning assets and interest-bearing liabilities. Net interest income also includes the periodic recognition of prepayment penalty fee income associated with commercial loan payoffs. Prepayment penalty fee income amounted to $52 thousand and $60 thousand, respectively, for the three and six months ended June 30, 2025, compared to $46 thousand and $66 thousand, respectively, for the three and six months ended June 30, 2024, and had essentially no benefit to NIM in any of the respective periods.

The analysis of net interest income, NIM, and the yield on loans is also impacted by changes in the level of net amortization of premiums and discounts on securities and loans, which is included in interest income. Changes in market interest rates affect the level of loan prepayments and the receipt of payments on mortgage-backed securities. Prepayment speeds generally increase as longer-term market interest rates decline and decrease as longer-term market interest rates rise. Changes in prepayment speeds could increase or decrease the level of net amortization of premiums and discounts, thereby affecting interest income. As noted in the Unaudited Consolidated Statements of Cash Flows, net amortization of premiums and discounts on securities and loans (a net reduction to net interest income) amounted to $364 thousand for the six months ended June 30, 2025, compared to $573 thousand for the same period in 2024.

The improvement in net interest income, FTE net interest income and NIM discussed below largely reflected benefits from the balance sheet repositioning transactions previously announced in December 2024, which included the sale of lower-yielding debt securities and residential real estate loans, reinvestment into higher-yielding debt securities, and pay-down of higher-cost FHLB advances and wholesale brokered time deposits.

The following discussion presents net interest income on an FTE basis by adjusting income and yields on tax-exempt loans to be comparable to taxable loans.

FTE net interest income for the three and six months ended June 30, 2025 amounted to $37.4 million and $74.0 million, respectively, up by $5.6 million and $10.3 million, respectively, from the same periods in 2024. For the three and six months ended June 30, 2025, decreases in average interest-bearing liability balances, net of decreases in average interest-earning assets, increased net income by $1.9 million and $3.6 million, respectively. Decreases in funding costs outpaced decreases in asset yields, increasing net interest income by $3.7 million and $6.8 million, respectively, for the three and six months ended June 30, 2025. NIM was 2.36% and 2.32%, respectively, for the three and six months ended June 30, 2025, compared to 1.83% and 1.84%, respectively, for the same periods in 2024.

Total average securities for the three and six months ended June 30, 2025 decreased by $61.5 million and $82.3 million, respectively, from the average balances for the same periods a year earlier primarily due to routine pay-downs. The FTE rate of return on the securities portfolio for the three and six months ended June 30, 2025 was 3.47% and 3.45%, respectively, compared to 2.47% and 2.48%, respectively, for the same periods in 2024.

Total average loan balances for the three and six months ended June 30, 2025 decreased by $540.9 million and $551.8 million, respectively, from the average loan balances for the comparable 2024 periods, largely reflecting a decrease in average balances of residential real estate loans. The yield on total loans for the three and six months ended June 30, 2025 was 5.29% and 5.30%, respectively, compared to 5.43% and 5.40%, respectively, in the corresponding periods in 2024.

FHLB advances and brokered time deposits are utilized as wholesale funding sources. The average balance of FHLB advances for the three and six months ended June 30, 2025 decreased by $463.1 million and $371.6 million, respectively,
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Management's Discussion and Analysis
compared to the average balances for the same periods in 2024. The average rate paid on such advances for the three and six months ended June 30, 2025 was 4.49% and 4.56%, respectively, down from 4.98% and 4.95%, respectively, for the same periods in 2024, reflecting lower short-term market interest rates. Included in total average interest-bearing deposits were wholesale brokered deposits, which decreased by $508.9 million and $510.6 million, respectively, from the same periods in 2024. The average rate paid on wholesale brokered deposits for the three and six months ended June 30, 2025 was 4.96% and 5.05%, respectively, down from 5.23% and 5.22%, respectively, for the same periods in 2024.

Average in-market interest-bearing deposits, which excludes wholesale brokered deposits, for the three and six months ended June 30, 2025 increased by $386.6 million and $360.5 million, respectively, from the average balances for the same periods in 2024, reflecting increases in average balances across most deposit categories. The average rate paid on in-market interest-bearing deposits for the three and six months ended June 30, 2025 was 2.81% and 2.79%, respectively, down from 3.01% and 2.97%, respectively, for the same periods in 2024. The average balance of noninterest-bearing demand deposits for the three and six months ended June 30, 2025 decreased by $36.3 million and $40.1 million, respectively, from the average balances for the same periods in 2024.

-57-

Management's Discussion and Analysis
Volume / Rate Analysis - Interest Income and Expense (FTE Basis)
The following table presents certain information on an FTE basis regarding changes in our interest income and interest expense for the period indicated.  The net change attributable to both volume and rate has been allocated proportionately.
(Dollars in thousands)Three Months Ended June 30, 2025 vs. 2024Six Months Ended June 30, 2025 vs. 2024
Change Due toChange Due to
VolumeRateNet ChangeVolumeRateNet Change
Interest on Interest-Earning Assets:
Cash, federal funds sold, and other short-term investments($55)($213)($268)$1,204 ($675)$529 
Mortgage loans held for sale77 (27)50 1,074 (321)753 
Taxable debt securities(402)2,688 2,286 (1,085)5,102 4,017 
Nontaxable debt securities8 — 8 16 — 16 
Total securities(394)2,688 2,294 (1,069)5,102 4,033 
FHLB stock
(360)28 (332)(605)222 (383)
Commercial real estate(92)(3,390)(3,482)(133)(7,215)(7,348)
Commercial & industrial(810)(1,060)(1,870)(1,924)(1,963)(3,887)
Total commercial
(902)(4,450)(5,352)(2,057)(9,178)(11,235)
Residential real estate(5,125)1,648 (3,477)(10,172)3,518 (6,654)
Home equity(140)96 (44)(363)377 14 
Other(17)(15)(32)(39)11 (28)
Total consumer(157)81 (76)(402)388 (14)
Total loans(6,184)(2,721)(8,905)(12,631)(5,272)(17,903)
Total interest income(6,916)(245)(7,161)(12,027)(944)(12,971)
Interest on Interest-Bearing Liabilities:
Interest-bearing demand deposits (in-market)1,300 (1,113)187 2,548 (2,192)356 
NOW accounts(19)(28)(47)(42)(37)(79)
Money market accounts583 (1,738)(1,155)1,677 (3,222)(1,545)
Savings accounts397 1,880 2,277 498 2,880 3,378 
Time deposits (in-market)567 (1,061)(494)1,108 (2,019)(911)
Interest-bearing in-market deposits2,828 (2,060)768 5,789 (4,590)1,199 
Wholesale brokered time deposits(6,303)(314)(6,617)(12,809)(538)(13,347)
Total interest-bearing deposits(3,475)(2,374)(5,849)(7,020)(5,128)(12,148)
FHLB advances
(5,309)(1,536)(6,845)(8,565)(2,472)(11,037)
Junior subordinated debentures— (57)(57)— (116)(116)
Total interest expense(8,784)(3,967)(12,751)(15,585)(7,716)(23,301)
Net interest income (FTE)
$1,868 $3,722 $5,590 $3,558 $6,772 $10,330 

Provision for Credit Losses
The provision for credit losses results from management’s review of the adequacy of the ACL. The ACL is management’s estimate, at the reporting date, of expected lifetime credit losses and includes consideration of current forecasted economic conditions. Estimating an appropriate level of ACL necessarily involves a high degree of judgment.

-58-

Management's Discussion and Analysis
The following table presents the provision for credit losses:
(Dollars in thousands)Three MonthsSix Months
ChangeChange
Periods ended June 30, 20252024$%20252024$%
Provision for credit losses on loans$650 $500 $150 30%$2,050 $1,400 $650 46%
Provision for credit losses on unfunded commitments(50)— ($50)(100)(250)(200)($50)(25)
Provision for credit losses$600 $500 $100 20%$1,800 $1,200 $600 50%

The provision for credit losses for the three and six months ended June 30, 2025 included the impact of losses and specific reserve allocations on individually analyzed nonaccrual commercial loans and reflected our estimate of forecasted economic conditions.

The provision for credit losses recognized for the three and six months ended June 30, 2024 reflected continued, yet subsiding, slowdown of loan prepayment speeds and modest commercial loan growth, and was partially offset by improvements in our estimate of forecasted economic conditions.

Net charge-offs totaled $647 thousand for the three months ended June 30, 2025, compared to net charge-offs of $27 thousand for the same period in 2024. For the six months ended June 30, 2025, net charge-offs totaled $3.0 million, compared to net charge-offs of $79 thousand for the same period in 2024. The year-to-date increase in net charge-offs reflected partial charge-offs on two CRE office portfolio segment loans. See additional discussion under the caption “Asset Quality” below.

The ACL on loans was $41.1 million, or 0.80% of total loans, at June 30, 2025, compared to $42.0 million, or 0.82% of total loans, at December 31, 2024.

Noninterest Income
Noninterest income is an important source of revenue for Washington Trust.  The principal categories of noninterest income are shown in the following table:
(Dollars in thousands)Three MonthsSix Months
ChangeChange
Periods ended June 30, 20252024$%20252024$%
Noninterest income:
Wealth management revenues$10,120 $9,678 $442 5%$20,011 $19,016 $995 5%
Mortgage banking revenues
3,034 2,761 273 10 5,338 5,267 71 1 
Card interchange fees1,247 1,275 (28)(2)2,756 2,420 336 14 
Service charges on deposit accounts808 769 39 5 1,552 1,454 98 7 
Loan related derivative income
676 49 627 1,280 777 333 444 133 
Income from bank-owned life insurance826 753 73 10 1,595 1,492 103 7 
Gain on sale of bank-owned properties, net— 988 (988)(100)6,994 988 6,006 608 
Other income367 387 (20)(5)698 2,853 (2,155)(76)
Total noninterest income
$17,078 $16,660 $418 3%$39,721 $33,823 $5,898 17%
Adjusted noninterest income (non-GAAP)
$17,078 $15,672 $1,406 9%$32,727 $30,735 $1,992 6%

Noninterest Income Analysis
Noninterest income amounted to $17.1 million and $39.7 million, respectively, for the three and six months ended June 30, 2025, compared $16.7 million and $33.8 million, respectively, for the same periods in 2024. Noninterest income was impacted by infrequent transactions, as described under the caption “Summary” above. Excluding the impact of these transactions, adjusted noninterest income (non-GAAP) was $17.1 million and $32.7 million, respectively, for the three and six months ended June 30, 2025, up by $1.4 million and $2.0 million, respectively, from the same periods in 2024.

-59-

Management's Discussion and Analysis
Wealth management services represent our largest source of noninterest income. A substantial portion of wealth management revenues is dependent on the value of wealth management AUA and is closely tied to the performance of the financial markets. This portion of wealth management revenues is referred to as “asset-based” and includes trust and investment management fees. Wealth management revenues also include “transaction-based” revenues that are not primarily derived from the value of assets.

The categories of wealth management revenues are shown in the following table:
(Dollars in thousands)Three MonthsSix Months
ChangeChange
Periods ended June 30, 20252024$%20252024$%
Wealth management revenues:
Asset-based revenues$9,745 $9,239 $506 5%$19,514 $18,328 $1,186 6%
Transaction-based revenues375 439 (64)(15)497 688 (191)(28)
Total wealth management revenues$10,120 $9,678 $442 5%$20,011 $19,016 $995 5%

Wealth management revenues for the three and six months ended June 30, 2025 increased by $442 thousand and $995 thousand, respectively, from the same periods in 2024, reflecting an increase in asset-based revenues. The change in asset-based revenues correlated with the change in average AUA balances. The average balance of AUA for the three and six months ended June 30, 2025 increased by 3% and 4%, respectively, from the average balance for the same periods in 2024.

The end of period AUA balance amounted to $7.2 billion at June 30, 2025, up by $103.9 million, or 1%, from December 31, 2024, reflecting net investment appreciation that was partially offset by net client asset outflows. The following table presents the changes in wealth management AUA balances:
(Dollars in thousands)             
Three MonthsSix Months
Periods ended June 30, 2025202420252024
Wealth management assets under administration:
Balance at the beginning of period$6,818,390 $6,858,322 $7,077,802 $6,588,406 
Net investment appreciation & income466,541 108,529 317,793 472,773 
Net client asset outflows(103,216)(163,360)(213,880)(257,688)
Balance at the end of period$7,181,715 $6,803,491 $7,181,715 $6,803,491 

Mortgage banking revenues are dependent on mortgage origination volume and are sensitive to interest rates and the condition of housing markets. The composition of mortgage banking revenues and the volume of loans sold to the secondary market are shown in the following table:
(Dollars in thousands)Three MonthsSix Months
ChangeChange
Periods ended June 30, 20252024$%20252024$%
Mortgage banking revenues:
Realized gains on loan sales, net (1)
$2,460 $2,205 $255 12%$4,035 $3,791 $244 6%
Changes in fair value, net (2)
19 20 (1)(5)152 344 (192)(56)
Loan servicing fee income, net (3)
555 536 19 4 1,151 1,132 19 2
Total mortgage banking revenues$3,034 $2,761 $273 10%$5,338 $5,267 $71 1%
Loans sold to the secondary market (4)
$116,775 $110,052 $6,723 6%$192,274 $182,696 $9,578 5%
(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 brokered loans (loans originated for others).
-60-

Management's Discussion and Analysis

For the three and six months ended June 30, 2025, mortgage banking revenues were up by $273 thousand and $71 thousand, respectively, compared to the same periods in 2024, reflecting an increase in the volume of loans sold and the sales yield. Mortgage banking revenues are also impacted by changes in the fair value on mortgage loans held for sale and forward loan commitments.

Card interchange fee income or the three and six months ended June 30, 2025 was down modestly by $28 thousand and up by $336 thousand, respectively, from the same periods in 2024. The year-to-date increase included the receipt of a third-party contract incentive, as well as revenue generated from debit card transaction volume.

Loan related derivative income from interest rate swap transactions with commercial borrowers for the three and six months ended June 30, 2025, increased by $627 thousand and $444 thousand, respectively, from the same periods in 2024.

Noninterest Expense
The following table presents noninterest expense comparisons:
(Dollars in thousands)Three MonthsSix Months
ChangeChange
Periods ended June 30, 20252024$%20252024$%
Noninterest expense:
Salaries and employee benefits$23,025 $21,260 $1,765 8%$45,447 $43,035 $2,412 6%
Outsourced services4,404 4,096 308 8 8,750 7,876 874 11 
Net occupancy2,662 2,397 265 11 5,403 4,958 445 9 
Equipment930 958 (28)(3)1,821 1,978 (157)(8)
Legal, audit, and professional fees726 741 (15)(2)1,476 1,447 29 2 
FDIC deposit insurance costs
1,235 1,404 (169)(12)2,497 2,845 (348)(12)
Advertising and promotion717 661 56 8 1,127 1,209 (82)(7)
Amortization of intangibles203 208 (5)(2)407 416 (9)(2)
Pension plan settlement charge— — — — 6,436 — 6,436 100 
Other2,628 2,185 443 20 5,362 4,509 853 19 
Total noninterest expense$36,530 $33,910 $2,620 8%$78,726 $68,273 $10,453 15%
Adjusted noninterest expense (non-GAAP)
$36,530 $33,910 $2,620 8%$72,290 $68,273 $4,017 6%

Noninterest Expense Analysis
Noninterest expense amounted to $36.5 million and $78.7 million, respectively, for the three and six months ended June 30, 2025, compared to $33.9 million and $68.3 million, respectively, for the same periods in 2024. Noninterest expense was impacted by the termination of the Corporation’s qualified pension plan, as described under the caption “Summary” above. Excluding the impact of this infrequent transaction, adjusted noninterest expense (non-GAAP) was $36.5 million and $72.3 million, respectively, for the three and six months ended June 30, 2025, up by $2.6 million and $4.0 million, respectively, from the same periods in 2024.

Salaries and employee benefits expense, the largest component of noninterest expense, for the three and six months ended June 30, 2025 increased by $1.8 million and $2.4 million, respectively, compared to the same periods in 2024. These increases reflected lower levels of performance-based compensation recognized in 2024, as well as lower staffing levels in 2025.

Outsourced services expense for the three and six months ended June 30, 2025 increased by $308 thousand and $874 thousand, respectively, compared to the same periods in the prior year. The increases reflected expansion of and volume-related changes to services (including software-as-a-service) that are provided by third-party vendors.

Net occupancy expense for the three and six months ended June 30, 2025 increased by $265 thousand and $445 thousand, respectively, compared to the same periods in 2024, largely reflecting additional lease expense associated with the sales-leaseback transactions that were completed in the first quarter of 2025.
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Management's Discussion and Analysis

Other noninterest expense for three and six months ended June 30, 2025 increased by $443 thousand and $853 thousand, respectively, compared to the same periods in the prior year. The increases included system conversion costs associated with recent investments in technology, as well as increases across a variety of noninterest expense categories.

Income Taxes
The following table presents the Corporation’s income tax provision and applicable tax rates for the periods indicated:
(Dollars in thousands)
Three MonthsSix Months
Periods ended June 30, 2025202420252024
Income tax expense$3,888 $3,020 $7,378 $5,849 
Adjusted income tax expense (non-GAAP)
3,888 2,771 7,237 5,070 
Effective income tax rate22.7%21.8%22.5%21.2%
Adjusted effective income tax rate (non-GAAP)
22.7%21.6%22.4%20.7%
Blended statutory rate25.3%25.5%25.3%25.5%

The effective income tax rates differed from the federal rate of 21%, primarily due to state income tax, partially offset by benefits from tax-exempt income, income from BOLI, and federal tax credits. The blended statutory rates include the federal income tax rate of 21% and a blended state income tax rate net of a federal tax benefit.

The increase in the effective income tax rate on both a GAAP and non-GAAP basis largely reflected an increase in state tax expense and a higher proportion of taxable income to pre-tax book income.

The Corporation’s net deferred tax assets are reported in other assets and amounted to $40.5 million at June 30, 2025, down from $63.0 million at December 31, 2024. This decrease included the realization of a deferred tax asset associated with the loans that were reclassified to held for sale and written down to fair value in December 2024 and then sold in January 2025. Management believes deferred tax assets, net of the valuation allowance, are more-likely-than-not to be realized.

Segment Reporting
The Corporation manages its operations through two reportable business segments, consisting of Commercial Banking and Wealth Management Services. See Note 14 to the Unaudited Consolidated Financial Statements for additional disclosure related to business segments.

Commercial Banking
The following table presents a summarized statement of operations for the Commercial Banking business segment:
(Dollars in thousands)Three MonthsSix Months
ChangeChange
Periods ended June 30, 20252024$%20252024$%
Net interest income $37,185 $31,585 $5,600 18%$73,607 $63,250 $10,357 16%
Provision for credit losses600 500 100 20 1,800 1,200 600 50 
Net interest income after provision for credit losses
36,585 31,085 5,500 18 71,807 62,050 9,757 16 
Noninterest income6,720 6,651 69 1 19,355 12,223 7,132 58 
Noninterest expense28,512 26,919 1,593 6 61,058 53,952 7,106 13 
Income before income taxes14,793 10,817 3,976 37 30,104 20,321 9,783 48 
Income tax expense3,283 2,342 941 40 6,630 4,248 2,382 56 
Net income$11,510 $8,475 $3,035 36%$23,474 $16,073 $7,401 46%

Net interest income for the Commercial Banking segment for the three and six months ended June 30, 2025 increased by $5.6 million and $10.4 million, respectively, from the same periods in 2024. This improvement reflected benefits from the
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Management's Discussion and Analysis
balance sheet repositioning transactions previously announced in December 2024. See additional discussion under the caption “Net Interest Income” above.

The provision for credit losses for the three and six months ended June 30, 2025 increased by $100 thousand and $600 thousand, respectively, from the same periods in 2024. See additional discussion under the caption “Provision for Credit Losses” above.

Noninterest income derived from the Commercial Banking segment for the three and six months ended June 30, 2025 was up by $69 thousand and $7.1 million, respectively, from the comparable periods in 2024. Year-over-year comparisons were impacted by the first quarter 2025 net gain recognized on sales-leaseback transactions and the second quarter 2024 net gain on sale of a bank-owned operations facility. See additional disclosure under the caption “Noninterest Income” above.

Commercial Banking noninterest expenses for the three and six months ended June 30, 2025 totaled $28.5 million and $61.1 million, respectively. Included in the six months ended June 30, 2025 was $4.9 million of the total pension plan settlement charge that was recognized and allocated to the Commercial Banking segment in the first quarter. Excluding this item, noninterest expenses for the Commercial Banking segment for the three and six months ended June 30, 2025 increased by $1.6 million and $2.2 million, respectively, from the same periods in 2024, reflecting increases in salaries and employee benefits expense, net occupancy, outsourced services, and system conversion costs. See additional discussion under the caption “Noninterest Expense” above.

Wealth Management Services
The following table presents a summarized statement of operations for the Wealth Management Services business segment:
(Dollars in thousands)
ChangeChange
Periods ended June 30, 20252024$%20252024$%
Net interest income$— $— $— —%$— $— $— —%
Noninterest income10,358 10,009 349 3 20,366 21,600 (1,234)(6)
Noninterest expense8,018 6,991 1,027 15 17,668 14,321 3,347 23 
Income before income taxes2,340 3,018 (678)(22)2,698 7,279 (4,581)(63)
Income tax expense605 678 (73)(11)748 1,601 (853)(53)
Net income$1,735 $2,340 ($605)(26%)$1,950 $5,678 ($3,728)(66%)

For the three and six months ended June 30, 2025, noninterest income derived from the Wealth Management Services segment increased by $349 thousand and decreased by $1.2 million, respectively, from the same periods in 2024. The year-over-year comparison was impacted by the first quarter 2024 litigation settlement. Excluding this item, Wealth Management noninterest income for the three and six months ended June 30, 2025 increased by $349 thousand and $866 thousand, respectively, from the same periods in 2024, largely reflecting an increase in asset-based revenues. See further discussion under the caption “Noninterest Income” above.

Wealth Management Services segment noninterest expenses for the three and six months ended June 30, 2025 totaled $8.0 million and $17.7 million, respectively. Included in the six months ended June 30, 2025 was $1.5 million of the total pension plan settlement charge, which was recognized and allocated to the Wealth Management Services segment in the first quarter. Excluding this item, noninterest expenses for the Wealth Management Services segment for the three and six months ended June 30, 2025 increased by $1.0 million and $1.8 million, respectively, from the same periods in 2024, reflecting increases in salaries and employee benefits expense and system conversion costs. See additional discussion under the caption “Noninterest Expense” above.

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Management's Discussion and Analysis
Financial Condition
Summary
The following table presents selected financial condition data:
(Dollars in thousands)Change
June 30,
2025		December 31,
2024		$%
Cash and due from banks$163,579 $109,902 $53,677 49%
Mortgage loans held for sale, lower of cost or market$— $281,706 ($281,706)(100%)
Available for sale debt securities 971,341 916,305 55,036 6
Total loans5,140,260 5,137,838 2,422 — 
Allowance for credit losses on loans41,059 41,960 (901)(2)
Total assets6,745,167 6,930,647 (185,480)(3)
Total deposits5,045,248 5,115,800 (70,552)(1)
FHLB advances
1,001,000 1,125,000 (124,000)(11)
Total shareholders’ equity527,519 499,728 27,791 6 

Mortgage loans held for sale at lower of cost or market decreased from the end of 2024. As part of the previously announced balance sheet repositioning transactions, residential mortgage loans that were held in portfolio were reclassified to held for sale at December 31, 2024. On January 24, 2025, the sale was completed and the cash proceeds received, along with in-market deposit growth, were used to pay down FHLB advances and wholesale brokered time deposits in the first quarter of 2025.

Securities
Investment security activity is monitored by the Investment Committee, the members of which also sit on the ALCO.  Asset and liability management objectives are the primary influence on the Corporation’s investment activities.  However, the Corporation also recognizes that there are certain specific risks inherent in investment activities.  The securities portfolio is managed in accordance with regulatory guidelines and established internal corporate investment policies that provide limitations on specific risk factors such as market risk, credit risk and concentration, liquidity risk, and operational risk to help monitor risks associated with investing in securities.  Reports on the activities conducted by the Investment Committee and the ALCO are presented to the Board of Directors on a regular basis.

The Corporation’s securities portfolio is managed to generate interest income, to implement interest rate risk management strategies, and to provide a readily available source of liquidity for balance sheet management. Securities are designated as either available for sale, held to maturity or trading at the time of purchase. The Corporation does not maintain a portfolio of trading securities and does not have securities designated as held to maturity. Securities available for sale may be sold in response to changes in market conditions, prepayment risk, rate fluctuations, liquidity, or capital requirements. Debt securities available for sale are reported at fair value, with any unrealized gains and losses excluded from earnings and reported as a separate component of shareholders’ equity, net of tax, until realized.

Determination of Fair Value
The Corporation uses an independent pricing service to obtain quoted prices. The prices provided by the independent pricing service are generally based on observable market data in active markets. The determination of whether markets are active or inactive is based upon the level of trading activity for a particular security class. Management reviews the independent pricing service’s documentation to gain an understanding of the appropriateness of the pricing methodologies. Management also reviews the prices provided by the independent pricing service for reasonableness based upon current trading levels for similar securities. If the prices appear unusual, they are re-examined and the value is either confirmed or revised. In addition, management periodically performs independent price tests of securities to ensure proper valuation and to verify our understanding of how securities are priced. As of June 30, 2025 and December 31, 2024, management did not make any adjustments to the prices provided by the pricing service.

Our fair value measurements generally utilize Level 2 inputs, representing quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, and model-derived valuations in which all significant input assumptions are observable in active markets.
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Management's Discussion and Analysis

See Notes 3 and 8 to the Unaudited Consolidated Financial Statements for additional information regarding the determination of fair value of investment securities.

Securities Portfolio
The carrying amounts of securities held are as follows:
(Dollars in thousands)June 30, 2025December 31, 2024
Amount% of TotalAmount% of Total
Available for Sale Debt Securities:
Obligations of U.S. government agencies and government-sponsored enterprises$39,581 4%$38,612 4%
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises
912,510 94 855,147 94 
Obligations of states and political subdivisions635 — 655 — 
Individual name issuer trust preferred debt securities6,049 1 9,221 1 
Corporate bonds12,566 1 12,670 1 
Total available for sale debt securities$971,341 100%$916,305 100%

The securities portfolio represented 14% of total assets at June 30, 2025, compared to 13% of total assets at December 31, 2024. The largest component of the securities portfolio is mortgage-backed securities, all of which are issued by U.S. government agencies or U.S. government-sponsored enterprises.

The securities portfolio increased by $55.0 million, or 6%, from the end of 2024. This included purchases of U.S. government agency mortgage-backed securities, totaling $73.3 million, with a weighted average yield of 5.49%, and an increase of $19.7 million (pre-tax) in the fair value of available for sale securities. These increases were partially offset by $37.5 million of routine pay-downs on mortgage-backed securities and calls of trust preferred debt securities.

As of June 30, 2025, the carrying amount of available for sale debt securities included net unrealized losses of $113.5 million, compared to net unrealized losses of $133.3 million as of December 31, 2024. The net unrealized losses were primarily concentrated in obligations of U.S. government agencies and U.S. government-sponsored enterprises, including mortgage-backed securities, and primarily attributable to relative changes in market interest rates since the time of purchase. See Note 3 to the Unaudited Consolidated Financial Statements for additional information.

Loans
We primarily serve individuals and businesses located in southern New England, and a substantial portion of our loans are secured by properties in southern New England. Total loans amounted to $5.1 billion at June 30, 2025, up by $2.4 million, or 0.05%, from the end of 2024.

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Management's Discussion and Analysis
The following table sets forth the composition of the Corporation’s loan portfolio:
(Dollars in thousands)June 30, 2025December 31, 2024
Amount% of TotalAmount% of Total
Commercial:
Commercial real estate$2,178,925 42%$2,154,504 42%
Commercial & industrial547,318 11 542,474 10 
Total commercial2,726,243 53 2,696,978 52 
Residential Real Estate:
Residential real estate (1)
2,096,250 41 2,126,171 41 
Consumer:
Home equity300,917 6 297,119 6 
Other16,850 — 17,570 1 
Total consumer317,767 6 314,689 7 
Total loans$5,140,260 100%$5,137,838 100%
(1)Includes negative basis adjustments associated with fair value hedges of $179 thousand and $1.5 million, respectively, at June 30, 2025 and December 31, 2024. See Note 7 to the Unaudited Consolidated Financial Statements for additional disclosure.

Commercial Loans
The commercial loan portfolio represented 53% of total loans at June 30, 2025, compared to 52% at December 31, 2024.

In making commercial loans, we may occasionally solicit the participation of other banks. The Bank also participates in commercial loans originated by other banks. In such cases, these loans are individually underwritten by us using standards similar to those employed for our self-originated loans. Our participation in commercial loans originated by other banks amounted to $680.6 million and $685.7 million, respectively, at June 30, 2025 and December 31, 2024. Our participation in commercial loans originated by other banks also includes shared national credits. Shared national credits are defined as participation in loans or loan commitments of at least $100.0 million that are shared by three or more banks.

Commercial loans fall into two main categories, CRE and C&I loans. CRE loans consist of commercial mortgages secured by non-owner occupied real property where the primary source of repayment is derived from rental income associated with the property or the proceeds of the sale, refinancing or permanent financing of the property. CRE loans also include construction loans made to businesses for land development or the on-site construction of industrial, commercial, or residential buildings. C&I loans primarily provide working capital, equipment financing, and financing for other business-related purposes. C&I loans are frequently collateralized by equipment, inventory, accounts receivable, and/or general business assets.  A portion of the Bank’s C&I loans is also collateralized by owner occupied real estate.  C&I loans also include tax-exempt loans made to states and political subdivisions, as well as industrial development or revenue bonds issued through quasi-public corporations for the benefit of a private or non-profit entity where that entity rather than the governmental entity is obligated to pay the debt service.

From time to time, commercial loans may be reclassified between CRE and C&I categories, reflecting underlying changes in loans to/from owner occupied from/to non-owner occupied. Additionally, certain construction loans may be reclassified to C&I when the construction phase is complete and the loan transitions to permanent financing.

Commercial Real Estate Loans
CRE loans totaled $2.2 billion at June 30, 2025, up by $24.4 million, or 1%, from the balance at December 31, 2024.

In the first six months of 2025, CRE advances and originations amounted to $133.0 million and were partially offset by payments.

The outstanding balance of construction and development loans included in the CRE loan portfolio amounted to $116.8 million and $102.2 million, respectively, as of June 30, 2025 and December 31, 2024.

Shared national credit balances outstanding included in the CRE loan portfolio at June 30, 2025 and December 31, 2024, totaled $86.6 million and $84.7 million, respectively. At June 30, 2025 and December 31, 2024, balances of $63.8 million
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Management's Discussion and Analysis
and $63.7 million, respectively, were included in the pass-rated category of commercial loan credit quality and balances of $22.8 million and $21.0 million, respectively, were included in the classified category. All of these loans were current with respect to contractual payment terms at June 30, 2025.

The following table presents a geographic summary of CRE loans by property location:
(Dollars in thousands)June 30, 2025December 31, 2024
Outstanding Balance% of TotalOutstanding Balance% of Total
Connecticut$850,350 39%$839,079 39%
Massachusetts650,834 30 663,026 31 
Rhode Island429,385 20 434,244 20 
Subtotal1,930,569 89 1,936,349 90 
All other states248,356 11 218,155 10 
Total$2,178,925 100%$2,154,504 100%

Management considers the CRE portfolio to be well-diversified with loans across several property types. Other than the multi-family segment that is discussed further below, there were no other property types within the CRE portfolio that exceeded 10% of total loans. The following table presents a summary of CRE loans by property type segmentation:
(Dollars in thousands)June 30, 2025December 31, 2024
Outstanding Balance (1)
% of CRE Total
Outstanding Balance (1)
% of CRE Total
CRE Portfolio Segmentation:
Multi-family$629,184 29%$567,243 26%
Retail407,039 19 433,146 20 
Industrial and warehouse370,839 17 358,425 17 
Office274,657 13 289,853 13 
Hospitality222,715 10 213,585 10 
Healthcare facility193,791 9 205,858 10 
Mixed-use26,379 1 29,023 1 
Other54,321 2 57,371 3 
Total CRE loans
$2,178,925 100%$2,154,504 100%
Average CRE loan size (2)
$5,234 $5,255 
Largest individual CRE loan outstanding
$65,496 $65,482 
(1)Does not include unfunded commitments of $118.7 million and $168.3 million, respectively, as of June 30, 2025 and December 31, 2024.
(2)Total commitment (outstanding loan balance plus unfunded commitments) divided by number of loans.

Multi-family, our largest single CRE segment, totaled $629.2 million as of June 30, 2025, representing 12% of total loans and 29% of the total CRE portfolio. This segment includes non-owner occupied residential properties consisting of four or more units that are rented to tenants. At June 30, 2025, the credit quality of the multi-family segment was 100% pass-rated. Also, there were no nonaccrual loans and all loans were current with respect to payment terms at June 30, 2025 in this segment.

There continues to be heightened focus in the banking industry on the CRE office sector, given the continuation of remote work and elevated vacancies across the office market. As of June 30, 2025, Washington Trust’s CRE office loan segment totaled $274.7 million, or 5% of total loans and 13% of the total CRE loans. The loans are secured by non-owner occupied office properties, including medical office and lab space, located in our primary lending market area of southern New England - Connecticut, Massachusetts, and Rhode Island. Furthermore, approximately 66% of the CRE office segment balance of $274.7 million is secured by properties located in suburban areas. As of June 30, 2025, 100% of the CRE office segment was current with respect to payment terms, and 98% of the CRE office segment was on accruing status. Additionally, the credit quality of the CRE office loan segment was 85% pass-rated, 3% special mention-rated, and 12%
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Management's Discussion and Analysis
classified as of June 30, 2025.

Commercial and Industrial Loans
C&I loans amounted to $547.3 million at June 30, 2025, up by $4.8 million, or 1%, from the balance at December 31, 2024.

In the first six months of 2025, C&I originations and advances amounted to $35.6 million and were partially offset by payments.

Shared national credit balances outstanding included in the C&I loan portfolio totaled $89.7 million and $71.0 million, respectively, at June 30, 2025 and December 31, 2024. At June 30, 2025, balances of $80.8 million were pass-rated and balances of $8.9 million were in the classified category. Additionally, the classified balances at June 30, 2025 were on nonaccrual status and $1.4 million was past due.

Management considers the C&I portfolio to be well-diversified with loans across several industries. The following table presents a summary of C&I loan by industry segmentation:
(Dollars in thousands)June 30, 2025December 31, 2024
Outstanding Balance (1)
% of C&I Total
Outstanding Balance (1)
% of C&I Total
C&I Portfolio Segmentation:
Healthcare and social assistance$118,747 22%$126,547 23%
Real estate rental and leasing56,715 10 63,992 12 
Educational services55,174 10 47,092 9 
Transportation and warehousing
52,698 10 55,784 10 
Retail trade50,207 9 41,132 8 
Finance and insurance
24,779 5 26,557 5 
Accommodation and food services24,752 5 12,368 2 
Information
21,858 4 22,265 4 
Manufacturing21,536 4 32,140 6 
Arts, entertainment, and recreation
19,129 3 19,861 4 
Professional, scientific, and technical services
11,990 2 10,845 2 
Public administration
2,036 — 2,186 — 
Other
87,697 16 81,705 15 
Total C&I loans
$547,318 100%$542,474 100%
Average C&I loan size (2)
$790 $798 
Largest individual C&I loan outstanding
$24,892 $25,333 
(1)Does not include unfunded commitments of $286.0 million and $307.9 million, respectively, as of June 30, 2025 and December 31, 2024.
(2)Total commitment (outstanding loan balance plus unfunded commitments) divided by number of loans.
Healthcare and social assistance, our largest single C&I segment, totaled $118.7 million as of June 30, 2025, representing 2% of total loans and 22% of the total C&I portfolio. This segment includes specialty medical practices, elder services, and community and mental health centers. At June 30, 2025, the credit quality of the healthcare and social assistance segment was 86% pass-rated and 14% was special mention. Also, there were no nonaccrual loans and all loans were current with respect to payment terms at June 30, 2025 in this segment.

Residential Real Estate Loans
The residential real estate loan portfolio represented 41% of total loans at both June 30, 2025 and December 31, 2024.

Residential real estate loans amounted to $2.1 billion at June 30, 2025, down by $29.9 million, or 1%, from the balance at December 31, 2024.

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Management's Discussion and Analysis
The following is a geographic summary of residential real estate loans by property location:
(Dollars in thousands)June 30, 2025December 31, 2024
Amount% of TotalAmount% of Total
Massachusetts
$1,489,658 71%$1,530,847 72%
Rhode Island459,486 22 443,237 21 
Connecticut
124,623 6 128,933 6 
Subtotal2,073,767 99 2,103,017 99 
All other states22,483 1 23,154 1 
Total (1)
$2,096,250 100%$2,126,171 100%
(1)Includes residential mortgage loans purchased from and serviced by other financial institutions totaling $42.1 million and $46.8 million, respectively, as of June 30, 2025 and December 31, 2024.

Residential real estate loans are originated both for sale to the secondary market as well as for retention in the Bank’s loan portfolio. We also originate residential real estate loans for various investors in a broker capacity, including conventional mortgages and reverse mortgages. Residential real estate loan origination and refinancing activities are sensitive to interest rates and the condition of housing markets.

The table below presents residential real estate loan origination activity:
(Dollars in thousands)Three MonthsSix Months
Periods ended June 30, 2025202420252024
Amount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
Originations for retention in portfolio (1)
$51,331 28%$26,520 19%$78,993 28%$50,994 21%
Originations for sale to the secondary market (2)
130,212 72 110,728 81 205,731 72 188,826 79 
Total$181,543 100%$137,248 100%$284,724 100%$239,820 100%
(1)Includes the full commitment amount of homeowner construction loans.
(2)Includes brokered loans (loans originated for others).

The table below presents residential real estate loan sales activity:
(Dollars in thousands)
Three MonthsSix Months
Periods ended June 30, 2025202420252024
Amount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
Loans sold with servicing rights retained$7,762 7%$24,570 22%$24,581 13%$48,627 27%
Loans sold with servicing rights released (1)
109,013 93 85,482 78 167,693 87 134,069 73 
Total$116,775 100%$110,052 100%$192,274 100%$182,696 100%
(1)Includes brokered loans (loans originated for others).

We have active relationships with various secondary market investors that purchase residential real estate loans we originate. In addition to managing our interest rate risk position and earnings through the sale of these loans, we are also able to manage our liquidity position through timely sales of residential real estate loans to the secondary market.

Loans are sold with servicing retained or released. Loans sold with servicing rights retained result in the capitalization of servicing rights. Loan servicing rights are included in other assets and are subsequently amortized as an offset to mortgage banking revenues over the estimated period of servicing. The net balance of capitalized servicing rights amounted to $7.2 million and $7.7 million, respectively, as of June 30, 2025 and December 31, 2024. The balance of residential mortgage loans serviced for others, which are not included in the Unaudited Consolidated Balance Sheets, amounted to $1.4 billion at both June 30, 2025 and December 31, 2024.
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Management's Discussion and Analysis

Consumer Loans
The consumer loan portfolio represented 6% of total loans at June 30, 2025, compared to 7% at December 31, 2024.

Consumer loans include home equity loans and lines of credit and personal installment loans. Home equity lines of credit and home equity loans represented 95% of the total consumer portfolio at June 30, 2025. Our home equity line and home equity loan origination activities are conducted primarily in southern New England. The Bank estimates that approximately 45% of the combined home equity lines of credit and home equity loan balances are first lien positions or subordinate to other Washington Trust mortgages.

The consumer loan portfolio totaled $317.8 million at June 30, 2025, up by $3.1 million, or 1.0%, from December 31, 2024, largely reflecting an increase in home equity loans.

Asset Quality
The Corporation continually monitors the asset quality of the loan portfolio using all available information.

In the course of resolving problem loans, the Corporation may choose to modify the contractual terms of certain loans. A loan that has been modified is considered a TLM when the modification is made to a borrower experiencing financial difficulty and the modification has a direct impact to the contractual cash flows. The decision to modify a loan, versus aggressively enforcing the collection of the loan, may benefit the Corporation by increasing the ultimate probability of collection. See Note 4 to the Unaudited Consolidated Financial Statements for additional information regarding TLMs.

Nonperforming Assets
Nonperforming assets include nonaccrual loans and OREO.

The following table presents nonperforming assets and additional asset quality data:
(Dollars in thousands)June 30,
2025		December 31,
2024
Commercial:
Commercial real estate$4,276 $10,053 
Commercial & industrial9,711 515 
Total commercial
13,987 10,568 
Residential Real Estate:
Residential real estate10,614 10,767 
Consumer:
Home equity1,507 1,972 
Other— — 
Total consumer
1,507 1,972 
Total nonaccrual loans26,108 23,307 
OREO, net
— — 
Total nonperforming assets$26,108 $23,307 
Nonperforming assets to total assets0.39%0.34%
Nonperforming loans to total loans0.51%0.45%
Total past due loans to total loans0.27%0.23%
Allowance for credit losses on loans to total loans0.80%0.82%
Allowance for credit losses on loans to nonaccrual loans157.27%180.03%
Accruing loans 90 days or more past due$— $— 

Nonaccrual Loans
During the six months ended June 30, 2025, the Corporation made no changes in its practices or policies concerning the placement of loans into nonaccrual status.
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Management's Discussion and Analysis

The following table presents the activity in nonaccrual loans:
(Dollars in thousands)Three MonthsSix Months
For the periods ended June 30, 2025202420252024
Balance at beginning of period$21,626 $30,710 $23,307 $44,618 
Additions to nonaccrual status10,454 556 12,596 988 
Loans returned to accruing status(1,493)(369)(1,497)(14,133)
Loans charged-off(667)(53)(3,189)(123)
Loans transferred to other real estate owned— — — — 
Payments, payoffs, and other changes(3,812)(365)(5,109)(871)
Balance at end of period$26,108 $30,479 $26,108 $30,479 

The following table presents additional detail on nonaccrual loans:
(Dollars in thousands)June 30, 2025December 31, 2024
Days Past DueDays Past Due
Current30-8990 or MoreTotal Nonaccrual
% (1)
Current30-8990 or MoreTotal Nonaccrual
% (1)
Commercial:
Commercial real estate$4,276 $— $— $4,276 0.20%$10,053 $— $— $10,053 0.47%
Commercial & industrial7,917 1,371 423 9,711 1.77 — 515 — 515 0.09 
Total commercial
12,193 1,371 423 13,987 0.51 10,053 515 — 10,568 0.39 
Residential Real Estate:
Residential real estate
4,554 4,551 1,509 10,614 0.51 5,975 2,419 2,373 10,767 0.51 
Consumer:
Home equity1,174 192 141 1,507 0.50 832 233 907 1,972 0.66 
Other— — — — — — — — — — 
Total consumer1,174 192 141 1,507 0.47 832 233 907 1,972 0.63 
Total nonaccrual loans$17,921 $6,114 $2,073 $26,108 0.51%$16,860 $3,167 $3,280 $23,307 0.45%
(1)    Percentage of nonaccrual loans to the total loans outstanding within the respective loan class.

As of June 30, 2025, the composition of nonaccrual loans was 54% commercial and 46% residential and consumer. This compared to 45% commercial and 55% residential and consumer as of December 31, 2024.

Nonaccrual loans at June 30, 2025 totaled $26.1 million, up by $2.8 million from the end of 2024. This reflected an increase in nonaccrual C&I loans of $9.2 million, primarily attributable to one relationship that was placed on nonaccrual status, as discussed further below. This increase was partially offset by a decline in nonaccrual CRE loans of $5.8 million that reflected year-to-date partial charge-offs of $2.7 million on two office segment loans and the resolution of one of these loans that paid off in the second quarter of 2025. Both of these office segment loans were previously modified as TLMs.

As of June 30, 2025, the balance of nonaccrual C&I loans primarily consisted of one individually analyzed collateral dependent relationship with a carrying value of $9.3 million, of which $1.4 million was past due. This C&I borrower is a broadband infrastructure contractor who recently filed Chapter 11 bankruptcy due to cash flow problems. Washington Trust is a 5% participant in a multi-bank deal and has a total exposure of approximately $11 million. As of June 30, 2025, the balance of nonaccrual commercial real estate loans consisted of one individually analyzed collateral dependent loan secured by an office property in our primary lending area of southern New England. Based on recent collateral and other valuations of sources of repayment, management believes it has established appropriate specific reserves to cover the estimated potential loss exposure associated with these nonaccrual commercial loans at June 30, 2025.

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Management's Discussion and Analysis
As of June 30, 2025, the balance of nonaccrual residential mortgage loans was predominately secured by properties in Massachusetts, Connecticut, and Rhode Island. Included in total nonaccrual residential real estate loans at June 30, 2025 were two loans purchased for portfolio and serviced by others amounting to $517 thousand.  Management monitors the collection efforts of its third-party servicers as part of its assessment of the collectability of nonperforming loans.

Past Due Loans
The following table presents past due loans by class:
(Dollars in thousands)June 30, 2025December 31, 2024
Amount
% (1)
Amount
% (1)
Commercial:
Commercial real estate$— —%$— —%
Commercial & industrial1,799 0.33 900 0.17 
Total commercial1,799 0.07 900 0.03 
Residential Real Estate:
Residential real estate9,772 0.47 7,741 0.36 
Consumer:
Home equity2,430 0.81 2,947 0.99 
Other34 0.20 394 2.24 
Total consumer2,464 0.78 3,341 1.06 
Total past due loans$14,035 0.27%$11,982 0.23%
(1)Percentage of past due loans to the total loans outstanding within the respective loan class.

The composition of past due loans (loans past due 30 days or more) was 87% residential and consumer and 13% commercial as of June 30, 2025, compared to 92% residential and consumer and 8% commercial as of December 31, 2024.

Total past due loans increased by $2.1 million from the end of 2024, largely reflecting an increase in past due residential mortgage loans.

Total past due loans included $8.2 million of nonaccrual loans as of June 30, 2025, compared to $6.4 million as of December 31, 2024.

All loans 90 days or more past due at June 30, 2025 and December 31, 2024 were classified as nonaccrual.

Potential Problem Loans
The Corporation classifies certain loans as “substandard,” “doubtful,” or “loss” based on criteria consistent with guidelines provided by banking regulators.  Potential problem loans include classified accruing commercial loans that were less than 90 days past due at June 30, 2025 and other loans for which known information about possible credit problems of the related borrowers causes management to have doubts as to the ability of such borrowers to comply with the present loan repayment terms and which may result in disclosure of such loans as nonperforming at some time in the future. Potential problem loans are not included in the amounts of nonaccrual loans presented above.

Potential problem loans are assessed for loss exposure using the methods described in Note 4 to the Unaudited Consolidated Financial Statements under the caption “Credit Quality Indicators.” Management cannot predict the extent to which economic conditions or other factors may impact borrowers and the potential problem loans.  Accordingly, there can be no assurance that other loans will not become 90 days or more past due, be placed on nonaccrual, become modified, or require an increased allowance coverage and provision for credit losses on loans.

Management has identified $29.2 million in potential problem loans at June 30, 2025, compared to $28.2 million at December 31, 2024. As of June 30, 2025, the balance of potential problem loans largely consisted of two CRE loans secured by office properties in Massachusetts. At June 30, 2025, these loans were current with respect to payment terms.

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Management's Discussion and Analysis
Allowance for Credit Losses on Loans
The ACL on loans is management’s estimate of expected lifetime credit losses on loans carried at amortized cost.  The ACL on loans is established through a provision for credit losses recognized in earnings. The ACL on loans is reduced by charge-offs on loans and is increased by recoveries of amounts previously charged off. There were no significant changes in our modeling methodology to determine the ACL on loans during the three and six months ended June 30, 2025.

The Corporation’s general practice is to identify problem credits early. To determine if a loan should be charged-off, all possible sources of repayment are analyzed. Possible sources of repayment include the potential for future cash flows, the value of underlying collateral, and the strength of guarantors. Full or partial charge-offs are recognized as promptly as practicable when available information confirms that the collection of loan principal is unlikely. For collateral dependent loans, this confirming information may include an appraisal that reflects a shortfall between the value of the collateral and the carrying value of the loan or a deficiency balance following the sale of the collateral.

Appraisals are generally obtained with values determined on an “as is” basis from independent appraisal firms for real estate collateral dependent loans in the process of collection or when warranted by other deterioration in the borrower’s credit status. New appraisals are generally obtained for nonaccrual loans or when management believes it is warranted. The Corporation has continued to maintain appropriate professional standards regarding the professional qualifications of appraisers and has an internal review process to monitor the quality of appraisals.

The Corporation does not recognize a recovery when new appraisals indicate a subsequent increase in value.

The following table presents additional detail on the Corporation’s loan portfolio and associated allowance:
(Dollars in thousands)June 30, 2025December 31, 2024
LoansRelated AllowanceAllowance / LoansLoansRelated AllowanceAllowance / Loans
Individually analyzed loans$21,429 $2,310 10.78%$16,591 $1,543 9.30%
Pooled (collectively evaluated) loans (1)
5,119,010 38,749 0.76 5,122,728 40,417 0.79 
Total$5,140,439 $41,059 0.80%$5,139,319 $41,960 0.82%
(1)The amount reported for pooled loans excludes negative basis adjustments associated with fair value hedges of $179 thousand and $1.5 million, respectively, at June 30, 2025 and December 31, 2024. See Note 7 to the Unaudited Consolidated Financial Statements for additional disclosure.

Various loan loss allowance coverage ratios are affected by the timing and extent of charge-offs, particularly with respect to individually analyzed collateral dependent loans.

The ACL on loans amounted to $41.1 million at June 30, 2025, down by $901 thousand, or 2%, from the balance at December 31, 2024. The ACL on loans as a percentage of total loans, also known as the reserve coverage ratio, was 0.80% at June 30, 2025, compared to 0.82% at December 31, 2024.

The Corporation recorded a provision for credit losses on loans of $650 thousand and $2.1 million, respectively, for the three and six months ended June 30, 2025. The provision included the impact of losses and specific reserve allocations on individually analyzed nonaccrual commercial loans and reflected our estimate of forecasted economic conditions.

Net charge-offs totaled $647 thousand for the three months ended June 30, 2025, compared to $27 thousand for the same period in 2024. For the six months ended June 30, 2025, net charge-offs totaled $3.0 million, compared to $79 thousand for the same period in 2024. The year-to-date increase in net charge-offs reflected partial charge-offs on two CRE office portfolio segment loans.

The ACL on loans is an estimate and ultimate losses may vary from management’s estimate. Deteriorating conditions or assumptions could lead to further increases in the ACL on loans; conversely, improving conditions or assumptions could lead to further reductions in the ACL on loans.

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Management's Discussion and Analysis
The following table presents the allocation of the ACL on loans by portfolio segment. The total ACL on loans is available to absorb losses from any segment of the loan portfolio.
(Dollars in thousands)June 30, 2025December 31, 2024
Allocated ACL
ACL to Loans
Loans to Total Portfolio (1)
Allocated ACL
ACL to Loans
Loans to Total Portfolio (1)
Commercial:
Commercial real estate$19,604 0.90%42%$26,485 1.23%42%
Commercial & industrial13,158 2.40 11 7,277 1.34 10 
Total commercial
32,762 1.20 53 33,762 1.25 52 
Residential Real Estate:
Residential real estate6,919 0.33 41 6,832 0.32 41 
Consumer:
Home equity1,107 0.37 6 1,031 0.35 6 
Other271 1.61 — 335 1.91 1 
Total consumer1,378 0.43 6 1,366 0.43 7 
Total ACL on loans at end of period
$41,059 0.80%100%$41,960 0.82%100%
(1)Percentage of loans outstanding in respective class to total loans outstanding.

Sources of Funds
Our sources of funds include in-market deposits, wholesale brokered deposits, FHLB advances, other borrowings, and proceeds from the sales, maturities, and payments of loans and investment securities.  The Corporation uses funds to originate and purchase loans, purchase investment securities, conduct operations, expand the branch network, and pay dividends to shareholders.

Deposits
The Corporation offers a wide variety of deposit products to consumer and business customers.  Deposits provide an important source of funding for the Bank, as well as an ongoing stream of fee revenue.

The Bank is a participant in the DDM, ICS and CDARS programs. The Bank uses these deposit sweep services to place customer and client funds into interest-bearing demand accounts, money market accounts, and/or time deposits issued by other participating banks. Customer and client funds are placed at one or more participating banks to ensure that each deposit customer is eligible for the full amount of FDIC insurance. As a program participant, we receive reciprocal amounts of deposits from other participating banks. We consider these reciprocal deposit balances to be in-market deposits as distinguished from traditional wholesale brokered deposits.

The following table presents a summary of deposits:
(Dollars in thousands)June 30, 2025December 31, 2024Change in Balance
Amount% of TotalAmount% of Total$%
Noninterest-bearing demand deposits$646,584 13%$661,776 13%($15,192)(2%)
Interest-bearing demand deposits668,483 13592,904 1275,579 13
NOW accounts680,246 13692,812 14(12,566)(2)
Money market accounts1,147,792 231,154,745 23(6,953)(1)
Savings accounts693,055 14523,915 10169,140 32 
Time deposits (in-market)1,207,255 241,192,110 2215,145 1 
Total in-market deposits (1)
5,043,415 1004,818,262 94225,153 5 
Wholesale brokered time deposits1,833 —297,538 6(295,705)(99)
Total deposits$5,045,248 100%$5,115,800 100%($70,552)(1%)
(1)    As of June 30, 2025, in-market deposits were approximately 60% retail and 40% commercial and the average size was approximately $37 thousand.
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Management's Discussion and Analysis

Total deposits amounted to $5.0 billion at June 30, 2025, down by $70.6 million, or 1%, from December 31, 2024, due to a decline in wholesale brokered time deposits of $295.7 million, or 99%, that was partially offset by an increase in in-market deposits. See disclosure regarding wholesale funding under the caption “Borrowings” below.

Our in-market deposits, which exclude wholesale brokered time deposits, are well-diversified by industry and customer type. In-market deposits were up by $225.2 million, or 5%, from the balance at December 31, 2024, largely reflecting increases in savings and interest-bearing demand deposit balances. Growing deposits continues to be highly competitive in our market area and demand for higher-cost deposit products is intense. Washington Trust has made recent investments in technology to enhance our customers’ experience and we remain focused on maintaining and growing depositor relationships.

The following table presents a summary of the Bank’s uninsured deposits:
(Dollars in thousands)June 30, 2025December 31, 2024
Balance% of Total DepositsBalance% of Total Deposits
Uninsured Deposits:
Uninsured deposits (1)
$1,365,590 27%$1,363,689 27%
Less: affiliate deposits (2)
76,352 194,740 2
Uninsured deposits, excluding affiliate deposits1,289,238 261,268,949 25
Less: fully-collateralized preferred deposits (3)
207,695 5197,638 4
Uninsured deposits, after exclusions$1,081,543 21%$1,071,311 21%
(1)Determined in accordance with regulatory reporting requirements, which includes affiliate deposits and fully-collateralized preferred deposits.
(2)    Uninsured deposit balances of Washington Trust Bancorp, Inc. and its subsidiaries that are eliminated in consolidation.
(3)    Uninsured deposits of states and political subdivisions, which are secured or collateralized as required by state law.

Borrowings
Borrowings primarily consist of FHLB advances, which are used as a source of funding for liquidity and interest rate risk management purposes. FHLB advances totaled $1.0 billion at June 30, 2025, down by $124.0 million, or 11%, from the balance at the end of 2024. For additional information regarding FHLB advances see Note 10 to the Unaudited Consolidated Financial Statements.

Both FHLB advances and wholesale brokered time deposits decreased in the six months ended June 30, 2025, reflecting increases in in-market deposits, the redeployment of cash resulting from the previously disclosed balance sheet repositioning transactions, and timing of liquidity management activities.

Liquidity and Capital Resources
Liquidity Management
Liquidity is the ability of a financial institution to meet maturing liability obligations and customer loan demand.  The Corporation’s primary source of liquidity is in-market deposits, which funded approximately 74% of total average assets in the six months ended June 30, 2025.  While the generally preferred funding strategy is to attract and retain low-cost deposits, the ability to do so is affected by competitive interest rates and terms in the marketplace.  Other sources of funding include discretionary use of purchased liabilities (e.g., FHLB term advances and brokered deposits), cash flows from the investment securities portfolio, and loan repayments.  Securities designated as available for sale may also be sold in response to short-term or long-term liquidity needs, although management has no intention to do so at this time.

The Corporation has a detailed liquidity funding policy and a contingency funding plan that provide for the prompt and comprehensive response to unexpected demands for liquidity. Management employs stress testing methodology to estimate needs for contingent funding that could result from unexpected outflows of funds in excess of “business as usual” cash flows.  In management’s estimation, risks are concentrated in two major categories: (1) runoff of in-market deposit balances; and (2) unexpected drawdown of loan commitments.  Of the two categories, potential runoff of deposit balances would have the most significant impact on contingent liquidity.  Our stress test scenarios, therefore, emphasize attempts to quantify deposits at risk over selected time horizons.  In addition to these unexpected outflow risks, several other “business as usual” factors enter into the calculation of the adequacy of contingent liquidity including: (1) payment proceeds from loans and investment securities; (2) maturing debt obligations; and (3) maturing time deposits.  The Corporation has established
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Management's Discussion and Analysis
collateralized borrowing capacity with the FRBB and also maintains additional collateralized borrowing capacity with the FHLB in excess of levels used in the ordinary course of business. Borrowing capacity is impacted by the amount and type of assets available to be pledged.

The table below presents a summary of contingent liquidity balances by source:
(Dollars in thousands)
June 30,
2025		December 31,
2024
Contingent Liquidity:
Federal Home Loan Bank of Boston (1)
$987,119 $752,951 
Federal Reserve Bank of Boston (2)
111,454 70,286 
Available cash liquidity (3)
87,662 36,647 
Unencumbered securities596,906 597,771 
Total contingent liquidity$1,783,141 $1,457,655 
Percentage of total contingent liquidity to uninsured deposits130.6%106.9%
Percentage of total contingent liquidity to uninsured deposits, after exclusions164.9%136.1%
(1)As of June 30, 2025 and December 31, 2024, loans with a carrying value of $2.9 billion and $2.8 billion, respectively, and securities available for sale with carrying values of $73.0 million and $74.2 million, respectively, were pledged to the FHLB resulting in this additional borrowing capacity.
(2)As of June 30, 2025 and December 31, 2024, loans with a carrying value of $65.7 million and $68.5 million, respectively, and securities available for sale with a carrying value of $58.8 million and $13.9 million, respectively, were pledged to the FRBB for the discount window resulting in this additional unused borrowing capacity.
(3)Available cash liquidity excludes amounts restricted for collateral purposes and designated for operating needs.

Borrowing capacity at December 31, 2024 was reduced by the reclassification of residential mortgage loan collateral to held for sale as part of the previously disclosed balance sheet repositioning transactions. On January 24, 2025, the sale was completed and the cash proceeds received were used to pay down FHLB advances and wholesale brokered time deposits in the first quarter of 2025.

In addition to the amounts presented above, the Bank also had access to a $40.0 million unused line of credit with the FHLB at June 30, 2025 and December 31, 2024.

The ALCO establishes and monitors internal liquidity measures to manage liquidity exposure. Liquidity remained within target ranges established by the ALCO during the six months ended June 30, 2025.  Based on its assessment of the liquidity considerations described above, management believes the Corporation’s sources of funding meet anticipated funding needs.

Contractual Obligations, Commitments, and Off-Balance Sheet Arrangements
In the ordinary course of business, the Corporation enters into contractual obligations that require future cash payments. These include payments related to lease obligations, time deposits with stated maturity dates, and borrowings. Also, in the ordinary course of business, the Corporation engages in a variety of financial transactions that, in accordance with GAAP, are not recorded in the financial statements, or are recorded in amounts that differ from the notional amounts.  These financial transactions include commitments to extend credit, standby letters of credit, forward loan commitments, loan related derivative contracts and interest rate risk management contracts. For additional information on derivative financial instruments and financial instruments with off-balance sheet risk see Notes 7 and 17 to the Unaudited Consolidated Financial Statements.

Capital Resources
Total shareholders’ equity amounted to $527.5 million at June 30, 2025, up by $27.8 million from December 31, 2024. This net increase primarily reflected net income of $25.4 million, improvement of $23.2 million in the AOCL component of shareholders' equity, and a reduction of $21.9 million due to dividend declarations. The improvement in AOCL included an increase in fair value of available for sale debt securities, as well as the effects of the remeasurement of the qualified pension plan upon settlement and the reclassification of the after-tax pension plan settlement charge to noninterest expenses. See Note 15 to the Unaudited Consolidated Financial Statements for additional disclosure regarding changes in AOCL.

Washington Trust declared a quarterly dividend of 56 cents per share for the three months ended June 30, 2025, unchanged from the 56 cents per share declared for the same period in 2024.
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Management's Discussion and Analysis

The ratio of total equity to total assets amounted to 7.82% at June 30, 2025, compared to a ratio of 7.21% at December 31, 2024.  Book value per share was $27.36 at June 30, 2025, compared to $25.93 at December 31, 2024.

The Bancorp and the Bank are subject to various regulatory capital requirements and are considered “well capitalized,” with a total risk-based capital ratio of 13.06% at June 30, 2025, compared to 12.47% at December 31, 2024.

See Note 11 to the Unaudited Consolidated Financial Statements for additional discussion regarding shareholders’ equity.

Asset/Liability Management and Interest Rate Risk
Interest rate risk is the risk to earnings due to changes in interest rates. The ALCO is responsible for establishing policy guidelines on liquidity and acceptable exposure to interest rate risk. Quarterly, the ALCO reports on the status of liquidity and interest rate risk matters to the Corporation’s Audit Committee. The objective of the ALCO is to manage assets and funding sources to produce results that are consistent with the Corporation’s liquidity, capital adequacy, growth, risk, and profitability goals.

The Corporation utilizes the size and duration of the investment securities portfolio, the size and duration of the wholesale funding portfolio, interest rate contracts, and the pricing and structure of loans and deposits, to manage interest rate risk. The interest rate contracts may include interest rate swaps, caps, floors, and collars. These interest rate contracts involve, to varying degrees, credit risk and interest rate risk. Credit risk is the possibility that a loss may occur if a counterparty to a transaction fails to perform according to terms of the contract. The notional amount of the interest rate contracts is the amount upon which interest and other payments are based. The notional amount is not exchanged, and therefore, should not be taken as a measure of credit risk. See Note 7 to the Unaudited Consolidated Financial Statements for additional information.

The ALCO uses income simulation to measure interest rate risk inherent in the Corporation’s financial instruments at a given point in time by showing the effect of interest rate shifts on net interest income over a 12-month horizon and a 13- to 24-month horizon. The simulations assume that the size and general composition of the Corporation’s balance sheet remain static over the simulation horizons, with the exception of certain deposit mix shifts from lower-cost to higher-cost deposits in selected interest rate scenarios. The simulations at December 31, 2024 incorporated the reclassification of residential mortgage loans from portfolio to held for sale and the sale of these loans completing in January 2025. The simulations at December 31, 2024 assume the proceeds from the sale of loans are used to pay down maturing wholesale funding balances. Additionally, the simulations take into account the specific repricing, maturity, call options, and prepayment characteristics of differing financial instruments that may vary under different interest rate scenarios. Mortgage-backed securities and residential real estate loans involve a level of risk that unforeseen changes in prepayment speeds may cause related cash flows to vary significantly in differing rate environments.  Such changes could affect the level of reinvestment risk associated with cash flow from these instruments, as well as their market value.  Changes in prepayment speeds could also increase or decrease the amortization of premium or accretion of discounts related to such instruments, thereby affecting interest income. The characteristics of financial instrument classes are reviewed periodically by the ALCO to ensure their accuracy and consistency.

Deposit balances may also be subject to possible outflow to non-bank alternatives in a rising rate environment. This may cause interest rate sensitivity to differ from the results as presented. Another significant simulation assumption is the sensitivity of savings deposits to fluctuations in interest rates. Income simulation results assume that changes in both savings deposit rates and balances are related to changes in short-term interest rates. The relationship between short-term interest rate changes and deposit rate and balance changes may differ from the ALCO’s estimates used in income simulation.

The ALCO reviews simulation results to determine whether the Corporation’s exposure to a decline in net interest income remains within established tolerance levels over the simulation horizons and to develop appropriate strategies to manage this exposure.  As of June 30, 2025 and December 31, 2024, net interest income simulations indicated that exposure to changing interest rates over the simulation horizons remained within tolerance levels established by the Corporation. All changes are measured in comparison to the projected net interest income that would result from an “unchanged” rate scenario where both interest rates and the composition of the Corporation’s balance sheet remain stable.

The ALCO regularly reviews a wide variety of interest rate shift scenario results to evaluate interest rate risk exposure, including parallel changes in interest rates and scenarios showing the effect of steepening or flattening changes in the yield
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Management's Discussion and Analysis
curve.  Because income simulations assume that the Corporation’s balance sheet will generally remain static over the simulation horizon, the results do not reflect adjustments in strategy that the ALCO could implement in response to rate shifts. It should also be noted that the static balance sheet assumption does not necessarily reflect the Corporation’s expectation for future balance sheet growth, which is a function of the business environment and customer behavior.

While the ALCO reviews and updates simulation assumptions and also periodically back-tests the simulation results to ensure that the assumptions are reasonable and current, income simulation may not always prove to be an accurate indicator of interest rate risk or future NIM.  Over time, the repricing, maturity, and prepayment characteristics of financial instruments and the composition of the Corporation’s balance sheet may change to a different degree than estimated.

The following table sets forth the estimated change in net interest income from an unchanged rate scenario over the periods indicated for parallel changes in market interest rates using the Corporation’s on- and off-balance sheet financial instruments as of June 30, 2025 and December 31, 2024.  Interest rates are assumed to shift by parallel rate changes as shown in the table below. Further, deposits are assumed to have certain minimum rate levels below which they will not fall.  It should be noted that the rate scenarios shown do not necessarily reflect the ALCO’s view of the “most likely” change in interest rates over the periods indicated.
June 30, 2025December 31, 2024
Months 1 - 12Months 13 - 24Months 1 - 12Months 13 - 24
100 basis point rate decrease(2.01)%(2.10%)(1.83)%(0.53%)
200 basis point rate decrease(3.74)(4.29)(3.78)(1.67)
300 basis point rate decrease(5.63)(7.26)(5.89)(3.73)
100 basis point rate increase0.69 (0.74)(0.16)(3.52)
200 basis point rate increase2.03 (0.65)1.54 (3.98)
300 basis point rate increase3.35 (0.98)3.25 (4.81)

The relative change in interest rate sensitivity from December 31, 2024, as shown in the above table, was attributable to changes in balance sheet composition and market interest rates. The changes included in-market deposit growth and also reflected the balance sheet repositioning transactions previously announced in December 2024 that included a reduction in loans and a lower level of wholesale funding.

The ALCO estimates that as interest rates change, interest-earning assets would reprice more quickly than interest-bearing liabilities. In-market deposit rate changes are modeled to lag behind other market interest rates in both pace and magnitude. In addition, prepayments of loans and securities generally increase as market interest rates decline and decrease as market interest rates rise.

Additionally, the Corporation monitors the potential change in market value of its available for sale debt securities in changing interest rate environments.  The purpose is to determine market value exposure that may not be captured by income simulation, but which might result in changes to the Corporation’s capital position.  Results are calculated using industry-standard analytical techniques and securities data.

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Management's Discussion and Analysis
The following table summarizes the potential change in market value of the Corporation’s available for sale debt securities as of June 30, 2025 and December 31, 2024 resulting from immediate parallel rate shifts:
(Dollars in thousands)
Security TypeDown 100 Basis PointsUp 200 Basis Points
Obligations of U.S. government-sponsored enterprise securities (callable)$1,040 ($1,974)
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises
53,738 (122,697)
Obligations of states and political subdivisions36 (96)
Trust preferred debt and other corporate debt securities62 (117)
Total change in market value as of June 30, 2025$54,876 ($124,884)
Total change in market value as of December 31, 2024$75,007 ($140,027)

Critical Accounting Policies and Estimates
Estimates and assumptions are necessary in the application of certain accounting policies and procedures and can be susceptible to significant change. Critical accounting policies are defined as those that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on the Corporation’s financial condition or results of operations.

Management considers its accounting policy relating to the ACL on loans to be a critical accounting policy. There have been no material changes in the Corporation’s critical accounting policies and estimates from those disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Recently Issued Accounting Pronouncements
See Note 2 to the Unaudited Consolidated Financial Statements for details of recently issued accounting pronouncements and their expected impact on the Corporation’s financial statements.

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Item 3.  Quantitative and Qualitative Disclosures About Market Risk
Information regarding quantitative and qualitative disclosures about market risk appears under Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” under the caption “Asset/Liability Management and Interest Rate Risk.”

For factors that could adversely impact Washington Trust’s future results of operations and financial condition, see Part II, Item 1A below and the section labeled “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as updated by our Quarterly Reports on Form 10-Q and other filings submitted to the SEC.


Item 4.  Controls and Procedures
Disclosure Controls and Procedures
As required by Rule 13a-15 under the Exchange Act, the Corporation carried out an evaluation under the supervision and with the participation of the Corporation’s management, including the Corporation’s principal executive officer and principal financial officer, of the Corporation’s disclosure controls and procedures as of the period ended June 30, 2025.  Based upon that evaluation, the principal executive officer and principal financial officer concluded that the Corporation’s disclosure controls and procedures are effective and designed to ensure that information required to be disclosed by the Corporation in the reports it files or submits under the Exchange Act is (i) recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms and (ii) accumulated and communicated to the Corporation’s management including its Chief Executive Officer and Chief Financial Officer as appropriate to allow timely decisions regarding required disclosures.  The Corporation will continue to review and document its disclosure controls and procedures and consider such changes in future evaluations of the effectiveness of such controls and procedures, as it deems appropriate.

Internal Control Over Financial Reporting
During the quarter ended June 30, 2025 the Corporation implemented a new wealth management and trust accounting system and internal controls over financial reporting were revised in connection with this change. The Corporation’s pre- and post-implementation internal controls over financial reporting were evaluated by management and deemed to be operating effectively.

PART II.  Other Information

Item 1.  Legal Proceedings
The Corporation is involved in various claims and legal proceedings arising out of the ordinary course of business.  Management is of the opinion, based on its review with counsel of the development of such matters to date, that the ultimate disposition of such matters will not materially affect the consolidated financial position or results of operations of the Corporation.


Item 1A.  Risk Factors
There have been no material changes in the risk factors described in Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 25, 2025.


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Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds
The following table summarizes repurchases of the Corporation’s shares of common stock in the second quarter of 2025:
Issuer Purchases of Equity Securities
Period(a)
Total number of shares purchased		(b)
Average price paid per share		(c)
Total number of shares purchased as part of publicly announced plans		(d)
Maximum number of shares that may yet be purchased under plans
April 1 - 30, 2025— $— — 850,000 
May 1 - 31, 2025 (1)
10,000 29.56 10,000 840,000 
June 1 - 30, 2025— — — 840,000 
Total10,000 $29.56 10,000 840,000 
(1)On May 15, 2025, the Board of Directors of the Corporation adopted the 2025 Repurchase Program, which authorizes the repurchase of up to 850,000 shares, or approximately 4% of the Corporation’s outstanding common stock. The 2025 Repurchase Program expires on May 15, 2026 and may be modified, suspended, or discontinued at any time.


Item 5.  Other Information
Insider Trading Arrangements
During the three months ended June 30, 2025, none of the Corporation’s directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).


Item 6.  Exhibits
(a) Exhibits.  The following exhibits are included as part of this Form 10-Q:
Exhibit Number
31.1
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Filed herewith.
31.2
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Filed herewith.
32.1
Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - Furnished herewith. (1)
101The following materials from Washington Trust Bancorp, Inc.’s Quarterly Report on Form 10-Q for the period ended June 30, 2025 formatted in Inline XBRL: (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Shareholders’ Equity, (v) the Consolidated Statements of Cash Flows, and (vi) related Notes to these consolidated financial statements.
104The cover page from the Corporation’s Quarterly Report on Form 10-Q for the period ended June 30, 2025 has been formatted in Inline XBRL and contained in Exhibit 101.
(1)These certifications are not “filed” for purposes of Section 18 of the Exchange Act or incorporated by reference into any filing under the Securities Act or the Securities Exchange Act.

-81-

Signatures


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

WASHINGTON TRUST BANCORP, INC.
(Registrant)
Date:August 6, 2025By:/s/ Edward O. Handy III
Edward O. Handy III
Chairman and Chief Executive Officer
(principal executive officer)
Date:August 6, 2025By:/s/ Ronald S. Ohsberg
Ronald S. Ohsberg
Senior Executive Vice President, Chief Financial Officer, and Treasurer
(principal financial officer)
Date:August 6, 2025By:/s/ Maria N. Janes
Maria N. Janes
Executive Vice President, Chief Accounting Officer, and Controller
(principal accounting officer)
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