Washington Trust Reports Third Quarter 2021 Earnings

WESTERLY, R.I., October 25, 2021 (PR NEWSWIRE)…Washington Trust Bancorp, Inc. (Nasdaq:WASH), parent company of The Washington Trust Company, today announced third quarter 2021 net income of $18.8 million, or $1.07 per diluted share, compared to net income of $17.5 million, or $1.00 per diluted share, for the second quarter of 2021.

“Washington Trust’s third quarter results reflect the strength and stability of our balance sheet and solid contributions from all business lines,” stated Edward O. Handy III, Chairman and Chief Executive Officer. “We posted increased quarterly earnings, reported a record $6 billion in assets, and reached an all-time high $5 billion in deposits. We recently announced our intent to open a new branch in Cumberland, RI in 2022, as we believe the key to future growth is providing customers with convenient in-person service and digital banking solutions.”

Selected financial highlights for the third quarter of 2021 include:

• Returns on average equity and average assets for the third quarter were 13.37% and 1.26%, respectively, compared to 12.92% and 1.20%, respectively, in the preceding quarter.

• For both the third quarter and the second quarter of 2021, there was no provision for credit losses recognized in earnings.

• Wealth management revenues were $10.5 million for the third quarter, up by $27 thousand, from the preceding quarter, as higher quarterly asset-based revenues were partially offset by seasonal declines in transaction-based revenues.

• Mortgage banking revenues were $6.4 million for the third quarter, up by $379 thousand, or 6%, from the preceding quarter.

• Total loans amounted to $4.3 billion, down by $13 million, or 0.3%, from the end of the preceding quarter and up by $4 million, or 0.1%, from a year ago. Total loans excluding Paycheck Protection Program ("PPP") loans amounted to $4.2 billion, up by $56 million, or 1%, from the end of the preceding quarter and up by $144 million, or 4%, from a year ago.

• In-market deposits (total deposits less out-of-market wholesale brokered deposits) amounted to a record $4.3 billion at September 30, 2021, up by $310 million, or 8%, from the end of the preceding quarter, and up by $602 million, or 16%, from a year ago.