Washington Trust Bancorp, Inc. · NASDAQ:WASH
Washington Trust Bancorp — Q1 2026 Earnings Presentation
24 slides from Washington Trust Bancorp's earnings presentation, May 2026
Slide 1: Investor Deck Q1 2026
Investor Deck Q1 2026 NASDAQ: WASH
Slide 2: Safe Harbor
Safe Harbor Forward-Looking Statements In this presentation, “we,” “our,” “us,” “Washington Trust” or the “Company” refers to Washington Trust Bancorp, Inc., and our consolidated subsidiaries, including The Washington Trust Company, of Westerly, unless the context indicates that we refer only to the
Slide 3: WASH Investment Profile Overview
WASH Investment Profile Overview Strong Market Position: Top-tier deposit market share NIM Momentum: NIM up 7bps with diversified banking and vs 4Q25 scaled wealth platform Well-Positioned for Rates: Loan Growth Upside: NIM expanding with continued Institutional banking expansion; 2026 tailwinds; Al
Slide 4: Washington Trust At-A-Glance: $6.5B Regional Financial Services Provider
WA S H I N G T O N T R U S T AT - A - G L A N C E $6.5B Regional Financial Services Provider Founded in 1800 Oldest Community bank in the US Largest State-Chartered Bank In Rhode Island $6.5B $5.0B $5.2B Assets Loans Deposits Diverse Revenue Streams(1) Premier Regional Net Interest Wealth Management
Slide 5: High Credit Quality Loan Portfolio
L O A N S High Credit Quality Loan Portfolio 62% Customer-centric approach with emphasis on superior service o Q4 2024 balance sheet repositioning included the Variable rate loans and appropriate solutions sale of ~ $345mm of (As of 3/31/2026) residential mortgages at a weighted average rate of ~ 3.
Slide 6: NIM Improvement
NET INTEREST MARGIN & REPRICING NIM Improvement Net Interest Margin o April 2026 - amortization of swap termination $200 expense ceases 3.00% o Pre-tax expense savings of $715k/mo, $5.7 $150 million for remainder of 2026 2.00% $100 o EPS impact $0.06 in Q2 + $0.02 in Q3 (1) o NIM impact 9 bps in Q2
Slide 7: Steady, Balanced Mix of Deposits
DEPOSITS Steady, Balanced Mix of Deposits Total In-Market Deposit Portfolio ($ in billions) 2.14% 3% Cost of all in-market Deposit In-Market deposits (1) Growth YoY $5.3 $5.2 $4.7 $4.7 $4.8 Time deposits o Give customers the options of (23%) banking where, when and how they choose MM & Savings (38%)
Slide 8: Largest Community Bank in Rhode Island
OVERVIEW Largest Community Bank in Rhode Island Rhode Island Deposit Market Share (1) 11.1% $184M Branch Total Deposits in Total Market Market Share Avg. in-market Rank Institution (ST) Count Market ($B) Share in Rhode Island (1) deposits per branch (2) 1 Citizens (RI) 52 $16.8 37.8% 2 Bank of Ameri
Slide 9: Sizeable Wealth Management Operation
W E A LT H M A N A G E M E N T Sizeable Wealth Management Operation $7.5B AUA o Full range of personalized financial services aimed at building customized solutions for clients o Key differentiators: o Key contributor to pre-tax income o breadth of our holistic advisory services, which go beyond wha
Slide 10: Capital Supports Dividend
C A P I TA L P O S I T I O N / B A L A N C E S H E E T Capital Supports Dividend CET1 Ratio o Solid balance sheet 20.00% 16.00% o Fee-intensive business model 12.00% 8.00% 4.00% 0.00% Book Value per Share Tangible Book Value per 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2
Slide 11: Long History of Industry-Leading Dividend Yields
DELIVERING SHAREHOLDER VALUE Long History of Industry-Leading Dividend Yields 6.69% (1) Tangible Book Value per Share Plus Cumulative Dividend per Share CAGR Dividend Yield 12/31/2006 to 12/31/2025 10.09% 7.06% 7.58% Paid consistent dividend for more than a century WASH Average peer Median peer Cash
Slide 12: Commercial Lending Portfolio
Commercial Lending Portfolio Commercial Real Estate (CRE): $2.1 billion % of CRE Portfolio by Segment as of 3/31/2026 Multi-family (31%) $639,976 Retail (20%) $407,029 Industrial & Warehouse (16%) $339,839 Hospitality (12%) $242,229 Office (11%) $231,007 Healthcare facility (7%) $156,138 Mixed-use (
Slide 13: Non-owner Occupied CRE Office Exposures
Non-owner Occupied CRE Office Exposures o Approximately 65% of the total o Approximately 59% of the total commercial real estate office balance commercial real estate office balance will is secured by income producing mature before March 31, 2028. properties located in suburban areas. Asset Quality
Slide 14: CRE Non-Accrual Loan Update
CRE Non-Accrual Loan Update • In March 2026 we placed two CRE properties on non-accrual status (we had no non- performing commercial loans at 12/31/25.) o $6.5M Office/Lab: matured in Q1 2026 (participation loan led by another bank) o $22M Class A Office: matures Q3 2027 (participation loan we lead)
Slide 15: Criticized CRE Migration
Criticized CRE Migration CRE Special Mention + Classified CRE Classified Increase Decrease Total Increase Decrease Total 250,000 250,000 131,360 200,000 200,000 150,000 150,000 100,000 87,821 100,000 35,190 71,388 (101,711) (5,540) (7,676) 54,758 50,000 50,000 35,048 (40,593) (6,631) (7,676) - - Dow
Slide 16: Residential Mortgage & Home Equity
Residential Mortgage & Home Equity Residential Home Equity Total portfolio ($ millions) $ 2,029.1 $ 316.4 FICO score* 763 753 Total delinquencies 0.33% 0.87% Nonperforming 0.47% 0.56% Net charge-offs to average loans (1) 0.00% 0.00% LTV (2) 52.8% 18.8% CT 6% Other 1% MA 70% RI 23% At or for the thre
Slide 17: Balance Sheet
Balance Sheet Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, $s in thousands 2026 2025 2025 2025 2025 Assets: Cash and cash equivalents $ 100,184 $ 103,734 $ 192,331 $ 167,724 $ 120,239 Total securities 911,958 940,342 962,466 971,341 917,545 Total loans 5,014,885 5,134,388 5,122,582 5,140,260 5,096,210 Le
Slide 18: Income Statement
Income Statement For the Quarter Ended Adjusted Mar 31 Dec 31 Sep 30 Jun 30 Mar 31, Mar 31, $s in thousands 2026 2025 2025 2025 2025 2025 Interest and dividend income $ 74,982 $ 78,837 $ 80,945 $ 78,846 $ 79,463 $ 79,463 Interest expense 34,457 38,089 42,112 41,661 43,041 43,041 Net interest income
Slide 19: Supplemental Information
Supplemental Information 19
Slide 20: Non-GAAP Financial Measures
Non-GAAP Financial Measures For the Three Months Ended Adjusted Noninterest Income: Mar 31, Dec 31, Mar 31, $s in thousands, except per share amounts 2026 2025 2025 Noninterest (loss) income, as reported $17,303 $18,503 $22,643 Less adjustments: Gain on sale of bank-ownned properties, net 6,994 Tota
Slide 21: Non-GAAP Financial Measures
Non-GAAP Financial Measures (1) Net income divided by weighted average diluted common and potential shares outstanding. (2) Net income, adjusted for the after-tax impact of adjustments as outlined in the table above, divided by weighted average diluted common and potential shares outstanding. (3) To
Slide 22: Non-GAAP Financial Measures
Non-GAAP Financial Measures For the Three Months Ended Adjusted Return on Average Assets Mar 31, Dec 31, Mar 31, $s in thousands, except per share amounts 2026 2025 2025 Net (loss) income, as reported $ 12,600 $ 15,974 $ 12,179 Less : adjustments, after-tax - - 417 Adjusted net income (non-GAAP) $ 1
Slide 23: Non-GAAP Financial Measures
Non-GAAP Financial Measures For the Three Months Ended Adjusted Return on Average Equity Mar 31, Dec 31, Mar 31, $s in thousands, except per share amounts 2026 2025 2025 Net (loss) income available to common shareholders, as reported $ 12,600 $ 15,974 $ 12,179 Less : adjustments, after-tax - - 417 A
Slide 24: Non-GAAP Financial Measures
Non-GAAP Financial Measures For the Three Months Ended Mar 31, Dec 31, Mar 31, $s in thousands, except per share amounts 2026 2025 2025 Tangible Book Value per Share: Total shareholders’ equity, as reported $546,773 $543,584 $521,680 Less end of period balances of: Goodwill 63,909 63,909 63,909 Iden
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