Washington Trust Announces Record Earnings for Fourth Quarter and Full Year 2012

  Washington Trust Announces Record Earnings for Fourth Quarter and Full Year
  2012

                 Diluted Earnings Per Share up 17% over 2011

Business Wire

WESTERLY, R.I. -- January 30, 2013

Washington Trust Bancorp, Inc. (NASDAQ Global Select; symbol: WASH), parent
company of The Washington Trust Company, today announced fourth quarter 2012
net income of $9.0 million, or $0.55 per diluted share. On a diluted earnings
per share basis, fourth quarter 2012 results were up by $.01, or 2%, from
third quarter 2012 and by $.08, or 17%, from fourth quarter 2011.

For the year ended December 31, 2012, net income totaled $35.1 million, or
$2.13 per diluted share, compared to $29.7 million, or $1.82 per diluted
share, for 2011. On a diluted earnings per share basis, 2012 earnings were up
by 17% over 2011. The returns on average equity and average assets for 2012
were 11.97% and 1.16%, respectively, compared to 10.61% and 1.02%,
respectively, for 2011.

“Washington Trust had another exceptional performance in 2012, highlighted by
record earnings and growth along key business lines,” stated Joseph J.
MarcAurele, Washington Trust Chairman, President and CEO. “We have continued
to manage our way through these challenging economic times by successfully
expanding our market reach, attracting new client relationships, and
continuing to make a difference in the communities in which we live and work.”

Selected financial highlights for the fourth quarter of 2012 included:

  *The returns on average equity and average assets for the quarter were
    12.01% and 1.19%, respectively, compared to 12.02% and 1.17%,
    respectively, for the third quarter of 2012.
  *Residential mortgage origination volume and mortgage banking revenues (net
    gains on loan sales and commissions on loans originated for others)
    reached an all-time quarterly high and totaled $4.5 million for the
    quarter, a 28% increase over the prior quarter.
  *Loans totaled $2.3 billion at December31, 2012, up by $37.3 million, or
    2%, from September30, 2012, led by growth in the commercial loan
    portfolio.
  *Total deposits amounted to $2.3 billion at December31, 2012, up
    $78.0million, or 3.5%, from September30, 2012, with growth in lower-cost
    deposits.

The following transactions were included in the results for fourth quarter of
2012:

  *Balance sheet management transactions were conducted in the quarter and
    were comprised of:

       *The sale of mortgage-backed securities with an amortized cost of
         $33.1 million, resulting in fourth quarter 2012 net realized gains of
         $924 thousand.
       *The prepayment of Federal Home Loan Bank of Boston (“FHLBB”) advances
         totaling $38.8 million, resulting in debt prepayment penalty expense
         of $1.8 million in the quarter.
       *The modification of terms of $33.2million of FHLBB advances with a
         weighted average maturity of 43 months into longer-term advances with
         a weighted average maturity of 78 months.
       *These transactions resulted in net interest income enhancement of
         approximately $45 thousand in the fourth quarter of 2012 and are
         expected to result in net interest income enhancement of
         approximately $577 thousand in 2013, with continuing benefits in
         future years.

  *A relatively large commercial loan prepayment penalty fee of $357 thousand
    was received and included in net interest income.
  *Two significant insurance commission fees totaling $462 thousand were
    received in the quarter and reported in wealth management revenues.
  *The Corporation made a $400 thousand contribution to its charitable
    foundation, which was classified in other noninterest expenses.

The net impact of these transactions was a reduction in earnings of 2 cents
per diluted share in the fourth quarter of 2012.

Net Interest Income

The net interest margin for the fourth quarter of 2012 was 3.33%. Excluding
the impact of the above mentioned commercial loan prepayment penalty fee, the
net interest margin for the fourth quarter of 2012 was 3.28%, unchanged from
the previous quarter and up by 6 basis points from 3.22% in the fourth quarter
of 2011. The year over year improvement in the net interest margin largely
reflected a reduction in the cost of funds.

Average interest-earning assets for the fourth quarter of 2012 increased by
$6.8million from the previous quarter and by $58.7 million from the fourth
quarter of 2011, reflecting solid loan growth partially offset by reductions
in the securities portfolio.

Fourth quarter 2012 net interest income amounted to $23.2 million. Excluding
the fourth quarter 2012 fee, net interest income was up slightly compared to
the previous quarter and up by $792 thousand, or 4%, compared to the fourth
quarter of 2011.

Noninterest Income

Noninterest income for the fourth quarter of 2012 totaled $17.9 million, up by
$966thousand, or 6%, from the previous quarter and up by $3.1 million, or
21%, from the fourth quarter of 2011. Included in noninterest income were:

  *Fourth quarter 2012 wealth management insurance commission fees of $462
    thousand mentioned above;
  *Net realized gains on sales of securities of $924 thousand in the fourth
    quarter of 2012;
  *A $528thousand non-taxable gain related to the receipt of BOLI proceeds
    in the third quarter of 2012; and
  *$501 thousand of net realized gains on sales of securities recognized in
    the fourth quarter of 2011.

Excluding these items, noninterest income for the fourth quarter of 2012
increased by $108thousand, or 1%, from the previous quarter and up by $2.2
million, or 15%, from the fourth quarter of 2011. Significant changes in
noninterest income, on this basis, included the following:

  *Mortgage banking revenues increased by $972thousand, or 28%, from the
    third quarter of 2012 and by $1.5million, or 53%, from the fourth quarter
    of 2011, due to a record quarter of mortgage origination and sales
    activity.
  *Fourth quarter 2012 wealth management revenues were $7.8 million.
    Excluding the above mentioned insurance commission fees, these revenues
    were up by $135thousand, or 2%, on a linked quarter basis and up by
    $403thousand, or 6%, compared to the fourth quarter of 2011.
  *Merchant processing fees totaled $2.2 million for the fourth quarter of
    2012, down by $975thousand, or 30%, on a linked quarter basis and up by
    $176 thousand, or 9%, compared to the fourth quarter of 2011. On a linked
    quarter basis, the decline reflects a seasonal decrease in the volume of
    transactions processed for customers. See discussion on the corresponding
    linked quarter decrease in merchant processing costs under the caption
    “Noninterest Expenses.”

Noninterest Expenses

Noninterest expenses totaled $27.4 million for the fourth quarter of 2012, up
by $1.1million, or 4%, from the previous quarter and up by $2.6 million, or
11%, from the fourth quarter of 2011. Included in noninterest expenses were:

  *Debt prepayment penalties of $1.8 million in the fourth quarter of 2012,
    $1.2 million in third quarter of 2012 and $473 thousand in the fourth
    quarter of 2011; and
  *Charitable contribution expense of $400 thousand in the fourth quarter of
    2012 and $990 thousand in the fourth quarter of 2011.

Excluding these items, noninterest expenses for the fourth quarter of 2012
increased by $130 thousand, or 1%, from the previous quarter and up by $1.9
million, or 8%, from the fourth quarter of 2011. Significant changes in
noninterest expenses, on this basis, included the following:

  *Salaries and employee benefit costs amounted to $15.7 million in the
    fourth quarter of 2012, an increase of $447thousand, or 3%, from the
    previous quarter and up by $1.7 million, or 12%, from the fourth quarter
    of 2011, reflecting higher staffing levels to support growth and higher
    levels of business development based compensation primarily in mortgage
    banking.
  *Merchant processing costs totaled $1.9 million in the fourth quarter of
    2012, down by $804thousand, or 30%, on a linked quarter basis and up by
    $138 thousand, or 8%, compared to the fourth quarter of 2011. See the
    discussion above regarding the corresponding linked quarter decrease in
    merchant processing fee income.

Income tax expense amounted to $4.0 million for the fourth quarter of 2012,
compared to $3.9 million for the third quarter of 2012 and $3.3 million for
the fourth quarter of 2011. The effective tax rate for the fourth quarter of
2012 was 30.8%, compared to 30.3% for the previous quarter and 29.7% for the
fourth quarter of 2011. Based on the current status of federal and applicable
state income tax statutes, the Corporation currently expects the 2013
effective tax rate to be approximately 31.8%.

Asset Quality

Total nonaccrual loans amounted to $22.5 million, or 0.98% of total loans, at
December31, 2012, up by $4.8 million from September30, 2012. At December31,
2012, total past due loans amounted to $28.1 million, or 1.22% of total loans,
up by $4.5million from September30, 2012. These changes in nonaccrual loans
and past due loans are largely associated with a small number of larger
commercial relationships.

The loan loss provision charged to earnings amounted to $600thousand for the
fourth quarter of 2012, level with the third quarter of 2012 and down by
$400thousand from the fourth quarter of 2011. Net charge-offs amounted to
$479thousand in the fourth quarter of 2012, compared to net charge-offs of
$296thousand in the third quarter of 2012 and $839thousand in the fourth
quarter of 2011.

The allowance for loan losses was $30.9 million, or 1.35% of total loans, at
December31, 2012 compared to $30.8 million, or 1.36% of total loans, at
September30, 2012.

Loans

Total loans rose by $37.3million, or 2%, in the fourth quarter of 2012, with
increases in commercial loans of $33.1million. Total loans are up by
$146.8million, or 7%, from December 31, 2011, including a $127.8million, or
11%, increase in total commercial loans.

Investment Securities

The investment securities portfolio amounted to $415.9 million at December31,
2012, down by $68.0 million from September30, 2012 and down by $177.5million
from December31, 2011, primarily due to principal payments received on
mortgage-backed securities not being reinvested and balance sheet management
transactions that included the sale of mortgage-backed securities.

Deposits and Borrowings

Total deposits increased by $78.0million, or 3%, in the fourth quarter of
2012 and by $186.3million, or 9%, since December31, 2011, reflecting growth
in lower-cost non-time categories of deposits.

FHLBB advances totaled $361.2 million at December31, 2012, down by
$56.5million from September30, 2012 and down by $179.3million from
December31, 2011. In addition to balance sheet management transactions, this
decline reflects less demand for wholesale funding due to the strong deposit
growth.

Other borrowings were $1.2 million at December31, 2012, compared to
$229thousand at September30, 2012 and $19.8 million at December31, 2011.
The decline in other borrowings from the balance at December31, 2011, was
primarily due to the maturity of securities sold under repurchase agreements.

Capital Management

Capital levels continued to exceed the regulatory minimum levels to be
considered well capitalized, with a total risk-based capital ratio of 13.26%
at December31, 2012, compared to 12.86% at December31, 2011. Total
shareholder's equity was $295.7 million at December31, 2012, down by
$2.7million from the balance at September30, 2012 and up by $14.3 million
from the balance at December31, 2011. A charge of $6.1 million to the
accumulated other comprehensive income component of shareholders' equity was
recorded at December31, 2012, associated with the periodic remeasurement of
the value of defined benefit pension liabilities. This charge was largely due
to a decline in the discount rates used to measure the present value of
pension liabilities as a result of a reduction in market rates of interest.

Dividends Declared

The Board of Directors declared a quarterly dividend of 24 cents per share for
the quarter ended December31, 2012. The dividend was paid on January11, 2013
to shareholders of record on January2, 2013.

Conference Call

Washington Trust will host a conference call on Thursday, January31, 2013 at
8:30 a.m. Eastern Time to discuss fourth quarter results and business outlook.
This call is being webcast and can be accessed through the Investor Relations
section of the Washington Trust web site, www.washtrust.com. Individuals may
dial in to the call at 1-866-250-8117. The international dial-in number is
1-412-317-6011 and the Canada dial-in number is 1-855-669-9657. A replay of
the call will be posted in this same location on the web site shortly after
the conclusion of the call. To listen to the replay, dial 1-877-344-7529. For
international access, dial 1-412-317-0088. The Conference Number for replay is
10023365. The replay will be available until 9:00a.m. on February15, 2013.

Background

Washington Trust Bancorp, Inc. is the parent of The Washington Trust Company,
a state-chartered bank headquartered in Westerly, Rhode Island. Founded in
1800, Washington Trust is the oldest community bank in the nation and is the
largest independent bank headquartered in Rhode Island. Washington Trust
offers a full range of financial services, including commercial banking, small
business banking, personal banking, and wealth management and trust services
through its offices located in Rhode Island, Connecticut and Massachusetts.
The Corporation’s common stock trades on The NASDAQ Global Select® Stock
Market under the symbol WASH. Investor information is available on the
Corporation’s web site: www.washtrust.com.

Forward-Looking Statements

This press release contains certain statements that are “forward-looking
statements”. We may also make written or oral 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 the control of Washington Trust. These
risks, uncertainties and other factors may cause the actual results,
performance or achievements of Washington Trust to be materially different
from the anticipated future results, performance or achievements expressed or
implied by the forward-looking statements.

Some of the factors that might cause these differences include the following:
continued weakness in general national, regional or international economic
conditions or conditions affecting the banking or financial services
industries or financial capital markets, volatility and disruption in national
and international financial markets, government intervention in the U.S.
financial system, reductions in net interest income resulting from interest
rate volatility as well as changes in the balance and mix of loans and
deposits, reductions in the market value of wealth management assets under
administration, changes in the value of securities and other assets,
reductions in loan demand, changes in loan collectibility, default and
charge-off rates, changes in the size and nature of Washington Trust's
competition, changes in legislation or regulation and accounting principles,
policies and guidelines, 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 December31, 2011, as filed with the Securities and Exchange Commission
and as updated by our Quarterly Reports on Form 10-Q, 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 press release, and Washington Trust assumes no
obligation to update any forward-looking statements to reflect changes in
underlying assumptions or factors, new information, future events or other
changes.

Supplemental Information - Explanation of Non-GAAP Financial Measures

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


Washington Trust Bancorp, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS (unaudited)

(Dollars in thousands, except par value)          Dec 31,       Dec 31,
                                                   2012           2011
Assets:                                                        
Cash and due from banks                            $73,474        $82,238
Short-term investments                             19,176         4,782
Mortgage loans held for sale, at fair value;
amortized cost $48,370 in 2012 and $19,624 in      50,056         20,340
2011
Securities:
Available for sale, at fair value; amortized       375,498        541,253
cost $363,408 in 2012 and $524,036 in 2011
Held to maturity, at cost; fair value $41,420 in  40,381       52,139     
2012 and $52,499 in 2011
Total securities                                   415,879        593,392
Federal Home Loan Bank stock, at cost              40,418         42,008
Loans:
Commercial and other                               1,252,419      1,124,628
Residential real estate                            717,681        700,414
Consumer                                          323,903      322,117    
Total loans                                        2,294,003      2,147,159
Less allowance for loan losses                    30,873       29,802     
Net loans                                          2,263,130      2,117,357
Premises and equipment, net                        27,232         26,028
Investment in bank-owned life insurance            54,823         53,783
Goodwill                                           58,114         58,114
Identifiable intangible assets, net                6,173          6,901
Other assets                                      63,409       59,155     
Total assets                                      $3,071,884   $3,064,098 
Liabilities:
Deposits:
Demand deposits                                    $379,889       $339,809
NOW accounts                                       291,174        257,031
Money market accounts                              496,402        406,777
Savings accounts                                   274,934        243,904
Time deposits                                     870,232      878,794    
Total deposits                                     2,312,631      2,126,315
Federal Home Loan Bank advances                    361,172        540,450
Junior subordinated debentures                     32,991         32,991
Other borrowings                                   1,212          19,758
Other liabilities                                 68,226       63,233     
Total liabilities                                 2,776,232    2,782,747  
Shareholders’ Equity:
Common stock of $.0625 par value; authorized
30,000,000 shares; issued and outstanding          1,024          1,018
16,379,771 shares in 2012 and 16,292,471 shares
in 2011
Paid-in capital                                    91,453         88,030
Retained earnings                                  213,674        194,198
Accumulated other comprehensive loss              (10,499    )  (1,895     )
Total shareholders’ equity                        295,652      281,351    
Total liabilities and shareholders’ equity        $3,071,884   $3,064,098 
                                                                             


Washington Trust Bancorp, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME (unaudited)

(Dollars and shares in
thousands, except per share    Three Months           Twelve Months
amounts)
Periods ended December 31,     2012       2011       2012        2011
Interest income:                                                 
Interest and                    $26,109     $25,284     $102,656     $99,319
fees on loans
Interest on     Taxable         3,241       4,422       15,359       18,704
securities:
                Nontaxable      664         727         2,699        3,001
Dividends on corporate stock
and Federal Home Loan Bank      49          57          256          253
stock
Other interest income          27        17        91         69      
Total interest income          30,090    30,507    121,061    121,346 
Interest expense:
Deposits                        3,380       3,652       13,590       15,692
Federal Home Loan Bank          3,148       4,202       14,957       18,158
advances
Junior subordinated             394         393         1,570        1,568
debentures
Other interest expense         4         245       248        973     
Total interest expense         6,926     8,492     30,365     36,391  
Net interest income             23,164      22,015      90,696       84,955
Provision for loan losses      600       1,000     2,700      4,700   
Net interest income after      22,564    21,015    87,996     80,255  
provision for loan losses
Noninterest income:
Wealth management services:
Trust and investment advisory   5,991       5,487       23,465       22,532
fees
Mutual fund fees                1,018       994         4,069        4,287
Financial planning,
commissions and other service  781       444       2,107      1,487   
fees
Wealth management services      7,790       6,925       29,641       28,306
Service charges on deposit      837         793         3,193        3,455
accounts
Merchant processing fees        2,232       2,056       10,159       9,905
Card interchange fees           636         584         2,480        2,249
Income from bank-owned life     479         493         2,448        1,939
insurance
Net gains on loan sales and
commissions on loans            4,476       2,935       14,092       5,074
originated for others
Net realized gains on           924         501         1,223        698
securities
Net gains on interest rate      168         12          255          6
swap contracts
Equity in earnings (losses)
of unconsolidated               82          220         196          (213    )
subsidiaries
Other income                   275       307       1,748      1,536   
Noninterest income, excluding
other-than-temporary            17,899      14,826      65,435       52,955
impairment losses
Total other-than-temporary
impairment losses on            57          —           (28      )   (54     )
securities
Portion of loss recognized in
other comprehensive income     (69     )  —         (193     )  (137    )
(before tax)
Net impairment losses          (12     )  —         (221     )  (191    )
recognized in earnings
Total noninterest income       17,887    14,826    65,214     52,764  
Noninterest expense:
Salaries and employee           15,661      13,957      59,786       51,095
benefits
Net occupancy                   1,518       1,376       6,039        5,295
Equipment                       1,222       1,133       4,640        4,344
Merchant processing costs       1,903       1,765       8,593        8,560
Outsourced services             900         920         3,560        3,530
FDIC deposit insurance costs    419         429         1,730        2,043
Legal, audit and professional   641         538         2,240        1,927
fees
Advertising and promotion       435         478         1,730        1,819
Amortization of intangibles     173         246         728          951
Foreclosed property costs       158         329         762          878
Debt prepayment penalties       1,774       473         3,908        694
Other expenses                 2,617     3,130     8,622      9,237   
Total noninterest expense      27,421    24,774    102,338    90,373  
Income before income taxes      13,030      11,067      50,872       42,646
Income tax expense             4,007     3,290     15,798     12,922  
Net income                     $9,023    $7,777    $35,074    $29,724 
                                                                     
Weighted average common         16,376      16,288      16,358       16,254
shares outstanding - basic
Weighted average common         16,425      16,326      16,401       16,284
shares outstanding - diluted
Per share       Basic
information:    earnings per    $0.55       $0.48       $2.13        $1.82
                common share
                Diluted
                earnings per    $0.55       $0.47       $2.13        $1.82
                common share
                Cash
                dividends       $0.24       $0.22       $0.94        $0.88
                declared per
                share
                                                                             


Washington Trust Bancorp, Inc. and Subsidiaries
SELECTED FINANCIAL HIGHLIGHTS (unaudited)

                 At or for the Quarters Ended
(Dollars and
shares in         Dec 31,        Sep 30,        Jun 30,        Mar 31,        Dec 31,
thousands,       2012          2012          2012          2012          2011
except per
share amounts)
Financial Data:                                                          
Total assets      $3,071,884     $3,048,868     $3,041,050     $3,028,690     $3,064,098
Total loans       2,294,003      2,256,697      2,213,842      2,155,359      2,147,159
Total             415,879        483,858        516,193        558,284        593,392
securities
Total deposits    2,312,631      2,234,659      2,130,453      2,145,562      2,126,315
Total
shareholders'     295,652        298,394        292,734        287,935        281,351
equity
Net interest      23,164         22,736         22,411         22,385         22,015
income
Provision for     600            600            600            900            1,000
loan losses
Noninterest
income,           17,899         16,921         16,174         14,441         14,826
excluding OTTI
losses
Net OTTI losses
recognized in     (12        )   —              —              (209       )   —
earnings
Noninterest       27,421         26,290         25,228         23,399         24,774
expenses
Income tax        4,007          3,867          4,044          3,880          3,290
expense
Net income        9,023          8,900          8,713          8,438          7,777
                                                                              
Share Data:
Basic earnings
per common        $0.55          $0.54          $0.53          $0.51          $0.48
share
Diluted
earnings per      $0.55          $0.54          $0.53          $0.51          $0.47
common share
Dividends
declared per      $0.24          $0.24          $0.23          $0.23          $0.22
share
Book value per    $18.05         $18.23         $17.89         $17.61         $17.27
share
Tangible book
value per share   $14.13         $14.29         $13.94         $13.64         $13.28
- Non-GAAP (1)
Market value      $26.31         $26.27         $24.38         $24.14         $23.86
per share
Shares
outstanding at    16,380         16,371         16,359         16,354         16,292
end of period
Weighted
average common
shares            16,376         16,366         16,358         16,330         16,288
outstanding -
basic
Weighted
average common
shares            16,425         16,414         16,392         16,370         16,327
outstanding -
diluted
                                                                              
Key Ratios:
Return on         1.19       %   1.17       %   1.16       %   1.11       %   1.04       %
average assets
Return on
average           1.21       %   1.19       %   1.18       %   1.14       %   1.07       %
tangible assets
- Non-GAAP (1)
Return on         12.01      %   12.02      %   11.98      %   11.85      %   10.89      %
average equity
Return on
average           15.29      %   15.37      %   15.41      %   15.35      %   14.10      %
tangible equity
- Non-GAAP (1)
                                                                              
Capital Ratios:
Tier 1
risk-based        12.01% (i)     11.93      %   11.90      %   11.96      %   11.61      %
capital
Total
risk-based        13.26% (i)     13.18      %   13.15      %   13.22      %   12.86      %
capital
Tier 1 leverage   9.30% (i)      9.11       %   9.00       %   8.75       %   8.70       %
ratio
Equity to         9.62       %   9.79       %   9.63       %   9.51       %   9.18       %
assets
Tangible equity
to tangible       7.69       %   7.84       %   7.66       %   7.53       %   7.21       %
assets -
Non-GAAP (1)
(i) - estimated
                                                                              
Wealth
Management
Assets under
Administration:
Balance at
beginning of      $4,242,520     $4,079,913     $4,196,447     $3,900,061     $3,728,837
period
Net investment
(depreciation)    (5,887     )   155,427        (131,896   )   298,155        215,449
appreciation &
income
Net client cash   (36,993    )   7,180          15,362         (1,769     )   (36,815    )
flows
Other (2)        —            —            —            —            (7,410     )
Balance at end   $4,199,640   $4,242,520   $4,079,913   $4,196,447   $3,900,061 
of period

(1) See the section labeled “Supplemental Information - Non-GAAP Financial
Measures” at the end of this document.
(2) Represents declassifications of largely low fee-paying assets from assets
under administration due to a change in the scope and/or frequency of services
provided by Washington Trust. The impact of this change on wealth management
revenues was minimal.


Washington Trust Bancorp, Inc. and Subsidiaries
SELECTED FINANCIAL HIGHLIGHTS (unaudited)

                                                  Twelve Months Ended
(Dollars and shares in thousands, except per      Dec 31,       Dec 31,
share amounts)                                     2012           2011
Financial Data:                                                 
Net interest income                                $90,696        $84,955
Provision for loan losses                          2,700          4,700
Noninterest income, excluding OTTI losses          65,435         52,955
Net OTTI losses recognized in earnings             (221       )   (191       )
Noninterest expenses                               102,338        90,373
Income tax expense                                 15,798         12,922
Net income                                         35,074         29,724
                                                                  
Share Data:
Basic earnings per common share                    $2.13          $1.82
Diluted earnings per common share                  $2.13          $1.82
Dividends declared per share                       $0.94          $0.88
Weighted average common shares outstanding -       16,358         16,254
basic
Weighted average common shares outstanding -       16,401         16,284
diluted
                                                                  
Key Ratios:
Return on average assets                           1.16       %   1.02       %
Return on average tangible assets - Non-GAAP (1)   1.18       %   1.04       %
Return on average equity                           11.97      %   10.61      %
Return on average tangible equity - Non-GAAP (1)   15.35      %   13.85      %
                                                                  
Asset Quality Data:
Allowance for Loan Losses:
Balance at beginning of period                     $29,802        $28,583
Provision charged to earnings                      2,700          4,700
Charge-offs                                        (2,335     )   (3,834     )
Recoveries                                        706          353        
Balance at end of period                          $30,873      $29,802    
                                                                  
Net Loan Charge-Offs (Recoveries):
Commercial mortgages                               $43            $953
Other commercial                                   1,076          1,374
Residential real estate mortgages                  257            637
Consumer                                          253          517        
Total                                             $1,629       $3,481     
                                                                  
Net charge-offs to average loans (annualized)      0.07       %   0.17       %
                                                                  
Wealth Management Assets Under Administration:
Balance at beginning of period                     $3,900,061     $3,967,207
Net investment appreciation (depreciation) &       315,799        (12,324    )
income
Net client cash flows                              (16,220    )   (47,412    )
Other (2)                                         —            (7,410     )
Balance at end of period                          $4,199,640   $3,900,061 

(1) See the section labeled “Supplemental Information - Non-GAAP Financial
Measures” at the end of this document.
(2) Represents declassifications of largely low fee-paying assets from assets
under administration due to a change in the scope and/or frequency of services
provided by Washington Trust. The impact of this change on wealth management
revenues was minimal.


Washington Trust Bancorp, Inc. and Subsidiaries
SELECTED FINANCIAL HIGHLIGHTS (unaudited)

                              For the Quarters Ended
                             Dec 31,  Sep 30,  Jun 30,  Mar 31,  Dec 31,
                               2012      2012      2012      2012      2011
Average Yield / Rate                                              
(taxable equivalent basis):
Assets:
Commercial mortgages and       4.90  %   4.94  %   5.03  %   5.13  %   5.19  %
other commercial loans
Residential real estate
loans, including mortgage      4.23  %   4.32  %   4.40  %   4.51  %   4.46  %
loans held for sale
Consumer loans                 3.86  %   3.89  %   3.85  %   3.89  %   3.87  %
Total loans                    4.53  %   4.59  %   4.65  %   4.74  %   4.74  %
Cash, federal funds sold and   0.26  %   0.26  %   0.23  %   0.15  %   0.19  %
other short-term investments
FHLBB stock                    0.48  %   0.51  %   0.54  %   0.50  %   0.30  %
Taxable debt securities        3.49  %   3.50  %   3.63  %   3.62  %   3.58  %
Nontaxable debt securities     5.89  %   5.83  %   5.93  %   5.92  %   5.82  %
Corporate stocks               —         —         7.58  %   7.16  %   5.89  %
Total securities               3.86  %   3.83  %   3.95  %   3.93  %   3.88  %
Total interest-earning         4.31  %   4.34  %   4.41  %   4.43  %   4.44  %
assets
Liabilities:
NOW accounts                   0.07  %   0.06  %   0.06  %   0.08  %   0.10  %
Money market accounts          0.28  %   0.26  %   0.23  %   0.22  %   0.24  %
Savings accounts               0.09  %   0.11  %   0.11  %   0.11  %   0.12  %
Time deposits                  1.32  %   1.33  %   1.35  %   1.41  %   1.45  %
FHLBB advances                 3.27  %   3.18  %   3.25  %   3.14  %   3.44  %
Junior subordinated            4.75  %   4.74  %   4.77  %   4.78  %   4.73  %
debentures
Other                          5.51  %   6.33  %   2.07  %   4.98  %   4.59  %
Total interest-bearing         1.19  %   1.27  %   1.33  %   1.38  %   1.45  %
liabilities
                                                                       
Interest rate spread           3.12  %   3.07  %   3.08  %   3.05  %   2.99  %
(taxable equivalent basis)
Net interest margin (taxable   3.33  %   3.28  %   3.30  %   3.27  %   3.22  %
equivalent basis)

                             
                               At December 31, 2012
                               Amortized   Unrealized  Unrealized  Fair
(Dollars in thousands)        Cost (1)    Gains       Losses      Value
Securities Available for
Sale:
Obligations of U.S.
government-sponsored           $29,458      $2,212       $—           $31,670
enterprises
Mortgage-backed securities
issued by U.S. government
agencies and U.S.              217,136      14,097       —            231,233
government-sponsored
enterprises
States and political           68,196       4,424        —            72,620
subdivisions
Trust preferred securities:
Individual name issuers        30,677       —            (5,926   )   24,751
Collateralized debt            4,036        —            (3,193   )   843
obligations
Corporate bonds               13,905     476        —          14,381
Total securities available    363,408    21,209     (9,119   )  375,498
for sale
Held to Maturity:
Mortgage-backed securities
issued by U.S. government
agencies and U.S.             40,381     1,039      —          41,420
government-sponsored
enterprises
Total securities held to      40,381     1,039      —          41,420
maturity
Total securities              $403,789   $22,248    ($9,119  )  $416,918

(1) Net of other-than-temporary impairment losses recognized in earnings.


Washington Trust Bancorp, Inc. and Subsidiaries
SELECTED FINANCIAL HIGHLIGHTS (unaudited)

                            Period End Balances At
(Dollars in thousands)      Dec 31,       Sep 30,       Jun 30,       Mar 31,       Dec 31,
                             2012           2012           2012           2012           2011
Loans:                                                                              
Commercial:  Mortgages      $710,813       $693,221       $664,410       $642,012       $624,813
              Construction
              &              27,842         25,132         17,365         11,130         10,955
              development
            Other         513,764      500,974      510,220      486,258      488,860
              Total          1,252,419      1,219,327      1,191,995      1,139,400      1,124,628
              commercial
Residential
real          Mortgages      692,798        692,659        680,772        675,249        678,582
estate:
            Homeowner     24,883       22,753       21,247       21,708       21,832
              construction
              Total
              residential    717,681        715,412        702,019        696,957        700,414
              real estate
Consumer:     Home equity    226,861        227,549        224,550        223,311        223,430
              lines
              Home equity    39,329         39,452         40,690         40,793         43,121
              loans
            Other         57,713       54,957       54,588       54,898       55,566
            Total         323,903      321,958      319,828      319,002      322,117
              consumer
            Total loans   $2,294,003   $2,256,697   $2,213,842   $2,155,359   $2,147,159

                                                   
                                                     At December 31, 2012
(Dollars in thousands)                              Balance     % of Total
Commercial Real Estate Loans by Property Location:              
Rhode Island, Connecticut, Massachusetts             $707,068     95.7    %
New York                                             22,081       3.0     %
New Hampshire                                        9,290        1.3     %
Other                                               216        —       
Total commercial real estate loans (1)              $738,655   100.0   %

(1) Commercial real estate loans consist of commercial mortgages and
construction and development loans. Commercial mortgages are loans secured by
income producing property.


                                                      At December 31, 2012
(Dollars in thousands)                                Balance     % of Total
Residential Mortgages by Property Location:                       
Rhode Island, Connecticut, Massachusetts               $697,814     97.2    %
New York, Virginia, New Jersey, Maryland,              9,591        1.3     %
Pennsylvania, District of Columbia
New Hampshire                                          3,903        0.5     %
Ohio                                                   2,953        0.4     %
Washington, Oregon                                     1,379        0.2     %
Georgia                                                1,101        0.2     %
New Mexico                                             476          0.1     %
Other                                                 464        0.1     %
Total residential mortgages                           $717,681   100.0   %

              
                Period End Balances At
(Dollars in    Dec 31,       Sep 30,       Jun 30,       Mar 31,       Dec 31,
thousands)      2012           2012           2012           2012           2011
Deposits:                                                              
Demand          $379,889       $352,330       $321,488       $333,833       $339,809
deposits
NOW accounts    291,174        267,495        263,124        258,986        257,031
Money market    496,402        459,671        388,686        400,396        406,777
accounts
Savings         274,934        268,191        264,772        257,495        243,904
accounts
Time deposits  870,232      886,972      892,383      894,852      878,794
Total          $2,312,631   $2,234,659   $2,130,453   $2,145,562   $2,126,315
deposits
                                                                            
Out-of-market
brokered
certificates    $102,636       $98,603        $102,661       $95,989        $90,073
of deposits
included in
time deposits
In-market
deposits,
excluding
out-of-market   $2,209,995     $2,136,056     $2,027,792     $2,049,573     $2,036,242
brokered
certificates
of deposit
                                                                            


Washington Trust Bancorp, Inc. and Subsidiaries
SELECTED FINANCIAL HIGHLIGHTS (unaudited)

                    Period End Balances At
(Dollars in         Dec 31,    Sep 30,    Jun 30,    Mar 31,    Dec 31,
thousands)           2012        2012        2012        2012        2011
Asset Quality                                                   
Data:
Nonperforming
Assets:
Commercial           $10,681     $5,956      $2,597      $5,099      $5,709
mortgages
Commercial
construction and     —           —           —           —           —
development
Other commercial     4,412       3,201       3,405       4,200       3,708
Residential real     6,158       7,127       8,659       9,031       10,614
estate mortgages
Consumer            1,292     1,463     1,081     1,069     1,206   
Total nonaccrual     $22,543     $17,747     $15,742     $19,399     $21,237
loans
Nonaccrual
investment           843         929         767         750         887
securities
Property acquired
through             2,047     2,447     2,332     3,478     2,647   
foreclosure or
repossession
Total
nonperforming       $25,433   $21,123   $18,841   $23,627   $24,771 
assets
                                                                     
Total past due
loans to total       1.22    %   1.05    %   0.92    %   0.98    %   1.22    %
loans
Nonperforming
assets to total      0.83    %   0.69    %   0.62    %   0.78    %   0.81    %
assets
Nonaccrual loans     0.98    %   0.79    %   0.71    %   0.90    %   0.99    %
to total loans
Allowance for loan
losses to            136.95  %   173.28  %   193.42  %   154.88  %   140.33  %
nonaccrual loans
Allowance for loan
losses to total      1.35    %   1.36    %   1.38    %   1.39    %   1.39    %
loans
                                                                     
Troubled Debt
Restructured
Loans:
Accruing troubled
debt restructured
loans:
Commercial           $9,569      $9,131      $1,251      $1,059      $6,389
mortgages
Other commercial     6,577       6,880       6,916       7,329       6,625
Residential real     1,123       386         570         935         1,481
estate mortgages
Consumer            154       158       159       174       171     
Accruing troubled
debt restructured   17,423    16,555    8,896     9,497     14,666  
loans
Nonaccrual
troubled debt
restructured
loans:
Commercial           —           —           —           348         91
mortgages
Other commercial     2,063       2,306       2,317       2,361       2,154
Residential real     688         1,697       2,028       1,904       2,615
estate mortgages
Consumer            44        46        47        35        106     
Nonaccrual
troubled debt       2,795     4,049     4,392     4,648     4,966   
restructured loans
Total troubled
debt restructured   $20,218   $20,604   $13,288   $14,145   $19,632 
loans
                                                                             


Washington Trust Bancorp, Inc. and Subsidiaries
SELECTED FINANCIAL HIGHLIGHTS (unaudited)

                      Period End Balances At
(Dollars in           Dec 31,    Sep 30,    Jun 30,    Mar 31,    Dec 31,
thousands)             2012        2012        2012        2012        2011
Past Due Loans:                                                   
Loans 30-59 Days
Past Due:
Commercial mortgages   $373        $3,978      $411        $104        $1,621
Other commercial       260         2,719       849         1,031       3,760
loans
Residential real       4,840       2,368       4,969       4,468       3,969
estate mortgages
Consumer loans        1,134     1,876     2,660     2,404     1,073
Loans 30-59 days      $6,607    $10,941   $8,889    $8,007    $10,423
past due
                                                                       
Loans 60-89 Days
Past Due:
Commercial mortgages   $408        $874        $233        $—          $315
Other commercial       296         1,169       434         33          982
loans
Residential real       1,951       821         1,600       488         1,505
estate mortgages
Consumer loans        385       1,213     677       219       263
Loans 60-89 days      $3,040    $4,077    $2,944    $740      $3,065
past due
                                                                       
Loans 90 Days or
more Past Due:
Commercial mortgages   $10,300     $2,495      $2,339      $4,676      $4,995
Other commercial       3,647       1,366       1,714       2,521       633
loans
Residential real       3,658       3,924       4,039       4,843       6,283
estate mortgages
Consumer loans        844       811       362       326       874
Loans 90 days or      $18,449   $8,596    $8,454    $12,366   $12,785
more past due
                                                                       
Total Past Due
Loans:
Commercial mortgages   $11,081     $7,347      $2,983      $4,780      $6,931
Other commercial       4,203       5,254       2,997       3,585       5,375
loans
Residential real       10,449      7,113       10,608      9,799       11,757
estate mortgages
Consumer loans        2,363     3,900     3,699     2,949     2,210
Total past due loans  $28,096   $23,614   $20,287   $21,113   $26,273
                                                                       
Nonaccrual loans
included in past due   $20,979     $14,471     $12,719     $14,747     $17,588
loans

                   
                     For the Quarters Ended
(Dollars in         Dec 31,    Sep 30,    Jun 30,    Mar 31,    Dec 31,
thousands)           2012        2012        2012        2012        2011
Allowance for Loan                                              
Losses:
Balance at
beginning of         $30,752     $30,448     $30,045     $29,802     $29,641
period
Provision charged    600         600         600         900         1,000
to earnings
Charge-offs          (534    )   (424    )   (696    )   (681    )   (920    )
Recoveries          55        128       499       24        81      
Balance at end of   $30,873   $30,752   $30,448   $30,045   $29,802 
period
                                                                     
Net Loan
Charge-Offs
(Recoveries):
Commercial           $212        $212        ($388   )   $7          $249
mortgages
Other commercial     225         (22     )   549         324         39
Residential real     39          41          (47     )   224         273
estate mortgages
Consumer            3         65        83        102       278     
Total               $479      $296      $197      $657      $839    
                                                                             

The following tables present average balance and interest rate information.
Tax-exempt income is converted to a fully taxable equivalent basis using the
statutory federal income tax rate adjusted for applicable state income taxes,
net of the related federal tax benefit. For dividends on corporate stocks, the
70% federal dividends received deduction is also used in the calculation of
tax equivalency. Unrealized gains (losses) on available for sale securities
are excluded from the average balance and yield calculations. Nonaccrual and
renegotiated loans, as well as interest earned on these loans (to the extent
recognized in the Consolidated Statements of Income) are included in amounts
presented for loans.


Washington Trust Bancorp, Inc. and Subsidiaries
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited)

Three months ended   2012                             2011
December 31,
                     Average                Yield/   Average                 Yield/
(Dollars in          Balance     Interest   Rate    Balance       Interest  Rate
thousands)
Assets:                                               
Commercial
mortgages and other   $1,227,120   $15,121     4.90 %   $1,082,834     $14,159    5.19 %
commercial loans
Residential real
estate loans,         757,764      8,049       4.23 %   717,250        8,065      4.46 %
including mortgage
loans held for sale
Consumer loans       322,476     3,131     3.86 %  323,339      3,155     3.87 %
Total loans           2,307,360    26,301      4.53 %   2,123,423      25,379     4.74 %
Cash, federal funds
sold and short-term   42,056       27          0.26 %   35,429         17         0.19 %
investments
FHLBB stock           40,418       49          0.48 %   42,008         32         0.30 %
                                                                                  
Taxable debt          369,736      3,241       3.49 %   490,589        4,422      3.58 %
securities
Nontaxable debt       68,198       1,010       5.89 %   75,352         1,105      5.82 %
securities
Corporate stocks     —           —         —      2,291        34        5.89 %
Total securities     437,934     4,251     3.86 %  568,232      5,561     3.88 %
Total
interest-earning      2,827,768    30,628      4.31 %   2,769,092      30,989     4.44 %
assets
Noninterest-earning  216,996                      214,556               
assets
Total assets         $3,044,764                   $2,983,648            
Liabilities and
Shareholders'
Equity:
NOW accounts          $276,572     $49         0.07 %   $243,241       $63        0.10 %
Money market          473,747      338         0.28 %   402,652        245        0.24 %
accounts
Savings accounts      271,716      60          0.09 %   239,110        70         0.12 %
Time deposits         886,355      2,933       1.32 %   897,535        3,274      1.45 %
FHLBB advances        382,465      3,148       3.27 %   484,537        4,202      3.44 %
Junior subordinated   32,991       394         4.75 %   32,991         393        4.73 %
debentures
Other                289         4         5.51 %  21,194       245       4.59 %
Total
interest-bearing      2,324,135    6,926       1.19 %   2,321,260      8,492      1.45 %
liabilities
Demand deposits       362,060                           330,027
Other liabilities     58,139                            46,654
Shareholders'        300,430                      285,707               
equity
Total liabilities
and shareholders'    $3,044,764                   $2,983,648            
equity
Net interest income             $23,702                       $22,497   
(FTE)
Interest rate                                  3.12 %                             2.99 %
spread
Net interest margin                       3.33 %                        3.22 %
                                                                                       

Interest income amounts presented in the preceding table include the following
adjustments for taxable equivalency:

(Dollars in thousands)                  
                                           
Three months ended December 31,  2012    2011
Commercial loans                  $192     $95
Nontaxable debt securities        346      376
Corporate stocks                 —      11
Total                            $538   $482
                                           


Washington Trust Bancorp, Inc. and Subsidiaries
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited)

Twelve months ended  2012                            2011
December 31,
                     Average               Yield/   Average               Yield/
(Dollars in          Balance     Interest  Rate    Balance     Interest  Rate
thousands)
Assets:                                              
Commercial
mortgages and other   $1,177,268   $58,823    5.00 %   $1,063,322   $55,592    5.23 %
commercial loans
Residential real
estate loans,         733,178      31,974     4.36 %   678,697      31,447     4.63 %
including mortgage
loans held for sale
Consumer loans       320,828     12,428    3.87 %  324,002     12,649    3.90 %
Total loans           2,231,274    103,225    4.63 %   2,066,021    99,688     4.83 %
Cash, federal funds
sold and short-term   41,359       91         0.22 %   35,625       69         0.19 %
investments
FHLBB stock           40,713       207        0.51 %   42,008       124        0.30 %
                                                                               
Taxable debt          431,024      15,359     3.56 %   489,210      18,704     3.82 %
securities
Nontaxable debt       69,838       4,115      5.89 %   77,634       4,555      5.87 %
securities
Corporate stocks     910         68        7.47 %  2,456       177       7.21 %
Total securities     501,772     19,542    3.89 %  569,300     23,436    4.12 %
Total
interest-earning      2,815,118    123,065    4.37 %   2,712,954    123,317    4.55 %
assets
Noninterest-earning  221,031                     214,214              
assets
Total assets         $3,036,149                  $2,927,168           
Liabilities and
Shareholders'
Equity:
NOW accounts          $259,595     $175       0.07 %   $232,545     $242       0.10 %
Money market          430,262      1,078      0.25 %   392,002      1,051      0.27 %
accounts
Savings accounts      261,795      276        0.11 %   229,180      286        0.12 %
Time deposits         893,474      12,061     1.35 %   925,064      14,113     1.53 %
FHLBB advances        466,424      14,957     3.21 %   492,714      18,158     3.69 %
Junior subordinated   32,991       1,570      4.76 %   32,991       1,568      4.75 %
debentures
Other                5,093       248       4.87 %  21,891      973       4.44 %
Total
interest-bearing      2,349,634    30,365     1.29 %   2,326,387    36,391     1.56 %
liabilities
Demand deposits       338,046                          278,120
Other liabilities     55,382                           42,554
Shareholders'        293,087                     280,107              
equity
Total liabilities
and shareholders'    $3,036,149                  $2,927,168           
equity
Net interest income             $92,700                     $86,926   
(FTE)
Interest rate                                 3.08 %                           2.99 %
spread
Net interest margin                      3.29 %                      3.20 %
                                                                                    

Interest income amounts presented in the preceding table include the following
adjustments for taxable equivalency:

(Dollars in thousands)                     
                                              
Twelve months ended December 31,  2012      2011
Commercial loans                   $569       $369
Nontaxable debt securities         1,416      1,553
Corporate stocks                  19       49
Total                             $2,004   $1,971
                                              


Washington Trust Bancorp, Inc. and Subsidiaries
SUPPLEMENTAL INFORMATION - Non-GAAP Financial Measures (unaudited)

               At or for the Quarters Ended
(Dollars in
thousands,      Dec 31,        Sep 30,        Jun 30,        Mar 31,        Dec 31,
except per     2012          2012          2012          2012          2011
share
amounts)
Calculation
of Tangible                                                            
Book Value
per Share:
Total
shareholders'   $295,652       $298,394       $292,734       $287,935       $281,351
equity at end
of period
Less:
Goodwill        58,114         58,114         58,114         58,114         58,114
Identifiable
intangible     6,173        6,346        6,528        6,714        6,901      
assets, net
Total
tangible
shareholders'  $231,365     $233,934     $228,092     $223,107     $216,336   
equity at end
of period
                                                                            
Shares
outstanding    16,380       16,371       16,359       16,354       16,292     
at end of
period
                                                                            
Book value
per share -    $18.05       $18.23       $17.89       $17.61       $17.27     
GAAP
Tangible book
value per      $14.13       $14.29       $13.94       $13.64       $13.28     
share -
Non-GAAP
                                                                            
Calculation
of Tangible
Equity to
Tangible
Assets:
Total
tangible
shareholders'  $231,365     $233,934     $228,092     $223,107     $216,336   
equity at end
of period
                                                                            
Total assets
at end of       $3,071,884     $3,048,868     $3,041,050     $3,028,690     $3,064,098
period
Less:
Goodwill        58,114         58,114         58,114         58,114         58,114
Identifiable
intangible     6,173        6,346        6,528        6,714        6,901      
assets, net
Total
tangible       $3,007,597   $2,984,408   $2,976,408   $2,963,862   $2,999,083 
assets at end
of period
                                                                            
Equity to      9.62       %  9.79       %  9.63       %  9.51       %  9.18       %
assets - GAAP
Tangible
equity to
tangible       7.69       %  7.84       %  7.66       %  7.53       %  7.21       %
assets -
Non-GAAP
                                                                            
Calculation
of Return on
Average
Tangible
Assets:
Net income     $9,023       $8,900       $8,713       $8,438       $7,777     
                                                                            
Total average   $3,044,764     $3,045,203     $3,017,167     $3,037,270     $2,983,648
assets
Less:
Average         58,114         58,114         58,114         58,114         58,114
goodwill
Average
identifiable   6,257        6,434        6,619        6,805        7,025      
intangible
assets, net
Total average
tangible       $2,980,393   $2,980,655   $2,952,434   $2,972,351   $2,918,509 
assets
                                                                            
Return on
average        1.19       %  1.17       %  1.16       %  1.11       %  1.04       %
assets - GAAP
Return on
average
tangible       1.21       %  1.19       %  1.18       %  1.14       %  1.07       %
assets -
Non-GAAP
                                                                            
Calculation
of Return on
Average
Tangible
Equity:
Net income     $9,023       $8,900       $8,713       $8,438       $7,777     
                                                                            
Total average
shareholders'   $300,430       $296,150       $290,854       $284,801       $285,707
equity
Less:
Average         58,114         58,114         58,114         58,114         58,114
goodwill
Average
identifiable   6,257        6,434        6,619        6,805        7,025      
intangible
assets, net
Total average
tangible       $236,059     $231,602     $226,121     $219,882     $220,568   
shareholders'
equity
                                                                            
Return on
average        12.01      %  12.02      %  11.98      %  11.85      %  10.89      %
shareholders'
equity - GAAP
Return on
average
tangible       15.29      %  15.37      %  15.41      %  15.35      %  14.10      %
shareholders'
equity -
Non-GAAP
                                                                                       


Washington Trust Bancorp, Inc. and Subsidiaries
SUPPLEMENTAL INFORMATION - Non-GAAP Financial Measures (unaudited)

                                                  Twelve Months Ended
(Dollars in thousands)                            Dec 31,       Dec 31,
                                                   2012           2011
Calculation of Return on Average Tangible                       
Assets:
Net income                                        $35,074      $29,724    
                                                                  
Total average assets                               $3,036,149     $2,927,168
Less:
Average goodwill                                   58,114         58,114
Average identifiable intangible assets, net       6,528        7,374      
Total average tangible assets                     $2,971,507   $2,861,680 
                                                                  
Return on average assets - GAAP                   1.16       %  1.02       %
Return on average tangible assets - Non-GAAP      1.18       %  1.04       %
                                                                  
                                                                  
Calculation of Return on Average Tangible
Equity:
Net income                                        $35,074      $29,724    
                                                                  
Total average shareholders' equity                 $293,087       $280,107
Less:
Average goodwill                                   58,114         58,114
Average identifiable intangible assets, net       6,528        7,374      
Total average tangible shareholders' equity       $228,445     $214,619   
                                                                  
Return on average shareholders' equity - GAAP     11.97      %  10.61      %
Return on average tangible shareholders' equity   15.35      %  13.85      %
- Non-GAAP

Contact:

Washington Trust Bancorp, Inc.
Elizabeth B. Eckel, 401-348-1309
Senior Vice President, Marketing
ebeckel@washtrust.com
 
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