Exhibit 99.1

[Graphic omitted]

NASDAQ: WASH

Contact:  Elizabeth B. Eckel

Senior Vice President, Marketing

Telephone:  (401) 348-1309

E-mail:  ebeckel@washtrust.com

Date:  July 21, 2008

FOR IMMEDIATE RELEASE

Washington Trust Announces Increased Second Quarter 2008 Earnings

Westerly, Rhode Island…Washington Trust Bancorp, Inc. (NASDAQ Global Select; symbol: WASH), parent company of The Washington Trust Company, today announced second quarter 2008 net income of $6.1 million, or 45 cents per diluted share; a 12.5 percent increase over the 40 cents per diluted share reported for the second quarter a year ago.  The returns on average equity and average assets for the second quarter of 2008 were 12.88% and 0.92%, respectively, compared to 12.57% and 0.92%, respectively, for the same period in 2007.

Second Quarter 2008 Overview:

●   Net interest income increased by $1.3 million from the second quarter last year primarily due to higher earning-asset levels and lower deposit costs.

●   The loan loss provision charged to earnings was $1.4 million, due largely to growth in the loan portfolio as well as an ongoing evaluation of credit quality and general economic conditions.

●   Wealth Management revenues for the second quarter of 2008 were up by 2 percent from the same quarter a year ago.  Wealth management assets under administration amounted to $3.9 billion at June 30, 2008, up $45 million in the second quarter and up $56 million from the June 30, 2007 balance.

●   Net losses on securities for the second quarter of 2008 totaled $53 thousand as compared to net losses of $700 thousand in the same quarter last year.

●   Noninterest expenses for the second quarter of 2008 were up by 2 percent compared to the same quarter last year.

●   Commercial loan growth continued to be strong with an increase of $68.7 million in the quarter, representing the seventh consecutive quarter of growth.  Commercial loans have increased $172.0 million, or 28 percent, from the balance at June 30, 2007.

●   Nonperforming assets remain at manageable levels with a modest increase from $5.7 million, or 0.22% of total assets, at March 31, 2008 to $6.2 million, or 0.23% of total assets, at June 30, 2008.  Net charge-offs were $161 thousand in the second quarter of 2008.

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Washington Trust

Page Two, July 21, 2008

Commenting on the quarter, John C. Warren, Chairman and Chief Executive Officer, said, "Washington Trust’s second quarter results were particularly noteworthy considering the deterioration of economic conditions and declines in the financial markets.  In the face of these strong headwinds we have achieved solid earnings through active management and believe our disciplined credit culture is serving us well.”

Net income for the six months ended June 30, 2008 amounted to $11.9 million, or 88 cents per diluted share, compared to the $11.5 million, or 84 cents per diluted share, for the same period in 2007.  Results for the first half of 2007 included $1.1 million in debt prepayment charges, recorded in noninterest expense in the first quarter of 2007 as a result of prepayments of higher cost Federal Home Loan Bank of Boston (“FHLBB”) advances.  There have been no debt prepayment penalty charges recognized in 2008.  The returns on average equity and average assets for the first six months of 2008 were 12.55% and 0.91%, respectively, compared to 13.12% and 0.96%, respectively, for the same period in 2007.

RESULTS OF OPERATIONS

Net interest income for the second quarter of 2008 increased $1.1 million, or 7.5 percent, compared to the first quarter of 2008 and $1.3 million, or 8.6 percent, from the second quarter a year ago, due primarily to higher earning-asset levels and lower deposit costs.  On a year to date basis, net interest income is up $1.5 million, or 5.0 percent, from 2007, due to growth in interest-earning assets.

The net interest margin (annualized tax-equivalent net interest income as a percentage of average earning assets) for the second quarter of 2008 was 2.71%, up 12 basis points from the first quarter of 2008 and down 5 basis points from the second quarter of 2007.  The increase in the margin on a linked quarter basis was largely attributable to lower deposit and funding costs.  For the six months ended June 30, 2008 the net interest margin was 2.65% compared to 2.79% for the same period in 2007.  The decline in net interest margin on a year to date basis reflects decreases in yields on prime-related commercial and consumer loans resulting from actions taken by the Federal Reserve to reduce short-term interest rates, with less commensurate reduction in deposit rates paid during the same period.

For the quarters ended June 30, 2008 and 2007 net losses on securities amounted to $53 thousand and $700 thousand, respectively.  Included in the second quarter 2008 net losses of $53 thousand were impairment charges of $1.1 million recognized on three preferred stock holdings and realized gains of $1.1 million on sales of equity securities.  Net losses on securities for the second quarter of 2007 included

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Washington Trust

Page Three, July 21, 2008

approximately $1.3 million of net losses on sales of certain U.S. Government sponsored agency and mortgage-backed securities, $195 thousand of gains from certain debt and equity securities that were called prior to their maturity by the issuers, and $397 thousand of gains resulting from the Corporation’s annual contribution of appreciated equity securities to the Corporation’s charitable foundation.  For the first six months of 2008, net losses on securities amounted to $98 thousand as compared to net gains of $336 thousand for the same period in 2007.

Excluding net gains and losses on securities, noninterest income amounted to $12.2 million for the second quarter of 2008, up $389 thousand, or 3 percent, from the same period a year ago.  Wealth management revenues for the second quarter of 2008 were up $157 thousand, or 2 percent, from the second quarter of 2007.  For the first half of 2008, noninterest income on this basis totaled $23.3 million, up $1.3 million, or 6 percent, from the first half of 2007.  Wealth management revenues for the six months ended June 30, 2008 increased by $545 thousand, or 4 percent, from the same period in 2007.  Wealth management assets under administration totaled $3.924 billion at June 30, 2008, down $90.8 million, or 2 percent, from December 31, 2007 and up $55.9 million, or 1 percent, from June 30, 2007.  The decline in assets under administration in the first six months of 2008 was primarily due to lower valuations in the equity markets.

Noninterest expenses amounted to $18.1 million for the second quarter of 2008, up $294 thousand from the same quarter a year ago.  Included in noninterest expenses in the second quarter of 2007 was $520 thousand representing the cost of the Corporation’s contribution of appreciated equity securities to its charitable foundation.  Washington Trust expects to make its annual contribution to the foundation later this year.  For the six months ended June 30, 2008, noninterest expenses totaled $35.2 million, up $327 thousand, or 1 percent, from the same period in 2007.  Excluding first quarter 2007 debt prepayment penalties and the second quarter 2007 charitable contribution, noninterest expenses for the first six months of 2008 increased $1.9 million, or 6 percent, from the same period in 2007.  Approximately 40 percent of the 2008 increase, on this basis, represents costs attributable to our wealth management business, an increase in FDIC deposit insurance costs and to operating expenses related to a de novo branch opened in June 2007.

Income tax expense amounted to $2.8 million and $5.5 million, respectively, for the three and six months ended June 30, 2008, as compared to $2.5 million and $5.2 million, respectively, for the same periods in 2007.  The Corporation’s effective tax rate for the three and six months ended June 30, 2008 was 31.6% and 31.7%, respectively, as compared to 31.4% for each of the same periods last year.

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ASSET QUALITY

Nonperforming assets (nonaccrual loans and property acquired through foreclosure) amounted to $6.2 million, or 0.23% of total assets, at June 30, 2008, compared to $4.3 million, or 0.17% of total assets, at December 31, 2007 and $3.0 million, or 0.12% of total assets, at June 30, 2007.  There were no properties acquired through foreclosure on the balance sheet at June 30, 2008, December 31, 2007 and June 30, 2007.

Nonaccrual loans as a percent of total loans stood at 0.36% at June 30, 2008 compared to 0.27% of total loans at December 31, 2007 and 0.20% of total loans at June 30, 2007.  The increase in nonaccrual loans was largely due to certain commercial loan relationships moving into the non-accruing loan classification.

Total 30 day+ delinquencies amounted to $15.0 million, or 0.88% of total loans, at June 30, 2008, up $8.0 million in the first six months of 2008 and up $5.9 million from the balance a year earlier.  Commercial loans represent $12.4 million, or 83%, of total delinquencies at June 30, 2008.

Washington Trust has never offered a subprime residential loan program.  Total residential mortgage and consumer loan 30 day+ delinquencies increased modestly in the first half of 2008 to $2.6 million, or 0.29% of these loans, at June 30, 2008, compared to $2.3 million, or 0.26%, at December 31, 2007.  Total 90 day+ delinquencies in the residential mortgage portfolio amounted to $408 thousand (two loans) at June 30, 2008.  There were no consumer loans in the 90 day+ delinquency category at June 30, 2008.  Total nonaccrual loans, which include the 90 day+ delinquencies, amounted to $1.1 million and $170 thousand in the residential mortgage and consumer loan categories, respectively, at June 30, 2008.

The Corporation’s loan loss provision charged to earnings amounted to $1.4 million and $1.850 million, respectively, for the three and six months ended June 30, 2008, compared to $300 thousand and $600 thousand for the same periods in 2007.  The provision for loan losses was based on management’s assessment of various factors affecting the loan portfolio, including, among others, growth in the portfolio, ongoing evaluation of credit quality and general economic conditions.  Net charge-offs amounted to $161 thousand and $164 thousand, respectively, for the quarter and first six months of 2008, as compared to net charge-offs of $333 thousand and $167 thousand for the same periods in 2007.

The Corporation will continue to assess the adequacy of its allowance for loan losses in accordance with its established policies.  The allowance for loan losses was $22.0 million, or 1.29% of total loans, at June 30, 2008, compared to $20.3 million, or 1.29% of total loans, at December 31, 2007, and $19.3 million, or 1.30% of total loans, at June 30, 2007.

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Washington Trust

Page Five, July 21, 2008

FINANCIAL CONDITION

Total assets were $2.733 billion at June 30, 2008, up $193.0 million from December 31, 2007.  Total loans grew by $132.0 million, or 8.4 percent, during the first six months of 2008 and amounted to $1.7 billion.  Commercial loans rose by $68.7 million, or 9.5 percent, in the second quarter of 2008 and by $114.7 million, or 16.9 percent, in the first six months of 2008.  Residential loans increased by $30.5 million, or 5.3 percent, in the second quarter of 2008, including purchases of $30.8 million.  On a year to date basis, residential loans increased by $8.7 million, or 1.4 percent.  Consumer loans increased by $7.9 million, or 2.7 percent, in the second quarter of 2008 and by $8.6 million, or 2.9 percent, in the first six months of 2008.  The investment securities portfolio totaled $790.1 million at June 30, 2008, up $38.3 million from December 31, 2007.  This increase includes an increase of $60.9 million in mortgage-backed securities during the second quarter of 2008.  At June 30, 2008, the fair value of mortgage-backed securities amounted to $586.1 million.  All of the Corporation’s mortgage-backed securities are issued by U.S. Government or U.S. Government-sponsored agencies.

Total deposits decreased by $36.7 million in the first six months of 2008.  Excluding brokered certificates of deposit, in-market deposits fell by $20.6 million, or 1.4 percent, from the balance at December 31, 2007.  Runoff occurred in money market and time deposits, while demand deposits and NOW account balances rose by $18.1 million in the first half of 2008.  FHLBB advances totaled $845.3 million at June 30, 2008, up $228.9 million from the balance at December 31, 2007.

Total shareholders’ equity amounted to $186.4 million at June 30, 2008, compared to $186.5 million at December 31, 2007.  Book value per share as of June 30, 2008 and December 31, 2007 amounted to $13.91 and $13.97, respectively.  The Corporation’s capital ratios at June 30, 2008 place the Corporation in the “well-capitalized” category according to regulatory standards.

As previously reported, in April 2008, the Corporation sponsored the creation of Washington Preferred Capital Trust (“Washington Preferred”).  Washington Preferred is a newly formed Delaware statutory trust created for the sole purpose of issuing trust preferred securities and investing the proceeds in junior subordinated debentures of the Corporation.

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Washington Trust

Page Six, July 21, 2008

In April 2008, Washington Preferred issued $10,000,000 of trust preferred securities in a private placement to two institutional investors.  The proceeds of the trust preferred securities, along with the proceeds of $310,000 from the issuance of common securities by Washington Preferred to the Corporation, were used to purchase $10,310,000 of the Corporation's floating rate junior subordinated debentures.  Like the trust preferred securities, the junior subordinated debentures mature in June 2038 and bear interest at a rate equal to the three-month LIBOR rate plus 3.50%.  In April 2008, the Corporation also entered into a five-year interest rate swap contract with a notional amount of $10,000,000.  Under the terms of this contract, Washington Trust will pay a fixed rate of 6.97% and receive a rate equal to three-month LIBOR plus 3.50%.

DIVIDENDS DECLARED

The Board of Directors declared a quarterly dividend of 21 cents per share for the quarter ended June 30, 2008, an increase of one cent per share from the most recent quarterly dividend rate.  The dividend was paid on July 11, 2008 to shareholders of record on June 30, 2008.  This represents the 16th consecutive year with a dividend increase for Washington Trust shareholders.

CONFERENCE CALL

Washington Trust Chairman and Chief Executive Officer John C. Warren, and David V. Devault, Executive Vice President, Secretary, Treasurer, and Chief Financial Officer, will host a conference call on Tuesday, July 22, 2008 at 8:30 a.m. (Eastern Time) to discuss the Corporation’s second quarter results.  This call is being webcast by SNL IR Solutions and can be accessed through the Investor Relations section of the Washington Trust website, www.washtrust.com.  A replay of the call will be posted in this same location on the website shortly after the conclusion of the call.  You may also listen to a replay by dialing (877) 344-7529 and entering Conference ID #: 420625.  The replay will be available until 11:59 p.m. on July 29, 2008.

BACKGROUND

Washington Trust Bancorp, Inc. is the parent of The Washington Trust Company, a Rhode Island state-chartered bank founded in 1800.  Washington Trust offers personal banking, business banking and wealth management services through its offices in Rhode Island, Massachusetts and southeastern Connecticut.  Washington Trust Bancorp, Inc.’s common stock trades on the NASDAQ Global Select® under the symbol WASH.  Investor information is available on the Corporation’s web site: www.washtrust.com.

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Page Seven, July 21, 2008

FORWARD-LOOKING STATEMENTS

This press release contains certain statements that may be considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  All statements, other than statements of historical facts, including statements regarding our strategy, effectiveness of investment programs, evaluations of future interest rate trends and liquidity, expectations as to growth in assets, deposits and results of operations, success of acquisitions, future operations, market position, financial position, and prospects, plans, goals and objectives of management are forward-looking statements.  The actual results, performance or achievements of the Corporation could differ materially from those projected in the forward-looking statements as a result of, among other factors, changes in general national or regional economic conditions, 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, reductions in loan demand, changes in loan collectibility, default and charge-off rates, changes in the size and nature of the Corporation’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 December 31, 2007, as filed with the Securities and Exchange Commission, 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.  The Corporation assumes no obligation to update forward-looking statements or update the reasons actual results, performance or achievements could differ materially from those provided in the forward-looking statements, except as required by law.

Washington Trust Bancorp, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
	(unaudited)
(Dollars in thousands)	June 30,			December 31,
	2008			2007
Assets:
Cash and noninterest-bearing balances due from banks	$	39,800		$	30,817
Interest-bearing balances due from banks		575			1,973
Federal funds sold and securities purchased under resale agreements		4,959			7,600
Other short-term investments		1,236			722
Mortgage loans held for sale		2,711			1,981
Securities available for sale, at fair value;
amortized cost $799,938 in 2008 and $750,583 in 2007		790,064			751,778
Federal Home Loan Bank stock, at cost		42,008			31,725
Loans:
Commercial and other		795,013			680,266
Residential real estate		608,351			599,671
Consumer		302,286			293,715
Total loans		1,705,650			1,573,652
Less allowance for loan losses		21,963			20,277
Net loans		1,683,687			1,553,375
Premises and equipment, net		25,170			25,420
Accrued interest receivable		10,617			11,427
Investment in bank-owned life insurance		42,262			41,363
Goodwill		50,479			50,479
Identifiable intangible assets, net		10,781			11,433
Other assets		28,640			19,847
Total assets	$	2,732,989		$	2,539,940
Liabilities:
Deposits:
Demand deposits	$	187,865		$	175,542
NOW accounts		170,733			164,944
Money market accounts		305,860			321,600
Savings accounts		177,490			176,278
Time deposits		767,594			807,841
Total deposits		1,609,542			1,646,205
Dividends payable		2,819			2,677
Federal Home Loan Bank advances		845,291			616,417
Junior subordinated debentures		32,991			22,681
Other borrowings		26,484			32,560
Accrued expenses and other liabilities		29,440			32,887
Total liabilities		2,546,567			2,353,427
Shareholders’ Equity:
Common stock of $.0625 par value; authorized 30,000,000 shares;
issued 13,503,876 shares in 2008 and 13,492,110 shares in 2007		844			843
Paid-in capital		34,852			34,874
Retained earnings		160,593			154,647
Accumulated other comprehensive loss		(7,098	)		(239	)
Treasury stock, at cost; 105,677 shares in 2008 and 137,652 in 2007		(2,769	)		(3,612	)
Total shareholders’ equity		186,422			186,513
Total liabilities and shareholders’ equity	$	2,732,989		$	2,539,940

Washington Trust Bancorp, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(Dollars and shares in thousands, except per share amounts)	(unaudited)
	Three Months						Six Months
Periods ended June 30,	2008			2007			2008			2007
Interest income:
Interest and fees on loans	$	24,406		$	24,414		$	49,376		$	48,348
Interest on securities:
Taxable		8,302			7,839			16,718			15,631
Nontaxable		786			759			1,566			1,427
Dividends on corporate stock and Federal Home Loan Bank stock		489			685			1,109			1,403
Other interest income		50			184			190			375
Total interest income		34,033			33,881			68,959			67,184
Interest expense:
Deposits		9,248			13,215			21,147			26,192
Federal Home Loan Bank advances		7,794			5,112			15,093			10,080
Junior subordinated debentures		509			338			847			676
Other interest expense		275			289			589			439
Total interest expense		17,826			18,954			37,676			37,387
Net interest income		16,207			14,927			31,283			29,797
Provision for loan losses		1,400			300			1,850			600
Net interest income after provision for loan losses		14,807			14,627			29,433			29,197
Noninterest income:
Wealth management services:
Trust and investment advisory fees		5,321			5,252			10,663			10,290
Mutual fund fees		1,445			1,352			2,786			2,614
Financial planning, commissions and other service fees		884			889			1,459			1,459
Wealth management services		7,650			7,493			14,908			14,363
Service charges on deposit accounts		1,208			1,220			2,368			2,345
Merchant processing fees		1,914			1,829			3,186			3,033
Income from bank-owned life insurance		453			399			900			790
Net gains on loan sales and commissions on loans originated for others		433			510			924			774
Net (losses) gains on securities		(53	)		(700	)		(98	)		336
Other income		554			372			1,015			730
Total noninterest income		12,159			11,123			23,203			22,371
Noninterest expense:
Salaries and employee benefits		10,411			10,285			20,754			20,097
Net occupancy		1,064			1,038			2,202			2,055
Equipment		977			861			1,921			1,693
Merchant processing costs		1,598			1,558			2,666			2,577
Outsourced services		742			535			1,378			1,054
Advertising and promotion		467			572			853			1,001
Legal, audit and professional fees		430			404			973			854
Amortization of intangibles		326			348			652			716
Debt prepayment penalties		-			-			-			1,067
Other expenses		2,039			2,159			3,797			3,755
Total noninterest expense		18,054			17,760			35,196			34,869
Income before income taxes		8,912			7,990			17,440			16,699
Income tax expense		2,817			2,508			5,529			5,242
Net income	$	6,095		$	5,482		$	11,911		$	11,457
Weighted average shares outstanding - basic		13,381.1			13,339.6			13,369.6			13,375.7
Weighted average shares outstanding - diluted		13,567.0			13,616.4			13,550.9			13,667.6
Per share information:
Basic earnings per share	$	0.45		$	0.41		$	0.89		$	0.86
Diluted earnings per share	$	0.45		$	0.40		$	0.88		$	0.84
Cash dividends declared per share	$	0.21		$	0.20		$	0.41		$	0.40

Washington Trust Bancorp, Inc. and Subsidiaries
SELECTED FINANCIAL HIGHLIGHTS (unaudited)
	At or for the Quarters Ended
	June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,
(Dollars in thousands, except per share amounts)	2008			2008			2007			2007			2007
Financial Data
Total assets	$	2,732,989		$	2,564,387		$	2,539,940		$	2,431,762		$	2,393,882
Total loans		1,705,650			1,598,582			1,573,652			1,514,493			1,489,174
Total securities		790,064			747,053			751,778			688,709			676,204
Total deposits		1,609,542			1,635,025			1,646,205			1,655,887			1,669,089
Total shareholders’ equity		186,422			191,219			186,513			177,897			171,188
Net income		6,095			5,816			5,787			6,556			5,482
Per Share Data
Basic earnings per share	$	0.45		$	0.44		$	0.43		$	0.49		$	0.41
Diluted earnings per share	$	0.45		$	0.43		$	0.43		$	0.48		$	0.40
Dividends declared per share	$	0.21		$	0.20		$	0.20		$	0.20		$	0.20
Book value per share	$	13.91		$	14.30		$	13.97		$	13.33		$	12.87
Tangible book value per share	$	9.34		$	9.70		$	9.33		$	8.66		$	8.61
Market value per share	$	19.70		$	24.82		$	25.23		$	26.97		$	25.21
Key Ratios
Return on average assets		0.92	%		0.90	%		0.94	%		1.10	%		0.92	%
Return on average equity		12.88	%		12.22	%		12.73	%		14.99	%		12.57	%
Capital Ratios
Tier 1 risk-based capital		9.44	%		9.23	%		9.10	%		9.11	%		9.40	%
Total risk-based capital		10.69	%		10.49	%		10.39	%		10.43	%		10.73	%
Tier 1 leverage ratio		6.32	%		5.93	%		6.09	%		6.11	%		6.16	%
Average Yields (taxable equivalent basis)
Assets
Residential real estate loans		5.55	%		5.55	%		5.41	%		5.35	%		5.31	%
Commercial and other loans		6.51	%		6.95	%		7.39	%		7.62	%		7.64	%
Consumer loans		5.48	%		6.18	%		6.74	%		7.01	%		6.98	%
Total loans		5.98	%		6.28	%		6.51	%		6.62	%		6.59	%
Short-term investments, federal funds sold
and other		1.64	%		2.69	%		4.72	%		5.10	%		4.36	%
Taxable debt securities		4.86	%		5.06	%		5.19	%		5.16	%		5.17	%
Nontaxable debt securities		5.67	%		5.68	%		5.59	%		5.61	%		5.65	%
Corporate stocks and FHLBB stock		4.46	%		5.89	%		7.00	%		7.03	%		7.15	%
Total securities		4.87	%		5.11	%		5.33	%		5.31	%		5.32	%
Total interest-earning assets		5.60	%		5.89	%		6.12	%		6.20	%		6.16	%
Liabilities
NOW accounts		0.19	%		0.19	%		0.20	%		0.17	%		0.15	%
Money market accounts		1.79	%		3.13	%		3.93	%		3.90	%		3.92	%
Savings accounts		0.50	%		1.00	%		1.32	%		1.32	%		1.35	%
Time deposits		3.88	%		4.38	%		4.55	%		4.60	%		4.61	%
FHLBB advances		4.15	%		4.37	%		4.56	%		4.44	%		4.35	%
Junior subordinated debentures		6.34	%		5.99	%		5.91	%		5.91	%		5.98	%
Other		4.60	%		4.32	%		4.36	%		4.47	%		4.51	%
Total interest-bearing liabilities		3.18	%		3.63	%		3.85	%		3.78	%		3.77	%
Interest rate spread (taxable equivalent basis)		2.42	%		2.26	%		2.27	%		2.42	%		2.39	%
Net interest margin (taxable equivalent basis)		2.71	%		2.59	%		2.65	%		2.81	%		2.76	%

Washington Trust Bancorp, Inc. and Subsidiaries
SELECTED FINANCIAL HIGHLIGHTS (unaudited)
		At or for the Quarters Ended
		June 30,		Mar. 31,			Dec. 31,			Sept. 30,			June 30,
(Dollars in thousands)		2008		2008			2007			2007			2007
Wealth Management Assets Under Administration
Balance at beginning of period		$	3,878,746	$	4,014,352		$	4,025,877		$	3,867,674		$	3,715,987
Net investment (depreciation) appreciation & income			10,420		(201,915	)		(11,751	)		122,424			113,656
Net customer cash flows			34,429		66,309			226			35,779			38,031
Balance at end of period		$	3,923,595	$	3,878,746		$	4,014,352		$	4,025,877		$	3,867,674
Period End Balances
Loans
Commercial:	Mortgages	$	361,623	$	309,684		$	278,821		$	276,995		$	265,560
	Construction and development		60,606		62,489			60,361			48,899			43,755
	Other		372,784		354,142			341,084			324,129			313,673
	Total commercial		795,013		726,315			680,266			650,023			622,988
Residential:	Mortgages		593,995		565,031			588,628			566,776			572,321
	Homeowner construction		14,356		12,861			11,043			12,040			11,071
	Total residential real estate		608,351		577,892			599,671			578,816			583,392
Consumer:	Home equity lines		152,339		146,471			144,429			139,732			139,256
	Home equity loans		94,316		96,883			99,827			99,798			97,253
	Other		55,631		51,021			49,459			46,124			46,285
	Total consumer		302,286		294,375			293,715			285,654			282,794
	Total loans	$	1,705,650	$	1,598,582		$	1,573,652		$	1,514,493		$	1,489,174
Deposits
Demand deposits		$	187,865	$	165,822		$	175,542		$	182,830		$	177,210
NOW accounts			170,733		174,146			164,944			172,378			174,715
Money market accounts			305,860		327,562			321,600			312,257			290,046
Savings accounts			177,490		177,110			176,278			189,157			196,105
Time deposits			767,594		790,385			807,841			799,265			831,013
Total deposits		$	1,609,542	$	1,635,025		$	1,646,205		$	1,655,887		$	1,669,089
Brokered deposits included in time deposits		$	113,725	$	126,972		$	129,798		$	130,017		$	159,297
Securities Available for Sale				Amortized			Unrealized			Unrealized			Fair
(Dollars in thousands)				Cost			Gains			Losses			Value
At June 30, 2008
U.S. Treasury obligations and obligations of U.S.
government-sponsored agencies				$	82,002		$	2,448		$	–		$	84,450
Mortgage-backed securities issued by U.S.
government and government-sponsored agencies					588,967			2,445			(5,298	)		586,114
States and political subdivisions					81,645			81			(1,465	)		80,261
Trust preferred securities					37,985			–			(7,627	)		30,358
Corporate bonds					1,746			–			(13	)		1,733
Common and preferred stocks					7,593			337			(782	)		7,148
Total securities available for sale				$	799,938		$	5,311		$	(15,185	)	$	790,064
At December 31, 2007
U.S. Treasury obligations and obligations of U.S.
government-sponsored agencies				$	136,721		$	2,888		$	(10	)	$	139,599
Mortgage-backed securities issued by U.S.
government and government-sponsored agencies					469,197			2,899			(2,708	)		469,388
States and political subdivisions					80,634			499			(239	)		80,894
Trust preferred securities					37,995			–			(3,541	)		34,454
Corporate bonds					13,940			161			–			14,101
Common and preferred stocks					12,096			2,974			(1,728	)		13,342
Total securities available for sale				$	750,583		$	9,421		$	(8,226	)	$	751,778

Washington Trust Bancorp, Inc. and Subsidiaries
SELECTED FINANCIAL HIGHLIGHTS (unaudited)
	At or for the Quarters Ended
	June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,
(Dollars in thousands)	2008			2008			2007			2007			2007
Asset Quality Data
Allowance for Loan Losses
Balance at beginning of period	$	20,724		$	20,277		$	19,472		$	19,327		$	19,360
Provision charged to earnings		1,400			450			1,000			300			300
Charge-offs		(219	)		(106	)		(225	)		(182	)		(346	)
Recoveries		58			103			30			27			13
Balance at end of period	$	21,963		$	20,724		$	20,277		$	19,472		$	19,327
Past Due Loans
Loans 30–59 Days Past Due
Commercial categories	$	6,682		$	2,240		$	1,450		$	726		$	5,123
Residential mortgages		1,624			475			1,620			2,744			883
Consumer loans		476			43			73			282			92
Loans 30–59 days past due	$	8,782		$	2,758		$	3,143		$	3,752		$	6,098
Loans 60–89 Days Past Due
Commercial categories	$	2,091		$	3,715		$	1,313		$	166		$	443
Residential mortgages		1			344			39			220			512
Consumer loans		87			22			38			–			–
Loans 60-89 days past due	$	2,179		$	4,081		$	1,390		$	386		$	955
Loans 90 Days or more Past Due
Commercial categories	$	3,625		$	3,088		$	1,963		$	1,347		$	1,658
Residential mortgages		408			441			441			302			302
Consumer loans		–			36			86			76			53
Loans 90 days or more past due	$	4,033		$	3,565		$	2,490		$	1,725		$	2,013
Total Past Due Loans
Commercial categories	$	12,398		$	9,043		$	4,726		$	2,239		$	7,224
Residential mortgages		2,033			1,260			2,100			3,266			1,697
Consumer loans		563			101			197			358			145
Total past due loans	$	14,994		$	10,404		$	7,023		$	5,863		$	9,066
Nonperforming Assets
Commercial mortgages	$	1,991		$	1,300		$	1,094		$	1,099		$	1,385
Commercial construction and development		–			–			–			–			–
Other commercial		2,948			3,081			1,781			581			645
Residential real estate		1,072			1,111			1,158			731			698
Consumer		170			208			271			262			241
Total nonaccrual loans	$	6,181		$	5,700		$	4,304		$	2,673		$	2,969
Other real estate owned, net		–			–			-			-			-
Total nonperforming assets	$	6,181		$	5,700		$	4,304		$	2,673		$	2,969
Total past due loans to total loans		0.88	%		0.65	%		0.45	%		0.39	%		0.61	%
Nonperforming assets to total assets		0.23	%		0.22	%		0.17	%		0.11	%		0.12	%
Nonaccrual loans to total loans		0.36	%		0.36	%		0.27	%		0.18	%		0.20	%
Allowance for loan losses to nonaccrual loans		355.33	%		363.58	%		471.12	%		728.47	%		650.96	%
Allowance for loan losses to total loans		1.29	%		1.30	%		1.29	%		1.29	%		1.30	%

Washington Trust Bancorp, Inc. and Subsidiaries
SELECTED FINANCIAL HIGHLIGHTS (unaudited)
	Six Months Ended
	June 30,			June 30,
(Dollars and shares in thousands, except per share amounts)	2008			2007
Operating Results
Net interest income	$	31,283		$	29,797
Provision for loan losses		1,850			600
Net (losses) gains on securities		(98	)		336
Other noninterest income		23,301			22,035
Noninterest expenses		35,196			34,869
Income tax expense		5,529			5,242
Net income		11,911			11,457
Basic earnings per share	$	0.89		$	0.86
Diluted earnings per share	$	0.88		$	0.84
Dividends declared per share	$	0.41		$	0.40
Weighted average shares outstanding - basic		13,369.6			13,375.7
Weighted average shares outstanding - diluted		13,550.9			13,667.6
Shares outstanding at end of period		13,398.2			13,305.1
Key Ratios
Return on average assets		0.91	%		0.96	%
Return on average equity		12.55	%		13.12	%
Interest rate spread (taxable equivalent basis)		2.34	%		2.43	%
Net interest margin (taxable equivalent basis)		2.65	%		2.79	%
Allowance for Loan Losses
Balance at beginning of period	$	20,277		$	18,894
Provision charged to earnings		1,850			600
Charge-offs		(326	)		(370	)
Recoveries		162			203
Balance at end of period	$	21,963		$	19,327
Net charge-offs to average loans		.01	%		.01	%
Wealth Management Assets Under Administration
Balance at beginning of period	$	4,014,352		$	3,609,180
Net investment (depreciation) appreciation and income		(191,495	)		161,725
Net customer cash flows		100,738			96,769
Balance at end of period	$	3,923,595		$	3,867,674

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.  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 June 30,	2008							2007
	Average				Yield/			Average				Yield/
(Dollars in thousands)	Balance		Interest		Rate			Balance		Interest		Rate
Assets
Residential real estate loans	$	598,274	$	8,257		5.55	%	$	590,226	$	7,812		5.31	%
Commercial and other loans		749,468		12,135		6.51	%		615,606		11,730		7.64	%
Consumer loans		297,802		4,059		5.48	%		282,408		4,911		6.98	%
Total loans		1,645,544		24,451		5.98	%		1,488,240		24,453		6.59	%
Short-term investments, federal
funds sold and other		12,214		50		1.64	%		16,951		184		4.36	%
Taxable debt securities		687,461		8,302		4.86	%		608,223		7,839		5.17	%
Nontaxable debt securities		81,649		1,152		5.67	%		78,964		1,112		5.65	%
Corporate stocks and FHLBB stock		49,169		546		4.46	%		42,806		763		7.15	%
Total securities		830,493		10,050		4.87	%		746,944		9,898		5.32	%
Total interest-earning assets		2,476,037		34,501		5.60	%		2,235,184		34,351		6.16	%
Non interest-earning assets		165,806							158,903
Total assets	$	2,641,843						$	2,394,087
Liabilities and Shareholders’ Equity
NOW accounts	$	167,755	$	81		0.19	%	$	168,742	$	64		0.15	%
Money market accounts		315,075		1,399		1.79	%		293,245		2,869		3.92	%
Savings accounts		174,897		218		0.50	%		196,647		661		1.35	%
Time deposits		782,825		7,550		3.88	%		837,223		9,621		4.61	%
FHLBB advances		755,455		7,794		4.15	%		471,026		5,112		4.35	%
Junior subordinated debentures		32,311		509		6.34	%		22,681		338		5.98	%
Other		24,016		275		4.60	%		25,764		289		4.51	%
Total interest-bearing liabilities		2,252,334		17,826		3.18	%		2,015,328		18,954		3.77	%
Demand deposits		171,613							173,473
Other liabilities		28,607							30,852
Shareholders’ equity		189,289							174,434
Total liabilities and shareholders’ equity	$	2,641,843						$	2,394,087
Net interest income (FTE)			$	16,675						$	15,397
Interest rate spread						2.42	%						2.39	%
Net interest margin						2.71	%						2.76	%

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

(Dollars in thousands)
Three months ended June 30,	2008		2007
Commercial and other loans	$	45	$	39
Nontaxable debt securities		366		353
Corporate stocks		57		78
Total	$	468	$	470

Washington Trust Bancorp, Inc. and Subsidiaries
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited)
Six months ended June 30,	2008							2007
	Average				Yield/			Average				Yield/
(Dollars in thousands)	Balance		Interest		Rate			Balance		Interest		Rate
Assets
Residential real estate loans	$	599,919	$	16,554		5.55	%	$	591,138	$	15,585		5.32	%
Commercial and other loans		728,270		24,356		6.73	%		601,425		23,102		7.75	%
Consumer loans		295,301		8,556		5.83	%		281,992		9,736		6.96	%
Total loans		1,623,490		49,466		6.13	%		1,474,555		48,423		6.62	%
Short-term investments, federal
funds sold and other		16,600		190		2.30	%		15,231		375		4.97	%
Taxable debt securities		678,081		16,718		4.96	%		615,562		15,631		5.12	%
Nontaxable debt securities		81,337		2,295		5.67	%		74,332		2,090		5.67	%
Corporate stocks and FHLBB stock		48,014		1,232		5.16	%		43,136		1,563		7.30	%
Total securities		824,032		20,435		4.99	%		748,261		19,659		5.30	%
Total interest-earning assets		2,447,522		69,901		5.74	%		2,222,816		68,082		6.18	%
Non interest-earning assets		167,258							164,934
Total assets	$	2,614,780						$	2,387,750
Liabilities and Shareholders’ Equity
NOW accounts	$	165,132	$	159		0.19	%	$	169,206	$	132		0.16	%
Money market accounts		321,476		3,951		2.47	%		293,613		5,680		3.90	%
Savings accounts		174,815		650		0.75	%		201,086		1,371		1.38	%
Time deposits		797,296		16,387		4.13	%		834,870		19,009		4.59	%
FHLBB advances		713,786		15,093		4.25	%		469,246		10,080		4.33	%
Junior subordinated debentures		27,496		847		6.20	%		22,681		676		6.01	%
Other		26,631		589		4.45	%		19,316		439		4.58	%
Total interest-bearing liabilities		2,226,632		37,676		3.40	%		2,010,018		37,387		3.75	%
Demand deposits		168,773							172,232
Other liabilities		29,571							30,786
Shareholders’ equity		189,804							174,714
Total liabilities and shareholders’ equity	$	2,614,780						$	2,387,750
Net interest income (FTE)			$	32,225						$	30,695
Interest rate spread						2.34	%						2.43	%
Net interest margin						2.65	%						2.79	%

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

(Dollars in thousands)
Six months ended June 30,	2008	2007
Commercial and other loans	$90	$75
Nontaxable debt securities	729	663
Corporate stocks	123	160
Total	$942	$898