8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 21, 2019

WASHINGTON TRUST BANCORP, INC.

(Exact Name of Registrant as Specified in Charter)

Rhode Island	001-32991	05-0404671
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

23 Broad Street
Westerly,	Rhode Island	02891
(Address of principal executive offices)		(Zip Code)

(401)	348-1200
(Registrant's telephone number, including area code)

N/A

(Former name or address, if changed from last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the
Exchange Act.	☐

Item 2.02 Results of Operations and Financial Condition.

On October 21, 2019, Washington Trust Bancorp, Inc. issued a press release in which it disclosed unaudited financial information related to third quarter 2019 consolidated earnings. A copy of the press release relating to such announcement, dated October 21, 2019, is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Pursuant to General Instructions B.2 of Form 8-K, this information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d)	Exhibits.
	Exhibit No.	Exhibit
	99.1	Press release dated October 21, 2019*
	*Filed herewith

SIGNATURES

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

		WASHINGTON TRUST BANCORP, INC.
Date:	October 21, 2019	By:	/s/ Ronald S. Ohsberg
			Ronald S. Ohsberg
			Senior Executive Vice President, Chief Financial Officer and Treasurer

EX-99.1

Exhibit 99.1

NASDAQ: WASH

Contact: Elizabeth B. Eckel

Senior Vice President, Marketing

Telephone: (401) 348-1309

E-mail: ebeckel@washtrust.com

Date: October 21, 2019

FOR IMMEDIATE RELEASE

Washington Trust Reports Third Quarter 2019 Earnings

WESTERLY, R.I., October 21, 2019 (PR NEWSWIRE)…Washington Trust Bancorp, Inc. (Nasdaq:WASH), parent company of The Washington Trust Company, today announced third quarter 2019 net income of $18.8 million, or $1.08 per diluted share, compared to net income of $17.3 million, or $0.99 per diluted share, reported for the second quarter of 2019.

“Washington Trust’s third quarter results once again reflect our continued success at generating a consistent stream of revenues through our diverse business model,” stated Edward O. Handy III, Chairman and Chief Executive Officer.

Selected highlights for the third quarter of 2019 include:

• Returns on average equity and average assets were 15.20% and 1.44%, respectively.

• Mortgage banking revenues reached an all-time quarterly high and totaled $4.8 million for the third quarter, up by$1.2 million, or 33%, from the preceding quarter.

• As a result of FDIC assessment credits recognized in the third quarter of 2019, which amounted to approximately 4 cents per diluted share, FDIC deposit insurance costs declined by $1.0 million on a linked quarter basis. Excluding the benefit from these credits, net income and diluted earnings per share for the third quarter of 2019 were record quarterly highs for the Corporation.

• Total loans amounted to $3.8 billion, up by$48 million from the preceding quarter. Total loans were up by $222 million, or 6%, from the balance at September 30, 2018.

• Total deposits amounted to $3.6 billion, up by $82 million from the preceding quarter. Total deposits were up by $172 million, or 5%, from the balance at September 30, 2018.

• In September, Washington Trust declared a quarterly dividend of 51 cents per share. Year-to-date 2019 dividends declared amounted to $1.49 per share, representing an increase of 20 cents per share, or 16%, from the same period a year ago.

Net Interest Income

Net interest income was $33.0 million for the third quarter of 2019, down by$880 thousand, or 3%, from the second quarter of 2019. The net interest margin was 2.72% for the third quarter, down by9 basis points from 2.81% reported in the preceding quarter. Prepayment penalty income associated with loan payoffs, which is included in net interest income, was $130 thousand in the third quarter, compared to $37 thousand in the preceding quarter. Excluding the impact of prepayment penalty income associated with loan payoffs from both periods, the net interest margin for the third quarter of 2019 was 2.71%, down by 10 basis points from 2.81% in the preceding quarter.

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Washington Trust

October 21, 2019

Significant linked quarter changes included:

• Average interest-earning assets decreased by $22 million, driven by a $76 million decline in the average balance of the securities portfolio, which was partially offset by increases of $21 million in the average balance of loans and $23 million in the average balance of cash and due from banks. Given limited securities-related reinvestment opportunities, pay-downs received on the securities portfolio are being used to reduce wholesale funding balances. The yield on interest-earning assets for the third quarter was 4.07%, down by11 basis points from the preceding quarter. The yield was negatively impacted by lower market interest rates.

• Average interest-bearing liabilities decreased by$45 million, including a decrease of $103 million in average wholesale funding balances (wholesale brokered time deposits and Federal Home Loan Bank advances), partially offset by a $58 million increase in average in-market deposits. The cost of interest-bearing liabilities for the third quarter was 1.66%, down by2 basis points from the preceding quarter.

Noninterest Income

Noninterest income totaled $18.3 million for the third quarter of 2019, up by$1.6 million, or 9%, from the second quarter of 2019. Significant linked quarter changes included:

• Wealth management revenues amounted to $9.2 million for the third quarter of 2019, down by$396 thousand, or 4%, on a linked quarter basis. This consisted of decreases of $128 thousand, or 1%, in asset-based revenues and $268 thousand, or 66%, in transaction-based revenues. The linked quarter decrease in transaction-based revenues was largely due to tax reporting and preparation fees, which are generally concentrated in the first half of the year.

Wealth management assets under administration were $6.1 billion at September 30, 2019, down by$353 million, or 5%, from the balance at June 30, 2019. The average balance of assets under administration for the third quarter decreased by approximately $13 million, or 0.2%, from the average balance for the preceding quarter. The decline in assets under administration reflected approximately $450 million of client outflows associated with lost client accounts due to the departure of two senior counselors at the end of the preceding quarter. The impact of these lost accounts was a reduction of revenues of approximately $290 thousand during the third quarter and is estimated to be a reduction of $620 thousand during the fourth quarter of 2019.

• Mortgage banking revenues totaled $4.8 million for the third quarter of 2019, up by$1.2 million, or 33%, from the second quarter of 2019. Mortgage loans sold in the secondary market amounted to $185 million for the third quarter of 2019, an increase of $48 million, or 35%, compared to the preceding quarter.

• Loan related derivative income was $1.4 million for the third quarter of 2019, up by$661 thousand, or 89% from the preceding quarter, due to higher volume of commercial borrower interest rate swap transactions.

Noninterest Expenses

Noninterest expenses totaled $26.9 million for the third quarter of 2019, down by$1.3 million, or 5%, from the second quarter of 2019. Included in this linked quarter change was a $1.0 million reduction in FDIC deposit insurance costs due to FDIC assessment credits recognized in the third quarter of 2019. Excluding the reduction in FDIC deposit insurance costs, noninterest expenses were down by $281 thousand, or 1%, from the preceding quarter. Significant linked quarter changes included:

• Salaries and benefits totaled $18.3 million for the third quarter of 2019, down by $104 thousand on a linked quarter basis.

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Washington Trust

October 21, 2019

Lower wealth management compensation costs associated with the departure of the two senior counselors discussed above were partially offset by increased volume-related compensation costs in our mortgage banking area.

• Outsourced services expense for third quarter of 2019 were up by $204 thousand from the preceding quarter, reflecting volume-related increases in third party processing costs.

• Advertising and promotion expenses for third quarter of 2019 decreased by $157 thousand from the second quarter, largely due to timing of promotional activities.

• Other noninterest expenses for third quarter of 2019 declined by $249 thousand on a linked quarter basis, reflecting modest decreases in a variety of expense categories.

Income tax expense totaled $5.2 million for the third quarter of 2019, up by$574 thousand from the preceding quarter. The effective tax rate for the third quarter of 2019 was 21.8%, compared to 21.3% for the preceding quarter. Based on current federal and applicable state income tax statutes, the Corporation currently expects its 2019 effective tax rate to be 21.5%.

Investment Securities

The securities portfolio totaled $887 million at September 30, 2019, down by$82 million from the balance at June 30,2019. Thedecrease was primarily due to routine principal pay-downs on mortgage-backed securities and calls of debt securities. Investment securities represented 17% of total assets at September 30, 2019, compared to 19% of total assets at June 30, 2019.

Loans

Total loans amounted to $3.8 billion at September 30, 2019, up by$48 million from the end of the preceding quarter. Total commercial loans grew by $17 million, with a net increase of $34 million in the commercial real estate portfolio partially offset by a $17 million net decline in the commercial and industrial portfolio. In the third quarter of 2019, commercial loan originations and advances totaled approximately $93 million and were concentrated in the commercial real estate portfolio. The residential real estate loan portfolio increased by$26 million from the end of the second quarter, reflecting increased mortgage origination activity. In the third quarter of 2019, residential mortgage loan originations for portfolio amounted to $105 million. The consumer loan portfolio increased by $4 million from the balance at June 30, 2019.

Deposits and Borrowings

Total deposits amounted to $3.6 billion at September 30, 2019, up by$82 million, or 2%, from the end of the preceding quarter. Included in total deposits were out-of-market wholesale brokered time deposits, which decreased by $52 million from the balance at June 30, 2019. Excluding wholesale brokered time deposits, total in-market deposits were up by$134 million, reflecting seasonal inflows of various institutional and governmental depositors based on their underlying business cycles. Federal Home Loan Bank advances amounted to $957 million at September 30, 2019, down by$104 million from the balance at June 30, 2019.

Asset Quality

Total nonaccrual loans amounted to $14.9 million, or 0.39% of total loans, at September 30,2019, compared to $12.9 million, or 0.34% of total loans, at June 30,2019, reflecting a net increase in nonaccrual residential real estate loans. Total past due loans amounted to $14.4 million, or 0.38% of total loans, at September 30, 2019, compared to $17.9 million, or 0.48% of total loans, at June 30, 2019. The decline in past due loans was largely attributable to one past due commercial real estate loan that was placed

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Washington Trust

October 21, 2019

on nonaccrual status, partially charged-off and transferred to other real estate owned in the third quarter.

A loan loss provision totaling $400 thousand was recognized in the third quarter of 2019, compared to a loan loss provision of $525 thousand recognized in the preceding quarter. These provisions were based on management's assessment of loss exposure, as well as loan loss allocations commensurate with growth and changes in the loan portfolio. Net charge-offs totaled $801 thousand in the third quarter and were largely attributable to the one commercial real estate relationship discussed above. Net charge-offs were $771 thousand in the preceding quarter and were largely attributable to one residential real estate relationship.

The allowance for loan losses amounted to $27.0 million, or 0.71% of total loans, at September 30, 2019, compared to $27.4 million, or 0.73% of total loans, at June 30, 2019.

Capital and Dividends

Total shareholders' equity was $498 million at September 30, 2019, up by$13.6 million from June 30, 2019. This increase included net income of $18.8 million and an increase of $2.9 million in the accumulated other comprehensive income component of shareholders' equity reflecting an increase in the fair value of available for sale debt securities, partially offset by $8.9 million in dividend declarations in the third quarter. The Board of Directors declared a quarterly dividend of 51 cents per share for the quarter ended September 30, 2019. The dividend was paid on October 11, 2019 to shareholders of record on October 1, 2019.

Capital levels at September 30, 2019 exceeded the regulatory minimum levels to be considered well capitalized, with a total risk-based capital ratio of 12.94% at September 30, 2019, compared to 12.80% at June 30, 2019. Book value per share amounted to $28.71 at September 30, 2019, compared to $27.93 at June 30, 2019.

Conference Call

Washington Trust will host a conference call to discuss its third quarter results, business highlights and outlook on Tuesday, October 22,2019 at 8:30 a.m. (Eastern Time). Individuals may dial in to the call at 1-888-317-6016. An audio replay of the call will be available, shortly after the conclusion of the call, by dialing 1-877-344-7529 and entering the Replay PIN Number 10135833; the audio replay will be available through November 5, 2019. Also, a webcast of the call will be posted in the Investor Relations section of Washington Trust's web site, http://ir.washtrust.com, and will be available through December 31, 2019.

Background

Washington Trust Bancorp, Inc. is the parent of The Washington Trust Company. Founded in 1800, Washington Trust is the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast's premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage 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 NASDAQ under the symbol WASH. Investor information is available on the Corporation’s web site at http://ir.washtrust.com.

Forward-Looking Statements

This press release contains statements that are “forward-looking statements”. We may also make forward-looking statements in other documents we file with the SEC, in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward-looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters. You should not rely on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors, some of which are beyond our control. These

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Washington Trust

October 21, 2019

risks, uncertainties and other factors may cause our actual results, performance or achievements 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: weakness in national, regional or international economic conditions or conditions affecting the banking or financial services industries or financial capital markets; volatility in national and international financial markets; 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 or outflows 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 our competition; changes in legislation or regulation and accounting principles, policies and guidelines; operational risks including, but not limited to, cybersecurity breaches, fraud and natural disasters; 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, 2018, as updated by our Quarterly Reports on Form 10-Q and other filings submitted to the SEC, may result in these differences. You should carefully review all of these factors and you should be aware that there may be other factors that could cause these differences. These forward-looking statements were based on information, plans and estimates at the date of this report, and we assume no obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes.

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.

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Washington Trust Bancorp, Inc. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; Dollars in thousands)
	Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018
Assets:
Cash and due from banks		$141,768			$115,904			$88,242			$89,923			$72,934
Short-term investments	4,336			3,910			3,317			3,552			2,917
Mortgage loans held for sale, at fair value	44,657			39,996			14,608			20,996			22,571
Securities:
Available for sale debt securities, at fair value	887,020			969,168			994,881			927,810			812,647
Held to maturity debt securities, at amortized cost	—			—			—			10,415			10,863
Total securities	887,020			969,168			994,881			938,225			823,510
Federal Home Loan Bank stock, at cost	45,030			49,759			48,025			46,068			44,525
Loans:
Total loans	3,778,106			3,730,339			3,738,469			3,680,360			3,556,203
Less allowance for loan losses	26,997			27,398			27,644			27,072			26,509
Net loans	3,751,109			3,702,941			3,710,825			3,653,288			3,529,694
Premises and equipment, net	29,293			29,302			29,822			29,005			28,195
Operating lease right-of-use assets	27,500			28,174			28,249			—			—
Investment in bank-owned life insurance	81,920			81,351			80,786			80,463			79,891
Goodwill	63,909			63,909			63,909			63,909			63,909
Identifiable intangible assets, net	7,448			7,684			7,923			8,162			8,400
Other assets	114,888			97,574			84,142			77,175			94,126
Total assets		$5,198,878			$5,189,672			$5,154,729			$5,010,766			$4,770,672
Liabilities:
Deposits:
Noninterest-bearing deposits		$619,839			$587,326			$577,319			$603,216			$611,829
Interest-bearing deposits	2,966,314			2,917,296			2,926,941			2,920,832			2,802,519
Total deposits	3,586,153			3,504,622			3,504,260			3,524,048			3,414,348
Federal Home Loan Bank advances	956,786			1,060,960			1,056,129			950,722			828,392
Junior subordinated debentures	22,681			22,681			22,681			22,681			22,681
Operating lease liabilities	29,541			30,210			30,187			—			—
Other liabilities	105,892			86,994			71,629			65,131			77,342
Total liabilities	4,701,053			4,705,467			4,684,886			4,562,582			4,342,763
Shareholders’ Equity:
Common stock	1,084			1,083			1,082			1,081			1,081
Paid-in capital	121,900			121,115			120,743			119,888			119,220
Retained earnings	383,765			373,873			365,521			355,524			346,685
Accumulated other comprehensive loss	(8,924		)	(11,866		)	(17,503		)	(28,309		)	(39,077		)
Total shareholders’ equity	497,825			484,205			469,843			448,184			427,909
Total liabilities and shareholders’ equity		$5,198,878			$5,189,672			$5,154,729			$5,010,766			$4,770,672

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Washington Trust Bancorp, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited; Dollars and shares in thousands, except per share amounts)
	For the Three Months Ended													For the Nine Months Ended
	Sep 30, 2019			Jun 30, 2019			Mar 31, 2019		Dec 31, 2018			Sep 30, 2018		Sep 30, 2019			Sep 30, 2018
Interest income:
Interest and fees on loans		$41,558			$42,138			$41,744		$40,299			$38,493		$125,440			$109,633
Interest on mortgage loans held for sale	410			288			180		289			384		878			923
Taxable interest on debt securities	6,318			7,006			7,226		5,957			5,383		20,550			15,859
Nontaxable interest on debt securities	1			8			9		9			9		18			52
Dividends on Federal Home Loan Bank stock	747			720			695		669			634		2,162			1,700
Other interest income	493			399			340		294			261		1,232			723
Total interest and dividend income	49,527			50,559			50,194		47,517			45,164		150,280			128,890
Interest expense:
Deposits	9,792			9,469			8,696		7,953			6,546		27,957			16,222
Federal Home Loan Bank advances	6,512			6,980			6,661		5,446			4,937		20,153			13,627
Junior subordinated debentures	245			252			253		240			232		750			629
Total interest expense	16,549			16,701			15,610		13,639			11,715		48,860			30,478
Net interest income	32,978			33,858			34,584		33,878			33,449		101,420			98,412
Provision for loan losses	400			525			650		800			350		1,575			750
Net interest income after provision for loan losses	32,578			33,333			33,934		33,078			33,099		99,845			97,662
Noninterest income:
Wealth management revenues	9,153			9,549			9,252		9,012			9,454		27,954			29,329
Mortgage banking revenues	4,840			3,640			2,646		1,978			2,624		11,126			8,403
Card interchange fees	1,099			1,018			997		977			983		3,114			2,791
Service charges on deposit accounts	939			929			875		977			885		2,743			2,651
Loan related derivative income	1,407			746			724		1,374			278		2,877			1,087
Income from bank-owned life insurance	569			566			649		572			572		1,784			1,624
Net realized losses on securities	—			(80		)	—		—			—		(80		)	—
Other income	335			385			224		273			419		944			1,066
Total noninterest income	18,342			16,753			15,367		15,163			15,215		50,462			46,951
Noninterest expense:
Salaries and employee benefits	18,332			18,436			17,619		16,918			17,283		54,387			52,359
Outsourced services	2,722			2,518			2,606		2,510			1,951		7,846			6,174
Net occupancy	1,933			1,904			1,998		1,946			2,013		5,835			5,945
Equipment	1,046			1,028			1,011		983			1,080		3,085			3,329
Legal, audit and professional fees	645			664			534		587			559		1,843			1,840
FDIC deposit insurance costs	(460		)	540			429		376			410		509			1,236
Advertising and promotion	368			525			239		460			440		1,132			946
Amortization of intangibles	236			239			239		239			245		714			740
Change in fair value of contingent consideration	—			—			—		(187		)	—		—			—
Other expenses	2,048			2,297			2,289		2,850			2,081		6,634			6,911
Total noninterest expense	26,870			28,151			26,964		26,682			26,062		81,985			79,480
Income before income taxes	24,050			21,935			22,337		21,559			22,252		68,322			65,133
Income tax expense	5,236			4,662			4,842		4,523			4,741		14,740			13,737
Net income		$18,814			$17,273			$17,495		$17,036			$17,511		$53,582			$51,396
Net income available to common shareholders		$18,778			$17,238			$17,461		$17,004			$17,475		$53,477			$51,284
Weighted average common shares outstanding:
Basic	17,338			17,330			17,304		17,297			17,283		17,324			17,263
Diluted	17,414			17,405			17,401		17,385			17,382		17,406			17,392
Earnings per common share:
Basic		$1.08			$0.99			$1.01		$0.98			$1.01		$3.09			$2.97
Diluted		$1.08			$0.99			$1.00		$0.98			$1.01		$3.07			$2.95
Cash dividends declared per share		$0.51			$0.51			$0.47		$0.47			$0.43		$1.49			$1.29

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Washington Trust Bancorp, Inc. and Subsidiaries
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited; Dollars and shares in thousands, except per share amounts)
	Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018
Share and Equity Related Data:
Book value per share		$28.71			$27.93			$27.15			$25.90			$24.75
Tangible book value per share - Non-GAAP (1)		$24.60			$23.80			$23.00			$21.74			$20.57
Market value per share		$48.31			$52.18			$48.15			$47.53			$55.30
Shares issued and outstanding at end of period	17,338			17,336			17,305			17,302			17,290
Capital Ratios (2):
Tier 1 risk-based capital	12.21		%	12.06		%	11.84		%	11.81		%	12.00		%
Total risk-based capital	12.94		%	12.80		%	12.59		%	12.56		%	12.77		%
Tier 1 leverage ratio	8.97		%	8.76		%	8.69		%	8.89		%	8.91		%
Common equity tier 1	11.62		%	11.46		%	11.25		%	11.20		%	11.37		%
Balance Sheet Ratios:
Equity to assets	9.58		%	9.33		%	9.11		%	8.94		%	8.97		%
Tangible equity to tangible assets - Non-GAAP (1)	8.32		%	8.06		%	7.83		%	7.62		%	7.57		%
Loans to deposits (3)	105.8		%	106.8		%	106.3		%	104.3		%	104.0		%

											For the Nine Months Ended
	For the Three Months Ended
	Sep 30, 2019		Jun 30, 2019		Mar 31, 2019		Dec 31, 2018		Sep 30, 2018		Sep 30, 2019		Sep 30, 2018
Performance Ratios (4):
Net interest margin (5)	2.72	%	2.81	%	2.93	%	2.95	%	2.99	%	2.82	%	3.03	%
Return on average assets (net income divided by average assets)	1.44	%	1.34	%	1.39	%	1.40	%	1.47	%	1.39	%	1.48	%
Return on average tangible assets - Non-GAAP (1)	1.46	%	1.36	%	1.41	%	1.42	%	1.49	%	1.41	%	1.51	%
Return on average equity (net income available for common shareholders divided by average equity)	15.20	%	14.58	%	15.52	%	15.61	%	16.26	%	15.09	%	16.41	%
Return on average tangible equity - Non-GAAP (1)	17.79	%	17.17	%	18.43	%	18.75	%	19.59	%	17.79	%	19.86	%
Efficiency ratio (6)	52.4	%	55.6	%	54.0	%	54.4	%	53.6	%	54.0	%	54.7	%

(1) See the section labeled “SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures” at the end of this document.

(2) Estimated for September 30, 2019 and actuals for prior periods.

(3) Period-end balances of net loans and mortgage loans held for sale as a percentage of total deposits.

(4) Annualized based on the actual number of days in the period.

(5) Fully taxable equivalent (FTE) net interest income as a percentage of average-earnings assets.

(6) Total noninterest expense as percentage of total revenues (net interest income and noninterest income).

-8-

Washington Trust Bancorp, Inc. and Subsidiaries
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited; Dollars in thousands)
	For the Three Months Ended														For the Nine Months Ended
	Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018		Sep 30, 2019			Sep 30, 2018
Wealth Management Results
Wealth Management Revenues:
Asset-based revenues		$9,013			$9,141			$8,921			$8,930			$9,322		$27,075			$28,413
Transaction-based revenues	140			408			331			82			132		879			916
Total wealth management revenues		$9,153			$9,549			$9,252			$9,012			$9,454		$27,954			$29,329
Assets Under Administration (AUA):
Balance at beginning of period		$6,478,890			$6,350,128			$5,910,814			$6,462,340			$6,220,155		$5,910,814			$6,714,637
Net investment appreciation (depreciation) & income	66,514			222,489			520,057			(534,847		)	232,245		809,060			333,671
Net client asset flows	(419,077		)	(93,727		)	(80,743		)	(16,679		)	9,940		(593,547		)	(585,968		)
Balance at end of period		$6,126,327			$6,478,890			$6,350,128			$5,910,814			$6,462,340		$6,126,327			$6,462,340
Percentage of AUA that are managed assets	90%			91%			91%			90%			91%		90%			91%
Mortgage Banking Results
Mortgage Banking Revenues:
Gains & commissions on loan sales, net (1)		$4,752			$3,523			$2,474			$1,798			$2,485		$10,749			$7,950
Loan servicing fee income, net (2)	88			117			172			180			139		377			453
Total mortgage banking revenues		$4,840			$3,640			$2,646			$1,978			$2,624		$11,126			$8,403
Residential Mortgage Loan Originations:
Originations for retention in portfolio		$105,075			$69,736			$51,697			$58,515			$80,751		$226,508			$277,070
Originations for sale to secondary market (3)	189,979			162,123			85,826			96,792			119,832		437,928			330,245
Total mortgage loan originations		$295,054			$231,859			$137,523			$155,307			$200,583		$664,436			$607,315
Residential Mortgage Loans Sold:
Sold with servicing rights retained		$25,766			$18,292			$9,490			$16,577			$24,422		$53,548			$82,634
Sold with servicing rights released (3)	159,210			119,122			82,589			81,985			107,694		360,921			252,043
Total mortgage loans sold		$184,976			$137,414			$92,079			$98,562			$132,116		$414,469			$334,677

(1) Includes gains on loan sales, commission income on loans originated for others, servicing right gains, fair value adjustments on mortgage loans held for sale, and fair value adjustments and gains on forward loan commitments.

(2) Represents loan servicing fee income, net of servicing right amortization and valuation adjustments.

(3) Includes brokered loans (loans originated for others).

-9-

Washington Trust Bancorp, Inc. and Subsidiaries
END OF PERIOD LOAN AND DEPOSIT COMPOSITION
(Unaudited; Dollars in thousands)
	Sep 30, 2019		Jun 30, 2019		Mar 31, 2019		Dec 31, 2018		Sep 30, 2018
Loans:
Commercial real estate (1)		$1,517,320		$1,482,836		$1,463,682		$1,392,408		$1,240,350
Commercial & industrial	566,426		583,873		610,608		620,704		656,882
Total commercial	2,083,746		2,066,709		2,074,290		2,013,112		1,897,232
Residential real estate (2)	1,378,518		1,352,113		1,359,072		1,360,387		1,349,340
Home equity	294,250		288,078		279,938		280,626		282,331
Other	21,592		23,439		25,169		26,235		27,300
Total consumer	315,842		311,517		305,107		306,861		309,631
Total loans		$3,778,106		$3,730,339		$3,738,469		$3,680,360		$3,556,203

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

(2) Residential real estate loans consist of mortgage and homeowner construction loans secured by one- to four-family residential properties.

	September 30, 2019				December 31, 2018
	Balance		% of Total		Balance		% of Total
Commercial Real Estate Loans by Property Location:
Rhode Island		$378,337	25	%		$377,249	27	%
Connecticut	618,262		41		570,116		41
Massachusetts	432,424		28		356,615		26
Subtotal	1,429,023		94		1,303,980		94
All other states	88,297		6		88,428		6
Total commercial real estate loans		$1,517,320	100	%		$1,392,408	100	%
Residential Real Estate Loans by Property Location:
Rhode Island		$347,847	25	%		$352,141	26	%
Connecticut	142,744		11		141,775		10
Massachusetts	871,309		63		849,435		63
Subtotal	1,361,900		99		1,343,351		99
All other states	16,618		1		17,036		1
Total residential real estate loans		$1,378,518	100	%		$1,360,387	100	%

	Sep 30, 2019		Jun 30, 2019		Mar 31, 2019		Dec 31, 2018		Sep 30, 2018
Deposits:
Noninterest-bearing demand deposits		$619,839		$587,326		$577,319		$603,216		$611,829
Interest-bearing demand deposits	152,200		128,355		162,598		178,733		151,322
NOW accounts	478,462		484,615		471,682		466,568		468,578
Money market accounts	749,122		654,719		644,949		646,878		650,976
Savings accounts	362,868		365,069		371,248		373,545		372,425
Time deposits (in-market)	792,941		801,501		792,470		778,105		715,635
In-market deposits	3,155,432		3,021,585		3,020,266		3,047,045		2,970,765
Wholesale brokered time deposits	430,721		483,037		483,994		477,003		443,583
Total deposits		$3,586,153		$3,504,622		$3,504,260		$3,524,048		$3,414,348

-10-

Washington Trust Bancorp, Inc. and Subsidiaries
CREDIT & ASSET QUALITY DATA
(Unaudited; Dollars in thousands)
	Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018
Asset Quality Ratios:
Nonperforming assets to total assets	0.37		%	0.29		%	0.28		%	0.28		%	0.29		%
Nonaccrual loans to total loans	0.39		%	0.34		%	0.33		%	0.32		%	0.30		%
Total past due loans to total loans	0.38		%	0.48		%	0.39		%	0.37		%	0.38		%
Allowance for loan losses to nonaccrual loans	181.16		%	212.93		%	223.57		%	231.25		%	245.25		%
Allowance for loan losses to total loans	0.71		%	0.73		%	0.74		%	0.74		%	0.75		%
Nonperforming Assets:
Commercial real estate		$684			$926			$926			$925			$—
Commercial & industrial	—			—			—			—			122
Total commercial	684			926			926			925			122
Residential real estate	12,531			10,610			10,032			9,346			9,063
Home equity	1,599			1,243			1,407			1,436			1,624
Other consumer	88			88			—			—			—
Total consumer	1,687			1,331			1,407			1,436			1,624
Total nonaccrual loans	14,902			12,867			12,365			11,707			10,809
Other real estate owned	4,142			2,142			2,142			2,142			2,974
Total nonperforming assets		$19,044			$15,009			$14,507			$13,849			$13,783
Past Due Loans (30 days or more past due):
Commercial real estate		$684			$3,670			$926			$1,080			$931
Commercial & industrial	1			1			1			—			142
Total commercial	685			3,671			927			1,080			1,073
Residential real estate	11,599			11,237			10,849			10,520			9,398
Home equity	1,973			2,904			2,911			1,989			2,939
Other consumer	99			102			13			33			109
Total consumer	2,072			3,006			2,924			2,022			3,048
Total past due loans		$14,356			$17,914			$14,700			$13,622			$13,519
Accruing loans 90 days or more past due		$—			$—			$—			$—			$—
Nonaccrual loans included in past due loans		$9,797			$8,581			$8,563			$8,613			$6,425

-11-

Washington Trust Bancorp, Inc. and Subsidiaries
CREDIT & ASSET QUALITY DATA
(Unaudited; Dollars in thousands)
	For the Three Months Ended															For the Nine Months Ended
	Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Sep 30, 2019			Sep 30, 2018
Nonaccrual Loan Activity:
Balance at beginning of period		$12,867			$12,365			$11,707			$10,809			$11,745			$11,707			$15,211
Additions to nonaccrual status	5,672			1,620			1,924			2,918			2,179			9,216			5,846
Loans returned to accruing status	(597		)	(118		)	(855		)	(1,500		)	(361		)	(1,570		)	(1,180		)
Loans charged-off	(966		)	(819		)	(103		)	(298		)	(96		)	(1,888		)	(889		)
Loans transferred to other real estate owned	(2,000		)	—			—			—			—			(2,000		)	(3,074		)
Payments, payoffs and other changes	(74		)	(181		)	(308		)	(222		)	(2,658		)	(563		)	(5,105		)
Balance at end of period		$14,902			$12,867			$12,365			$11,707			$10,809			$14,902			$10,809
Allowance for Loan Losses:
Balance at beginning of period		$27,398			$27,644			$27,072			$26,509			$26,174			$27,072			$26,488
Provision charged to earnings	400			525			650			800			350			1,575			750
Charge-offs	(966		)	(819		)	(103		)	(298		)	(96		)	(1,888		)	(889		)
Recoveries	165			48			25			61			81			238			160
Balance at end of period		$26,997			$27,398			$27,644			$27,072			$26,509			$26,997			$26,509
Net Loan Charge-Offs (Recoveries):
Commercial real estate		$947			$—			$—			$—			$—			$947			$602
Commercial & industrial	(122		)	(16		)	6			(13		)	(70		)	(132		)	(96		)
Total commercial	825			(16		)	6			(13		)	(70		)	815			506
Residential real estate	—			486			—			156			68			486			73
Home equity	(36		)	289			48			65			(2		)	301			99
Other consumer	12			12			24			29			19			48			51
Total consumer	(24		)	301			72			94			17			349			150
Total		$801			$771			$78			$237			$15			$1,650			$729
Net charge-offs to average loans (annualized)	0.08		%	0.08		%	0.01		%	0.03		%	—		%	0.06		%	0.03		%

-12-

The following table presents 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. Unrealized gains (losses) on available for sale securities and fair value adjustments on mortgage loans held for sale are excluded from the average balance and yield calculations. Nonaccrual loans, as well as interest recognized on these loans, are included in amounts presented for loans.

Washington Trust Bancorp, Inc. and Subsidiaries
CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)
(Unaudited; Dollars in thousands)
For the Three Months Ended	September 30, 2019						June 30, 2019						Quarter Change
	Average Balance		Interest		Yield/ Rate		Average Balance		Interest		Yield/ Rate		Average Balance			Interest			Yield/ Rate
Assets:
Cash, federal funds sold and short-term investments		$96,231		$493	2.03	%		$72,976		$399	2.19	%		$23,255			$94		(0.16	)%
Mortgage loans held for sale	39,771		410		4.09		28,532		288		4.05		11,239			122			0.04
Taxable debt securities	920,910		6,318		2.72		996,590		7,006		2.82		(75,680		)	(688		)	(0.10	)
Nontaxable debt securities	75		3		15.87		805		11		5.48		(730		)	(8		)	10.39
Total securities	920,985		6,321		2.72		997,395		7,017		2.82		(76,410		)	(696		)	(0.10	)
FHLB stock	47,982		747		6.18		49,574		720		5.83		(1,592		)	27			0.35
Commercial real estate	1,490,878		17,314		4.61		1,468,382		17,509		4.78		22,496			(195		)	(0.17	)
Commercial & industrial	584,601		6,946		4.71		606,835		7,482		4.95		(22,234		)	(536		)	(0.24	)
Total commercial	2,075,479		24,260		4.64		2,075,217		24,991		4.83		262			(731		)	(0.19	)
Residential real estate	1,367,017		13,728		3.98		1,350,865		13,606		4.04		16,152			122			(0.06	)
Home equity	291,058		3,615		4.93		284,195		3,579		5.05		6,863			36			(0.12	)
Other	22,270		278		4.95		24,189		292		4.84		(1,919		)	(14		)	0.11
Total consumer	313,328		3,893		4.93		308,384		3,871		5.03		4,944			22			(0.10	)
Total loans	3,755,824		41,881		4.42		3,734,466		42,468		4.56		21,358			(587		)	(0.14	)
Total interest-earning assets	4,860,793		49,852		4.07		4,882,943		50,892		4.18		(22,150		)	(1,040		)	(0.11	)
Noninterest-earning assets	320,223						288,619						31,604
Total assets		$5,181,016						$5,171,562						$9,454
Liabilities and Shareholders' Equity:
Interest-bearing demand deposits		$137,980		$649	1.87	%		$129,334		$624	1.94	%		$8,646			$25		(0.07	)%
NOW accounts	471,302		69		0.06		462,217		75		0.07		9,085			(6		)	(0.01	)
Money market accounts	699,138		2,094		1.19		659,021		1,831		1.11		40,117			263			0.08
Savings accounts	362,142		72		0.08		366,449		71		0.08		(4,307		)	1			—
Time deposits (in-market)	800,571		4,181		2.07		796,606		3,992		2.01		3,965			189			0.06
Total interest-bearing in-market deposits	2,471,133		7,065		1.13		2,413,627		6,593		1.10		57,506			472			0.03
Wholesale brokered time deposits	475,026		2,727		2.28		507,376		2,876		2.27		(32,350		)	(149		)	0.01
Total interest-bearing deposits	2,946,159		9,792		1.32		2,921,003		9,469		1.30		25,156			323			0.02
FHLB advances	980,091		6,512		2.64		1,050,660		6,980		2.66		(70,569		)	(468		)	(0.02	)
Junior subordinated debentures	22,681		245		4.29		22,681		252		4.46		—			(7		)	(0.17	)
Total interest-bearing liabilities	3,948,931		16,549		1.66		3,994,344		16,701		1.68		(45,413		)	(152		)	(0.02	)
Noninterest-bearing demand deposits	626,408						608,099						18,309
Other liabilities	115,480						94,766						20,714
Shareholders' equity	490,197						474,353						15,844
Total liabilities and shareholders' equity		$5,181,016						$5,171,562						$9,454
Net interest income (FTE)				$33,303						$34,191							($888	)
Interest rate spread					2.41	%					2.50	%							(0.09	)%
Net interest margin					2.72	%					2.81	%							(0.09	)%

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

For the Three Months Ended	Sep 30, 2019		Jun 30, 2019		Quarter Change
Commercial loans		$323		$330		($7	)
Nontaxable debt securities	2		3		(1		)
Total		$325		$333		($8	)

-13-

Washington Trust Bancorp, Inc. and Subsidiaries
CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)
(Unaudited; Dollars in thousands)
For the Nine Months Ended	September 30, 2019						September 30, 2018						Change
	Average Balance		Interest		Yield/ Rate		Average Balance		Interest		Yield/  Rate		Average Balance			Interest			Yield/ Rate
Assets:
Cash, federal funds sold and short-term investments		$75,333		$1,232	2.19	%		$53,828		$723	1.80	%		$21,505			$509		0.39	%
Mortgage loans for sale	28,379		878		4.14		29,770		923		4.15		(1,391		)	(45		)	(0.01	)
Taxable debt securities	972,511		20,550		2.83		817,274		15,859		2.59		155,237			4,691			0.24
Nontaxable debt securities	602		24		5.33		1,743		65		4.99		(1,141		)	(41		)	0.34
Total securities	973,113		20,574		2.83		819,017		15,924		2.60		154,096			4,650			0.23
FHLB stock	48,185		2,162		6.00		43,149		1,700		5.27		5,036			462			0.73
Commercial real estate	1,461,736		51,702		4.73		1,225,875		39,740		4.33		235,861			11,962			0.40
Commercial & industrial	603,143		21,972		4.87		624,563		22,113		4.73		(21,420		)	(141		)	0.14
Total commercial	2,064,879		73,674		4.77		1,850,438		61,853		4.47		214,441			11,821			0.30
Residential real estate	1,358,606		41,099		4.04		1,278,662		37,717		3.94		79,944			3,382			0.10
Home equity	284,657		10,757		5.05		285,143		9,908		4.65		(486		)	849			0.40
Other	24,017		887		4.94		29,328		1,073		4.89		(5,311		)	(186		)	0.05
Total consumer	308,674		11,644		5.04		314,471		10,981		4.67		(5,797		)	663			0.37
Total loans	3,732,159		126,417		4.53		3,443,571		110,551		4.29		288,588			15,866			0.24
Total interest-earning assets	4,857,169		151,263		4.16		4,389,335		129,821		3.95		467,834			21,442			0.21
Noninterest-earning assets	292,702						239,187						53,515
Total assets		$5,149,871						$4,628,522						$521,349
Liabilities and Shareholders' Equity:
Interest-bearing demand deposits		$144,306		$1,959	1.82	%		$100,644		$595	0.79	%		$43,662			$1,364		1.03	%
NOW accounts	462,856		228		0.07		456,083		215		0.06		6,773			13			0.01
Money market accounts	668,330		5,534		1.11		671,135		2,944		0.59		(2,805		)	2,590			0.52
Savings accounts	365,911		204		0.07		373,105		173		0.06		(7,194		)	31			0.01
Time deposits (in-market)	795,559		11,900		2.00		662,850		6,890		1.39		132,709			5,010			0.61
Total interest-bearing in-market deposits	2,436,962		19,825		1.09		2,263,817		10,817		0.64		173,145			9,008			0.45
Wholesale brokered time deposits	485,405		8,132		2.24		426,096		5,405		1.70		59,309			2,727			0.54
Total interest-bearing deposits	2,922,367		27,957		1.28		2,689,913		16,222		0.81		232,454			11,735			0.47
FHLB advances	1,019,172		20,153		2.64		846,359		13,627		2.15		172,813			6,526			0.49
Junior subordinated debentures	22,681		750		4.42		22,681		629		3.71		—			121			0.71
Total interest-bearing liabilities	3,964,220		48,860		1.65		3,558,953		30,478		1.14		405,267			18,382			0.51
Noninterest-bearing demand deposits	613,917						590,573						23,344
Other liabilities	98,012						61,042						36,970
Shareholders' equity	473,722						417,954						55,768
Total liabilities and shareholders' equity		$5,149,871						$4,628,522						$521,349
Net interest income (FTE)				$102,403						$99,343							$3,060
Interest rate spread					2.51	%					2.81	%							(0.30	)%
Net interest margin					2.82	%					3.03	%							(0.21	)%

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

For the Nine Months Ended	Sep 30, 2019		Sep 30, 2018		Change
Commercial loans		$977		$918		$59
Nontaxable debt securities	6		13		(7		)
Total		$983		$931		$52

-14-

Washington Trust Bancorp, Inc. and Subsidiaries
SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures
(Unaudited; Dollars in thousands, except per share amounts)
	Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018
Tangible Book Value per Share:
Total shareholders' equity, as reported		$497,825			$484,205			$469,843			$448,184			$427,909
Less:
Goodwill	63,909			63,909			63,909			63,909			63,909
Identifiable intangible assets, net	7,448			7,684			7,923			8,162			8,400
Total tangible shareholders' equity		$426,468			$412,612			$398,011			$376,113			$355,600
Shares outstanding, as reported	17,338			17,336			17,305			17,302			17,290
Book value per share - GAAP		$28.71			$27.93			$27.15			$25.90			$24.75
Tangible book value per share - Non-GAAP		$24.60			$23.80			$23.00			$21.74			$20.57
Tangible Equity to Tangible Assets:
Total tangible shareholders' equity		$426,468			$412,612			$398,011			$376,113			$355,600
Total assets, as reported		$5,198,878			$5,189,672			$5,154,729			$5,010,766			$4,770,672
Less:
Goodwill	63,909			63,909			63,909			63,909			63,909
Identifiable intangible assets, net	7,448			7,684			7,923			8,162			8,400
Total tangible assets		$5,127,521			$5,118,079			$5,082,897			$4,938,695			$4,698,363
Equity to assets - GAAP	9.58		%	9.33		%	9.11		%	8.94		%	8.97		%
Tangible equity to tangible assets - Non-GAAP	8.32		%	8.06		%	7.83		%	7.62		%	7.57		%

	For the Three Months Ended															For the Nine Months Ended
	Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018			Sep 30, 2018			Sep 30, 2019			Sep 30, 2018
Return on Average Tangible Assets:
Net income, as reported		$18,814			$17,273			$17,495			$17,036			$17,511			$53,582			$51,396
Total average assets, as reported		$5,181,016			$5,171,562			$5,096,103			$4,840,158			$4,724,898			$5,149,871			$4,628,522
Less average balances of:
Goodwill	63,909			63,909			63,909			63,909			63,909			63,909			63,909
Identifiable intangible assets, net	7,562			7,800			8,040			8,278			8,519			7,799			8,764
Total average tangible assets		$5,109,545			$5,099,853			$5,024,154			$4,767,971			$4,652,470			$5,078,163			$4,555,849
Return on average assets - GAAP	1.44		%	1.34		%	1.39		%	1.40		%	1.47		%	1.39		%	1.48		%
Return on average tangible assets - Non-GAAP	1.46		%	1.36		%	1.41		%	1.42		%	1.49		%	1.41		%	1.51		%
Return on Average Tangible Equity:
Net income available to common shareholders, as reported		$18,778			$17,238			$17,461			$17,004			$17,475			$53,477			$51,284
Total average equity, as reported		$490,197			$474,353			$456,241			$432,043			$426,306			$473,722			$417,954
Less average balances of:
Goodwill	63,909			63,909			63,909			63,909			63,909			63,909			63,909
Identifiable intangible assets, net	7,562			7,800			8,040			8,278			8,519			7,799			8,764
Total average tangible equity		$418,726			$402,644			$384,292			$359,856			$353,878			$402,014			$345,281
Return on average equity - GAAP	15.20		%	14.58		%	15.52		%	15.61		%	16.26		%	15.09		%	16.41		%
Return on average tangible equity - Non-GAAP	17.79		%	17.17		%	18.43		%	18.75		%	19.59		%	17.79		%	19.86		%

-15-

XML

Cover Page Document	Oct. 21, 2019
Cover Page [Abstract]
Document Type	8-K
Document Period End Date	Oct. 21, 2019
Entity Registrant Name	WASHINGTON TRUST BANCORP, INC.
Entity Incorporation, State or Country Code	RI
Entity File Number	001-32991
Entity Tax Identification Number	05-0404671
Entity Address, Address Line One	23 Broad Street
Entity Address, City or Town	Westerly,
Entity Address, State or Province	RI
Entity Address, Postal Zip Code	02891
City Area Code	(401)
Local Phone Number	348-1200
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000737468
Amendment Flag	false