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Exhibit 99.1 ☑ WASHINGTON TRUST BANCORP , INC . NASDAQ : WASH Contact : Elizabeth B. Eckel SVP , Chief Marketing & Corporate Communications Officer Telephone : ( 401 ) 348-1309 E - mail : ebeckel@washtrust.com Date : July 21 , 2021 FOR IMMEDIATE RELEASE Washington Trust Reports Second Quarter 2021 Earnings WESTERLY , R.I. , July 21 , 2021 ( PR NEWSWIRE ) ... Washington Trust Bancorp , Inc. ( Nasdaq : WASH ) , parent company of The Washington Trust Company , today announced second quarter 2021 net income of $ 17.5 million , or $ 1.00 per diluted share , compared to net income of $ 20.5 million , or $ 1.17 per diluted share , for the first quarter of 2021 . " Washington Trust reported solid second quarter results , with strong performances across key business lines , " stated Edward O. Handy III , Chairman and Chief Executive Officer . " Our wealth management division posted a record $ 7.4 billion in assets under administration and generated an all - time high $ 10.4 million in quarterly revenues . As the economic recovery continues , we have seen a revival of commercial lending activity . " Selected financial highlights for the second quarter of 2021 include : • Returns on average equity and average assets for the second quarter were 12.92 % and 1.20 % , respectively , compared to 15.55 % and 1.45 % , respectively , in the preceding quarter . There was no provision for credit losses in the second quarter , compared to a negative $ 2.0 million in the preceding quarter . Wealth management revenues were $ 10.4 million for the second quarter , up by $ 533 thousand , or 5 % , from the preceding quarter , mainly due to growth in asset - based revenues . Wealth management assets under administration ( " AUA " ) amounted to a record $ 7.4 billion at June 30 , 2021 . Residential real estate loan origination volume was strong and totaled $ 489.4 million for the second quarter , up by $ 48.3 million , or 11 % , from the preceding quarter and up by $ 63.2 million , or 15 % , from the same period a year ago . While sales volume remained strong , mortgage banking revenues declined on a linked quarter basis reflecting lower sales yields in the secondary market . Total loans amounted to $ 4.3 billion , up by $ 105 million , or 3 % , from the end of the preceding quarter and up by $ 12 million , or 0.3 % , from a year ago . Total loans excluding Paycheck Protection Program ( " PPP " ) loans amounted to $ 4.2 billion , up by $ 187 million , or 5 % , from the end of the preceding quarter and up by $ 77 million , or 2 % , from a year ago . In - market deposits ( total deposits less out - of - market wholesale brokered deposits ) amounted to $ 4.0 billion at June 30 , 2021 , down by $ 20 million , or 1 % , from the end of the preceding quarter , and up by $ 421 million , or 12 % , from a year ago . -1-