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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 : October 25 , 2021 FOR IMMEDIATE RELEASE Washington Trust Reports Third Quarter 2021 Earnings WESTERLY , R.I. , October 25 , 2021 ( PR NEWSWIRE ) ... Washington Trust Bancorp , Inc. ( Nasdaq : WASH ) , parent company of The Washington Trust Company , today announced third quarter 2021 net income of $ 18.8 million , or $ 1.07 per diluted share , compared to net income of $ 17.5 million , or $ 1.00 per diluted share , for the second quarter of 2021 . " Washington Trust's third quarter results reflect the strength and stability of our balance sheet and solid contributions from all business lines , ” stated Edward O. Handy III , Chairman and Chief Executive Officer . " We posted increased quarterly earnings , reported a record $ 6 billion in assets , and reached an all - time high $ 5 billion in deposits . We recently announced our intent to open a new branch in Cumberland , RI in 2022 , as we believe the key to future growth is providing customers with convenient in - person service and digital banking solutions . " Selected financial highlights for the third quarter of 2021 include : • • Returns on average equity and average assets for the third quarter were 13.37 % and 1.26 % , respectively , compared to 12.92 % and 1.20 % , respectively , in the preceding quarter . For both the third quarter and the second quarter of 2021 , there was no provision for credit losses recognized in earnings . Wealth management revenues were $ 10.5 million for the third quarter , up by $ 27 thousand , from the preceding quarter , as higher quarterly asset - based revenues were partially offset by seasonal declines in transaction - based revenues . Mortgage banking revenues were $ 6.4 million for the third quarter , up by $ 379 thousand , or 6 % , from the preceding quarter . Total loans amounted to $ 4.3 billion , down by $ 13 million , or 0.3 % , from the end of the preceding quarter and up by $ 4 million , or 0.1 % , from a year ago . Total loans excluding Paycheck Protection Program ( " PPP " ) loans amounted to $ 4.2 billion , up by $ 56 million , or 1 % , from the end of the preceding quarter and up by $ 144 million , or 4 % , from a year ago . In - market deposits ( total deposits less out - of - market wholesale brokered deposits ) amounted to a record $ 4.3 billion at September 30 , 2021 , up by $ 310 million , or 8 % , from the end of the preceding quarter , and up by $ 602 million , or 16 % , from a year ago . -1-