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Q4 2025Investor DeckNASDAQ: WASH
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Safe Harbor 2Investor Relations Contact Information: investor.relations@washtrust.com or 401-348-1566 Forward-Looking StatementsIn this presentation, “we,” “our,” “us,” “Washington Trust” or the “Company” refers to Washington Trust Bancorp, Inc., and our consolidated subsidiaries, includingThe Washington Trust Company, of Westerly, unless the context indicates that we refer only to the parent company, Washington Trust Bancorp, Inc. Thispresentation contains certain statements that may be considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, asamended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, which are based on various assumptions (someof which are beyond our control), may be identified by reference to a future period or periods, or by the use of forward-looking terminology such as “believe,”“expect,” “estimate,” “anticipate,” “continue,” “plan,” “approximately,” “intend,” “objective,” “goal,” “project” or other similar terms or variations on those terms,or the future or conditional verbs such as “will,” “may,” “should,” “could” and “would.” These forward-looking statements were based on information, plans andestimates at the date of this presentation, and Washington Trust assumes no obligation to update forward-looking statements to reflect changes in underlyingassumptions or factors, new information, future events or other changes. Actual results, performance or achievements of Washington Trust may differ materiallyfrom those discussed in these forward-looking statements, as a result of, among other factors, the factors described under the caption “Risk Factors” in Item 1A ofour Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the Securities and Exchange Commission (the “SEC”) and updated by ourQuarterly Reports on Form 10-Q and other reports filed with the SEC. You should carefully review all of these factors. You should be aware that there may be otherfactors that could cause these differences and many of which are beyond our control, including, but not limited, to: changes in general business and economicconditions on a national basis and in the local markets in which we operate; changes in customer behavior due to political, business and economic conditions,including inflation and concerns about liquidity; interest rate changes or volatility, as well as changes in the balance and mix of loans and deposits; changes in loandemand and collectability; the possibility that future credit losses are higher than currently expected due to changes in economic assumptions or adverse economicdevelopments; ongoing volatility in national and international financial markets; reductions in the market value or outflows of wealth management assets underadministration; decreases in the value of securities and other assets; increases in defaults 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, changes in informationtechnology, cybersecurity incidents, fraud, natural disasters, war, terrorism, civil unrest and future pandemics; regulatory, litigation and reputational risks; andchanges in the assumptions used in making such forward-looking statements.Non-GAAP Financial MeasuresIn addition to results presented in accordance with generally accepted accounting principles ("GAAP"), this press release contains certain non-GAAP financialmeasures. Washington Trust's management believes that the supplemental non-GAAP information, such as adjusted noninterest income, adjusted noninterestexpense, adjusted income before income taxes, adjusted income tax expense, adjusted net income, adjusted net income available to common shareholders,adjusted diluted earnings per common share, adjusted return on average assets, adjusted return on average equity, and adjusted efficiency ratio, as well asmeasurements and ratios based on tangible equity and tangible assets, is utilized by regulators and market analysts to evaluate a company's financial condition andtherefore, 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 arenot 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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WASH Investment Profile Overview Strong Market Position: Top-tier market share with diversified banking and scaled wealth platform Earnings & NIM Momentum: 4Q25 earnings beat; adj. EPS up 41% vs 4Q24(1) Loan Growth Upside: Institutional banking expansion; C&I-led growth outlook Well-Positioned for Rates: NIM expanding with continued 2026 tailwinds; All AFS securities; AOCI recovery supports TBV Conservative Credit Profile: Zero commercial non-performing loans as of 4Q25 Strong Capital, High Div. Yield: Enhanced capital flexibility and sustainable dividend(1) Non-GAAP; see “Non-GAAP Financial Measures”3
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4 W A S H I N G T O N T R U S T A T - A - G L A N C E $6.6B Regional Financial Services Provider Net Interest Income Wealth Mgmt. Mortgage Banking OtherDiverse Revenue StreamsMarket Area: RI, MA, CT•28 bank branches•5 wealth management offices •7 mortgage loan offices •4 commercial lending centers Founded in1800Oldest Community bank in the US$7.8BAssets under administrationLargest State-Chartered Bank In Rhode Island$562MMarket Capitalization $6.6BAssets $5.1BLoans$5.3BDepositsPremier Regional Wealth Management Firm At December 31, 2025, unless otherwise noted(1) Non-GAAP; see “Non-GAAP Financial Measures”Fee Income = 33%total revenue (1)7.58%Dividend Yield
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2021 2022 2023 2024 2025CREC&IResidentialConsumer5 L O A N S High Quality Loan PortfolioTotal Loan Portfolio$4.3$5.6$5.1$5.1$5.1($ in billions)CRE (43%)C&I (11%) Residential (40%)Consumer (6%)At December 31st unless otherwise noted 63%Variable rate loans99%Residential lending in RI, MA, & CToQ4 2024 balance sheet repositioning included the sale of ~ $345mm of residential mortgages at a weighted average rate of ~ 3.0%oCustomer-centric approach with emphasis on superior service and appropriate solutions Cumulative losses 2006 – YTD 09/3025 (bps)202WASH666Average peer412Median peer202 bps
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1month 2months3months 4months 5months6months 7months 8months9months 10months 11months12monthsTotal Adjustable rate loans2,094 38 36 49 28 33 35 33 29 25 28 27 2,453 Funding sources4,206 215 247 179 180 145 81 48 100 11 14 29 5,455Loan & Funding Repricing6 N E T I N T E R E S T M A R G I N & R E P R I C I N G NIM Improvement in 20250.00%1.00%2.00%3.00%2021 2022 2023 2024 2025$0$50$100$150$200Net Interest MarginNet Interest Income (FTE)Net Interest Margin (FTE)$ millions; as of and for the years ended December 31st unless otherwise noted(1) Assumes pre-tax amortization expense of $8.581 million, tax rate of 25%, and diluted shares for the quarter ended December 31, 2025 of 19.159 million.(2) Assumes pre-tax amortization expense of $8.581 million, tax rate of 25%, and average interest earning assets for the quarter ended December 31, 2025 of $6.3570 billion. oBalance sheet repositioning and 2024 rate cuts to expand quarterly NIM (2.40% Q4 2025)oApril 2026 - amortization of swap termination expense ceasesoPre-tax expense savings of $715k/mo, $8.6mm/yroAnnualized pro forma EPS impact ~$0.34 at 12/31/25(1)oAnnualized pro forma NIM impact ~13 bps at 12/31/25(2)Funding sources include: Wholesale Funding, CDs, IB DDA, and selected ICS, Money Market and Savings balances
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7 D E P O S I T SSteady, Balanced Mix of DepositsTotal In-Market Deposit Portfolio 2021 2022 2023 2024 2025Demand & NOWMoney market & savingsTime deposits $5.3$4.7$4.5$4.7$4.8($ in billions)Time deposits (23%)MM & Savings (38%) Demand & Now (39%)At December 31st unless otherwise noted(1) For the quarter ended December 31, 2025. 2.28%Cost of all in-marketdeposits (1)oGive customers the options of banking where, when and how they chooseoLocal decision making – ability to provide rate exceptions, solve customer issues and communicate decisions quicklyoSuccessfully compete against the larger banks by offering solid needs-based solutions 9%Deposit In-Market Growth YoY
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$0$100,000$200,000$300,000$400,000$500,000$600,000$700,000$800,000$900,0002011 2013 2015 2017 2019 2021 2023 2025East ProvidencePlainfield PikeJohnstonRumfordEast SideCoventryNorth ProvidenceEast GreenwichCumberlandBarringtonSmithfield*Olneyville**8 L A R G E S TCommunity Bank in Rhode Island (1) FDIC deposits as of June 30, 2025; most recent data available(2) At December 31, 2025*Smithfield branch opened in February 2024, **Olneyville branch opened in August 2024 11.1%Market Share in Rhode Island (1)$188MAvg. in-market deposits per branch (2) De Novo Branch Growth Total Market Share Total Deposits in Market ($B) BranchCountInstitution (ST)Rank37.8%$16.8 52Citizens (RI)1 20.0%8.924Bank of America (NC)2 11.1%4.927Washington Trust (RI)3 6.0%2.720Santander4 5.8%2.622Bank Rhode Island (MA)5 5.2%2.319BankNewport (RI)6 3.8%1.712Centreville Bank (RI)7 3.2%1.49TD Bank8 1.6%0.711HarborOne (MA)9 1.2%0.57Webster Bank (CT)10$44.5 242Total For Institutions In MarketRhode Island Market Share(1)
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oFull range of personalized financial services aimed at building customized solutions for clientsoKey differentiators: obreadth of our holistic advisory services, which go beyond what many of our competitors can offerobroad investment offerings not available in other registered investment adviser (“RIA”) and boutique firms oOffer integrated comprehensive financial planning, investment management, and an omnichannel client experience Cash8%Equity64%Fixed Income25%Other3%Asset Mix9 W E A L T H M A N A G E M E N T Sizeable Wealth Management Operation $35.5 $39.1 $41.2 2023 2024 2025Revenues ($ millions)At or for the year ended December, unless otherwise noted $6.6 $7.1 $7.8 $6.2 $6.9 $7.3 2023 2024 2025Assets Under Administration (AUA) ($ billions) Spot AUAAverage AUA oKey contributor to pre-tax income o91% managed oAverage client size: $3.1 milliono76% high net worth individuals$7.8B A U A
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10 C A P I T A L P O S I T I O N / B A L A N C E S H E E TCapital Supports Dividend0.00%4.00%8.00%12.00%16.00%20.00%200620072008200920102011201220132014201520162017201820192020202120222023202409/2025CET1 Ratio 0.00%2.00%4.00%6.00%8.00%10.00%12.00%200620072008200920102011201220132014201520162017201820192020202120222023202409/2025Tangible Equity / Tangible AssetsoSolid balance sheet, fee-intensive business modeloBalance sheet repositioning = substantial Risk Based Capital improvement in 2025 (~66 bps)oTemporary decline inTangible Equity / Tangible Assets ratio due to AFS securities unrealized losses$27.75 $25.93 $28.56 12/31/2023 12/31/2024 12/31/2025Book Value per ShareBook value per share$23.78 $22.46 $24.97 12/31/2023 12/31/2024 12/31/2025Tangible Book Value per Share(1)Tangible Book value per share (1) Non-GAAP; see “Non-GAAP Financial Measures”Peers are public banks & thrifts with $3 billion to $10 billion in total assets excluding Puerto Rico; Most recent complete peer data as of September 30, 2025. Data pulled October 10, 2025. Source: S&P Global Market Intelligence(1)
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(1) As of December 31, 2025Peers are public banks & thrifts with $3 billion to $10 billion in total assets excluding Puerto Rico; Most recent complete peer data as of June 30, 2025. Data pulled October 10, 2025. Source: S&P Global Market Intelligence 10.11%6.92%7.71%WASH Average peer Median peerTangible Book Value per Share Plus Cumulative Dividend per Share CAGR 11 D E L I V E R I N G S H A R E H O L D E R V A L U E Long History of Industry-Leading Dividend Yields Paid consistent dividend for more than a century199293949596979899200012345678920101112131415161718192020212223242025Cash Dividend Declared16¢ 12/31/2006 to 9/30/2025$2.247.58% (1)Dividend Yield 0.0%50.0%100.0%150.0%200.0%250.0%300.0%350.0%200620072008200920102011201220132014201520162017201820192020202120222023202409/2025Price / Tangible Book MultipleWASHAverage peerMedian peer
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12 Commercial Lending Portfolio$667,388$436,961$380,403$237,706$230,549$156,871$26,440$47,667Multi-family (31%)Retail (20%)Industrial & Warehouse (17%)Office (11%)Hospitality (11%)Healthcare facility (7%)Mixed-use (1%)Other (2%)% of CRE Portfolio by Segment as of 12/31/2025Commercial Real Estate (CRE): $2.2 billionCommercial & Industrial (C&I): $564.1 million$150,061$57,113$54,245$55,315$48,289$26,431$23,714$22,727$22,043$21,843$12,490$1,448$68,363Healthcare & social assistance (27%)Real estate rental and leasing (10%)Educational services (10%)Transportation and warehousing (10%)Retail trade (9%)Accommodation and food services (5%)Manufacturing (4%)Finance and insurance (4%)Arts, entertainment, and recreation (4%)Information (4%)Professional, scientific, and technical services (2%)Public administration (0%)Other (11%)% of C&I Portfolio by Segment as of 12/31/2025
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$ thousands; at December 31, 2025(1) Approximately 66% of the total commercial real estate office balance of $238 million is secured by income producing properties located in suburban areas.Additionally, approximately 51% of the total commercial real estate office balance is scheduled to mature before Dec 31, 2027.(2) Balance of commercial real estate office consists of 43 loans as of Dec 31, 2025.(3) Does not include $3.6 million of unfunded commitments as of Dec 31, 2025.(4) Total commitment (outstanding loan balance plus unfunded commitments) divided by number of loans. Asset QualityWeighted AverageNon-Accrual (included in Classified)ClassifiedSpecial MentionPassDebtServiceCoverageLoan toValueAvg Loan Size (4)Balance(2)(3)Non-Owner Occupied Commercial RealEstate Office (inclusive of Construction):$—$6,157$22,139$56,8941.45x57%$10,716$85,190Class A———71,2321.58x53%3,56271,232Class B——2,1578,3431.30x57%1,50010,500Class C———37,3681.49x58%6,22837,368Medical Office——33,416——x84%18,22633,416Lab Space$—$6,157$57,712$173,8371.27x60%$5,611$237,706Total office at December 31, 2025(1) $—$31,942$30,996$179,2271.36x60%$5,487$242,165Total office at September 30, 2025$—($25,785)$26,716($5,390)(0.09x)—%$124)($4,459)Total office linked quarter change 13 Office PortfoliooOffice portfolio consists of 43 loans with a Carry Value of $238 million.oApproximately 51% of the total commercial real estate office balance will mature before December 31, 2027.
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RI23%MA70%CT6%Other1%At or for the twelve months ended December 31, 2025, unless otherwise noted* Weighted average; refreshed June 30, 2025(1) Weighted average LTV for residential loans is based on updated collateral values and current loan balances. LTV for home equity represent the LTV at origination.14 Residential & Home Equity Home EquityResidential$ 318.9$ 2,050.4Total portfolio ($ millions)755 764 FICO score*0.50%0.44%Total delinquencies0.57%0.54%Nonperforming-0.01%0.00%Net charge-offs to average loans18.9%52.9%LTV(1)
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15 Balance SheetDec 31,Dec 31,Dec 31,Dec 31,Dec 31,$s in thousands20252024202320222021Assets:Cash and cash equivalents 103,734$ 113,889$ 90,184$ 118,422$ 178,493$ Total securities 940,342 916,305 1,000,380 993,928 1,042,859 Total loans 5,134,388 5,137,838 5,647,706 5,110,139 4,272,925 Less allowance for credit losses on loans 37,236 41,960 41,057 38,027 39,088 Net loans 5,097,152 5,095,878 5,606,649 5,072,112 4,233,837 Other assets 480,466 804,575 505,634 475,589 395,938 Total assets 6,621,694$ 6,930,647$ 7,202,847$ 6,660,051$ 5,851,127$ Liabilities:Total deposits 5,269,990$ 5,115,800$ 5,348,160$ 5,018,962$ 4,980,051$ FHLB advances 626,000 1,125,000 1,190,000 980,000 145,000 Other liabilities 159,439 167,438 169,320 184,739 138,587 Junior subordinated debentures 22,681 22,681 22,681 22,681 22,681 Total shareholders’ equity 543,584 499,728 472,686 453,669 564,808 Total liabilities and shareholders’ equity 6,621,694$ 6,930,647$ 7,202,847$ 6,660,051$ 5,851,127$
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16 Income StatementDec 31,Adjusted Dec 31,Dec 31,Dec 31,Dec 31,Dec 31,$s in thousands202520242024202320222021Interest and dividend income 318,091$ 340,678$ 340,678$ 308,659$ 194,465$ 157,995$ Interest expense 164,903 212,230 212,230 171,561 38,475 16,560 Net interest income 153,188 128,448 128,448 137,098 155,990 141,435 Provision for credit losses 9,200 2,400 2,400 3,200 (1,300) (4,822) Net interest income after provision for credit losses 143,988 126,048 126,048 133,898 157,290 146,257 Total noninterest income 75,860 63,050 (27,797) 56,140 62,602 87,394 Noninterest expense 152,435 137,069 137,069 133,557 128,722 135,464 Income before income taxes 67,413 52,029 (38,818) 56,481 91,170 98,187 Income tax expense 15,169 11,161 (10,759) 8,305 19,489 21,317 Net income 52,244$ 40,868$ (28,059)$ 48,176$ 71,681$ 76,870$ For the Year Ended (1) Non-GAAP; see “Non-GAAP Financial Measures”
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17 Supplemental Information
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18 Non-GAAP Financial Measures As calculated by S&P Global Market Intelligence 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. Adjusted Noninterest Income:Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Dec 31, Dec 31$s in thousands, except per share amounts2025 2025 2025 2025 2024 2025 2024Noninterest (loss) income, as reported $18,503 $17,636 $17,078 $22,643 ($77,892) $75,860 ($27,797)Less adjustments:Realized losses on securities, net(31,047) (31,047)Losses on sale of portfolio loans, net(62,888) (62,888)Gain on sale of bank-ownned properties, net6,994 6,994 988 Litigation settlement income2,100 Total adjustments, pre-tax 0 0 0 6,994 (93,935) 6,994 (90,847)Adjusted noninterest income (non-GAAP)$18,503 $17,636 $17,078 $15,649 $16,043 $68,866 $63,050 Adjusted Noninterest Expense:$s in thousands, except per share amountsNoninterest expense, as reported $37,983 $35,726 $36,530 $42,196 $34,292 $152,435 $137,069 Less: adjustmentsPension plan settlement charge6,436 0 6,436 Adjusted noninterest expense (non-GAAP)$37,983 $35,726 $36,530 $35,760 $34,292 $145,999 $137,069 Adjusted Income Before Income Taxes:$s in thousands, except per share amountsIncome (loss) before income taxes$20,668 $13,943 $17,133 $15,669 ($80,248) $67,413 ($38,818)Less: adjustments, pre-tax 0 0 0 558 (93,935) 558 (90,847)Adjusted income before income taxes (non-GAAP)$20,668 $13,943 $17,133 $15,111 $13,687 $66,855 $52,029 For the Year EndedFor the Three Months Ended
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19 Non-GAAP Financial Measures As calculated by S&P Global Market Intelligence Washington Trust’s management believes that the supplemental non-GAAP information, which consists of measurements and ratios based on tangible equity and tangible assets, is utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Adjusted Income Tax Expense:Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Dec 31, Dec 31$s in thousands, except per share amounts2025 2025 2025 2025 2024 2025 2024Income tax (benefit) expense, as reported$4,694 $3,097 $3,888 $3,490 ($19,457) $15,169 ($10,759)Less: tax on adjustments - - - 141 (22,699) 141 (21,920)Adjusted income tax expense (non-GAAP)$4,694 $3,097 $3,888 $3,349 $3,242 $15,028 $11,161 Adjusted Net Income:$s in thousands, except per share amountsNet (loss) income, as reported$15,974 $10,846 $13,245 $12,179 ($60,791) $52,244 ($28,059)Less: adjustments, after-tax - - - 417 (71,236) 417 (68,927)Adjusted net income (non-GAAP)$15,974 $10,846 $13,245 $11,762 $10,445 $51,827 $40,868 Adjusted Net Income Available to Common Shareholders:$s in thousands, except per share amountsNet (loss) income available to common shareholders, as reported $15,974 $10,846 $13,245 $12,179 ($60,776) $52,244 ($28,038)Less: total adjustments available to common shareholders, after-tax - - - 417 (71,221) 417 (68,906)Adjusted net income available to common shareholders (non-GAAP) $15,974 $10,846 $13,245 $11,762 $10,445 $51,827 $40,868 Adjusted Diluted Earnings per Common Share:$s in thousands, except per share amountsDiluted (loss) earnings per common share, as reported $0.83 $0.56 $0.68 $0.63 ($3.48) $2.71 ($1.63)Less: impact of adjustments - - - 0.02 (4.07) 0.02 (4.00)Adjusted diluted earnings per common share (non-GAAP)$0.83 $0.56 $0.68 $0.61 $0.59 $2.69 $2.37 Adjusted Efficiency Ratio:Efficiency ratio, as reported 64.1% 63.3% 67.3% 71.4% (76.3%) 66.6% 136.2%Less: impact of adjustments0.0% 0.0% 0.0% 2.7% (146.3%) 0.9% 64.6%Adjusted efficiency ratio (non-GAAP)64.1%63.3%67.3%68.7%70.0%65.7%71.6% For the Three Months Ended For the Year Ended
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20 Non-GAAP Financial Measures As calculated by S&P Global Market Intelligence Washington Trust’s management believes that the supplemental non-GAAP information, which consists of measurements and ratios based on tangible equity and tangible assets, is utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Adjusted Return on Average AssetsDec 31, Sep 30, Jun 30, Mar 31, Dec 31, Dec 31 Dec 31$s in thousands, except per share amounts2025 2025 2025 2025 2024 2025 2024Net (loss) income, as reported $ 15,974 $ 10,846 $ 13,245 $ 12,179 $ (60,791) $ 52,244 $ (28,059)Less : adjustments, after-tax - - - 417 (71,236) 417 (68,927)Adjusted net income (non-GAAP) $ 15,974 $ 10,846 $ 13,245 $ 11,762 $ 10,445 $ 51,827 $ 40,868 Total average assets, as reported 6,647,233 6,738,796 6,643,370 6,765,057 7,011,839 6,698,401 7,181,162 Return on average assets 0.95%0.64%0.80%0.73%(3.45%)0.78%-0.39%Adjusted return on average assets (non-GAAP)0.95% 0.64% 0.80% 0.71% 0.59% 0.77% 0.57%Return on Average Tangible Assets:Adjusted net income - Non-GAAP$15,974 $10,846 $13,245 $11,762 $10,445 $51,827 $40,868 Total average assets, as reported $6,647,233 $6,738,796 $6,643,370 $6,765,057 $7,011,839 $6,698,401 $7,181,162 Less average balances:Goodwill63,909 63,909 63,909 63,909 63,909 63,909 63,909Identifiable intangible assets, net4,378 3,821 2,577 2,781 2,984 3,395 3,292Total average tangible assets$6,578,946 $6,671,066 $6,576,884 $6,698,367 $6,944,946 $6,631,097 $7,113,961 Return on average assets0.95%0.64%0.80%0.73%(3.45%)0.78%-0.39%Return on average tangible assets (non-GAAP)0.96% 0.65% 0.81% 0.71% 0.60% 0.78% 0.57%For the Three Months Ended For the Year Ended
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21 Non-GAAP Financial Measures As calculated by S&P Global Market Intelligence Washington Trust’s management believes that the supplemental non-GAAP information, which consists of measurements and ratios based on tangible equity and tangible assets, is utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Adjusted Return on Average EquityDec 31, Sep 30, Jun 30, Mar 31, Dec 31, Dec 31 Dec 31$s in thousands, except per share amounts2025 2025 2025 2025 2024 2025 2024Net (loss) income available to common shareholders, as reported $ 15,974 $ 10,846 $ 13,245 $ 12,179 $ (60,776) $ 52,244 $ (28,038)Less : adjustments, after-tax - - - 417 (71,221) 417 (68,906)Adjusted net income (non-GAAP) $ 15,974 $ 10,846 $ 13,245 $ 11,762 $ 10,445 $ 51,827 $ 40,868 Total average equity, as reported 541,465 528,315 523,709 513,048 501,099 526,717 479,777 Return on average equity 11.70%8.14%10.14%9.63%(48.25%)9.92%-5.84%Adjusted return on average equity (non-GAAP)11.70%8.14%10.14%9.30%8.29%9.84%8.52%Return on Average Tangible Equity:Adjusted net income available to common shareholders - (non-GAAP)$15,974 $10,846 $13,245 $11,762 $10,445 $51,827 $40,868 Total average equity, as reported $541,465 $528,315 $523,709 $513,048 $501,099 $526,717 $479,777 Less average balances:Goodwill63,909 63,909 63,909 63,909 63,909 63,909 63,909Identifiable intangible assets, net4,378 3,821 2,577 2,781 2,984 3,395 3,292Total average tangible equity (non-GAAP) $473,178 $460,585 $457,223 $446,358 $434,206 $459,413 $412,576 Return on average equity 11.70% 8.14% 10.14% 9.63% (48.25%) 9.92% -5.84%Return on average tangible equity (non-GAAP)13.39% 9.34% 11.62% 10.69% 9.57% 11.28% 9.91% For the Three Months Ended For the Year Ended
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22 Non-GAAP Financial Measures As calculated by S&P Global Market Intelligence Washington Trust’s management believes that the supplemental non-GAAP information, which consists of measurements and ratios based on tangible equity and tangible assets, is utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,$s in thousands, except per share amounts2025 2025 2025 2025 2024Tangible Book Value per Share:Total shareholders’ equity, as reported$543,584 $533,021 $527,519 $521,680 $499,728 Less end of period balances of:Goodwill63,909 63,909 63,909 63,909 63,909Identifiable intangible assets, net4,303 4,458 2,478 2,682 2,885Total tangible shareholders’ equity (non-GAAP) $475,372 $464,654 $461,132 $455,089 $432,934 Shares outstanding, as reported 19,035 19,050 19,283 19,276 19,274Book value per share $28.56 $27.98 $27.36 $27.06 $25.93 Tangible book value per share (non-GAAP) $24.97 $24.39 $23.91 $23.61 $22.46 Tangible Equity to Tangible Assets:Total tangible shareholders’ equity $475,372 $464,654 $461,132 $455,089 $432,934 Total assets, as reported $6,621,694 $6,717,921 $6,745,167 $6,586,015 $6,930,647 Less end of period balances of:Goodwill63,909 63,909 63,909 63,909 63,909Identifiable intangible assets, net4,303 4,458 2,478 2,682 2,885Total tangible assets (non-GAAP) $6,553,482 $6,649,554 $6,678,780 $6,519,424 $6,863,853 Equity to assets 8.21% 7.93% 7.82% 7.92% 7.21%Tangible equity to tangible assets (non-GAAP) 7.25% 6.99% 6.90% 6.98% 6.31% For the Three Months Ended