????? ????? ????? THE WASHINGTON TRUST COMPANY | ANNUAL REPORT 2024 PAGE 1 Annual Report 2024 We stand out in our marketplace as the oldest community bank in America and one of the region’s premier financial services companies. With our industry’s increased fragmentation, it is not uncommon for consumers to deal with multiple providers, often in an impersonal manner. Yet when people are making important financial decisions, they welcome the comfort and reassurance of speaking with a trusted advisor. How can we help people manage their finances? What do they need to achieve their goals and dreams? Such focus was crucial in 2024. Amid a challenging macroeconomic environment, we fortified our business by ensuring Washington Trust’s products and services align with what people truly value. This commitment enabled us to fulfill our promise to all our stakeholders: What we value is you.® As a respected all-in-one financial provider who has served Rhode Islanders for nearly 225 years, we have a unique opportunity to favorably leverage our human-focused, technology-enabled strengths amid current market dynamics. Our teams pride themselves on being valued resources in the communities we serve. And, we are grateful that, in a period where external economic and geopolitical factors continued to shift and create uncertainty, the steady approach of our teams advanced efficient business operations while creating exceptional customer experiences. Customer expectations of financial institutions are evolving as new technologies emerge and generations continue on their financial journeys. People want real-time, seamless, intuitive interactions across all channels, coupled with individualized advice based on their needs, preferences, and stages of life. With this understanding, we challenged our teams in 2024 to ensure Washington Trust Letter to Shareholders At the core of Washington Trust’s success for more than two centuries is an unwavering focus on our customers. WASHINGTON TRUST BANCORP, INC | ANNUAL REPORT 2024 PAGE 2 $5.1B Total Loans $5.1B Total Deposits $6.9B Total Assets $7.1B AUA Wealth Management assets under administration At December 31, 2024 is optimizing the customer experience across all our business lines—personal banking, business banking, mortgage banking, and wealth management. And to our employees’ credit, they delivered. At the start of the year, we introduced an omnichannel digital solution that enables customers to open deposit accounts quickly and easily through their preferred delivery channel - online, mobile, in-branch, or through our call center. Other significant customer service enhancements unveiled in 2024 included live-chat functionality on our website, a Spanish-language version of the site to expand accessibility to our products and services, and a “cobrowse” feature that allows secure screen sharing between customers and Washington Trust advisors for guided assistance with online banking tasks. All these enhancements, driven and executed by our employees, underscored our commitment to expediting our customers’ banking experiences so they can get on with their busy lives. Our wealth management team improved their clients’ experience by launching a new Personal Financial Portal in 2024. This new online platform makes it easy for clients to connect to their investment accounts, wealth advisors, and everything else they need to manage their money. Well-received in its partial rollout in New Haven and Wellesley, the Personal Financial Portal will be available to our wealth management clients in Rhode Island in 2025. For all the conveniences that technology brings to banking and money management, it unfortunately also increases the risk of fraud. Phishing scams, identity theft, and other cyber threats are an ongoing concern on digital platforms. In addition to prioritizing information security in all aspects of our operations, we recently increased our outreach to alert our customers to common online scams and guide them on what to do if they are victims of fraud. Whether through social media, videos, blogs, or in-person seminars, these efforts reflect an ethos fundamental to the Washington Trust culture: We are always looking out for our customers’ best interests. WASHINGTON TRUST BANCORP, INC | ANNUAL REPORT 2024 PAGE 3 “ As a respected all-in-one financial provider who has served Rhode Islanders for nearly 225 years, we have a unique opportunity to favorably leverage our human-focused, technology- enabled strengths amid current market dynamics.” We continued to grow our physical branch network in 2024, bolstering our presence in northern Rhode Island with our new Smithfield branch and, later in the year, opening our third Providence location, in Olneyville. Together, these branches furthered our successful expansion in the state, attracting new deposits and bringing the Washington Trust way of doing business to new communities. Branches are a critical part of our brand presence and strategy. While customers may visit them less frequently, knowing one is nearby offers peace of mind, especially when a person needs individualized guidance or faces a complex financial situation. As the branch’s role has evolved from “a place to do banking” to “a place to learn about financial topics and personalized solutions,” our reputation for trusted advice and local accessibility has grown in value. Being a trusted financial partner and good neighbor is part of our institutional DNA. Our original charter, granted by the Rhode Island legislature, noted that in the Westerly area, “nothing is wanting but those little assistances, from time to time, which banks only can give.” We opened for business on August 22, 1800 as The Washington Bank, named for George Washington, the nation’s first president, and we have been providing assistances ever since. Across three centuries, we have built deep institutional knowledge, experience, and resilience. We are hopeful for a more advantageous climate in 2025 and are well-positioned to capitalize on it. Thanks to the hard work of our teams, Washington Trust enjoyed organic momentum heading into the fourth quarter of 2024. Then, in December, we announced a capital raise of $70.5 million and subsequent balance sheet repositioning, which entailed selling lower- yielding securities and loans at a loss, and paying down expensive wholesale funding. This was WASHINGTON TRUST BANCORP, INC | ANNUAL REPORT 2024 PAGE 4 Dividend yield Total risk based capital Nonperforming assets to total assets Total past due loans to total loans 7.15% 12.47% 0.34% 0.23% At December 31, 2024 “ Our balance sheet repositioning was an intentional and well-thought-out strategy to accelerate profitability and fuel continued growth, investment, and balance sheet optimization.” Strong Financial Foundation an intentional and well-thought-out strategy to accelerate profitability and fuel continued growth, investment, and balance sheet optimization. Furthermore, we enter 2025 well-capitalized, with strong asset quality, and a dividend yield of 7.15% as of December 31, 2024. We thank you, our shareholders, for showing tremendous support for this strategy to strengthen our financial foundation. Washington Trust is well-capitalized, as we have been since our founding, and ready to leverage our competitive advantages in our market. When we celebrate our 225th birthday August 22, 2025, we will do so as grateful stewards of a remarkable institution. We are committed to continuing Washington Trust’s legacy of making a meaningful difference in the places where we live and work and enhancing value for our shareholders, customers, employees, and the communities we serve. Thank you for your continued trust and confidence. Sincerely, WASHINGTON TRUST BANCORP, INC | ANNUAL REPORT 2024 PAGE 5 Mary E. Noons President and Chief Operating Officer Edward O. “Ned” Handy III Chairman and Chief Executive Officer This report 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. Actual results, performance or achievements of Washington Trust may differ materially from 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 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the Securities and Exchange Commission (“SEC”) and updated by our Quarterly Reports on Form 10-Q and other filings with the SEC. You should carefully review all of these factors, and you should be aware that there may be other factors that could cause these dierences. These forward-looking statements were based on information, plans and estimates at the date of this report, and Washington Trust assumes no obligation to update forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes. “ We challenged our teams in 2024 to ensure Washington Trust is optimizing the customer experience across all our business lines. And to our employees’ credit, they delivered.” 2024 Recognition and Awards: Robert A. DiMuccio, CPA Retired Chairman, President and Chief Executive Officer, Amica Mutual Insurance Company Joseph P. Gencarella, CPA Retired Audit Partner, KPMG LLP Mark K. W. Gim Retired President and Chief Operating Officer, Washington Trust Bancorp, Inc. Edward O. Handy III Chairman and Chief Executive Officer, Washington Trust Bancorp, Inc. Constance A. Howes, Esq. Retired Healthcare Executive Sandra Glaser Parrillo Retired President and Chief Executive Officer, Providence Mutual Fire Insurance Company Debra M. Paul Retired Chief Executive Officer, Fellowship Health Resources, Inc. John T. Ruggieri Retired Senior Vice President and Chief Financial Officer, Gilbane Building Company, and Vice President and Chief Financial Officer, Gilbane, Inc. Edwin J. Santos Retired Financial Services Executive Lisa M. Stanton Retired General Manager, Enterprise Strategy, American Express Angel Taveras, Esq. Senior Counsel, Adler Pollock & Sheehan P.C. • Alcino G. Almeida • Gary P. Bennett • John J. Bowen • Steven J. Crandall • Larry J. Hirsch • Barry G. Hittner • Katherine W. Hoxsie • Joseph J. MarcAurele • Edward M. Mazze • Kathleen E. McKeough • Victor J. Orsinger II, Esq. • Joseph H. Potter • H. Douglas Randall III • Joyce Olson Resnikoff • Patrick J. Shanahan, Jr. • John F. Treanor • John C. Warren Washington Trust Bancorp, Inc. Board of Directors The Washington Trust Company Directors’ Advisory Council WASHINGTON TRUST BANCORP, INC | ANNUAL REPORT 2024 PAGE 6 WASHINGTON TRUST BANCORP, INC | ANNUAL REPORT 2024 PAGE 7 Edward O. Handy III Chairman and Chief Executive Officer Mary E. Noons President and Chief Operating Officer Kristen L. DiSanto Senior Executive Vice President, Chief Human Resources Officer and Corporate Secretary Ronald S. Ohsberg, CPA Senior Executive Vice President, Chief Financial Officer and Treasurer Maria N. Janes, CPA Executive Vice President, Chief Accounting Officer and Controller Edward O. Handy III Chairman and Chief Executive Officer Mary E. Noons President and Chief Operating Officer Kristen L. DiSanto Senior Executive Vice President, Chief Human Resources Officer and Corporate Secretary Ronald S. Ohsberg, CPA Senior Executive Vice President, Chief Financial Officer and Treasurer William K. Wray, Sr. Senior Executive Vice President and Chief Risk Officer Dennis L. Algiere Executive Vice President, Chief Compliance Officer and Director of Community Affairs Maria N. Janes, CPA Executive Vice President, Chief Accounting Officer and Controller Michelle L. Kile Executive Vice President and Chief Retail Banking Officer Rolando A. Lora Executive Vice President, Chief Retail Lending Officer and Director of Community Lending James A. Mignone Executive Vice President and Chief Information Officer Kathleen A. Ryan, Esq. Executive Vice President and Chief Wealth Management Officer C. Scott Ostrowski Senior Vice President and Chief Audit Executive Sharon M. Walsh Senior Vice President, Director of Marketing and Corporate Communications Officers of the Corporation The Washington Trust Company Executive Leadership As of publication date WASHINGTON TRUST BANCORP, INC | ANNUAL REPORT 2024 PAGE 8 ir.washtrust.com washtrust.com washtrustmortgage.com washtrustwealth.com Auditors: Crowe LLP, Washington D.C. Counsel: Goodwin Procter LLP, Boston, Massachusetts Stock Transfer and Dividend Disbursing Agent: Broadridge Corporate Issuer Solutions, LLC 1155 Long Island Avenue Edgewood, NY 11717 (800) 852-0354 • shareholder.broadridge.com/wash The Corporation’s 2025 Proxy Statement and 2024 Form 10-K are available online by visiting the Corporation’s website ir.washtrust.com/proxy, by calling the Corporation’s toll-free number at 800-475-2265 extension 1566, or by email at investor.relations@washtrust.com. The Corporation is an Equal Opportunity Employer, a member of the FDIC and an Equal Housing Lender. Ticker Symbol NASDAQ: WASH 4 Commercial Lending Offices 7 Residential Mortgage Loan Offices 5 Wealth Management Offices 28 Branches CONNECTICUT MASSACHUSETTES RHODE ISLAND New Haven Boston Westerly Providence