Exhibit 99.1
 
[Graphic Omitted]
NASDAQ: WASH
 
Contact:    Elizabeth B. Eckel
Senior Vice President, Marketing
Telephone:  (401) 348-1309
E-mail:  ebeckel@washtrust.com
Date:  January 26, 2011
FOR IMMEDIATE RELEASE

Washington Trust Reports Record Quarterly Net Income
Bank Announces Plans to Expand Mortgage and Branch Network

Westerly, Rhode Island…Washington Trust Bancorp, Inc. (NASDAQ Global SelectÒ; symbol: WASH), parent company of The Washington Trust Company, today announced fourth quarter 2010 net income of $7.2 million, or 44 cents per diluted share.  This compares to third quarter 2010 net income of $6.4 million, or 39 cents per diluted share, and fourth quarter 2009 net income of $4.7 million, or 30 cents per diluted share.  For the year 2010, net income totaled $24.1 million, or $1.49 per diluted share, up by 49% from the $16.1 million, or $1.00 per diluted share, reported for 2009.

Financial Highlights:
 
·  
Net interest margin amounted to 3.05% for the fourth quarter of 2010 compared to 3.01% for the third quarter and up by 49 basis points from the 2.56% reported for the fourth quarter of 2009.
·  
Wealth management revenues amounted to $6.8 million for the fourth quarter of 2010, a 5% increase on a linked quarter basis and a 7% increase over the fourth quarter of 2009.  Wealth management assets under administration reached an all-time high and stood at $4.123 billion at December 31, 2010.
·  
Due to strong mortgage refinancing activity, net gains on loan sales and commissions on loans originated for others for the fourth quarter of 2010 increased by $1.2 million on a linked quarter basis and by $998 thousand over the fourth quarter of 2009.
·  
Total loans declined slightly on a linked quarter basis, and were up by $76 million, or 4%, from the balance at December 31, 2009.
·  
Total in-market deposits remained level in the fourth quarter of 2010 and were up by $155 million, or 8%, since the end of 2009.
·  
The overall level of nonperforming assets remained fairly stable in the quarter, with total nonperforming assets at 0.79% of total assets, unchanged from September 30, 2010.
 

“I’m pleased to report that Washington Trust’s fourth quarter 2010 net income was the highest level in our 210+ year history, and full-year 2010 results were also outstanding,” stated Joseph J. MarcAurele,

M O R E-

 
 

The following information was filed by Washington Trust Bancorp Inc (WASH) on Wednesday, January 26, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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