Exhibit 99.1

bancorpflatbluehorizontala06.jpg
NASDAQ: WASH
Contact: Elizabeth B. Eckel
Senior Vice President, Marketing
Telephone: (401) 348-1309
E-mail: ebeckel@washtrust.com
Date: April 24, 2017
FOR IMMEDIATE RELEASE


Washington Trust Reports First Quarter 2017 Earnings
WESTERLY, R.I., April 24, 2017 (GLOBE NEWSWIRE)…Washington Trust Bancorp, Inc. (Nasdaq:WASH), parent company of The Washington Trust Company, today announced net income of $11.8 million, or $0.68 per diluted share, for the first quarter of 2017, compared to net income of $12.2 million, or $0.70 per diluted share, reported for the fourth quarter of 2016.

“Washington Trust posted solid first quarter results with very good contributions from our core business lines,” stated Joseph J. MarcAurele, Washington Trust Chairman and Chief Executive Officer.  “We continue to benefit from a solid level of business activity and production throughout our market area.”

Selected highlights for the first quarter of 2017 include:
Returns on average equity and average assets were 11.87% and 1.08%, respectively. Comparable amounts for the fourth quarter of 2016 were 12.26% and 1.14%, respectively.
Wealth management revenues amounted to $9.5 million for the first quarter of 2017, up by 2% on a linked quarter basis. Wealth management assets of $6.2 billion reached an all-time high for the Corporation at March 31, 2017.
Total loans amounted to $3.2 billion at March 31, 2017, down slightly from the preceding quarter and up by 6% from a year ago.
Deposit balances experienced good growth, rising by 2% in the quarter and have increased by 8% from a year ago.
In March, Washington Trust declared a quarterly dividend of 38 cents per share, a 1 cent per share increase over the preceding quarter; representing the seventh consecutive year of dividend increases.
Net Interest Income
Net interest income totaled $28.7 million for the first quarter of 2017, up modestly from the fourth quarter. Included in net interest income was loan prepayment fee income of $135 thousand for the first quarter, compared to $816 thousand in the fourth quarter. Excluding the impact of loan prepayment fee income in both periods, net interest income was up by $727 thousand, or 3%, on a linked quarter basis. The net interest margin was 2.87% for the first quarter of 2017, down by 37 basis points from the preceding quarter. Excluding the impact of the loan prepayment fee income in each period, the net interest margin was 2.86%, up by 5 basis points from the fourth quarter of 2016. Significant linked quarter changes included:




The following information was filed by Washington Trust Bancorp Inc (WASH) on Monday, April 24, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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