Exhibit 99.1

bancorpflatbluehorizontala07.jpg
NASDAQ: WASH
Contact: Elizabeth B. Eckel
Senior Vice President, Marketing
Telephone: (401) 348-1309
E-mail: ebeckel@washtrust.com
Date: July 24, 2017
FOR IMMEDIATE RELEASE

Washington Trust Reports Record Second Quarter 2017 Earnings
WESTERLY, R.I., July 24, 2017 (GLOBE NEWSWIRE)…Washington Trust Bancorp, Inc. (Nasdaq:WASH), parent company of The Washington Trust Company, today announced second quarter 2017 net income of $13.2 million, or $0.76 per diluted share, up by 12% from the $11.8 million, or $0.68 per diluted share, reported for the first quarter of 2017.

“Washington Trust’s momentum continued into the second quarter of 2017, as we achieved record earnings,” stated Joseph J. MarcAurele, Washington Trust Chairman and Chief Executive Officer.  “As a result of our consistent performance, strong capital position and attractive dividend yield, we continue to be recognized as one of the region’s high-performing financial institutions.”

Selected highlights for the second quarter of 2017 include:
Returns on average equity and average assets were strong at 13.06% and 1.21%, respectively. Comparable amounts for the first quarter of 2017 were 11.87% and 1.08%, respectively.
Wealth management assets under administration at the end of the quarter totaled $6.4 billion and second quarter revenues amounted to $9.9 million. These were record highs for Washington Trust.
Mortgage banking revenues totaled $2.9 million for the second quarter of 2017, up by 25% on a linked quarter basis.
Total loans stood at $3.2 billion at June 30, 2017, down by 1% from the preceding quarter and up by 4% from a year ago.
Total deposits amounted to $3.0 billion at June 30, 2017, down by 3% in the quarter and up by 8% from a year ago.
Net Interest Income
Net interest income totaled $29.9 million for the second quarter of 2017, up by $1.2 million, or 4%, from the first quarter. Included in net interest income in the second quarter was loan prepayment fee income of $549 thousand, compared to $135 thousand in the first quarter. Excluding the impact of loan prepayment fee income in each period, net interest income was up by $811 thousand, or 3%, on a linked quarter basis. The net interest margin was 2.97% for the second quarter of 2017, up by 10 basis points from the preceding quarter. Excluding the impact of the loan prepayment fee income in each period, the net interest margin was 2.92%, up by 6 basis points from the first quarter of 2017. Significant linked quarter changes included:
Average interest-earning assets decreased by $17 million, primarily due to payoffs in the commercial real estate loan portfolio. The yield on interest-earning assets for the second quarter was 3.68%, up by 12 basis points from the preceding quarter. Excluding the impact of loan prepayment fee income in each period, the yield on interest-earning assets was 3.62%, up by 8 basis points from the preceding quarter, due to higher short-term market rates of interest.




The following information was filed by Washington Trust Bancorp Inc (WASH) on Monday, July 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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