Technology

VIAVI Announces First Quarter Fiscal 2025 Results

Published

2 years ago

October 31, 2024

CHANDLER, Ariz., Oct. 31, 2024 /PRNewswire/ — VIAVI (NASDAQ: VIAV) today reported results for its first quarter ended September 28, 2024 with the following highlights.

First Quarter

Net revenue of $238.2 million, down $9.7 million or 3.9% year-over-yearGAAP operating margin of 4.8%, down 170 bps year-over-yearNon-GAAP operating margin of 10.0%, down 240 bps year-over-yearGAAP net loss of $1.8 million, down $11.6 million or 118.4% year-over-yearNon-GAAP net income of $12.4 million, down $7.1 million or 36.4% year-over-year GAAP diluted loss per share of $(0.01), down $0.05 or 125.0% year-over-yearNon-GAAP diluted earnings per share (EPS) of $0.06, down $0.03 or 33.3% year-over-year

“VIAVI’s Q1FY25 revenue came in slightly below the midpoint of our guidance, with weaker demand in NSE partially offset by stronger OSP performance. On a positive side, we are starting to see a pickup in the NSE order momentum with our advanced fiber products such as 800G and recently announced 1.6Tb, being particularly strong. This aligns with our expectations for the beginning of NSE demand recovery in second half of FY25,” said Oleg Khaykin, VIAVI’s President and Chief Executive Officer.

Financial Overview:

The tables below (in millions, except percentage, and per share data) provide comparisons of quarterly results to prior periods, including sequential quarterly and year-over-year changes. A full reconciliation between the GAAP and non-GAAP measures included in the tables is contained in this release under the section titled “Use of Non-GAAP (Adjusted) Financial Measures.”

First Quarter Ended September 28, 2024

GAAP Results

Change

FY 2025

FY 2024

Q/Q

Y/Y

Net revenue

$ 238.2

$ 252.0

$ 247.9

(5.5) %

(3.9) %

Gross margin

57.1 %

57.8 %

58.2 %

(70) bps

(110) bps

Operating margin

4.8 %

(2.3) %

6.5 %

710 bps

(170) bps

Income (loss) from operations

$ 11.5

$ (5.7)

$ 16.0

301.8 %

(28.1) %

Net (loss) income per share

(0.01)

(0.10)

0.04

90.0 %

(125.0) %

Non-GAAP Results

Change

FY 2025

FY 2024

Q/Q

Y/Y

Gross margin

59.1 %

59.6 %

60.1 %

(50) bps

(100) bps

Operating margin

10.0 %

10.9 %

12.4 %

(90) bps

(240) bps

Income from operations

$ 23.9

$ 27.5

$ 30.8

(13.1) %

(22.4) %

Earnings per share

0.06

0.08

0.09

(25.0) %

(33.3) %

Net Revenue by Segment

Change

FY 2025

FY 2024

Q/Q

Y/Y

Network Enablement

$ 141.6

$ 158.5

$ 150.0

(10.7) %

(5.6) %

Service Enablement

17.8

23.7

20.4

(24.9) %

(12.7) %

Optical Security and Performance Products

78.8

69.8

77.5

12.9 %

1.7 %

Total

$ 238.2

$ 252.0

$ 247.9

(5.5) %

(3.9) %

Americas, Asia-Pacific and EMEA customers represented 37.2%, 36.1% and 26.7%, respectively, of total net revenue for the quarter ended September 28, 2024.As of September 28, 2024, the Company held $497.9 million in total cash, short-term investments and short-term restricted cash.As of September 28, 2024, the Company had $250 million aggregate principal amount of 1.625% Senior Convertible Notes and $400 million aggregate principal amount of 3.75% Senior Notes with a total net carrying value of $637.6 million.During the fiscal quarter ended September 28, 2024, the Company generated $13.5 million of cash flows from operations.

Business Outlook for the Second Quarter of Fiscal 2025

For the second quarter of fiscal 2025 ending December 28, 2024, the Company expects net revenue to be between $255 million to $265 million and non-GAAP EPS to be between $0.09 to $0.11.

With respect to our expectations above, the Company has not reconciled GAAP net loss per share to non-GAAP EPS in this press release because it is unable to provide a meaningful or accurate estimate of certain reconciling items described in the “Use of Non-GAAP (Adjusted) Financial Measures” section below and the information is not available without unreasonable effort as a result of the inherent difficulty of forecasting the timing and/or amounts of certain items, including certain charges related to restructuring, acquisition, integration and related charges. In addition, the Company believes such reconciliations would imply a degree of precision that may be confusing or misleading to investors.

Conference Call

The Company will discuss these results and other related matters at 1:30 p.m. Pacific Time on October 31, 2024 in a live webcast, which will also be archived for replay on the Company’s website at https://investor.viavisolutions.com. The Company will post supplementary slides outlining the Company’s latest financial results on https://investor.viavisolutions.com under the “Quarterly Results” section concurrently with this earnings press release. This press release is being furnished as a Current Report on Form 8-K with the Securities and Exchange Commission, and will be available at www.sec.gov.

About VIAVI Solutions

VIAVI (NASDAQ: VIAV) is a global provider of network test, monitoring and assurance solutions for telecommunications, cloud, enterprises, first responders, military, aerospace and railway. VIAVI is also a leader in light management technologies for 3D sensing, anti-counterfeiting, consumer electronics, industrial, automotive, government and aerospace applications.

Learn more about VIAVI at www.viavisolutions.com. Follow us on VIAVI Perspectives, LinkedIn and YouTube.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include any expectation, anticipation or guidance as to future financial performance, including future revenue, gross margin, operating expense, operating margin, profitability targets, cash flow and other financial metrics, as well as the impact and duration of certain trends and market position and conditions, including market stabilization and recovery. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. In particular, the Company’s ability to predict future financial performance continues to be difficult due to, among other things: (a) continuing general limited visibility across many of our product lines; (b) quarter-over-quarter product mix fluctuations, which can materially impact profitability measures due to the broad gross margin ranges across our portfolio; (c) consolidations in our industry and customer base; (d) competitive pressures; (e) unforeseen changes or deceleration in the demand for current and new products, technologies, services, delays or unforeseen events in the roll-out of new industry platforms or evolving technology such as 3D sensing and customer purchasing delays due to macroeconomic conditions, tightening of expenditures or as they assess or transition to such new technologies and/or architectures, all of which limit near-term demand visibility, and could negatively impact potential revenue; (f) continued decline of average selling prices across our businesses; (g) notable seasonality and a significant level of in-quarter book-and-ship business; (h) various product and manufacturing transfers, site consolidations, product discontinuances and restructuring and workforce reduction plans, including anticipated cost savings associated with such plans; (i) challenges in execution of business strategy; (j) challenges integrating the businesses the Company has acquired and realizing all of the expected benefits and savings; (k) supply chain and materials constraints and the ability of our suppliers and contract manufacturers to meet production and delivery requirements to our forecasted demand; (l) potential disruptions or delays to our manufacturing and operations due to climate conditions and natural disasters in the regions where we operate, such as wildfires, drought conditions and related water shortages in Arizona, as well as wildfires in Northern California and related blackouts and power outages in that region; (m) the uncertain and ongoing impact to our supply chain of military conflicts, such as the ongoing conflict between Russia and Ukraine and the ongoing conflict between Israel and Hamas and the expansion of conflict in the Middle East, including in Lebanon and with Iran, tariffs, sanctions and other trade measures imposed by domestic and foreign governments, adverse actions and escalating tensions with foreign governments, including China, and the possibility of escalation of “trade wars,” cyber-attacks, and retaliatory measures; (n) the impact of infectious disease outbreaks, epidemics, and pandemics on our financial results, revenues, customer demand, business operations and manufacturing and on the business operations of our customers, contract manufacturers and suppliers; and (o) inherent uncertainty related to global markets, including inflationary pressures, recessions, tightening monetary policy and liquidity, and the effect of such markets on demand for our products. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. For more information on the risks and uncertainties associated with the Company’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s filings with the Securities and Exchange Commission, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. The forward-looking statements contained in this press release are made as of the date thereof and the Company assumes no obligation to update such statements. We have not filed our Form 10-Q for the quarter ended September 28, 2024. As a result, all financial results described in this earnings release should be considered preliminary, and are subject to change to reflect any necessary adjustments or changes in accounting estimates, that are identified prior to the time we file the Form 10-Q.

Contact Information

Investors:
Vibhuti Nayar
408-404-6305
vibhuti.nayar@viavisolutions.com

Press:
Amit Malhotra
202-341-8624
amit.malhotra@viavisolutions.com

The following financial tables are presented in accordance with GAAP, unless otherwise specified.

-SELECTED PRELIMINARY FINANCIAL DATA –

VIAVI SOLUTIONS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share data)

(unaudited)

PRELIMINARY

Three Months Ended

September 28,
2024

September 30,
2023

Net revenue

$ 238.2

$ 247.9

Cost of revenues

98.8

100.0

Amortization of acquired technologies

3.3

3.5

Gross profit

136.1

144.4

Operating expenses:

Research and development

49.4

49.9

Selling, general and administrative

74.1

77.2

Amortization of other intangibles

1.1

2.1

Restructuring and related benefits

—

(0.8)

Total operating expenses

124.6

128.4

Income from operations

11.5

16.0

Interest and other income, net

3.2

10.2

Interest expense

(7.5)

(7.8)

Income before income taxes

7.2

18.4

Provision for income taxes

9.0

8.6

Net (loss) income

$ (1.8)

$ 9.8

Net (loss) income per share:

Basic

$ (0.01)

$ 0.04

Diluted

$ (0.01)

$ 0.04

Shares used in per share calculations:

Basic

222.0

Diluted

222.0

224.2

The preliminary financial statements are estimated based on our current information.

VIAVI SOLUTIONS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, unaudited)

PRELIMINARY

September 28, 2024

June 29, 2024

ASSETS

Current assets:

Cash and cash equivalents

$ 467.9

$ 471.3

Short-term investments

25.2

19.9

Restricted cash

4.8

5.0

Accounts receivable, net

203.1

213.1

Inventories, net

93.2

96.5

Prepayments and other current assets

69.8

70.7

Total current assets

864.0

876.5

Property, plant and equipment, net

230.5

228.2

Goodwill, net

461.2

452.9

Intangibles, net

34.0

38.2

Deferred income taxes

86.1

82.5

Other non-current assets

61.8

58.0

Total assets

$ 1,737.6

$ 1,736.3

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$ 47.4

$ 50.4

Accrued payroll and related expenses

44.4

48.2

Deferred revenue

63.7

65.7

Accrued expenses

23.8

25.3

Other current liabilities

53.5

57.5

Total current liabilities

232.8

247.1

Long-term debt

637.6

636.0

Other non-current liabilities

165.1

171.6

Total liabilities

1,035.5

1,054.7

Total stockholders’ equity

702.1

681.6

Total liabilities and stockholders’ equity

$ 1,737.6

$ 1,736.3

The preliminary financial statements are estimated based on our current information.

VIAVI SOLUTIONS INC.

REPORTABLE SEGMENT INFORMATION

(in millions, unaudited)

PRELIMINARY

Three Months Ended September 28, 2024

Network and Service Enablement

Network
Enablement

Service
Enablement

Network and
Service
Enablement

Optical Security
and Performance
Products

Other Items (1)

Consolidated
GAAP Measures

Net revenue

$ 141.6

$ 17.8

$ 159.4

$ 78.8

$ —

$ 238.2

Gross profit

$ 86.3

$ 10.8

$ 97.1

$ 43.6

$ (4.6)

$ 136.1

Gross margin

60.9 %

60.7 %

60.9 %

55.3 %

57.1 %

Operating (loss) income

$ (7.3)

$ 31.2

$ (12.4)

$ 11.5

Operating margin

(4.6) %

39.6 %

4.8 %

Three Months Ended September 30, 2023

Network and Service Enablement

Network
Enablement

Service Enablement

Network and
Service
Enablement

Optical Security
and Performance
Products

Other Items (1)

Consolidated
GAAP Measures

Net revenue

$ 150.0

$ 20.4

$ 170.4

$ 77.5

$ —

$ 247.9

Gross profit

$ 94.6

$ 13.7

$ 108.3

$ 40.7

$ (4.6)

$ 144.4

Gross margin

63.1 %

67.2 %

63.6 %

52.5 %

58.2 %

Operating income

$ 1.5

$ 29.3

$ (14.8)

$ 16.0

Operating margin

0.9 %

37.8 %

6.5 %

(1) See Reconciliation of GAAP Measures from Continuing Operations to Non-GAAP Measures below for details of Other Items.

The preliminary financial schedules are estimated based on our current information.

Use of Non-GAAP (Adjusted) Financial Measures

The Company provides non-GAAP gross margin, non-GAAP operating margin, non-GAAP net income, non-GAAP EPS, EBITDA and adjusted EBITDA financial measures as supplemental information regarding the Company’s operational performance. The Company uses the measures disclosed in this release to evaluate the Company’s historical and prospective financial performance, as well as its performance relative to its competitors. Specifically, management uses these items to further its own understanding of the Company’s core operating performance, which the Company believes represent its performance in the ordinary, ongoing and customary course of its operations. Accordingly, management excludes from core operating performance items such as those relating to certain purchase price accounting adjustments, amortization of acquisition-related intangibles, stock-based compensation, legal settlements, restructuring, changes in fair value of contingent consideration liabilities and certain investing and acquisition related expenses and other activities that management believes are not reflective of such ordinary, ongoing and core operating activities.

The Company believes providing this additional information allows investors to see Company results through the eyes of management. The Company further believes that providing this information allows investors to better understand the Company’s financial performance and, importantly, to evaluate the efficacy of the methodology and information used by management to evaluate and measure such performance.

The non-GAAP adjustments described in this release are excluded by the Company from its GAAP financial measures because the Company believes excluding these items enables investors to evaluate more clearly and consistently the Company’s core operational performance. The non-GAAP adjustments are outlined below.

Cost of revenues, costs of research and development and costs of selling, general and administrative: The Company’s GAAP presentation of gross margin and operating expenses may include (i) additional depreciation and amortization from changes in estimated useful life and the write-down of certain property, equipment and intangibles that have been identified for disposal but remained in use until the date of disposal, (ii) charges such as severance, benefits and outplacement costs related to restructuring plans, (iii) costs for facilities not required for ongoing operations, and costs related to the relocation of certain equipment from these facilities and/or contract manufacturer facilities, (iv) stock-based compensation, (v) amortization expense related to acquired intangibles, (vi) changes in fair value of contingent consideration liabilities and (vii) other charges unrelated to our core operating performance comprised mainly of acquisition related transaction costs, integration costs related to acquired entities, litigation and legal settlements and other costs and contingencies unrelated to current and future operations, including transformational initiatives such as the implementation of simplified automated processes, site consolidations, and reorganizations. The Company excludes these items in calculating non-GAAP gross margin, non-GAAP operating margin, non-GAAP net income, non-GAAP EPS, EBITDA and adjusted EBITDA.

Non-cash interest expense and other expense: The Company excludes certain investing expenses, including accretion of debt discount, and other non-cash activities that management believes are not reflective of such ordinary, ongoing and core operating activities, when calculating non-GAAP net income and non-GAAP EPS.

Income tax expense or benefit: The Company excludes certain non-cash tax expense or benefit items, such as the utilization of net operating losses where valuation allowances were released, intra-period tax allocation benefit and the tax effect for amortization of non-tax deductible intangible assets, when calculating non-GAAP net income and non-GAAP EPS.

Interest, taxes, depreciation, amortization and other adjustments: The Company’s EBITDA calculation primarily excludes interest income and other income (expense), interest expense, taxes, depreciation and amortization, and other items that are not part of its core operating performance described above. The Company’s adjusted EBITDA excludes items in addition to the items excluded from the EBITDA calculation, such as stock-based compensation, restructuring, gain or loss on sale of available for-sale investments, changes in fair value of contingent consideration liabilities arising from prior acquisitions and other charges related to activities that are not part of its core operating performance described above. Management believes adjusted EBITDA is a helpful indicator of the Company’s core operational cash flow.

Non-GAAP financial measures are not in accordance with, preferable to, or an alternative for, generally accepted accounting principles in the United States. The GAAP measure most directly comparable to non-GAAP net income is net income. The GAAP measure most directly comparable to non-GAAP EPS is net income per share. The Company believes these GAAP measures alone are not fully indicative of its core operating expenses and performance and that providing non-GAAP financial measures in conjunction with GAAP measures provides valuable supplemental information regarding the Company’s overall performance.

VIAVI SOLUTIONS INC.

RECONCILIATION OF GAAP MEASURES FROM CONTINUING OPERATIONS

TO NON-GAAP MEASURES

(in millions, except per share data)

(unaudited)

PRELIMINARY

The following tables reconcile GAAP measures to non-GAAP measures:

Three Months Ended

September 28, 2024

September 30, 2023

Gross
Profit

Gross
Margin

Gross
Profit

Gross
Margin

GAAP measures

$ 136.1

57.1 %

$ 144.4

58.2 %

Stock-based compensation

1.2

0.5 %

1.2

0.5 %

Other charges (benefits) unrelated to core operating performance

0.1

0.1 %

(0.1)

— %

Amortization of intangibles

3.3

1.4 %

3.5

1.4 %

Total related to Cost of Revenue

4.6

2.0 %

4.6

1.9 %

Non-GAAP measures

$ 140.7

59.1 %

$ 149.0

60.1 %

Three Months Ended

September 28, 2024

September 30, 2023

Operating
Income

Operating
Margin

Operating
Income

Operating
Margin

GAAP measures

$ 11.5

4.8 %

$ 16.0

6.5 %

Stock-based compensation

12.7

5.3 %

11.2

4.5 %

Change in fair value of contingent liability

(3.5)

(1.5) %

(1.4)

(0.6) %

Acquisition and integration related charges

0.6

0.3 %

—

— %

Other (benefits) charges unrelated to core operating performance (1)

(0.5)

(0.2) %

0.2

0.1 %

Amortization of intangibles

4.4

1.8 %

5.6

2.2 %

Restructuring and related charges

—

— %

(0.8)

(0.3) %

Litigation settlement

(1.3)

(0.5) %

—

— %

Total related to Cost of Revenue and Operating Expenses

12.4

5.2 %

14.8

5.9 %

Non-GAAP measures

23.9

10.0 %

30.8

12.4 %

Three Months Ended

September 28, 2024

September 30, 2023

Net (Loss)
Income

Diluted

EPS

Net
Income

Diluted

EPS

GAAP measures

$ (1.8)

$ (0.01)

$ 9.8

$ 0.04

Items reconciling GAAP Net (Loss) Income and EPS to Non-GAAP Net Income and EPS:

Stock-based compensation

12.7

0.06

11.2

0.05

Change in fair value of contingent liability

(3.5)

(0.01)

(1.4)

—

Acquisition and integration related charges

0.6

—

Other (benefits) charges unrelated to core operating performance (1)

(0.5)

—

0.2

—

Amortization of intangibles

4.4

0.02

5.6

0.02

Restructuring and related benefits

—

(0.8)

—

Litigation settlement

(1.3)

(0.01)

(7.3)

(0.03)

Non-cash interest expense and other expense

1.1

0.01

1.2

0.01

Provision for income taxes

0.7

—

1.0

—

Total related to Net (Loss) Income and EPS

14.2

0.07

9.7

0.05

Non-GAAP measures

$ 12.4

$ 0.06

$ 19.5

$ 0.09

Shares used in per share calculation for Non-GAAP EPS

224.0

224.2

Note: Certain totals may not add due to rounding.

(1) Included in the three months ended September 28, 2024 is a gain of $0.9 million on the sale of assets previously classified as held for sale and other charges unrelated to core operating performance of $0.4 million.

The preliminary financial schedules are estimated based on our current information.

VIAVI SOLUTIONS INC.

RECONCILIATION OF GAAP MEASURES FROM CONTINUING OPERATIONS

TO ADJUSTED EBITDA

(in millions, unaudited)

PRELIMINARY

Three Months Ended

September 28,
2024

September 30,
2023

GAAP Net (Loss) Income

$ (1.8)

$ 9.8

Interest and other income, net (1)

(3.2)

(10.2)

Interest expense

7.5

7.8

Provision for income taxes

9.0

8.6

Depreciation

9.7

9.8

Amortization

4.4

5.6

EBITDA

25.6

31.4

Restructuring and related benefits

—

(0.8)

Stock-based compensation

12.7

11.2

Change in fair value of contingent liability

(3.5)

(1.4)

Acquisition and integration related charges

0.6

—

Other (benefits) charges unrelated to core operating performance (2)

(1.9)

0.1

Adjusted EBITDA

$ 33.5

$ 40.5

Note: Certain totals may not add due to rounding.

(1) Includes favorable litigation settlement of $7.3 million recorded as a gain to Interest and other income, net in the Consolidated Statements of Operations for the three months ended September 30, 2023.

(2) Included in the three months ended September 28, 2024 is a gain on litigation settlement of $1.3 million, a gain on the sale of assets previously classified as held for sale of $0.9 million and other charges unrelated to core operating performance of $0.3 million.

The preliminary financial schedules are estimated based on our current information.

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SOURCE VIAVI Financials

Technology

SANMINA CORPORATION INVITES YOU TO JOIN ITS FOURTH QUARTER AND FISCAL YEAR 2026 EARNINGS CONFERENCE CALL

Published

1 second ago

October 19, 2026

SAN JOSE, Calif., Oct. 19, 2026 /PRNewswire/ — Sanmina Corporation (NASDAQ: SANM) announced today that it will host its fourth quarter and fiscal year 2026 earnings conference call on Monday, November 9, 2026 at 5:00 PM ET.

The live webcast presentation and supporting materials will be available on the Sanmina website at www.sanmina.com in the Investor Relations section. A webcast replay will be available at the same location upon the conclusion of the event.

About Sanmina
Sanmina Corporation, a Fortune 500 company, is a leading integrated manufacturing solutions provider serving the fastest growing segments of the global Electronics Manufacturing Services (EMS) market. Recognized as a technology leader, Sanmina provides end-to-end manufacturing solutions, delivering superior quality and support to Original Equipment Manufacturers (OEMs) primarily in the industrial and energy, medical, defense and aerospace, automotive and transportation, communications networks, and cloud and AI infrastructure markets. Sanmina has facilities strategically located in key regions throughout the world. More information about the Company is available at www.sanmina.com.

Sanmina Contact:
Paige Melching
SVP, Investor Communications
408.964.3610

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SOURCE Sanmina Corporation

Technology

ADAM CIONGOLI STEPPING DOWN AS CHIEF LEGAL & POLICY OFFICER OF FOX CORPORATION, NICHOLAS TRUTANICH TO BE NAMED GENERAL COUNSEL

Published

4 seconds ago

October 19, 2026

NEW YORK, Oct. 19, 2026 /PRNewswire/ — Fox Corporation (Nasdaq: FOXA, FOX) (“FOX” or the “Company”) today announced that Adam Ciongoli, Chief Legal and Policy Officer, will not be renewing his contract and will step down from that role effective December 1. Concurrent with this change, Ciongoli will transition to serve as a special advisor to FOX through June 2028.

Nicholas Trutanich, currently Executive Vice President, Principal Deputy General Counsel, will become General Counsel of the Company effective December 1, reporting to Executive Chair and Chief Executive Officer Lachlan Murdoch.

“I’d like to thank Adam for his many immense contributions over the last three years,” said Lachlan Murdoch. “I deeply appreciate his service to FOX and am grateful that he will continue to serve FOX as a special advisor. Nick Trutanich has been a critical member of the FOX team since joining the Company five years ago and will bring deep legal, litigation and compliance experience to this expanded role. We look forward to Nick’s leadership.”

“It has been a privilege and an honor to be a part of the FOX family, and I have especially valued my relationships with Lachlan and our talented colleagues,” said Ciongoli. “I look forward to continuing to work with Lachlan and FOX as a special advisor to help this great company in its continued successes.”

“I will be honored to serve as General Counsel and grateful for the opportunity to lead such a talented legal team,” said Trutanich. “It is an exciting time of growth and innovation at FOX, and I look forward to working with colleagues across the Company to advance our goals.”

Nick Trutanich joined Fox Corporation as Chief Ethics & Compliance Officer in 2021, most recently serving as Executive Vice President, Principal Deputy General Counsel, leading the Company’s Litigation and Ethics & Compliance functions. Prior to joining FOX, Trutanich served as the U.S. Attorney for the District of Nevada from 2019 to 2021 and previously held senior roles at the Nevada Attorney General’s Office and served as a federal prosecutor within the U.S. Department of Justice. Earlier in his career, Trutanich was a litigator in private practice and a federal law clerk.

As part of the transition, the Company also announced that Kristopher Jones, Executive Vice President and Head of Government Relations, will report directly to John Nallen, the President and Chief Operating Officer of Fox Corporation effective December 1.

About Fox Corporation

Fox Corporation produces and distributes compelling news, sports and entertainment content through its primary iconic domestic brands, including FOX News Media, FOX Sports, Tubi Media Group, FOX Entertainment and FOX Television Stations. These brands hold cultural significance with consumers and commercial importance for distributors and advertisers. The breadth and depth of FOX’s footprint allow the Company to deliver content that engages and informs audiences, develop deeper consumer relationships and create more compelling product offerings. FOX maintains an impressive track record of news, sports, and entertainment industry success that shapes our strategy to capitalize on existing strengths and invest in new initiatives. For more information about Fox Corporation, please visit www.foxcorporation.com.

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Washington Trust Reports Third Quarter 2026 Results

Published

6 seconds ago

October 19, 2026

WESTERLY, R.I., Oct. 19, 2026 /PRNewswire/ — Washington Trust Bancorp, Inc. (Nasdaq: WASH; “Washington Trust” or the “Corporation”), today reported third quarter 2026 net income of $19.4 million, up by $3.4 million, or 21%, from the preceding quarter. Diluted earnings per share was $1.01 for the third quarter of 2026, up by $0.18 from the preceding quarter. Compared to the third quarter of 2025, net income was up by $8.5 million, or $0.45 per diluted share.

“We delivered another strong quarter marked by growth in earnings and net interest income, continued margin expansion and improved operating efficiency,” said Washington Trust Chairman and Chief Executive Officer Edward O. “Ned” Handy III. “By combining personalized service and trusted advice with the capabilities of a regional bank, we are able to provide customers with a level of service, expertise and convenience that stands apart from other community banks our size. We continue to focus on leveraging these strengths to support prudent growth and deliver long-term value for our shareholders.”

THIRD QUARTER HIGHLIGHTS (Q3 2026 vs. Q2 2026, unless otherwise noted):

Profitability metrics improved with returns on average equity and average assets of 13.89% and 1.17%, compared to 11.61% and 0.99%, respectively.Net interest margin (“NIM”) expanded to 2.84%, up by 11 basis points.Asset quality metrics improved, reflecting the resolution of a commercial real estate office loan.The provision for credit losses was $1.8 million for the third quarter.Total noninterest income was up by 9%.Total noninterest expenses increased modestly by 0.5%.Loan balances were up by $61.8 million from June 30, 2026.Deposits reached an all-time high of $5.4 billion and were up by $77.1 million from June 30, 2026.Capital ratios remained strong, with a common equity tier 1 ratio of 11.93% at September 30, 2026.

RESULTS OF OPERATIONS (Q3 2026 vs. Q2 2026, unless otherwise noted):

Net Interest Income
Net interest income was up by $2.9 million, or 7%, and NIM was up by 11 basis points. Compared to the third quarter of 2025, net interest income was up by $5.9 million, or 15%, and NIM was up by 44 basis points.

Net interest income for the third quarter of 2026 amounted to $44.7 million and included the receipt of previously unrecognized second quarter interest income of $283 thousand (equivalent to $0.01 per diluted share or a 2 basis points benefit to NIM) associated with the resolution of a commercial real estate office loan that returned to accruing status in the third quarter.Average interest-earning assets increased by $104 million, and the yield was up by 7 basis points.Average interest-bearing liabilities increased by $52 million, and the rate was down by 3 basis points.

Noninterest Income
Noninterest income was up by $1.6 million, or 9%. Compared to the third quarter of 2025, noninterest income was up by $2.6 million, or 15%.

Wealth management revenues decreased by $112 thousand, or 1%, as increased asset-based revenues were offset by a seasonal decline in tax servicing fee income. Compared to the third quarter of 2025, wealth management revenues increased by $716 thousand, or 7%.Mortgage banking revenues were down by $318 thousand, or 9%, reflecting a decrease in the mortgage pipeline and rising market interest rates. Compared to the third quarter of 2025, mortgage banking revenues were down by 10%.Loan related derivative income totaled $1.5 million, up by $924 thousand, driven by increased commercial borrower demand for interest rate swap transactions.Income from bank-owned life insurance totaled $1.9 million, up by $959 thousand, due to the recognition of a non-taxable gain of $954 thousand (equivalent to $0.05 per diluted share).

Noninterest Expense
Noninterest expense was up by $200 thousand, or 0.5%. Compared to the third quarter of 2025, noninterest expense was up by $3.1 million, or 9%.

Salaries and employee benefits expense decreased by $188 thousand, or 0.7%. Compared to the third quarter of 2025, salaries and employee benefits expense increased by $2.5 million, or 11%, reflecting annual merit and staffing increases.All other noninterest expenses increased by $388 thousand, or 3%, largely reflecting volume-related increases in outsourced services expense. Compared to the third quarter of 2025, all other noninterest expenses increased by $621 thousand, or 5%.

Income Tax
Income tax expense was up by $692 thousand. The effective tax rate was 20.4%, compared to 21.2%. The Corporation expects its full-year 2026 effective tax rate to be approximately 21.5%.

FINANCIAL CONDITION (Sep 30, 2026 vs. Jun 30, 2026, unless otherwise noted):

Investment Securities
The securities portfolio totaled $818 million, down by $68 million, or 8%, reflecting a decrease of $44 million in the fair value of available for sale securities, as well as routine pay-downs. The securities portfolio represented 13% of total assets, compared to 14%.

Loans
Total loans amounted to $5.2 billion, up by $62 million, or 1%.

Commercial loans increased by $62 million, or 2%, driven by growth in the commercial real estate portfolio.Residential real estate loans decreased by $12 million, or 1%.Consumer loans increased by $12 million, or 3%.

Deposits and Borrowings
Total deposits amounted to $5.4 billion, and were up by $77 million, or 1%. Compared to September 30, 2025, deposits were up by $213 million, or 4%.

There were no wholesale brokered deposits at September 30, 2026, June 30, 2026, or September 30, 2025.

FHLB advances totaled $376 million, and were down by $80 million, or 18%. Compared to September 30, 2025, FHLB advances were down by $415 million, or 52%. This decline reflected increases in deposits and timing of liquidity management activities.

Contingent liquidity amounted to $2.1 billion at September 30, 2026 and consisted of available cash, unencumbered securities, and unused collateralized borrowing capacity.

Capital and Dividends
Total shareholders’ equity was $530.8 million, down by $22.8 million, or 4%, as net income was offset by a decline in the accumulated other comprehensive income (“AOCI”) component of shareholders’ equity, as well as quarterly dividend declarations. The decrease in AOCI was driven by the reduction in fair value of available for sale debt securities due to changes in market interest rates.

The Board of Directors declared a quarterly dividend of 56 cents per share for the third quarter. The dividend was paid on October 9, 2026 to shareholders of record on October 1, 2026.Capital levels exceeded the regulatory minimum levels to be considered well capitalized, with a common equity tier 1 ratio of 11.93%, compared to 11.89%.Book value per share was $27.82, compared to $29.02.

ASSET QUALITY (Sep 30, 2026 vs. Jun 30, 2026, unless otherwise noted):
Nonaccrual loans were $24.5 million, or 0.48% of total loans, down from $39.8 million, or 0.78%. Past due loans were $27.9 million, or 0.54% of total loans, down from $41.4 million, or 0.81%.

The improvement in asset quality was driven by the resolution of one commercial real estate office loan for $22.3 million that was previously placed on nonaccrual status in the first quarter of 2026. In the third quarter, this loan was restructured and bifurcated, resulting in $18.5 million being returned to accruing status and $3.8 million being charged off.

The provision for credit losses totaled $1.8 million in the third quarter, compared to $1.6 million in the prior quarter.

The allowance for credit losses (“ACL”) on loans amounted to $40.5 million, or 0.78% of total loans, compared to $42.6 million, or 0.83%. The ACL on loans to total loans (coverage ratio) is affected by the timing and extent of charge-offs. Net charge-offs totaled $3.9 million in the third quarter, compared to $55 thousand in the preceding quarter.

Conference Call
Washington Trust will host a conference call to discuss its third quarter results, business highlights, and outlook on October 20, 2026, at 8:30 a.m. (Eastern Time). Individuals may dial in to the call at 1-833-461-5787 and enter Meeting ID 797102163. A replay of the call will be available on Washington Trust’s investor relations website, https://ir.washtrust.com, in the events section under “Q3 – 2026 Washington Trust Bancorp, Inc. Earnings Conference Call Webcast”.

Background
Washington Trust Bancorp, Inc. is the parent of The Washington Trust Company. Founded in 1800, Washington Trust is the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast’s premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking, and wealth management and trust services through its offices located in Rhode Island, Connecticut, and Massachusetts. The Corporation’s common stock trades on NASDAQ under the symbol WASH. Investor information is available on the Corporation’s website at https://ir.washtrust.com.

Forward-Looking Statements
This press release contains statements that are “forward-looking statements.” We may also make forward-looking statements in other documents we file with the U.S. Securities and Exchange Commission (“SEC”), in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors, or employees. You can identify forward-looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters. You should not rely on forward-looking statements, because they involve known and unknown risks, uncertainties, and other factors, some of which are beyond our control. These risks, uncertainties, and other factors may cause our actual results, performance, or achievements to be materially different from the anticipated future results, performance, or achievements expressed or implied by the forward-looking statements.

Some of the factors that might cause these differences include the following:

changes in general business and economic conditions (including the impact of ongoing armed conflicts, tariffs, inflation, future U.S. government shutdowns, and concerns about liquidity) on a national basis and in the local markets in which we operate;interest rate changes or volatility, as well as changes in the balance and mix of loans and deposits;changes in customer behavior due to political, business and economic conditions;changes in loan demand and collectability;the possibility that future credit losses are higher than currently expected due to changes in economic assumptions or adverse economic developments;ongoing volatility in national and international financial markets;reductions in the market value or outflows of wealth management assets under administration;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, and evolving interpretations of, existing and future laws, rules and regulations;changes in accounting principles, policies and guidelines;operational risks including, but not limited to, changes in information technology, 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.

In addition, the factors described under “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as updated by our Quarterly Reports on Form 10-Q and other filings submitted to the SEC, may result in these differences. You should carefully review all of these factors, and you should be aware that there may be other factors that could cause these differences. The forward-looking statements in this report were based on information, plans, and estimates at the date of this report, and we assume no obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes.

Supplemental Information – Explanation of Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. Washington Trust’s management believes that the supplemental non-GAAP information, such as adjusted noninterest income, adjusted noninterest expense, adjusted income before income taxes, adjusted income tax expense, adjusted net income, adjusted diluted earnings per common share, adjusted return on average assets, adjusted return on average equity, and adjusted efficiency ratio, as well as 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. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

Washington Trust Bancorp, Inc. and Subsidiaries

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited; Dollars in thousands)

Sep 30, 2026 vs.
Jun 30, 2026

Sep 30, 2026 vs.
Sep 30, 2025

Sep 30,
2026

Jun 30,
2026

Sep 30,
2025

Assets:

Cash and due from banks

$21,675

$26,443

$35,604

(4,768)

(18.0 %)

($13,929)

(39.1 %)

Interest-earning deposits with correspondent banks

63,892

89,069

143,886

(25,177)

(28.3)

(79,994)

(55.6)

Short-term investments

9,924

11,883

12,841

(1,959)

(16.5)

(2,917)

(22.7)

Mortgage loans held for sale, at fair value

31,530

33,608

31,318

(2,078)

(6.2)

212

0.7

Available for sale debt securities, at fair value

817,801

885,321

962,466

(67,520)

(7.6)

(144,665)

(15.0)

Federal Home Loan Bank stock, at cost

19,715

23,809

36,331

(4,094)

(17.2)

(16,616)

(45.7)

Loans:

Total loans

5,164,852

5,103,069

5,122,582

61,783

1.2

42,270

0.8

Less: allowance for credit losses on loans

40,488

42,571

36,576

(2,083)

(4.9)

3,912

10.7

Net loans

5,124,364

5,060,498

5,086,006

63,866

1.3

38,358

0.8

Premises and equipment, net

27,992

26,171

25,065

1,821

7.0

2,927

11.7

Operating lease right-of-use assets

34,130

35,029

35,968

(899)

(2.6)

(1,838)

(5.1)

Investment in bank-owned life insurance

115,172

116,914

114,240

(1,742)

(1.5)

932

0.8

Goodwill

63,909

—

Identifiable intangible assets, net

3,837

3,992

4,458

(155)

(3.9)

(621)

(13.9)

Other assets

204,550

171,258

165,829

33,292

19.4

38,721

23.3

Total assets

$6,538,491

$6,547,904

$6,717,921

($9,413)

(0.1 %)

($179,430)

(2.7 %)

Liabilities:

Deposits:

Noninterest-bearing deposits

$690,665

$644,011

$671,309

$46,654

7.2 %

$19,356

2.9 %

Interest-bearing deposits

4,745,351

4,714,862

4,551,527

30,489

0.6

193,824

4.3

Total deposits

5,436,016

5,358,873

5,222,836

77,143

1.4

213,180

4.1

Federal Home Loan Bank advances

376,000

456,000

791,000

(80,000)

(17.5)

(415,000)

(52.5)

Junior subordinated debentures

22,681

—

Operating lease liabilities

37,083

37,935

38,741

(852)

(2.2)

(1,658)

(4.3)

Other liabilities

135,944

118,892

109,642

17,052

14.3

26,302

24.0

Total liabilities

6,007,724

5,994,381

6,184,900

13,343

0.2

(177,176)

(2.9)

Shareholders’ Equity:

Common stock

1,223

—

Paid-in capital

198,854

198,088

198,058

766

0.4

796

0.4

Retained earnings

458,174

449,650

437,545

8,524

1.9

20,629

4.7

Accumulated other comprehensive loss

(109,797)

(77,360)

(84,828)

(32,437)

(41.9)

(24,969)

(29.4)

Treasury stock, at cost

(17,687)

(18,078)

(18,977)

391

2.2

1,290

6.8

Total shareholders’ equity

530,767

553,523

533,021

(22,756)

(4.1)

(2,254)

(0.4)

Total liabilities and shareholders’ equity

$6,538,491

$6,547,904

$6,717,921

($9,413)

(0.1 %)

($179,430)

(2.7 %)

Washington Trust Bancorp, Inc. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited; Dollars and shares in thousands, except per share amounts)

Q3 2026 vs. Q2 2026

Q3 2026 vs. Q3 2025

Q3 2026

Q2 2026

Q3 2025

Interest income:

Interest and fees on loans

$68,066

$64,711

$68,785

$3,355

5.2 %

($719)

(1.0 %)

Interest on mortgage loans held for sale

557

478

542

16.5

2.8

Taxable interest on debt securities

8,250

8,468

9,372

(218)

(2.6)

(1,122)

(12.0)

Nontaxable interest on debt securities

(1)

(12.5)

—

Dividends on Federal Home Loan Bank stock

425

506

764

(81)

(16.0)

(339)

(44.4)

Other interest income

1,100

998

1,475

102

10.2

(375)

(25.4)

Total interest and dividend income

78,405

75,169

80,945

3,236

4.3

(2,540)

(3.1)

Interest expense:

Deposits

29,009

27,567

31,223

1,442

5.2

(2,214)

(7.1)

Federal Home Loan Bank advances

4,392

5,491

10,542

(1,099)

(20.0)

(6,150)

(58.3)

Junior subordinated debentures

312

308

347

1.3

(35)

(10.1)

Total interest expense

33,713

33,366

42,112

347

1.0

(8,399)

(19.9)

Net interest income

44,692

41,803

38,833

2,889

6.9

5,859

15.1

Provision for credit losses

1,800

1,600

6,800

200

12.5

(5,000)

(73.5)

Net interest income after provision for credit losses

42,892

40,203

32,033

2,689

6.7

10,859

33.9

Noninterest income:

Wealth management revenues

11,089

11,201

10,373

(112)

(1.0)

716

6.9

Mortgage banking revenues

3,155

3,473

3,501

(318)

(9.2)

(346)

(9.9)

Card interchange fees

1,317

1,305

1,163

0.9

154

13.2

Service charges on deposit accounts

952

842

841

110

13.1

111

13.2

Loan related derivative income

1,507

583

271

924

158.5

1,236

456.1

Income from bank-owned life insurance

1,863

904

868

959

106.1

995

114.6

Other income

382

354

619

7.9

(237)

(38.3)

Total noninterest income

20,265

18,662

17,636

1,603

8.6

2,629

14.9

Noninterest expense:

Salaries and employee benefits

25,124

25,312

22,674

(188)

(0.7)

2,450

10.8

Outsourced services

4,605

4,266

4,120

339

7.9

485

11.8

Net occupancy

2,733

2,735

2,691

(2)

(0.1)

1.6

Equipment

930

887

917

4.8

1.4

Legal, audit, and professional fees

802

824

719

(22)

(2.7)

11.5

FDIC deposit insurance costs

794

952

1,055

(158)

(16.6)

(261)

(24.7)

Advertising and promotion

703

771

763

(68)

(8.8)

(60)

(7.9)

Amortization of intangibles

155

156

200

(1)

(0.6)

(45)

(22.5)

Other expenses

2,951

2,694

2,587

257

9.5

364

14.1

Total noninterest expense

38,797

38,597

35,726

200

0.5

3,071

8.6

Income before income taxes

24,360

20,268

13,943

4,092

20.2

10,417

74.7

Income tax expense

4,979

4,287

3,097

692

16.1

1,882

60.8

Net income

$19,381

$15,981

$10,846

$3,400

21.3 %

$8,535

78.7 %

Weighted avg common shares outstanding – basic

19,076

19,064

19,128

Weighted avg common shares outstanding – diluted

19,264

19,204

19,243

Per share information:

Basic earnings per common share

$1.02

$0.84

$0.57

$0.18

21.4 %

$0.45

78.9 %

Diluted earnings per common share

$1.01

$0.83

$0.56

$0.18

21.7 %

$0.45

80.4 %

Cash dividends declared

$0.56

$—

— %

$—

— %

Washington Trust Bancorp, Inc. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited; Dollars and shares in thousands, except per share amounts)

Change

For the Nine Months Ended Sep 30,

2026

2025

Interest income:

Interest and fees on loans

$197,115

$202,786

($5,671)

(2.8 %)

Interest on mortgage loans held for sale

1,410

1,942

(532)

(27.4)

Taxable interest on debt securities

25,486

27,429

(1,943)

(7.1)

Nontaxable interest on debt securities

—

Dividends on Federal Home Loan Bank stock

1,516

2,578

(1,062)

(41.2)

Other interest income

3,007

4,497

(1,490)

(33.1)

Total interest and dividend income

228,556

239,254

(10,698)

(4.5)

Interest expense:

Deposits

83,946

93,835

(9,889)

(10.5)

Federal Home Loan Bank advances

16,660

31,939

(15,279)

(47.8)

Junior subordinated debentures

930

1,040

(110)

(10.6)

Total interest expense

101,536

126,814

(25,278)

(19.9)

Net interest income

127,020

112,440

14,580

13.0

Provision for credit losses

7,400

8,600

(1,200)

(14.0)

Net interest income after provision for credit losses

119,620

103,840

15,780

15.2

Noninterest income:

Wealth management revenues

32,937

30,384

2,553

8.4

Mortgage banking revenues

9,673

8,839

834

9.4

Card interchange fees

4,007

3,919

2.2

Service charges on deposit accounts

2,579

2,393

186

7.8

Loan related derivative income

2,317

1,048

1,269

121.1

Income from bank-owned life insurance

3,652

2,463

1,189

48.3

Gain on sale of bank-owned properties, net

—

6,994

(6,994)

(100.0)

Other income

1,065

1,317

(252)

(19.1)

Total noninterest income

56,230

57,357

(1,127)

(2.0)

Noninterest expense:

Salaries and employee benefits

74,776

68,121

6,655

9.8

Outsourced services

13,254

12,870

384

3.0

Net occupancy

8,358

8,094

264

3.3

Equipment

2,720

2,738

(18)

(0.7)

Legal, audit, and professional fees

2,562

2,195

367

16.7

FDIC deposit insurance costs

2,681

3,552

(871)

(24.5)

Advertising and promotion

2,021

1,890

131

6.9

Amortization of intangibles

466

607

(141)

(23.2)

Pension plan settlement charge

—

6,436

(6,436)

(100.0)

Other expenses

8,321

7,949

372

4.7

Total noninterest expense

115,159

114,452

707

0.6

Income before income taxes

60,691

46,745

13,946

29.8

Income tax expense

12,729

10,475

2,254

21.5

Net income

$47,962

$36,270

$11,692

32.2 %

Weighted avg common shares outstanding – basic

19,060

19,229

Weighted avg common shares outstanding – diluted

19,213

19,329

Per share information:

Basic earnings per common share

$2.52

$1.89

$0.63

33.3 %

Diluted earnings per common share

$2.50

$1.88

$0.62

33.0 %

Cash dividends declared

$1.68

$—

— %

Washington Trust Bancorp, Inc. and Subsidiaries

SELECTED FINANCIAL HIGHLIGHTS

(Unaudited; Dollars and shares in thousands, except per share amounts)

Sep 30,
2026

Jun 30,
2026

Sep 30,
2025

Sep 30, 2026 vs.
Jun 30, 2026

Sep 30, 2026 vs.
Sep 30, 2025

Share and Equity Related Data:

Book value per share

$27.82

$29.02

$27.98

($1.20)

(4.1 %)

($0.16)

(0.6 %)

Tangible book value per share (non-GAAP) (1)

$24.27

$25.46

$24.39

($1.19)

(4.7 %)

($0.12)

(0.5 %)

Market value per share

$37.99

$36.48

$28.90

$1.51

4.1 %

$9.09

31.5 %

Shares issued at end of period

19,562

— shs

— %

— shs

— %

Shares outstanding at end of period

19,081

19,071

19,050

10 shs

0.1 %

31 shs

0.2 %

Capital Ratios (2):

Tier 1 risk-based capital

12.38 %

12.36 %

12.11 %

2 bps

27 bps

Total risk-based capital

13.25 %

13.28 %

12.90 %

(3) bps

35 bps

Tier 1 leverage ratio

9.01 %

9.02 %

8.43 %

(1) bps

58 bps

Common equity tier 1

11.93 %

11.89 %

11.64 %

4 bps

29 bps

Balance Sheet Ratios:

Equity to assets

8.12 %

8.45 %

7.93 %

(33) bps

19 bps

Tangible equity to tangible assets (non-GAAP) (1)

7.16 %

7.49 %

6.99 %

(33) bps

17 bps

Loans to deposits (3)

94.8 %

95.1 %

98.0 %

(30) bps

(320) bps

Q3 2026

For the Nine Months Ended

YTD 2026

Q3 2026

Q2 2026

Q3 2025

vs.
Q2 2026
(bps)

vs.
Q3 2025
(bps)

Sep 30,
2026

Sep 30,
2025

vs.
2025
(bps)

Performance Ratios (4):

Net interest margin (5)

2.84 %

2.73 %

2.40 %

2.73 %

2.35 %

Return on average assets (6)

1.17 %

0.99 %

0.64 %

0.98 %

0.72 %

Adjusted return on average assets (non-GAAP) (1)

1.17 %

0.99 %

0.64 %

0.98 %

0.71 %

Return on average tangible assets (non-GAAP) (1)

1.18 %

1.00 %

0.65 %

0.99 %

0.72 %

Return on average equity (7)

13.89 %

11.61 %

8.14 %

228

575

11.60 %

9.29 %

231

Adjusted return on average equity (non-GAAP) (1)

13.89 %

11.61 %

8.14 %

228

575

11.60 %

9.19 %

241

Return on average tangible equity (non-GAAP) (1)

15.84 %

13.24 %

9.34 %

260

650

13.22 %

10.54 %

268

Efficiency ratio (8)

59.7 %

63.8 %

63.3 %

(410)

(360)

62.8 %

67.4 %

(460)

Adjusted efficiency ratio (non-GAAP) (1)

59.7 %

63.8 %

63.3 %

(410)

(360)

62.8 %

66.3 %

(350)

(1)

See the section labeled “Supplemental Information – Calculation of Non-GAAP Financial Measures” at the end of this document.

(2)

Estimated for Sep 30, 2026 and actuals for prior periods.

(3)

Period-end balances of net loans and mortgage loans held for sale as a percentage of total deposits.

(4)

Annualized based on the actual number of days in the period.

(5)

Fully taxable equivalent (FTE) net interest income as a percentage of average-earnings assets.

(6)

Net income divided by average assets.

(7)

Net income divided by average equity.

(8)

Total noninterest expense as percentage of total revenues (net interest income and noninterest income).

Washington Trust Bancorp, Inc. and Subsidiaries

SELECTED FINANCIAL HIGHLIGHTS

(Unaudited; Dollars in thousands)

Q3 2026 vs. Q2 2026

Q3 2026 vs. Q3 2025

Q3 2026

Q2 2026

Q3 2025

Wealth Management Results

Wealth Management Revenues:

Asset-based revenues

$11,030

$10,869

$10,307

$161

1.5 %

$723

7.0 %

Transaction-based revenues

332

(273)

(82.2)

(7)

(10.6)

Total wealth management revenues

$11,089

$11,201

$10,373

($112)

(1.0 %)

$716

6.9 %

Assets Under Administration (AUA):

Market value at the end of the period (1)

$7,917,811

$7,916,933

$7,682,440

$878

— %

$235,371

3.1 %

Percentage of AUA that are managed assets

91 %

Mortgage Banking Results

Mortgage Banking Revenues:

Realized gains on loan sales, net (2)

$2,788

$2,733

$2,450

$55

2.0 %

$338

13.8 %

Changes in fair value, net (3)

(188)

226

530

(414)

(183.2)

(718)

(135.5)

Loan servicing fee income, net (4)

555

514

521

8.0

6.5

Total mortgage banking revenues

$3,155

$3,473

$3,501

($318)

(9.2 %)

($346)

(9.9 %)

Residential Mortgage Loan Originations:

Originations for retention in portfolio (5)

$49,169

$78,934

$50,852

($29,765)

(37.7 %)

($1,683)

(3.3 %)

Originations for sale to secondary market (6)

143,712

137,134

122,300

6,578

4.8

21,412

17.5

Total mortgage loan originations

$192,881

$216,068

$173,152

($23,187)

(10.7 %)

$19,729

11.4 %

Percentage of originations for sale to total mortgage loan originations

75 %

63 %

71 %

Residential Mortgage Loans Sold:

Sold with servicing rights retained

$8,832

$7,586

$9,774

$1,246

16.4 %

($942)

(9.6 %)

Sold with servicing rights released (6)

136,051

128,535

116,713

7,516

5.8

19,338

16.6

Total mortgage loans sold

$144,883

$136,121

$126,487

$8,762

6.4 %

$18,396

14.5 %

(1)

Includes the impact of $195 million of managed assets acquired from Lighthouse Financial Management, LLC on Jul 31, 2025.

(2)

Includes gains on loan sales, commission income on loans originated for others, servicing right gains, and gains (losses) on forward loan commitments.

(3)

Represents fair value changes on mortgage loans held for sale and forward loan commitments.

(4)

Represents loan servicing fee income, net of servicing right amortization and valuation adjustments.

(5)

Includes the full commitment amount of homeowner construction loans.

(6)

Includes brokered loans (loans originated for others).

Washington Trust Bancorp, Inc. and Subsidiaries

SELECTED FINANCIAL HIGHLIGHTS

(Unaudited; Dollars in thousands)

Change

For the Nine Months Ended Sep 30,

2026

2025

Wealth Management Results

Wealth Management Revenues:

Asset-based revenues

$32,479

$29,821

$2,658

8.9 %

Transaction-based revenues

458

563

(105)

(18.7)

Total wealth management revenues

$32,937

$30,384

$2,553

8.4 %

Assets Under Administration (AUA):

Market value at the end of the period (1)

$7,917,811

$7,682,440

$235,371

3.1 %

Percentage of AUA that are managed assets

91 %

Mortgage Banking Results

Mortgage Banking Revenues:

Realized gains on loan sales, net (2)

$7,891

$6,485

$1,406

21.7 %

Changes in fair value, net (3)

202

682

(480)

(70.4)

Loan servicing fee income, net (4)

1,580

1,672

(92)

(5.5)

Total mortgage banking revenues

$9,673

$8,839

$834

9.4 %

Residential Mortgage Loan Originations:

Originations for retention in portfolio (5)

$164,916

$129,845

$35,071

27.0 %

Originations for sale to secondary market (6)

399,197

328,031

71,166

21.7

Total mortgage loan originations

$564,113

$457,876

$106,237

23.2 %

Percentage of originations for sale to total mortgage loan originations

71 %

72 %

Residential Mortgage Loans Sold:

Sold with servicing rights retained

$21,088

$34,355

($13,267)

(38.6 %)

Sold with servicing rights released (6)

381,439

284,406

97,033

34.1

Total mortgage loans sold

$402,527

$318,761

$83,766

26.3 %

(1)

Includes the impact of $195 million of managed assets acquired from Lighthouse Financial Management, LLC on Jul 31, 2025.

(2)

Includes gains on loan sales, commission income on loans originated for others, servicing right gains, and gains (losses) on forward loan commitments.

(3)

Represents fair value changes on mortgage loans held for sale and forward loan commitments.

(4)

Represents loan servicing fee income, net of servicing right amortization and valuation adjustments.

(5)

Includes the full commitment amount of homeowner construction loans.

(6)

Includes brokered loans (loans originated for others).

Washington Trust Bancorp, Inc. and Subsidiaries

END OF PERIOD LOAN COMPOSITION

(Unaudited; Dollars in thousands)

Sep 30, 2026 vs.
Jun 30, 2026

Sep 30, 2026 vs.
Sep 30, 2025

Sep 30,
2026

Jun 30,
2026

Sep 30,
2025

Loans:

Commercial real estate (1)

$2,116,435

$2,050,249

$2,156,750

$66,186

3.2 %

($40,315)

(1.9 %)

Commercial & industrial

661,617

665,855

568,317

(4,238)

(0.6)

93,300

16.4

Total commercial

2,778,052

2,716,104

2,725,067

61,948

2.3

52,985

1.9

Residential real estate (2)

2,030,656

2,042,406

2,073,740

(11,750)

(0.6)

(43,084)

(2.1)

Home equity

340,253

328,802

307,371

11,451

3.5

32,882

10.7

Other

15,891

15,757

16,404

134

0.9

(513)

(3.1)

Total consumer

356,144

344,559

323,775

11,585

3.4

32,369

10.0

Total loans

$5,164,852

$5,103,069

$5,122,582

$61,783

1.2 %

$42,270

0.8 %

(1)

Commercial real estate loans consist of commercial mortgages and construction and development loans. Commercial mortgages are loans secured by income producing property.

(2)

Residential real estate loans consist of mortgage and homeowner construction loans secured by one- to four-family residential properties.

Washington Trust Bancorp, Inc. and Subsidiaries

END OF PERIOD LOAN COMPOSITION

(Unaudited; Dollars in thousands)

Sep 30, 2026

Dec 31, 2025

Balance Change

Balance

% of Total

Balance

% of Total

Commercial Real Estate Portfolio Segmentation:

Multi-family

$687,386

32 %

$667,388

31 %

$19,998

3.0 %

Retail

409,346

436,961

(27,615)

(6.3)

Industrial and warehouse

373,870

380,403

(6,533)

(1.7)

Hospitality

240,264

230,549

9,715

4.2

Office

208,059

237,706

(29,647)

(12.5)

Healthcare facility

115,342

156,871

(41,529)

(26.5)

Mixed-use

28,453

26,440

2,013

7.6

Other

53,715

47,667

6,048

12.7

Total commercial real estate loans

$2,116,435

100 %

$2,183,985

100 %

($67,550)

(3.1 %)

Commercial & Industrial Portfolio Segmentation:

Healthcare and social assistance

$148,495

22 %

$150,061

27 %

($1,566)

(1.0 %)

Educational services

144,744

54,245

90,499

166.8

Retail trade

66,816

48,289

18,527

38.4

Transportation and warehousing

54,137

55,315

(1,178)

(2.1)

Accommodation and food services

31,812

26,431

5,381

20.4

Finance and insurance

27,697

22,727

4,970

21.9

Manufacturing

26,379

23,714

2,665

11.2

Arts, entertainment, and recreation

23,705

22,043

1,662

7.5

Professional, scientific, and technical services

21,100

12,490

8,610

68.9

Information

21,090

21,843

(753)

(3.4)

Real estate rental and leasing

20,363

57,113

(36,750)

(64.3)

Public administration

5,929

1,448

—

4,481

309.5

Other

69,350

68,363

987

1.4

Total commercial & industrial loans

$661,617

100 %

$564,082

100 %

$97,535

17.3 %

Weighted Average

Asset Quality

Supplemental
– Nonaccrual
(included in
Classified)

Balance
(2) (3)

Average

Loan

Size (4)

Loan to
Value

Debt

Service
Coverage

Pass

Special
Mention

Classified

Non-Owner Occupied Commercial Real
Estate Office (inclusive of Construction):

Class A

$67,350

$9,811

54 %

1.71x

$61,319

$—

$6,031

Class B

69,893

3,679

54 %

1.35x

66,166

3,727

—

Class C

10,250

1,464

56 %

1.35x

10,250

—

Medical Office

25,556

6,389

54 %

1.68x

25,556

—

Lab Space

35,010

18,288

103 %

—x

—

28,436

6,574

Total office at Sep 30, 2026 (1)

$208,059

$5,409

63 %

1.27x

$163,291

$32,163

$12,605

Total office at Jun 30, 2026

$212,074

$5,500

64 %

1.30x

$145,402

$31,654

$35,018

$28,923

Sep 30, 2026 vs. Jun 30, 2026

($4,015)

($91)

(1 %)

(0.03x)

$17,889

$509

($22,413)

($16,318)

(1)

Approximately 61% of the total commercial real estate office balance of $208 million is secured by income producing properties located in suburban areas. Additionally, approximately 61% of the total commercial real estate office balance is scheduled to mature before Sep 30, 2028.

(2)

Balance of commercial real estate office consists of 39 loans as of Sep 30, 2026.

(3)

Does not include $2.9 million of unfunded commitments as of Sep 30, 2026.

(4)

Total commitment (outstanding loan balance plus unfunded commitments) divided by number of loans.

Washington Trust Bancorp, Inc. and Subsidiaries

END OF PERIOD DEPOSIT COMPOSITION & CONTINGENT LIQUIDITY

(Unaudited; Dollars in thousands)

Sep 30, 2026 vs.
Jun 30, 2026

Sep 30, 2026 vs.
Sep 30, 2025

Sep 30,
2026

Jun 30,
2026

Sep 30,
2025

Deposits:

Noninterest-bearing demand deposits

$690,665

$644,011

$671,309

$46,654

7.2 %

$19,356

2.9 %

Interest-bearing demand deposits (in-market)

720,603

745,273

703,848

(24,670)

(3.3)

16,755

2.4

NOW accounts

703,672

701,615

684,689

2,057

0.3

18,983

2.8

Money market accounts

1,300,322

1,270,616

1,195,463

29,706

2.3

104,859

8.8

Savings accounts

877,455

863,856

733,529

13,599

1.6

143,926

19.6

Time deposits (in-market)

1,143,299

1,133,502

1,233,998

9,797

0.9

(90,699)

(7.4)

In-market deposits

5,436,016

5,358,873

5,222,836

77,143

1.4

213,180

4.1

Wholesale brokered time deposits

—

Total deposits

$5,436,016

$5,358,873

$5,222,836

$77,143

1.4 %

$213,180

4.1 %

Sep 30,
2026

Dec 31,
2025

Sep 30, 2026 vs.
Dec 31, 2025

Contingent Liquidity:

Federal Home Loan Bank of Boston

$1,498,918

$1,356,005

$142,913

10.5 %

Federal Reserve Bank of Boston

111,760

104,379

7,381

7.1

Available cash liquidity (1)

21,716

17,460

4,256

24.4

Unencumbered securities

453,811

539,830

(86,019)

(15.9)

Total

$2,086,205

$2,017,674

$68,531

3.4 %

(1)

Available cash liquidity excludes amounts restricted for collateral purposes and designated for operating needs.

Washington Trust Bancorp, Inc. and Subsidiaries

CREDIT & ASSET QUALITY DATA

(Unaudited; Dollars in thousands)

Sep 30, 2026 vs.

Sep 30,
2026

Jun 30,
2026

Sep 30,
2025

Jun 30,
2026
(bps)

Sep 30,
2025
(bps)

Asset Quality Ratios:

Nonperforming assets to total assets

0.38 %

0.61 %

0.21 %

(23)

Nonaccrual loans to total loans

0.48 %

0.78 %

0.27 %

(30)

Total past due loans to total loans

0.54 %

0.81 %

0.16 %

(27)

ACL on loans to nonaccrual loans

165.01 %

106.92 %

260.96 %

5,809

(9,595)

ACL on loans to total loans

0.78 %

0.83 %

0.71 %

(5)

Sep 30, 2026 vs.
Jun 30, 2026

Sep 30, 2026 vs.
Sep 30, 2025

Sep 30,
2026

Jun 30,
2026

Sep 30,
2025

Nonperforming Assets:

Commercial real estate

$12,605

$28,923

$—

($16,318)

(56.4 %)

$12,605

100 %

Commercial & industrial

489

126

1,010

363

288.1

(521)

(51.6)

Total commercial

13,094

29,049

1,010

(15,955)

(54.9)

12,084

1,196.4

Residential real estate

9,689

9,072

11,129

617

6.8

(1,440)

(12.9)

Home equity

1,753

1,695

1,877

3.4

(124)

(6.6)

Other consumer

—

Total consumer

1,753

1,695

1,877

3.4

(124)

(6.6)

Total nonaccrual loans

24,536

39,816

14,016

(15,280)

(38.4)

10,520

75.1

Other real estate owned

—

Total nonperforming assets

$24,536

$39,816

$14,016

($15,280)

(38.4 %)

$10,520

75.1 %

Past Due Loans (30 days or more past due):

Commercial real estate

$14,688

$28,923

$—

($14,235)

(49.2 %)

$14,688

100.0 %

Commercial & industrial

493

464

6.3

485

6,062.5

Total commercial

15,181

29,387

(14,206)

(48.3)

15,173

189,662.5

Residential real estate

10,655

9,908

6,470

747

7.5

4,185

64.7

Home equity

2,002

2,086

1,583

(84)

(4.0)

419

26.5

Other consumer

70.4

(5)

(9.8)

Total consumer

2,048

2,113

1,634

(65)

(3.1)

414

25.3

Total past due loans

$27,884

$41,408

$8,112

($13,524)

(32.7 %)

$19,772

243.7 %

Accruing loans 90 days or more past due

$—

— %

$—

— %

Nonaccrual loans included in past due loans

$14,965

$36,152

$5,925

($21,187)

(58.6 %)

$9,040

152.6 %

Washington Trust Bancorp, Inc. and Subsidiaries

CREDIT & ASSET QUALITY DATA

(Unaudited; Dollars in thousands)

For the Three Months Ended

Sep 30,
2026

Jun 30,
2026

Sep 30,
2025

Nonaccrual Loan Activity:

Balance at beginning of period

$39,816

$40,440

$26,108

Additions to nonaccrual status

7,832

2,457

1,068

Loans returned to accruing status

(18,720)

(2,318)

—

Loans charged-off

(3,910)

(78)

(11,459)

Loans transferred to other real estate owned

—

Payments, payoffs, and other changes

(482)

(685)

(1,701)

Balance at end of period

$24,536

$39,816

$14,016

Allowance for Credit Losses on Loans:

Balance at beginning of period

$42,571

$41,126

$41,059

Provision for credit losses on loans (1)

1,800

1,500

6,950

Charge-offs

(3,910)

(78)

(11,459)

Recoveries

Balance at end of period

$40,488

$42,571

$36,576

Allowance for Credit Losses on Unfunded Commitments:

Balance at beginning of period

$1,340

$1,240

$1,190

Provision for credit losses on unfunded commitments (1)

—

100

(150)

Balance at end of period (2)

$1,340

$1,040

(1)

Included in provision for credit losses in the Consolidated Statements of Income.

(2)

Included in other liabilities in the Consolidated Balance Sheets.

Washington Trust Bancorp, Inc. and Subsidiaries

CREDIT & ASSET QUALITY DATA

(Unaudited; Dollars in thousands)

Q3 2026 vs. Q2 2026

Q3 2026 vs. Q3 2025

Q3 2026

Q2 2026

Q3 2025

Provision for Credit Losses:

Provision for credit losses on loans

$1,800

$1,500

$6,950

$300

20.0 %

($5,150)

(74.1 %)

Provision for credit losses on unfunded commitments

—

100

(150)

(100)

(100.0)

150

100.0

Provision for credit losses

$1,800

$1,600

$6,800

$200

12.5 %

($5,000)

(73.5 %)

Net Loan Charge-Offs (Recoveries):

Commercial real estate

$3,830

$—

$2,991

$3,830

100.0 %

$839

28.1 %

Commercial & industrial

(3)

—

8,355

(3)

—

(8,358)

(100.0)

Total commercial

3,827

—

11,346

3,827

100.0

(7,519)

(66.3)

Residential real estate

—

Home equity

—

(15)

—

100.0

Other consumer

102

1.8

(46)

(45.1)

Total consumer

1.8

(31)

(35.6)

Total

$3,883

$55

$11,433

$3,828

6,960.0 %

($7,550)

(66.0 %)

Washington Trust Bancorp, Inc. and Subsidiaries

CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)

(Unaudited; Dollars in thousands)

The following tables present daily average balance, interest, and yield/rate information, as well as net interest margin on an FTE basis. Tax-exempt income is converted to an FTE basis using the statutory federal income tax rate. Unrealized gains (losses) on available for sale securities, changes in fair value on mortgage loans held for sale, and basis adjustments associated with fair value hedges are excluded from the average balance and yield calculations. Nonaccrual loans are included in amounts presented for loans. Interest income attributable to nonaccrual loans is included in accordance with accounting policy as disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

For the Three Months Ended

Sep 30, 2026

Jun 30, 2026

Change

Average
Balance

Interest

Yield/

Rate

Average
Balance

Interest

Yield/

Rate

Average
Balance

Interest

Yield/

Rate

Assets:

Cash, federal funds sold, and short-term
investments

$120,836

$1,100

3.61 %

$111,434

$998

3.59 %

$9,402

$102

0.02 %

Mortgage loans held for sale

33,802

557

6.54

31,413

478

6.10

2,389

0.44

Taxable debt securities

972,482

8,250

3.37

996,894

8,468

3.41

(24,412)

(218)

(0.04)

Nontaxable debt securities

650

4.88

650

4.94

—

(0.06)

Total securities

973,132

8,258

3.37

997,544

8,476

3.41

(24,412)

(218)

(0.04)

FHLB stock

21,215

425

7.95

25,557

506

7.94

(4,342)

(81)

0.01

Commercial real estate

2,077,821

30,246

5.78

2,049,760

28,593

5.60

28,061

1,653

0.18

Commercial & industrial

664,500

9,591

5.73

592,347

8,346

5.65

72,153

1,245

0.08

Total commercial

2,742,321

39,837

5.76

2,642,107

36,939

5.61

100,214

2,898

0.15

Residential real estate

2,038,069

22,990

4.48

2,027,688

22,698

4.49

10,381

292

(0.01)

Home equity

332,723

5,255

6.27

322,709

5,052

6.28

10,014

203

(0.01)

Other

15,617

215

5.46

15,760

208

5.29

(143)

0.17

Total consumer

348,340

5,470

6.23

338,469

5,260

6.23

9,871

210

—

Total loans

5,128,730

68,297

5.28

5,008,264

64,897

5.20

120,466

3,400

0.08

Total interest-earning assets

6,277,715

78,637

4.97

6,174,212

75,355

4.90

103,503

3,282

0.07

Noninterest-earning assets

288,205

289,814

(1,609)

Total assets

$6,565,920

$6,464,026

$101,894

Liabilities and Shareholders’ Equity:

Interest-bearing demand deposits (in-
market)

$743,369

$5,815

3.10 %

$730,215

$5,751

3.16 %

$13,154

$64

(0.06 %)

NOW accounts

687,920

292

0.17

685,098

265

0.16

2,822

0.01

Money market accounts

1,310,077

9,512

2.88

1,196,679

8,429

2.83

113,398

1,083

0.05

Savings accounts

868,065

3,920

1.79

833,804

3,656

1.76

34,261

264

0.03

Time deposits (in-market)

1,136,661

9,470

3.31

1,143,511

9,466

3.32

(6,850)

(0.01)

Interest-bearing in-market deposits

4,746,092

29,009

2.42

4,589,307

27,567

2.41

156,785

1,442

0.01

Wholesale brokered time deposits

—

Total interest-bearing deposits

4,746,092

29,009

2.42

4,589,307

27,567

2.41

156,785

1,442

0.01

FHLB advances

431,924

4,392

4.03

536,879

5,491

4.10

(104,955)

(1,099)

(0.07)

Junior subordinated debentures

22,681

312

5.46

22,681

308

5.45

—

0.01

Total interest-bearing liabilities

5,200,697

33,713

2.57

5,148,867

33,366

2.60

51,830

347

(0.03)

Noninterest-bearing demand deposits

664,713

621,882

42,831

Other liabilities

147,120

141,165

5,955

Shareholders’ equity

553,390

552,112

1,278

Total liabilities and shareholders’ equity

$6,565,920

$6,464,026

$101,894

Net interest income (FTE)

$44,924

$41,989

$2,935

Interest rate spread

2.40 %

2.30 %

0.10 %

Net interest margin

2.84 %

2.73 %

0.11 %

Interest income amounts presented in the preceding table include the following adjustments for taxable equivalency:

For the Three Months Ended

Sep 30, 2026

Jun 30, 2026

Change

Commercial loans

$222

$180

$42

Nontaxable debt securities

—

Total

$223

$180

$43

Washington Trust Bancorp, Inc. and Subsidiaries

CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)

(Unaudited; Dollars in thousands)

For the Nine Months Ended

Sep 30, 2026

Sep 30, 2025

Change

Average
Balance

Interest

Yield/

Rate

Average
Balance

Interest

Yield/

Rate

Average
Balance

Interest

Yield/

Rate

Assets:

Cash, federal funds sold and short-term
investments

$111,192

$3,007

3.62 %

$138,301

$4,497

4.35 %

($27,109)

($1,490)

(0.73 %)

Mortgage loans for sale

30,025

1,410

6.28

54,624

1,942

4.75

(24,599)

(532)

1.53

Taxable debt securities

997,146

25,486

3.42

1,061,852

27,429

3.45

(64,706)

(1,943)

(0.03)

Nontaxable debt securities

650

5.14

650

4.94

—

0.20

Total securities

997,796

25,511

3.42

1,062,502

27,453

3.45

(64,706)

(1,942)

(0.03)

FHLB stock

25,745

1,516

7.87

42,504

2,578

8.11

(16,759)

(1,062)

(0.24)

Commercial real estate

2,091,865

87,557

5.60

2,167,400

93,873

5.79

(75,535)

(6,316)

(0.19)

Commercial & industrial

609,788

25,858

5.67

547,558

24,044

5.87

62,230

1,814

(0.20)

Total commercial

2,701,653

113,415

5.61

2,714,958

117,917

5.81

(13,305)

(4,502)

(0.20)

Residential real estate

2,033,794

68,411

4.50

2,101,567

69,382

4.41

(67,773)

(971)

0.09

Home equity

324,090

15,239

6.29

299,645

15,499

6.92

24,445

(260)

(0.63)

Other

15,985

637

5.33

16,876

628

4.98

(891)

0.35

Total consumer

340,075

15,876

6.24

316,521

16,127

6.81

23,554

(251)

(0.57)

Total loans

5,075,522

197,702

5.21

5,133,046

203,426

5.30

(57,524)

(5,724)

(0.09)

Total interest-earning assets

6,240,280

229,146

4.91

6,430,977

239,896

4.99

(190,697)

(10,750)

(0.08)

Noninterest-earning assets

291,928

284,668

7,260

Total assets

$6,532,208

$6,715,645

($183,437)

Liabilities and Shareholders’ Equity:

Interest-bearing demand deposits (in-
market)

$740,588

$17,455

3.15 %

$659,609

$18,630

3.78 %

$80,979

($1,175)

(0.63 %)

NOW accounts

683,129

817

0.16

673,135

1,075

0.21

9,994

(258)

(0.05)

Money market accounts

1,223,662

25,729

2.81

1,196,124

29,426

3.29

27,538

(3,697)

(0.48)

Savings accounts

837,515

10,993

1.75

649,841

8,555

1.76

187,674

2,438

(0.01)

Time deposits (in-market)

1,156,665

28,952

3.35

1,209,618

33,692

3.72

(52,953)

(4,740)

(0.37)

Interest-bearing in-market deposits

4,641,559

83,946

2.42

4,388,327

91,378

2.78

253,232

(7,432)

(0.36)

Wholesale brokered time deposits

—

65,115

2,457

5.04

(65,115)

(2,457)

(5.04)

Total interest-bearing deposits

4,641,559

83,946

2.42

4,453,442

93,835

2.82

188,117

(9,889)

(0.40)

FHLB advances

542,319

16,660

4.11

945,484

31,939

4.52

(403,165)

(15,279)

(0.41)

Junior subordinated debentures

22,681

930

5.48

22,681

1,040

6.13

—

(110)

(0.65)

Total interest-bearing liabilities

5,206,559

101,536

2.61

5,421,607

126,814

3.13

(215,048)

(25,278)

(0.52)

Noninterest-bearing demand deposits

630,520

628,448

2,072

Other liabilities

142,170

143,843

(1,673)

Shareholders’ equity

552,959

521,747

31,212

Total liabilities and shareholders’ equity

$6,532,208

$6,715,645

($183,437)

Net interest income (FTE)

$127,610

$113,082

$14,528

Interest rate spread

2.30 %

1.86 %

0.44 %

Net interest margin

2.73 %

2.35 %

0.38 %

Interest income amounts presented in the preceding table include the following adjustments for taxable equivalency:

For the Nine Months Ended

Sep 30, 2026

Sep 30, 2025

Change

Commercial loans

$570

$644

($74)

Nontaxable debt securities

Total

$573

$646

($73)

Washington Trust Bancorp, Inc. and Subsidiaries

SUPPLEMENTAL INFORMATION – Calculation of Non-GAAP Financial Measures

(Unaudited; Dollars in thousands, except per share amounts)

The following table presents adjusted noninterest income, adjusted noninterest expense, adjusted income before income taxes, adjusted income tax expense, adjusted net income, adjusted diluted earnings per common share, and adjusted efficiency ratio:

For the Nine Months Ended Sep 30,

2026

2025

Change

Adjusted Noninterest Income:

Noninterest income, as reported

$56,230

$57,357

($1,127)

(2.0 %)

Less adjustments:

Gain on sale of bank-owned properties, net

—

6,994

(6,994)

(100.0)

Adjusted noninterest income (non-GAAP)

$56,230

$50,363

$5,867

11.6 %

Adjusted Noninterest Expense:

Noninterest expense, as reported

$115,159

$114,452

$707

0.6 %

Less adjustments:

Pension plan settlement charge

—

6,436

(6,436)

(100.0)

Adjusted noninterest expense (non-GAAP)

$115,159

$108,016

$7,143

6.6 %

Adjusted Income Before Income Taxes:

Income before income taxes

$60,691

$46,745

$13,946

29.8 %

Less: total adjustments, pre-tax

—

558

(558)

(100.0)

Adjusted income before income taxes (non-GAAP)

$60,691

$46,187

$14,504

31.4 %

Adjusted Income Tax Expense:

Income tax expense, as reported

$12,729

$10,475

$2,254

21.5 %

Less: tax on total adjustments

—

141

(141)

(100.0)

Adjusted income tax expense (non-GAAP)

$12,729

$10,334

$2,395

23.2 %

Adjusted Net Income:

Net income, as reported

$47,962

$36,270

$11,692

32.2 %

Less: total adjustments, after-tax

—

417

(417)

(100.0)

Adjusted net income (non-GAAP)

$47,962

$35,853

$12,109

33.8 %

Adjusted Diluted Earnings per Common Share:

Diluted earnings (loss) per common share, as reported (1)

$2.50

$1.88

$0.62

33.0 %

Less: impact of total adjustments

—

0.03

(0.03)

(100.0)

Adjusted diluted earnings per common share (non-GAAP) (2)

$2.50

$1.85

$0.65

35.1 %

Adjusted Efficiency Ratio:

Efficiency ratio, as reported (3)

62.8 %

67.4 %

(460) bps

Less: impact of total adjustments

—

1.1

(110) bps

Adjusted efficiency ratio (non-GAAP) (4)

62.8 %

66.3 %

(350) bps

(1)

Net income divided by weighted average diluted common and potential shares outstanding.

(2)

Net income, adjusted for the after-tax impact of adjustments as outlined in the table above, divided by weighted average diluted common and potential shares outstanding.

(3)

Total noninterest expense as percentage of total revenues (net interest income and noninterest income).

(4)

Total noninterest expense as percentage of total revenues (net interest income and noninterest income), each adjusted for the pre-tax impact of adjustments as outlined in the table above.

Washington Trust Bancorp, Inc. and Subsidiaries

SUPPLEMENTAL INFORMATION – Calculation of Non-GAAP Financial Measures (continued)

(Unaudited; Dollars in thousands)

The following tables present return on average tangible assets and adjusted return on average assets:

Q3 2026

Q2 2026

Q3 2025

Q3 2026 vs. Q2 2026

Q3 2026 vs. Q3 2025

Return on Average Tangible Assets:

Net income, as reported

$19,381

$15,981

$10,846

$3,400

21.3 %

$8,535

78.7 %

Total average assets, as reported

$6,565,920

$6,464,026

$6,738,796

$101,894

1.6 %

($172,876)

(2.6 %)

Less average balances of:

Goodwill

63,909

—

Identifiable intangible assets, net

3,913

4,068

3,821

(155)

(3.8)

2.4

Total average tangible assets

$6,498,098

$6,396,049

$6,671,066

$102,049

1.6 %

($172,968)

(2.6 %)

Return on average assets (1)

1.17 %

0.99 %

0.64 %

18 bps

53 bps

Return on average tangible assets (non-GAAP) (2)

1.18 %

1.00 %

0.65 %

18 bps

53 bps

For the Nine Months Ended Sep 30,

2026

2025

Change

Adjusted Return on Average Assets:

Net income, as reported

$47,962

$36,270

$11,692

32.2 %

Less: total adjustments, after-tax

—

417

(417)

(100.0)

Adjusted net income (non-GAAP)

$47,962

$35,853

$12,109

33.8 %

Total average assets, as reported

$6,532,208

$6,715,645

($183,437)

(2.7 %)

Return on average assets (1)

0.98 %

0.72 %

26 bps

Adjusted return on average assets (non-GAAP) (3)

0.98 %

0.71 %

27 bps

Return on Average Tangible Assets:

Adjusted net income (non-GAAP)

$47,962

$35,853

$12,109

33.8 %

Total average assets, as reported

$6,532,208

$6,715,645

($183,437)

(2.7 %)

Less average balances of:

Goodwill

63,909

—

Identifiable intangible assets, net

4,067

3,064

1,003

32.7

Total average tangible assets

$6,464,232

$6,648,672

($184,440)

(2.8 %)

Return on average assets (1)

0.98 %

0.72 %

26 bps

Return on average tangible assets (non-GAAP) (4)

0.99 %

0.72 %

27 bps

(1)

Net income divided by total average assets.

(2)

Net income divided by total average tangible assets.

(3)

Net income, adjusted for the after-tax impact of adjustments as outlined in the table above, divided by total average assets.

(4)

Net income, adjusted for the after-tax impact of adjustments as outlined in the table above, divided by total average tangible assets.

Washington Trust Bancorp, Inc. and Subsidiaries

SUPPLEMENTAL INFORMATION – Calculation of Non-GAAP Financial Measures (continued)

(Unaudited; Dollars in thousands)

The following tables present return on average tangible equity and adjusted return on average equity:

Q3 2026

Q2 2026

Q3 2025

Q3 2026 vs. Q2 2026

Q3 2026 vs. Q3 2025

Return on Average Tangible Equity:

Net income, as reported

$19,381

$15,981

$10,846

$3,400

21.3 %

$8,535

78.7 %

Total average equity, as reported

$553,390

$552,112

$528,315

$1,278

0.2 %

$25,075

4.7 %

Less average balances of:

Goodwill

63,909

—

Identifiable intangible assets, net

3,913

4,068

3,821

(155)

(3.8)

2.4

Total average tangible equity (non-GAAP)

$485,568

$484,135

$460,585

$1,433

0.3 %

$24,983

5.4 %

Return on average equity (1)

13.89 %

11.61 %

8.14 %

228 bps

575 bps

Return on average tangible equity

(non-GAAP) (2)

15.84 %

13.24 %

9.34 %

260 bps

650 bps

For the Nine Months Ended Sep 30,

2026

2025

Change

Adjusted Return on Average Equity:

Net income, as reported

$47,962

$36,270

$11,692

32.2 %

Less: total adjustments, after-tax

—

417

(417)

(100.0)

Adjusted net income (non-GAAP)

$47,962

$35,853

$12,109

33.8

Total average equity, as reported

$552,959

$521,747

$31,212

6.0

Return on average equity (1)

11.60 %

9.29 %

231 bps

Adjusted return on average equity (non-GAAP) (3)

11.60 %

9.19 %

241 bps

Return on Average Tangible Equity:

Adjusted net income (non-GAAP)

$47,962

$35,853

$12,109

33.8 %

Total average equity, as reported

$552,959

$521,747

$31,212

6.0

Less average balances of:

Goodwill

63,909

—

Identifiable intangible assets, net

4,067

3,064

1,003

32.7

Total average tangible equity (non-GAAP)

$484,983

$454,774

$30,209

6.6

Return on average equity (1)

11.60 %

9.29 %

231 bps

Return on average tangible equity (non-GAAP) (4)

13.22 %

10.54 %

268 bps

(1)

Net income divided by total average equity.

(2)

Net income divided by total average tangible equity.

(3)

Net income, adjusted for the after-tax impact of adjustments as outlined in the table above, divided by total average equity.

(4)

Net income, adjusted for the after-tax impact of adjustments as outlined in the table above, divided by total average tangible equity.

Washington Trust Bancorp, Inc. and Subsidiaries

SUPPLEMENTAL INFORMATION – Calculation of Non-GAAP Financial Measures (continued)

(Unaudited; Dollars in thousands, except per share amounts)

The following table presents tangible book value per share and the ratio of tangible equity to tangible assets:

Sep 30,
2026

Jun 30,
2026

Sep 30,
2025

Sep 30, 2026 vs.
Jun 30, 2026

Sep 30, 2026 vs.
Sep 30, 2025

Tangible Book Value per Share:

Total shareholders’ equity, as reported

$530,767

$553,523

$533,021

($22,756)

(4.1 %)

($2,254)

(0.4 %)

Less end of period balances of:

Goodwill

63,909

—

— %

—

— %

Identifiable intangible assets, net

3,837

3,992

4,458

(155)

(3.9 %)

(621)

(13.9 %)

Total tangible shareholders’ equity (non-GAAP)

$463,021

$485,622

$464,654

($22,601)

(4.7 %)

($1,633)

(0.4 %)

Shares outstanding, as reported

19,081

19,071

19,050

0.1 %

0.2 %

Book value per share

$27.82

$29.02

$27.98

($1.20)

(4.1 %)

($0.16)

(0.6 %)

Tangible book value per share (non-GAAP)

$24.27

$25.46

$24.39

($1.19)

(4.7 %)

($0.12)

(0.5 %)

Tangible Equity to Tangible Assets:

Total tangible shareholders’ equity

$463,021

$485,622

$464,654

($22,601)

(4.7 %)

($1,633)

(0.4 %)

Total assets, as reported

$6,538,491

$6,547,904

$6,717,921

($9,413)

(0.1 %)

($179,430)

(2.7 %)

Less end of period balances of:

Goodwill

63,909

—

— %

—

— %

Identifiable intangible assets, net

3,837

3,992

4,458

(155)

(3.9 %)

(621)

(13.9 %)

Total tangible assets (non-GAAP)

$6,470,745

$6,480,003

$6,649,554

($9,258)

(0.1 %)

($178,809)

(2.7 %)

Equity to assets

8.12 %

8.45 %

7.93 %

(33) bps

19 bps

Tangible equity to tangible assets (non-GAAP)

7.16 %

7.49 %

6.99 %

(33) bps

17 bps

Category: Earnings

View original content to download multimedia:https://www.prnewswire.com/news-releases/washington-trust-reports-third-quarter-2026-results-302912912.html

SOURCE Washington Trust Bancorp, Inc.

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