Washington Trust Bancorp 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

(Mark One)


☒	Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended
	September 30, 2025	or


☐			Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ______ to ______.

Commission file number: 001-32991

WASHINGTON TRUST BANCORP, INC.

(Exact name of registrant as specified in its charter)

Rhode Island

05-0404671

(State or other jurisdiction of incorporation or organization)

(IRS Employer Identification No.)

23 Broad Street,

Westerly,

Rhode Island

02891

(Address of principal executive offices)

(Zip Code)

(401) 348-1200

(Registrant’s telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
COMMON STOCK, $.0625 PAR VALUE PER SHARE	WASH	Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☒

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

☐ Yes ☒ No

The number of shares of common stock of the registrant outstanding as of October 31, 2025 was 19,034,935.


FORM 10-Q
WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES
For the Quarter Ended September 30, 2025

TABLE OF CONTENTS
			Page Number

Glossary of Acronyms and Terms			3
PART I. Financial Information
Item 1. Financial Statements (Unaudited)
Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024			4
Consolidated Statements of Income for the three and nine months ended September 30, 2025 and 2024			5
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30 , 2025 and 2024			6
Consolidated Statements of Changes in Shareholders’ Equity for the three and nine months ended September 30 , 2025 and 2024			7
Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024			9
Condensed Notes to Unaudited Consolidated Financial Statements:			10
Note 1 - Basis of Presentation			10
Note 2 - Recently Issued Accounting Pronouncements			10
Note 3 - Securities			11
Note 4 - Loans			14
Note 5 - Allowance for Credit Losses on Loans			24
Note 6 - Leases			24
Note 7 - Intangible Assets			26
Note 8 - Derivative Financial Instruments			27
Note 9 - Fair Value Measurements			31
Note 10 - Deposits			36
Note 11 - Borrowings			37
Note 12 - Shareholders’ Equity			37
Note 13 - Revenue from Contracts with Customers			39
Note 14 - Defined Benefit Pension Plans			40
Note 15 - Business Segments			41
Note 16 - Other Comprehensive Income (Loss)			44
Note 17 - Earnings Per Common Share			46
Note 18 - Commitments and Contingencies			47

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			49
Item 3. Quantitative and Qualitative Disclosures About Market Risk			82
Item 4. Controls and Procedures			82
PART II. Other Information
Item 1. Legal Proceedings			82
Item 1A. Risk Factors			82
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			83
Item 5. Other Information			83
Item 6. Exhibits			83
Signatures			84

-2-

Glossary of Acronyms and Terms

The following is a list of acronyms and terms that are used throughout this Quarterly Report on Form 10-Q:

2025 Repurchase Program

Washington Trust Bancorp, Inc.'s Stock Repurchase Program commencing May 15, 2025

ACL

Allowance for credit losses

ALCO

Asset/Liability Committee

AOCL

Accumulated other comprehensive loss

ASC

Accounting Standards Codification

ASU

Accounting Standards Update

ATM

Automated teller machine

AUA

Assets under administration

Bancorp

Washington Trust Bancorp, Inc.

Bank

The Washington Trust Company, of Westerly

BOLI

Bank-owned life insurance

C&I

Commercial and industrial

CDARS

Certificate of Deposit Account Registry Service

CODM

Chief Operating Decision Maker

Corporation

The Bancorp and its subsidiaries

CRE

Commercial real estate

DDM

Demand Deposit Marketplace

EPS

Earnings per common share

ERM

Enterprise risk management

Exchange Act

Securities Exchange Act of 1934, as amended

FDIC

Federal Deposit Insurance Corporation

Federal Reserve

Board of Governors of the Federal Reserve System

FHLB

Federal Home Loan Bank of Boston

FRBB

Federal Reserve Bank of Boston

FTE

Fully taxable equivalent

GAAP

Accounting principles generally accepted in the United States of America

Halsey

Halsey Associates, Inc.

ICS

Insured Cash Sweep

Lighthouse

Lighthouse Financial Management, LLC

LTV

Loan to value

NIM

Net interest margin

OREO

Property acquired through foreclosure or repossession

ROU

Right-of-use

S&P

Standard and Poors, Inc.

SBA

Small Business Administration

SEC

U.S. Securities and Exchange Commission

TLM

Troubled loan modification

Washington Trust

The Bancorp and its subsidiaries

Weston

Weston Financial Group, Inc.

-3-

PART I. Financial Information

Item 1. Financial Statements


Washington Trust Bancorp, Inc. and Subsidiaries
Consolidated Balance Sheets (unaudited)
(Dollars in thousands, except par value)


	September 30, 2025	December 31, 2024
Assets:
Cash and due from banks	$35,604	$21,534
Interest-earning deposits with correspondent banks	143,886	88,368
Short-term investments	12,841	3,987
Mortgage loans held for sale, at fair value	31,318	21,708
Mortgage loans held for sale, at lower of cost or market	—	281,706
Premises and equipment held for sale, lower of cost or market	—	4,788

Available for sale debt securities, at fair value (amortized cost of $1,063,157, net of allowance for credit losses on securities of $0 at September 30, 2025; and amortized cost of $1,049,557; net of allowance for credit losses on securities of $0 at December 31, 2024)	962,466	916,305


Federal Home Loan Bank stock, at cost	36,331	49,817
Loans:
Total loans	5,122,582	5,137,838
Less: allowance for credit losses on loans	36,576	41,960
Net loans	5,086,006	5,095,878
Premises and equipment, net	25,065	26,873
Operating lease right-of-use assets	35,968	26,943
Investment in bank-owned life insurance	114,240	106,777
Goodwill	63,909	63,909
Identifiable intangible assets, net	4,458	2,885
Other assets	165,829	219,169
Total assets	$6,717,921	$6,930,647
Liabilities:
Deposits:
Noninterest-bearing deposits	$671,309	$661,776
Interest-bearing deposits	4,551,527	4,454,024
Total deposits	5,222,836	5,115,800
Federal Home Loan Bank advances	791,000	1,125,000

Junior subordinated debentures	22,681	22,681
Operating lease liabilities	38,741	29,578
Other liabilities	109,642	137,860
Total liabilities	6,184,900	6,430,919
Commitments and contingencies (Note 18)
Shareholders’ Equity:
Common stock of $.0625 par value; authorized 60,000,000 shares; 19,561,985 shares issued and 19,050,016 shares outstanding at September 30, 2025 and 19,561,985 shares issued and 19,273,583 shares outstanding at December 31, 2024	1,223	1,223
Paid-in capital	198,058	196,947
Retained earnings	437,545	434,014
Accumulated other comprehensive loss	(84,828)	(119,171)
Treasury stock, at cost, 511,969 shares at September 30, 2025 and 288,402 shares at December 31, 2024	(18,977)	(13,285)
Total shareholders’ equity	533,021	499,728
Total liabilities and shareholders’ equity	$6,717,921	$6,930,647

The accompanying notes are an integral part of these unaudited consolidated financial statements.

-4-


Washington Trust Bancorp, Inc. and Subsidiaries
Consolidated Statements of Income (unaudited)
(Dollars and shares in thousands, except per share amounts)


		Three Months		Nine Months

Periods ended September 30,		2025	2024	2025	2024
Interest income:
Interest and fees on loans		$68,785	$75,989	$202,786	$227,865
Interest on mortgage loans held for sale		542	366	1,942	1,013
Taxable interest on debt securities		9,372	6,795	27,429	20,835
Nontaxable interest on debt securities		7	—	22	—
Dividends on Federal Home Loan Bank stock		764	1,262	2,578	3,459
Other interest income		1,475	3,174	4,497	5,667
Total interest and dividend income		80,945	87,586	239,254	258,839
Interest expense:
Deposits		31,223	37,203	93,835	111,963
Federal Home Loan Bank advances		10,542	17,717	31,939	50,151
Junior subordinated debentures		347	404	1,040	1,213

Total interest expense		42,112	55,324	126,814	163,327
Net interest income		38,833	32,262	112,440	95,512
Provision for credit losses		6,800	200	8,600	1,400
Net interest income after provision for credit losses		32,033	32,062	103,840	94,112
Noninterest income:
Wealth management revenues		10,373	9,989	30,384	29,005
Mortgage banking revenues		3,501	2,866	8,839	8,133
Card interchange fees		1,163	1,321	3,919	3,741
Service charges on deposit accounts		841	784	2,393	2,238
Loan related derivative income		271	126	1,048	459
Income from bank-owned life insurance		868	770	2,463	2,262



Gain on sale of bank-owned properties, net		—	—	6,994	988
Other income		619	416	1,317	3,269
Total noninterest income		17,636	16,272	57,357	50,095
Noninterest expense:
Salaries and employee benefits		22,674	21,350	68,121	64,385
Outsourced services		4,120	4,185	12,870	12,061
Net occupancy		2,691	2,399	8,094	7,357
Equipment		917	924	2,738	2,902
Legal, audit, and professional fees		719	836	2,195	2,283
FDIC deposit insurance costs		1,055	1,402	3,552	4,247
Advertising and promotion		763	857	1,890	2,066
Amortization of intangibles		200	206	607	622




Pension plan settlement charge		—	—	6,436	—
Other expenses		2,587	2,345	7,949	6,854
Total noninterest expense		35,726	34,504	114,452	102,777
Income before income taxes		13,943	13,830	46,745	41,430
Income tax expense		3,097	2,849	10,475	8,698
Net income		$10,846	$10,981	$36,270	$32,732

Net income available to common shareholders		$10,846	$10,973	$36,270	$32,732
Weighted average common shares outstanding - basic		19,128	17,058	19,229	17,048
Weighted average common shares outstanding - diluted		19,243	17,140	19,329	17,115
Per share information:	Basic earnings per common share	$0.57	$0.64	$1.89	$1.92
	Diluted earnings per common share	$0.56	$0.64	$1.88	$1.91

The accompanying notes are an integral part of these unaudited consolidated financial statements.

-5-


Washington Trust Bancorp, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income (unaudited)
(Dollars in thousands)


	Three Months		Nine Months
Periods ended September 30,	2025	2024	2025	2024
Net income	$10,846	$10,981	$36,270	$32,732
Other comprehensive income, net of tax:
Net change in fair value of available for sale debt securities	9,577	30,254	24,339	20,015
Net change in fair value of cash flow hedges	1,522	(1,108)	3,191	3,912
Net change in defined benefit plan obligations	22	22	6,813	68
Total other comprehensive income, net of tax	11,121	29,168	34,343	23,995
Total comprehensive income	$21,967	$40,149	$70,613	$56,727

The accompanying notes are an integral part of these unaudited consolidated financial statements.

-6-


Washington Trust Bancorp, Inc. and Subsidiaries
Consolidated Statements of Changes in Shareholders' Equity (unaudited)
(Dollars and shares in thousands, except per share amounts)


For the three months ended September 30, 2025	Common Shares Outstanding	Common Stock	Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Total
Balance at June 30, 2025	19,283	$1,223	$197,392	$437,520	($95,949)	($12,667)	$527,519
Net income	—	—	—	10,846	—	—	10,846
Total other comprehensive income, net of tax	—	—	—	—	11,121	—	11,121
Cash dividends declared ($0.56 per share)	—	—	—	(10,821)	—	—	(10,821)
Share-based compensation	—	—	833	—	—	—	833

Exercise of stock options, issuance of other compensation-related equity awards, net of awards surrendered	4	—	(167)	—	—	126	(41)
Treasury stock purchased under 2025 Repurchase Program	(237)	—	—	—	—	(6,436)	(6,436)
Balance at September 30, 2025	19,050	$1,223	$198,058	$437,545	($84,828)	($18,977)	$533,021



For the nine months ended September 30, 2025	Common Shares Outstanding	Common Stock	Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Total
Balance at December 31, 2024	19,274	$1,223	$196,947	$434,014	($119,171)	($13,285)	$499,728

Net income	—	—	—	36,270	—	—	36,270
Total other comprehensive income, net of tax	—	—	—	—	34,343	—	34,343
Cash dividends declared ($1.68 per share)	—	—	—	(32,739)	—	—	(32,739)
Share-based compensation	—	—	2,486	—	—	—	2,486


Exercise of stock options, issuance of other compensation-related equity awards, net of awards surrendered	23	—	(1,375)	—	—	1,040	(335)
Treasury stock purchased under 2025 Repurchase Program	(247)	—	—	—	—	(6,732)	(6,732)
Balance at September 30, 2025	19,050	$1,223	$198,058	$437,545	($84,828)	($18,977)	$533,021

The accompanying notes are an integral part of these unaudited consolidated financial statements.

-7-


Washington Trust Bancorp, Inc. and Subsidiaries
Consolidated Statements of Changes in Shareholders' Equity (unaudited)
(Dollars and shares in thousands, except per share amounts)


For the three months ended September 30, 2024	Common Shares Outstanding	Common Stock	Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Total
Balance at June 30, 2024	17,058	$1,085	$125,898	$504,350	($146,326)	($14,050)	$470,957

Net income	—	—	—	10,981	—	—	10,981
Total other comprehensive income, net of tax	—	—	—	—	29,168	—	29,168
Cash dividends declared ($0.56 per share)	—	—	—	(9,677)	—	—	(9,677)
Share-based compensation	—	—	800	—	—	—	800




Balance at September 30, 2024	17,058	$1,085	$126,698	$505,654	($117,158)	($14,050)	$502,229



For the nine months ended September 30, 2024	Common Shares Outstanding	Common Stock	Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Total
Balance at December 31, 2023	17,031	$1,085	$126,150	$501,917	($141,153)	($15,313)	$472,686

Net income	—	—	—	32,732	—	—	32,732
Total other comprehensive income, net of tax	—	—	—	—	23,995	—	23,995
Cash dividends declared ($1.68 per share)	—	—	—	(28,995)	—	—	(28,995)
Share-based compensation	—	—	2,078	—	—	—	2,078


Exercise of stock options, issuance of other compensation-related equity awards, net of awards surrendered	27	—	(1,530)	—	—	1,263	(267)

Balance at September 30, 2024	17,058	$1,085	$126,698	$505,654	($117,158)	($14,050)	$502,229

The accompanying notes are an integral part of these unaudited consolidated financial statements.

-8-


Washington Trust Bancorp, Inc. and Subsidiaries
Consolidated Statement of Cash Flows (unaudited)
(Dollars in thousands)


Nine months ended September 30,		2025	2024
Cash flows from operating activities:
Net income		$36,270	$32,732
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses		8,600	1,400
Gain on sale of bank-owned properties, net		(6,994)	(988)
Depreciation of premises and equipment		2,623	2,975

Net amortization of premiums and discounts on debt securities and loans		783	878
Amortization of intangibles		607	622

Amortization of terminated cash flow hedge loss		6,418	6,442
Pension plan settlement charge		6,436	—
Share-based compensation		2,486	2,078
Tax expense from stock option exercises and other equity awards		(177)	(134)

Income from bank-owned life insurance		(2,463)	(2,262)

Net gains on loan sales, including changes in fair value		(7,167)	(6,599)





Proceeds from sales of loans, net		312,886	296,376
Loans originated for sale		(315,993)	(291,647)

Decrease in operating lease right-of-use assets		2,640	1,752
Decrease in operating lease liabilities		(2,503)	(1,790)
Decrease in other assets		20,429	4,616
Decrease in other liabilities		(5,469)	(7,603)
Net cash provided by operating activities		59,412	38,848
Cash flows from investing activities:
Purchases of:	Available for sale debt securities: Mortgage-backed	(74,869)	—
	Available for sale debt securities: Other	(736)	(1,050)



Maturities, calls, and principal payments of:	Available for sale debt securities: Mortgage-backed	57,503	53,553
	Available for sale debt securities: Other	3,750	500

Net redemptions (purchases) of Federal Home Loan Bank stock		13,486	(5,546)


Net decrease in loans		771	134,633
Net proceeds from sale of portfolio loans		283,182	—
Purchases of loans		(742)	(743)
Proceeds from the sale of property acquired through foreclosure or repossession		—	680
Purchases of premises and equipment		(833)	(3,519)
Net proceeds from the sale of bank-owned properties		11,780	1,669
Purchases of bank-owned life insurance		(5,000)	—
Purchase of intangible asset in asset acquisition		(2,180)	—

Equity investments in real estate limited partnerships		(74)	(2,841)
Purchases of other equity investments		(375)	(250)

Net cash provided by investing activities		285,663	177,086
Cash flows from financing activities:
Net increase (decrease) in deposits		107,036	(176,270)

Proceeds from Federal Home Loan Bank advances		1,487,000	1,970,000
Repayments of Federal Home Loan Bank advances		(1,821,000)	(1,860,000)


Treasury stock purchased		(6,732)	—


Net proceeds from stock option exercises and issuance of other equity awards, net of awards surrendered		(335)	(267)
Cash dividends paid		(32,602)	(28,838)

Net cash used in by financing activities		(266,633)	(95,375)
Net increase in cash and cash equivalents		78,442	120,559
Cash and cash equivalents at beginning of period		113,889	90,184
Cash and cash equivalents at end of period		$192,331	$210,743
Noncash Investing and Financing Activities:
Loans charged-off		$14,648	$182

Commitment for equity investments in real estate limited partnerships		—	178
Supplemental Disclosures:
Interest payments		$134,735	$168,036
Income tax payments		28	6,976

The accompanying notes are an integral part of these unaudited consolidated financial statements.

-9-

Condensed Notes to Unaudited Consolidated Financial Statements

Note 1 - Basis of Presentation

Nature of Operations

The Bancorp is a publicly-owned registered bank holding company that has elected to be a financial holding company. The Bancorp’s principal subsidiary is the Bank, a Rhode Island chartered financial institution founded in 1800. The Bank is the oldest community bank in the nation and the largest state-chartered bank headquartered in Rhode Island.

Washington Trust offers a full range of financial services, including commercial, residential, and consumer lending, retail and commercial deposit products, and wealth management and trust services through its offices in Rhode Island, Massachusetts, and Connecticut.

Basis of Presentation

The accounting and reporting policies of the Washington Trust conform to GAAP and to general practices of the banking industry.

The Corporation’s Unaudited Consolidated Financial Statements include the accounts of the Bancorp and its wholly-owned subsidiaries, except subsidiaries that are not deemed necessary to be consolidated. Through consolidation, intercompany balances and transactions have been eliminated.

The Unaudited Consolidated Financial Statements of the Corporation presented herein have been prepared pursuant to the rules of the SEC for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures considered necessary for the fair presentation of the accompanying Unaudited Consolidated Financial Statements have been included. Interim results are not necessarily indicative of the results of the entire year. The accompanying Unaudited Consolidated Financial Statements should be read in conjunction with the Audited Consolidated Financial Statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Reclassification

Certain previously reported amounts have been reclassified to conform to the current year’s presentation.

Use of Estimates

In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ from those estimates. Management considers the ACL on loans to be a material estimate that is particularly susceptible to change.

Note 2 - Recently Issued Accounting Pronouncements

Accounting Standards Pending Adoption

Income Taxes - Topic 740

Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures” (“ASU 2023-09”), was issued in December 2023 to enhance and provide additional transparency on income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The provisions under ASU 2023-09 should be applied on a prospective basis, however retrospective application is also permitted. ASU 2023-09 is not expected to have a material impact on the Corporation’s financial statements.

Income Statement - Reporting Comprehensive Income - Subtopic 220

Accounting Standards Update No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) - Disaggregation of Income Statement Expenses” (“ASU 2024-03”), was issued in November 2024 to enhance and provide additional disclosure on certain costs and expenses. The effective date of ASU 2024-03 was further clarified in a subsequent ASU issued in January 2025. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The provisions under ASU 2024-03 can be applied on either a prospective or retrospective basis. ASU 2024-03 is not expected to have a material impact on the Corporation’s financial statements.

-10-

Condensed Notes to Unaudited Consolidated Financial Statements – (continued)

Financial Instruments - Credit Losses - Topic 326

Accounting Standards Update No. 2025-05, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets” (“ASU 2025-05”) was issued in July 2025 to introduce a practical expedient intended to simplify the estimation of expected credit losses on current accounts receivable and contract assets arising from revenue transactions under ASC 606. The practical expedient permits entities to assume that current conditions as of the reporting date remain unchanged for the remaining life of the asset. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years, with early adoption permitted. The provisions under ASU 2025-05 should be applied on a prospective basis. ASU 2025-05 is not expected to have a material impact on the Corporation’s financial statements.

Intangibles - Goodwill and Other - Internal-Use Software - Subtopic 350

Accounting Standards Update No. 2025-06, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” (“ASU 2025-06”) was issued in September 2025 to modernize the accounting framework for internal-use software development costs to better reflect contemporary development practices. ASU 2025-06 eliminates the previous stage-based model (i.e. preliminary, application development, and post-implementation stages) and introduces a principles-based capitalization model. Under this ASU, software development costs are capitalized when management has authorized and committed to funding the project, and it is probable that the project will be completed and the software will perform its intended function.. The ASU also consolidates guidance for website development costs into ASC 350-40 and aligns disclosure requirements with those under ASC 360-10, including the nature and amount of capitalized internal-use software costs, the accounting policy and capitalization criteria, any significant judgments and estimates applied, amortization methods and useful lives, and qualitative and quantitative information about major software projects. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, including interim periods within those annual periods, with early adoption permitted. The provisions under ASU 2025-06 can be applied on either a prospective, modified retrospective, or full retrospective basis. The Corporation is currently evaluating the impact of ASU 2025-06 on its financial statements.

Note 3 - Securities

Available for Sale Debt Securities

The following tables present the amortized cost, gross unrealized holding gains, gross unrealized holding losses, ACL on securities, and fair value of securities by major security type and class of security:


(Dollars in thousands)
September 30, 2025	Amortized Cost	Unrealized Gains	Unrealized Losses	ACL	Fair Value
Available for Sale Debt Securities:
Obligations of U.S. government agencies and U.S. government-sponsored enterprises	$41,988	$88	($1,972)	$—	$40,104
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	1,001,129	3,848	(102,054)	—	902,923
Obligations of states and political subdivisions	650	4	—	—	654

Individual name issuer trust preferred debt securities	6,184	—	(94)	—	6,090

Corporate bonds	13,206	—	(511)	—	12,695
Total available for sale debt securities	$1,063,157	$3,940	($104,631)	$—	$962,466

-11-

Condensed Notes to Unaudited Consolidated Financial Statements – (continued)


(Dollars in thousands)
December 31, 2024	Amortized Cost	Unrealized Gains	Unrealized Losses	ACL	Fair Value
Available for Sale Debt Securities:
Obligations of U.S. government agencies and U.S. government-sponsored enterprises	$41,751	$—	($3,139)	$—	$38,612
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	984,546	52	(129,451)	—	855,147
Obligations of states and political subdivisions	650	5	—	—	655
Individual name issuer trust preferred debt securities	9,414	—	(193)	—	9,221

Corporate bonds	13,196	—	(526)	—	12,670
Total available for sale debt securities	$1,049,557	$57	($133,309)	$—	$916,305

Available for sale debt securities balances exclude accrued interest receivable of $3.3 million and $3.2 million, respectively, as of September 30, 2025 and December 31, 2024.

At September 30, 2025 and December 31, 2024, securities with a fair value of $399.0 million and $310.5 million, respectively, were pledged as collateral for FHLB borrowings, potential borrowings with the FRBB, certain public deposits, and for other purposes. See Note 11 for additional discussion on FHLB borrowings.

The schedule of maturities of available for sale debt securities is presented below. Mortgage-backed securities are included based on weighted average maturities, adjusted for anticipated prepayments. All other debt securities are included based on contractual maturities. Actual maturities may differ from amounts presented because certain issuers have the right to call or prepay obligations with or without call or prepayment penalties.


(Dollars in thousands)
September 30, 2025	Amortized Cost	Fair Value
Due in one year or less	$97,869	$88,302
Due after one year to five years	362,377	329,816
Due after five years to ten years	261,631	235,966
Due after ten years	341,280	308,382
Total debt securities	$1,063,157	$962,466

Included in the above table are debt securities with an amortized cost balance of $47.0 million and a fair value of $44.5 million at September 30, 2025 that are callable at the discretion of the issuers. Final maturities of the callable securities range from 2 months to 19 years, with call features ranging from 1 month to 8 years.

Assessment of Available for Sale Debt Securities for Impairment

Management assesses the decline in fair value of investment securities on a regular basis. Unrealized losses on debt securities may occur from current market conditions, increases in interest rates since the time of purchase, a structural change in an investment, volatility of earnings of a specific issuer, or deterioration in credit quality of the issuer. Management evaluates both qualitative and quantitative factors to assess whether an impairment exists.

The following tables summarize available for sale debt securities in an unrealized loss position, for which an ACL on securities has not been recorded, segregated by length of time that the securities have been in a continuous unrealized loss position:

-12-

Condensed Notes to Unaudited Consolidated Financial Statements – (continued)


(Dollars in thousands)	Less than 12 Months			12 Months or Longer			Total
September 30, 2025	#	Fair Value	Unrealized Losses	#	Fair Value	Unrealized Losses	#	Fair Value	Unrealized Losses
Obligations of U.S. government agencies and U.S. government-sponsored enterprises	3	$1,029	($6)	5	$23,985	($1,966)	8	$25,014	($1,972)
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	3	4,290	(5)	91	459,157	(102,049)	94	463,447	(102,054)

Individual name issuer trust preferred debt securities	—	—	—	2	6,090	(94)	2	6,090	(94)
Corporate bonds	—	—	—	4	12,695	(511)	4	12,695	(511)
Total	6	$5,319	($11)	102	$501,927	($104,620)	108	$507,246	($104,631)


(Dollars in thousands)	Less than 12 Months			12 Months or Longer			Total
December 31, 2024	#	Fair Value	Unrealized Losses	#	Fair Value	Unrealized Losses	#	Fair Value	Unrealized Losses
Obligations of U.S. government agencies and U.S. government-sponsored enterprises	2	$15,289	($12)	6	$23,323	($3,127)	8	$38,612	($3,139)
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	57	384,164	(3,632)	93	466,741	(125,819)	150	850,905	(129,451)
Individual name issuer trust preferred debt securities	—	—	—	3	9,221	(193)	3	9,221	(193)
Corporate bonds	—	—	—	4	12,670	(526)	4	12,670	(526)
Total	59	$399,453	($3,644)	106	$511,955	($129,665)	165	$911,408	($133,309)

There were no debt securities on nonaccrual status at September 30, 2025 and 2024 and, therefore there was no accrued interest related to debt securities reversed against interest income for the three and nine months ended September 30, 2025 and 2024.

As of September 30, 2025, the Corporation does not intend to sell the debt securities in an unrealized loss position and has determined that it is more-likely-than-not that the Corporation will not be required to sell each security before the recovery of its amortized cost basis. In addition, management does not believe that any of the securities are impaired due to reasons of credit quality. As further described below, management believes the unrealized losses on these debt securities are primarily attributable to changes in the investment spreads and interest rates. Therefore, no ACL was recorded at both September 30, 2025 and December 31, 2024.

Obligations of U.S. Government Agency and U.S. Government-Sponsored Enterprise Securities, including Mortgage-Backed Securities

The contractual cash flows for these securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major credit rating agencies, and have a long history of no credit losses. The issuers of these securities continue to make timely principal and interest payments, and none of these securities were past due at September 30, 2025. Additionally, the Corporation utilizes a zero credit loss estimate for these securities.

Individual Name Issuer Trust Preferred Debt Securities

These securities in an unrealized loss position at September 30, 2025 included two trust preferred securities issued by two individual companies in the banking sector. Management reviewed the collectability of these securities taking into consideration such factors as the financial condition of the issuers, reported regulatory capital ratios of the issuers, credit ratings, including ratings in effect as of the reporting period date, as well as credit rating changes between the reporting period date and the filing date of this report, and other information. As of September 30, 2025, there was one individual name issuer trust preferred debt security with an amortized cost of $2.0 million and unrealized losses of $66 thousand that was rated below investment grade by S&P. We noted no downgrades to below investment grade between September 30,

-13-

Condensed Notes to Unaudited Consolidated Financial Statements – (continued)

2025 and the filing date of this report. Based on the information available through the filing date of this report, all individual name issuer trust preferred debt securities continue to accrue interest and make payments as expected with no payment deferrals or defaults on the part of the issuers.

Corporate Bonds

These securities in an unrealized loss position at September 30, 2025 included four corporate bond holdings issued by three individual companies in the financial services industry. Management reviewed the collectability of these securities taking into consideration such factors as the financial condition of the issuers, reported regulatory capital ratios of the issuers, credit ratings, including ratings in effect as of the reporting period date, as well as credit rating changes between the reporting period date and the filing date of this report, and other information. As of September 30, 2025, there was one corporate bond debt security with an amortized cost of $2.0 million and unrealized losses of $7 thousand that was rated below investment grade by S&P. We noted no downgrades to below investment grade between September 30, 2025 and the filing date of this report. Based on the information available through the filing date of this report, all corporate bond debt securities continue to accrue interest and make payments as expected with no payment deferrals or defaults on the part of the issuers.

Note 4 - Loans

The following table presents the carrying value of loans, segregated by class of loans:


(Dollars in thousands)	September 30, 2025	December 31, 2024
Commercial:


Commercial real estate (1)	$2,156,750	$2,154,504
Commercial & industrial (2)	568,317	542,474
Total commercial	2,725,067	2,696,978
Residential Real Estate:


Residential real estate (3)	2,073,740	2,126,171
Consumer:


Home equity	307,371	297,119
Other (4)	16,404	17,570
Total consumer	323,775	314,689
Total loans (5)	$5,122,582	$5,137,838

(1)CRE consists of commercial mortgages primarily secured by non-owner occupied income-producing property, as well as construction and development loans. Construction and development loans are made to businesses for land development or the on-site construction of industrial, commercial, or residential buildings.

(2)C&I consists of loans to businesses and individuals, a portion of which are fully or partially collateralized by owner occupied real estate.

(3)Residential real estate consists of mortgage and homeowner construction loans secured by one- to four-family residential properties. Also, includes negative basis adjustments associated with fair value hedges of $255 thousand and $1.5 million, respectively, at September 30, 2025 and December 31, 2024. See Note 8 for additional disclosure.

(4)Other consists of loans to individuals secured by general aviation aircraft and other personal installment loans.

(5)Includes net unamortized loan origination costs of $11.6 million and $10.9 million, respectively, at September 30, 2025 and December 31, 2024 and net unamortized premiums on loans purchased from and serviced by other financial institutions of $211 thousand and $242 thousand, respectively, at September 30, 2025 and December 31, 2024.

The carrying value of loans excludes accrued interest receivable of $21.0 million and $22.1 million, respectively, as of September 30, 2025 and December 31, 2024.

As of both September 30, 2025 and December 31, 2024, loans amounting to $2.8 billion were pledged as collateral to the FHLB under a blanket pledge agreement and to the FRBB for the discount window. See Note 11 for additional disclosure regarding borrowings.

Concentrations of Credit Risk

A significant portion of our loan portfolio is concentrated among borrowers in southern New England, and a substantial portion of the portfolio is collateralized by real estate in this area. The ability of single family residential and consumer borrowers to honor their repayment commitments is generally dependent on the level of overall economic activity within the market area and real estate values. The ability of commercial borrowers to honor their repayment commitments is dependent on the general economy, as well as the health of the real estate economic sector in the Corporation’s market area.

-14-

Condensed Notes to Unaudited Consolidated Financial Statements – (continued)

Past Due Loans

Past due status is based on the contractual payment terms of the loan. The following tables present an aging analysis of past due loans, segregated by class of loans:


(Dollars in thousands)		Days Past Due
September 30, 2025	Current	30-59	60-89	90 or More	Total Past Due	Total Loans
Commercial:
Commercial real estate	$2,156,750	$—	$—	$—	$—	$2,156,750
Commercial & industrial	568,309	8	—	—	8	568,317
Total commercial	2,725,059	8	—	—	8	2,725,067
Residential Real Estate:
Residential real estate	2,067,270	2,058	1,300	3,112	6,470	2,073,740
Consumer:
Home equity	305,788	624	791	168	1,583	307,371
Other	16,353	46	5	—	51	16,404
Total consumer	322,141	670	796	168	1,634	323,775
Total loans	$5,114,470	$2,736	$2,096	$3,280	$8,112	$5,122,582


(Dollars in thousands)		Days Past Due
December 31, 2024	Current	30-59	60-89	90 or More	Total Past Due	Total Loans
Commercial:
Commercial real estate	$2,154,504	$—	$—	$—	$—	$2,154,504
Commercial & industrial	541,574	518	382	—	900	542,474
Total commercial	2,696,078	518	382	—	900	2,696,978
Residential Real Estate:
Residential real estate	2,118,430	3,476	1,892	2,373	7,741	2,126,171
Consumer:
Home equity	294,172	1,630	410	907	2,947	297,119
Other	17,176	44	350	—	394	17,570
Total consumer	311,348	1,674	760	907	3,341	314,689
Total loans	$5,125,856	$5,668	$3,034	$3,280	$11,982	$5,137,838

Included in past due loans as of September 30, 2025 and December 31, 2024, were nonaccrual loans of $5.9 million and $6.4 million, respectively. In addition, all loans 90 days or more past due at September 30, 2025 and December 31, 2024 were classified as nonaccrual.

Nonaccrual Loans

Loans, with the exception of certain well-secured loans that are in the process of collection, are placed on nonaccrual status and interest recognition is suspended when such loans are 90 days or more overdue with respect to principal and/or interest, or sooner if considered appropriate by management. Well-secured loans are permitted to remain on accrual status provided that full collection of principal and interest is assured and the loan is in the process of collection. Loans are also placed on nonaccrual status when, in the opinion of management, full collection of principal and interest is doubtful. When loans are placed on nonaccrual status, interest previously accrued but not collected is reversed against current period income. Subsequent interest payments received on nonaccrual loans are applied to the outstanding principal balance of the loan or recognized as interest income depending on management’s assessment of the ultimate collectability of the loan. Loans are removed from nonaccrual status when they have been current as to principal and interest (generally for six months), the borrower has demonstrated an ability to comply with repayment terms, and when, in management’s opinion, the loans are considered to be fully collectible.

-15-

Condensed Notes to Unaudited Consolidated Financial Statements – (continued)

The following table is a summary of nonaccrual loans, segregated by class of loans:


(Dollars in thousands)	September 30, 2025			December 31, 2024
	Nonaccrual Loans			Nonaccrual Loans
	With an ACL	Without an ACL	Total	With an ACL	Without an ACL	Total
Commercial:
Commercial real estate	$—	$—	$—	$10,053	$—	$10,053
Commercial & industrial	—	1,010	1,010	515	—	515
Total commercial	—	1,010	1,010	10,568	—	10,568
Residential Real Estate:
Residential real estate	9,858	1,271	11,129	9,743	1,024	10,767
Consumer:
Home equity	1,877	—	1,877	1,972	—	1,972
Other	—	—	—	—	—	—
Total consumer	1,877	—	1,877	1,972	—	1,972
Total nonaccrual loans	$11,735	$2,281	$14,016	$22,283	$1,024	$23,307
Accruing loans 90 days or more past due			$—			$—

Nonaccrual loans of $8.1 million and $16.9 million, respectively, at September 30, 2025 and December 31, 2024 were current as to the payment of principal and interest.

As of September 30, 2025 and December 31, 2024, nonaccrual loans secured by one- to four-family residential properties amounting to $1.4 million and $1.0 million, respectively, were in process of foreclosure.

The following table presents interest income recognized on nonaccrual loans:


(Dollars in thousands)	Three Months		Nine Months

Periods ended September 30,	2025	2024	2025	2024
Commercial:
Commercial real estate	$—	$—	$—	$—
Commercial & industrial	—	—	29	—
Total commercial	—	—	29	—
Residential Real Estate:
Residential real estate	131	139	415	332
Consumer:
Home equity	47	36	139	106
Other	—	—	—	—
Total consumer	47	36	139	106
Total	$178	$175	$583	$438

Troubled Loan Modifications

A loan that has been modified is considered a TLM when the modification is made to a borrower experiencing financial difficulty and the modification has a direct impact to the contractual cash flows. If both of the aforementioned criteria are met, then the modification is considered a TLM and subject to the enhanced disclosure requirements.

In the course of resolving problem loans, the Corporation may choose to modify the contractual terms of loans to borrowers who are experiencing financial difficulty. Such modifications to borrowers experiencing financial difficulty may include modified contractual terms that have a direct impact to contractual cash flows, including principal forgiveness, interest rate

-16-

Condensed Notes to Unaudited Consolidated Financial Statements – (continued)

reductions, maturity extensions, other-than-insignificant payment delays, or any combination thereof. Debt could be bifurcated with separate terms for each tranche of the TLM. Executing a TLM in lieu of aggressively enforcing the collection of the loan may benefit the Corporation by increasing the ultimate probability of collection.

Nonaccrual loans that become TLMs generally remain on nonaccrual status for six months, subsequent to being modified, before management considers their return to accrual status. If a TLM is on accrual status prior to being modified, it is reviewed to determine if the modified loan should remain on accrual status.

If the TLM successfully meets all repayment terms according to the modification documents for a specified period of time (generally 12 months) and the borrower is no longer experiencing financial difficulty, it would be declassified from TLM status.

The following tables present the carrying value at September 30, 2025 of TLMs made during the periods indicated, segregated by class of loans and type of concession granted:



(Dollars in thousands)
Three months ended September 30, 2025	Other-than-Insignificant Payment Delay	Total	% of Loan Class (1)
Commercial:
Commercial real estate	$5,412	$5,412	—	%
Commercial & industrial	—	—	—
Total commercial	5,412	5,412	—
Residential Real Estate:
Residential real estate	$263	$263	—	%




Total	$5,675	$5,675	—	%

(1)Percentage of TLMs to the total loans outstanding within the respective loan class.



(Dollars in thousands)
Nine months ended September 30, 2025	Other-than-Insignificant Payment Delay	Total	% of Loan Class (1)
Commercial:
Commercial real estate	$5,412	$5,412	—	%
Commercial & industrial	—	—	—
Total commercial	5,412	5,412	—
Residential Real Estate:
Residential real estate	$1,684	$1,684	—	%




Total	$7,096	$7,096	—	%

(1)Percentage of TLMs to the total loans outstanding within the respective loan class.

In addition, a CRE loan with a carrying value of $4.3 million at June 30, 2025 was previously modified as a TLM. A combination of concessions were granted including an interest rate reduction, maturity extension and other-than-insignificant payment delay. In September 2025, the Corporation decided to sell this loan and late in September, the sale closed, proceeds of $1.2 million were received, and a charge-off of $3.0 million was recognized. As such, this TLM is no longer included in disclosures presenting the carrying value of TLMs at September 30, 2025.

During the three months ended September 30, 2024, there were no loans modified as a TLM.

-17-

Condensed Notes to Unaudited Consolidated Financial Statements – (continued)

The following table presents the carrying value at September 30, 2024 of TLMs made during the periods indicated, segregated by class of loans and type of concession granted:



(Dollars in thousands)
Nine months ended September 30, 2024	Maturity Extension	Other-than-Insignificant Payment Delay	Total	% of Loan Class (1)
Commercial:
Commercial real estate	$—	$—	$—	—	%
Commercial & industrial	616	—	616	—
Total commercial	616	—	616	—
Residential Real Estate:
Residential real estate	—	265	265	—




Total	$616	$265	$881	—	%

(1)Percentage of TLMs to the total loans outstanding within the respective loan class.

The following tables describe the financial effect of TLMs made during the periods indicated, segregated by class of loans:


Three months ended September 30, 2025			Financial Effect
Other-than-Insignificant Payment Delay:
Commercial real estate			Provided payment delay for a weighted average period of 6 months
Other-than-Insignificant Payment Delay:

Residential real estate			Provided payment delay for a weighted average period of 4 months


Nine months ended September 30, 2025			Financial Effect
Other-than-Insignificant Payment Delay:
Commercial real estate			Provided payment delay for a weighted average period of 6 months

Other-than-Insignificant Payment Delay:
Residential real estate			Provided payment delay for a weighted average period of 6 months



Nine months ended September 30, 2024			Financial Effect
Maturity Extension:
Commercial & industrial			Extended maturity by a weighted average of 120 months
Other-than-Insignificant Payment Delay:
Residential real estate			Provided payment delay for a weighted average period of 6 months

-18-

Condensed Notes to Unaudited Consolidated Financial Statements – (continued)

Management closely monitors the performance of TLMs to understand the effectiveness of the modifications. As of the dates indicated, the following tables present an aging analysis of TLMs that have been modified in the past 12 months:


(Dollars in thousands)		Days Past Due
September 30, 2025	Current	30-59	60-89	90 or More	Total Past Due	Total Loans
Commercial:
Commercial real estate	$5,412	$—	$—	$—	$—	$5,412
Commercial & industrial	5,000	—	—	—	—	5,000
Total commercial	10,412	—	—	—	—	10,412
Residential Real Estate:
Residential real estate	1,684	—	—	—	—	1,684




Total loans	$12,096	$—	$—	$—	$—	$12,096



(Dollars in thousands)		Days Past Due
September 30, 2024	Current	30-59	60-89	90 or More	Total Past Due	Total Loans
Commercial:
Commercial real estate	$7,519	$—	$—	$—	$—	$7,519
Commercial & industrial	881	—	—	—	—	881
Total commercial	8,400	—	—	—	—	8,400
Residential Real Estate:
Residential real estate	265	—	—	—	—	265




Total loans	$8,665	$—	$—	$—	$—	$8,665

At both September 30, 2025 and September 30, 2024, there were no TLMs made in the previous 12 months for which there was a subsequent payment default. See additional disclosure above regarding a CRE TLM loan that was sold and charged off in the third quarter of 2025.

There were no significant commitments to lend additional funds to borrowers experiencing financial difficulty whose loans were TLMs at September 30, 2025.

Individually Analyzed Loans

Individually analyzed loans include nonaccrual commercial loans, TLMs, as well as certain other loans based on the underlying risk characteristics and the discretion of management to individually analyze such loans.

As of September 30, 2025 and December 31, 2024, the carrying value of individually analyzed loans amounted to $14.1 million and $16.6 million, respectively.

The carrying value of collateral dependent individually analyzed loans was $7.7 million and $11.6 million, respectively, at September 30, 2025 and December 31, 2024. For collateral dependent loans where management has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and repayment of the loan is to be provided substantially through the operation or sale of the collateral, the ACL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the loan as of the measurement date. See Note 9 for additional disclosure regarding fair value of individually analyzed collateral dependent loans.

-19-

Condensed Notes to Unaudited Consolidated Financial Statements – (continued)

The following table presents the carrying value of collateral dependent individually analyzed loans:


(Dollars in thousands)	September 30, 2025		December 31, 2024
	Carrying Value	Related Allowance	Carrying Value	Related Allowance
Commercial:
Commercial real estate (1)	$5,412	$—	$10,053	$1,252
Commercial & industrial (2)	1,010	—	515	259
Total commercial	6,422	—	10,568	1,511
Residential Real Estate:
Residential real estate (3)	1,271	—	1,023	—




Total	$7,693	$—	$11,591	$1,511

(1) Secured by income-producing property.

(2) Secured by business assets.

(3) Secured by one- to four-family residential properties.

Credit Quality Indicators

Commercial

The Corporation utilizes an internal rating system to assign a risk to each of its commercial loans. Loans are rated on a scale of 1 to 10. This scale can be assigned to three broad categories including “pass” for ratings 1 through 6, “special mention” for 7-rated loans, and “classified” for loans rated 8, 9 or 10. The loan risk rating system takes into consideration parameters including the borrower’s financial condition, the borrower’s performance with respect to loan terms, the adequacy of collateral, the adequacy of guarantees, and other credit quality characteristics. The Corporation takes the risk rating into consideration along with other credit attributes in the establishment of an appropriate ACL on loans. See Note 5 for additional information.

A description of the commercial loan categories is as follows:

Pass - Loans with acceptable credit quality, defined as ranging from superior or very strong to a status of lesser stature. Superior or very strong credit quality is characterized by a high degree of cash collateralization or strong balance sheet liquidity. Lesser stature loans have an acceptable level of credit quality, but may exhibit some weakness in various credit metrics such as collateral adequacy, cash flow, performance or may be in an industry or of a loan type known to have a higher degree of risk. These weaknesses may be mitigated by secondary sources of repayment, including SBA guarantees.

Special Mention - Loans with potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Bank’s position as creditor at some future date. Special Mention assets are not adversely classified and do not expose the Bank to sufficient risk to warrant adverse classification. Examples of these conditions include but are not limited to outdated or poor quality financial data, strains on liquidity and leverage, losses or negative trends in operating results, marginal cash flow, weaknesses in occupancy rates or trends in the case of commercial real estate, and frequent delinquencies.

Classified - Loans identified as “substandard,” “doubtful” or “loss” based on criteria consistent with guidelines provided by banking regulators. A “substandard” loan has defined weaknesses which make payment default or principal exposure likely, but not yet certain. Such loans are apt to be dependent upon collateral liquidation, a secondary source of repayment or an event outside of the normal course of business. The loans are closely watched and are either already on nonaccrual status or may be placed on nonaccrual status when management determines there is uncertainty of collectability. A “doubtful” loan is placed on nonaccrual status and has a high probability of loss, but the extent of the loss is difficult to quantify due to dependency upon collateral having a value that is difficult to determine or upon some near-term event which lacks certainty. A loan in the “loss” category is considered generally uncollectible or the timing or amount of payments cannot be determined. “Loss” is not intended to imply that the loan has no recovery value, but rather, it is not practical or desirable to continue to carry the asset.

The Corporation’s procedures call for loan risk ratings and classifications to be revised whenever information becomes available that indicates a change is warranted. On a quarterly basis, management reviews a watched asset list, which generally consists of commercial loans that are risk-rated 6 or worse, highly leveraged transaction loans, high-volatility

-20-

Condensed Notes to Unaudited Consolidated Financial Statements – (continued)

commercial real estate, and other selected loans. Management’s review focuses on the current status of the loans, the appropriateness of risk ratings and strategies to improve the credit.

An annual credit review program is conducted by a third party to provide an independent evaluation of the creditworthiness of the commercial loan portfolio, the quality of the underwriting and credit risk management practices, and the appropriateness of the risk rating classifications. This review is supplemented with selected targeted internal reviews of the commercial loan portfolio.

Residential and Consumer

Management monitors the relatively homogeneous residential real estate and consumer loan portfolios on an ongoing basis using delinquency information by loan type.

In addition, other techniques are utilized to monitor indicators of credit deterioration in the residential real estate loans and home equity consumer loans. Among these techniques is the periodic tracking of loans with an updated Fair Isaac Corporation (commonly known as “FICO”) score and an updated estimated LTV ratio. LTV is estimated based on such factors as geographic location, the original appraised value, and changes in median home prices, and takes into consideration the age of the loan. The results of these analyses and other credit review procedures, including selected targeted internal reviews, are taken into account in the determination of qualitative loss factors for residential real estate and home equity consumer credits.

-21-

Condensed Notes to Unaudited Consolidated Financial Statements – (continued)

The following table includes information on credit quality indicators and gross charge-offs for the Corporation’s loan portfolio, segregated by class of loans as of September 30, 2025:


(Dollars in thousands)	Term Loans Amortized Cost by Origination Year
	2025	2024	2023	2022	2021	Prior	Revolving Loans Amortized Cost	Revolving Loans Converted to Term Loans	Total
Commercial:
CRE:
Pass	$260,373	$103,241	$393,262	$518,567	$314,923	$487,093	$9,988	$954	$2,088,401
Special mention	6,579	—	—	27,652	—	2,176	—	—	36,407
Classified	—	25,755	—	—	—	6,187	—	—	31,942
Total CRE	266,952	128,996	393,262	546,219	314,923	495,456	9,988	954	2,156,750
Gross charge-offs	—	—	—	—	—	5,715	—	—	5,715

C&I:
Pass	31,185	46,840	77,941	139,340	20,555	170,197	62,066	333	548,457
Special mention	2,265	794	—	3,480	1,151	5,249	5,775	—	18,714
Classified	—	—	940	—	135	—	71	—	1,146
Total C&I	33,450	47,634	78,881	142,820	21,841	175,446	67,912	333	568,317





Gross charge-offs	37	—	8,345	—	—	299	—	—	8,681

Residential Real Estate:
Residential real estate:
Current (1)	119,884	56,418	352,273	705,429	354,719	478,802	—	—	2,067,525
Past due	—	—	—	1,267	—	5,203	—	—	6,470
Total residential real estate	119,884	56,418	352,273	706,696	354,719	484,005	—	—	2,073,995
Gross charge-offs	—	—	—	—	—	—	—	—	—

Consumer:
Home equity:
Current	13,879	11,019	15,609	10,388	5,631	6,246	228,034	14,982	305,788
Past due	—	—	27	49	—	241	310	956	1,583
Total home equity	13,879	11,019	15,636	10,437	5,631	6,487	228,344	15,938	307,371
Gross charge-offs	—	—	—	—	—	—	—	—	—

Other:
Current	2,434	3,056	3,493	1,859	2,034	3,245	232	—	16,353
Past due	48	—	—	—	—	3	—	—	51
Total other	2,482	3,056	3,493	1,859	2,034	3,248	232	—	16,404




Gross charge-offs	251	—	1	—	—	—	—	—	252

Total loans, amortized cost	$436,647	$247,123	$843,545	$1,408,031	$699,148	$1,164,642	$306,476	$17,225	$5,122,837
Total gross charge-offs	$288	$—	$8,346	$—	$—	$6,014	$—	$—	$14,648

(1)Excludes a $255 thousand negative basis adjustment associated with fair value hedges. See Note 8 for additional disclosure.

-22-

Condensed Notes to Unaudited Consolidated Financial Statements – (continued)

The following table includes information on credit quality indicators and gross charge-offs for the Corporation’s loan portfolio, segregated by class of loans as of December 31, 2024:


(Dollars in thousands)	Term Loans Amortized Cost by Origination Year
	2024	2023	2022	2021	2020	Prior	Revolving Loans Amortized Cost	Revolving Loans Converted to Term Loans	Total
Commercial:
CRE:
Pass	$172,931	$432,763	$598,805	$362,292	$125,834	$405,381	$9,879	$989	$2,108,874
Special mention	—	6,116	—	—	—	2,237	—	—	8,353
Classified	31,010	—	—	—	—	6,267	—	—	37,277
Total CRE	203,941	438,879	598,805	362,292	125,834	413,885	9,879	989	2,154,504
Gross charge-offs	—	—	—	—	—	1,961	—	—	1,961

C&I:
Pass	38,128	51,162	136,449	23,474	36,954	159,522	76,857	469	523,015
Special mention	—	—	3,593	1,172	1,398	6,428	5,381	—	17,972
Classified	811	—	—	161	—	515	—	—	1,487
Total C&I	38,939	51,162	140,042	24,807	38,352	166,465	82,238	469	542,474
Gross charge-offs	33	—	—	—	—	175	—	—	208






Residential Real Estate:
Residential real estate:
Current (1)	74,458	383,983	746,566	375,848	173,676	365,380	—	—	2,119,911
Past due	—	287	1,434	—	1,290	4,730	—	—	7,741
Total residential real estate	74,458	384,270	748,000	375,848	174,966	370,110	—	—	2,127,652
Gross charge-offs	—	—	—	—	—	—	—	—	—

Consumer:
Home equity:
Current	12,850	18,301	12,749	6,165	2,282	4,815	225,522	11,488	294,172
Past due	—	61	—	—	142	630	871	1,243	2,947
Total home equity	12,850	18,362	12,749	6,165	2,424	5,445	226,393	12,731	297,119
Gross charge-offs	—	—	—	—	—	—	—	—	—

Other:
Current	4,176	4,497	2,331	2,175	757	2,989	251	—	17,176
Past due	24	—	370	—	—	—	—	—	394
Total other	4,200	4,497	2,701	2,175	757	2,989	251	—	17,570
Gross charge-offs	229	10	—	—	2	3	—	—	244





Total loans, amortized cost	$334,388	$897,170	$1,502,297	$771,287	$342,333	$958,894	$318,761	$14,189	$5,139,319
Total gross charge-offs	$262	$10	$—	$—	$2	$2,139	$—	$—	$2,413

(1)Excludes a $1.5 million negative basis adjustment associated with fair value hedges. See Note 8 for additional disclosure.

-23-

Condensed Notes to Unaudited Consolidated Financial Statements – (continued)

Washington Trust may renew commercial loans at or immediately prior to their maturity. In the tables above, renewals subject to full credit evaluation before being granted are reported as originations in the period renewed. Loans with extensions of maturity dates of more than three months, including TLMs, are reported as originations in the period extended. Gross charge-offs are reported in the loan’s initial origination year.

Note 5 - Allowance for Credit Losses on Loans

The ACL on loans is management’s estimate of expected lifetime credit losses on loans carried at amortized cost. The level of the ACL on loans is based on management’s ongoing review of all relevant information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts.

The following table presents the activity in the ACL on loans for the three months ended September 30, 2025:


(Dollars in thousands)	Commercial				Consumer
	CRE	C&I	Total Commercial	Residential Real Estate	Home Equity	Other	Total Consumer	Total
Beginning Balance	$19,604	$13,158	$32,762	$6,919	$1,107	$271	$1,378	$41,059

Charge-offs	(2,991)	(8,357)	(11,348)	—	—	(111)	(111)	(11,459)
Recoveries	—	2	2	—	15	9	24	26
Provision	2,230	4,911	7,141	(296)	14	91	105	6,950
Ending Balance	$18,843	$9,714	$28,557	$6,623	$1,136	$260	$1,396	$36,576

The following table presents the activity in the ACL on loans for the nine months ended September 30, 2025:



(Dollars in thousands)	Commercial				Consumer
	CRE	C&I	Total Commercial	Residential Real Estate	Home Equity	Other	Total Consumer	Total
Beginning Balance	$26,485	$7,277	$33,762	$6,832	$1,031	$335	$1,366	$41,960

Charge-offs	(5,715)	(8,681)	(14,396)	—	—	(252)	(252)	(14,648)
Recoveries	200	16	216	—	17	31	48	264
Provision	(2,127)	11,102	8,975	(209)	88	146	234	9,000
Ending Balance	$18,843	$9,714	$28,557	$6,623	$1,136	$260	$1,396	$36,576

The following table presents the activity in the ACL on loans for the three months ended September 30, 2024:


(Dollars in thousands)	Commercial				Consumer
	CRE	C&I	Total Commercial	Residential Real Estate	Home Equity	Other	Total Consumer	Total
Beginning Balance	$25,766	$7,097	$32,863	$8,102	$1,080	$333	$1,413	$42,378

Charge-offs	—	(4)	(4)	—	—	(55)	(55)	(59)
Recoveries	—	2	2	—	1	8	9	11
Provision	(8)	308	300	(39)	5	34	39	300
Ending Balance	$25,758	$7,403	$33,161	$8,063	$1,086	$320	$1,406	$42,630

-24-

Condensed Notes to Unaudited Consolidated Financial Statements – (continued)

The following table presents the activity in the ACL on loans for the nine months ended September 30, 2024:



(Dollars in thousands)	Commercial				Consumer
	CRE	C&I	Total Commercial	Residential Real Estate	Home Equity	Other	Total Consumer	Total
Beginning Balance	$24,144	$8,088	$32,232	$7,403	$1,048	$374	$1,422	$41,057

Charge-offs	—	(24)	(24)	—	—	(158)	(158)	(182)
Recoveries	—	19	19	—	8	28	36	55
Provision	1,614	(680)	934	660	30	76	106	1,700
Ending Balance	$25,758	$7,403	$33,161	$8,063	$1,086	$320	$1,406	$42,630

Note 6 - Leases

The Corporation has committed to rent premises used in business operations under non-cancelable operating leases and determines if an arrangement meets the definition of a lease upon inception. Upon commencement of a new lease, a ROU asset and corresponding lease liability is recognized. The Corporation recognizes an adjustment to the ROU asset and lease liability when lease agreements are amended and executed. The discount rate used in determining the present value of lease payments is based on the lessor’s implicit rate in the lease if known or the Corporation’s incremental borrowing rate for borrowing terms similar to the lease upon commencement date.

In the first quarter of 2025, sales-leaseback transactions were completed for five branch locations and a pre-tax net gain on the sale of the bank-owned properties totaling $7.0 million was recognized in noninterest income. In addition, operating lease ROU assets of $10.0 million and operating lease liabilities of $10.0 million were recorded. These leases expire in 17 years and include options to renew for two additional 15-year terms.

As of both September 30, 2025 and December 31, 2024, there were no operating leases that had not yet commenced.

The following table presents information regarding the Corporation’s operating leases:


	Sep 30, 2025		Dec 31, 2024
Operating lease ROU assets	$35,968		$26,943
Operating lease liabilities	$38,741		$29,578
Weighted average discount rate	5.37	%	3.80	%
Range of lease expiration dates	1 month - 22 years		4 months - 23 years
Range of lease renewal options	3 years - 15 years		1 year - 5 years
Weighted average remaining lease term	13.1 years		12.6 years

The following table presents the undiscounted annual lease payments under the terms of the Corporation’s operating leases at September 30, 2025, including a reconciliation to the present value of operating lease liabilities recognized in the Consolidated Balance Sheets:


(Dollars in thousands)
October 1, 2025 to December 31, 2025						$1,272
2026						4,787
2027						4,297
2028						4,015
2029						3,909
2030 and thereafter						36,302
Total operating lease payments						54,582
Less: interest						15,841
Present value of operating lease liabilities (1)						$38,741

(1)Includes short-term operating lease liabilities of $3.1 million.

-25-

Condensed Notes to Unaudited Consolidated Financial Statements – (continued)

The following table presents the components of total lease expense and operating cash flows:


(Dollars in thousands)	Three Months		Nine Months
Periods ended September 30,	2025	2024	2025	2024
Lease Expense:
Operating lease expense	$1,333	$1,115	$3,960	$3,362
Variable lease expense	54	44	150	125
Total lease expense (1)	$1,387	$1,159	$4,110	$3,487
Cash Paid:
Cash paid reducing operating lease liabilities	$1,282	$1,116	$3,823	$3,401

(1)Included in net occupancy expenses in the Consolidated Statements of Income.

Note 7 - Intangible Assets

On July 31, 2025, the Bank's registered investment adviser subsidiary completed the purchase of wealth management client advisory contracts from Lighthouse in an asset acquisition. Asset acquisitions of a single identifiable intangible asset are accounted for under a cost accumulation model. An intangible asset totaling $2.2 million was recognized on the acquisition date based on the value of cash consideration paid to acquire the asset, as well as the direct costs that were associated with the asset acquisition, such as those paid to third party legal counsel, brokers and consultants. The intangible asset is amortized over its estimated life using a method that approximates the amount of economic benefit that will be realized by the Corporation. The Corporation did not recognize a liability for the contingent consideration payments as the amounts to be paid are uncertain until a future measurement date. The contingent consideration payments will be capitalized as part of the intangible asset acquired when the payments are probable and reasonably estimable (i.e. when they are paid). Once capitalized, the contingent consideration will be amortized over the remaining life of the intangible asset.

The following table presents information regarding the Corporation’s intangible assets:


(Dollars in thousands)
	Sep 30, 2025	Dec 31, 2024
Gross carrying amount	$22,983	$20,803
Accumulated amortization	18,525	17,918
Net amount	$4,458	$2,885

Weighted average remaining life (in years)	9.7	5.2

The gross carrying amount of intangible assets includes wealth management client advisory contracts resulting from the 2005 acquisition of Weston and the 2015 acquisition of Halsey, which were accounted for as business combinations. In addition, the balance at September 30, 2025 includes wealth management client advisory contracts resulting from the Lighthouse asset acquisition.

In the third quarter of 2025, the Weston wealth management client advisory contracts were fully amortized. Both the Halsey and Lighthouse wealth management client advisory contracts are being amortized on a straight-line basis over a 15-year life.

The following table presents a summary of intangible assets amortization expense:


(Dollars in thousands)	Three Months		Nine Months
Periods ended September 30,	2025	2024	2025	2024
Amortization expense	$200	$206	$607	$622

-26-

Condensed Notes to Unaudited Consolidated Financial Statements – (continued)

The following table presents estimated remaining amortization expense for intangible assets at September 30, 2025:


(Dollars in thousands)
October 1, 2025 to December 31, 2025			$155
2026			622
2027			622
2028			622
2029			622
2030			423
2031 and thereafter			1,392

Note 8 - Derivative Financial Instruments

The Corporation’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Corporation’s known or expected cash receipts and its known or expected cash payments, principally to manage the Corporation’s interest rate risk. Additionally, the Corporation enters into interest rate derivatives to accommodate the business requirements of its customers. Derivatives are measured at fair value. Derivative assets are included in other assets and derivative liabilities are included in other liabilities in the Unaudited Consolidated Balance Sheets. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and resulting designation.

Interest Rate Risk Management Agreements

Interest rate risk management agreements, such as swaps, caps, floors, and collars, are used from time to time as part of the Corporation’s interest rate risk management strategy. Interest rate swaps are agreements in which the Corporation and another party agree to exchange interest payments (e.g., fixed-rate for variable-rate payments or variable-rate for fixed-rate payments) computed on a notional principal amount. Interest rate caps and floors represent options purchased by the Corporation to manage the interest rate paid throughout the term of the option contract. An interest rate collar is a derivative instrument that represents simultaneously buying an interest rate cap and selling an interest rate floor. The credit risk associated with these derivative transactions is the risk of default by the counterparty. To minimize this risk, the Corporation enters into interest rate agreements only with highly rated counterparties that management believes to be creditworthy. The notional amounts of these agreements do not represent amounts exchanged by the parties and, thus, are not a measure of the potential loss exposure.

Cash Flow Hedging Instruments

As of September 30, 2025 and December 31, 2024, the Corporation had interest rate swap contracts and interest rate collars that were designated as cash flow hedges. These interest rate swaps and collars were executed to hedge the interest rate risk associated with short-term borrowings. See Note 11 for additional disclosure on borrowings. In addition, as of September 30, 2025, the Corporation had interest rate floor contracts that were also designated as cash flow hedges. These interest rate floors were executed in the third quarter of 2025 to hedge the interest rate risk associated with a pool of variable rate commercial loans.

The changes in fair value of these derivatives designated as cash flow hedges are recorded in other comprehensive income (loss) and subsequently reclassified to earnings when gains or losses are realized (i.e., in the same period during which the hedged transactions affect earnings.)

The Corporation previously had an interest rate swap contract that was designated as a cash flow hedge to hedge the interest rate risk associated with a pool of variable rate commercial loans. On March 31, 2023, the Corporation terminated this interest rate swap contract and the derivative liability was derecognized. The loss on this interest rate swap included in the AOCL component of shareholders’ equity was updated to its termination date fair value of $26.5 million, or $20.1 million after tax. This loss is being amortized into earnings as a reduction of interest income on a straight-line basis over the remaining life of the original interest rate swap term, or through May 1, 2026. At September 30, 2025, the remaining unamortized balance of the loss included in the AOCL component of shareholders’ equity was $5.0 million, or $3.7 million after tax.

Fair Value Hedging Instruments

As of September 30, 2025 and December 31, 2024, the Corporation had interest rate swap contracts that were designated as

-27-

Condensed Notes to Unaudited Consolidated Financial Statements – (continued)

fair value hedges. The fair value hedges were executed to hedge the interest rate risk associated with a closed-pool of fixed-rate residential real estate loans (the “hedged item”). The hedged item is measured at fair value through a basis adjustment recognized on the balance sheet. The changes in fair value of derivatives designated as fair value hedges, as well as the offsetting changes in fair value of the hedged item are recognized in earnings.

Loan Related Derivative Contracts

Interest Rate Derivative Contracts with Customers

The Corporation enters into interest rate swap and interest rate cap contracts to help commercial loan borrowers manage their interest rate risk. These interest rate swap contracts allow borrowers to convert variable-rate loan payments to fixed-rate loan payments, while interest rate cap contracts allow borrowers to limit their interest rate exposure in a rising rate environment. When the Corporation enters into an interest rate derivative contract with a commercial loan borrower, it simultaneously enters into a “mirror” interest rate contract with a third party. For interest rate swaps, the third party exchanges the client’s fixed-rate loan payments for variable-rate loan payments. The Corporation’s credit policies with respect to interest rate contracts with commercial borrowers are similar to those used for loans. The Corporation retains the risk that is associated with the potential failure of counterparties and the risk inherent in originating loans. The interest rate contracts with counterparties are generally subject to bilateral collateralization terms. These derivatives are not designated as hedges and therefore, changes in fair value are recognized in earnings.

Risk Participation Agreements

The Corporation has entered into risk participation agreements with other banks in commercial loan arrangements. Participating banks guarantee the performance on borrower-related interest rate swap contracts. These derivatives are not designated as hedges and therefore, changes in fair value are recognized in earnings.

Under a risk participation-out agreement, a derivative asset, the Corporation participates out a portion of the credit risk associated with the interest rate swap position executed with the commercial borrower for a fee paid to the participating bank. Under a risk participation-in agreement, a derivative liability, the Corporation assumes, or participates in, a portion of the credit risk associated with the interest rate swap position with the commercial borrower for a fee received from the other bank.

Mortgage Loan Commitments

Interest rate lock commitments are extended to borrowers and relate to the origination of mortgage loans held for sale. To mitigate the interest rate risk and pricing risk associated with rate locks and mortgage loans that are originated and intended for sale, the Corporation enters into forward sale commitments. Forward sale commitments are contracts for delayed delivery or net settlement of the underlying instrument, such as a residential mortgage loan, where the seller agrees to deliver on a specified future date, either a specified instrument at a specified price or yield or the net cash equivalent of an underlying instrument. Both interest rate lock commitments and forward sale commitments are derivative financial instruments, but do not meet criteria for hedge accounting and therefore, the changes in fair value of these commitments are recognized in earnings.

-28-

Condensed Notes to Unaudited Consolidated Financial Statements – (continued)

The following table presents the notional amounts and fair values of derivative instruments in the Unaudited Consolidated Balance Sheets:


(Dollars in thousands)	September 30, 2025			December 31, 2024
		Fair Value			Fair Value
	Notional Amounts	Derivative Assets	Derivative Liabilities	Notional Amounts	Derivative Assets	Derivative Liabilities
Derivatives Designated as Cash Flow Hedging Instruments:
Interest rate risk management contracts:

Interest rate swaps (1)	$120,000	$211	$999	$120,000	$1,529	$229
Interest rate collars	100,000	—	26	50,000	—	30
Interest rate floors	200,000	189	—	—	—	—
Derivatives Designated as Fair Value Hedging Instruments:
Interest rate risk management contracts:
Interest rate swaps	100,000	254	—	100,000	1,477	—
Derivatives not Designated as Hedging Instruments:
Loan related derivative contracts:
Interest rate contracts with customers	869,141	6,722	29,572	886,912	2,468	51,372
Mirror contracts with counterparties	869,141	29,459	6,792	886,912	51,176	2,529
Risk participation agreements	305,593	33	—	343,935	29	—

Mortgage loan commitments:
Interest rate lock commitments	54,594	1,007	3	20,238	248	—
Forward sale commitments	102,458	130	675	52,100	163	291
Gross amounts		38,005	38,067		57,090	54,451
Less: amounts offset (2)		7,192	7,192		2,788	2,788
Derivative balances, net of offset		30,813	30,875		54,302	51,663
Less: collateral pledged (3)		—	—		—	—
Net amounts		$30,813	$30,875		$54,302	$51,663

(1)The fair value of derivative assets includes accrued interest receivable of $78 thousand and $120 thousand, respectively, at September 30, 2025 and December 31, 2024. There was no accrued interest payable included in the fair value of derivative liabilities at September 30, 2025 or at December 31, 2024.

(2)Interest rate risk management contracts and loan related derivative contracts with counterparties are subject to master netting arrangements.

(3)Collateral contractually required to be pledged to derivative counterparties is in the form of cash. Washington Trust may need to post additional collateral in the future in proportion to potential increases in unrealized loss positions.

The following table presents the balance sheet location, carrying value, and cumulative basis adjustment of the hedged item associated with fair value hedges:

(Dollars in thousands)

September 30, 2025

December 31, 2024

Balance Sheet Location

Carrying Value of Hedged Item (1)

Cumulative Basis Adjustment

Carrying Value of Hedged Item (1)

Cumulative Basis Adjustment

Residential real estate loans

$99,745

($255)

$98,519

($1,481)

(1)Represents the carrying value of the hedged item associated with fair value hedges on a closed-pool of fixed-rate residential real estate loans that are expected to be outstanding for the designated hedged periods. The amortized cost balance of the closed-pool of residential real estate loans used in the fair value hedges was $621.2 million and $733.2 million, respectively, at September 30, 2025 and December 31, 2024.

-29-

Condensed Notes to Unaudited Consolidated Financial Statements – (continued)

The following table presents the effect of derivative instruments in the Unaudited Consolidated Statements of Changes in Shareholders’ Equity:


(Dollars in thousands)	Amounts Recognized in Other Comprehensive Income (Loss), Net of Tax
	Three Months		Nine Months
Periods ended September 30,	2025	2024	2025	2024
Derivatives Designated as Cash Flow Hedging Instruments:
Interest rate risk management contracts:
Interest rate swaps	$1,576	($992)	$3,269	$4,059
Interest rate collars	27	(116)	3	(147)

Interest rate floors	(81)	—	(81)	—
Total	$1,522	($1,108)	$3,191	$3,912

The following table presents the effect of derivative instruments in the Unaudited Consolidated Statements of Income:


(Dollars in thousands)		Amount of Gain (Loss) Recognized in the Unaudited Consolidated Statements of Income
		Three Months		Nine Months
Periods ended September 30,	Statement of Income Location	2025	2024	2025	2024
Derivatives Designated as Cash Flow Hedging Instruments:
Interest rate risk management contracts:
Interest rate swaps	Interest income: Interest and fees on loans	($2,163)	($2,164)	($6,418)	($6,441)
Interest rate swaps	Interest expense: FHLB advances	195	487	581	1,475

Interest rate floors	Interest income: Interest and fees on loans	(11)	—	(11)	—
Derivatives Designated as Fair Value Hedging Instruments:
Interest rate risk management contracts:
Interest rate swaps	Interest income: Interest and fees on loans	75	19	(1,223)	19
Hedged item	Interest income: Interest and fees on loans	(76)	(19)	1,226	(19)
Derivatives not Designated as Hedging Instruments:
Loan related derivative contracts:
Interest rate contracts with customers	Loan related derivative income	($25)	$22,742	$14,129	($2,615)
Mirror interest rate contracts with counterparties	Loan related derivative income	300	(22,733)	(13,118)	2,981
Risk participation agreements	Loan related derivative income	(4)	117	37	93

Mortgage loan commitments:
Interest rate lock commitments	Mortgage banking revenues	240	(20)	755	180
Forward sale commitments	Mortgage banking revenues	(26)	(432)	(752)	(189)
Total		($1,495)	($2,003)	($4,794)	($4,516)

For derivatives designated as cash flow hedging instruments in the table above, the amounts represent the pre-tax reclassifications from AOCL into earnings.

-30-

Condensed Notes to Unaudited Consolidated Financial Statements – (continued)

Note 9 - Fair Value Measurements

The Corporation uses fair value measurements to record fair value adjustments on certain assets and liabilities and to determine fair value disclosures. Items recorded at fair value on a recurring basis include securities available for sale, mortgage loans that are originated and intended for sale to the secondary market, and derivatives. Additionally, from time to time, we may be required to record other assets at fair value on a nonrecurring basis, such as collateral dependent individually analyzed loans, loan servicing rights, property acquired through foreclosure or repossession, and mortgage loans reclassified to held for sale from portfolio.

Fair value is a market-based measurement, not an entity-specific measurement. Fair value measurements are determined based on the assumptions the market participants would use in pricing the asset or liability. In addition, GAAP specifies a hierarchy of valuation techniques based on whether the types of valuation information, or “inputs”, are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Corporation’s market assumptions. These two types of inputs have created the following fair value hierarchy:

•Level 1 – Quoted prices for identical assets or liabilities in active markets.

•Level 2 – Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

•Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable in the markets and which reflect the Corporation’s market assumptions.

Fair Value Option Election

GAAP allows for the irrevocable option to elect fair value accounting for the initial and subsequent measurement for certain financial assets and liabilities on a contract-by-contract basis. The Corporation has elected the fair value option for mortgage loans that are originated and intended for sale to the secondary market to better match changes in fair value of the loans with changes in the fair value of the forward sale commitment contracts used to economically hedge them.

The following table presents a summary of mortgage loans held for sale accounted for under the fair value option:


(Dollars in thousands)	September 30, 2025	December 31, 2024
Aggregate fair value	$31,318	$21,708
Aggregate principal balance	30,689	21,420
Difference between fair value and principal balance	$629	$288

Changes in fair value of mortgage loans held for sale accounted for under the fair value option election are included in mortgage banking revenues in the Unaudited Consolidated Statements of Income. Changes in fair value amounted to a decrease in mortgage banking revenues of $175 thousand and an increase of $342 thousand, respectively, for the three and nine months ended September 30, 2025. This compared to decreases in mortgage banking revenues of $31 thousand and $122 thousand, respectively, for the three and nine months ended September 30, 2024.

There were no mortgage loans held for sale 90 days or more past due as of September 30, 2025 and December 31, 2024.

Valuation Techniques for Items Recorded at Fair Value on a Recurring Basis

Available for Sale Debt Securities

Available for sale debt securities are recorded at fair value on a recurring basis. When available, the Corporation uses quoted market prices to determine the fair value of debt securities; such items are classified as Level 1. There were no Level 1 debt securities held at September 30, 2025 and December 31, 2024.

Level 2 debt securities are traded less frequently than exchange-traded instruments. The fair value of these securities is determined using matrix pricing with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category includes obligations of U.S. government-sponsored enterprises, including mortgage-backed securities, individual name issuer trust preferred debt securities, and corporate bonds.

-31-

Condensed Notes to Unaudited Consolidated Financial Statements – (continued)

Debt securities not actively traded whose fair value is determined through the use of cash flows utilizing inputs that are unobservable are classified as Level 3. There were no Level 3 debt securities held at September 30, 2025 and December 31, 2024.

Mortgage Loans Held for Sale, at Fair Value

The Corporation has elected the fair value option for mortgage loans that are originated and intended for sale to the secondary market. The fair value is estimated based on current market prices for similar loans in the secondary market and therefore are classified as Level 2 assets.

Derivatives

Interest rate derivative contracts are traded in over-the-counter markets where quoted market prices are not readily available. Fair value measurements are determined using independent valuation software, which utilizes the present value of future cash flows discounted using market observable inputs such as forward rate assumptions. The Corporation evaluates the credit risk of its counterparties, as well as that of the Corporation. Accordingly, factors such as the likelihood of default by the Corporation and its counterparties, its net exposures, and remaining contractual life are considered in determining if any fair value adjustments related to credit risk are required. Counterparty exposure is evaluated by netting positions that are subject to master netting agreements, as well as considering the amount of collateral securing the position, if any. The Corporation has determined that the majority of the inputs used to value its derivative positions fall within Level 2 of the fair value hierarchy. However, the credit valuation adjustments utilize Level 3 inputs. As of September 30, 2025 and December 31, 2024, the Corporation has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation. As a result, the Corporation has classified its derivative valuations in their entirety as Level 2.

Fair value measurements of forward loan commitments (interest rate lock commitments and forward sale commitments) are primarily based on current market prices for similar assets in the secondary market and therefore are classified as Level 2 assets. The fair value of interest rate lock commitments is also dependent on the ultimate closing of the loans. Pull-through rates are based on the Corporation’s historical data and reflect the Corporation’s best estimate of the likelihood that a commitment will result in a closed loan. Although the pull-through rates are Level 3 inputs, the Corporation has assessed the significance of the impact of pull-through rates on the overall valuation of its interest rate lock commitments and has determined that they are not significant to the overall valuation. As a result, the Corporation has classified its interest rate lock commitments as Level 2.

-32-

Condensed Notes to Unaudited Consolidated Financial Statements – (continued)

Items Recorded at Fair Value on a Recurring Basis

The following tables present the balances of assets and liabilities reported at fair value on a recurring basis:


(Dollars in thousands)	Total	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
September 30, 2025
Assets:
Available for sale debt securities:
Obligations of U.S. government agencies and U.S government sponsored enterprises	$40,104	$—	$40,104	$—
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	902,923	—	902,923	—
Obligations of states and political subdivisions	654	—	654	—
Individual name issuer trust preferred debt securities	6,090	—	6,090	—

Corporate bonds	12,695	—	12,695	—
Mortgage loans held for sale	31,318	—	31,318	—
Derivative assets	30,813	—	30,813	—



Total assets at fair value on a recurring basis	$1,024,597	$—	$1,024,597	$—
Liabilities:
Derivative liabilities	$30,875	$—	$30,875	$—




Total liabilities at fair value on a recurring basis	$30,875	$—	$30,875	$—


(Dollars in thousands)	Total	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
December 31, 2024
Assets:
Available for sale debt securities:
Obligations of U.S. government agencies and U.S government sponsored enterprises	$38,612	$—	$38,612	$—
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises	855,147	—	855,147	—
Obligations of states and political subdivisions	655	—	655	—
Individual name issuer trust preferred debt securities	9,221	—	9,221	—

Corporate bonds	12,670	—	12,670	—

Mortgage loans held for sale	21,708	—	21,708	—

WASHINGTON TRUST BANCORP INC 10-Q