Washington Trust Bancorp (WASH) 8-K Results of Operations and Financial Condition

Exhibit 99.1

[Graphic Omitted]

NASDAQ: WASH

Contact:Elizabeth B. Eckel

     Senior Vice President, Marketing

Telephone: (401) 348-1309

E-mail: ebeckel@washtrust.com

Date: April 24, 2006

FOR IMMEDIATE RELEASE

Washington Trust Quarterly Earnings Up 12%

Westerly, Rhode Island…Washington Trust Bancorp, Inc. (Nasdaq National Market; symbol: WASH), parent company of The Washington Trust Company, today announced first quarter 2006 net income of $6.1 million, an increase of 12 percent from the $5.4 million reported for the first quarter of 2005. On a per diluted share basis, the Corporation earned 44 cents for the first quarter of 2006, up 4 cents, or 10 percent, from the 40 cents earned for the same quarter in 2005. The returns on average equity and average assets for the three months ended March 31, 2006 were 15.09% and 1.01%, respectively, compared to 14.20% and 0.94%, respectively, for the same period in 2005.

“Washington Trust had a very good first quarter despite intense price competition and a challenging interest rate environment, stated John C. Warren, Washington Trust Chairman and Chief Executive Officer. He added, “A key to our success in the first quarter was a significant increase in wealth management and trust revenues, which were 83% higher than the first quarter last year.”

Warren also noted that the Bank has plans to open two new branches in 2007; a branch at 1195 Oaklawn Avenue in Cranston, RI and a branch in Warwick, RI. Warren stated, “We’ve had tremendous growth in Cranston and Warwick areas and these branches are part of our plan to expand our footprint in the Greater Providence market.” The opening of these branches is subject to regulatory approvals.

Net interest income is Washington Trust’s largest source of revenue, representing 62% of total revenue for the first quarter of 2006. Net interest income totaled $15.4 million, up 5% from the first quarter a year ago. The increase in net interest income is primarily attributable to growth in average earning assets and a higher amount of loans as a percentage of total interest-earning assets. The rise in short-term rates in the first quarter of 2006 caused deposit costs to rise, however, this was offset in part by higher yields on loans and securities. The net interest margin (annualized tax-equivalent net interest income as a percentage of average earning assets) for the three months ended March 31, 2006 amounted to 2.84%, unchanged from the fourth quarter of 2005, and up 8 basis points from the first quarter of 2005.

-M O R E-

Washington Trust

Page Two, April 24, 2006

Noninterest income, excluding gains on securities, comprised 38% of total revenue for first quarter of 2006, compared with 29% for the same period in 2005. Noninterest income amounted to $9.5 million for the three months ended March 31, 2006, an increase of 56% over the first quarter of 2005. This increase is primarily attributable to higher revenues from wealth management and trust services, mainly due to the acquisition of Weston Financial Group, Inc. in the third quarter of 2005.

Revenue from wealth management and trust services, the largest component of noninterest income, totaled $5.9 million, up $2.7 million, or 83%, from the first quarter of 2005. As previously stated, this increase was primarily attributable to the acquisition of Weston Financial Group, Inc. completed on August 31, 2005. Revenue from wealth management and trust services is largely dependent on the value of assets under administration and is closely tied to the performance of the financial markets. Assets under administration totaled $3.443 billion at March 31, 2006, up $171 million, or 5%, from $3.272 billion at December 31, 2005. The increase is due to business development efforts and financial market appreciation. Assets under administration at March 31, 2005, prior to the Weston acquisition, were $1.831 billion.

Noninterest expenses for the first quarter of 2006 increased $3.3 million, or 26%, over the first quarter a year ago. Approximately $1.9 million, or 59%, of this increase was attributable to the operating expenses of Weston Financial Group, Inc.

The Corporation’s effective tax rate for the first quarter of 2006 was 32.0%, unchanged from the rate during the same period in 2005 and down slightly from the effective rate of 32.7% recorded during the fourth quarter of 2005.

Total assets were $2.433 billion at March 31, 2006, up from $2.402 billion at December 31, 2005. Loan growth was relatively quiet in the first quarter, with total loans increasing by $16.9 million, or 1.2%. Total commercial and commercial real estate loans rose by $4.1 million, or 0.7%. Residential mortgages increased by $8.7 million, or 1.5%, which includes the effect of $11.8 million in purchased mortgages during the period. Consumer loans rose by $4.1 million, or 1.5%, led by growth in home equity loans. The securities portfolio was little changed, up $2.7 million, or 0.3% during the quarter.

Total deposits rose by $21.4 million, or 1.3%. Excluding a $22.0 million increase in brokered certificates of deposit, in-market deposits were down slightly by $641 thousand during the first quarter of 2006. This decrease reflects a seasonality trend whereby the Corporation has experienced outflow of demand deposit balances during the first quarter in recent years. Due to increases in short-term interest rates, the Corporation also experienced a continuation of a shift in the mix of deposits away from savings accounts and into

- M O R E -

Washington Trust

Page Three, April 24, 2006

premium money market accounts and certificates of deposit. Federal Home Loan Bank advances and other borrowings increased by $7.1 million during the quarter.

Asset quality, as measured by the level of nonperforming assets, remained strong in the first quarter of 2006. Nonperforming assets (nonaccrual loans and property acquired through foreclosure) totaled $2.3 million, or 0.09% of total assets, at March 31, 2006, compared to $2.4 million, or 0.10%, a year ago. Loan recoveries, net of charge-offs, amounted to $29 thousand in the first quarter of 2006, compared to net charge-offs of $13 thousand in the same period a year ago.

The allowance for loan losses was $18.2 million, or 1.29% of total loans, at March 31, 2006, compared to $17.1 million, or 1.32% of total loans, at March 31, 2005. The Corporation’s loan loss provision charged to earnings amounted to $300 thousand for the first quarter of 2006, unchanged from both the fourth quarter of 2005 and the first quarter of 2005.

Total shareholders’ equity amounted to $159.9 million at March 31, 2006, compared to $158.4 million at December 31, 2005. Book value per share as of March 31, 2006 and December 31, 2005 amounted to $11.92 and $11.86, respectively.

Washington Trust Chairman and Chief Executive Officer, John C. Warren, and David V. Devault, Executive Vice President, Secretary, Treasurer, and Chief Financial Officer, will host a conference call on Monday, April 24, at 4:30 p.m. (Eastern Time) to discuss the Corporation’s first quarter results. This call is being webcast by VCall and can be accessed through the Investor Relations section of the Washington Trust website, www.washtrust.com. A replay of the call will be posted in this same location on the website shortly after the conclusion of the call. You may also listen to a replay by dialing (877) 660-6853, and entering Account #: 286 and Conference ID #: 193942. The replay will be available until 11:59 p.m. on April 30, 2006.

Washington Trust Bancorp, Inc. is the parent of The Washington Trust Company, a Rhode Island state-chartered bank founded in 1800. Washington Trust offers personal banking, business banking and wealth management services through its offices in Rhode Island, Massachusetts and southeastern Connecticut. Washington Trust Bancorp, Inc.’s common stock trades on The Nasdaq Stock Market^Ò under the symbol WASH. Investor information is available on the Corporation’s web site: www.washtrust.com.

# # #

This report contains certain statements that may be considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  The actual results, performance or achievements of the Corporation could differ materially from those projected in the forward-looking statements as a result, among other factors, of changes in general national or regional economic conditions, changes in interest rates, reductions in the market value of wealth management and trust assets under administration, reductions in loan demand, reductions in deposit levels necessitating increased borrowing to fund loans and investments, changes in loan default and charge-off rates, changes in the size and nature of the Corporation’s competition, changes in legislation or regulation and accounting principles, policies and guidelines, and changes in the assumptions used in making such forward-looking statements. The Corporation assumes no obligation to update forward-looking statements or update the reasons actual results, performance or achievements could differ materially from those provided in the forward-looking statements, except as required by law.

Washington Trust Bancorp, Inc. and Subsidiaries
FINANCIAL SUMMARY
	Three Months Ended
		Mar. 31,			Dec. 31,			Mar. 31,
(Dollars and shares in thousands, except per share amounts)		2006			2005			2005
Operating Results
Net interest income	$	15,415		$	15,703		$	14,621
Provision for loan losses		300			300			300
Net realized gains on securities		59			337			-
Other noninterest income		9,461			9,162			6,079
Noninterest expenses		15,704			15,766			12,444
Income tax expense		2,858			2,983			2,546
Net income		6,073			6,153			5,410
Per Share
Basic earnings	$	0.45		$	0.46		$	0.41
Diluted earnings	$	0.44		$	0.45		$	0.40
Dividends declared	$	0.19		$	0.18		$	0.18
Weighted Average Shares Outstanding
Basic		13,386.8			13,352.4			13,282.7
Diluted		13,698.6			13,659.6			13,617.3
Key Ratios
Return on average assets		1.01	%		1.03	%		0.94	%
Return on average equity		15.09	%		15.63	%		14.20	%
Interest rate spread (taxable equivalent basis)		2.53	%		2.53	%		2.49	%
Net interest margin (taxable equivalent basis)		2.84	%		2.84	%		2.76	%
Allowance for Loan Losses
Balance at beginning of period	$	17,918		$	17,614		$	16,771
Provision charged to earnings		300			300			300
Net (charge-offs) recoveries		29			4			(13	)
Balance at end of period	$	18,247		$	17,918		$	17,058

Washington Trust Bancorp, Inc. and Subsidiaries
FINANCIAL SUMMARY
		Mar. 31,			Dec. 31,			Mar. 31,
(Dollars and shares in thousands, except per share amounts)		2006			2005			2005
Period-End Balance Sheet
Assets	$	2,432,765		$	2,402,003		$	2,342,138
Total securities		786,674			783,941			866,873
Loans:
Commercial and other:
Mortgages		277,851			291,292			260,058
Construction and development		35,599			37,190			31,060
Other		245,376			226,252			219,346
Total commercial and other		558,826			554,734			510,464
Residential real estate:
Mortgages		573,262			565,680			529,177
Homeowner construction		18,147			17,028	��		19,663
Total residential real estate		591,409			582,708			548,840
Consumer:
Home equity lines		157,769			161,100			157,752
Other		110,778			103,366			77,134
Total consumer		268,547			264,466			234,886
Total loans		1,418,782			1,401,908			1,294,190
Deposits:
Demand deposits		181,345			196,102			190,883
NOW accounts		179,027			178,677			180,240
Money market accounts		227,433			223,255			189,870
Savings accounts		202,395			212,499			248,852
Time deposits		870,420			828,725			719,202
Total deposits		1,660,620			1,639,258			1,529,047
Brokered deposits included in time deposits		222,118			200,115			207,652
Federal Home Loan Bank advances		556,051			545,323			639,874
Shareholders’ equity		159,880			158,446			149,225
Capital Ratios
Tier 1 risk-based capital		9.26	%		9.06	%		9.21	%
Total risk-based capital		10.72	%		10.51	%		10.75	%
Tier 1 leverage ratio		5.64	%		5.45	%		5.44	%
Share Information
Shares outstanding at end of period		13,412.7			13,361.8			13,291.1
Book value per share	$	11.92		$	11.86		$	11.23
Tangible book value per share	$	7.90		$	7.79		$	9.44
Market value per share	$	28.07		$	26.18		$	27.48
Credit Quality
Nonaccrual loans	$	2,268		$	2,414		$	2,376
Other real estate owned, net		-			-			4
Nonperforming assets to total assets		0.09	%		0.10	%		0.10	%
Nonaccrual loans to total loans		0.16	%		0.17	%		0.18	%
Allowance for loan losses to nonaccrual loans		804.54	%		742.25	%		717.93	%
Allowance for loan losses to total loans		1.29	%		1.28	%		1.32	%
Assets Under Administration
Market value	$	3,442,941		$	3,271,756		$	1,831,045

Washington Trust Bancorp, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
		(Unaudited)
(Dollars in thousands)		March 31,			December 31,
		2006			2005
Assets:
Cash and due from banks	$	42,781		$	48,997
Federal funds sold and other short-term investments		29,794			17,166
Mortgage loans held for sale		2,211			439
Securities:
Available for sale, at fair value; amortized cost $627,902 in 2006 and $620,638 in 2005		621,516			619,234
Held to maturity, at cost; fair value $161,571 in 2006 and $162,756 in 2005		165,158			164,707
Total securities		786,674			783,941
Federal Home Loan Bank stock, at cost		34,966			34,966
Loans:
Commercial and other		558,826			554,734
Residential real estate		591,409			582,708
Consumer		268,547			264,466
Total loans		1,418,782			1,401,908
Less allowance for loan losses		18,247			17,918
Net loans		1,400,535			1,383,990
Premises and equipment, net		24,106			23,737
Accrued interest receivable		11,238			10,594
Investment in bank-owned life insurance		30,639			30,360
Goodwill		39,963			39,963
Identifiable intangible assets		14,004			14,409
Other assets		15,854			13,441
Total assets	$	2,432,765		$	2,402,003
Liabilities:
Deposits:
Demand deposits	$	181,345		$	196,102
NOW accounts		179,027			178,677
Money market accounts		227,433			223,255
Savings accounts		202,395			212,499
Time deposits		870,420			828,725
Total deposits		1,660,620			1,639,258
Dividends payable		2,551			2,408
Federal Home Loan Bank advances		556,051			545,323
Junior subordinated debentures		22,681			22,681
Other borrowings		6,108			9,774
Accrued expenses and other liabilities		24,874			24,113
Total liabilities		2,272,885			2,243,557
Shareholders’ Equity:
Common stock of $.0625 par value; authorized 30,000,000 shares;
issued 13,425,573 shares in 2006 and 13,372,295 in 2005		839			836
Paid-in capital		34,006			33,676
Retained earnings		130,257			126,735
Unearned stock-based compensation		-			(898	)
Accumulated other comprehensive (loss) income		(4,903	)		(1,653	)
Treasury stock, at cost; 12,843 shares in 2006 and 10,519 in 2005		(319	)		(250	)
Total shareholders’ equity		159,880			158,446
Total liabilities and shareholders’ equity	$	2,432,765		$	2,402,003

Washington Trust Bancorp, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(Dollars and shares in thousands, except per share amounts)	(Unaudited)
Three months ended March 31,		2006		2005
Interest income:
Interest and fees on loans	$	21,897	$	17,825
Interest on securities:
Taxable		8,412		8,434
Nontaxable		328		185
Dividends on corporate stock and Federal Home Loan Bank stock		677		619
Interest on federal funds sold and other short-term investments		115		55
Total interest income		31,429		27,118
Interest expense:
Deposits		10,238		6,932
Federal Home Loan Bank advances		5,359		5,549
Junior subordinated debentures		338		-
Other		79		16
Total interest expense		16,014		12,497
Net interest income		15,415		14,621
Provision for loan losses		300		300
Net interest income after provision for loan losses		15,115		14,321
Noninterest income:
Wealth management and trust services		5,882		3,212
Service charges on deposit accounts		1,119		1,011
Merchant processing fees		1,047		778
Income from bank-owned life insurance		279		272
Net gains on loan sales		276		487
Net realized gains on securities		59		-
Other income		858		319
Total noninterest income		9,520		6,079
Noninterest expense:
Salaries and employee benefits		9,619		7,459
Net occupancy		954		853
Equipment		799		882
Merchant processing costs		887		636
Outsourced services		518		413
Advertising and promotion		437		303
Legal, audit and professional fees		376		392
Amortization of intangibles		405		147
Other		1,709		1,359
Total noninterest expense		15,704		12,444
Income before income taxes		8,931		7,956
Income tax expense		2,858		2,546
Net income	$	6,073	$	5,410
Weighted average shares outstanding - basic		13,386.8		13,282.7
Weighted average shares outstanding - diluted		13,698.6		13,617.3
Per share information:
Basic earnings per share	$	0.45	$	0.41
Diluted earnings per share	$	0.44	$	0.40
Cash dividends declared per share	$	0.19	$	0.18

Washington Trust Bancorp, Inc. and Subsidiaries
CONSOLIDATED AVERAGE BALANCE SHEETS
	(Unaudited)
Three months ended March 31,	2006						2005
		Average			Yield/			Average			Yield/
(Dollars in thousands)		Balance		Interest	Rate			Balance		Interest	Rate
Assets:
Residential real estate loans	$	589,837	$	7,404	5.09	%	$	530,845	$	6,505	4.97	%
Commercial and other loans		556,013		10,254	7.48	%		512,260		8,426	6.67	%
Consumer loans		267,068		4,289	6.51	%		230,728		2,939	5.17	%
Total loans		1,412,918		21,947	6.30	%		1,273,833		17,870	5.69	%
Federal funds sold and
other short-term investments		10,178		115	4.62	%		10,670		55	2.10	%
Taxable debt securities		737,563		8,412	4.63	%		830,738		8,434	4.12	%
Nontaxable debt securities		35,177		504	5.81	%		19,132		284	6.01	%
Corporate stocks and FHLB stock		49,344		761	6.26	%		52,852		723	5.54	%
Total securities		832,262		9,793	4.77	%		913,392		9,496	4.22	%
Total interest-earning assets		2,245,180		31,739	5.73	%		2,187,225		27,366	5.07	%
Non interest-earning assets		149,361						126,180
Total assets	$	2,394,541					$	2,313,405
Liabilities and Shareholders’ Equity:
NOW accounts	$	170,421	$	67	0.16	%	$	171,108	$	78	0.18	%
Money market accounts		228,305		1,607	2.85	%		196,577		841	1.73	%
Savings deposits		204,768		287	0.57	%		248,957		377	0.61	%
Time deposits		851,298		8,277	3.94	%		688,878		5,636	3.32	%
FHLB advances		547,391		5,359	3.97	%		655,564		5,549	3.43	%
Junior subordinated debentures		22,681		338	6.04	%		-		-	-
Other		7,017		79	4.64	%		1,507		16	4.24	%
Total interest-bearing liabilities		2,031,881		16,014	3.20	%		1,962,591		12,497	2.58	%
Demand deposits		179,954						182,281
Other liabilities		21,759						16,113
Shareholders’ equity		160,947						152,420
Total liabilities and shareholders’ equity	$	2,394,541					$	2,313,405
Net interest income (FTE)			$	15,725					$	14,869
Interest rate spread					2.53	%					2.49	%
Net interest margin					2.84	%					2.76	%