Washington Trust Bancorp (WASH) 8-K Washington Trust Announces Earnings

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 23, 2007

FOR IMMEDIATE RELEASE

Washington Trust Announces Earnings

Westerly, Rhode Island…Washington Trust Bancorp, Inc. (NASDAQ Global Market; symbol: WASH), parent company of The Washington Trust Company, today announced first quarter 2007 net income of $6.0 million, or 44 cents per diluted share. Net income for the first quarter of last year totaled $6.1 million, or 44 cents per diluted share. The returns on average equity and average assets for the three months ended March 31, 2007 were 13.66% and 1.00%, respectively, compared to 15.09% and 1.01%, respectively, for the same period in 2006.

“The first quarter results were solid and were achieved in the face of a difficult banking environment highlighted by unfavorable interest rates and soft consumer and residential loan demand,” said John C. Warren, Washington Trust Chairman and Chief Executive Officer.

Net interest income totaled $14.9 million for the first quarter of 2007, down $545 thousand, or 3.5 percent, from the first quarter a year ago. Included in net interest income in 2007 was an interest recovery of $322 thousand received on a previously charged off loan. The net interest margin for the first quarter of 2007 amounted to 2.81%, down 3 basis points from the first quarter of 2006 and up 7 basis points from the fourth quarter of 2006. Excluding 6 basis points attributable to the 2007 interest recovery, the net interest margin for the first quarter of 2007 was down 9 basis points from the first quarter of 2006 and up 1 basis point from the fourth quarter of 2006.

Total noninterest income amounted to $11.2 million for the first quarter of 2007, up $1.7 million from the same quarter a year ago. Included in noninterest income were net realized gains on sales of securities of $1.0 million and $59 thousand for the three months ended March 31, 2007 and 2006, respectively. Excluding net realized gains on sales of securities, noninterest income increased $751 thousand, or 8 percent, from the same quarter of 2006. This increase was largely attributable to higher revenues from wealth management services. Wealth management revenues were $6.9 million for the first quarter of 2007, up $430 thousand, or 6.7 percent, from the first quarter of 2006. Wealth management assets under

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Washington Trust

Page Two, April 23, 2007

administration totaled $3.806 billion at March 31, 2007, up $111 million, or 3 percent, in the first quarter of 2007 and up $363 million, or 11 percent, from March 31, 2006. This growth was due to business development efforts and financial market appreciation.

Noninterest expenses amounted to $17.1 million for the first quarter of 2007, up $1.4 million, or 8.9 percent, from the same quarter a year ago. During the first quarter of 2007, the Corporation prepaid $26.5 million in higher cost advances from Federal Home Loan Bank of Boston (“FHLBB”), resulting in a debt prepayment penalty charge, recorded in noninterest expense, of $1.1 million. The source of funds for the paydowns was maturities of investments as well as other borrowings. Excluding debt prepayment penalty expense, noninterest expenses increased $338 thousand, or 2.2 percent, over the same quarter last year.

Total assets were $2.4 billion at March 31, 2007, essentially unchanged from December 31, 2006. Loan growth was modest in the first quarter. Total loans increased by $10.2 million in the first quarter of 2007, principally due to growth in the commercial loan portfolio. The investment securities portfolio totaled $706.4 million at March 31, 2007, up $2.6 million from December 31, 2006.

Total deposits increased by $5.6 million from December 31, 2006. Excluding brokered certificates of deposit, in-market deposits were up $18.1 million, or 1.2 percent, in the first quarter of 2007. The Corporation has continued to experience a shift in the mix of deposits away from lower cost demand deposit accounts into higher cost money market accounts and certificates of deposit. FHLBB advances totaled $457.1 million at March 31, 2007, down $17.4 million from December 31, 2006. Other borrowings increased $11.1 million in the first quarter of 2007, mainly due to an increase in securities sold under repurchase agreements.

Asset quality, as measured by the level of nonperforming assets, remained strong in the first quarter of 2007. Nonperforming assets totaled $3.1 million, or 0.13% of total assets, at March 31, 2007, compared to $2.3 million, or 0.09% of total assets, a year ago. There are no assets acquired through foreclosure on the balance sheet at March 31, 2007. The Corporation has never offered a sub-prime or Alt-A residential mortgage loan program and we have not experienced any recent significant deterioration of asset quality as measured by delinquencies in residential and consumer loans. Total residential mortgage and consumer loan 30-day+ delinquencies amounted to $1.1 million, or 0.12% of these loans, at March 31, 2007, down from $1.4 million, or 0.16% of these loans, at December 31, 2006.

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Washington Trust

Page Three, April 23, 2007

The allowance for loan losses was $19.4 million, or 1.32% of total loans, at March 31, 2007, compared to $18.9 million, or 1.29% of total loans, at December 31, 2006 and $18.2 million, or 1.29% of total loans, at March 31, 2006. Loan recoveries, net of charge-offs, amounted to $166 thousand and $29 thousand, respectively, for the three months ended March 31, 2007 and 2006, respectively. The Corporation’s loan loss provision charged to earnings amounted to $300 thousand for the first quarter of 2007, unchanged from both the fourth quarter of 2006 and the first quarter of 2006.

Total shareholders’ equity amounted to $175.5 million at March 31, 2007, compared to $173.1 million at December 31, 2006. Under the Corporation’s Common Stock Repurchase Plan, 61,100 shares were repurchased at a total cost of $1.7 million during the first quarter of 2007. Book value per share as of March 31, 2007 and December 31, 2006 amounted to $13.12 and $12.89, respectively.

Washington Trust President 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 23, 2007 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 #: 235815. The replay will be available until 11:59 p.m. on April 30, 2007.

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 Global Market^Ò under the symbol WASH. Investor information is available on the Corporation’s web site: www.washtrust.com.

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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. All statements, other than statements of historical facts, including statements regarding our strategy, effectiveness of investment programs, evaluations of future interest rate trends and liquidity, expectations as to growth in assets, deposits and results of operations, success of acquisitions, future operations, market position, financial position, and prospects, plans, goals and objectives of management are forward-looking statements. The actual results, performance or achievements of the Corporation could differ materially from those projected in the forward-looking statements as a result of, among other factors, 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)		2007			2006			2006
Operating Results
Net interest income	$	14,870		$	14,976		$	15,415
Provision for loan losses		300			300			300
Net gains (1osses) on sales of securities		1,036			(16	)		59
Other noninterest income		10,212			10,449			9,461
Noninterest expenses		17,109			15,740			15,704
Income tax expense		2,734			3,166			2,858
Net income		5,975			6,203			6,073
Per Share
Basic earnings	$	0.45		$	0.46		$	0.45
Diluted earnings	$	0.44		$	0.45		$	0.44
Dividends declared	$	0.20		$	0.19		$	0.19
Weighted Average Shares Outstanding
Basic		13,412.1			13,452.5			13,386.8
Diluted		13,723.0			13,769.3			13,698.6
Key Ratios
Return on average assets		1.00	%		1.04	%		1.01	%
Return on average equity		13.66	%		14.06	%		15.09	%
Interest rate spread (taxable equivalent basis)		2.46	%		2.39	%		2.53	%
Net interest margin (taxable equivalent basis)		2.81	%		2.74	%		2.84	%
Allowance for Loan Losses
Balance at beginning of period	$	18,894		$	18,645		$	17,918
Provision charged to earnings		300			300			300
Net recoveries (charge-offs)		166			(51	)		29
Balance at end of period	$	19,360		$	18,894		$	18,247

Washington Trust Bancorp, Inc. and Subsidiaries
FINANCIAL SUMMARY
(Dollars and shares in thousands, except per share amounts)	Mar. 31,			Dec. 31,			Mar. 31,
Period-End Balance Sheet	2007			2006			2006
Assets	$	2,399,962		$	2,399,165		$	2,432,765
Total securities		706,406			703,851			786,674
Loans:
Commercial and other:
Mortgages		271,817			282,019			277,851
Construction and development		33,092			32,233			35,599
Other		294,261			273,145			245,376
Total commercial and other		599,170			587,397			558,826
Residential real estate:
Mortgages		577,823			577,522			573,262
Homeowner construction		11,742			11,149			18,147
Total residential real estate		589,565			588,671			591,409
Consumer:
Home equity lines		142,548			145,676			157,769
Home equity loans		94,521			93,947			76,107
Other		44,396			44,295			34,671
Total consumer		281,465			283,918			268,547
Total loans		1,470,200			1,459,986			1,418,782
Deposits:
Demand deposits		175,010			186,533			181,345
NOW accounts		176,006			175,479			179,027
Money market accounts		290,273			286,998			227,433
Savings accounts		204,465			205,998			202,395
Time deposits		837,838			822,989			870,420
Total deposits		1,683,592			1,677,997			1,660,620
Brokered deposits included in time deposits		163,089			175,618			222,118
Federal Home Loan Bank advances		457,145			474,561			556,051
Shareholders’ equity		175,527			173,056			159,880
Capital Ratios
Tier 1 risk-based capital		9.47	%		9.57	%		9.26	%
Total risk-based capital		10.84	%		10.96	%		10.72	%
Tier 1 leverage ratio		6.14	%		6.01	%		5.64	%
Share Information
Shares outstanding at end of period		13,382.5			13,429.7			13,412.7
Book value per share	$	13.12		$	12.89		$	11.92
Tangible book value per share	$	8.86		$	8.61		$	7.90
Market value per share	$	26.81		$	27.89		$	28.07
Credit Quality
Nonaccrual loans:
Commercial:
Mortgages	$	1,157		$	981		$	328
Construction and development		-			-			-
Other		1,021			831			705
Residential real estate		709			721			1,040
Consumer		216			190			195
Total nonaccrual loans	$	3,103		$	2,723		$	2,268
Other real estate owned, net		-			-			-
Nonperforming assets to total assets		0.13	%		0.11	%		0.09	%
Nonaccrual loans to total loans		0.21	%		0.19	%		0.16	%
Allowance for loan losses to nonaccrual loans		623.91	%		693.87	%		804.54	%
Allowance for loan losses to total loans		1.32	%		1.29	%		1.29	%
Assets Under Administration
Market value	$	3,806,274		$	3,694,813		$	3,442,941

Washington Trust Bancorp, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)	Mar. 31,			Dec. 31,
	2007			2006
Assets:
Cash and due from banks	$	30,058		$	54,337
Federal funds sold		29,625			16,425
Other short-term investments		683			1,147
Mortgage loans held for sale		2,122			2,148
Securities:
Available for sale, at fair value; amortized cost $540,650 in 2007 and $525,966 in 2006		541,942			526,396
Held to maturity, at cost; fair value $162,974 in 2007 and $175,369 in 2006		164,464			177,455
Total securities		706,406			703,851
Federal Home Loan Bank stock, at cost		28,727			28,727
Loans:
Commercial and other		599,170			587,397
Residential real estate		589,565			588,671
Consumer		281,465			283,918
Total loans		1,470,200			1,459,986
Less allowance for loan losses		19,360			18,894
Net loans		1,450,840			1,441,092
Premises and equipment, net		24,603			24,307
Accrued interest receivable		11,572			11,268
Investment in bank-owned life insurance		40,161			39,770
Goodwill		44,558			44,558
Identifiable intangible assets, net		12,448			12,816
Other assets		18,159			18,719
Total assets	$	2,399,962		$	2,399,165
Liabilities:
Deposits:
Demand deposits	$	175,010		$	186,533
NOW accounts		176,006			175,479
Money market accounts		290,273			286,998
Savings accounts		204,465			205,998
Time deposits		837,838			822,989
Total deposits		1,683,592			1,677,997
Dividends payable		2,682			2,556
Federal Home Loan Bank advances		457,145			474,561
Junior subordinated debentures		22,681			22,681
Other borrowings		25,792			14,684
Accrued expenses and other liabilities		32,543			33,630
Total liabilities		2,224,435			2,226,109
Shareholders’ Equity:
Common stock of $.0625 par value; authorized 30,000,000 shares;
issued 13,492,110 shares in 2007 and 2006		843			843
Paid-in capital		35,697			35,893
Retained earnings		144,841			141,548
Accumulated other comprehensive loss		(2,876	)		(3,515	)
Treasury stock, at cost; 109,575 shares in 2007 and 62,432 in 2006		(2,978	)		(1,713	)
Total shareholders’ equity		175,527			173,056
Total liabilities and shareholders’ equity	$	2,399,962		$	2,399,165

Washington Trust Bancorp, Inc. and Subsidiaries,
CONSOLIDATED STATEMENTS OF INCOME
(Dollars and shares in thousands, except per share amounts)
Three months ended March 31,	2007		2006
Interest income:
Interest and fees on loans	$	23,934	$	21,897
Interest on securities:
Taxable		7,792		8,412
Nontaxable		668		328
Dividends on corporate stock and Federal Home Loan Bank stock		718		677
Interest on federal funds sold and other short-term investments		191		115
Total interest income		33,303		31,429
Interest expense:
Deposits		12,977		10,238
Federal Home Loan Bank advances		4,968		5,359
Junior subordinated debentures		338		338
Other		150		79
Total interest expense		18,433		16,014
Net interest income		14,870		15,415
Provision for loan losses		300		300
Net interest income after provision for loan losses		14,570		15,115
Noninterest income:
Wealth management services:
Trust and investment advisory fees		5,038		4,627
Mutual fund fees		1,262		1,130
Financial planning, commissions and other service fees		570		683
Wealth management services		6,870		6,440
Service charges on deposit accounts		1,125		1,119
Merchant processing fees		1,204		1,047
Income from bank-owned life insurance		391		279
Net gains on loan sales and commissions on loans originated for others		264		276
Net realized gains on sales of securities		1,036		59
Other income		358		300
Total noninterest income		11,248		9,520
Noninterest expense:
Salaries and employee benefits		9,812		9,619
Net occupancy		1,017		954
Equipment		832		799
Merchant processing costs		1,019		887
Outsourced services		519		518
Advertising and promotion		429		437
Legal, audit and professional fees		450		376
Amortization of intangibles		368		405
Debt prepayment penalties		1,067		-
Other		1,596		1,709
Total noninterest expense		17,109		15,704
Income before income taxes		8,709		8,931
Income tax expense		2,734		2,858
Net income	$	5,975	$	6,073
Weighted average shares outstanding - basic		13,412.1		13,386.8
Weighted average shares outstanding - diluted		13,723.0		13,698.6
Per share information:
Basic earnings per share	$	0.45	$	0.45
Diluted earnings per share	$	0.44	$	0.44
Cash dividends declared per share	$	0.20	$	0.19

Washington Trust Bancorp, Inc. and Subsidiaries
CONSOLIDATED AVERAGE BALANCE SHEETS
Three months ended March 31,	2007							2006
	Average				Yield/			Average				Yield/
(Dollars in thousands)	Balance		Interest		Rate			Balance		Interest		Rate
Assets:
Residential real estate loans	$	592,059	$	7,773		5.32	%	$	589,837	$	7,404		5.09	%
Commercial and other loans		587,088		11,372		7.86	%		556,013		10,254		7.48	%
Consumer loans		281,572		4,825		6.95	%		267,068		4,289		6.51	%
Total loans		1,460,719		23,970		6.66	%		1,412,918		21,947		6.30	%
Federal funds sold and
other short-term investments		13,494		191		5.75	%		10,178		115		4.62	%
Taxable debt securities		622,981		7,792		5.07	%		737,563		8,412		4.63	%
Nontaxable debt securities		69,648		978		5.69	%		35,177		504		5.81	%
Corporate stocks and FHLBB stock		43,468		800		7.46	%		49,344		761		6.26	%
Total securities		749,591		9,761		5.28	%		832,262		9,792		4.77	%
Total interest-earning assets		2,210,310		33,731		6.19	%		2,245,180		31,739		5.73	%
Non interest-earning assets		171,033							149,361
Total assets	$	2,381,343						$	2,394,541
Liabilities and Shareholders’ Equity:
NOW accounts	$	169,675	$	68		0.16	%	$	170,421	$	67		0.16	%
Money market accounts		293,985		2,811		3.88	%		228,305		1,607		2.85	%
Savings accounts		205,572		710		1.40	%		204,768		287		0.57	%
Time deposits		832,492		9,388		4.57	%		851,298		8,277		3.94	%
FHLBB advances		467,448		4,968		4.31	%		547,391		5,359		3.97	%
Junior subordinated debentures		22,681		338		6.04	%		22,681		338		6.04	%
Other		12,797		150		4.73	%		7,017		79		4.64	%
Total interest-bearing liabilities		2,004,650		18,433		3.73	%		2,031,881		16,014		3.20	%
Demand deposits		170,977							179,954
Other liabilities		30,719							21,759
Shareholders’ equity		174,997							160,947
Total liabilities and shareholders’ equity	$	2,381,343						$	2,394,541
Net interest income (FTE)			$	15,298						$	15,725
Interest rate spread						2.46	%						2.53	%
Net interest margin						2.81	%						2.84	%