Financial Analysis

Commitments and Contingencies Financial Instruments with Off-Balance Risk The Corporation is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers and to manage the Corporations exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit and standby letters of credit, as well as derivative financial instruments, such as mortgage loan commitments, loan related derivative contracts and interest rate risk management contracts. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Consolidated Balance Sheets. The contract or notional amounts of these instruments reflect the extent of involvement the Corporation has in particular classes of financial instruments. See Note 9 for additional disclosure pertaining to derivative financial instruments. Financial Instruments Whose Contract Amounts Represent Credit Risk (Unfunded Commitments) Commitments to Extend Credit Commitments to extend credit are agreements to lend to a customer as long as there are no violations of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since some of the commitments are expected to expire without being drawn upon, total commitment amounts do not necessarily represent future cash requirements. Each borrowers cr …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Borrowings Federal Home Loan Bank Advances Advances payable to the FHLB amounted to $626.0 million and $1.1 billion, respectively, at December 31, 2025 and 2024. See Note 9 for additional disclosure on derivatives designated as cash flow hedges that were executed to hedge the interest rate risk associated with short-term FHLB advances. The Bank pledges certain qualified investment securities and loans as collateral to the FHLB. As of December 31, 2025 and 2024, the Bank had available borrowing capacity of $1.4 billion and $753.0 million, respectively, with the FHLB. In addition, the Bank had access to a $40.0 million unused line of credit with the FHLB at both December 31, 2025 and 2024. Furthermore, the Bank had standby letters of credit with the FHLB of $66.0 million at both December 31, 2025 and December 31, 2024 to collateralize institutional deposits. The following table presents maturities and weighted average interest rates on FHLB advances outstanding as of December 31, 2025: (Dollars in thousands) Scheduled Maturity Weighted Average Rate 2026 $390,000 4.26 % 2027 60,000 4.12 2028 90,000 4.33 2029 80,000 3.82 2030 6,000 3.33 2031 and thereafter Total $626,000 4.19 % Junior Subordinated Debentures Junior subordinated debentures amounted to $22.7 million at December 31, 2025 and 2024. The Bancorp sponsored the creation of Trust I and Trust II, Delaware statutory trusts created for the sole purpose of issuing trust preferred securities and investing the proceeds in junio …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table summarizes total revenues as presented in the Consolidated Statements of Income (Loss) and the related amounts that are from contracts with customers within the scope of ASC 606. As shown below, a substantial portion of our revenues are specifically excluded from the scope of ASC 606. Years ended December 31, 2025 2024 2023 (Dollars in thousands) Revenue (1) ASC 606 Revenue (2) Revenue (1) ASC 606 Revenue (2) Revenue (1) ASC 606 Revenue (2) Net interest income $153,188 $ $128,448 $ $137,098 $ Noninterest income: Wealth management revenues 41,236 41,236 39,054 39,054 35,540 35,540 Mortgage banking revenues 12,089 10,981 6,660 Card interchange fees 5,136 5,136 4,996 4,996 4,921 4,921 Service charges on deposit accounts 3,236 3,236 3,032 3,032 2,806 2,806 Loan related derivative income 2,129 467 1,390 Income from bank-owned life insurance 3,349 3,041 3,488 Realized losses on securities, net (31,047) Losses on sale of portfolio loans, net (62,888) Gain on sale of bank-owned properties, net (3) 6,994 6,994 988 Other income 1,691 1,142 3,579 1,142 1,335 1,226 Total noninterest income 75,860 57,744 (27,797) 48,224 56,140 44,493 Total revenues $229,048 $57,744 $100,651 $48,224 $193,238 $44,493 (1) As reported in the Consolidated Statements of Income (Loss). (2) Revenue from contracts with customers in scope of ASC 606. (3) For the year ended December 31, 2025, included herein in accordance with sale-leaseback transaction provisions of ASC 842 and ASC 606. The foll …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Share-Based Compensation Arrangements The Corporations equity compensation plans include the 2003 Stock Incentive Plan, the 2013 Stock Option and Incentive Plan and the 2022 Long Term Incentive Plan, which have been approved by the Corporations Board of Directors and shareholders. Awards are being granted from the 2022 Long Term Incentive Plan, as there are no securities remaining available for grants under the 2003 Stock Incentive Plan or 2013 Stock Option and Incentive Plan. The maximum number of shares of common stock that may be issued under the 2022 Long Term Incentive Plan is 770,486 at December 31, 2025 and is subject to adjustment in accordance with the terms of this plan. The types of permitted equity awards under the 2022 Long Term Incentive Plan include stock options (both incentive and non-qualified options), stock appreciation rights, restricted stock, restricted stock units, unrestricted stock, cash-based awards, and dividend equivalent rights. See Item 12 for additional information regarding the equity compensation plans. Reserved Shares As of December 31, 2025, a total of 999,105 common stock shares were reserved for issuance under the 2003 Stock Incentive Plan, 2013 Stock Option and Incentive Plan and 2022 Long Term Incentive Plan. Share-based Compensation Expense The following table presents share-based compensation expense and the related income tax benefits recognized in the Consolidated Statements of Income (Loss) for stock options, restricted stock units …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

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 Corporations 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 marke …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Intangible Assets The following table presents the carrying value of goodwill at the reporting unit (or business segment) level: (Dollars in thousands) December 31, 2025 2024 Banking Segment $22,591 $22,591 Wealth Management Services Segment 41,318 41,318 Total goodwill $63,909 $63,909 The balance of goodwill in the Banking segment arose from the acquisition of First Financial Corp. in 2002. The balance of goodwill in the Wealth Management Services segment arose from the 2005 acquisition of Weston and the 2015 acquisition of Halsey. 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. This resulted in the recognition of an intangible asset totaling $2.2 million on the acquisition date. The Corporation has not recognized a liability for the contingent consideration payments, as the amounts to be paid are uncertain until a future measurement date. The contingent consideration payments are capitalizable as part of the intangible asset acquired when the payments are probable and reasonably estimable. The following table presents the components of intangible assets: (Dollars in thousands) December 31, 2025 2024 Gross carrying amount $22,983 $20,803 Accumulated amortization 18,680 17,918 Net amount $4,303 $2,885 Weighted average remaining life (in years) 9.5 5.2 The gross carrying amount of intangible assets includes wealth management client a …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes The following table presents income (loss) before income tax expense (benefit): (Dollars in thousands) Years ended December 31, 2025 2024 2023 Income (Loss) Before Income Tax Expense (Benefit): U.S. $67,413 ($38,818) $56,481 Total income (loss) before income tax expense (benefit) $67,413 ($38,818) $56,481 The following table presents the components of income tax expense (benefit): (Dollars in thousands) Years ended December 31, 2025 2024 2023 Current Tax Expense: U.S. Federal $2,246 $5,166 $10,494 U.S. State 312 812 1,501 Total current tax expense 2,558 5,978 11,995 Deferred Tax Expense (Benefit): U.S. Federal 10,392 (14,618) 412 U.S. State 2,219 (2,119) (4,102) Total deferred tax expense (benefit) (1) 12,611 (16,737) (3,690) Total income tax expense (benefit) $15,169 ($10,759) $8,305 (1) The deferred income tax benefit recognized in 2024 was largely associated with loans that were reclassified to held for sale and written down to fair value in December 2024. The sale of these loans was completed on January 24, 2025. Total income tax expense varies from the amount determined by applying the Federal income tax rate to income before income taxes. The following table presents the reasons for the differences: Years ended December 31, 2025 2024 2023 (Dollars in thousands) Amount Rate Amount Rate Amount Rate U.S. federal statutory income tax $ 14,157 21.0 % ($8,152) 21.0 % $ 11,861 21.0 % State and local income tax expense (benefit), net of federal tax effect (1) 2,212 …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases Under non-cancellable operating leases, the Corporation has committed to rent premises used in business operations, including branch offices, lending offices, and wealth management offices. In the first quarter of 2025, sale-leaseback transactions were completed for five branch locations. The transactions qualified as a sale under GAAP and as a result a pre-tax net gain on the sale of 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 the option to renew for two additional 15-year terms. As of both December 31, 2025 and 2024, there were no operating leases that had not yet commenced. The following table presents information regarding the Corporations operating leases: At December 31, 2025 2024 Operating lease ROU assets $35,904 $26,943 Operating lease liabilities $38,726 $29,578 Weighted average discount rate 5.41 % 3.80 % Range of lease expiration dates 4 months - 22 years 4 months - 23 years Range of lease renewal options 3 years - 15 years 1 year - 5 years Weighted average remaining lease term 12.9 years 12.6 years The following table presents the undiscounted annual lease payments under the terms of the Corporations operating leases at December 31, 2025, including a reconciliation to the present value of operating lease liabilities recognized in the Consolidated Balance Sh …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Employee Benefits Defined Benefit Pension Plans Washington Trust maintained a qualified pension plan for the benefit of certain eligible employees who were hired prior to October 1, 2007. Washington Trust also has non-qualified retirement plans to provide supplemental retirement benefits to certain employees, as defined in the plans. These defined benefit pension plans were previously amended to freeze benefit accruals after a 10-year transition period, which ended in December 2023. In the fourth quarter of 2023, the Corporations Board of Directors approved a resolution to terminate the qualified pension plan and participants were notified of the termination. In the first quarter of 2025, the qualified pension plan liability was settled through a combination of lump sum payments to participants and the purchase of a group annuity contract from a highly-rated insurance company. This resulted in a pre-tax non-cash pension settlement charge of $6.4 million being recognized in noninterest expenses the first quarter of 2025. The settlement charge included the recognition of pre-tax actuarial losses accumulated in AOCL and the effects of the remeasurement of plan assets and liabilities upon settlement. In the third quarter of 2025 and as a result of the plans over-funded status, remaining surplus plan assets of $10.5 million were transferred directly to the Corporations 401(k) Plan (a QRP) to fund non-elective employer contributions. Pension benefit costs and benefit obligations m …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Revenue from Contracts with Customers The following table summarizes total revenues as presented in the Consolidated Statements of Income (Loss) and the related amounts that are from contracts with customers within the scope of ASC 606. As shown below, a substantial portion of our revenues are specifically excluded from the scope of ASC 606. Years ended December 31, 2025 2024 2023 (Dollars in thousands) Revenue (1) ASC 606 Revenue (2) Revenue (1) ASC 606 Revenue (2) Revenue (1) ASC 606 Revenue (2) Net interest income $153,188 $ $128,448 $ $137,098 $ Noninterest income: Wealth management revenues 41,236 41,236 39,054 39,054 35,540 35,540 Mortgage banking revenues 12,089 10,981 6,660 Card interchange fees 5,136 5,136 4,996 4,996 4,921 4,921 Service charges on deposit accounts 3,236 3,236 3,032 3,032 2,806 2,806 Loan related derivative income 2,129 467 1,390 Income from bank-owned life insurance 3,349 3,041 3,488 Realized losses on securities, net (31,047) Losses on sale of portfolio loans, net (62,888) Gain on sale of bank-owned properties, net (3) 6,994 6,994 988 Other income 1,691 1,142 3,579 1,142 1,335 1,226 Total noninterest income 75,860 57,744 (27,797) 48,224 56,140 44,493 Total revenues $229,048 $57,744 $100,651 $48,224 $193,238 $44,493 (1) As reported in the Consolidated Statements of Income (Loss). (2) Revenue from contracts with customers in scope of ASC 606. (3) For the year ended December 31, 2025, included herein in accordance with sale-leaseback transaction provi …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Business Segments The Corporation manages its operations through two reportable business segments, consisting of Banking and Wealth Management Services. The Corporations reportable business segments are determined by the Chairman and Chief Executive Officer, and the Senior Executive Vice President, Chief Financial Officer and Treasurer, the designated CODMs. An allocation methodology is utilized to allocate income and expenses to the business segments. Direct activities are assigned to the appropriate business segment to which the activity relates. Indirect activities, such as corporate, technology and other support functions, are allocated to business segments primarily based upon full-time equivalent employee computations. The Banking segment includes commercial, residential, and consumer lending activities; mortgage banking activities; deposit generation; treasury management services; other banking activities, including customer support and the operation of ATMs, telephone banking, internet banking, and mobile banking services; as well as investment portfolio and wholesale funding activities. Wealth management services and operations are provided through the Bank and its registered investment adviser subsidiary. The Wealth Management Services segment provides investment management; holistic financial planning services; personal trust and estate services, including services as trustee, personal representative, and custodian; settlement of decedents estates; and institutiona …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Summary of Significant Accounting Policies Nature of Operations The Bancorp is a publicly-owned registered bank holding company that has elected to be a financial holding company. The Bancorps 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 Washington Trust conform to GAAP and to general practices of the banking industry. The 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 Bancorp owns the common stock of two capital trusts, which have issued trust preferred securities. These capital trusts are variable interest entities in which the Bancorp is not the primary beneficiary and, therefore, are not consolidated. The capital trusts only assets are junior subordinated debentures issued by the Bancorp, which were acquired by the capital trusts using the proceeds from the issuance of …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Shareholders' Equity Common Stock Issued in Public Offering On December 16, 2024, the Bancorp completed an underwritten public offering of 2,198,528 shares of its common stock at a public offering price of $34.00 per share, and disclosed that the use of proceeds would include investments in the Bank and Bank balance sheet optimization strategies involving the sale of lower-yielding loans and securities, the purchase of debt securities, and the repayment of wholesale funding balances. The net proceeds received from the offering, after deducting underwriting discounts and commissions and operating expenses were $70.5 million. Stock Repurchase Program During the second quarter of 2025, the Board of Directors adopted the 2025 Repurchase Program, which authorizes the repurchase of up to 850,000 shares, or approximately 4%, of the Bancorps outstanding common stock. This authority may be exercised from time to time and in such amounts as market conditions warrant, and subject to regulatory considerations. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, market conditions, and other corporate liquidity requirements and priorities. Repurchases under the 2025 Repurchase Program are conducted pursuant to a trading plan adopted by the Bancorp that is designed to qualify under Rule 10b5-1 under the Exchange Act. The 2025 Repurchase Program commenced on May 15, 2025 and expires on May 15, 2026 and …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies Financial Instruments with Off-Balance Sheet Risk The Corporation is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers and to manage the Corporations exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit and standby letters of credit, as well as derivative financial instruments, such as mortgage loan commitments, loan related derivative contracts and interest rate risk management contracts. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Unaudited Consolidated Balance Sheets. The contract or notional amounts of these instruments reflect the extent of involvement the Corporation has in particular classes of financial instruments. See Note 8 for additional disclosure pertaining to derivative financial instruments. Financial Instruments Whose Contract Amounts Represent Credit Risk (Unfunded Commitments) Commitments to Extend Credit Commitments to extend credit are agreements to lend to a customer as long as there are no violations of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since some of the commitments are expected to expire without being drawn upon, total commitment amounts do not necessarily represent future cash requirements. E …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Borrowings Advances payable to the FHLB amounted to $791.0 million and $1.1 billion, respectively, at September 30, 2025 and December 31, 2024. See Note 8 for additional disclosure on derivatives designated as cash flow hedges to hedge the interest rate risk associated with short-term FHLB advances. The Bank pledges certain qualified investment securities and loans as collateral to the FHLB. As of September 30, 2025 and December 31, 2024, the Bank had available borrowing capacity of $1.1 billion and $753.0 million, respectively, with the FHLB. In addition, the Bank had access to a $40.0 million unused line of credit with the FHLB at both September 30, 2025 and December 31, 2024. Furthermore, the Bank had standby letters of credit with the FHLB of $66.0 million at both September 30, 2025 and December 31, 2024 to collateralize institutional deposits. The following table presents maturities and weighted average interest rates on FHLB advances outstanding as of September 30, 2025: (Dollars in thousands) Scheduled Maturity Weighted Average Rate October 1, 2025 to December 31, 2025 $385,000 4.52 % 2026 185,000 4.53 2027 45,000 4.24 2028 90,000 4.33 2029 80,000 3.82 2030 and thereafter 6,000 3.33 Balance at September 30, 2025 $791,000 4.40 %

DebtDisclosureTextBlock

The following tables summarize total revenues as presented in the Unaudited Consolidated Statements of Income and the related amounts that are from contracts with customers within the scope of ASC 606. As shown below, a substantial portion of our revenues are specifically excluded from the scope of ASC 606. For the three months ended September 30, 2025 2024 (Dollars in thousands) Revenue (1) ASC 606 Revenue (2) Revenue (1) ASC 606 Revenue (2) Net interest income $38,833 $ $32,262 $ Noninterest income: Wealth management revenues 10,373 10,373 9,989 9,989 Mortgage banking revenues 3,501 2,866 Card interchange fees 1,163 1,163 1,321 1,321 Service charges on deposit accounts 841 841 784 784 Loan related derivative income 271 126 Income from bank-owned life insurance 868 770 Other income 619 308 416 313 Total noninterest income 17,636 12,685 16,272 12,407 Total revenues $56,469 $12,685 $48,534 $12,407 (1) As reported in the Unaudited Consolidated Statements of Income. (2) Revenue from contracts with customers in scope of ASC 606. For the nine months ended September 30, 2025 2024 (Dollars in thousands) Revenue (1) ASC 606 Revenue (2) Revenue (1) ASC 606 Revenue (2) Net interest income $112,440 $ $95,512 $ Noninterest income: Wealth management revenues 30,384 30,384 29,005 29,005 Mortgage banking revenues 8,839 8,133 Card interchange fees 3,919 3,919 3,741 3,741 Service charges on deposit accounts 2,393 2,393 2,238 2,238 Loan related derivative income 1,048 459 Income from bank-owne …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

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 Corporations 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 marke …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

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 lessors implicit rate in the lease if known or the Corporations 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 Corporations 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 mo …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Defined Benefit Pension Plans Washington Trust maintained a qualified pension plan for the benefit of certain eligible employees who were hired prior to October 1, 2007. Washington Trust also has non-qualified retirement plans to provide supplemental retirement benefits to certain employees, as defined in the plans. These defined benefit pension plans were previously amended to freeze benefit accruals after a 10-year transition period, which ended in December 2023. In the fourth quarter of 2023, the Corporations Board of Directors approved a resolution to terminate the qualified pension plan, and participants were notified of the termination. In the first quarter of 2025, the qualified pension plan liability was settled through a combination of lump sum payments to participants and the purchase of a group annuity contract from a highly-rated insurance company. This resulted in a pre-tax non-cash pension settlement charge of $6.4 million being recognized in noninterest expenses in the first quarter of 2025. The settlement charge included the recognition of pre-tax actuarial losses accumulated in AOCL and the effects of the remeasurement of plan assets and liabilities upon settlement. In the third quarter of 2025 and as a result of the plans over-funded status, remaining surplus plan assets of $10.5 million were transferred directly to the Corporations 401(k) Plan (a qualified replacement plan) to fund future non-elective employer contributions. The following table presents com …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Revenue from Contracts with Customers The following tables summarize total revenues as presented in the Unaudited Consolidated Statements of Income and the related amounts that are from contracts with customers within the scope of ASC 606. As shown below, a substantial portion of our revenues are specifically excluded from the scope of ASC 606. For the three months ended September 30, 2025 2024 (Dollars in thousands) Revenue (1) ASC 606 Revenue (2) Revenue (1) ASC 606 Revenue (2) Net interest income $38,833 $ $32,262 $ Noninterest income: Wealth management revenues 10,373 10,373 9,989 9,989 Mortgage banking revenues 3,501 2,866 Card interchange fees 1,163 1,163 1,321 1,321 Service charges on deposit accounts 841 841 784 784 Loan related derivative income 271 126 Income from bank-owned life insurance 868 770 Other income 619 308 416 313 Total noninterest income 17,636 12,685 16,272 12,407 Total revenues $56,469 $12,685 $48,534 $12,407 (1) As reported in the Unaudited Consolidated Statements of Income. (2) Revenue from contracts with customers in scope of ASC 606. For the nine months ended September 30, 2025 2024 (Dollars in thousands) Revenue (1) ASC 606 Revenue (2) Revenue (1) ASC 606 Revenue (2) Net interest income $112,440 $ $95,512 $ Noninterest income: Wealth management revenues 30,384 30,384 29,005 29,005 Mortgage banking revenues 8,839 8,133 Card interchange fees 3,919 3,919 3,741 3,741 Service charges on deposit accounts 2,393 2,393 2,238 2,238 Loan related derivative …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Business Segments The Corporation manages its operations through two reportable business segments, consisting of Banking and Wealth Management Services. The Corporations reportable business segments are determined by the Senior Executive Vice President, Chief Financial Officer and Treasurer, the designated CODM. An allocation methodology is utilized to allocate income and expenses to the business segments. Direct activities are assigned to the appropriate business segment to which the activity relates. Indirect activities, such as corporate, technology and other support functions, are allocated to business segments primarily based upon full-time equivalent employee computations. The Banking segment includes commercial, residential, and consumer lending activities; mortgage banking activities; deposit generation; cash management services; other banking activities, including customer support and the operation of ATMs, telephone banking, internet banking, and mobile banking services; as well as investment portfolio and wholesale funding activities. Wealth management services and operations are provided through the Bank and its registered investment adviser subsidiary. The Wealth Management Services segment provides investment management; holistic financial planning services; personal trust and estate services, including services as trustee, personal representative, and custodian; settlement of decedents estates; and institutional trust services, including custody and fiduciary s …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing