Rhode Island | 001-32991 | 05-0404671 | ||
-------------------- | -------------------- | --------------------- | ||
(State or Other Jurisdiction | (Commission | (IRS Employer | ||
of Incorporation) | File Number) | Identification No.) |
£ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
£ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
£ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
£ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(c) | Exhibits. | |||
Exhibit No. | Exhibit | |||
99.1 | Press Release dated October 24, 2011* | |||
*Filed herewith |
WASHINGTON TRUST BANCORP, INC. | |||
Date: October 24, 2011 | By: | /s/ David V. Devault | |
David V. Devault | |||
Senior Executive Vice President, Secretary and Chief Financial Officer |
Exhibit No. | Exhibit | |
99.1 | Press Release dated October 24, 2011* | |
* Filed herewith |
• | Year-to-date net income for the nine month period ended September 30, 2011 is up 30% compared to the same period in 2010. |
• | Net interest income for the third quarter of 2011 totaled $21.5 million, up by 2% from the prior quarter and up by 7% from the third quarter of 2010. |
• | Mortgage banking revenues doubled from the second quarter of 2011 and the origination pipeline is strong heading into the fourth quarter. |
• | Wealth management revenues declined 10% on a linked quarter basis largely due to unfavorable conditions in the financial markets during the third quarter. Wealth management revenues were 5% higher than the third quarter of 2010. |
• | Based on our analysis of trends in asset quality and credit quality indicators, the loan loss provision charged to earnings in the third quarter of 2011 was $1.0 million, down by $200 thousand on a linked quarter basis and down by $500 thousand from the third quarter 2010. |
• | Total loans amounted to $2.1 billion at September 30, 2011, up by $31 million, or 1%, in the third quarter and up by $92 million, or 5%, in the first nine months of 2011. |
• | Deposits grew by $90 million, or 5%, in the third quarter and totaled $2.1 billion at September 30, 2011. Total deposits were up by $50 million, or 2%, in the first nine months of 2011. |
• | Nonperforming assets amounted to $24.6 million, or 0.83% of total assets, at September 30, 2011, up modestly from $24.1 million, or 0.82% of total assets, at June 30, 2011. Total past due loans declined by $2.6 million in the third quarter to $22.0 million, or 1.05% of total loans, at September 30, 2011. |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||
CONSOLIDATED BALANCE SHEETS (unaudited) | ||||||
September 30, | December 31, | |||||
(Dollars in thousands, except par value) | 2011 | 2010 | ||||
Assets: | ||||||
Cash and due from banks | $ | 64,312 | $ | 85,971 | ||
Other short-term investments | 3,474 | 6,765 | ||||
Mortgage loans held for sale; amortized cost $21,842 in 2011 | 22,670 | 13,894 | ||||
Securities: | ||||||
Available for sale, at fair value; amortized cost $549,352 in 2011 and $578,897 in 2010 | 569,703 | 594,100 | ||||
Held to maturity, at cost; fair value $11,843 in 2011 | 11,840 | — | ||||
Total Securities | 581,543 | 594,100 | ||||
Federal Home Loan Bank stock, at cost | 42,008 | 42,008 | ||||
Loans: | ||||||
Commercial and other | 1,070,525 | 1,027,065 | ||||
Residential real estate | 691,468 | 645,020 | ||||
Consumer | 325,766 | 323,553 | ||||
Total loans | 2,087,759 | 1,995,638 | ||||
Less allowance for loan losses | 29,641 | 28,583 | ||||
Net loans | 2,058,118 | 1,967,055 | ||||
Premises and equipment, net | 25,478 | 26,069 | ||||
Investment in bank-owned life insurance | 53,291 | 51,844 | ||||
Goodwill | 58,114 | 58,114 | ||||
Identifiable intangible assets, net | 7,147 | 7,852 | ||||
Other assets | 53,458 | 55,853 | ||||
Total assets | $ | 2,969,613 | $ | 2,909,525 | ||
Liabilities: | ||||||
Deposits: | ||||||
Demand deposits | $ | 319,203 | $ | 228,437 | ||
NOW accounts | 242,372 | 241,974 | ||||
Money market accounts | 374,324 | 396,455 | ||||
Savings accounts | 239,356 | 220,888 | ||||
Time deposits | 910,895 | 948,576 | ||||
Total deposits | 2,086,150 | 2,036,330 | ||||
Federal Home Loan Bank advances | 494,098 | 498,722 | ||||
Junior subordinated debentures | 32,991 | 32,991 | ||||
Other borrowings | 20,958 | 23,359 | ||||
Other liabilities | 49,922 | 49,259 | ||||
Total liabilities | 2,684,119 | 2,640,661 | ||||
Shareholders’ Equity: | ||||||
Common stock of $.0625 par value; authorized 30,000,000 shares; | ||||||
issued 16,279,453 shares in 2011 and 16,171,618 shares in 2010 | 1,017 | 1,011 | ||||
Paid-in capital | 87,467 | 84,889 | ||||
Retained earnings | 190,042 | 178,939 | ||||
Accumulated other comprehensive income | 6,968 | 4,025 | ||||
Total shareholders’ equity | 285,494 | 268,864 | ||||
Total liabilities and shareholders’ equity | $ | 2,969,613 | $ | 2,909,525 |
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, | 2011 | 2010 | 2011 | 2010 | |||||||||
Interest income: | |||||||||||||
Interest and fees on loans | $ | 25,069 | $ | 25,076 | $ | 74,035 | $ | 73,224 | |||||
Interest on securities: | |||||||||||||
Taxable | 4,640 | 5,227 | 14,282 | 17,115 | |||||||||
Nontaxable | 746 | 769 | 2,273 | 2,308 | |||||||||
Dividends on corporate stock and Federal Home Loan Bank stock | 64 | 55 | 197 | 164 | |||||||||
Other interest income | 15 | 25 | 52 | 59 | |||||||||
Total interest income | 30,534 | 31,152 | 90,839 | 92,870 | |||||||||
Interest expense: | |||||||||||||
Deposits | 3,808 | 4,747 | 12,040 | 15,847 | |||||||||
Federal Home Loan Bank advances | 4,539 | 5,574 | 13,956 | 17,793 | |||||||||
Junior subordinated debentures | 393 | 484 | 1,175 | 1,561 | |||||||||
Other interest expense | 245 | 246 | 728 | 731 | |||||||||
Total interest expense | 8,985 | 11,051 | 27,899 | 35,932 | |||||||||
Net interest income | 21,549 | 20,101 | 62,940 | 56,938 | |||||||||
Provision for loan losses | 1,000 | 1,500 | 3,700 | 4,500 | |||||||||
Net interest income after provision for loan losses | 20,549 | 18,601 | 59,240 | 52,438 | |||||||||
Noninterest income: | |||||||||||||
Wealth management services: | |||||||||||||
Trust and investment advisory fees | 5,547 | 5,052 | 17,045 | 15,222 | |||||||||
Mutual fund fees | 1,035 | 1,084 | 3,293 | 3,299 | |||||||||
Financial planning, commissions and other service fees | 209 | 349 | 1,043 | 1,033 | |||||||||
Wealth management services | 6,791 | 6,485 | 21,381 | 19,554 | |||||||||
Service charges on deposit accounts | 821 | 904 | 2,662 | 2,666 | |||||||||
Merchant processing fees | 3,223 | 3,050 | 7,849 | 7,062 | |||||||||
Card interchange fees | 597 | 507 | 1,665 | 1,383 | |||||||||
Income from bank-owned life insurance | 488 | 486 | 1,446 | 1,399 | |||||||||
Net gains on loan sales and commissions on loans originated for others | 1,077 | 1,011 | 2,139 | 1,889 | |||||||||
Net realized gains on securities | — | 737 | 197 | 737 | |||||||||
Net losses on interest rate swap contracts | (47 | ) | (60 | ) | (6 | ) | (113 | ) | |||||
Equity in losses of unconsolidated subsidiaries | (144 | ) | (95 | ) | (433 | ) | (197 | ) | |||||
Other income | 308 | 414 | 1,229 | 1,102 | |||||||||
Noninterest income, excluding other-than-temporary impairment losses | 13,114 | 13,439 | 38,129 | 35,482 | |||||||||
Total other-than-temporary impairment losses on securities | — | — | (54 | ) | (245 | ) | |||||||
Portion of loss recognized in other comprehensive income (before taxes) | (158 | ) | — | (137 | ) | (172 | ) | ||||||
Net impairment losses recognized in earnings | (158 | ) | — | (191 | ) | (417 | ) | ||||||
Total noninterest income | 12,956 | 13,439 | 37,938 | 35,065 | |||||||||
Noninterest expense: | |||||||||||||
Salaries and employee benefits | 12,912 | 12,067 | 37,138 | 35,294 | |||||||||
Net occupancy | 1,362 | 1,202 | 3,919 | 3,663 | |||||||||
Equipment | 1,092 | 1,037 | 3,211 | 3,048 | |||||||||
Merchant processing costs | 2,781 | 2,606 | 6,795 | 6,020 | |||||||||
Outsourced services | 863 | 769 | 2,610 | 2,464 | |||||||||
FDIC deposit insurance costs | 427 | 861 | 1,614 | 2,439 | |||||||||
Legal, audit and professional fees | 430 | 438 | 1,389 | 1,364 | |||||||||
Advertising and promotion | 561 | 467 | 1,341 | 1,250 | |||||||||
Amortization of intangibles | 230 | 273 | 705 | 854 | |||||||||
Foreclosed property costs | 45 | 203 | 549 | 326 | |||||||||
Debt prepayment penalties | — | 752 | 221 | 752 | |||||||||
Other expenses | 1,892 | 2,180 | 6,107 | 6,041 | |||||||||
Total noninterest expense | 22,595 | 22,855 | 65,599 | 63,515 | |||||||||
Income before income taxes | 10,910 | 9,185 | 31,579 | 23,988 | |||||||||
Income tax expense | 3,328 | 2,815 | 9,632 | 7,148 | |||||||||
Net income | $ | 7,582 | $ | 6,370 | $ | 21,947 | $ | 16,840 | |||||
Weighted average common shares outstanding - basic | 16,277.8 | 16,131.4 | 16,242.5 | 16,098.2 | |||||||||
Weighted average common shares outstanding - diluted | 16,293.7 | 16,136.3 | 16,269.2 | 16,103.9 | |||||||||
Per share information: | Basic earnings per common share | $ | 0.46 | $ | 0.39 | $ | 1.35 | $ | 1.04 | ||||
Diluted earnings per common share | $ | 0.46 | $ | 0.39 | $ | 1.34 | $ | 1.04 | |||||
Cash dividends declared per share | $ | 0.22 | $ | 0.21 | $ | 0.66 | $ | 0.63 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | |||||||||||||||
At or for the Quarters Ended | |||||||||||||||
Sept. 30, | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | |||||||||||
(Dollars and shares in thousands, except per share amounts) | 2011 | 2011 | 2011 | 2010 | 2010 | ||||||||||
Financial Data: | |||||||||||||||
Total assets | $ | 2,969,613 | $ | 2,936,306 | $ | 2,892,272 | $ | 2,909,525 | $ | 2,909,003 | |||||
Total loans | 2,087,759 | 2,057,152 | 2,029,637 | 1,995,638 | 2,011,148 | ||||||||||
Total securities | 581,543 | 591,580 | 576,158 | 594,100 | 577,161 | ||||||||||
Total deposits | 2,086,150 | 1,996,043 | 2,048,846 | 2,036,330 | 2,056,754 | ||||||||||
Total shareholders' equity | 285,494 | 281,425 | 273,885 | 268,864 | 267,109 | ||||||||||
Net interest income | 21,549 | 21,064 | 20,327 | 20,253 | 20,101 | ||||||||||
Provision for loan losses | 1,000 | 1,200 | 1,500 | 1,500 | 1,500 | ||||||||||
Noninterest income, excluding OTTI losses | 13,114 | 13,285 | 11,730 | 13,408 | 13,439 | ||||||||||
Net OTTI losses recognized in earnings | (158 | ) | — | (33 | ) | — | — | ||||||||
Noninterest expenses | 22,595 | 22,264 | 20,740 | 21,796 | 22,855 | ||||||||||
Income tax expense | 3,328 | 3,320 | 2,984 | 3,154 | 2,815 | ||||||||||
Net income | 7,582 | 7,565 | 6,800 | 7,211 | 6,370 | ||||||||||
Share Data: | |||||||||||||||
Basic earnings per common share | $ | 0.46 | $ | 0.46 | $ | 0.42 | $ | 0.44 | $ | 0.39 | |||||
Diluted earnings per common share | $ | 0.46 | $ | 0.46 | $ | 0.42 | $ | 0.44 | $ | 0.39 | |||||
Dividends declared per share | $ | 0.22 | $ | 0.22 | $ | 0.22 | $ | 0.21 | $ | 0.21 | |||||
Book value per share | $ | 17.54 | $ | 17.30 | $ | 16.87 | $ | 16.63 | $ | 16.55 | |||||
Tangible book value per share - Non-GAAP (1) | $ | 13.53 | $ | 13.27 | $ | 12.82 | $ | 12.55 | $ | 12.45 | |||||
Market value per share | $ | 19.78 | $ | 22.97 | $ | 23.74 | $ | 21.88 | $ | 19.12 | |||||
Shares outstanding at end of period | 16,279.5 | 16,266.5 | 16,233.6 | 16,171.6 | 16,135.4 | ||||||||||
Weighted average common shares outstanding-basic | 16,277.8 | 16,251.6 | 16,197.2 | 16,160.6 | 16,131.4 | ||||||||||
Weighted average common shares outstanding-diluted | 16,293.7 | 16,284.3 | 16,229.8 | 16,182.7 | 16,136.3 | ||||||||||
Key Ratios: | |||||||||||||||
Return on average assets | 1.03 | % | 1.04 | % | 0.94 | % | 0.99 | % | 0.87 | % | |||||
Return on average tangible assets - Non-GAAP (1) | 1.06 | % | 1.07 | % | 0.96 | % | 1.01 | % | 0.89 | % | |||||
Return on average equity | 10.67 | % | 10.83 | % | 10.04 | % | 10.70 | % | 9.53 | % | |||||
Return on average tangible equity - Non-GAAP (1) | 13.86 | % | 14.16 | % | 13.26 | % | 14.17 | % | 12.67 | % | |||||
Capital Ratios: | |||||||||||||||
Tier 1 risk-based capital | 11.73% (i) | 11.72 | % | 11.65 | % | 11.53 | % | 11.24 | % | ||||||
Total risk-based capital | 12.99% (i) | 12.98 | % | 12.92 | % | 12.79 | % | 12.50 | % | ||||||
Tier 1 leverage ratio | 8.69% (i) | 8.61 | % | 8.49 | % | 8.25 | % | 8.04 | % | ||||||
Equity to assets | 9.61 | % | 9.58 | % | 9.47 | % | 9.24 | % | 9.18 | % | |||||
Tangible equity to tangible assets - Non-GAAP (1) | 7.58 | % | 7.52 | % | 7.36 | % | 7.14 | % | 7.07 | % | |||||
(i) - estimated | |||||||||||||||
Wealth Management Assets under | |||||||||||||||
Administration (2): | |||||||||||||||
Balance at beginning of period | $ | 4,148,433 | $ | 4,119,207 | $ | 3,967,207 | $ | 3,744,632 | $ | 3,626,871 | |||||
Net investment (depreciation) appreciation & income | (374,961 | ) | 1,625 | 145,563 | 227,168 | 243,141 | |||||||||
Net customer cash flows | (44,635 | ) | 27,601 | 6,437 | (4,593 | ) | (19,611 | ) | |||||||
Other (3) | — | — | — | — | (105,769 | ) | |||||||||
Balance at end of period | $ | 3,728,837 | $ | 4,148,433 | $ | 4,119,207 | $ | 3,967,207 | $ | 3,744,632 |
(1) | See the section labeled “Supplemental Information - Non-GAAP Financial Measures” at the end of this document. |
(2) | Prior period amounts have been reclassified to conform to current period presentation. |
(3) | Amounts prior to 2011 have been revised to reflect current reporting practices. The most significant change was related to a change in the nature of a client relationship, which reduced the scope and frequency of services provided by Washington Trust. This change occurred at the beginning of the third quarter of 2010. In 2011, management concluded that a declassification of these client assets from assets under administration was appropriate, based on its current reporting practices. Accordingly, the 2010 assets under administration have been reduced by $106 million, beginning in the third quarter of that year. This revision to previously reported assets under administration did not result in any change to the reported amounts of wealth management revenues. |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | |||||||
Nine Months Ended | |||||||
Sept. 30, | Sept. 30, | ||||||
(Dollars and shares in thousands, except per share amounts) | 2011 | 2010 | |||||
Financial Data | |||||||
Net interest income | $ | 62,940 | $ | 56,938 | |||
Provision for loan losses | 3,700 | 4,500 | |||||
Noninterest income, excluding OTTI losses | 38,129 | 35,482 | |||||
Net OTTI losses recognized in earnings | (191 | ) | (417 | ) | |||
Noninterest expenses | 65,599 | 63,515 | |||||
Income tax expense | 9,632 | 7,148 | |||||
Net income | 21,947 | 16,840 | |||||
Share Data | |||||||
Basic earnings per common share | $ | 1.35 | $ | 1.04 | |||
Diluted earnings per common share | $ | 1.34 | $ | 1.04 | |||
Dividends declared per share | $ | 0.66 | $ | 0.63 | |||
Weighted average common shares outstanding - basic | 16,242.5 | 16,098.2 | |||||
Weighted average common shares outstanding - diluted | 16,269.2 | 16,103.9 | |||||
Key Ratios | |||||||
Return on average assets | 1.01 | % | 0.77 | % | |||
Return on average tangible assets - Non-GAAP (1) | 1.03 | % | 0.79 | % | |||
Return on average equity | 10.52 | % | 8.54 | % | |||
Return on average tangible equity - Non-GAAP (1) | 13.76 | % | 11.43 | % | |||
Asset Quality Data | |||||||
Allowance for Loan Losses | |||||||
Balance at beginning of period | $ | 28,583 | $ | 27,400 | |||
Provision charged to earnings | 3,700 | 4,500 | |||||
Charge-offs | (2,914 | ) | (4,006 | ) | |||
Recoveries | 272 | 271 | |||||
Balance at end of period | $ | 29,641 | $ | 28,165 | |||
Net Loan Charge-Offs | |||||||
Commercial: | Mortgages | $ | 704 | $ | 926 | ||
Construction and development | — | — | |||||
Other | 1,335 | 2,092 | |||||
Residential: | Mortgages | 364 | 512 | ||||
Homeowner construction | — | — | |||||
Consumer | 239 | 205 | |||||
Total | $ | 2,642 | $ | 3,735 | |||
Net charge-offs to average loans (annualized) | 0.17 | % | 0.25 | % | |||
Wealth Management Assets Under Administration | |||||||
Balance at beginning of period | $ | 3,967,207 | $ | 3,735,646 | |||
Net investment (depreciation) appreciation & income | (227,773 | ) | 91,817 | ||||
Net customer cash flows | (10,597 | ) | 22,938 | ||||
Other (2) | — | (105,769 | ) | ||||
Balance at end of period | $ | 3,728,837 | $ | 3,744,632 |
(1) | See the section labeled “Supplemental Information - Non-GAAP Financial Measures” at the end of this document. |
(2) | Amounts prior to 2011 have been revised to reflect current reporting practices. The most significant change was related to a change in the nature of a client relationship, which reduced the scope and frequency of services provided by Washington Trust. This change occurred at the beginning of the third quarter of 2010. In 2011, management concluded that a declassification of these client assets from assets under administration was appropriate, based on its current reporting practices. Accordingly, the 2010 assets under administration have been reduced by $106 million, beginning in the third quarter of that year. This revision to previously reported assets under administration did not result any change to the reported amounts of wealth management revenues. |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | ||||||||||
For the Quarters Ended | ||||||||||
Sept. 30, | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | ||||||
2011 | 2011 | 2011 | 2010 | 2010 | ||||||
Average Yield / Rate (taxable equivalent basis): | ||||||||||
Assets: | ||||||||||
Commercial and other loans | 5.22 | % | 5.23 | % | 5.28 | % | 5.22 | % | 5.29 | % |
Residential real estate loans, including | ||||||||||
mortgage loans held for sale | 4.58 | % | 4.72 | % | 4.79 | % | 4.76 | % | 4.94 | % |
Consumer loans | 3.90 | % | 3.91 | % | 3.93 | % | 3.96 | % | 3.99 | % |
Total loans | 4.80 | % | 4.86 | % | 4.91 | % | 4.87 | % | 4.97 | % |
Cash, federal funds sold | ||||||||||
and other short-term investments | 0.20 | % | 0.15 | % | 0.22 | % | 0.21 | % | 0.20 | % |
FHLBB stock | 0.26 | % | 0.31 | % | 0.31 | % | — | % | — | % |
Taxable debt securities | 3.78 | % | 4.01 | % | 3.93 | % | 3.79 | % | 3.93 | % |
Nontaxable debt securities | 5.82 | % | 5.88 | % | 5.95 | % | 5.76 | % | 5.76 | % |
Corporate stocks | 7.58 | % | 7.50 | % | 8.07 | % | 7.42 | % | 7.72 | % |
Total securities | 4.07 | % | 4.28 | % | 4.23 | % | 4.08 | % | 4.19 | % |
Total interest-earning assets | 4.53 | % | 4.61 | % | 4.61 | % | 4.54 | % | 4.63 | % |
Liabilities: | ||||||||||
NOW accounts | 0.10 | % | 0.10 | % | 0.10 | % | 0.12 | % | 0.12 | % |
Money market accounts | 0.25 | % | 0.25 | % | 0.33 | % | 0.34 | % | 0.40 | % |
Savings accounts | 0.12 | % | 0.12 | % | 0.14 | % | 0.14 | % | 0.14 | % |
Time deposits | 1.48 | % | 1.57 | % | 1.61 | % | 1.65 | % | 1.74 | % |
FHLBB advances | 3.49 | % | 3.80 | % | 4.04 | % | 4.13 | % | 4.16 | % |
Junior subordinated debentures | 4.73 | % | 4.77 | % | 4.79 | % | 5.15 | % | 5.82 | % |
Other | 4.50 | % | 4.48 | % | 4.23 | % | 4.43 | % | 4.59 | % |
Total interest-bearing liabilities | 1.53 | % | 1.61 | % | 1.67 | % | 1.70 | % | 1.84 | % |
Interest rate spread (taxable equivalent basis) | 3.00 | % | 3.00 | % | 2.94 | % | 2.84 | % | 2.79 | % |
Net interest margin (taxable equivalent basis) | 3.22 | % | 3.21 | % | 3.16 | % | 3.05 | % | 3.01 | % |
At September 30, 2011 | ||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||
(Dollars in thousands) | Cost (1) | Gains | Losses | Value | ||||||||
Securities Available for Sale: | ||||||||||||
Obligations of U.S. government-sponsored enterprises | $ | 29,422 | $ | 3,785 | $ | — | $ | 33,207 | ||||
Mortgage-backed securities issued by U.S. government | ||||||||||||
agencies and U.S. government-sponsored enterprises | 387,519 | 21,138 | (1 | ) | 408,656 | |||||||
States and political subdivisions | 76,145 | 4,664 | — | 80,809 | ||||||||
Trust preferred securities: | ||||||||||||
Individual name issuers | 30,629 | — | (6,983 | ) | 23,646 | |||||||
Collateralized debt obligations | 4,256 | — | (3,460 | ) | 796 | |||||||
Corporate bonds | 18,868 | 960 | (62 | ) | 19,766 | |||||||
Common stocks | 659 | 298 | — | 957 | ||||||||
Perpetual preferred stocks | 1,854 | 12 | — | 1,866 | ||||||||
Total securities available for sale | 549,352 | 30,857 | (10,506 | ) | 569,703 | |||||||
Held to Maturity: | ||||||||||||
Mortgage-backed securities issued by U.S. government | ||||||||||||
agencies and U.S. government-sponsored enterprises | 11,840 | 3 | — | 11,843 | ||||||||
Total securities held to maturity | 11,840 | 3 | — | 11,843 | ||||||||
Total securities | $ | 561,192 | $ | 30,860 | $ | (10,506 | ) | $ | 581,546 |
(1) | Net of other-than-temporary impairment losses recognized in earnings. |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | ||||||||||||||||
Period End Balances At | ||||||||||||||||
(Dollars in thousands) | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | 9/30/2010 | |||||||||||
Loans: | ||||||||||||||||
Commercial: | Mortgages | $ | 573,355 | $ | 562,976 | $ | 551,069 | $ | 518,623 | $ | 522,355 | |||||
Construction & development | 18,518 | 19,448 | 34,615 | 47,335 | 62,820 | |||||||||||
Other | 478,652 | 491,071 | 470,704 | 461,107 | 464,294 | |||||||||||
Total commercial | 1,070,525 | 1,073,495 | 1,056,388 | 1,027,065 | 1,049,469 | |||||||||||
Residential real estate: | Mortgages | 674,242 | 644,210 | 636,916 | 634,739 | 622,975 | ||||||||||
Homeowner construction | 17,226 | 14,137 | 12,241 | 10,281 | 10,593 | |||||||||||
Total residential real estate | 691,468 | 658,347 | 649,157 | 645,020 | 633,568 | |||||||||||
Consumer: | Home equity lines | 222,886 | 223,284 | 221,003 | 218,288 | 218,898 | ||||||||||
Home equity loans | 45,354 | 46,797 | 48,337 | 50,624 | 54,923 | |||||||||||
Other | 57,526 | 55,229 | 54,752 | 54,641 | 54,290 | |||||||||||
Total consumer | 325,766 | 325,310 | 324,092 | 323,553 | 328,111 | |||||||||||
Total loans | $ | 2,087,759 | $ | 2,057,152 | $ | 2,029,637 | $ | 1,995,638 | $ | 2,011,148 |
At September 30, 2011 | |||||
(Dollars in thousands) | Balance | % of Total | |||
Commercial Real Estate Loans by Property Location: | |||||
Rhode Island, Connecticut, Massachusetts | $ | 542,642 | 91.7 | % | |
New York, New Jersey, Pennsylvania | 35,815 | 6.1 | % | ||
New Hampshire | 11,714 | 2.0 | % | ||
Other | 1,702 | 0.2 | % | ||
Total commercial real estate loans (1) | $ | 591,873 | 100.0 | % |
At September 30, 2011 | |||||
(Dollars in thousands) | Balance | % of Total | |||
Residential Mortgages by Property Location: | |||||
Rhode Island, Connecticut, Massachusetts | $ | 665,884 | 96.3 | % | |
New York, Virginia, New Jersey, Maryland, Pennsylvania, District of Columbia | 12,025 | 1.7 | % | ||
Ohio | 5,961 | 0.9 | % | ||
California, Washington, Oregon | 1,888 | 0.3 | % | ||
Colorado, New Mexico, Utah | 1,497 | 0.2 | % | ||
Georgia | 1,122 | 0.2 | % | ||
New Hampshire | 2,621 | 0.4 | % | ||
Wyoming | 470 | — | % | ||
Total residential mortgages | $ | 691,468 | 100.0 | % |
Period End Balances At | |||||||||||||||
(Dollars in thousands) | 9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | 9/30/2010 | ||||||||||
Deposits: | |||||||||||||||
Demand deposits | $ | 319,203 | $ | 261,016 | $ | 274,798 | $ | 228,437 | $ | 242,455 | |||||
NOW accounts | 242,372 | 236,162 | 228,502 | 241,974 | 236,775 | ||||||||||
Money market accounts | 374,324 | 355,096 | 387,923 | 396,455 | 408,828 | ||||||||||
Savings accounts | 239,356 | 227,014 | 223,599 | 220,888 | 210,271 | ||||||||||
Time deposits | 910,895 | 916,755 | 934,024 | 948,576 | 958,425 | ||||||||||
Total deposits | $ | 2,086,150 | $ | 1,996,043 | $ | 2,048,846 | $ | 2,036,330 | $ | 2,056,754 | |||||
Out-of-market brokered certificates of deposits | |||||||||||||||
included in time deposits | $ | 85,250 | $ | 85,659 | $ | 51,778 | $ | 52,347 | $ | 69,385 | |||||
In-market deposits, excluding out of market | |||||||||||||||
brokered certificates of deposit | $ | 2,000,900 | $ | 1,910,384 | $ | 1,997,068 | $ | 1,983,983 | $ | 1,987,369 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | |||||||||||||||
Period End Balances At | |||||||||||||||
Sept. 30, | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | |||||||||||
(Dollars in thousands) | 2011 | 2011 | 2011 | 2010 | 2010 | ||||||||||
Nonperforming Assets: | |||||||||||||||
Commercial mortgages | $ | 6,367 | $ | 7,476 | $ | 6,068 | $ | 6,624 | $ | 6,426 | |||||
Commercial construction and development | — | — | — | — | — | ||||||||||
Other commercial | 2,745 | 3,152 | 4,445 | 5,259 | 6,256 | ||||||||||
Residential real estate mortgages | 11,352 | 9,570 | 8,265 | 6,414 | 6,080 | ||||||||||
Consumer | 1,126 | 780 | 601 | 213 | 824 | ||||||||||
Total nonaccrual loans | 21,590 | $ | 20,978 | $ | 19,379 | $ | 18,510 | $ | 19,586 | ||||||
Nonaccrual investment securities | 796 | 934 | 752 | 806 | 841 | ||||||||||
Property acquired through foreclosure or repossession | 2,201 | 2,189 | 2,163 | 3,644 | 2,612 | ||||||||||
Total nonperforming assets | $ | 24,587 | $ | 24,101 | $ | 22,294 | $ | 22,960 | $ | 23,039 | |||||
Total past due loans to total loans | 1.05 | % | 1.19 | % | 1.34 | % | 1.27 | % | 1.24 | % | |||||
Nonperforming assets to total assets | 0.83 | % | 0.82 | % | 0.77 | % | 0.79 | % | 0.79 | % | |||||
Nonaccrual loans to total loans | 1.03 | % | 1.02 | % | 0.95 | % | 0.93 | % | 0.97 | % | |||||
Allowance for loan losses to nonaccrual loans | 137.29 | % | 139.92 | % | 150.21 | % | 154.42 | % | 143.80 | % | |||||
Allowance for loan losses to total loans | 1.42 | % | 1.43 | % | 1.43 | % | 1.43 | % | 1.40 | % | |||||
Troubled Debt Restructured Loans: | |||||||||||||||
Accruing troubled debt restructured loans | |||||||||||||||
Commercial mortgages | $ | 5,861 | $ | 6,552 | $ | 10,071 | $ | 11,736 | $ | 11,812 | |||||
Other commercial | 4,059 | 4,026 | 4,554 | 4,594 | 2,498 | ||||||||||
Residential real estate mortgages | 1,158 | 2,279 | 2,724 | 2,863 | 2,870 | ||||||||||
Consumer | 174 | 317 | 417 | 509 | 817 | ||||||||||
Accruing troubled debt restructured loans | 11,252 | 13,174 | 17,766 | 19,702 | 17,997 | ||||||||||
Nonaccrual troubled debt restructured loans | |||||||||||||||
Commercial mortgages | 1,209 | 2,555 | 826.00 | 1,302 | 1,473 | ||||||||||
Other commercial | 292 | 455 | 526 | 431 | 213 | ||||||||||
Residential real estate mortgages | 2,686 | 2,303 | 1,785 | 948 | 823 | ||||||||||
Consumer | 129 | 131 | 199 | 41 | 43 | ||||||||||
Nonaccrual troubled debt restructured loans | 4,316 | 5,444 | 3,336 | 2,722 | 2,552 | ||||||||||
Total troubled debt restructured loans | $ | 15,568 | $ | 18,618 | $ | 21,102 | $ | 22,424 | $ | 20,549 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | |||||||||||||||
Period End Balances At | |||||||||||||||
Sept. 30, | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | |||||||||||
(Dollars in thousands) | 2011 | 2011 | 2011 | 2010 | 2010 | ||||||||||
Past Due Loans: | |||||||||||||||
Loans 30-59 Days Past Due | |||||||||||||||
Commercial mortgages | $ | 874 | $ | 1,507 | $ | 3,223 | $ | 2,185 | $ | 1,685 | |||||
Other commercial loans | 1,629 | 1,783 | 2,474 | 1,862 | 2,632 | ||||||||||
Residential real estate mortgages | 2,145 | 3,355 | 2,986 | 3,073 | 2,828 | ||||||||||
Consumer loans | 1,100 | 1,979 | 1,735 | 2,005 | 2,218 | ||||||||||
Loans 30-59 days past due | $ | 5,748 | $ | 8,624 | $ | 10,418 | $ | 9,125 | $ | 9,363 | |||||
Loans 60-89 Days Past Due | |||||||||||||||
Commercial mortgages | $ | 328 | $ | 1,013 | $ | 1,626 | $ | 514 | $ | — | |||||
Other commercial loans | 103 | 80 | 315 | 953 | 492 | ||||||||||
Residential real estate mortgages | 206 | 992 | 1,345 | 1,477 | 430 | ||||||||||
Consumer loans | 420 | 120 | 335 | 448 | 420 | ||||||||||
Loans 60-89 days past due | $ | 1,057 | $ | 2,205 | $ | 3,621 | $ | 3,392 | $ | 1,342 | |||||
Loans 90 Days or more Past Due | |||||||||||||||
Commercial mortgages | $ | 5,510 | $ | 5,553 | $ | 5,242 | $ | 5,322 | $ | 4,952 | |||||
Other commercial loans | 1,209 | 1,378 | 2,524 | 3,376 | 4,240 | ||||||||||
Residential real estate mortgages | 7,826 | 6,549 | 5,165 | 4,041 | 4,696 | ||||||||||
Consumer loans | 649 | 245 | 317 | 11 | 277 | ||||||||||
Loans 90 days or more past due | $ | 15,194 | $ | 13,725 | $ | 13,248 | $ | 12,750 | $ | 14,165 | |||||
Total Past Due Loans | |||||||||||||||
Commercial mortgages | $ | 6,712 | $ | 8,073 | $ | 10,091 | $ | 8,021 | $ | 6,637 | |||||
Other commercial loans | 2,941 | 3,241 | 5,313 | 6,191 | 7,364 | ||||||||||
Residential real estate mortgages | 10,177 | 10,896 | 9,496 | 8,591 | 7,954 | ||||||||||
Consumer loans | 2,169 | 2,344 | 2,387 | 2,464 | 2,915 | ||||||||||
Total past due loans | $ | 21,999 | $ | 24,554 | $ | 27,287 | $ | 25,267 | $ | 24,870 | |||||
Nonaccrual loans included in past due loans | $ | 16,585 | $ | 16,705 | $ | 16,456 | $ | 14,894 | $ | 15,870 |
For the Quarters Ended | |||||||||||||||
Sept. 30, | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | |||||||||||
(Dollars in thousands) | 2011 | 2011 | 2011 | 2010 | 2010 | ||||||||||
Allowance for Loan Losses: | |||||||||||||||
Balance at beginning of period | $ | 29,353 | $ | 29,109 | $ | 28,583 | $ | 28,165 | $ | 27,985 | |||||
Provision charged to earnings | 1,000 | 1,200 | 1,500 | 1,500 | 1,500 | ||||||||||
Charge-offs | (818 | ) | (1,044 | ) | (1,052 | ) | (1,396 | ) | (1,468 | ) | |||||
Recoveries | 106 | 88 | 78 | 314 | 148 | ||||||||||
Balance at end of period | $ | 29,641 | $ | 29,353 | $ | 29,109 | $ | 28,583 | $ | 28,165 | |||||
Net Loan Charge-Offs (Recoveries): | |||||||||||||||
Commercial mortgages | $ | 249 | $ | 122 | $ | 333 | $ | 226 | $ | (96 | ) | ||||
Other commercial | 286 | 541 | 508 | 695 | 1,026 | ||||||||||
Residential real estate mortgages | 100 | 146 | 118 | (99 | ) | 301 | |||||||||
Consumer | 77 | 147 | 15 | 260 | 89 | ||||||||||
Total | $ | 712 | $ | 956 | $ | 974 | $ | 1,082 | $ | 1,320 |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited) | ||||||||||||||||
Three months ended September 30, | 2011 | 2010 | ||||||||||||||
Average | Yield/ | Average | Yield/ | |||||||||||||
(Dollars in thousands) | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||
Assets: | ||||||||||||||||
Commercial and other loans | $ | 1,066,916 | $ | 14,027 | 5.22 | % | $ | 1,038,146 | $ | 13,834 | 5.29 | % | ||||
Residential real estate loans, including | ||||||||||||||||
mortgage loans held for sale | 688,856 | 7,950 | 4.58 | % | 642,829 | 8,009 | 4.94 | % | ||||||||
Consumer loans | 323,744 | 3,184 | 3.90 | % | 327,554 | 3,295 | 3.99 | % | ||||||||
Total loans | 2,079,516 | 25,161 | 4.80 | % | 2,008,529 | 25,138 | 4.97 | % | ||||||||
Cash, federal funds sold | ||||||||||||||||
and other short-term investments | 29,123 | 15 | 0.20 | % | 49,578 | 25 | 0.20 | % | ||||||||
FHLBB stock | 42,008 | 28 | 0.26 | % | 42,008 | — | — | % | ||||||||
Taxable debt securities | 487,172 | 4,640 | 3.78 | % | 528,196 | 5,227 | 3.93 | % | ||||||||
Nontaxable debt securities | 77,333 | 1,134 | 5.82 | % | 79,462 | 1,154 | 5.76 | % | ||||||||
Corporate stocks | 2,513 | 48 | 7.58 | % | 3,852 | 75 | 7.72 | % | ||||||||
Total securities | 567,018 | 5,822 | 4.07 | % | 611,510 | 6,456 | 4.19 | % | ||||||||
Total interest-earning assets | 2,717,665 | 31,026 | 4.53 | % | 2,711,625 | 31,619 | 4.63 | % | ||||||||
Non interest-earning assets | 217,481 | 220,191 | ||||||||||||||
Total assets | $ | 2,935,146 | $ | 2,931,816 | ||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||
NOW accounts | $ | 232,023 | $ | 61 | 0.10 | % | $ | 229,468 | $ | 68 | 0.12 | % | ||||
Money market accounts | 372,279 | 234 | 0.25 | % | 397,634 | 397 | 0.40 | % | ||||||||
Savings accounts | 232,432 | 72 | 0.12 | % | 208,892 | 75 | 0.14 | % | ||||||||
Time deposits | 921,056 | 3,441 | 1.48 | % | 960,521 | 4,207 | 1.74 | % | ||||||||
FHLBB advances | 515,607 | 4,539 | 3.49 | % | 532,053 | 5,574 | 4.16 | % | ||||||||
Junior subordinated debentures | 32,991 | 393 | 4.73 | % | 32,991 | 484 | 5.82 | % | ||||||||
Other | 21,608 | 245 | 4.50 | % | 21,250 | 246 | 4.59 | % | ||||||||
Total interest-bearing liabilities | 2,327,996 | 8,985 | 1.53 | % | 2,382,809 | 11,051 | 1.84 | % | ||||||||
Demand deposits | 280,453 | 238,212 | ||||||||||||||
Other liabilities | 42,453 | 43,364 | ||||||||||||||
Shareholders' equity | 284,244 | 267,431 | ||||||||||||||
Total liabilities and shareholders' equity | $ | 2,935,146 | $ | 2,931,816 | ||||||||||||
Net interest income (FTE) | $ | 22,041 | $ | 20,568 | ||||||||||||
Interest rate spread | 3.00 | % | 2.79 | % | ||||||||||||
Net interest margin | 3.22 | % | 3.01 | % |
(Dollars in thousands) | ||||||
Three months ended September 30, | 2011 | 2010 | ||||
Commercial and other loans | $ | 92 | $ | 62 | ||
Nontaxable debt securities | 388 | 385 | ||||
Corporate stocks | 12 | 20 | ||||
Total | $ | 492 | $ | 467 |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited) | ||||||||||||||||
Nine months ended September 30, | 2011 | 2010 | ||||||||||||||
Average | Yield/ | Average | Yield/ | |||||||||||||
(Dollars in thousands) | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||
Assets: | ||||||||||||||||
Commercial and other loans | $ | 1,056,746 | $ | 41,433 | 5.24 | % | $ | 1,010,893 | $ | 39,887 | 5.28 | % | ||||
Residential real estate loans, including | ||||||||||||||||
mortgage loans held for sale | 665,705 | 23,382 | 4.70 | % | 625,848 | 23,673 | 5.06 | % | ||||||||
Consumer loans | 324,226 | 9,494 | 3.91 | % | 328,803 | 9,823 | 3.99 | % | ||||||||
Total loans | 2,046,677 | 74,309 | 4.85 | % | 1,965,544 | 73,383 | 4.99 | % | ||||||||
Cash, federal funds sold | ||||||||||||||||
and other short-term investments | 35,690 | 52 | 0.19 | % | 38,720 | 59 | 0.20 | % | ||||||||
FHLBB stock | 42,008 | 92 | 0.29 | % | 42,008 | — | — | % | ||||||||
Taxable debt securities | 488,745 | 14,282 | 3.91 | % | 574,037 | 17,115 | 3.99 | % | ||||||||
Nontaxable debt securities | 78,403 | 3,450 | 5.88 | % | 79,503 | 3,464 | 5.83 | % | ||||||||
Corporate stocks | 2,513 | 143 | 7.61 | % | 3,959 | 227 | 7.63 | % | ||||||||
Total securities | 569,661 | 17,875 | 4.20 | % | 657,499 | 20,806 | 4.23 | % | ||||||||
Total interest-earning assets | 2,694,036 | 92,328 | 4.58 | % | 2,703,771 | 94,248 | 4.66 | % | ||||||||
Non interest-earning assets | 214,099 | 212,629 | ||||||||||||||
Total assets | $ | 2,908,135 | $ | 2,916,400 | ||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||
NOW accounts | $ | 228,941 | $ | 179 | 0.10 | % | $ | 212,456 | $ | 195 | 0.12 | % | ||||
Money market accounts | 388,413 | 806 | 0.28 | % | 399,804 | 1,561 | 0.52 | % | ||||||||
Savings accounts | 225,835 | 216 | 0.13 | % | 203,829 | 245 | 0.16 | % | ||||||||
Time deposits | 934,340 | 10,839 | 1.55 | % | 956,461 | 13,846 | 1.94 | % | ||||||||
FHLBB advances | 495,469 | 13,956 | 3.77 | % | 570,982 | 17,793 | 4.17 | % | ||||||||
Junior subordinated debentures | 32,991 | 1,175 | 4.76 | % | 32,991 | 1,561 | 6.33 | % | ||||||||
Other | 22,126 | 728 | 4.40 | % | 21,104 | 731 | 4.63 | % | ||||||||
Total interest-bearing liabilities | 2,328,115 | 27,899 | 1.60 | % | 2,397,627 | 35,932 | 2.00 | % | ||||||||
Demand deposits | 260,627 | 215,368 | ||||||||||||||
Other liabilities | 41,173 | 40,356 | ||||||||||||||
Shareholders' equity | 278,220 | 263,049 | ||||||||||||||
Total liabilities and shareholders' equity | $ | 2,908,135 | $ | 2,916,400 | ||||||||||||
Net interest income (FTE) | $ | 64,429 | $ | 58,316 | ||||||||||||
Interest rate spread | 2.98 | % | 2.66 | % | ||||||||||||
Net interest margin | 3.20 | % | 2.88 | % |
(Dollars in thousands) | ||||||
Nine months ended September 30, | 2011 | 2010 | ||||
Commercial and other loans | $ | 274 | $ | 159 | ||
Nontaxable debt securities | 1,177 | 1,156 | ||||
Corporate stocks | 38 | 63 | ||||
Total | $ | 1,489 | $ | 1,378 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||
SUPPLEMENTAL INFORMATION - Non-GAAP Financial Measures (unaudited) | |||||||||||||||
At or for the Quarters Ended | |||||||||||||||
Sept. 30, | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | |||||||||||
(Dollars in thousands, except per share amounts) | 2011 | 2011 | 2011 | 2010 | 2010 | ||||||||||
Calculation of Tangible Book Value per Share: | |||||||||||||||
Total shareholders' equity at end of period | $ | 285,494 | $ | 281,425 | $ | 273,885 | $ | 268,864 | $ | 267,109 | |||||
Less: | |||||||||||||||
Goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||
Identifiable intangible assets, net | 7,147 | 7,377 | 7,614 | 7,852 | 8,089 | ||||||||||
Total tangible shareholders' equity at end of period | $ | 220,233 | $ | 215,934 | $ | 208,157 | $ | 202,898 | $ | 200,906 | |||||
Shares outstanding at end of period | 16,279.5 | 16,266.5 | 16,233.6 | 16,171.6 | 16,135.4 | ||||||||||
Book value per share - GAAP | $ | 17.54 | $ | 17.30 | $ | 16.87 | $ | 16.63 | $ | 16.55 | |||||
Tangible book value per share - Non-GAAP | $ | 13.53 | $ | 13.27 | $ | 12.82 | $ | 12.55 | $ | 12.45 | |||||
Calculation of Tangible Equity to Tangible Assets: | |||||||||||||||
Total tangible shareholders' equity at end of period | $ | 220,233 | $ | 215,934 | $ | 208,157 | $ | 202,898 | $ | 200,906 | |||||
Total assets at end of period | $ | 2,969,613 | $ | 2,936,306 | $ | 2,892,272 | $ | 2,909,525 | $ | 2,909,003 | |||||
Less: | |||||||||||||||
Goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||
Identifiable intangible assets, net | 7,147 | 7,377 | 7,614 | 7,852 | 8,089 | ||||||||||
Total tangible assets at end of period | $ | 2,904,352 | $ | 2,870,815 | $ | 2,826,544 | $ | 2,843,559 | $ | 2,842,800 | |||||
Equity to assets - GAAP | 9.61 | % | 9.58 | % | 9.47 | % | 9.24 | % | 9.18 | % | |||||
Tangible equity to tangible assets - Non-GAAP | 7.58 | % | 7.52 | % | 7.36 | % | 7.14 | % | 7.07 | % | |||||
Calculation of Return on Average Tangible Assets: | |||||||||||||||
Net income | $ | 7,582 | $ | 7,564 | $ | 6,800 | $ | 7,211 | $ | 6,370 | |||||
Total average assets | $ | 2,935,146 | $ | 2,904,086 | $ | 2,884,618 | $ | 2,912,770 | $ | 2,931,816 | |||||
Less: | |||||||||||||||
Average goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||
Average identifiable intangible assets, net | 7,257 | 7,493 | 7,730 | 7,967 | 8,216 | ||||||||||
Total average tangible assets | $ | 2,869,775 | $ | 2,838,479 | $ | 2,818,774 | $ | 2,846,689 | $ | 2,865,486 | |||||
Return on average assets - GAAP | 1.03 | % | 1.04 | % | 0.94 | % | 0.99 | % | 0.87 | % | |||||
Return on average tangible assets - Non-GAAP | 1.06 | % | 1.07 | % | 0.96 | % | 1.01 | % | 0.89 | % | |||||
Calculation of Return on Average Tangible Equity: | |||||||||||||||
Net income | $ | 7,582 | $ | 7,564 | $ | 6,800 | $ | 7,211 | $ | 6,370 | |||||
Total average shareholders' equity | $ | 284,244 | $ | 279,281 | $ | 270,991 | $ | 269,570 | $ | 267,431 | |||||
Less: | |||||||||||||||
Average goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||
Average identifiable intangible assets, net | 7,257 | 7,493 | 7,730 | 7,967 | 8,216 | ||||||||||
Total average tangible shareholders' equity | $ | 218,873 | $ | 213,674 | $ | 205,147 | $ | 203,489 | $ | 201,101 | |||||
Return on average shareholders' equity - GAAP | 10.67 | % | 10.83 | % | 10.04 | % | 10.7 | % | 9.53 | % | |||||
Return on average tangible shareholders' equity - Non-GAAP | 13.86 | % | 14.16 | % | 13.26 | % | 14.17 | % | 12.67 | % |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||
SUPPLEMENTAL INFORMATION - Non-GAAP Financial Measures (unaudited) | ||||||
Nine Months Ended | ||||||
Sept. 30, | Sept. 30, | |||||
(Dollars in thousands) | 2011 | 2010 | ||||
Calculation of return on average tangible assets: | ||||||
Net income | $ | 21,947 | $ | 16,840 | ||
Total average assets | $ | 2,908,135 | $ | 2,916,400 | ||
Less: | ||||||
Average goodwill | 58,114 | 58,114 | ||||
Average identifiable intangible assets, net | 7,492 | 8,503 | ||||
Total average tangible assets | $ | 2,842,529 | $ | 2,849,783 | ||
Return on average assets - GAAP | 1.01 | % | 0.77 | % | ||
Return on average tangible assets - Non-GAAP | 1.03 | % | 0.79 | % | ||
Calculation of return on average tangible equity: | ||||||
Net income | $ | 21,947 | $ | 16,840 | ||
Total average shareholders' equity | $ | 278,220 | $ | 263,049 | ||
Less: | ||||||
Average goodwill | 58,114 | 58,114 | ||||
Average identifiable intangible assets, net | 7,492 | 8,503 | ||||
Total average tangible shareholders' equity | $ | 212,614 | $ | 196,432 | ||
Return on average shareholders' equity - GAAP | 10.52 | % | 8.54 | % | ||
Return on average tangible shareholders' equity - Non-GAAP | 13.76 | % | 11.43 | % |
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