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)) |
(d) | Exhibits. | |||
Exhibit No. | Exhibit | |||
99.1 | Press Release dated January 25, 2012* | |||
*Filed herewith |
WASHINGTON TRUST BANCORP, INC. | |||
Date: January 25, 2012 | By: | /s/ David V. Devault | |
David V. Devault | |||
Senior Executive Vice President, Secretary and Chief Financial Officer |
• | Total loans increased by $59 million, or 3%, during the fourth quarter of 2011, led by growth in the commercial loan portfolio. |
• | Total deposits increased by $40 million, or 2%, from the end of the third quarter, reflecting growth in lower cost deposits. |
• | Net interest income for the fourth quarter of 2011 was up by 2% from the previous quarter end and by 9% from the fourth quarter of 2010. |
• | Due to continued strong mortgage refinancing and sales activity, mortgage banking revenues totaled $2.9 million for the fourth quarter, up from $1.1 million for the third quarter of 2011 and $2.2 million from the fourth quarter of 2010. |
• | The provision for loan losses was $1.0 million in the fourth quarter of 2011, unchanged from the previous quarter and down by $500 thousand from the fourth quarter of 2010. |
• | In December 2011, Washington Trust made a contribution of appreciated equity securities to its charitable foundation. The cost of this contribution was $990 thousand and was included in noninterest expenses. This contribution also resulted in a realized gain of $331 thousand on the disposition of the equity security. The combined effect of this transaction was a net after-tax charge to earnings of $305 thousand, or 2 cents per diluted share. |
• | A modest balance sheet management transaction was conducted in December 2011 that included the sale of $4.0 million in mortgage-backed securities and prepayment of $4.0 million Federal Home Loan Bank of Boston (“FHLBB”) advances. The transaction resulted in net realized gains on securities of $142 thousand and $473 thousand of debt prepayment penalty expense. The combined effect of this transaction was a net after-tax charge to earnings of $213 thousand, or 1 cent per diluted share. |
• | Nonperforming assets amounted to $24.8 million, or 0.81% of total assets, at December 31, 2011, compared to $24.6 million, or 0.83% of total assets, at September 30, 2011. |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||
CONSOLIDATED BALANCE SHEETS (unaudited) | |||||||
(Dollars in thousands, except par value) | Dec 31, 2011 | Dec 31, 2010 | |||||
Assets: | |||||||
Cash and due from banks | $82,238 | $85,971 | |||||
Other short-term investments | 4,782 | 6,765 | |||||
Mortgage loans held for sale; amortized cost $19,624 in 2011 | 20,340 | 13,894 | |||||
Securities: | |||||||
Available for sale, at fair value; amortized cost $524,036 in 2011 and $578,897 in 2010 | 541,253 | 594,100 | |||||
Held to maturity, at cost; fair value $52,499 in 2011 | 52,139 | — | |||||
Total Securities | 593,392 | 594,100 | |||||
Federal Home Loan Bank stock, at cost | 42,008 | 42,008 | |||||
Loans: | |||||||
Commercial and other | 1,124,628 | 1,027,065 | |||||
Residential real estate | 700,414 | 645,020 | |||||
Consumer | 322,117 | 323,553 | |||||
Total loans | 2,147,159 | 1,995,638 | |||||
Less allowance for loan losses | 29,802 | 28,583 | |||||
Net loans | 2,117,357 | 1,967,055 | |||||
Premises and equipment, net | 26,028 | 26,069 | |||||
Investment in bank-owned life insurance | 53,783 | 51,844 | |||||
Goodwill | 58,114 | 58,114 | |||||
Identifiable intangible assets, net | 6,901 | 7,852 | |||||
Other assets | 59,155 | 55,853 | |||||
Total assets | $3,064,098 | $2,909,525 | |||||
Liabilities: | |||||||
Deposits: | |||||||
Demand deposits | $339,809 | $228,437 | |||||
NOW accounts | 257,031 | 241,974 | |||||
Money market accounts | 406,777 | 396,455 | |||||
Savings accounts | 243,904 | 220,888 | |||||
Time deposits | 878,794 | 948,576 | |||||
Total deposits | 2,126,315 | 2,036,330 | |||||
Federal Home Loan Bank advances | 540,450 | 498,722 | |||||
Junior subordinated debentures | 32,991 | 32,991 | |||||
Other borrowings | 19,758 | 23,359 | |||||
Other liabilities | 63,233 | 49,259 | |||||
Total liabilities | 2,782,747 | 2,640,661 | |||||
Shareholders’ Equity: | |||||||
Common stock of $.0625 par value; authorized 30,000,000 shares; issue 16,292,471 shares in 2011 and 16,171,618 shares in 2010 | 1,018 | 1,011 | |||||
Paid-in capital | 88,030 | 84,889 | |||||
Retained earnings | 194,198 | 178,939 | |||||
Accumulated other comprehensive (loss) income | (1,895 | ) | 4,025 | ||||
Total shareholders’ equity | 281,351 | 268,864 | |||||
Total liabilities and shareholders’ equity | $3,064,098 | $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 | Twelve Months | ||||||||||||||
Periods ended December 31, | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Interest income: | ||||||||||||||||
Interest and fees on loans | $25,284 | $24,846 | $99,319 | $98,070 | ||||||||||||
Interest on securities: | ||||||||||||||||
Taxable | 4,422 | 4,709 | 18,704 | 21,824 | ||||||||||||
Nontaxable | 729 | 769 | 3,002 | 3,077 | ||||||||||||
Dividends on corporate stock and Federal Home Loan Bank stock | 55 | 34 | 252 | 198 | ||||||||||||
Other interest income | 17 | 26 | 69 | 85 | ||||||||||||
Total interest income | 30,507 | 30,384 | 121,346 | 123,254 | ||||||||||||
Interest expense: | ||||||||||||||||
Deposits | 3,652 | 4,465 | 15,692 | 20,312 | ||||||||||||
Federal Home Loan Bank advances | 4,202 | 4,993 | 18,158 | 22,786 | ||||||||||||
Junior subordinated debentures | 393 | 428 | 1,568 | 1,989 | ||||||||||||
Other interest expense | 245 | 245 | 973 | 976 | ||||||||||||
Total interest expense | 8,492 | 10,131 | 36,391 | 46,063 | ||||||||||||
Net interest income | 22,015 | 20,253 | 84,955 | 77,191 | ||||||||||||
Provision for loan losses | 1,000 | 1,500 | 4,700 | 6,000 | ||||||||||||
Net interest income after provision for loan losses | 21,015 | 18,753 | 80,255 | 71,191 | ||||||||||||
Noninterest income: | ||||||||||||||||
Wealth management services: | ||||||||||||||||
Trust and investment advisory fees | 5,487 | 5,448 | 22,532 | 20,670 | ||||||||||||
Mutual fund fees | 994 | 1,124 | 4,287 | 4,423 | ||||||||||||
Financial planning, commissions and other service fees | 444 | 266 | 1,487 | 1,299 | ||||||||||||
Wealth management services | 6,925 | 6,838 | 28,306 | 26,392 | ||||||||||||
Service charges on deposit accounts | 793 | 921 | 3,455 | 3,587 | ||||||||||||
Merchant processing fees | 2,056 | 2,094 | 9,905 | 9,156 | ||||||||||||
Card interchange fees | 584 | 592 | 2,249 | 1,975 | ||||||||||||
Income from bank-owned life insurance | 493 | 488 | 1,939 | 1,887 | ||||||||||||
Net gains on loan sales and commissions on loans originated for others | 2,935 | 2,163 | 5,074 | 4,052 | ||||||||||||
Net realized gains (losses) on securities | 501 | (8 | ) | 698 | 729 | |||||||||||
Net gains (losses) on interest rate swap contracts | 12 | 77 | 6 | (36 | ) | |||||||||||
Equity in gains (losses) of unconsolidated subsidiaries | 220 | (140 | ) | (213 | ) | (337 | ) | |||||||||
Other income | 307 | 383 | 1,536 | 1,485 | ||||||||||||
Noninterest income, excluding other-than-temporary impairment losses | 14,826 | 13,408 | 52,955 | 48,890 | ||||||||||||
Total other-than-temporary impairment losses on securities | — | — | (54 | ) | (245 | ) | ||||||||||
Portion of loss recognized in other comprehensive income (before taxes) | — | — | (137 | ) | (172 | ) | ||||||||||
Net impairment losses recognized in earnings | — | — | (191 | ) | (417 | ) | ||||||||||
Total noninterest income | 14,826 | 13,408 | 52,764 | 48,473 | ||||||||||||
Noninterest expense: | ||||||||||||||||
Salaries and employee benefits | 13,957 | 12,135 | 51,095 | 47,429 | ||||||||||||
Net occupancy | 1,376 | 1,188 | 5,295 | 4,851 | ||||||||||||
Equipment | 1,133 | 1,051 | 4,344 | 4,099 | ||||||||||||
Merchant processing costs | 1,765 | 1,802 | 8,560 | 7,822 | ||||||||||||
Outsourced services | 920 | 840 | 3,530 | 3,304 | ||||||||||||
FDIC deposit insurance costs | 429 | 724 | 2,043 | 3,163 | ||||||||||||
Legal, audit and professional fees | 538 | 449 | 1,927 | 1,813 | ||||||||||||
Advertising and promotion | 478 | 383 | 1,819 | 1,633 | ||||||||||||
Amortization of intangibles | 246 | 237 | 951 | 1,091 | ||||||||||||
Foreclosed property costs | 329 | 515 | 878 | 841 | ||||||||||||
Debt prepayment penalties | 473 | — | 694 | 752 | ||||||||||||
Other expenses | 3,130 | 2,472 | 9,237 | 8,513 | ||||||||||||
Total noninterest expense | 24,774 | 21,796 | 90,373 | 85,311 | ||||||||||||
Income before income taxes | 11,067 | 10,365 | 42,646 | 34,353 | ||||||||||||
Income tax expense | 3,290 | 3,154 | 12,922 | 10,302 | ||||||||||||
Net income | $7,777 | $7,211 | $29,724 | $24,051 | ||||||||||||
Weighted average common shares outstanding - basic | 16,288.1 | 16,160.6 | 16,254.0 | 16,113.9 | ||||||||||||
Weighted average common shares outstanding - diluted | 16,326.5 | 16,182.7 | 16,283.9 | 16,122.5 | ||||||||||||
Per share information: | Basic earnings per common share | $0.48 | $0.44 | $1.82 | $1.49 | |||||||||||
Diluted earnings per common share | $0.47 | $0.44 | $1.82 | $1.49 | ||||||||||||
Cash dividends declared per share | $0.22 | $0.21 | $0.88 | $0.84 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | |||||||||||||||
At or for the Quarters Ended | |||||||||||||||
(Dollars and shares in thousands, except per share amounts) | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | Dec 31, 2010 | ||||||||||
Financial Data: | |||||||||||||||
Total assets | $3,064,098 | $2,969,613 | $2,936,306 | $2,892,272 | $2,909,525 | ||||||||||
Total loans | 2,147,159 | 2,087,759 | 2,057,152 | 2,029,637 | 1,995,638 | ||||||||||
Total securities | 593,392 | 581,543 | 591,580 | 576,158 | 594,100 | ||||||||||
Total deposits | 2,126,315 | 2,086,150 | 1,996,043 | 2,048,846 | 2,036,330 | ||||||||||
Total shareholders' equity | 281,351 | 285,494 | 281,425 | 273,885 | 268,864 | ||||||||||
Net interest income | 22,015 | 21,549 | 21,064 | 20,327 | 20,253 | ||||||||||
Provision for loan losses | 1,000 | 1,000 | 1,200 | 1,500 | 1,500 | ||||||||||
Noninterest income, excluding OTTI losses | 14,826 | 13,114 | 13,285 | 11,730 | 13,408 | ||||||||||
Net OTTI losses recognized in earnings | — | (158 | ) | — | (33 | ) | — | ||||||||
Noninterest expenses | 24,774 | 22,595 | 22,264 | 20,740 | 21,796 | ||||||||||
Income tax expense | 3,290 | 3,328 | 3,320 | 2,984 | 3,154 | ||||||||||
Net income | 7,777 | 7,582 | 7,565 | 6,800 | 7,211 | ||||||||||
Share Data: | |||||||||||||||
Basic earnings per common share | $0.48 | $0.46 | $0.46 | $0.42 | $0.44 | ||||||||||
Diluted earnings per common share | $0.47 | $0.46 | $0.46 | $0.42 | $0.44 | ||||||||||
Dividends declared per share | $0.22 | $0.22 | $0.22 | $0.22 | $0.21 | ||||||||||
Book value per share | $17.27 | $17.54 | $17.30 | $16.87 | $16.63 | ||||||||||
Tangible book value per share - Non-GAAP (1) | $13.28 | $13.53 | $13.27 | $12.82 | $12.55 | ||||||||||
Market value per share | $23.86 | $19.78 | $22.97 | $23.74 | $21.88 | ||||||||||
Shares outstanding at end of period | 16,292.5 | 16,279.5 | 16,266.5 | 16,233.6 | 16,171.6 | ||||||||||
Weighted average common shares outstanding-basic | 16,288.1 | 16,277.8 | 16,251.6 | 16,197.2 | 16,160.6 | ||||||||||
Weighted average common shares outstanding-diluted | 16,326.5 | 16,293.7 | 16,284.3 | 16,229.8 | 16,182.7 | ||||||||||
Key Ratios: | |||||||||||||||
Return on average assets | 1.04 | % | 1.03 | % | 1.04 | % | 0.94 | % | 0.99 | % | |||||
Return on average tangible assets - Non-GAAP (1) | 1.07 | % | 1.06 | % | 1.07 | % | 0.96 | % | 1.01 | % | |||||
Return on average equity | 10.89 | % | 10.67 | % | 10.83 | % | 10.04 | % | 10.70 | % | |||||
Return on average tangible equity - Non-GAAP (1) | 14.10 | % | 13.86 | % | 14.16 | % | 13.26 | % | 14.17 | % | |||||
Capital Ratios: | |||||||||||||||
Tier 1 risk-based capital | 11.61% (i) | 11.73 | % | 11.72 | % | 11.65 | % | 11.53 | % | ||||||
Total risk-based capital | 12.86% (i) | 12.99 | % | 12.98 | % | 12.92 | % | 12.79 | % | ||||||
Tier 1 leverage ratio | 8.70% (i) | 8.69 | % | 8.61 | % | 8.49 | % | 8.25 | % | ||||||
Equity to assets | 9.18 | % | 9.61 | % | 9.58 | % | 9.47 | % | 9.24 | % | |||||
Tangible equity to tangible assets - Non-GAAP (1) | 7.21 | % | 7.58 | % | 7.52 | % | 7.36 | % | 7.14 | % | |||||
(i) - estimated | |||||||||||||||
Wealth Management Assets under | |||||||||||||||
Administration: | |||||||||||||||
Balance at beginning of period | $3,728,837 | $4,148,433 | $4,119,207 | $3,967,207 | $3,744,632 | ||||||||||
Net investment appreciation (depreciation) & income | 215,449 | (374,961 | ) | 1,625 | 145,563 | 227,168 | |||||||||
Net client cash flows | (36,815 | ) | (44,635 | ) | 27,601 | 6,437 | (4,593 | ) | |||||||
Other (2) | (7,410 | ) | — | — | — | — | |||||||||
Balance at end of period | $3,900,061 | $3,728,837 | $4,148,433 | $4,119,207 | $3,967,207 |
(1) | See the section labeled “Supplemental Information - Non-GAAP Financial Measures” at the end of this document. |
(2) | Represents declassifications of largely low-fee paying assets from assets under administration due to a change in the nature of client relationships, regarding the scope and/or frequency of services provided by Washington Trust. The impact of this change on wealth management revenues was minimal. |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | |||||||
Twelve Months Ended | |||||||
(Dollars and shares in thousands, except per share amounts) | Dec 31, 2011 | Dec 31, 2010 | |||||
Financial Data: | |||||||
Net interest income | $84,955 | $77,191 | |||||
Provision for loan losses | 4,700 | 6,000 | |||||
Noninterest income, excluding OTTI losses | 52,955 | 48,890 | |||||
Net OTTI losses recognized in earnings | (191 | ) | (417 | ) | |||
Noninterest expenses | 90,373 | 85,311 | |||||
Income tax expense | 12,922 | 10,302 | |||||
Net income | 29,724 | 24,051 | |||||
Share Data: | |||||||
Basic earnings per common share | $1.82 | $1.49 | |||||
Diluted earnings per common share | $1.82 | $1.49 | |||||
Dividends declared per share | $0.88 | $0.84 | |||||
Weighted average common shares outstanding - basic | 16,254.0 | 16,113.9 | |||||
Weighted average common shares outstanding - diluted | 16,283.9 | 16,122.5 | |||||
Key Ratios: | |||||||
Return on average assets | 1.02 | % | 0.82 | % | |||
Return on average tangible assets - Non-GAAP (1) | 1.04 | % | 0.84 | % | |||
Return on average equity | 10.61 | % | 9.09 | % | |||
Return on average tangible equity - Non-GAAP (1) | 13.85 | % | 12.13 | % | |||
Asset Quality Data: | |||||||
Allowance for Loan Losses: | |||||||
Balance at beginning of period | $28,583 | $27,400 | |||||
Provision charged to earnings | 4,700 | 6,000 | |||||
Charge-offs | (3,834 | ) | (5,402 | ) | |||
Recoveries | 353 | 585 | |||||
Balance at end of period | $29,802 | $28,583 | |||||
Net Loan Charge-Offs: | |||||||
Commercial: | Mortgages | $953 | $1,152 | ||||
Construction and development | — | — | |||||
Other | 1,374 | 2,787 | |||||
Residential: | Mortgages | 637 | 413 | ||||
Homeowner construction | — | — | |||||
Consumer | 517 | 465 | |||||
Total | $3,481 | $4,817 | |||||
Net charge-offs to average loans (annualized) | 0.17 | % | 0.24 | % | |||
Wealth Management Assets Under Administration: | |||||||
Balance at beginning of period | $3,967,207 | $3,735,646 | |||||
Net investment (depreciation) appreciation & income | (12,324 | ) | 318,985 | ||||
Net client cash flows | (47,412 | ) | 18,345 | ||||
Other (2) | (7,410 | ) | (105,769 | ) | |||
Balance at end of period | $3,900,061 | $3,967,207 |
(1) | See the section labeled “Supplemental Information - Non-GAAP Financial Measures” at the end of this document. |
(2) | Represents declassifications of largely low-fee paying assets from assets under administration due to a change in the nature of client relationships, regarding the scope and/or frequency of services provided by Washington Trust. The impact of this change on wealth management revenues was minimal. |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | ||||||||||
For the Quarters Ended | ||||||||||
Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | Dec 31, 2010 | ||||||
Average Yield / Rate (taxable equivalent basis): | ||||||||||
Assets: | ||||||||||
Commercial and other loans | 5.19 | % | 5.22 | % | 5.23 | % | 5.28 | % | 5.22 | % |
Residential real estate loans, including mortgage loans held for sale | 4.46 | % | 4.58 | % | 4.72 | % | 4.79 | % | 4.76 | % |
Consumer loans | 3.87 | % | 3.90 | % | 3.91 | % | 3.93 | % | 3.96 | % |
Total loans | 4.74 | % | 4.80 | % | 4.86 | % | 4.91 | % | 4.87 | % |
Cash, federal funds sold and other short-term investments | 0.19 | % | 0.20 | % | 0.15 | % | 0.22 | % | 0.21 | % |
FHLBB stock | 0.30 | % | 0.26 | % | 0.31 | % | 0.31 | % | — | % |
Taxable debt securities | 3.58 | % | 3.78 | % | 4.01 | % | 3.93 | % | 3.79 | % |
Nontaxable debt securities | 5.82 | % | 5.82 | % | 5.88 | % | 5.95 | % | 5.76 | % |
Corporate stocks | 5.89 | % | 7.58 | % | 7.50 | % | 8.07 | % | 7.42 | % |
Total securities | 3.88 | % | 4.07 | % | 4.28 | % | 4.23 | % | 4.08 | % |
Total interest-earning assets | 4.44 | % | 4.53 | % | 4.61 | % | 4.61 | % | 4.54 | % |
Liabilities: | ||||||||||
NOW accounts | 0.10 | % | 0.10 | % | 0.10 | % | 0.10 | % | 0.12 | % |
Money market accounts | 0.24 | % | 0.25 | % | 0.25 | % | 0.33 | % | 0.34 | % |
Savings accounts | 0.12 | % | 0.12 | % | 0.12 | % | 0.14 | % | 0.14 | % |
Time deposits | 1.45 | % | 1.48 | % | 1.57 | % | 1.61 | % | 1.65 | % |
FHLBB advances | 3.44 | % | 3.49 | % | 3.80 | % | 4.04 | % | 4.13 | % |
Junior subordinated debentures | 4.73 | % | 4.73 | % | 4.77 | % | 4.79 | % | 5.15 | % |
Other | 4.59 | % | 4.50 | % | 4.48 | % | 4.23 | % | 4.43 | % |
Total interest-bearing liabilities | 1.45 | % | 1.53 | % | 1.61 | % | 1.67 | % | 1.70 | % |
Interest rate spread (taxable equivalent basis) | 2.99 | % | 3.00 | % | 3.00 | % | 2.94 | % | 2.84 | % |
Net interest margin (taxable equivalent basis) | 3.22 | % | 3.22 | % | 3.21 | % | 3.16 | % | 3.05 | % |
At December 31, 2011 | ||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||
(Dollars in thousands) | Cost (1) | Gains | Losses | Value | ||||||||
Securities Available for Sale: | ||||||||||||
Obligations of U.S. government-sponsored enterprises | $29,429 | $3,404 | $— | $32,833 | ||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 369,946 | 19,712 | — | 389,658 | ||||||||
States and political subdivisions | 74,040 | 5,453 | — | 79,493 | ||||||||
Trust preferred securities: | ||||||||||||
Individual name issuers | 30,639 | — | (8,243 | ) | 22,396 | |||||||
Collateralized debt obligations | 4,256 | — | (3,369 | ) | 887 | |||||||
Corporate bonds | 13,872 | 813 | (403 | ) | 14,282 | |||||||
Common stocks | — | — | — | — | ||||||||
Perpetual preferred stocks | 1,854 | — | (150 | ) | 1,704 | |||||||
Total securities available for sale | 524,036 | 29,382 | (12,165 | ) | 541,253 | |||||||
Held to Maturity: | ||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 52,139 | 360 | — | 52,499 | ||||||||
Total securities held to maturity | 52,139 | 360 | — | 52,499 | ||||||||
Total securities | $576,175 | $29,742 | ($12,165 | ) | $593,752 |
(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) | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | Dec 31, 2010 | |||||||||||
Loans: | ||||||||||||||||
Commercial: | Mortgages | $624,813 | $573,355 | $562,976 | $551,069 | $518,623 | ||||||||||
Construction & development | 10,955 | 18,518 | 19,448 | 34,615 | 47,335 | |||||||||||
Other | 488,860 | 478,652 | 491,071 | 470,704 | 461,107 | |||||||||||
Total commercial | 1,124,628 | 1,070,525 | 1,073,495 | 1,056,388 | 1,027,065 | |||||||||||
Residential real estate: | Mortgages | 678,582 | 674,242 | 644,210 | 636,916 | 634,739 | ||||||||||
Homeowner construction | 21,832 | 17,226 | 14,137 | 12,241 | 10,281 | |||||||||||
Total residential real estate | 700,414 | 691,468 | 658,347 | 649,157 | 645,020 | |||||||||||
Consumer: | Home equity lines | 223,430 | 222,886 | 223,284 | 221,003 | 218,288 | ||||||||||
Home equity loans | 43,121 | 45,354 | 46,797 | 48,337 | 50,624 | |||||||||||
Other | 55,566 | 57,526 | 55,229 | 54,752 | 54,641 | |||||||||||
Total consumer | 322,117 | 325,766 | 325,310 | 324,092 | 323,553 | |||||||||||
Total loans | $2,147,159 | $2,087,759 | $2,057,152 | $2,029,637 | $1,995,638 |
At December 31, 2011 | |||||
(Dollars in thousands) | Balance | % of Total | |||
Commercial Real Estate Loans by Property Location: | |||||
Rhode Island, Connecticut, Massachusetts | $589,083 | 92.7 | % | ||
New York, New Jersey, Pennsylvania | 33,317 | 5.2 | % | ||
New Hampshire | 11,668 | 1.8 | % | ||
Other | 1,700 | 0.3 | % | ||
Total commercial real estate loans (1) | $635,768 | 100.0 | % |
At December 31, 2011 | |||||
(Dollars in thousands) | Balance | % of Total | |||
Residential Mortgages by Property Location: | |||||
Rhode Island, Connecticut, Massachusetts | $675,935 | 96.5 | % | ||
New York, Virginia, New Jersey, Maryland, Pennsylvania, District of Columbia | 11,499 | 1.6 | % | ||
Ohio | 5,665 | 0.8 | % | ||
California, Washington, Oregon | 1,881 | 0.3 | % | ||
Colorado, New Mexico | 1,079 | 0.2 | % | ||
Georgia | 1,118 | 0.2 | % | ||
New Hampshire | 2,767 | 0.4 | % | ||
Wyoming | 470 | — | % | ||
Total residential mortgages | $700,414 | 100.0 | % |
Period End Balances At | |||||||||||||||
(Dollars in thousands) | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | Dec 31, 2010 | ||||||||||
Deposits: | |||||||||||||||
Demand deposits | $339,809 | $319,203 | $261,016 | $274,798 | $228,437 | ||||||||||
NOW accounts | 257,031 | 242,372 | 236,162 | 228,502 | 241,974 | ||||||||||
Money market accounts | 406,777 | 374,324 | 355,096 | 387,923 | 396,455 | ||||||||||
Savings accounts | 243,904 | 239,356 | 227,014 | 223,599 | 220,888 | ||||||||||
Time deposits | 878,794 | 910,895 | 916,755 | 934,024 | 948,576 | ||||||||||
Total deposits | $2,126,315 | $2,086,150 | $1,996,043 | $2,048,846 | $2,036,330 | ||||||||||
Out-of-market brokered certificates of deposits | |||||||||||||||
included in time deposits | $90,073 | $85,250 | $85,659 | $51,778 | $52,347 | ||||||||||
In-market deposits, excluding out of market | |||||||||||||||
brokered certificates of deposit | $2,036,242 | $2,000,900 | $1,910,384 | $1,997,068 | $1,983,983 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | |||||||||||||||
Period End Balances At | |||||||||||||||
(Dollars in thousands) | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | Dec 31, 2010 | ||||||||||
Asset Quality Data: | |||||||||||||||
Nonperforming Assets: | |||||||||||||||
Commercial mortgages | $5,709 | $6,367 | $7,476 | $6,068 | $6,624 | ||||||||||
Commercial construction and development | — | — | — | — | — | ||||||||||
Other commercial | 3,708 | 2,745 | 3,152 | 4,445 | 5,259 | ||||||||||
Residential real estate mortgages | 10,614 | 11,352 | 9,570 | 8,265 | 6,414 | ||||||||||
Consumer | 1,206 | 1,126 | 780 | 601 | 213 | ||||||||||
Total nonaccrual loans | $21,237 | $21,590 | $20,978 | $19,379 | $18,510 | ||||||||||
Nonaccrual investment securities | 887 | 796 | 934 | 752 | 806 | ||||||||||
Property acquired through foreclosure or repossession | 2,647 | 2,201 | 2,189 | 2,163 | 3,644 | ||||||||||
Total nonperforming assets | $24,771 | $24,587 | $24,101 | $22,294 | $22,960 | ||||||||||
Total past due loans to total loans | 1.22 | % | 1.05 | % | 1.19 | % | 1.34 | % | 1.27 | % | |||||
Nonperforming assets to total assets | 0.81 | % | 0.83 | % | 0.82 | % | 0.77 | % | 0.79 | % | |||||
Nonaccrual loans to total loans | 0.99 | % | 1.03 | % | 1.02 | % | 0.95 | % | 0.93 | % | |||||
Allowance for loan losses to nonaccrual loans | 140.33 | % | 137.29 | % | 139.92 | % | 150.21 | % | 154.42 | % | |||||
Allowance for loan losses to total loans | 1.39 | % | 1.42 | % | 1.43 | % | 1.43 | % | 1.43 | % | |||||
Troubled Debt Restructured Loans: | |||||||||||||||
Accruing troubled debt restructured loans | |||||||||||||||
Commercial mortgages | $6,389 | $5,861 | $6,552 | $10,071 | $11,736 | ||||||||||
Other commercial | 6,625 | 4,059 | 4,026 | 4,554 | 4,594 | ||||||||||
Residential real estate mortgages | 1,481 | 1,158 | 2,279 | 2,724 | 2,863 | ||||||||||
Consumer | 171 | 174 | 317 | 417 | 509 | ||||||||||
Accruing troubled debt restructured loans | 14,666 | 11,252 | 13,174 | 17,766 | 19,702 | ||||||||||
Nonaccrual troubled debt restructured loans | |||||||||||||||
Commercial mortgages | 91 | 1,209 | 2,555 | 826 | 1,302 | ||||||||||
Other commercial | 2,154 | 292 | 455 | 526 | 431 | ||||||||||
Residential real estate mortgages | 2,615 | 2,686 | 2,303 | 1,785 | 948 | ||||||||||
Consumer | 106 | 129 | 131 | 199 | 41 | ||||||||||
Nonaccrual troubled debt restructured loans | 4,966 | 4,316 | 5,444 | 3,336 | 2,722 | ||||||||||
Total troubled debt restructured loans | $19,632 | $15,568 | $18,618 | $21,102 | $22,424 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | |||||||||||||||
Period End Balances At | |||||||||||||||
(Dollars in thousands) | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | Dec 31, 2010 | ||||||||||
Past Due Loans: | |||||||||||||||
Loans 30-59 Days Past Due | |||||||||||||||
Commercial mortgages | $1,621 | $874 | $1,507 | $3,223 | $2,185 | ||||||||||
Other commercial loans | 3,760 | 1,629 | 1,783 | 2,474 | 1,862 | ||||||||||
Residential real estate mortgages | 3,969 | 2,145 | 3,355 | 2,986 | 3,073 | ||||||||||
Consumer loans | 1,073 | 1,100 | 1,979 | 1,735 | 2,005 | ||||||||||
Loans 30-59 days past due | $10,423 | $5,748 | $8,624 | $10,418 | $9,125 | ||||||||||
Loans 60-89 Days Past Due | |||||||||||||||
Commercial mortgages | $315 | $328 | $1,013 | $1,626 | $514 | ||||||||||
Other commercial loans | 982 | 103 | 80 | 315 | 953 | ||||||||||
Residential real estate mortgages | 1,505 | 206 | 992 | 1,345 | 1,477 | ||||||||||
Consumer loans | 263 | 420 | 120 | 335 | 448 | ||||||||||
Loans 60-89 days past due | $3,065 | $1,057 | $2,205 | $3,621 | $3,392 | ||||||||||
Loans 90 Days or more Past Due | |||||||||||||||
Commercial mortgages | $4,995 | $5,510 | $5,553 | $5,242 | $5,322 | ||||||||||
Other commercial loans | 633 | 1,209 | 1,378 | 2,524 | 3,376 | ||||||||||
Residential real estate mortgages | 6,283 | 7,826 | 6,549 | 5,165 | 4,041 | ||||||||||
Consumer loans | 874 | 649 | 245 | 317 | 11 | ||||||||||
Loans 90 days or more past due | $12,785 | $15,194 | $13,725 | $13,248 | $12,750 | ||||||||||
Total Past Due Loans | |||||||||||||||
Commercial mortgages | $6,931 | $6,712 | $8,073 | $10,091 | $8,021 | ||||||||||
Other commercial loans | 5,375 | 2,941 | 3,241 | 5,313 | 6,191 | ||||||||||
Residential real estate mortgages | 11,757 | 10,177 | 10,896 | 9,496 | 8,591 | ||||||||||
Consumer loans | 2,210 | 2,169 | 2,344 | 2,387 | 2,464 | ||||||||||
Total past due loans | $26,273 | $21,999 | $24,554 | $27,287 | $25,267 | ||||||||||
Nonaccrual loans included in past due loans | $17,588 | $16,585 | $16,705 | $16,456 | $14,894 |
For the Quarters Ended | |||||||||||||||
(Dollars in thousands) | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | Dec 31, 2010 | ||||||||||
Allowance for Loan Losses: | |||||||||||||||
Balance at beginning of period | $29,641 | $29,353 | $29,109 | $28,583 | $28,165 | ||||||||||
Provision charged to earnings | 1,000 | 1,000 | 1,200 | 1,500 | 1,500 | ||||||||||
Charge-offs | (920 | ) | (818 | ) | (1,044 | ) | (1,052 | ) | (1,396 | ) | |||||
Recoveries | 81 | 106 | 88 | 78 | 314 | ||||||||||
Balance at end of period | $29,802 | $29,641 | $29,353 | $29,109 | $28,583 | ||||||||||
Net Loan Charge-Offs (Recoveries): | |||||||||||||||
Commercial mortgages | $249 | $249 | $122 | $333 | $226 | ||||||||||
Other commercial | 39 | 286 | 541 | 508 | 695 | ||||||||||
Residential real estate mortgages | 273 | 100 | 146 | 118 | (99 | ) | |||||||||
Consumer | 278 | 77 | 147 | 15 | 260 | ||||||||||
Total | $839 | $712 | $956 | $974 | $1,082 |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited) | ||||||||||||||||
Three months ended December 31, | 2011 | 2010 | ||||||||||||||
Average | Yield/ | Average | Yield/ | |||||||||||||
(Dollars in thousands) | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||
Assets: | ||||||||||||||||
Commercial and other loans | $1,082,834 | $14,159 | 5.19 | % | $1,044,263 | $13,741 | 5.22 | % | ||||||||
Residential real estate loans, including mortgage loans held for sale | 717,250 | 8,065 | 4.46 | % | 661,108 | 7,936 | 4.76 | % | ||||||||
Consumer loans | 323,339 | 3,155 | 3.87 | % | 324,703 | 3,239 | 3.96 | % | ||||||||
Total loans | 2,123,423 | 25,379 | 4.74 | % | 2,030,074 | 24,916 | 4.87 | % | ||||||||
Cash, federal funds sold and other short-term investments | 35,429 | 17 | 0.19 | % | 49,381 | 26 | 0.21 | % | ||||||||
FHLBB stock | 42,008 | 32 | 0.30 | % | 42,008 | — | — | % | ||||||||
Taxable debt securities | 490,589 | 4,422 | 3.58 | % | 492,684 | 4,709 | 3.79 | % | ||||||||
Nontaxable debt securities | 75,352 | 1,105 | 5.82 | % | 79,457 | 1,154 | 5.76 | % | ||||||||
Corporate stocks | 2,291 | 34 | 5.89 | % | 2,512 | 47 | 7.42 | % | ||||||||
Total securities | 568,232 | 5,561 | 3.88 | % | 574,653 | 5,910 | 4.08 | % | ||||||||
Total interest-earning assets | 2,769,092 | 30,989 | 4.44 | % | 2,696,116 | 30,852 | 4.54 | % | ||||||||
Non interest-earning assets | 214,556 | 216,654 | ||||||||||||||
Total assets | $2,983,648 | $2,912,770 | ||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||
NOW accounts | $243,241 | $63 | 0.10 | % | $245,857 | $74 | 0.12 | % | ||||||||
Money market accounts | 402,652 | 245 | 0.24 | % | 414,425 | 357 | 0.34 | % | ||||||||
Savings accounts | 239,110 | 70 | 0.12 | % | 211,513 | 72 | 0.14 | % | ||||||||
Time deposits | 897,535 | 3,274 | 1.45 | % | 951,545 | 3,962 | 1.65 | % | ||||||||
FHLBB advances | 484,537 | 4,202 | 3.44 | % | 479,703 | 4,993 | 4.13 | % | ||||||||
Junior subordinated debentures | 32,991 | 393 | 4.73 | % | 32,991 | 428 | 5.15 | % | ||||||||
Other | 21,194 | 245 | 4.59 | % | 21,965 | 245 | 4.43 | % | ||||||||
Total interest-bearing liabilities | 2,321,260 | 8,492 | 1.45 | % | 2,357,999 | 10,131 | 1.70 | % | ||||||||
Demand deposits | 330,027 | 239,100 | ||||||||||||||
Other liabilities | 46,654 | 46,101 | ||||||||||||||
Shareholders' equity | 285,707 | 269,570 | ||||||||||||||
Total liabilities and shareholders' equity | $2,983,648 | $2,912,770 | ||||||||||||||
Net interest income (FTE) | $22,497 | $20,721 | ||||||||||||||
Interest rate spread | 2.99 | % | 2.84 | % | ||||||||||||
Net interest margin | 3.22 | % | 3.05 | % |
(Dollars in thousands) | ||||||
Three months ended December 31, | 2011 | 2010 | ||||
Commercial and other loans | $95 | $70 | ||||
Nontaxable debt securities | 376 | 385 | ||||
Corporate stocks | 11 | 13 | ||||
Total | $482 | $468 |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited) | ||||||||||||||||
Years ended December 31, | 2011 | 2010 | ||||||||||||||
Average | Yield/ | Average | Yield/ | |||||||||||||
(Dollars in thousands) | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||
Assets: | ||||||||||||||||
Commercial and other loans | $1,063,322 | $55,592 | 5.23 | % | $1,019,304 | $53,628 | 5.26 | % | ||||||||
Residential real estate loans, including mortgage loans held for sale | 678,697 | 31,447 | 4.63 | % | 634,735 | 31,609 | 4.98 | % | ||||||||
Consumer loans | 324,002 | 12,649 | 3.90 | % | 327,770 | 13,062 | 3.99 | % | ||||||||
Total loans | 2,066,021 | 99,688 | 4.83 | % | 1,981,809 | 98,299 | 4.96 | % | ||||||||
Cash, federal funds sold and other short-term investments | 35,625 | 69 | 0.19 | % | 41,407 | 85 | 0.21 | % | ||||||||
FHLBB stock | 42,008 | 124 | 0.30 | % | 42,008 | — | — | % | ||||||||
Taxable debt securities | 489,210 | 18,704 | 3.82 | % | 553,531 | 21,824 | 3.94 | % | ||||||||
Nontaxable debt securities | 77,634 | 4,555 | 5.87 | % | 79,491 | 4,618 | 5.81 | % | ||||||||
Corporate stocks | 2,456 | 177 | 7.21 | % | 3,595 | 274 | 7.62 | % | ||||||||
Total securities | 569,300 | 23,436 | 4.12 | % | 636,617 | 26,716 | 4.20 | % | ||||||||
Total interest-earning assets | 2,712,954 | 123,317 | 4.55 | % | 2,701,841 | 125,100 | 4.63 | % | ||||||||
Non interest-earning assets | 214,214 | 213,644 | ||||||||||||||
Total assets | $2,927,168 | $2,915,485 | ||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||
NOW accounts | $232,545 | $242 | 0.10 | % | $220,875 | $268 | 0.12 | % | ||||||||
Money market accounts | 392,002 | 1,051 | 0.27 | % | 403,489 | 1,918 | 0.48 | % | ||||||||
Savings accounts | 229,180 | 286 | 0.12 | % | 205,767 | 318 | 0.15 | % | ||||||||
Time deposits | 925,064 | 14,113 | 1.53 | % | 955,222 | 17,808 | 1.86 | % | ||||||||
FHLBB advances | 492,714 | 18,158 | 3.69 | % | 547,974 | 22,786 | 4.16 | % | ||||||||
Junior subordinated debentures | 32,991 | 1,568 | 4.75 | % | 32,991 | 1,989 | 6.03 | % | ||||||||
Other | 21,891 | 973 | 4.44 | % | 21,321 | 976 | 4.58 | % | ||||||||
Total interest-bearing liabilities | 2,326,387 | 36,391 | 1.56 | % | 2,387,639 | 46,063 | 1.93 | % | ||||||||
Demand deposits | 278,120 | 221,350 | ||||||||||||||
Other liabilities | 42,554 | 41,804 | ||||||||||||||
Shareholders' equity | 280,107 | 264,692 | ||||||||||||||
Total liabilities and shareholders' equity | $2,927,168 | $2,915,485 | ||||||||||||||
Net interest income (FTE) | $86,926 | $79,037 | ||||||||||||||
Interest rate spread | 2.99 | % | 2.70 | % | ||||||||||||
Net interest margin | 3.20 | % | 2.93 | % |
(Dollars in thousands) | ||||||
Years ended December 31, | 2011 | 2010 | ||||
Commercial and other loans | $369 | $229 | ||||
Nontaxable debt securities | 1,553 | 1,541 | ||||
Corporate stocks | 49 | 76 | ||||
Total | $1,971 | $1,846 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||
SUPPLEMENTAL INFORMATION - Non-GAAP Financial Measures (unaudited) | |||||||||||||||
At or for the Quarters Ended | |||||||||||||||
(Dollars in thousands, except per share amounts) | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | Dec 31, 2010 | ||||||||||
Calculation of Tangible Book Value per Share: | |||||||||||||||
Total shareholders' equity at end of period | $281,351 | $285,494 | $281,425 | $273,885 | $268,864 | ||||||||||
Less: | |||||||||||||||
Goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||
Identifiable intangible assets, net | 6,901 | 7,147 | 7,377 | 7,614 | 7,852 | ||||||||||
Total tangible shareholders' equity at end of period | $216,336 | $220,233 | $215,934 | $208,157 | $202,898 | ||||||||||
Shares outstanding at end of period | 16,292.5 | 16,279.5 | 16,266.5 | 16,233.6 | 16,171.6 | ||||||||||
Book value per share - GAAP | $17.27 | $17.54 | $17.30 | $16.87 | $16.63 | ||||||||||
Tangible book value per share - Non-GAAP | $13.28 | $13.53 | $13.27 | $12.82 | $12.55 | ||||||||||
Calculation of Tangible Equity to Tangible Assets: | |||||||||||||||
Total tangible shareholders' equity at end of period | $216,336 | $220,233 | $215,934 | $208,157 | $202,898 | ||||||||||
Total assets at end of period | $3,064,098 | $2,969,613 | $2,936,306 | $2,892,272 | $2,909,525 | ||||||||||
Less: | |||||||||||||||
Goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||
Identifiable intangible assets, net | 6,901 | 7,147 | 7,377 | 7,614 | 7,852 | ||||||||||
Total tangible assets at end of period | $2,999,083 | $2,904,352 | $2,870,815 | $2,826,544 | $2,843,559 | ||||||||||
Equity to assets - GAAP | 9.18 | % | 9.61 | % | 9.58 | % | 9.47 | % | 9.24 | % | |||||
Tangible equity to tangible assets - Non-GAAP | 7.21 | % | 7.58 | % | 7.52 | % | 7.36 | % | 7.14 | % | |||||
Calculation of Return on Average Tangible Assets: | |||||||||||||||
Net income | $7,777 | $7,582 | $7,564 | $6,800 | $7,211 | ||||||||||
Total average assets | $2,983,648 | $2,935,146 | $2,904,086 | $2,884,618 | $2,912,770 | ||||||||||
Less: | |||||||||||||||
Average goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||
Average identifiable intangible assets, net | 7,025 | 7,257 | 7,493 | 7,730 | 7,967 | ||||||||||
Total average tangible assets | $2,918,509 | $2,869,775 | $2,838,479 | $2,818,774 | $2,846,689 | ||||||||||
Return on average assets - GAAP | 1.04 | % | 1.03 | % | 1.04 | % | 0.94 | % | 0.99 | % | |||||
Return on average tangible assets - Non-GAAP | 1.07 | % | 1.06 | % | 1.07 | % | 0.96 | % | 1.01 | % | |||||
Calculation of Return on Average Tangible Equity: | |||||||||||||||
Net income | $7,777 | $7,582 | $7,564 | $6,800 | $7,211 | ||||||||||
Total average shareholders' equity | $285,707 | $284,244 | $279,281 | $270,991 | $269,570 | ||||||||||
Less: | |||||||||||||||
Average goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||
Average identifiable intangible assets, net | 7,025 | 7,257 | 7,493 | 7,730 | 7,967 | ||||||||||
Total average tangible shareholders' equity | $220,568 | $218,873 | $213,674 | $205,147 | $203,489 | ||||||||||
Return on average shareholders' equity - GAAP | 10.89 | % | 10.67 | % | 10.83 | % | 10.04 | % | 10.70 | % | |||||
Return on average tangible shareholders' equity - Non-GAAP | 14.10 | % | 13.86 | % | 14.16 | % | 13.26 | % | 14.17 | % |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||
SUPPLEMENTAL INFORMATION - Non-GAAP Financial Measures (unaudited) | ||||||
Years Ended | ||||||
(Dollars in thousands) | Dec 31, 2011 | Dec 31, 2010 | ||||
Calculation of return on average tangible assets: | ||||||
Net income | $29,724 | $24,051 | ||||
Total average assets | $2,927,168 | $2,915,485 | ||||
Less: | ||||||
Average goodwill | 58,114 | 58,114 | ||||
Average identifiable intangible assets, net | 7,374 | 8,368 | ||||
Total average tangible assets | $2,861,680 | $2,849,003 | ||||
Return on average assets - GAAP | 1.02 | % | 0.82 | % | ||
Return on average tangible assets - Non-GAAP | 1.04 | % | 0.84 | % | ||
Calculation of return on average tangible equity: | ||||||
Net income | $29,724 | $24,051 | ||||
Total average shareholders' equity | $280,107 | $264,692 | ||||
Less: | ||||||
Average goodwill | 58,114 | 58,114 | ||||
Average identifiable intangible assets, net | 7,374 | 8,368 | ||||
Total average tangible shareholders' equity | $214,619 | $198,210 | ||||
Return on average shareholders' equity - GAAP | 10.61 | % | 9.09 | % | ||
Return on average tangible shareholders' equity - Non-GAAP | 13.85 | % | 12.13 | % |
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