Parent Company Financial Statements

12 Months Ended

Dec. 31, 2011

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent Company Financial Statements

Parent Company Financial Statements

The following are parent company only financial statements of Washington Trust Bancorp, Inc. reflecting the investment in the Bank on the equity basis of accounting.  The Statements of Changes in Shareholders’ Equity for the parent company only are identical to the Consolidated Statements of Changes in Shareholders’ Equity and are therefore not presented.

Balance Sheets	(Dollars in thousands, except par value)
December 31,		2011			2010
Assets:
Cash on deposit with bank subsidiary			$1,176			$1,230
Interest-bearing balances due from banks		1,930			1,900
Investment in subsidiaries at equity value		311,946			299,344
Dividends receivable from subsidiaries		3,900			3,240
Other assets		968			722
Total assets			$319,920			$306,436
Liabilities:
Junior subordinated debentures			$32,991			$32,991
Dividends payable		3,688			3,428
Other liabilities		1,890			1,153
Total liabilities		38,569			37,572
Shareholders’ Equity:
Common stock of $.0625 par value; authorized 30,000,000 shares; issued 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			$319,920			$306,436

Statements of Income	(Dollars in thousands)
Years ended December 31,	2011		2010		2009
Income:
Dividends from subsidiaries		$14,439		$15,416		$16,760
Net gains on interest rate swap contracts	—		—		117
Other income	2		2		1
Total income	14,441		15,418		16,878
Expenses:
Interest on junior subordinated debentures	1,568		1,989		1,947
Interest on deferred acquisition obligations	—		—		3
Legal and professional fees	118		135		291
Other	257		252		280
Total expenses	1,943		2,376		2,521
Income before income taxes	12,498		13,042		14,357
Income tax benefit	669		819		820
Income before equity in undistributed earnings of subsidiaries	13,167		13,861		15,177
Equity in undistributed earnings of subsidiaries	16,557		10,190		919
Net income		$29,724		$24,051		$16,096

Statements of Cash Flows	(Dollars in thousands)
Years ended December 31,	2011			2010			2009
Cash flow from operating activities:
Net income		$29,724			$24,051			$16,096
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary	(16,557		)	(10,190		)	(919		)
Net gains on interest rate swap contracts	—			—			(117		)
(Increase) decrease in dividend receivable	(660		)	360			(120		)
(Increase) decrease in other assets	(246		)	(373		)	42
Increase (decrease) in accrued expenses and other liabilities	281			(92		)	(112		)
Other, net	(115		)	(109		)	(52		)
Net cash provided by operating activities	12,427			13,647			14,818
Cash flows from investing activities:
Payment of deferred acquisition obligation	—			—			(2,509		)
Net cash used in investing activities	—			—			(2,509		)
Cash flows from financing activities:
Issuance of treasury stock, including net deferred compensation plan activity	—			44			53
Proceeds from the issuance of common stock under dividend reinvestment plan	754			1,002			1,106
Proceeds from the exercise of stock options and issuance of other equity instruments	885			785			364
Tax benefit (expense) from stock option exercises and issuance of other equity instruments	115			65			(26		)
Cash dividends paid	(14,205		)	(13,582		)	(13,440		)
Net cash used in financing activities	(12,451		)	(11,686		)	(11,943		)
Net (decrease) increase in cash	(24		)	1,961			366
Cash at beginning of year	3,130			1,169			803
Cash at end of year		$3,106			$3,130			$1,169