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 July 23, 2012* | |||
*Filed herewith |
WASHINGTON TRUST BANCORP, INC. | |||
Date: July 23, 2012 | By: | /s/ David V. Devault | |
David V. Devault | |||
Senior Executive Vice President, Secretary and Chief Financial Officer |
• | Net interest margin increased to 3.30%, up three basis points from the first quarter of 2012, benefiting from improvements in the mix of interest-earning assets and reductions to funding costs. |
• | Mortgage banking revenues (net gains on loan sales and commissions on loans originated for others) totaled $3.0 million for the quarter, consistent with the prior quarter and reflective of continued strong mortgage origination volume. |
• | Asset quality indicators showed continued improvement in the second quarter of 2012. The balances of nonperforming assets (nonaccrual loans, nonaccrual investment securities and property acquired through foreclosure or repossession), loan delinquencies and troubled debt restructurings all declined from March 31, 2012 to June 30, 2012. |
• | The loan loss provision charged to earnings in the second quarter of 2012 was $600 thousand, compared to $900 thousand in the previous quarter. The provision in the second quarter 2012 was the lowest quarterly provision since the first quarter of 2008. |
• | Total loans were $2.2 billion at June 30, 2012, up by $58 million, or 3%, from March 31, 2012, led by solid growth of $53 million, or 5%, in the commercial loan portfolio. |
• | Total deposits were $2.1 billion at June 30, 2012, down slightly from March 31, 2012. |
• | A gain of $348 thousand was recognized in the quarter on the sale of a bank property. A charge of $131 thousand was also recognized in connection with a planned branch closure. |
• | Balance sheet management transactions, which are expected to result in net interest income enhancement of approximately $292 thousand in the second half of 2012 with continuing benefits in future years, were conducted in the latter portion of the quarter, including: |
◦ | Mortgage-backed securities of $6 million were sold and Federal Home Loan Bank of Boston (“FHLBB”) advances totaling $15 million were prepaid. These transactions resulted in second quarter 2012 net realized gains on securities of $217 thousand and debt prepayment penalty expense of $961 thousand. |
◦ | The terms of $36.7 million of FHLBB advances with original maturity dates in 2014 and 2015 were modified into longer terms maturing in 2017. |
• | A realized gain of $82 thousand was recorded in the quarter on the sale of perpetual preferred stock. |
• | The net impact of these transactions was a reduction of 2 cents per diluted share in the second quarter of 2012. |
• | Mortgage banking revenues totaled $3.0 million in the second quarter of 2012, consistent with the previous quarter and up by $2.5 million from the second quarter of 2011, reflecting another strong quarter of mortgage origination activity. |
• | Second quarter 2012 wealth management revenues were $7.5 million, up by $288 thousand on a linked quarter basis and level when compared to the second quarter of 2011. On a linked quarter basis, the increase includes a $274 thousand increase in tax preparation fees, which are typically concentrated in the second quarter. Wealth management assets under administration totaled $4.1 billion at June 30, 2012, down by $90.4 million, or 2%, from March 31, 2012, primarily due to declines in the financial markets. |
• | Merchant processing fees totaled $2.7 million for the second quarter of 2012, up by $744 thousand on a linked quarter basis and comparable with the second quarter of 2011. On a linked quarter basis, the increase reflects a higher volume of transactions processed for existing and new customers. See discussion on the corresponding increase in merchant processing costs under the caption “Noninterest Expenses.” |
• | Salaries and employee benefit costs amounted to $14.5 million in the second quarter of 2012, essentially unchanged from the previous quarter and up by $2.1 million, or 17%, from the second quarter of 2011. The increase from 2011 reflected higher amounts of commissions paid to mortgage originators, higher staffing levels in support of mortgage origination and other business lines and higher defined benefit plan cost primarily due to a lower discount rate. |
• | Merchant processing costs totaled $2.3 million in the second quarter of 2012, up by $657 thousand on a linked quarter basis and comparable with the second quarter of 2011. See the discussion above regarding the corresponding increase in merchant processing fee income. |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||
CONSOLIDATED BALANCE SHEETS (unaudited) | ||||||||
(Dollars in thousands, except par value) | Jun 30, 2012 | Dec 31, 2011 | ||||||
Assets: | ||||||||
Cash and due from banks | $66,702 | $82,238 | ||||||
Short-term investments | 3,913 | 4,782 | ||||||
Mortgage loans held for sale, at fair value; amortized cost $22,708 in 2012 and $19,624 in 2011 | 23,530 | 20,340 | ||||||
Securities: | ||||||||
Available for sale, at fair value; amortized cost $452,733 in 2012 and $524,036 in 2011 | 469,167 | 541,253 | ||||||
Held to maturity, at cost; fair value $48,220 in 2012 and $52,499 in 2011 | 47,026 | 52,139 | ||||||
Total securities | 516,193 | 593,392 | ||||||
Federal Home Loan Bank stock, at cost | 40,418 | 42,008 | ||||||
Loans: | ||||||||
Commercial and other | 1,191,995 | 1,124,628 | ||||||
Residential real estate | 702,019 | 700,414 | ||||||
Consumer | 319,828 | 322,117 | ||||||
Total loans | 2,213,842 | 2,147,159 | ||||||
Less allowance for loan losses | 30,448 | 29,802 | ||||||
Net loans | 2,183,394 | 2,117,357 | ||||||
Premises and equipment, net | 27,223 | 26,028 | ||||||
Investment in bank-owned life insurance | 54,746 | 53,783 | ||||||
Goodwill | 58,114 | 58,114 | ||||||
Identifiable intangible assets, net | 6,528 | 6,901 | ||||||
Other assets | 60,289 | 59,155 | ||||||
Total assets | $3,041,050 | $3,064,098 | ||||||
Liabilities: | ||||||||
Deposits: | ||||||||
Demand deposits | $321,488 | $339,809 | ||||||
NOW accounts | 263,124 | 257,031 | ||||||
Money market accounts | 388,686 | 406,777 | ||||||
Savings accounts | 264,772 | 243,904 | ||||||
Time deposits | 892,383 | 878,794 | ||||||
Total deposits | 2,130,453 | 2,126,315 | ||||||
Federal Home Loan Bank advances | 523,989 | 540,450 | ||||||
Junior subordinated debentures | 32,991 | 32,991 | ||||||
Other borrowings | 481 | 19,758 | ||||||
Other liabilities | 60,402 | 63,233 | ||||||
Total liabilities | 2,748,316 | 2,782,747 | ||||||
Shareholders’ Equity: | ||||||||
Common stock of $.0625 par value; authorized 30,000,000 shares; issued 16,359,394 shares in 2012 and 16,292,471 shares in 2011 | 1,022 | 1,018 | ||||||
Paid-in capital | 90,022 | 88,030 | ||||||
Retained earnings | 203,726 | 194,198 | ||||||
Accumulated other comprehensive loss | (2,036 | ) | (1,895 | ) | ||||
Total shareholders’ equity | 292,734 | 281,351 | ||||||
Total liabilities and shareholders’ equity | $3,041,050 | $3,064,098 |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME (unaudited) | ||||||||||||||||
(Dollars and shares in thousands, except per share amounts) | Three Months | Six Months | ||||||||||||||
Periods ended June 30, | 2012 | 2011 | 2012 | 2011 | ||||||||||||
Interest income: | ||||||||||||||||
Interest and fees on loans | $25,344 | $24,707 | $50,707 | $48,966 | ||||||||||||
Interest on securities: | Taxable | 4,069 | 4,869 | 8,446 | 9,642 | |||||||||||
Nontaxable | 682 | 758 | 1,375 | 1,527 | ||||||||||||
Dividends on corporate stock and Federal Home Loan Bank stock | 78 | 66 | 155 | 133 | ||||||||||||
Other interest income | 17 | 13 | 37 | 37 | ||||||||||||
Total interest income | 30,190 | 30,413 | 60,720 | 60,305 | ||||||||||||
Interest expense: | ||||||||||||||||
Deposits | 3,385 | 4,030 | 6,819 | 8,232 | ||||||||||||
Federal Home Loan Bank advances | 3,998 | 4,685 | 8,083 | 9,417 | ||||||||||||
Junior subordinated debentures | 391 | 392 | 783 | 782 | ||||||||||||
Other interest expense | 5 | 242 | 239 | 483 | ||||||||||||
Total interest expense | 7,779 | 9,349 | 15,924 | 18,914 | ||||||||||||
Net interest income | 22,411 | 21,064 | 44,796 | 41,391 | ||||||||||||
Provision for loan losses | 600 | 1,200 | 1,500 | 2,700 | ||||||||||||
Net interest income after provision for loan losses | 21,811 | 19,864 | 43,296 | 38,691 | ||||||||||||
Noninterest income: | ||||||||||||||||
Wealth management services: | ||||||||||||||||
Trust and investment advisory fees | 5,819 | 5,822 | 11,597 | 11,498 | ||||||||||||
Mutual fund fees | 1,002 | 1,135 | 2,027 | 2,258 | ||||||||||||
Financial planning, commissions and other service fees | 652 | 553 | 1,034 | 834 | ||||||||||||
Wealth management services | 7,473 | 7,510 | 14,658 | 14,590 | ||||||||||||
Service charges on deposit accounts | 764 | 909 | 1,523 | 1,841 | ||||||||||||
Merchant processing fees | 2,732 | 2,682 | 4,720 | 4,626 | ||||||||||||
Card interchange fees | 626 | 581 | 1,169 | 1,068 | ||||||||||||
Income from bank-owned life insurance | 477 | 482 | 963 | 958 | ||||||||||||
Net gains on loan sales and commissions on loans originated for others | 3,015 | 537 | 6,112 | 1,062 | ||||||||||||
Net realized gains on securities | 299 | 226 | 299 | 197 | ||||||||||||
Net (losses) gains on interest rate swap contracts | (4 | ) | (35 | ) | 24 | 41 | ||||||||||
Equity in earnings (losses) of unconsolidated subsidiaries | 124 | (145 | ) | 87 | (289 | ) | ||||||||||
Other income | 668 | 538 | 1,060 | 921 | ||||||||||||
Noninterest income, excluding other-than-temporary impairment losses | 16,174 | 13,285 | 30,615 | 25,015 | ||||||||||||
Total other-than-temporary impairment losses on securities | — | — | (85 | ) | (54 | ) | ||||||||||
Portion of loss recognized in other comprehensive income (before tax) | — | — | (124 | ) | 21 | |||||||||||
Net impairment losses recognized in earnings | — | — | (209 | ) | (33 | ) | ||||||||||
Total noninterest income | 16,174 | 13,285 | 30,406 | 24,982 | ||||||||||||
Noninterest expense: | ||||||||||||||||
Salaries and employee benefits | 14,451 | 12,398 | 28,911 | 24,226 | ||||||||||||
Net occupancy | 1,527 | 1,236 | 3,053 | 2,557 | ||||||||||||
Equipment | 1,143 | 1,070 | 2,250 | 2,119 | ||||||||||||
Merchant processing costs | 2,320 | 2,345 | 3,983 | 4,014 | ||||||||||||
Outsourced services | 895 | 875 | 1,815 | 1,747 | ||||||||||||
FDIC deposit insurance costs | 426 | 464 | 884 | 1,187 | ||||||||||||
Legal, audit and professional fees | 519 | 467 | 1,001 | 959 | ||||||||||||
Advertising and promotion | 478 | 427 | 850 | 780 | ||||||||||||
Amortization of intangibles | 186 | 237 | 373 | 475 | ||||||||||||
Foreclosed property costs | 170 | 338 | 468 | 504 | ||||||||||||
Debt prepayment penalties | 961 | 221 | 961 | 221 | ||||||||||||
Other expenses | 2,152 | 2,186 | 4,078 | 4,215 | ||||||||||||
Total noninterest expense | 25,228 | 22,264 | 48,627 | 43,004 | ||||||||||||
Income before income taxes | 12,757 | 10,885 | 25,075 | 20,669 | ||||||||||||
Income tax expense | 4,044 | 3,320 | 7,924 | 6,304 | ||||||||||||
Net income | $8,713 | $7,565 | $17,151 | $14,365 | ||||||||||||
Weighted average common shares outstanding - basic | 16,358 | 16,252 | 16,344 | 16,225 | ||||||||||||
Weighted average common shares outstanding - diluted | 16,392 | 16,284 | 16,381 | 16,257 | ||||||||||||
Per share information: | Basic earnings per common share | $0.53 | $0.46 | $1.04 | $0.88 | |||||||||||
Diluted earnings per common share | $0.53 | $0.46 | $1.04 | $0.88 | ||||||||||||
Cash dividends declared per share | $0.23 | $0.22 | $0.46 | $0.44 |
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) | Jun 30, 2012 | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | ||||||||||
Financial Data: | |||||||||||||||
Total assets | $3,041,050 | $3,028,690 | $3,064,098 | $2,969,613 | $2,936,306 | ||||||||||
Total loans | 2,213,842 | 2,155,359 | 2,147,159 | 2,087,759 | 2,057,152 | ||||||||||
Total securities | 516,193 | 558,284 | 593,392 | 581,543 | 591,580 | ||||||||||
Total deposits | 2,130,453 | 2,145,562 | 2,126,315 | 2,086,150 | 1,996,043 | ||||||||||
Total shareholders' equity | 292,734 | 287,935 | 281,351 | 285,494 | 281,425 | ||||||||||
Net interest income | 22,411 | 22,385 | 22,015 | 21,549 | 21,064 | ||||||||||
Provision for loan losses | 600 | 900 | 1,000 | 1,000 | 1,200 | ||||||||||
Noninterest income, excluding OTTI losses | 16,174 | 14,441 | 14,826 | 13,114 | 13,285 | ||||||||||
Net OTTI losses recognized in earnings | — | (209 | ) | — | (158 | ) | — | ||||||||
Noninterest expenses | 25,228 | 23,399 | 24,774 | 22,595 | 22,264 | ||||||||||
Income tax expense | 4,044 | 3,880 | 3,290 | 3,328 | 3,320 | ||||||||||
Net income | 8,713 | 8,438 | 7,777 | 7,582 | 7,565 | ||||||||||
Share Data: | |||||||||||||||
Basic earnings per common share | $0.53 | $0.51 | $0.48 | $0.46 | $0.46 | ||||||||||
Diluted earnings per common share | $0.53 | $0.51 | $0.47 | $0.46 | $0.46 | ||||||||||
Dividends declared per share | $0.23 | $0.23 | $0.22 | $0.22 | $0.22 | ||||||||||
Book value per share | $17.89 | $17.61 | $17.27 | $17.54 | $17.30 | ||||||||||
Tangible book value per share - Non-GAAP (1) | $13.94 | $13.64 | $13.28 | $13.53 | $13.27 | ||||||||||
Market value per share | $24.38 | $24.14 | $23.86 | $19.78 | $22.97 | ||||||||||
Shares outstanding at end of period | 16,359 | 16,354 | 16,292 | 16,279 | 16,266 | ||||||||||
Weighted average common shares outstanding - basic | 16,358 | 16,330 | 16,288 | 16,278 | 16,252 | ||||||||||
Weighted average common shares outstanding - diluted | 16,392 | 16,370 | 16,327 | 16,294 | 16,284 | ||||||||||
Key Ratios: | |||||||||||||||
Return on average assets | 1.16 | % | 1.11 | % | 1.04 | % | 1.03 | % | 1.04 | % | |||||
Return on average tangible assets - Non-GAAP (1) | 1.18 | % | 1.14 | % | 1.07 | % | 1.06 | % | 1.07 | % | |||||
Return on average equity | 11.98 | % | 11.85 | % | 10.89 | % | 10.67 | % | 10.83 | % | |||||
Return on average tangible equity - Non-GAAP (1) | 15.41 | % | 15.35 | % | 14.10 | % | 13.86 | % | 14.16 | % | |||||
Capital Ratios: | |||||||||||||||
Tier 1 risk-based capital | 11.90% (i) | 11.96 | % | 11.61 | % | 11.73 | % | 11.72 | % | ||||||
Total risk-based capital | 13.15% (i) | 13.22 | % | 12.86 | % | 12.99 | % | 12.98 | % | ||||||
Tier 1 leverage ratio | 9.00% (i) | 8.75 | % | 8.70 | % | 8.69 | % | 8.61 | % | ||||||
Equity to assets | 9.63 | % | 9.51 | % | 9.18 | % | 9.61 | % | 9.58 | % | |||||
Tangible equity to tangible assets - Non-GAAP (1) | 7.66 | % | 7.53 | % | 7.21 | % | 7.58 | % | 7.52 | % | |||||
(i) - estimated | |||||||||||||||
Wealth Management Assets under | |||||||||||||||
Administration: | |||||||||||||||
Balance at beginning of period | $4,196,447 | $3,900,061 | $3,728,837 | $4,148,433 | $4,119,207 | ||||||||||
Net investment (depreciation) appreciation & income | (105,791 | ) | 298,155 | 215,449 | (374,961 | ) | 1,625 | ||||||||
Net client cash flows | 15,362 | (1,769 | ) | (36,815 | ) | (44,635 | ) | 27,601 | |||||||
Other (2) | — | — | (7,410 | ) | — | — | |||||||||
Balance at end of period | $4,106,018 | $4,196,447 | $3,900,061 | $3,728,837 | $4,148,433 |
(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 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) | |||||||
Six Months Ended | |||||||
(Dollars and shares in thousands, except per share amounts) | Jun 30, 2012 | Jun 30, 2011 | |||||
Financial Data: | |||||||
Net interest income | $44,796 | $41,391 | |||||
Provision for loan losses | 1,500 | 2,700 | |||||
Noninterest income, excluding OTTI losses | 30,615 | 25,015 | |||||
Net OTTI losses recognized in earnings | (209 | ) | (33 | ) | |||
Noninterest expenses | 48,627 | 43,004 | |||||
Income tax expense | 7,924 | 6,304 | |||||
Net income | 17,151 | 14,365 | |||||
Share Data: | |||||||
Basic earnings per common share | $1.04 | $0.88 | |||||
Diluted earnings per common share | $1.04 | $0.88 | |||||
Dividends declared per share | $0.46 | $0.44 | |||||
Weighted average common shares outstanding - basic | 16,344 | 16,225 | |||||
Weighted average common shares outstanding - diluted | 16,381 | 16,257 | |||||
Key Ratios: | |||||||
Return on average assets | 1.13 | % | 0.99 | % | |||
Return on average tangible assets - Non-GAAP (1) | 1.16 | % | 1.02 | % | |||
Return on average equity | 11.92 | % | 10.44 | % | |||
Return on average tangible equity - Non-GAAP (1) | 15.38 | % | 13.72 | % | |||
Asset Quality Data: | |||||||
Allowance for Loan Losses: | |||||||
Balance at beginning of period | $29,802 | $28,583 | |||||
Provision charged to earnings | 1,500 | 2,700 | |||||
Charge-offs | (1,377 | ) | (2,097 | ) | |||
Recoveries | 523 | 167 | |||||
Balance at end of period | $30,448 | $29,353 | |||||
Net Loan Charge-Offs (Recoveries): | |||||||
Commercial mortgages | ($381 | ) | $455 | ||||
Other commercial | 873 | 1,049 | |||||
Residential real estate mortgages | 177 | 263 | |||||
Consumer | 185 | 163 | |||||
Total | $854 | $1,930 | |||||
Net charge-offs to average loans (annualized) | 0.08 | % | 0.19 | % | |||
Wealth Management Assets Under Administration: | |||||||
Balance at beginning of period | $3,900,061 | $3,967,207 | |||||
Net investment appreciation & income | 192,364 | 147,188 | |||||
Net client cash flows | 13,593 | 34,038 | |||||
Balance at end of period | $4,106,018 | $4,148,433 |
(1) | See the section labeled “Supplemental Information - Non-GAAP Financial Measures” at the end of this document. |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | ||||||||||||||
For the Quarters Ended | ||||||||||||||
Jun 30, 2012 | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | ||||||||||
Average Yield / Rate (taxable equivalent basis): | ||||||||||||||
Assets: | ||||||||||||||
Commercial mortgages and other commercial loans | 5.03 | % | 5.13 | % | 5.19 | % | 5.22 | % | 5.23 | % | ||||
Residential real estate loans, including mortgage loans held for sale | 4.40 | % | 4.51 | % | 4.46 | % | 4.58 | % | 4.72 | % | ||||
Consumer loans | 3.85 | % | 3.89 | % | 3.87 | % | 3.90 | % | 3.91 | % | ||||
Total loans | 4.65 | % | 4.74 | % | 4.74 | % | 4.80 | % | 4.86 | % | ||||
Cash, federal funds sold and other short-term investments | 0.23 | % | 0.15 | % | 0.19 | % | 0.20 | % | 0.15 | % | ||||
FHLBB stock | 0.54 | % | 0.50 | % | 0.30 | % | 0.26 | % | 0.31 | % | ||||
Taxable debt securities | 3.63 | % | 3.62 | % | 3.58 | % | 3.78 | % | 4.01 | % | ||||
Nontaxable debt securities | 5.93 | % | 5.92 | % | 5.82 | % | 5.82 | % | 5.88 | % | ||||
Corporate stocks | 7.58 | % | 7.16 | % | 5.89 | % | 7.58 | % | 7.50 | % | ||||
Total securities | 3.95 | % | 3.93 | % | 3.88 | % | 4.07 | % | 4.28 | % | ||||
Total interest-earning assets | 4.41 | % | 4.43 | % | 4.44 | % | 4.53 | % | 4.61 | % | ||||
Liabilities: | ||||||||||||||
NOW accounts | 0.06 | % | 0.08 | % | 0.10 | % | 0.10 | % | 0.10 | % | ||||
Money market accounts | 0.23 | % | 0.22 | % | 0.24 | % | 0.25 | % | 0.25 | % | ||||
Savings accounts | 0.11 | % | 0.11 | % | 0.12 | % | 0.12 | % | 0.12 | % | ||||
Time deposits | 1.35 | % | 1.41 | % | 1.45 | % | 1.48 | % | 1.57 | % | ||||
FHLBB advances | 3.25 | % | 3.14 | % | 3.44 | % | 3.49 | % | 3.80 | % | ||||
Junior subordinated debentures | 4.77 | % | 4.78 | % | 4.73 | % | 4.73 | % | 4.77 | % | ||||
Other | 2.07 | % | 4.98 | % | 4.59 | % | 4.50 | % | 4.48 | % | ||||
Total interest-bearing liabilities | 1.33 | % | 1.38 | % | 1.45 | % | 1.53 | % | 1.61 | % | ||||
Interest rate spread (taxable equivalent basis) | 3.08 | % | 3.05 | % | 2.99 | % | 3.00 | % | 3.00 | % | ||||
Net interest margin (taxable equivalent basis) | 3.30 | % | 3.27 | % | 3.22 | % | 3.22 | % | 3.21 | % |
At June 30, 2012 | ||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
(Dollars in thousands) | Cost (1) | Gains | Losses | Value | ||||||||||||
Securities Available for Sale: | ||||||||||||||||
Obligations of U.S. government-sponsored enterprises | $29,443 | $2,876 | $— | $32,319 | ||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 305,757 | 18,535 | — | 324,292 | ||||||||||||
States and political subdivisions | 68,939 | 4,784 | — | 73,723 | ||||||||||||
Trust preferred securities: | ||||||||||||||||
Individual name issuers | 30,658 | — | (7,038 | ) | 23,620 | |||||||||||
Collateralized debt obligations | 4,047 | — | (3,280 | ) | 767 | |||||||||||
Corporate bonds | 13,889 | 659 | (102 | ) | 14,446 | |||||||||||
Total securities available for sale | 452,733 | 26,854 | (10,420 | ) | 469,167 | |||||||||||
Held to Maturity: | ||||||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 47,026 | 1,194 | — | 48,220 | ||||||||||||
Total securities held to maturity | 47,026 | 1,194 | — | 48,220 | ||||||||||||
Total securities | $499,759 | $28,048 | ($10,420 | ) | $517,387 |
(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) | Jun 30, 2012 | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | |||||||||||
Loans: | ||||||||||||||||
Commercial: | Mortgages | $664,410 | $642,012 | $624,813 | $573,355 | $562,976 | ||||||||||
Construction & development | 17,365 | 11,130 | 10,955 | 18,518 | 19,448 | |||||||||||
Other | 510,220 | 486,258 | 488,860 | 478,652 | 491,071 | |||||||||||
Total commercial | 1,191,995 | 1,139,400 | 1,124,628 | 1,070,525 | 1,073,495 | |||||||||||
Residential real estate: | Mortgages | 680,772 | 675,249 | 678,582 | 674,242 | 644,210 | ||||||||||
Homeowner construction | 21,247 | 21,708 | 21,832 | 17,226 | 14,137 | |||||||||||
Total residential real estate | 702,019 | 696,957 | 700,414 | 691,468 | 658,347 | |||||||||||
Consumer: | Home equity lines | 224,550 | 223,311 | 223,430 | 222,886 | 223,284 | ||||||||||
Home equity loans | 40,690 | 40,793 | 43,121 | 45,354 | 46,797 | |||||||||||
Other | 54,588 | 54,898 | 55,566 | 57,526 | 55,229 | |||||||||||
Total consumer | 319,828 | 319,002 | 322,117 | 325,766 | 325,310 | |||||||||||
Total loans | $2,213,842 | $2,155,359 | $2,147,159 | $2,087,759 | $2,057,152 |
At June 30, 2012 | |||||
(Dollars in thousands) | Balance | % of Total | |||
Commercial Real Estate Loans by Property Location: | |||||
Rhode Island, Connecticut, Massachusetts | $629,891 | 92.4 | % | ||
New York, New Jersey, Pennsylvania | 37,428 | 5.5 | % | ||
New Hampshire | 12,271 | 1.8 | % | ||
Other | 2,185 | 0.3 | % | ||
Total commercial real estate loans (1) | $681,775 | 100.0 | % |
(1) | Commercial real estate loans consist of commercial mortgages and construction and development loans. Commercial mortgages are loans secured by income producing property. |
At June 30, 2012 | |||||
(Dollars in thousands) | Balance | % of Total | |||
Residential Mortgages by Property Location: | |||||
Rhode Island, Connecticut, Massachusetts | $679,847 | 96.7 | % | ||
New York, Virginia, New Jersey, Maryland, Pennsylvania, District of Columbia | 9,749 | 1.4 | % | ||
Ohio | 4,935 | 0.7 | % | ||
New Hampshire | 4,021 | 0.6 | % | ||
Washington, Oregon | 1,390 | 0.2 | % | ||
Georgia | 1,110 | 0.2 | % | ||
New Mexico | 497 | 0.1 | % | ||
Other | 470 | 0.1 | % | ||
Total residential mortgages | $702,019 | 100.0 | % |
Period End Balances At | ||||||||||||||||
(Dollars in thousands) | Jun 30, 2012 | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | |||||||||||
Deposits: | ||||||||||||||||
Demand deposits | $321,488 | $333,833 | $339,809 | $319,203 | $261,016 | |||||||||||
NOW accounts | 263,124 | 258,986 | 257,031 | 242,372 | 236,162 | |||||||||||
Money market accounts | 388,686 | 400,396 | 406,777 | 374,324 | 355,096 | |||||||||||
Savings accounts | 264,772 | 257,495 | 243,904 | 239,356 | 227,014 | |||||||||||
Time deposits | 892,383 | 894,852 | 878,794 | 910,895 | 916,755 | |||||||||||
Total deposits | $2,130,453 | $2,145,562 | $2,126,315 | $2,086,150 | $1,996,043 | |||||||||||
Out-of-market brokered certificates of deposits included in time deposits | $102,661 | $95,989 | $90,073 | $85,250 | $85,659 | |||||||||||
In-market deposits, excluding out-of-market brokered certificates of deposit | $2,027,792 | $2,049,573 | $2,036,242 | $2,000,900 | $1,910,384 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | |||||||||||||||||||
Period End Balances At | |||||||||||||||||||
(Dollars in thousands) | Jun 30, 2012 | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | ||||||||||||||
Asset Quality Data: | |||||||||||||||||||
Nonperforming Assets: | |||||||||||||||||||
Commercial mortgages | $2,597 | $5,099 | $5,709 | $6,367 | $7,476 | ||||||||||||||
Commercial construction and development | — | — | — | — | — | ||||||||||||||
Other commercial | 3,405 | 4,200 | 3,708 | 2,745 | 3,152 | ||||||||||||||
Residential real estate mortgages | 8,659 | 9,031 | 10,614 | 11,352 | 9,570 | ||||||||||||||
Consumer | 1,081 | 1,069 | 1,206 | 1,126 | 780 | ||||||||||||||
Total nonaccrual loans | $15,742 | $19,399 | $21,237 | $21,590 | $20,978 | ||||||||||||||
Nonaccrual investment securities | 767 | 750 | 887 | 796 | 934 | ||||||||||||||
Property acquired through foreclosure or repossession | 2,332 | 3,478 | 2,647 | 2,201 | 2,189 | ||||||||||||||
Total nonperforming assets | $18,841 | $23,627 | $24,771 | $24,587 | $24,101 | ||||||||||||||
Total past due loans to total loans | 0.92 | % | 0.98 | % | 1.22 | % | 1.05 | % | 1.19 | % | |||||||||
Nonperforming assets to total assets | 0.62 | % | 0.78 | % | 0.81 | % | 0.83 | % | 0.82 | % | |||||||||
Nonaccrual loans to total loans | 0.71 | % | 0.90 | % | 0.99 | % | 1.03 | % | 1.02 | % | |||||||||
Allowance for loan losses to nonaccrual loans | 193.42 | % | 154.88 | % | 140.33 | % | 137.29 | % | 139.92 | % | |||||||||
Allowance for loan losses to total loans | 1.38 | % | 1.39 | % | 1.39 | % | 1.42 | % | 1.43 | % | |||||||||
Troubled Debt Restructured Loans: | |||||||||||||||||||
Accruing troubled debt restructured loans: | |||||||||||||||||||
Commercial mortgages | $1,251 | $1,059 | $6,389 | $5,861 | $6,552 | ||||||||||||||
Other commercial | 6,916 | 7,329 | 6,625 | 4,059 | 4,026 | ||||||||||||||
Residential real estate mortgages | 570 | 935 | 1,481 | 1,158 | 2,279 | ||||||||||||||
Consumer | 159 | 174 | 171 | 174 | 317 | ||||||||||||||
Accruing troubled debt restructured loans | 8,896 | 9,497 | 14,666 | 11,252 | 13,174 | ||||||||||||||
Nonaccrual troubled debt restructured loans: | |||||||||||||||||||
Commercial mortgages | — | 348 | 91 | 1,209 | 2,555 | ||||||||||||||
Other commercial | 2,317 | 2,361 | 2,154 | 292 | 455 | ||||||||||||||
Residential real estate mortgages | 2,028 | 1,904 | 2,615 | 2,686 | 2,303 | ||||||||||||||
Consumer | 47 | 35 | 106 | 129 | 131 | ||||||||||||||
Nonaccrual troubled debt restructured loans | 4,392 | 4,648 | 4,966 | 4,316 | 5,444 | ||||||||||||||
Total troubled debt restructured loans | $13,288 | $14,145 | $19,632 | $15,568 | $18,618 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | |||||||||||||||||||
Period End Balances At | |||||||||||||||||||
(Dollars in thousands) | Jun 30, 2012 | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | ||||||||||||||
Past Due Loans: | |||||||||||||||||||
Loans 30-59 Days Past Due: | |||||||||||||||||||
Commercial mortgages | $411 | $104 | $1,621 | $874 | $1,507 | ||||||||||||||
Other commercial loans | 849 | 1,031 | 3,760 | 1,629 | 1,783 | ||||||||||||||
Residential real estate mortgages | 4,969 | 4,468 | 3,969 | 2,145 | 3,355 | ||||||||||||||
Consumer loans | 2,660 | 2,404 | 1,073 | 1,100 | 1,979 | ||||||||||||||
Loans 30-59 days past due | $8,889 | $8,007 | $10,423 | $5,748 | $8,624 | ||||||||||||||
Loans 60-89 Days Past Due: | |||||||||||||||||||
Commercial mortgages | $233 | $— | $315 | $328 | $1,013 | ||||||||||||||
Other commercial loans | 434 | 33 | 982 | 103 | 80 | ||||||||||||||
Residential real estate mortgages | 1,600 | 488 | 1,505 | 206 | 992 | ||||||||||||||
Consumer loans | 677 | 219 | 263 | 420 | 120 | ||||||||||||||
Loans 60-89 days past due | $2,944 | $740 | $3,065 | $1,057 | $2,205 | ||||||||||||||
Loans 90 Days or more Past Due: | |||||||||||||||||||
Commercial mortgages | $2,339 | $4,676 | $4,995 | $5,510 | $5,553 | ||||||||||||||
Other commercial loans | 1,714 | 2,521 | 633 | 1,209 | 1,378 | ||||||||||||||
Residential real estate mortgages | 4,039 | 4,843 | 6,283 | 7,826 | 6,549 | ||||||||||||||
Consumer loans | 362 | 326 | 874 | 649 | 245 | ||||||||||||||
Loans 90 days or more past due | $8,454 | $12,366 | $12,785 | $15,194 | $13,725 | ||||||||||||||
Total Past Due Loans: | |||||||||||||||||||
Commercial mortgages | $2,983 | $4,780 | $6,931 | $6,712 | $8,073 | ||||||||||||||
Other commercial loans | 2,997 | 3,585 | 5,375 | 2,941 | 3,241 | ||||||||||||||
Residential real estate mortgages | 10,608 | 9,799 | 11,757 | 10,177 | 10,896 | ||||||||||||||
Consumer loans | 3,699 | 2,949 | 2,210 | 2,169 | 2,344 | ||||||||||||||
Total past due loans | $20,287 | $21,113 | $26,273 | $21,999 | $24,554 | ||||||||||||||
Nonaccrual loans included in past due loans | $12,719 | $14,747 | $17,588 | $16,585 | $16,705 |
For the Quarters Ended | |||||||||||||||||||
(Dollars in thousands) | Jun 30, 2012 | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | ||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||
Balance at beginning of period | $30,045 | $29,802 | $29,641 | $29,353 | $29,109 | ||||||||||||||
Provision charged to earnings | 600 | 900 | 1,000 | 1,000 | 1,200 | ||||||||||||||
Charge-offs | (696 | ) | (681 | ) | (920 | ) | (818 | ) | (1,044 | ) | |||||||||
Recoveries | 499 | 24 | 81 | 106 | 88 | ||||||||||||||
Balance at end of period | $30,448 | $30,045 | $29,802 | $29,641 | $29,353 | ||||||||||||||
Net Loan Charge-Offs (Recoveries): | |||||||||||||||||||
Commercial mortgages | ($388 | ) | $7 | $249 | $249 | $122 | |||||||||||||
Other commercial | 549 | 324 | 39 | 286 | 541 | ||||||||||||||
Residential real estate mortgages | (47 | ) | 224 | 273 | 100 | 146 | |||||||||||||
Consumer | 83 | 102 | 278 | 77 | 147 | ||||||||||||||
Total | $197 | $657 | $839 | $712 | $956 |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited) | ||||||||||||||||||
Three months ended June 30, | 2012 | 2011 | ||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Assets: | ||||||||||||||||||
Commercial mortgages and other commercial loans | $1,166,545 | $14,590 | 5.03 | % | $1,065,619 | $13,900 | 5.23 | % | ||||||||||
Residential real estate loans, including mortgage loans held for sale | 714,154 | 7,809 | 4.40 | % | 656,570 | 7,732 | 4.72 | % | ||||||||||
Consumer loans | 320,442 | 3,067 | 3.85 | % | 324,890 | 3,166 | 3.91 | % | ||||||||||
Total loans | 2,201,141 | 25,466 | 4.65 | % | 2,047,079 | 24,798 | 4.86 | % | ||||||||||
Cash, federal funds sold and short-term investments | 30,078 | 17 | 0.23 | % | 34,166 | 13 | 0.15 | % | ||||||||||
FHLBB stock | 40,418 | 54 | 0.54 | % | 42,008 | 32 | 0.31 | % | ||||||||||
Taxable debt securities | 451,207 | 4,069 | 3.63 | % | 486,905 | 4,869 | 4.01 | % | ||||||||||
Nontaxable debt securities | 70,462 | 1,039 | 5.93 | % | 78,447 | 1,150 | 5.88 | % | ||||||||||
Corporate stocks | 1,804 | 34 | 7.58 | % | 2,513 | 47 | 7.50 | % | ||||||||||
Total securities | 523,473 | 5,142 | 3.95 | % | 567,865 | 6,066 | 4.28 | % | ||||||||||
Total interest-earning assets | 2,795,110 | 30,679 | 4.41 | % | 2,691,118 | 30,909 | 4.61 | % | ||||||||||
Noninterest-earning assets | 222,057 | 212,968 | ||||||||||||||||
Total assets | $3,017,167 | $2,904,086 | ||||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||||
NOW accounts | $254,528 | $39 | 0.06 | % | $229,746 | $60 | 0.10 | % | ||||||||||
Money market accounts | 405,241 | 232 | 0.23 | % | 393,945 | 249 | 0.25 | % | ||||||||||
Savings accounts | 258,824 | 72 | 0.11 | % | 224,588 | 69 | 0.12 | % | ||||||||||
Time deposits | 905,466 | 3,042 | 1.35 | % | 935,813 | 3,652 | 1.57 | % | ||||||||||
FHLBB advances | 494,257 | 3,998 | 3.25 | % | 494,989 | 4,685 | 3.80 | % | ||||||||||
Junior subordinated debentures | 32,991 | 391 | 4.77 | % | 32,991 | 392 | 4.77 | % | ||||||||||
Other | 973 | 5 | 2.07 | % | 21,663 | 242 | 4.48 | % | ||||||||||
Total interest-bearing liabilities | 2,352,280 | 7,779 | 1.33 | % | 2,333,735 | 9,349 | 1.61 | % | ||||||||||
Demand deposits | 321,094 | 251,585 | ||||||||||||||||
Other liabilities | 52,939 | 39,485 | ||||||||||||||||
Shareholders' equity | 290,854 | 279,281 | ||||||||||||||||
Total liabilities and shareholders' equity | $3,017,167 | $2,904,086 | ||||||||||||||||
Net interest income (FTE) | $22,900 | $21,560 | ||||||||||||||||
Interest rate spread | 3.08 | % | 3.00 | % | ||||||||||||||
Net interest margin | 3.30 | % | 3.21 | % |
(Dollars in thousands) | |||||||
Three months ended June 30, | 2012 | 2011 | |||||
Commercial mortgages and other commercial loans | $122 | $91 | |||||
Nontaxable debt securities | 357 | 392 | |||||
Corporate stocks | 10 | 13 | |||||
Total | $489 | $496 |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited) | ||||||||||||||||||
Six months ended June 30, | 2012 | 2011 | ||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Assets: | ||||||||||||||||||
Commercial mortgages and other commercial loans | $1,144,114 | $28,888 | 5.08 | % | $1,051,577 | $27,406 | 5.26 | % | ||||||||||
Residential real estate loans, including mortgage loans held for sale | 717,430 | 15,884 | 4.45 | % | 653,938 | 15,432 | 4.76 | % | ||||||||||
Consumer loans | 320,195 | 6,164 | 3.87 | % | 324,471 | 6,310 | 3.92 | % | ||||||||||
Total loans | 2,181,739 | 50,936 | 4.69 | % | 2,029,986 | 49,148 | 4.88 | % | ||||||||||
Cash, federal funds sold and short-term investments | 41,196 | 37 | 0.18 | % | 39,029 | 37 | 0.19 | % | ||||||||||
FHLBB stock | 41,012 | 106 | 0.52 | % | 42,008 | 64 | 0.31 | % | ||||||||||
Taxable debt securities | 468,828 | 8,446 | 3.62 | % | 489,544 | 9,642 | 3.97 | % | ||||||||||
Nontaxable debt securities | 71,185 | 2,098 | 5.93 | % | 78,947 | 2,316 | 5.92 | % | ||||||||||
Corporate stocks | 1,828 | 67 | 7.37 | % | 2,512 | 96 | 7.71 | % | ||||||||||
Total securities | 541,841 | 10,611 | 3.94 | % | 571,003 | 12,054 | 4.26 | % | ||||||||||
Total interest-earning assets | 2,805,788 | 61,690 | 4.42 | % | 2,682,026 | 61,303 | 4.61 | % | ||||||||||
Noninterest-earning assets | 221,430 | 212,379 | ||||||||||||||||
Total assets | $3,027,218 | $2,894,405 | ||||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||||
NOW accounts | $250,390 | $85 | 0.07 | % | $227,375 | $118 | 0.10 | % | ||||||||||
Money market accounts | 408,647 | 457 | 0.22 | % | 396,614 | 572 | 0.29 | % | ||||||||||
Savings accounts | 253,837 | 142 | 0.11 | % | 222,481 | 144 | 0.13 | % | ||||||||||
Time deposits | 895,405 | 6,135 | 1.38 | % | 941,093 | 7,398 | 1.59 | % | ||||||||||
FHLBB advances | 509,012 | 8,083 | 3.19 | % | 485,233 | 9,417 | 3.91 | % | ||||||||||
Junior subordinated debentures | 32,991 | 783 | 4.77 | % | 32,991 | 782 | 4.78 | % | ||||||||||
Other | 9,938 | 239 | 4.84 | % | 22,389 | 483 | 4.35 | % | ||||||||||
Total interest-bearing liabilities | 2,360,220 | 15,924 | 1.36 | % | 2,328,176 | 18,914 | 1.64 | % | ||||||||||
Demand deposits | 326,159 | 250,550 | ||||||||||||||||
Other liabilities | 53,012 | 40,520 | ||||||||||||||||
Shareholders' equity | 287,827 | 275,159 | ||||||||||||||||
Total liabilities and shareholders' equity | $3,027,218 | $2,894,405 | ||||||||||||||||
Net interest income (FTE) | $45,766 | $42,389 | ||||||||||||||||
Interest rate spread | 3.06 | % | 2.97 | % | ||||||||||||||
Net interest margin | 3.28 | % | 3.19 | % |
(Dollars in thousands) | |||||||
Six months ended June 30, | 2012 | 2011 | |||||
Commercial mortgages and other commercial loans | $229 | $182 | |||||
Nontaxable debt securities | 723 | 789 | |||||
Corporate stocks | 18 | 27 | |||||
Total | $970 | $998 |
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) | Jun 30, 2012 | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | ||||||||||
Calculation of Tangible Book Value per Share: | |||||||||||||||
Total shareholders' equity at end of period | $292,734 | $287,935 | $281,351 | $285,494 | $281,425 | ||||||||||
Less: | |||||||||||||||
Goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||
Identifiable intangible assets, net | 6,528 | 6,714 | 6,901 | 7,147 | 7,377 | ||||||||||
Total tangible shareholders' equity at end of period | $228,092 | $223,107 | $216,336 | $220,233 | $215,934 | ||||||||||
Shares outstanding at end of period | 16,359 | 16,354 | 16,292 | 16,279 | 16,266 | ||||||||||
Book value per share - GAAP | $17.89 | $17.61 | $17.27 | $17.54 | $17.30 | ||||||||||
Tangible book value per share - Non-GAAP | $13.94 | $13.64 | $13.28 | $13.53 | $13.27 | ||||||||||
Calculation of Tangible Equity to Tangible Assets: | |||||||||||||||
Total tangible shareholders' equity at end of period | $228,092 | $223,107 | $216,336 | $220,233 | $215,934 | ||||||||||
Total assets at end of period | $3,041,050 | $3,028,690 | $3,064,098 | $2,969,613 | $2,936,306 | ||||||||||
Less: | |||||||||||||||
Goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||
Identifiable intangible assets, net | 6,528 | 6,714 | 6,901 | 7,147 | 7,377 | ||||||||||
Total tangible assets at end of period | $2,976,408 | $2,963,862 | $2,999,083 | $2,904,352 | $2,870,815 | ||||||||||
Equity to assets - GAAP | 9.63 | % | 9.51 | % | 9.18 | % | 9.61 | % | 9.58 | % | |||||
Tangible equity to tangible assets - Non-GAAP | 7.66 | % | 7.53 | % | 7.21 | % | 7.58 | % | 7.52 | % | |||||
Calculation of Return on Average Tangible Assets: | |||||||||||||||
Net income | $8,713 | $8,438 | $7,777 | $7,582 | $7,564 | ||||||||||
Total average assets | $3,017,167 | $3,037,270 | $2,983,648 | $2,935,146 | $2,904,086 | ||||||||||
Less: | |||||||||||||||
Average goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||
Average identifiable intangible assets, net | 6,619 | 6,805 | 7,025 | 7,257 | 7,493 | ||||||||||
Total average tangible assets | $2,952,434 | $2,972,351 | $2,918,509 | $2,869,775 | $2,838,479 | ||||||||||
Return on average assets - GAAP | 1.16 | % | 1.11 | % | 1.04 | % | 1.03 | % | 1.04 | % | |||||
Return on average tangible assets - Non-GAAP | 1.18 | % | 1.14 | % | 1.07 | % | 1.06 | % | 1.07 | % | |||||
Calculation of Return on Average Tangible Equity: | |||||||||||||||
Net income | $8,713 | $8,438 | $7,777 | $7,582 | $7,564 | ||||||||||
Total average shareholders' equity | $290,854 | $284,801 | $285,707 | $284,244 | $279,281 | ||||||||||
Less: | |||||||||||||||
Average goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||
Average identifiable intangible assets, net | 6,619 | 6,805 | 7,025 | 7,257 | 7,493 | ||||||||||
Total average tangible shareholders' equity | $226,121 | $219,882 | $220,568 | $218,873 | $213,674 | ||||||||||
Return on average shareholders' equity - GAAP | 11.98 | % | 11.85 | % | 10.89 | % | 10.67 | % | 10.83 | % | |||||
Return on average tangible shareholders' equity - Non-GAAP | 15.41 | % | 15.35 | % | 14.10 | % | 13.86 | % | 14.16 | % |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||
SUPPLEMENTAL INFORMATION - Non-GAAP Financial Measures (unaudited) | ||||||
Six Months Ended | ||||||
(Dollars in thousands) | Jun 30, 2012 | Jun 30, 2011 | ||||
Calculation of return on average tangible assets: | ||||||
Net income | $17,151 | $14,364 | ||||
Total average assets | $3,027,218 | $2,894,405 | ||||
Less: | ||||||
Average goodwill | 58,114 | 58,114 | ||||
Average identifiable intangible assets, net | 6,712 | 7,611 | ||||
Total average tangible assets | $2,962,392 | $2,828,680 | ||||
Return on average assets - GAAP | 1.13 | % | 0.99 | % | ||
Return on average tangible assets - Non-GAAP | 1.16 | % | 1.02 | % | ||
Calculation of return on average tangible equity: | ||||||
Net income | $17,151 | $14,364 | ||||
Total average shareholders' equity | $287,827 | $275,159 | ||||
Less: | ||||||
Average goodwill | 58,114 | 58,114 | ||||
Average identifiable intangible assets, net | 6,712 | 7,611 | ||||
Total average tangible shareholders' equity | $223,001 | $209,434 | ||||
Return on average shareholders' equity - GAAP | 11.92 | % | 10.44 | % | ||
Return on average tangible shareholders' equity - Non-GAAP | 15.38 | % | 13.72 | % |
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