Parent Company Financial Statements

12 Months Ended

Dec. 31, 2012

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,		2012			2011
Assets:
Cash on deposit with bank subsidiary			$1,694			$1,176
Interest-bearing balances due from banks		1,970			1,930
Investment in subsidiaries at equity value		325,717			311,946
Dividends receivable from subsidiaries		4,198			3,900
Other assets		891			968
Total assets			$334,470			$319,920
Liabilities:
Junior subordinated debentures			$32,991			$32,991
Dividends payable		4,152			3,688
Other liabilities		1,675			1,890
Total liabilities		38,818			38,569
Shareholders’ Equity:
Common stock of $.0625 par value; authorized 30,000,000 shares; issued and outstanding 16,379,771 shares in 2012 and 16,292,471 shares in 2011		1,024			1,018
Paid-in capital		91,453			88,030
Retained earnings		213,674			194,198
Accumulated other comprehensive loss		(10,499		)	(1,895		)
Total shareholders’ equity		295,652			281,351
Total liabilities and shareholders’ equity			$334,470			$319,920

Statements of Income	(Dollars in thousands)
Years ended December 31,	2012		2011		2010
Income:
Dividends from subsidiaries		$16,188		$14,439		$15,416
Other income	3		2		2
Total income	16,191		14,441		15,418
Expenses:
Interest on junior subordinated debentures	1,570		1,568		1,989
Legal and professional fees	127		118		135
Other	279		257		252
Total expenses	1,976		1,943		2,376
Income before income taxes	14,215		12,498		13,042
Income tax benefit	682		669		819
Income before equity in undistributed earnings of subsidiaries	14,897		13,167		13,861
Equity in undistributed earnings of subsidiaries	20,177		16,557		10,190
Net income		$35,074		$29,724		$24,051

Statements of Cash Flows	(Dollars in thousands)
Years ended December 31,	2012			2011			2010
Cash flow from operating activities:
Net income		$35,074			$29,724			$24,051
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary	(20,177		)	(16,557		)	(10,190		)
(Increase) decrease in dividend receivable	(298		)	(660		)	360
(Increase) decrease in other assets	77			(246		)	(373		)
Increase (decrease) in accrued expenses and other liabilities	(215		)	281			(92		)
Other, net	(237		)	(115		)	(109		)
Net cash provided by operating activities	14,224			12,427			13,647
Cash flows from investing activities:
Net cash used in investing activities	—			—			—
Cash flows from financing activities:
Issuance of treasury stock, including net deferred compensation plan activity	—			—			44
Proceeds from the issuance of common stock under dividend reinvestment plan	—			754			1,002
Proceeds from the exercise of stock options and issuance of other equity instruments	1,257			885			785
Tax benefit (expense) from stock option exercises and issuance of other equity instruments	210			115			65
Cash dividends paid	(15,133		)	(14,205		)	(13,582		)
Net cash used in financing activities	(13,666		)	(12,451		)	(11,686		)
Net (decrease) increase in cash	558			(24		)	1,961
Cash at beginning of year	3,106			3,130			1,169
Cash at end of year		$3,664			$3,106			$3,130