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 22, 2013* | |||
*Filed herewith |
WASHINGTON TRUST BANCORP, INC. | ||||
Date: | July 22, 2013 | By: | /s/ David V. Devault | |
David V. Devault | ||||
Senior Executive Vice President, Secretary and Chief Financial Officer |
• | Total loans were $2.38 billion at June 30, 2013, up by $59.9 million, or 3%, in the second quarter of 2013, led by growth of $33.7 million , or 4%, in the commercial real estate portfolio. |
• | Deposits totaled $2.30 billion at June 30, 2013, down slightly from March 31, 2013, reflecting seasonal outflow. Total deposits were up by $174.2 million, or 8%, in the last twelve months. |
• | The returns on average equity and average assets for the second quarter of 2013 were 11.84% and 1.18%, respectively. Comparable amounts for the first quarter of 2013 were 9.91% and 0.98%, respectively. |
• | During the second quarter of 2013, certain junior subordinated debentures were redeemed and as a result, unamortized debt issuance costs of $244 thousand were expensed and classified as interest expense in the quarter. The after-tax impact of this was 1 cent per diluted share. |
• | Included in salaries and employee benefits expense in the second quarter of 2013 was $270 thousand for severance related matters. The after-tax impact of this was 1 cent per diluted share. |
• | In the first quarter of 2013, the Corporation had recognized an other-than-temporary impairment ("OTTI") charge to earnings on a trust preferred collateralized debt obligation investment security of $2.8 million (or 11 cents per diluted share). There were no such charges in the second quarter of 2013. |
• | Wealth management revenues were up by $438 thousand, or 6%, including a $344 thousand increase in tax preparation fees, which are typically concentrated in the second quarter. |
• | Mortgage banking revenues decreased by $681 thousand, or 16%, reflecting a lower level of mortgage loan refinancing activity due to rising market interest rates. In the second quarter of 2013, residential loans sold to the secondary market amounted to $132 million, compared to $153 million in the previous quarter. |
• | Merchant processing fee revenue rose by $636 thousand, or 32%, on a linked quarter basis, reflecting an increase in the volume of transactions processed for customers. See discussion regarding corresponding increase in merchant processing costs described below. |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||
CONSOLIDATED BALANCE SHEETS (unaudited) | ||||||||
(Dollars in thousands, except par value) | Jun 30, 2013 | Dec 31, 2012 | ||||||
Assets: | ||||||||
Cash and due from banks | $79,903 | $73,474 | ||||||
Short-term investments | 3,764 | 19,176 | ||||||
Mortgage loans held for sale, at fair value; amortized cost $29,163 in 2013 and $48,370 in 2012 | 28,889 | 50,056 | ||||||
Securities: | ||||||||
Available for sale, at fair value; amortized cost $309,421 in 2013 and $363,408 in 2012 | 316,714 | 375,498 | ||||||
Held to maturity, at cost; fair value $33,762 in 2013 and $41,420 in 2012 | 33,803 | 40,381 | ||||||
Total securities | 350,517 | 415,879 | ||||||
Federal Home Loan Bank stock, at cost | 37,730 | 40,418 | ||||||
Loans: | ||||||||
Commercial | 1,310,114 | 1,252,419 | ||||||
Residential real estate | 748,871 | 717,681 | ||||||
Consumer | 325,995 | 323,903 | ||||||
Total loans | 2,384,980 | 2,294,003 | ||||||
Less allowance for loan losses | 27,884 | 30,873 | ||||||
Net loans | 2,357,096 | 2,263,130 | ||||||
Premises and equipment, net | 26,392 | 27,232 | ||||||
Investment in bank-owned life insurance | 55,750 | 54,823 | ||||||
Goodwill | 58,114 | 58,114 | ||||||
Identifiable intangible assets, net | 5,827 | 6,173 | ||||||
Other assets | 57,325 | 63,409 | ||||||
Total assets | $3,061,307 | $3,071,884 | ||||||
Liabilities: | ||||||||
Deposits: | ||||||||
Demand deposits | $358,797 | $379,889 | ||||||
NOW accounts | 301,096 | 291,174 | ||||||
Money market accounts | 540,012 | 496,402 | ||||||
Savings accounts | 293,405 | 274,934 | ||||||
Time deposits | 811,299 | 870,232 | ||||||
Total deposits | 2,304,609 | 2,312,631 | ||||||
Federal Home Loan Bank advances | 373,341 | 361,172 | ||||||
Junior subordinated debentures | 22,681 | 32,991 | ||||||
Other borrowings | 199 | 1,212 | ||||||
Other liabilities | 57,107 | 68,226 | ||||||
Total liabilities | 2,757,937 | 2,776,232 | ||||||
Shareholders’ Equity: | ||||||||
Common stock of $.0625 par value; authorized 30,000,000 shares; issued and outstanding 16,487,305 shares in 2013 and 16,379,771 shares in 2012 | 1,030 | 1,024 | ||||||
Paid-in capital | 93,274 | 91,453 | ||||||
Retained earnings | 221,761 | 213,674 | ||||||
Accumulated other comprehensive loss | (12,695 | ) | (10,499 | ) | ||||
Total shareholders’ equity | 303,370 | 295,652 | ||||||
Total liabilities and shareholders’ equity | $3,061,307 | $3,071,884 |
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, | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Interest income: | ||||||||||||||||
Interest and fees on loans | $25,513 | $25,344 | $50,736 | $50,707 | ||||||||||||
Interest on securities: | Taxable | 2,576 | 4,069 | 5,421 | 8,446 | |||||||||||
Nontaxable | 647 | 682 | 1,306 | 1,375 | ||||||||||||
Dividends on corporate stock and Federal Home Loan Bank stock | 39 | 78 | 77 | 155 | ||||||||||||
Other interest income | 24 | 17 | 52 | 37 | ||||||||||||
Total interest income | 28,799 | 30,190 | 57,592 | 60,720 | ||||||||||||
Interest expense: | ||||||||||||||||
Deposits | 3,096 | 3,385 | 6,290 | 6,819 | ||||||||||||
Federal Home Loan Bank advances | 2,679 | 3,998 | 5,416 | 8,083 | ||||||||||||
Junior subordinated debentures | 612 | 391 | 1,002 | 783 | ||||||||||||
Other interest expense | 3 | 5 | 8 | 239 | ||||||||||||
Total interest expense | 6,390 | 7,779 | 12,716 | 15,924 | ||||||||||||
Net interest income | 22,409 | 22,411 | 44,876 | 44,796 | ||||||||||||
Provision for loan losses | 700 | 600 | 1,300 | 1,500 | ||||||||||||
Net interest income after provision for loan losses | 21,709 | 21,811 | 43,576 | 43,296 | ||||||||||||
Noninterest income: | ||||||||||||||||
Wealth management services: | ||||||||||||||||
Trust and investment advisory fees | 6,230 | 5,819 | 12,296 | 11,597 | ||||||||||||
Mutual fund fees | 1,077 | 1,002 | 2,099 | 2,027 | ||||||||||||
Financial planning, commissions and other service fees | 605 | 652 | 991 | 1,034 | ||||||||||||
Wealth management services | 7,912 | 7,473 | 15,386 | 14,658 | ||||||||||||
Service charges on deposit accounts | 790 | 764 | 1,581 | 1,523 | ||||||||||||
Merchant processing fees | 2,613 | 2,732 | 4,590 | 4,720 | ||||||||||||
Card interchange fees | 683 | 626 | 1,282 | 1,169 | ||||||||||||
Income from bank-owned life insurance | 461 | 477 | 928 | 963 | ||||||||||||
Net gains on loan sales and commissions on loans originated for others | 3,485 | 3,015 | 7,651 | 6,112 | ||||||||||||
Net realized gains on securities | — | 299 | — | 299 | ||||||||||||
Net gains (losses) on interest rate swap contracts | 152 | (4 | ) | 171 | 24 | |||||||||||
Equity in earnings (losses) of unconsolidated subsidiaries | (57 | ) | 124 | (18 | ) | 87 | ||||||||||
Other income | 355 | 668 | 761 | 1,060 | ||||||||||||
Noninterest income, excluding other-than-temporary impairment losses | 16,394 | 16,174 | 32,332 | 30,615 | ||||||||||||
Total other-than-temporary impairment losses on securities | — | — | (613 | ) | (85 | ) | ||||||||||
Portion of loss recognized in other comprehensive income (before tax) | — | — | (2,159 | ) | (124 | ) | ||||||||||
Net impairment losses recognized in earnings | — | — | (2,772 | ) | (209 | ) | ||||||||||
Total noninterest income | 16,394 | 16,174 | 29,560 | 30,406 | ||||||||||||
Noninterest expense: | ||||||||||||||||
Salaries and employee benefits | 15,542 | 14,451 | 30,984 | 28,911 | ||||||||||||
Net occupancy | 1,364 | 1,527 | 2,878 | 3,053 | ||||||||||||
Equipment | 1,192 | 1,143 | 2,436 | 2,250 | ||||||||||||
Merchant processing costs | 2,211 | 2,320 | 3,884 | 3,983 | ||||||||||||
Outsourced services | 871 | 895 | 1,712 | 1,815 | ||||||||||||
FDIC deposit insurance costs | 451 | 426 | 882 | 884 | ||||||||||||
Legal, audit and professional fees | 554 | 519 | 1,162 | 1,001 | ||||||||||||
Advertising and promotion | 476 | 478 | 831 | 850 | ||||||||||||
Amortization of intangibles | 173 | 186 | 346 | 373 | ||||||||||||
Foreclosed property costs | 137 | 170 | 184 | 468 | ||||||||||||
Debt prepayment penalties | — | 961 | — | 961 | ||||||||||||
Other expenses | 2,034 | 2,152 | 3,890 | 4,078 | ||||||||||||
Total noninterest expense | 25,005 | 25,228 | 49,189 | 48,627 | ||||||||||||
Income before income taxes | 13,098 | 12,757 | 23,947 | 25,075 | ||||||||||||
Income tax expense | 4,115 | 4,044 | 7,543 | 7,924 | ||||||||||||
Net income | $8,983 | $8,713 | $16,404 | $17,151 | ||||||||||||
Weighted average common shares outstanding - basic | 16,454 | 16,358 | 16,428 | 16,344 | ||||||||||||
Weighted average common shares outstanding - diluted | 16,581 | 16,392 | 16,558 | 16,381 | ||||||||||||
Per share information: | Basic earnings per common share | $0.54 | $0.53 | $0.99 | $1.04 | |||||||||||
Diluted earnings per common share | $0.54 | $0.53 | $0.99 | $1.04 | ||||||||||||
Cash dividends declared per share | $0.25 | $0.23 | $0.50 | $0.46 |
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, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | ||||||||||
Financial Data: | |||||||||||||||
Total assets | $3,061,307 | $3,051,848 | $3,071,884 | $3,048,868 | $3,041,050 | ||||||||||
Total loans | 2,384,980 | 2,325,045 | 2,294,003 | 2,256,697 | 2,213,842 | ||||||||||
Total securities | 350,517 | 387,102 | 415,879 | 483,858 | 516,193 | ||||||||||
Total deposits | 2,304,609 | 2,319,641 | 2,312,631 | 2,234,659 | 2,130,453 | ||||||||||
Total shareholders' equity | 303,370 | 301,291 | 295,652 | 298,394 | 292,734 | ||||||||||
Net interest income | 22,409 | 22,467 | 23,164 | 22,736 | 22,411 | ||||||||||
Provision for loan losses | 700 | 600 | 600 | 600 | 600 | ||||||||||
Noninterest income, excluding OTTI losses | 16,394 | 15,938 | 17,899 | 16,921 | 16,174 | ||||||||||
Net OTTI losses recognized in earnings | — | (2,772 | ) | (12 | ) | — | — | ||||||||
Noninterest expenses | 25,005 | 24,184 | 27,421 | 26,290 | 25,228 | ||||||||||
Income tax expense | 4,115 | 3,428 | 4,007 | 3,867 | 4,044 | ||||||||||
Net income | 8,983 | 7,421 | 9,023 | 8,900 | 8,713 | ||||||||||
Share Data: | |||||||||||||||
Basic earnings per common share | $0.54 | $0.45 | $0.55 | $0.54 | $0.53 | ||||||||||
Diluted earnings per common share | $0.54 | $0.45 | $0.55 | $0.54 | $0.53 | ||||||||||
Dividends declared per share | $0.25 | $0.25 | $0.24 | $0.24 | $0.23 | ||||||||||
Book value per share | $18.40 | $18.34 | $18.05 | $18.23 | $17.89 | ||||||||||
Tangible book value per share - Non-GAAP (1) | $14.52 | $14.44 | $14.13 | $14.29 | $13.94 | ||||||||||
Market value per share | $28.52 | $27.38 | $26.31 | $26.27 | $24.38 | ||||||||||
Shares outstanding at end of period | 16,487 | 16,425 | 16,380 | 16,371 | 16,359 | ||||||||||
Weighted average common shares outstanding - basic | 16,454 | 16,401 | 16,376 | 16,366 | 16,358 | ||||||||||
Weighted average common shares outstanding - diluted | 16,581 | 16,449 | 16,425 | 16,414 | 16,392 | ||||||||||
Key Ratios: | |||||||||||||||
Return on average assets | 1.18 | % | 0.98 | % | 1.19 | % | 1.17 | % | 1.16 | % | |||||
Return on average tangible assets - Non-GAAP (1) | 1.21 | % | 1.01 | % | 1.21 | % | 1.19 | % | 1.18 | % | |||||
Return on average equity | 11.84 | % | 9.91 | % | 12.01 | % | 12.02 | % | 11.98 | % | |||||
Return on average tangible equity - Non-GAAP (1) | 15.01 | % | 12.62 | % | 15.29 | % | 15.37 | % | 15.41 | % | |||||
Capital Ratios: | |||||||||||||||
Tier 1 risk-based capital | 11.74% (i) | 12.25 | % | 12.01 | % | 11.93 | % | 11.90 | % | ||||||
Total risk-based capital | 12.93% (i) | 13.50 | % | 13.26 | % | 13.18 | % | 13.15 | % | ||||||
Tier 1 leverage ratio | 9.32% (i) | 9.53 | % | 9.30 | % | 9.11 | % | 9.00 | % | ||||||
Equity to assets | 9.91 | % | 9.87 | % | 9.62 | % | 9.79 | % | 9.63 | % | |||||
Tangible equity to tangible assets - Non-GAAP (1) | 7.99 | % | 7.94 | % | 7.69 | % | 7.84 | % | 7.66 | % | |||||
(i) - estimated | |||||||||||||||
Wealth Management Assets under Administration: | |||||||||||||||
Balance at beginning of period | $4,420,076 | $4,199,640 | $4,242,520 | $4,079,913 | $4,196,447 | ||||||||||
Net investment (depreciation) appreciation & income | (20,956 | ) | 213,979 | (5,887 | ) | 155,427 | (131,896 | ) | |||||||
Net client cash flows | 34,454 | 6,457 | (36,993 | ) | 7,180 | 15,362 | |||||||||
Balance at end of period | $4,433,574 | $4,420,076 | $4,199,640 | $4,242,520 | $4,079,913 |
(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) | |||||||
Six Months Ended | |||||||
(Dollars and shares in thousands, except per share amounts) | Jun 30, 2013 | Jun 30, 2012 | |||||
Financial Data: | |||||||
Net interest income | $44,876 | $44,796 | |||||
Provision for loan losses | 1,300 | 1,500 | |||||
Noninterest income, excluding OTTI losses | 32,332 | 30,615 | |||||
Net OTTI losses recognized in earnings | (2,772 | ) | (209 | ) | |||
Noninterest expenses | 49,189 | 48,627 | |||||
Income tax expense | 7,543 | 7,924 | |||||
Net income | 16,404 | 17,151 | |||||
Share Data: | |||||||
Basic earnings per common share | $0.99 | $1.04 | |||||
Diluted earnings per common share | $0.99 | $1.04 | |||||
Dividends declared per share | $0.50 | $0.46 | |||||
Weighted average common shares outstanding - basic | 16,428 | 16,344 | |||||
Weighted average common shares outstanding - diluted | 16,558 | 16,381 | |||||
Key Ratios: | |||||||
Return on average assets | 1.08 | % | 1.13 | % | |||
Return on average tangible assets - Non-GAAP (1) | 1.11 | % | 1.16 | % | |||
Return on average equity | 10.88 | % | 11.92 | % | |||
Return on average tangible equity - Non-GAAP (1) | 13.82 | % | 15.38 | % | |||
Asset Quality Data: | |||||||
Allowance for Loan Losses: | |||||||
Balance at beginning of period | $30,873 | $29,802 | |||||
Provision charged to earnings | 1,300 | 1,500 | |||||
Charge-offs | (4,549 | ) | (1,377 | ) | |||
Recoveries | 260 | 523 | |||||
Balance at end of period | $27,884 | $30,448 | |||||
Net Loan Charge-Offs (Recoveries): | |||||||
Commercial mortgages | $3,922 | ($381 | ) | ||||
Other commercial | 134 | 873 | |||||
Residential real estate mortgages | 45 | 177 | |||||
Consumer | 188 | 185 | |||||
Total | $4,289 | $854 | |||||
Net charge-offs to average loans (annualized) | 0.37 | % | 0.17 | % | |||
Wealth Management Assets Under Administration: | |||||||
Balance at beginning of period | $4,199,640 | $3,900,061 | |||||
Net investment appreciation & income | 193,023 | 166,259 | |||||
Net client cash flows | 40,911 | 13,593 | |||||
Balance at end of period | $4,433,574 | $4,079,913 |
(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, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | ||||||||||
Average Yield / Rate (taxable equivalent basis): | ||||||||||||||
Assets: | ||||||||||||||
Commercial loans | 4.58 | % | 4.70 | % | 4.90 | % | 4.94 | % | 5.03 | % | ||||
Residential real estate loans, including mortgage loans held for sale | 4.14 | % | 4.26 | % | 4.23 | % | 4.32 | % | 4.40 | % | ||||
Consumer loans | 3.81 | % | 3.84 | % | 3.86 | % | 3.89 | % | 3.85 | % | ||||
Total loans | 4.34 | % | 4.44 | % | 4.53 | % | 4.59 | % | 4.65 | % | ||||
Cash, federal funds sold and other short-term investments | 0.22 | % | 0.21 | % | 0.26 | % | 0.26 | % | 0.23 | % | ||||
FHLBB stock | 0.42 | % | 0.39 | % | 0.48 | % | 0.51 | % | 0.54 | % | ||||
Taxable debt securities | 3.52 | % | 3.56 | % | 3.49 | % | 3.50 | % | 3.63 | % | ||||
Nontaxable debt securities | 5.94 | % | 5.98 | % | 5.89 | % | 5.83 | % | 5.93 | % | ||||
Corporate stocks | — | % | — | % | — | % | — | % | 7.58 | % | ||||
Total securities | 3.97 | % | 3.98 | % | 3.86 | % | 3.83 | % | 3.95 | % | ||||
Total interest-earning assets | 4.17 | % | 4.24 | % | 4.31 | % | 4.34 | % | 4.41 | % | ||||
Liabilities: | ||||||||||||||
Interest-bearing demand deposits | — | % | — | % | — | % | — | % | — | % | ||||
NOW accounts | 0.06 | % | 0.06 | % | 0.07 | % | 0.06 | % | 0.06 | % | ||||
Money market accounts | 0.29 | % | 0.29 | % | 0.28 | % | 0.26 | % | 0.23 | % | ||||
Savings accounts | 0.07 | % | 0.07 | % | 0.09 | % | 0.11 | % | 0.11 | % | ||||
Time deposits | 1.25 | % | 1.28 | % | 1.32 | % | 1.33 | % | 1.35 | % | ||||
FHLBB advances | 3.29 | % | 3.21 | % | 3.27 | % | 3.18 | % | 3.25 | % | ||||
Junior subordinated debentures | 7.82 | % | 4.79 | % | 4.75 | % | 4.74 | % | 4.77 | % | ||||
Other | 5.87 | % | 1.77 | % | 5.51 | % | 6.33 | % | 2.07 | % | ||||
Total interest-bearing liabilities | 1.11 | % | 1.11 | % | 1.19 | % | 1.27 | % | 1.33 | % | ||||
Interest rate spread (taxable equivalent basis) | 3.06 | % | 3.13 | % | 3.12 | % | 3.07 | % | 3.08 | % | ||||
Net interest margin (taxable equivalent basis) | 3.26 | % | 3.32 | % | 3.33 | % | 3.28 | % | 3.30 | % |
At June 30, 2013 | ||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
(Dollars in thousands) | Cost (1) | Gains | Losses | Value | ||||||||||||
Securities Available for Sale: | ||||||||||||||||
Obligations of U.S. government-sponsored enterprises | $29,472 | $1,466 | $— | $30,938 | ||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 172,014 | 9,239 | (28 | ) | 181,225 | |||||||||||
States and political subdivisions | 64,838 | 2,850 | — | 67,688 | ||||||||||||
Trust preferred securities: | ||||||||||||||||
Individual name issuers | 30,696 | — | (5,619 | ) | 25,077 | |||||||||||
Collateralized debt obligations | 1,264 | — | (867 | ) | 397 | |||||||||||
Corporate bonds | 11,137 | 269 | (17 | ) | 11,389 | |||||||||||
Total securities available for sale | 309,421 | 13,824 | (6,531 | ) | 316,714 | |||||||||||
Held to Maturity: | ||||||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 33,803 | — | (41 | ) | 33,762 | |||||||||||
Total securities held to maturity | 33,803 | — | (41 | ) | 33,762 | |||||||||||
Total securities | $343,224 | $13,824 | ($6,572 | ) | $350,476 |
(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, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | |||||||||||
Loans: | ||||||||||||||||
Commercial: | Mortgages | $758,437 | $729,968 | $710,813 | $693,221 | $664,410 | ||||||||||
Construction & development | 39,449 | 34,179 | 27,842 | 25,132 | 17,365 | |||||||||||
Other | 512,228 | 513,000 | 513,764 | 500,974 | 510,220 | |||||||||||
Total commercial | 1,310,114 | 1,277,147 | 1,252,419 | 1,219,327 | 1,191,995 | |||||||||||
Residential real estate: | Mortgages | 728,158 | 702,418 | 692,798 | 692,659 | 680,772 | ||||||||||
Homeowner construction | 20,713 | 21,943 | 24,883 | 22,753 | 21,247 | |||||||||||
Total residential real estate | 748,871 | 724,361 | 717,681 | 715,412 | 702,019 | |||||||||||
Consumer: | Home equity lines | 228,367 | 226,640 | 226,861 | 227,549 | 224,550 | ||||||||||
Home equity loans | 41,312 | 40,134 | 39,329 | 39,452 | 40,690 | |||||||||||
Other | 56,316 | 56,763 | 57,713 | 54,957 | 54,588 | |||||||||||
Total consumer | 325,995 | 323,537 | 323,903 | 321,958 | 319,828 | |||||||||||
Total loans | $2,384,980 | $2,325,045 | $2,294,003 | $2,256,697 | $2,213,842 |
At June 30, 2013 | |||||
(Dollars in thousands) | Balance | % of Total | |||
Commercial Real Estate Loans by Property Location: | |||||
Rhode Island, Connecticut, Massachusetts | $762,978 | 95.6 | % | ||
New York | 26,080 | 3.3 | % | ||
New Hampshire | 8,828 | 1.1 | % | ||
Total commercial real estate loans (1) | $797,886 | 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, 2013 | |||||
(Dollars in thousands) | Balance | % of Total | |||
Residential Mortgages by Property Location: | |||||
Rhode Island, Connecticut, Massachusetts | $728,067 | 97.1 | % | ||
New York, Virginia, New Jersey, Maryland, Pennsylvania, District of Columbia | 9,444 | 1.3 | % | ||
New Hampshire | 5,224 | 0.7 | % | ||
Ohio | 2,748 | 0.4 | % | ||
Washington, Oregon | 1,365 | 0.2 | % | ||
Georgia | 1,092 | 0.1 | % | ||
New Mexico | 472 | 0.1 | % | ||
Other | 459 | 0.1 | % | ||
Total residential mortgages | $748,871 | 100.0 | % |
Period End Balances At | ||||||||||||||||
(Dollars in thousands) | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | |||||||||||
Deposits: | ||||||||||||||||
Demand deposits | $358,797 | $375,156 | $379,889 | $352,330 | $321,488 | |||||||||||
NOW accounts | 301,096 | 294,136 | 291,174 | 267,495 | 263,124 | |||||||||||
Money market accounts | 540,012 | 503,414 | 496,402 | 459,671 | 388,686 | |||||||||||
Savings accounts | 293,405 | 284,983 | 274,934 | 268,191 | 264,772 | |||||||||||
Time deposits | 811,299 | 861,952 | 870,232 | 886,972 | 892,383 | |||||||||||
Total deposits | $2,304,609 | $2,319,641 | $2,312,631 | $2,234,659 | $2,130,453 | |||||||||||
Out-of-market brokered certificates of deposits included in time deposits | $96,177 | $103,045 | $102,636 | $98,603 | $102,661 | |||||||||||
In-market deposits, excluding out-of-market brokered certificates of deposit | $2,208,432 | $2,216,596 | $2,209,995 | $2,136,056 | $2,027,792 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | |||||||||||||||||||
Period End Balances At | |||||||||||||||||||
(Dollars in thousands) | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | ||||||||||||||
Asset Quality Data: | |||||||||||||||||||
Nonperforming Assets: | |||||||||||||||||||
Commercial mortgages | $9,976 | $14,953 | $10,681 | $5,956 | $2,597 | ||||||||||||||
Commercial construction and development | — | — | — | — | — | ||||||||||||||
Other commercial | 1,400 | 3,122 | 4,412 | 3,201 | 3,405 | ||||||||||||||
Residential real estate mortgages | 7,526 | 6,699 | 6,158 | 7,127 | 8,659 | ||||||||||||||
Consumer | 1,124 | 901 | 1,292 | 1,463 | 1,081 | ||||||||||||||
Total nonaccrual loans | $20,026 | $25,675 | $22,543 | $17,747 | $15,742 | ||||||||||||||
Nonaccrual investment securities | 397 | 404 | 843 | 929 | 767 | ||||||||||||||
Property acquired through foreclosure or repossession | 1,230 | 2,625 | 2,047 | 2,447 | 2,332 | ||||||||||||||
Total nonperforming assets | $21,653 | $28,704 | $25,433 | $21,123 | $18,841 | ||||||||||||||
Total past due loans to total loans | 1.09 | % | 1.13 | % | 1.22 | % | 1.05 | % | 0.92 | % | |||||||||
Nonperforming assets to total assets | 0.71 | % | 0.94 | % | 0.83 | % | 0.69 | % | 0.62 | % | |||||||||
Nonaccrual loans to total loans | 0.84 | % | 1.10 | % | 0.98 | % | 0.79 | % | 0.71 | % | |||||||||
Allowance for loan losses to nonaccrual loans | 139.24 | % | 121.28 | % | 136.95 | % | 173.28 | % | 193.42 | % | |||||||||
Allowance for loan losses to total loans | 1.17 | % | 1.34 | % | 1.35 | % | 1.36 | % | 1.38 | % | |||||||||
Troubled Debt Restructured Loans: | |||||||||||||||||||
Accruing troubled debt restructured loans: | |||||||||||||||||||
Commercial mortgages | $19,018 | $9,600 | $9,569 | $9,131 | $1,251 | ||||||||||||||
Other commercial | 2,602 | 6,554 | 6,577 | 6,880 | 6,916 | ||||||||||||||
Residential real estate mortgages | 876 | 1,599 | 1,123 | 386 | 570 | ||||||||||||||
Consumer | 242 | 244 | 154 | 158 | 159 | ||||||||||||||
Accruing troubled debt restructured loans | 22,738 | 17,997 | 17,423 | 16,555 | 8,896 | ||||||||||||||
Nonaccrual troubled debt restructured loans: | |||||||||||||||||||
Commercial mortgages | — | — | — | — | — | ||||||||||||||
Other commercial | 590 | 721 | 2,063 | 2,306 | 2,317 | ||||||||||||||
Residential real estate mortgages | 144 | 155 | 688 | 1,697 | 2,028 | ||||||||||||||
Consumer | 42 | 42 | 44 | 46 | 47 | ||||||||||||||
Nonaccrual troubled debt restructured loans | 776 | 918 | 2,795 | 4,049 | 4,392 | ||||||||||||||
Total troubled debt restructured loans | $23,514 | $18,915 | $20,218 | $20,604 | $13,288 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | |||||||||||||||||||
Period End Balances At | |||||||||||||||||||
(Dollars in thousands) | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | ||||||||||||||
Past Due Loans: | |||||||||||||||||||
Loans 30-59 Days Past Due: | |||||||||||||||||||
Commercial mortgages | $— | $— | $373 | $3,978 | $411 | ||||||||||||||
Other commercial loans | 505 | 689 | 260 | 2,719 | 849 | ||||||||||||||
Residential real estate mortgages | 4,051 | 3,891 | 4,840 | 2,368 | 4,969 | ||||||||||||||
Consumer loans | 1,588 | 1,534 | 1,134 | 1,876 | 2,660 | ||||||||||||||
Loans 30-59 days past due | $6,144 | $6,114 | $6,607 | $10,941 | $8,889 | ||||||||||||||
Loans 60-89 Days Past Due: | |||||||||||||||||||
Commercial mortgages | $536 | $193 | $408 | $874 | $233 | ||||||||||||||
Other commercial loans | 34 | 341 | 296 | 1,169 | 434 | ||||||||||||||
Residential real estate mortgages | 1,697 | 1,451 | 1,951 | 821 | 1,600 | ||||||||||||||
Consumer loans | 689 | 461 | 385 | 1,213 | 677 | ||||||||||||||
Loans 60-89 days past due | $2,956 | $2,446 | $3,040 | $4,077 | $2,944 | ||||||||||||||
Loans 90 Days or more Past Due: | |||||||||||||||||||
Commercial mortgages | $8,895 | $9,852 | $10,300 | $2,495 | $2,339 | ||||||||||||||
Other commercial loans | 3,428 | 2,961 | 3,647 | 1,366 | 1,714 | ||||||||||||||
Residential real estate mortgages | 4,266 | 4,327 | 3,658 | 3,924 | 4,039 | ||||||||||||||
Consumer loans | 415 | 484 | 844 | 811 | 362 | ||||||||||||||
Loans 90 days or more past due | $17,004 | $17,624 | $18,449 | $8,596 | $8,454 | ||||||||||||||
Total Past Due Loans: | |||||||||||||||||||
Commercial mortgages | $9,431 | $10,045 | $11,081 | $7,347 | $2,983 | ||||||||||||||
Other commercial loans | 3,967 | 3,991 | 4,203 | 5,254 | 2,997 | ||||||||||||||
Residential real estate mortgages | 10,014 | 9,669 | 10,449 | 7,113 | 10,608 | ||||||||||||||
Consumer loans | 2,692 | 2,479 | 2,363 | 3,900 | 3,699 | ||||||||||||||
Total past due loans | $26,104 | $26,184 | $28,096 | $23,614 | $20,287 | ||||||||||||||
Accruing loans 90 days or more past due | $2.431 | $— | $— | $— | $— | ||||||||||||||
Nonaccrual loans included in past due loans | $17,208 | $19,000 | $20,979 | $14,471 | $12,719 |
For the Quarters Ended | |||||||||||||||||||
(Dollars in thousands) | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | ||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||
Balance at beginning of period | $31,139 | $30,873 | $30,752 | $30,448 | $30,045 | ||||||||||||||
Provision charged to earnings | 700 | 600 | 600 | 600 | 600 | ||||||||||||||
Charge-offs | (4,175 | ) | (374 | ) | (534 | ) | (424 | ) | (696 | ) | |||||||||
Recoveries | 220 | 40 | 55 | 128 | 499 | ||||||||||||||
Balance at end of period | $27,884 | $31,139 | $30,873 | $30,752 | $30,448 | ||||||||||||||
Net Loan Charge-Offs (Recoveries): | |||||||||||||||||||
Commercial mortgages | $3,814 | $108 | $212 | $212 | ($388 | ) | |||||||||||||
Other commercial | 63 | 71 | 225 | (22 | ) | 549 | |||||||||||||
Residential real estate mortgages | 36 | 9 | 39 | 41 | (47 | ) | |||||||||||||
Consumer | 42 | 146 | 3 | 65 | 83 | ||||||||||||||
Total | $3,955 | $334 | $479 | $296 | $197 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited) | |||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||
June 30, 2013 | March 31, 2013 | June 30, 2012 | |||||||||||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||
Commercial loans | $1,291,244 | $14,747 | 4.58 | % | $1,243,716 | $14,421 | 4.70 | % | $1,166,545 | $14,590 | 5.03 | % | |||||||||||||||
Residential real estate loans, including mortgage loans held for sale | 762,363 | 7,877 | 4.14 | % | 755,528 | 7,937 | 4.26 | % | 714,154 | 7,809 | 4.40 | % | |||||||||||||||
Consumer loans | 325,539 | 3,090 | 3.81 | % | 322,668 | 3,053 | 3.84 | % | 320,442 | 3,067 | 3.85 | % | |||||||||||||||
Total loans | 2,379,146 | 25,714 | 4.34 | % | 2,321,912 | 25,411 | 4.44 | % | 2,201,141 | 25,466 | 4.65 | % | |||||||||||||||
Cash, federal funds sold and short-term investments | 44,690 | 24 | 0.22 | % | 53,734 | 28 | 0.21 | % | 30,078 | 17 | 0.23 | % | |||||||||||||||
FHLBB stock | 37,730 | 39 | 0.42 | % | 39,790 | 38 | 0.39 | % | 40,418 | 54 | 0.54 | % | |||||||||||||||
Taxable debt securities | 293,586 | 2,576 | 3.52 | % | 323,730 | 2,845 | 3.56 | % | 451,207 | 4,069 | 3.63 | % | |||||||||||||||
Nontaxable debt securities | 66,468 | 985 | 5.94 | % | 68,064 | 1,004 | 5.98 | % | 70,462 | 1,039 | 5.93 | % | |||||||||||||||
Corporate stocks | — | — | — | % | — | — | — | % | 1,804 | 34 | 7.58 | % | |||||||||||||||
Total securities | 360,054 | 3,561 | 3.97 | % | 391,794 | 3,849 | 3.98 | % | 523,473 | 5,142 | 3.95 | % | |||||||||||||||
Total interest-earning assets | 2,821,620 | 29,338 | 4.17 | % | 2,807,230 | 29,326 | 4.24 | % | 2,795,110 | 30,679 | 4.41 | % | |||||||||||||||
Noninterest-earning assets | 213,336 | 210,338 | 222,057 | ||||||||||||||||||||||||
Total assets | $3,034,956 | $3,017,568 | $3,017,167 | ||||||||||||||||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||||||||||||
Interest-bearing demand deposits | $135 | $— | — | % | $— | $— | — | % | $— | $— | — | % | |||||||||||||||
NOW accounts | 289,858 | 45 | 0.06 | % | 283,004 | 45 | 0.06 | % | 254,528 | 39 | 0.06 | % | |||||||||||||||
Money market accounts | 535,107 | 381 | 0.29 | % | 495,453 | 351 | 0.29 | % | 405,241 | 232 | 0.23 | % | |||||||||||||||
Savings accounts | 286,547 | 47 | 0.07 | % | 279,536 | 46 | 0.07 | % | 258,824 | 72 | 0.11 | % | |||||||||||||||
Time deposits | 843,462 | 2,623 | 1.25 | % | 869,576 | 2,752 | 1.28 | % | 905,466 | 3,042 | 1.35 | % | |||||||||||||||
FHLBB advances | 326,839 | 2,679 | 3.29 | % | 345,270 | 2,737 | 3.21 | % | 494,257 | 3,998 | 3.25 | % | |||||||||||||||
Junior subordinated debentures | 31,405 | 612 | 7.82 | % | 32,991 | 390 | 4.79 | % | 32,991 | 391 | 4.77 | % | |||||||||||||||
Other | 205 | 3 | 5.87 | % | 1,146 | 5 | 1.77 | % | 973 | 5 | 2.07 | % | |||||||||||||||
Total interest-bearing liabilities | 2,313,558 | 6,390 | 1.11 | % | 2,306,976 | 6,326 | 1.11 | % | 2,352,280 | 7,779 | 1.33 | % | |||||||||||||||
Demand deposits | 365,747 | 360,851 | 321,094 | ||||||||||||||||||||||||
Other liabilities | 52,249 | 50,305 | 52,939 | ||||||||||||||||||||||||
Shareholders' equity | 303,402 | 299,436 | 290,854 | ||||||||||||||||||||||||
Total liabilities and shareholders' equity | $3,034,956 | $3,017,568 | $3,017,167 | ||||||||||||||||||||||||
Net interest income (FTE) | $22,948 | $23,000 | $22,900 | ||||||||||||||||||||||||
Interest rate spread | 3.06 | % | 3.13 | % | 3.08 | % | |||||||||||||||||||||
Net interest margin | 3.26 | % | 3.32 | % | 3.30 | % |
(Dollars in thousands) | Three Months Ended | ||||||||||
Jun 30, 2013 | Mar 31, 2013 | Jun 30, 2012 | |||||||||
Commercial loans | $201 | $188 | $122 | ||||||||
Nontaxable debt securities | 338 | 345 | 357 | ||||||||
Corporate stocks | — | — | 10 | ||||||||
Total | $539 | $533 | $489 |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited) | ||||||||||||||||||
Six Months Ended June 30, | 2013 | 2012 | ||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Assets: | ||||||||||||||||||
Commercial loans | $1,267,612 | $29,168 | 4.64 | % | $1,144,114 | $28,888 | 5.08 | % | ||||||||||
Residential real estate loans, including mortgage loans held for sale | 758,964 | 15,814 | 4.20 | % | 717,430 | 15,884 | 4.45 | % | ||||||||||
Consumer loans | 324,111 | 6,143 | 3.82 | % | 320,195 | 6,164 | 3.87 | % | ||||||||||
Total loans | 2,350,687 | 51,125 | 4.39 | % | 2,181,739 | 50,936 | 4.69 | % | ||||||||||
Cash, federal funds sold and short-term investments | 49,186 | 52 | 0.21 | % | 41,196 | 37 | 0.18 | % | ||||||||||
FHLBB stock | 38,755 | 77 | 0.40 | % | 41,012 | 106 | 0.52 | % | ||||||||||
Taxable debt securities | 308,576 | 5,421 | 3.54 | % | 468,828 | 8,446 | 3.62 | % | ||||||||||
Nontaxable debt securities | 67,261 | 1,989 | 5.96 | % | 71,185 | 2,098 | 5.93 | % | ||||||||||
Corporate stocks | — | — | — | % | 1,828 | 67 | 7.37 | % | ||||||||||
Total securities | 375,837 | 7,410 | 3.98 | % | 541,841 | 10,611 | 3.94 | % | ||||||||||
Total interest-earning assets | 2,814,465 | 58,664 | 4.20 | % | 2,805,788 | 61,690 | 4.42 | % | ||||||||||
Noninterest-earning assets | 211,845 | 221,430 | ||||||||||||||||
Total assets | $3,026,310 | $3,027,218 | ||||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||||
Interest-bearing demand deposits | $68 | $— | — | % | $— | $— | — | % | ||||||||||
NOW accounts | 286,450 | 90 | 0.06 | % | 250,390 | 85 | 0.07 | % | ||||||||||
Money market accounts | 515,390 | 732 | 0.29 | % | 408,647 | 457 | 0.22 | % | ||||||||||
Savings accounts | 283,059 | 93 | 0.07 | % | 253,837 | 142 | 0.11 | % | ||||||||||
Time deposits | 856,447 | 5,375 | 1.27 | % | 895,405 | 6,135 | 1.38 | % | ||||||||||
FHLBB advances | 336,004 | 5,416 | 3.25 | % | 509,012 | 8,083 | 3.19 | % | ||||||||||
Junior subordinated debentures | 32,194 | 1,002 | 6.28 | % | 32,991 | 783 | 4.77 | % | ||||||||||
Other | 673 | 8 | 2.40 | % | 9,938 | 239 | 4.84 | % | ||||||||||
Total interest-bearing liabilities | 2,310,285 | 12,716 | 1.11 | % | 2,360,220 | 15,924 | 1.36 | % | ||||||||||
Demand deposits | 363,313 | 326,159 | ||||||||||||||||
Other liabilities | 51,282 | 53,012 | ||||||||||||||||
Shareholders' equity | 301,430 | 287,827 | ||||||||||||||||
Total liabilities and shareholders' equity | $3,026,310 | $3,027,218 | ||||||||||||||||
Net interest income (FTE) | $45,948 | $45,766 | ||||||||||||||||
Interest rate spread | 3.09 | % | 3.06 | % | ||||||||||||||
Net interest margin | 3.29 | % | 3.28 | % |
(Dollars in thousands) | |||||||
Six Months Ended June 30, | 2013 | 2012 | |||||
Commercial loans | $389 | $229 | |||||
Nontaxable debt securities | 683 | 723 | |||||
Corporate stocks | — | 18 | |||||
Total | $1,072 | $970 |
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, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | ||||||||||
Calculation of Tangible Book Value per Share: | |||||||||||||||
Total shareholders' equity at end of period | $303,370 | $301,291 | $295,652 | $298,394 | $292,734 | ||||||||||
Less: | |||||||||||||||
Goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||
Identifiable intangible assets, net | 5,827 | 6,000 | 6,173 | 6,346 | 6,528 | ||||||||||
Total tangible shareholders' equity at end of period | $239,429 | $237,177 | $231,365 | $233,934 | $228,092 | ||||||||||
Shares outstanding at end of period | 16,487 | 16,425 | 16,380 | 16,371 | 16,359 | ||||||||||
Book value per share - GAAP | $18.40 | $18.34 | $18.05 | $18.23 | $17.89 | ||||||||||
Tangible book value per share - Non-GAAP | $14.52 | $14.44 | $14.12 | $14.29 | $13.94 | ||||||||||
Calculation of Tangible Equity to Tangible Assets: | |||||||||||||||
Total tangible shareholders' equity at end of period | $239,429 | $237,177 | $231,365 | $233,934 | $228,092 | ||||||||||
Total assets at end of period | $3,061,307 | $3,051,848 | $3,071,884 | $3,048,868 | $3,041,050 | ||||||||||
Less: | |||||||||||||||
Goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||
Identifiable intangible assets, net | 5,827 | 6,000 | 6,173 | 6,346 | 6,528 | ||||||||||
Total tangible assets at end of period | $2,997,366 | $2,987,734 | $3,007,597 | $2,984,408 | $2,976,408 | ||||||||||
Equity to assets - GAAP | 9.91 | % | 9.87 | % | 9.62 | % | 9.79 | % | 9.63 | % | |||||
Tangible equity to tangible assets - Non-GAAP | 7.99 | % | 7.94 | % | 7.69 | % | 7.84 | % | 7.66 | % | |||||
Calculation of Return on Average Tangible Assets: | |||||||||||||||
Net income | $8,983 | $7,421 | $9,023 | $8,900 | $8,713 | ||||||||||
Total average assets | $3,034,956 | $3,017,583 | $3,044,764 | $3,045,203 | $3,017,167 | ||||||||||
Less: | |||||||||||||||
Average goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||
Average identifiable intangible assets, net | 5,912 | 6,085 | 6,257 | 6,434 | 6,619 | ||||||||||
Total average tangible assets | $2,970,930 | $2,953,384 | $2,980,393 | $2,980,655 | $2,952,434 | ||||||||||
Return on average assets - GAAP | 1.18 | % | 0.98 | % | 1.19 | % | 1.17 | % | 1.16 | % | |||||
Return on average tangible assets - Non-GAAP | 1.21 | % | 1.01 | % | 1.21 | % | 1.19 | % | 1.18 | % | |||||
Calculation of Return on Average Tangible Equity: | |||||||||||||||
Net income | $8,983 | $7,421 | $9,023 | $8,900 | $8,713 | ||||||||||
Total average shareholders' equity | $303,402 | $299,436 | $300,430 | $296,150 | $290,854 | ||||||||||
Less: | |||||||||||||||
Average goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||
Average identifiable intangible assets, net | 5,912 | 6,085 | 6,257 | 6,434 | 6,619 | ||||||||||
Total average tangible shareholders' equity | $239,376 | $235,237 | $236,059 | $231,602 | $226,121 | ||||||||||
Return on average shareholders' equity - GAAP | 11.84 | % | 9.91 | % | 12.01 | % | 12.02 | % | 11.98 | % | |||||
Return on average tangible shareholders' equity - Non-GAAP | 15.01 | % | 12.62 | % | 15.29 | % | 15.37 | % | 15.41 | % |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||
SUPPLEMENTAL INFORMATION - Non-GAAP Financial Measures (unaudited) | ||||||
Six Months Ended | ||||||
(Dollars in thousands) | Jun 30, 2013 | Jun 30, 2012 | ||||
Calculation of return on average tangible assets: | ||||||
Net income | $16,404 | $17,151 | ||||
Total average assets | $3,026,310 | $3,027,218 | ||||
Less: | ||||||
Average goodwill | 58,114 | 58,114 | ||||
Average identifiable intangible assets, net | 5,998 | 6,712 | ||||
Total average tangible assets | $2,962,198 | $2,962,392 | ||||
Return on average assets - GAAP | 1.08 | % | 1.13 | % | ||
Return on average tangible assets - Non-GAAP | 1.11 | % | 1.16 | % | ||
Calculation of return on average tangible equity: | ||||||
Net income | $16,404 | $17,151 | ||||
Total average shareholders' equity | $301,430 | $287,827 | ||||
Less: | ||||||
Average goodwill | 58,114 | 58,114 | ||||
Average identifiable intangible assets, net | 5,998 | 6,712 | ||||
Total average tangible shareholders' equity | $237,318 | $223,001 | ||||
Return on average shareholders' equity - GAAP | 10.88 | % | 11.92 | % | ||
Return on average tangible shareholders' equity - Non-GAAP | 13.82 | % | 15.38 | % |
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