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 28, 2014* | |||
*Filed herewith |
WASHINGTON TRUST BANCORP, INC. | ||||
Date: | January 28, 2014 | By: | /s/ David V. Devault | |
David V. Devault | ||||
Vice Chairman, Secretary and Chief Financial Officer |
• | Loan growth was strong in the fourth quarter, totaling $109.1 million, or 5%. Total loans amounted to $2.46 billion at December 31, 2013, up by 7% from a year ago. |
• | Deposit growth continued in the fourth quarter with an increase of $50.5 million, or 2%, from the end of the third quarter. Total deposits reached $2.51 billion at December 31, 2013, up by 8% from a year ago. |
• | Wealth management assets under administration grew by $186.4 million, or 4%, to $4.78 billion. Wealth management revenues rose by $1.2 million, or 15%, on a linked quarter basis. |
• | Asset quality indicators continued to improve. Nonperforming assets were down by 4% and delinquencies were down 9% from September 30, 2013. |
• | In December, the quarterly dividend was increased to 27 cents per share, representing the third quarterly dividend increase during 2013. |
• | Wealth management revenues totaled $8.8 million for the fourth quarter, up from the $7.6 million recognized in the previous quarter. This included: |
◦ | An increase of $375 thousand, or 5%, in asset-based revenues, which totaled $7.7 million for the fourth quarter. |
◦ | An increase of $805 thousand in transaction-based revenues, which totaled $1.1 million for the fourth quarter. This increase was largely due to an above-average level of insurance commission income. Transaction-based revenues were approximately $700 thousand higher than the average amount recognized for each of the previous three quarters. |
• | Net gains on loan sales and commissions on loans originated for others declined by $2.3 million compared to the third quarter. Included in the previous quarter were gains of $977 thousand resulting from the sale of residential mortgage portfolio loans. Excluding the third quarter 2013 portfolio loan sale, these revenues declined by $1.4 million, reflecting continued declines in refinancing activity due to higher mortgage interest rates. Residential mortgage loans sold to the secondary market amounted to $65.9 million in the fourth quarter, compared to $114.4 million in the previous quarter. |
• | Net gains on interest rate swap contracts increased by $672 thousand largely due to an above-average level of customer-related interest rate swap transactions in the fourth quarter of 2013. Net gains on interest rate swap contracts for the fourth quarter of 2013 were approximately $650 thousand higher than the average amount of net gains recognized for each of the first three quarters of 2013. |
• | Merchant processing fee revenue was down by $1.1 million, or 32%, reflecting a seasonal decline in the volume of transactions processed for customers. See discussion below regarding the corresponding decrease in merchant processing expenses. |
• | Salaries and employee benefits expenses were down by $212 thousand, or 1%, primarily as a result of a modification to the Corporation's defined benefit pension plans adopted in the third quarter. |
• | Merchant processing expenses were down by $926 thousand, or 32%, on a linked quarter basis. This decline is consistent with the decline in merchant processing fee income described above. |
• | Commercial loan portfolio growth of $65.4 million, or 5.0%, in the fourth quarter and $110.9 million, or 9.0%, from a year ago, reflecting growth in both commercial real estate and commercial and industrial loan portfolios. |
• | Residential real estate loan portfolio growth of $41.0 million, or 6%, in the fourth quarter and $55.0 million, or 8%, in the last twelve months. |
• | Demand deposit and NOW account growth of $29.2 million, or 4%, in the fourth quarter and $79.5 million, or 12%, from a year ago. |
• | Money market and savings account growth of $47.6 million, or 5%, in the fourth quarter and $192.7 million, or 25%, in the last twelve months. |
• | Time deposit balance decreases of $26.3 million, or 3%, in the fourth quarter and $79.5 million, or 9%, from a year ago. |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||
CONSOLIDATED BALANCE SHEETS (unaudited) | ||||||||
(Dollars in thousands, except par value) | Dec 31, 2013 | Dec 31, 2012 | ||||||
Assets: | ||||||||
Cash and due from banks | $81,939 | $73,474 | ||||||
Short-term investments | 3,378 | 19,176 | ||||||
Mortgage loans held for sale, at fair value | 11,636 | 50,056 | ||||||
Securities: | ||||||||
Available for sale, at fair value | 392,903 | 375,498 | ||||||
Held to maturity, at amortized cost (fair value $29,865 in 2013 and $41,420 in 2012) | 29,905 | 40,381 | ||||||
Total securities | 422,808 | 415,879 | ||||||
Federal Home Loan Bank stock, at cost | 37,730 | 40,418 | ||||||
Loans: | ||||||||
Commercial | 1,363,335 | 1,252,419 | ||||||
Residential real estate | 772,674 | 717,681 | ||||||
Consumer | 326,875 | 323,903 | ||||||
Total loans | 2,462,884 | 2,294,003 | ||||||
Less allowance for loan losses | 27,886 | 30,873 | ||||||
Net loans | 2,434,998 | 2,263,130 | ||||||
Premises and equipment, net | 25,402 | 27,232 | ||||||
Investment in bank-owned life insurance | 56,673 | 54,823 | ||||||
Goodwill | 58,114 | 58,114 | ||||||
Identifiable intangible assets, net | 5,493 | 6,173 | ||||||
Other assets | 50,696 | 63,409 | ||||||
Total assets | $3,188,867 | $3,071,884 | ||||||
Liabilities: | ||||||||
Deposits: | ||||||||
Demand deposits | $440,785 | $379,889 | ||||||
NOW accounts | 309,771 | 291,174 | ||||||
Money market accounts | 666,646 | 496,402 | ||||||
Savings accounts | 297,357 | 274,934 | ||||||
Time deposits | 790,762 | 870,232 | ||||||
Total deposits | 2,505,321 | 2,312,631 | ||||||
Federal Home Loan Bank advances | 288,082 | 361,172 | ||||||
Junior subordinated debentures | 22,681 | 32,991 | ||||||
Other borrowings | 178 | 1,212 | ||||||
Other liabilities | 42,959 | 68,226 | ||||||
Total liabilities | 2,859,221 | 2,776,232 | ||||||
Shareholders’ Equity: | ||||||||
Common stock of $.0625 par value; authorized 30,000,000 shares; issued and outstanding 16,613,561 shares in 2013 and 16,379,771 shares in 2012 | 1,038 | 1,024 | ||||||
Paid-in capital | 97,566 | 91,453 | ||||||
Retained earnings | 232,595 | 213,674 | ||||||
Accumulated other comprehensive loss | (1,553 | ) | (10,499 | ) | ||||
Total shareholders’ equity | 329,646 | 295,652 | ||||||
Total liabilities and shareholders’ equity | $3,188,867 | $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 | Twelve Months | ||||||||||||||
Periods ended December 31, | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Interest income: | ||||||||||||||||
Interest and fees on loans | $25,649 | $26,109 | $102,481 | $102,656 | ||||||||||||
Interest on securities: | Taxable | 3,005 | 3,241 | 11,008 | 15,359 | |||||||||||
Nontaxable | 618 | 664 | 2,553 | 2,699 | ||||||||||||
Dividends on corporate stock and Federal Home Loan Bank stock | 35 | 49 | 148 | 256 | ||||||||||||
Other interest income | 59 | 27 | 158 | 91 | ||||||||||||
Total interest and dividend income | 29,366 | 30,090 | 116,348 | 121,061 | ||||||||||||
Interest expense: | ||||||||||||||||
Deposits | 3,066 | 3,380 | 12,420 | 13,590 | ||||||||||||
Federal Home Loan Bank advances | 2,534 | 3,148 | 10,643 | 14,957 | ||||||||||||
Junior subordinated debentures | 241 | 394 | 1,484 | 1,570 | ||||||||||||
Other interest expense | 4 | 4 | 16 | 248 | ||||||||||||
Total interest expense | 5,845 | 6,926 | 24,563 | 30,365 | ||||||||||||
Net interest income | 23,521 | 23,164 | 91,785 | 90,696 | ||||||||||||
Provision for loan losses | 400 | 600 | 2,400 | 2,700 | ||||||||||||
Net interest income after provision for loan losses | 23,121 | 22,564 | 89,385 | 87,996 | ||||||||||||
Noninterest income: | ||||||||||||||||
Wealth management revenues | 8,810 | 7,790 | 31,825 | 29,641 | ||||||||||||
Service charges on deposit accounts | 820 | 837 | 3,256 | 3,193 | ||||||||||||
Merchant processing fees | 2,271 | 2,232 | 10,220 | 10,159 | ||||||||||||
Card interchange fees | 775 | 636 | 2,788 | 2,480 | ||||||||||||
Income from bank-owned life insurance | 458 | 479 | 1,850 | 2,448 | ||||||||||||
Net gains on loan sales and commissions on loans originated for others | 1,551 | 4,476 | 13,085 | 14,092 | ||||||||||||
Net realized gains on securities | — | 924 | — | 1,223 | ||||||||||||
Net gains on interest rate swap contracts | 726 | 168 | 951 | 255 | ||||||||||||
Equity in earnings (losses) of unconsolidated subsidiaries | (42 | ) | 82 | (107 | ) | 196 | ||||||||||
Other income | 468 | 275 | 1,701 | 1,748 | ||||||||||||
Noninterest income, excluding other-than-temporary impairment losses | 15,837 | 17,899 | 65,569 | 65,435 | ||||||||||||
Total other-than-temporary impairment losses on securities | 319 | 57 | (294 | ) | (28 | ) | ||||||||||
Portion of loss recognized in other comprehensive income (before tax) | (1,036 | ) | (69 | ) | (3,195 | ) | (193 | ) | ||||||||
Net impairment losses recognized in earnings | (717 | ) | (12 | ) | (3,489 | ) | (221 | ) | ||||||||
Total noninterest income | 15,120 | 17,887 | 62,080 | 65,214 | ||||||||||||
Noninterest expense: | ||||||||||||||||
Salaries and employee benefits | 14,428 | 15,661 | 60,052 | 59,786 | ||||||||||||
Net occupancy | 1,487 | 1,518 | 5,769 | 6,039 | ||||||||||||
Equipment | 1,189 | 1,222 | 4,847 | 4,640 | ||||||||||||
Merchant processing costs | 1,936 | 1,903 | 8,682 | 8,593 | ||||||||||||
Outsourced services | 1,072 | 900 | 3,662 | 3,560 | ||||||||||||
Legal, audit and professional fees | 639 | 641 | 2,330 | 2,240 | ||||||||||||
FDIC deposit insurance costs | 431 | 419 | 1,761 | 1,730 | ||||||||||||
Advertising and promotion | 321 | 435 | 1,464 | 1,730 | ||||||||||||
Amortization of intangibles | 164 | 173 | 680 | 728 | ||||||||||||
Foreclosed property costs | 36 | 158 | 258 | 762 | ||||||||||||
Debt prepayment penalties | — | 1,774 | 1,125 | 3,908 | ||||||||||||
Other expenses | 2,345 | 2,617 | 8,155 | 8,622 | ||||||||||||
Total noninterest expense | 24,048 | 27,421 | 98,785 | 102,338 | ||||||||||||
Income before income taxes | 14,193 | 13,030 | 52,680 | 50,872 | ||||||||||||
Income tax expense | 4,404 | 4,007 | 16,527 | 15,798 | ||||||||||||
Net income | $9,789 | $9,023 | $36,153 | $35,074 | ||||||||||||
Weighted average common shares outstanding - basic | 16,602 | 16,376 | 16,506 | 16,358 | ||||||||||||
Weighted average common shares outstanding - diluted | 16,770 | 16,425 | 16,664 | 16,401 | ||||||||||||
Per share information: | Basic earnings per common share | $0.59 | $0.55 | $2.18 | $2.13 | |||||||||||
Diluted earnings per common share | $0.58 | $0.55 | $2.16 | $2.13 | ||||||||||||
Cash dividends declared per share | $0.27 | $0.24 | $1.03 | $0.94 |
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, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | ||||||||||
Financial Data: | |||||||||||||||
Total assets | $3,188,867 | $3,131,958 | $3,061,307 | $3,051,848 | $3,071,884 | ||||||||||
Total loans | 2,462,884 | 2,353,766 | 2,384,980 | 2,325,045 | 2,294,003 | ||||||||||
Total securities | 422,808 | 419,349 | 350,517 | 387,102 | 415,879 | ||||||||||
Total deposits | 2,505,321 | 2,454,831 | 2,304,609 | 2,319,641 | 2,312,631 | ||||||||||
Total shareholders' equity | 329,646 | 323,585 | 303,370 | 301,291 | 295,652 | ||||||||||
Net interest income | 23,521 | 23,388 | 22,409 | 22,467 | 23,164 | ||||||||||
Provision for loan losses | 400 | 700 | 700 | 600 | 600 | ||||||||||
Noninterest income, excluding OTTI losses | 15,837 | 17,400 | 16,394 | 15,938 | 17,899 | ||||||||||
Net OTTI losses recognized in earnings | (717 | ) | — | — | (2,772 | ) | (12 | ) | |||||||
Noninterest expenses | 24,048 | 25,548 | 25,005 | 24,184 | 27,421 | ||||||||||
Income tax expense | 4,404 | 4,580 | 4,115 | 3,428 | 4,007 | ||||||||||
Net income | 9,789 | 9,960 | 8,983 | 7,421 | 9,023 | ||||||||||
Share Data: | |||||||||||||||
Basic earnings per common share | $0.59 | $0.60 | $0.54 | $0.45 | $0.55 | ||||||||||
Diluted earnings per common share | $0.58 | $0.59 | $0.54 | $0.45 | $0.55 | ||||||||||
Dividends declared per share | $0.27 | $0.26 | $0.25 | $0.25 | $0.24 | ||||||||||
Book value per share | $19.84 | $19.51 | $18.40 | $18.34 | $18.05 | ||||||||||
Tangible book value per share - Non-GAAP (1) | $16.01 | $15.66 | $14.52 | $14.44 | $14.13 | ||||||||||
Market value per share | $37.22 | $31.43 | $28.52 | $27.38 | $26.31 | ||||||||||
Shares outstanding at end of period | 16,614 | 16,589 | 16,487 | 16,425 | 16,380 | ||||||||||
Weighted average common shares outstanding - basic | 16,602 | 16,563 | 16,454 | 16,401 | 16,376 | ||||||||||
Weighted average common shares outstanding - diluted | 16,770 | 16,696 | 16,581 | 16,449 | 16,425 | ||||||||||
Key Ratios: | |||||||||||||||
Return on average assets | 1.24 | % | 1.29 | % | 1.18 | % | 0.98 | % | 1.19 | % | |||||
Return on average tangible assets - Non-GAAP (1) | 1.26 | % | 1.31 | % | 1.21 | % | 1.01 | % | 1.21 | % | |||||
Return on average equity | 11.98 | % | 12.82 | % | 11.84 | % | 9.91 | % | 12.01 | % | |||||
Return on average tangible equity - Non-GAAP (1) | 14.80 | % | 16.13 | % | 15.01 | % | 12.62 | % | 15.29 | % | |||||
Capital Ratios: | |||||||||||||||
Tier 1 risk-based capital | 12.12% (i) | 12.23% | 11.85 | % | 12.25 | % | 12.01 | % | |||||||
Total risk-based capital | 13.29% (i) | 13.44% | 13.06 | % | 13.50 | % | 13.26 | % | |||||||
Tier 1 leverage ratio | 9.41% (i) | 9.41% | 9.32 | % | 9.53 | % | 9.30 | % | |||||||
Equity to assets | 10.34 | % | 10.33 | % | 9.91 | % | 9.87 | % | 9.62 | % | |||||
Tangible equity to tangible assets - Non-GAAP (1) | 8.51 | % | 8.47 | % | 7.99 | % | 7.94 | % | 7.69 | % | |||||
(i) - estimated | |||||||||||||||
Wealth Management Assets under Administration: | |||||||||||||||
Balance at beginning of period | $4,595,594 | $4,433,574 | $4,420,076 | $4,199,640 | $4,242,520 | ||||||||||
Net investment appreciation (depreciation) & income | 248,727 | 190,931 | (20,956 | ) | 213,979 | (5,887 | ) | ||||||||
Net client cash flows | (62,363 | ) | (28,911 | ) | 34,454 | 6,457 | (36,993 | ) | |||||||
Balance at end of period | $4,781,958 | $4,595,594 | $4,433,574 | $4,420,076 | $4,199,640 |
(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) | |||||||
Years Ended | |||||||
(Dollars and shares in thousands, except per share amounts) | Dec 31, 2013 | Dec 31, 2012 | |||||
Financial Data: | |||||||
Net interest income | $91,785 | $90,696 | |||||
Provision for loan losses | 2,400 | 2,700 | |||||
Noninterest income, excluding OTTI losses | 65,569 | 65,435 | |||||
Net OTTI losses recognized in earnings | (3,489 | ) | (221 | ) | |||
Noninterest expenses | 98,785 | 102,338 | |||||
Income tax expense | 16,527 | 15,798 | |||||
Net income | 36,153 | 35,074 | |||||
Share Data: | |||||||
Basic earnings per common share | $2.18 | $2.13 | |||||
Diluted earnings per common share | $2.16 | $2.13 | |||||
Dividends declared per share | $1.03 | $0.94 | |||||
Weighted average common shares outstanding - basic | 16,506 | 16,358 | |||||
Weighted average common shares outstanding - diluted | 16,664 | 16,401 | |||||
Key Ratios: | |||||||
Return on average assets | 1.17 | % | 1.16 | % | |||
Return on average tangible assets - Non-GAAP (1) | 1.20 | % | 1.18 | % | |||
Return on average equity | 11.65 | % | 11.97 | % | |||
Return on average tangible equity - Non-GAAP (1) | 14.68 | % | 15.35 | % | |||
Asset Quality Data: | |||||||
Allowance for Loan Losses: | |||||||
Balance at beginning of period | $30,873 | $29,802 | |||||
Provision charged to earnings | 2,400 | 2,700 | |||||
Charge-offs | (6,022 | ) | (2,335 | ) | |||
Recoveries | 635 | 706 | |||||
Balance at end of period | $27,886 | $30,873 | |||||
Net Loan Charge-Offs (Recoveries): | |||||||
Commercial mortgages | $4,833 | $43 | |||||
Other commercial | 205 | 1,076 | |||||
Residential real estate mortgages | 125 | 257 | |||||
Consumer | 224 | 253 | |||||
Total | $5,387 | $1,629 | |||||
Net charge-offs to average loans (annualized) | 0.27 | % | 0.07 | % | |||
Wealth Management Assets Under Administration: | |||||||
Balance at beginning of period | $4,199,640 | $3,900,061 | |||||
Net investment appreciation & income | 632,681 | 315,799 | |||||
Net client cash flows | (50,363 | ) | (16,220 | ) | |||
Balance at end of period | $4,781,958 | $4,199,640 |
(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 | ||||||||||||||
Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | ||||||||||
Average Yield / Rate (taxable equivalent basis): | ||||||||||||||
Assets: | ||||||||||||||
Commercial loans | 4.52 | % | 4.67 | % | 4.58 | % | 4.70 | % | 4.90 | % | ||||
Residential real estate loans, including mortgage loans held for sale | 4.09 | % | 4.06 | % | 4.14 | % | 4.26 | % | 4.23 | % | ||||
Consumer loans | 3.77 | % | 3.78 | % | 3.81 | % | 3.84 | % | 3.86 | % | ||||
Total loans | 4.28 | % | 4.35 | % | 4.34 | % | 4.44 | % | 4.53 | % | ||||
Cash, federal funds sold and other short-term investments | 0.22 | % | 0.21 | % | 0.22 | % | 0.21 | % | 0.26 | % | ||||
FHLBB stock | 0.37 | % | 0.38 | % | 0.42 | % | 0.39 | % | 0.48 | % | ||||
Taxable debt securities | 3.40 | % | 3.44 | % | 3.52 | % | 3.56 | % | 3.49 | % | ||||
Nontaxable debt securities | 5.88 | % | 5.87 | % | 5.94 | % | 5.98 | % | 5.89 | % | ||||
Corporate stocks | — | % | — | % | — | % | — | % | — | % | ||||
Total securities | 3.78 | % | 3.88 | % | 3.97 | % | 3.98 | % | 3.86 | % | ||||
Total interest-earning assets | 4.02 | % | 4.12 | % | 4.17 | % | 4.24 | % | 4.31 | % | ||||
Liabilities: | ||||||||||||||
Interest-bearing demand deposits | — | % | — | % | — | % | — | % | — | % | ||||
NOW accounts | 0.06 | % | 0.06 | % | 0.06 | % | 0.06 | % | 0.07 | % | ||||
Money market accounts | 0.34 | % | 0.31 | % | 0.29 | % | 0.29 | % | 0.28 | % | ||||
Savings accounts | 0.06 | % | 0.06 | % | 0.07 | % | 0.07 | % | 0.09 | % | ||||
Time deposits | 1.19 | % | 1.23 | % | 1.25 | % | 1.28 | % | 1.32 | % | ||||
FHLBB advances | 3.49 | % | 3.25 | % | 3.29 | % | 3.21 | % | 3.27 | % | ||||
Junior subordinated debentures | 4.22 | % | 4.22 | % | 7.82 | % | 4.79 | % | 4.75 | % | ||||
Other | 2.52 | % | 4.50 | % | 5.87 | % | 1.77 | % | 5.51 | % | ||||
Total interest-bearing liabilities | 0.98 | % | 1.01 | % | 1.11 | % | 1.11 | % | 1.19 | % | ||||
Interest rate spread (taxable equivalent basis) | 3.04 | % | 3.11 | % | 3.06 | % | 3.13 | % | 3.12 | % | ||||
Net interest margin (taxable equivalent basis) | 3.24 | % | 3.29 | % | 3.26 | % | 3.32 | % | 3.33 | % |
At December 31, 2013 | ||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
(Dollars in thousands) | Cost (1) | Gains | Losses | Value | ||||||||||||
Securities Available for Sale: | ||||||||||||||||
Obligations of U.S. government-sponsored enterprises | $54,474 | $720 | ($79 | ) | $55,115 | |||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 230,387 | 8,369 | (401 | ) | 238,355 | |||||||||||
States and political subdivisions | 60,659 | 2,200 | — | 62,859 | ||||||||||||
Trust preferred securities: | ||||||||||||||||
Individual name issuers | 30,715 | — | (6,031 | ) | 24,684 | |||||||||||
Collateralized debt obligations | 547 | — | — | 547 | ||||||||||||
Corporate bonds | 11,128 | 231 | (16 | ) | 11,343 | |||||||||||
Total securities available for sale | 387,910 | 11,520 | (6,527 | ) | 392,903 | |||||||||||
Held to Maturity: | ||||||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 29,905 | 14 | (54 | ) | 29,865 | |||||||||||
Total securities held to maturity | 29,905 | 14 | (54 | ) | 29,865 | |||||||||||
Total securities | $417,815 | $11,534 | ($6,581 | ) | $422,768 |
(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, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | |||||||||||
Loans: | ||||||||||||||||
Commercial: | Mortgages | $796,249 | $727,375 | $758,437 | $729,968 | $710,813 | ||||||||||
Construction & development | 36,289 | 51,951 | 39,449 | 34,179 | 27,842 | |||||||||||
Other | 530,797 | 518,566 | 512,228 | 513,000 | 513,764 | |||||||||||
Total commercial | 1,363,335 | 1,297,892 | 1,310,114 | 1,277,147 | 1,252,419 | |||||||||||
Residential real estate: | Mortgages | 749,163 | 711,427 | 728,158 | 702,418 | 692,798 | ||||||||||
Homeowner construction | 23,511 | 20,265 | 20,713 | 21,943 | 24,883 | |||||||||||
Total residential real estate | 772,674 | 731,692 | 748,871 | 724,361 | 717,681 | |||||||||||
Consumer: | Home equity lines | 231,362 | 227,063 | 228,367 | 226,640 | 226,861 | ||||||||||
Home equity loans | 40,212 | 41,158 | 41,312 | 40,134 | 39,329 | |||||||||||
Other | 55,301 | 55,961 | 56,316 | 56,763 | 57,713 | |||||||||||
Total consumer | 326,875 | 324,182 | 325,995 | 323,537 | 323,903 | |||||||||||
Total loans | $2,462,884 | $2,353,766 | $2,384,980 | $2,325,045 | $2,294,003 |
At December 31, 2013 | |||||
(Dollars in thousands) | Balance | % of Total | |||
Commercial Real Estate Loans by Property Location: | |||||
Rhode Island, Connecticut, Massachusetts | $791,682 | 95.1 | % | ||
New York, New Jersey | 32,126 | 3.9 | % | ||
New Hampshire | 8,730 | 1.0 | % | ||
Total commercial real estate loans (1) | $832,538 | 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 December 31, 2013 | |||||
(Dollars in thousands) | Balance | % of Total | |||
Residential Mortgages by Property Location: | |||||
Rhode Island, Connecticut, Massachusetts | $751,932 | 97.3 | % | ||
New Hampshire | 7,900 | 1.0 | % | ||
New York, Virginia, New Jersey, Maryland, Pennsylvania, District of Columbia | 6,972 | 0.9 | % | ||
Ohio | 2,509 | 0.3 | % | ||
Washington, Oregon | 1,356 | 0.2 | % | ||
Georgia | 1,083 | 0.1 | % | ||
New Mexico | 468 | 0.1 | % | ||
Other | 454 | 0.1 | % | ||
Total residential mortgages | $772,674 | 100.0 | % |
Period End Balances At | ||||||||||||||||
(Dollars in thousands) | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | |||||||||||
Deposits: | ||||||||||||||||
Demand deposits | $440,785 | $420,075 | $358,797 | $375,156 | $379,889 | |||||||||||
NOW accounts | 309,771 | 301,250 | 301,096 | 294,136 | 291,174 | |||||||||||
Money market accounts | 666,646 | 623,631 | 540,012 | 503,414 | 496,402 | |||||||||||
Savings accounts | 297,357 | 292,765 | 293,405 | 284,983 | 274,934 | |||||||||||
Time deposits | 790,762 | 817,110 | 811,299 | 861,952 | 870,232 | |||||||||||
Total deposits | $2,505,321 | $2,454,831 | $2,304,609 | $2,319,641 | $2,312,631 | |||||||||||
Out-of-market brokered certificates of deposits included in time deposits | $98,009 | $106,231 | $96,177 | $103,045 | $102,636 | |||||||||||
In-market deposits, excluding out-of-market brokered certificates of deposit | $2,407,312 | $2,348,600 | $2,208,432 | $2,216,596 | $2,209,995 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | |||||||||||||||||||
Period End Balances At | |||||||||||||||||||
(Dollars in thousands) | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | ||||||||||||||
Asset Quality Data: | |||||||||||||||||||
Nonperforming Assets: | |||||||||||||||||||
Commercial mortgages | $7,492 | $8,956 | $9,976 | $14,953 | $10,681 | ||||||||||||||
Commercial construction and development | — | — | — | — | — | ||||||||||||||
Other commercial | 1,291 | 1,248 | 1,400 | 3,122 | 4,412 | ||||||||||||||
Residential real estate mortgages | 8,315 | 8,095 | 7,526 | 6,699 | 6,158 | ||||||||||||||
Consumer | 1,204 | 1,204 | 1,124 | 901 | 1,292 | ||||||||||||||
Total nonaccrual loans | $18,302 | $19,503 | $20,026 | $25,675 | $22,543 | ||||||||||||||
Nonaccrual investment securities | 547 | 425 | 397 | 404 | 843 | ||||||||||||||
Property acquired through foreclosure or repossession | 932 | 594 | 1,230 | 2,625 | 2,047 | ||||||||||||||
Total nonperforming assets | $19,781 | $20,522 | $21,653 | $28,704 | $25,433 | ||||||||||||||
Total past due loans to total loans | 0.89 | % | 1.02 | % | 1.09 | % | 1.13 | % | 1.22 | % | |||||||||
Nonperforming assets to total assets | 0.62 | % | 0.66 | % | 0.71 | % | 0.94 | % | 0.83 | % | |||||||||
Nonaccrual loans to total loans | 0.74 | % | 0.83 | % | 0.84 | % | 1.10 | % | 0.98 | % | |||||||||
Allowance for loan losses to nonaccrual loans | 152.37 | % | 143.61 | % | 139.24 | % | 121.28 | % | 136.95 | % | |||||||||
Allowance for loan losses to total loans | 1.13 | % | 1.19 | % | 1.17 | % | 1.34 | % | 1.35 | % | |||||||||
Troubled Debt Restructured Loans: | |||||||||||||||||||
Accruing troubled debt restructured loans: | |||||||||||||||||||
Commercial mortgages | $22,800 | $23,892 | $19,018 | $9,600 | $9,569 | ||||||||||||||
Other commercial | 1,265 | 1,576 | 2,602 | 6,554 | 6,577 | ||||||||||||||
Residential real estate mortgages | 1,442 | 870 | 876 | 1,599 | 1,123 | ||||||||||||||
Consumer | 236 | 239 | 242 | 244 | 154 | ||||||||||||||
Accruing troubled debt restructured loans | 25,743 | 26,577 | 22,738 | 17,997 | 17,423 | ||||||||||||||
Nonaccrual troubled debt restructured loans: | |||||||||||||||||||
Commercial mortgages | — | — | — | — | — | ||||||||||||||
Other commercial | 542 | 547 | 590 | 721 | 2,063 | ||||||||||||||
Residential real estate mortgages | — | — | 144 | 155 | 688 | ||||||||||||||
Consumer | 38 | 40 | 42 | 42 | 44 | ||||||||||||||
Nonaccrual troubled debt restructured loans | 580 | 587 | 776 | 918 | 2,795 | ||||||||||||||
Total troubled debt restructured loans | $26,323 | $27,164 | $23,514 | $18,915 | $20,218 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | |||||||||||||||||||
Period End Balances At | |||||||||||||||||||
(Dollars in thousands) | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | ||||||||||||||
Past Due Loans: | |||||||||||||||||||
Loans 30-59 Days Past Due: | |||||||||||||||||||
Commercial mortgages | $— | $— | $— | $— | $373 | ||||||||||||||
Other commercial loans | 276 | 2,648 | 505 | 689 | 260 | ||||||||||||||
Residential real estate mortgages | 4,040 | 2,624 | 4,051 | 3,891 | 4,840 | ||||||||||||||
Consumer loans | 1,322 | 1,013 | 1,588 | 1,534 | 1,134 | ||||||||||||||
Loans 30-59 days past due | $5,638 | $6,285 | $6,144 | $6,114 | $6,607 | ||||||||||||||
Loans 60-89 Days Past Due: | |||||||||||||||||||
Commercial mortgages | $— | $730 | $536 | $193 | $408 | ||||||||||||||
Other commercial loans | 302 | 8 | 34 | 341 | 296 | ||||||||||||||
Residential real estate mortgages | 1,285 | 1,960 | 1,697 | 1,451 | 1,951 | ||||||||||||||
Consumer loans | 166 | 328 | 689 | 461 | 385 | ||||||||||||||
Loans 60-89 days past due | $1,753 | $3,026 | $2,956 | $2,446 | $3,040 | ||||||||||||||
Loans 90 Days or more Past Due: | |||||||||||||||||||
Commercial mortgages | $7,492 | $8,226 | $8,895 | $9,852 | $10,300 | ||||||||||||||
Other commercial loans | 731 | 929 | 3,428 | 2,961 | 3,647 | ||||||||||||||
Residential real estate mortgages | 5,633 | 4,843 | 4,266 | 4,327 | 3,658 | ||||||||||||||
Consumer loans | 656 | 693 | 415 | 484 | 844 | ||||||||||||||
Loans 90 days or more past due | $14,512 | $14,691 | $17,004 | $17,624 | $18,449 | ||||||||||||||
Total Past Due Loans: | |||||||||||||||||||
Commercial mortgages | $7,492 | $8,956 | $9,431 | $10,045 | $11,081 | ||||||||||||||
Other commercial loans | 1,309 | 3,585 | 3,967 | 3,991 | 4,203 | ||||||||||||||
Residential real estate mortgages | 10,958 | 9,427 | 10,014 | 9,669 | 10,449 | ||||||||||||||
Consumer loans | 2,144 | 2,034 | 2,692 | 2,479 | 2,363 | ||||||||||||||
Total past due loans | $21,903 | $24,002 | $26,104 | $26,184 | $28,096 | ||||||||||||||
Accruing loans 90 days or more past due | $— | $— | $2,431 | $— | $— | ||||||||||||||
Nonaccrual loans included in past due loans | $15,591 | $17,275 | $17,208 | $19,000 | $20,979 |
For the Quarters Ended | |||||||||||||||||||
(Dollars in thousands) | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | ||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||
Balance at beginning of period | $28,008 | $27,884 | $31,139 | $30,873 | $30,752 | ||||||||||||||
Provision charged to earnings | 400 | 700 | 700 | 600 | 600 | ||||||||||||||
Charge-offs | (703 | ) | (770 | ) | (4,175 | ) | (374 | ) | (534 | ) | |||||||||
Recoveries | 181 | 194 | 220 | 40 | 55 | ||||||||||||||
Balance at end of period | $27,886 | $28,008 | $27,884 | $31,139 | $30,873 | ||||||||||||||
Net Loan Charge-Offs (Recoveries): | |||||||||||||||||||
Commercial mortgages | $309 | $602 | $3,814 | $108 | $212 | ||||||||||||||
Other commercial | 73 | (2 | ) | 63 | 71 | 225 | |||||||||||||
Residential real estate mortgages | 80 | — | 36 | 9 | 39 | ||||||||||||||
Consumer | 60 | (24 | ) | 42 | 146 | 3 | |||||||||||||
Total | $522 | $576 | $3,955 | $334 | $479 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited) | |||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||
December 31, 2013 | September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||
Commercial loans | $1,310,584 | $14,944 | 4.52 | % | $1,297,705 | $15,274 | 4.67 | % | $1,227,120 | $15,121 | 4.90 | % | |||||||||||||||
Residential real estate loans, including mortgage loans held for sale | 771,272 | 7,947 | 4.09 | % | 780,323 | 7,991 | 4.06 | % | 757,764 | 8,049 | 4.23 | % | |||||||||||||||
Consumer loans | 323,778 | 3,078 | 3.77 | % | 323,398 | 3,083 | 3.78 | % | 322,476 | 3,131 | 3.86 | % | |||||||||||||||
Total loans | 2,405,634 | 25,969 | 4.28 | % | 2,401,426 | 26,348 | 4.35 | % | 2,307,360 | 26,301 | 4.53 | % | |||||||||||||||
Cash, federal funds sold and short-term investments | 104,718 | 59 | 0.22 | % | 87,048 | 47 | 0.21 | % | 42,056 | 27 | 0.26 | % | |||||||||||||||
FHLBB stock | 37,730 | 35 | 0.37 | % | 37,730 | 36 | 0.38 | % | 40,418 | 49 | 0.48 | % | |||||||||||||||
Taxable debt securities | 350,821 | 3,005 | 3.40 | % | 297,532 | 2,582 | 3.44 | % | 369,736 | 3,241 | 3.49 | % | |||||||||||||||
Nontaxable debt securities | 63,524 | 941 | 5.88 | % | 64,836 | 960 | 5.87 | % | 68,198 | 1,010 | 5.89 | % | |||||||||||||||
Corporate stocks | — | — | — | % | — | — | — | % | — | — | — | % | |||||||||||||||
Total securities | 414,345 | 3,946 | 3.78 | % | 362,368 | 3,542 | 3.88 | % | 437,934 | 4,251 | 3.86 | % | |||||||||||||||
Total interest-earning assets | 2,962,427 | 30,009 | 4.02 | % | 2,888,572 | 29,973 | 4.12 | % | 2,827,768 | 30,628 | 4.31 | % | |||||||||||||||
Noninterest-earning assets | 200,615 | 209,656 | 216,996 | ||||||||||||||||||||||||
Total assets | $3,163,042 | $3,098,228 | $3,044,764 | ||||||||||||||||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||||||||||||
Interest-bearing demand deposits | $10,877 | $— | — | % | $6,688 | $— | — | % | $— | $— | — | % | |||||||||||||||
NOW accounts | 300,113 | 48 | 0.06 | % | 293,634 | 45 | 0.06 | % | 276,572 | 49 | 0.07 | % | |||||||||||||||
Money market accounts | 653,731 | 560 | 0.34 | % | 591,860 | 456 | 0.31 | % | 473,747 | 338 | 0.28 | % | |||||||||||||||
Savings accounts | 293,434 | 47 | 0.06 | % | 295,821 | 47 | 0.06 | % | 271,716 | 60 | 0.09 | % | |||||||||||||||
Time deposits | 802,979 | 2,411 | 1.19 | % | 811,850 | 2,516 | 1.23 | % | 886,355 | 2,933 | 1.32 | % | |||||||||||||||
FHLBB advances | 288,212 | 2,534 | 3.49 | % | 328,705 | 2,693 | 3.25 | % | 382,465 | 3,148 | 3.27 | % | |||||||||||||||
Junior subordinated debentures | 22,681 | 241 | 4.22 | % | 22,681 | 241 | 4.22 | % | 32,991 | 394 | 4.75 | % | |||||||||||||||
Other | 629 | 4 | 2.52 | % | 353 | 4 | 4.50 | % | 289 | 4 | 5.51 | % | |||||||||||||||
Total interest-bearing liabilities | 2,372,656 | 5,845 | 0.98 | % | 2,351,592 | 6,002 | 1.01 | % | 2,324,135 | 6,926 | 1.19 | % | |||||||||||||||
Demand deposits | 425,316 | 384,665 | 362,060 | ||||||||||||||||||||||||
Other liabilities | 38,204 | 51,186 | 58,139 | ||||||||||||||||||||||||
Shareholders' equity | 326,866 | 310,785 | 300,430 | ||||||||||||||||||||||||
Total liabilities and shareholders' equity | $3,163,042 | $3,098,228 | $3,044,764 | ||||||||||||||||||||||||
Net interest income (FTE) | $24,164 | $23,971 | $23,702 | ||||||||||||||||||||||||
Interest rate spread | 3.04 | % | 3.11 | % | 3.12 | % | |||||||||||||||||||||
Net interest margin | 3.24 | % | 3.29 | % | 3.33 | % |
(Dollars in thousands) | Three Months Ended | ||||||||||
Dec 31, 2013 | Sep 30, 2013 | Dec 31, 2012 | |||||||||
Commercial loans | $320 | $252 | $192 | ||||||||
Nontaxable debt securities | 323 | 331 | 346 | ||||||||
Corporate stocks | — | — | — | ||||||||
Total | $643 | $583 | $538 |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited) | ||||||||||||||||||
Years ended December 31, | 2013 | 2012 | ||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Assets: | ||||||||||||||||||
Commercial loans | $1,286,029 | $59,387 | 4.62 | % | $1,177,268 | $58,823 | 5.00 | % | ||||||||||
Residential real estate loans, including mortgage loans held for sale | 767,450 | 31,752 | 4.14 | % | 733,178 | 31,974 | 4.36 | % | ||||||||||
Consumer loans | 323,847 | 12,304 | 3.80 | % | 320,828 | 12,428 | 3.87 | % | ||||||||||
Total loans | 2,377,326 | 103,443 | 4.35 | % | 2,231,274 | 103,225 | 4.63 | % | ||||||||||
Cash, federal funds sold and short-term investments | 72,726 | 158 | 0.22 | % | 41,359 | 91 | 0.22 | % | ||||||||||
FHLBB stock | 38,238 | 148 | 0.39 | % | 40,713 | 207 | 0.51 | % | ||||||||||
Taxable debt securities | 316,440 | 11,008 | 3.48 | % | 431,024 | 15,359 | 3.56 | % | ||||||||||
Nontaxable debt securities | 65,708 | 3,889 | 5.92 | % | 69,838 | 4,115 | 5.89 | % | ||||||||||
Corporate stocks | — | — | — | % | 910 | 68 | 7.47 | % | ||||||||||
Total securities | 382,148 | 14,897 | 3.90 | % | 501,772 | 19,542 | 3.89 | % | ||||||||||
Total interest-earning assets | 2,870,438 | 118,646 | 4.13 | % | 2,815,118 | 123,065 | 4.37 | % | ||||||||||
Noninterest-earning assets | 208,463 | 221,031 | ||||||||||||||||
Total assets | $3,078,901 | $3,036,149 | ||||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||||
Interest-bearing demand deposits | $4,461 | $— | — | % | $— | $— | — | % | ||||||||||
NOW accounts | 291,705 | 183 | 0.06 | % | 259,595 | 175 | 0.07 | % | ||||||||||
Money market accounts | 569,534 | 1,749 | 0.31 | % | 430,262 | 1,078 | 0.25 | % | ||||||||||
Savings accounts | 288,892 | 186 | 0.06 | % | 261,795 | 276 | 0.11 | % | ||||||||||
Time deposits | 831,729 | 10,302 | 1.24 | % | 893,474 | 12,061 | 1.35 | % | ||||||||||
FHLBB advances | 322,118 | 10,643 | 3.30 | % | 466,424 | 14,957 | 3.21 | % | ||||||||||
Junior subordinated debentures | 27,398 | 1,484 | 5.42 | % | 32,991 | 1,570 | 4.76 | % | ||||||||||
Other | 581 | 16 | 2.75 | % | 5,093 | 248 | 4.87 | % | ||||||||||
Total interest-bearing liabilities | 2,336,418 | 24,563 | 1.05 | % | 2,349,634 | 30,365 | 1.29 | % | ||||||||||
Demand deposits | 384,323 | 338,046 | ||||||||||||||||
Other liabilities | 47,961 | 55,382 | ||||||||||||||||
Shareholders' equity | 310,199 | 293,087 | ||||||||||||||||
Total liabilities and shareholders' equity | $3,078,901 | $3,036,149 | ||||||||||||||||
Net interest income (FTE) | $94,083 | $92,700 | ||||||||||||||||
Interest rate spread | 3.08 | % | 3.08 | % | ||||||||||||||
Net interest margin | 3.28 | % | 3.29 | % |
(Dollars in thousands) | |||||||
Years ended December 31, | 2013 | 2012 | |||||
Commercial loans | $962 | $569 | |||||
Nontaxable debt securities | 1,336 | 1,416 | |||||
Corporate stocks | — | 19 | |||||
Total | $2,298 | $2,004 |
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, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | ||||||||||
Calculation of Tangible Book Value per Share: | |||||||||||||||
Total shareholders' equity at end of period | $329,646 | $323,585 | $303,370 | $301,291 | $295,652 | ||||||||||
Less: | |||||||||||||||
Goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||
Identifiable intangible assets, net | 5,493 | 5,657 | 5,827 | 6,000 | 6,173 | ||||||||||
Total tangible shareholders' equity at end of period | $266,039 | $259,814 | $239,429 | $237,177 | $231,365 | ||||||||||
Shares outstanding at end of period | 16,614 | 16,589 | 16,487 | 16,425 | 16,380 | ||||||||||
Book value per share - GAAP | $19.84 | $19.51 | $18.40 | $18.34 | $18.05 | ||||||||||
Tangible book value per share - Non-GAAP | $16.01 | $15.66 | $14.52 | $14.44 | $14.12 | ||||||||||
Calculation of Tangible Equity to Tangible Assets: | |||||||||||||||
Total tangible shareholders' equity at end of period | $266,039 | $259,814 | $239,429 | $237,177 | $231,365 | ||||||||||
Total assets at end of period | $3,188,867 | $3,131,958 | $3,061,307 | $3,051,848 | $3,071,884 | ||||||||||
Less: | |||||||||||||||
Goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||
Identifiable intangible assets, net | 5,493 | 5,657 | 5,827 | 6,000 | 6,173 | ||||||||||
Total tangible assets at end of period | $3,125,260 | $3,068,187 | $2,997,366 | $2,987,734 | $3,007,597 | ||||||||||
Equity to assets - GAAP | 10.34 | % | 10.33 | % | 9.91 | % | 9.87 | % | 9.62 | % | |||||
Tangible equity to tangible assets - Non-GAAP | 8.51 | % | 8.47 | % | 7.99 | % | 7.94 | % | 7.69 | % | |||||
Calculation of Return on Average Tangible Assets: | |||||||||||||||
Net income | $9,789 | $9,960 | $8,983 | $7,421 | $9,023 | ||||||||||
Total average assets | $3,163,042 | $3,098,228 | $3,034,956 | $3,017,583 | $3,044,764 | ||||||||||
Less: | |||||||||||||||
Average goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||
Average identifiable intangible assets, net | 5,573 | 5,739 | 5,912 | 6,085 | 6,257 | ||||||||||
Total average tangible assets | $3,099,355 | $3,034,375 | $2,970,930 | $2,953,384 | $2,980,393 | ||||||||||
Return on average assets - GAAP | 1.24 | % | 1.29 | % | 1.18 | % | 0.98 | % | 1.19 | % | |||||
Return on average tangible assets - Non-GAAP | 1.26 | % | 1.31 | % | 1.21 | % | 1.01 | % | 1.21 | % | |||||
Calculation of Return on Average Tangible Equity: | |||||||||||||||
Net income | $9,789 | $9,960 | $8,983 | $7,421 | $9,023 | ||||||||||
Total average shareholders' equity | $326,866 | $310,785 | $303,402 | $299,436 | $300,430 | ||||||||||
Less: | |||||||||||||||
Average goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||
Average identifiable intangible assets, net | 5,573 | 5,739 | 5,912 | 6,085 | 6,257 | ||||||||||
Total average tangible shareholders' equity | $263,179 | $246,932 | $239,376 | $235,237 | $236,059 | ||||||||||
Return on average shareholders' equity - GAAP | 11.98 | % | 12.82 | % | 11.84 | % | 9.91 | % | 12.01 | % | |||||
Return on average tangible shareholders' equity - Non-GAAP | 14.80 | % | 16.13 | % | 15.01 | % | 12.62 | % | 15.29 | % |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||
SUPPLEMENTAL INFORMATION - Non-GAAP Financial Measures (unaudited) | ||||||
Years Ended | ||||||
(Dollars in thousands) | Dec 31, 2013 | Dec 31, 2012 | ||||
Calculation of return on average tangible assets: | ||||||
Net income | $36,153 | $35,074 | ||||
Total average assets | $3,078,901 | $3,036,149 | ||||
Less: | ||||||
Average goodwill | 58,114 | 58,114 | ||||
Average identifiable intangible assets, net | 5,826 | 6,528 | ||||
Total average tangible assets | $3,014,961 | $2,971,507 | ||||
Return on average assets - GAAP | 1.17 | % | 1.16 | % | ||
Return on average tangible assets - Non-GAAP | 1.20 | % | 1.18 | % | ||
Calculation of return on average tangible equity: | ||||||
Net income | $36,153 | $35,074 | ||||
Total average shareholders' equity | $310,199 | $293,087 | ||||
Less: | ||||||
Average goodwill | 58,114 | 58,114 | ||||
Average identifiable intangible assets, net | 5,826 | 6,528 | ||||
Total average tangible shareholders' equity | $246,259 | $228,445 | ||||
Return on average shareholders' equity - GAAP | 11.65 | % | 11.97 | % | ||
Return on average tangible shareholders' equity - Non-GAAP | 14.68 | % | 15.35 | % |
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