Parent Company Financial Statements

12 Months Ended

Dec. 31, 2013

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,		2013			2012
Assets:
Cash on deposit with bank subsidiary			$2,126			$1,694
Interest-bearing balances due from banks		1,569			1,970
Investment in subsidiaries at equity value		349,342			325,717
Dividends receivable from subsidiaries		4,606			4,198
Other assets		494			891
Total assets			$358,137			$334,470
Liabilities:
Junior subordinated debentures			$22,681			$32,991
Dividends payable		4,756			4,152
Other liabilities		1,054			1,675
Total liabilities		28,491			38,818
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			$358,137			$334,470

Statements of Income	(Dollars in thousands)
Years ended December 31,	2013		2012		2011
Income:
Dividends from subsidiaries		$24,481		$16,188		$14,439
Other income	20		3		2
Total income	24,501		16,191		14,441
Expenses:
Interest on junior subordinated debentures	1,484		1,570		1,568
Legal and professional fees	145		127		118
Other	279		279		257
Total expenses	1,908		1,976		1,943
Income before income taxes	22,593		14,215		12,498
Income tax benefit	661		682		669
Income before equity in undistributed earnings of subsidiaries	23,254		14,897		13,167
Equity in undistributed earnings of subsidiaries	12,899		20,177		16,557
Net income		$36,153		$35,074		$29,724

Statements of Cash Flows	(Dollars in thousands)
Years ended December 31,	2013			2012			2011
Cash flow from operating activities:
Net income		$36,153			$35,074			$29,724
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary	(12,899		)	(20,177		)	(16,557		)
Increase in dividend receivable	(408		)	(298		)	(660		)
Decrease (increase) in other assets	397			77			(246		)
(Decrease) increase in accrued expenses and other liabilities	(621		)	(215		)	281
Other, net	(214		)	(237		)	(115		)
Net cash provided by operating activities	22,408			14,224			12,427
Cash flows from investing activities:
Repayment of equity investment in capital trust	310			—			—
Net cash used in investing activities	310			—			—
Cash flows from financing activities:
Issuance of treasury stock, including net deferred compensation plan activity	30			—			—
Proceeds from issuance of common stock under dividend reinvestment plan	—			—			754
Proceeds from stock option exercises and issuance of other equity instruments	3,651			1,257			885
Tax benefit from stock option exercises and other equity instrument issuances	570			210			115
Repayment of junior subordinated debentures	(10,310		)	—			—
Cash dividends paid	(16,628		)	(15,133		)	(14,205		)
Net cash used in financing activities	(22,687		)	(13,666		)	(12,451		)
Net increase (decrease) in cash	31			558			(24		)
Cash at beginning of year	3,664			3,106			3,130
Cash at end of year		$3,695			$3,664			$3,106