Rhode Island | 001-32991 | 05-0404671 | ||
-------------------- | -------------------- | --------------------- | ||
(State or Other Jurisdiction | (Commission | (IRS Employer | ||
of Incorporation) | File Number) | Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | 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 October 20, 2014* | |||
*Filed herewith |
WASHINGTON TRUST BANCORP, INC. | ||||
Date: | October 20, 2014 | By: | /s/ David V. Devault | |
David V. Devault | ||||
Vice Chair, Secretary and Chief Financial Officer |
• | Returns on average equity and average assets were 12.15% and 1.25%, respectively. Comparable amounts for the second quarter of 2014 were 11.52% and 1.22%, respectively. |
• | Total loans at September 30, 2014 were $2.67 billion, up by a solid $92.9 million, or 4%, from June 30, 2014. |
• | Deposit growth was strong in the third quarter, with an increase of $152.8 million, or 6%, from June 30, 2014. Total deposits reached $2.74 billion at September 30, 2014. |
• | In September, we declared a quarterly dividend of 32 cents per share, representing a 3 cent increase over the dividend paid last quarter and our third dividend increase in the past year. |
• | Average interest-earning assets increased by $146.2 million, reflecting growth in average loan balances. The yield on interest-earning assets declined by 14 basis points from the previous quarter, due to the combined effect of lower rates on loan originations and purchased securities and runoff of higher yielding loan and security balances. |
• | Average interest-bearing liabilities increased by $118.0 million, with growth in average wholesale funding balances and average interest-bearing deposits. The cost of funds declined by 1 basis point from the previous quarter. |
• | Wealth management revenues totaled $8.4 million for the third quarter of 2014, down by $156 thousand, or 2%, with a $324 thousand decline in transaction-based revenues, partially offset by a $168 thousand increase in asset-based revenues. The decline in transaction-based revenues was primarily attributable to a decrease in tax preparation fees, which are typically concentrated in the second quarter. |
• | Net gains on loan sales and commissions on loans originated for others totaled $1.7 million for the third quarter of 2014, up by $35 thousand, or 2%. Residential mortgage loans sold to the secondary market were $80.1 million in the third quarter, up by $3.1 million from the second quarter. |
• | Net gains on interest rate swap contracts amounted to $339 thousand for the third quarter of 2014, up by $376 thousand from the previous quarter, due to an increase in customer-related interest rate swap transactions. |
• | Salaries and employee benefit costs totaled $14.5 million for the third quarter of 2014, down by $255 thousand, or 2%, from the previous quarter, largely due to lower payroll tax expense. |
• | Advertising and promotion costs amounted to $368 thousand for the third quarter of 2014, down by $172 thousand, or 32%, as a result of seasonal promotion efforts that occurred in the second quarter. |
• | The residential real estate loan portfolio grew by $68.9 million, or 8%. |
• | Total commercial loans increased by $24.2 million, or 2%, with growth in both commercial real estate and commercial and industrial loans. |
• | Consumer loans declined slightly by $221 thousand, or 0.1%. |
• | Demand deposits increased by $65.2 million, or 16%, while NOW account balances decreased slightly by $669 thousand, or 0.2%. |
• | Money market and savings account balances increased by $59.7 million, or 6%. |
• | Time deposits increased by $28.6 million, or 4%. |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||
CONSOLIDATED BALANCE SHEETS (unaudited) | ||||||||
(Dollars in thousands, except par value) | Sep 30, 2014 | Dec 31, 2013 | ||||||
Assets: | ||||||||
Cash and due from banks | $86,132 | $81,939 | ||||||
Short-term investments | 3,869 | 3,378 | ||||||
Mortgage loans held for sale, at fair value | 35,473 | 11,636 | ||||||
Securities: | ||||||||
Available for sale, at fair value | 376,073 | 392,903 | ||||||
Held to maturity, at amortized cost (fair value $27,074 in 2014 and $29,865 in 2013) | 26,480 | 29,905 | ||||||
Total securities | 402,553 | 422,808 | ||||||
Federal Home Loan Bank stock, at cost | 37,730 | 37,730 | ||||||
Loans: | ||||||||
Commercial | 1,390,373 | 1,363,335 | ||||||
Residential real estate | 945,580 | 772,674 | ||||||
Consumer | 338,094 | 326,875 | ||||||
Total loans | 2,674,047 | 2,462,884 | ||||||
Less allowance for loan losses | 27,768 | 27,886 | ||||||
Net loans | 2,646,279 | 2,434,998 | ||||||
Premises and equipment, net | 26,367 | 25,402 | ||||||
Investment in bank-owned life insurance | 63,026 | 56,673 | ||||||
Goodwill | 58,114 | 58,114 | ||||||
Identifiable intangible assets, net | 5,004 | 5,493 | ||||||
Other assets | 51,335 | 50,696 | ||||||
Total assets | $3,415,882 | $3,188,867 | ||||||
Liabilities: | ||||||||
Deposits: | ||||||||
Demand deposits | $476,808 | $440,785 | ||||||
NOW accounts | 313,391 | 309,771 | ||||||
Money market accounts | 833,318 | 666,646 | ||||||
Savings accounts | 290,561 | 297,357 | ||||||
Time deposits | 824,810 | 790,762 | ||||||
Total deposits | 2,738,888 | 2,505,321 | ||||||
Federal Home Loan Bank advances | 261,685 | 288,082 | ||||||
Junior subordinated debentures | 22,681 | 22,681 | ||||||
Other liabilities | 44,066 | 43,137 | ||||||
Total liabilities | 3,067,320 | 2,859,221 | ||||||
Shareholders’ Equity: | ||||||||
Common stock of $.0625 par value; authorized 30,000,000 shares; issued and outstanding 16,721,172 shares in 2014 and 16,613,561 shares in 2013 | 1,045 | 1,038 | ||||||
Paid-in capital | 100,044 | 97,566 | ||||||
Retained earnings | 247,052 | 232,595 | ||||||
Accumulated other comprehensive income (loss) | 421 | (1,553 | ) | |||||
Total shareholders’ equity | 348,562 | 329,646 | ||||||
Total liabilities and shareholders’ equity | $3,415,882 | $3,188,867 |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME (unaudited) | ||||||||||||||||
(Dollars and shares in thousands, except per share amounts) | Three Months | Nine Months | ||||||||||||||
Periods ended September 30, | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Interest income: | ||||||||||||||||
Interest and fees on loans | $27,239 | $26,096 | $78,997 | $76,832 | ||||||||||||
Interest on securities: | Taxable | 2,397 | 2,582 | 8,038 | 8,003 | |||||||||||
Nontaxable | 519 | 629 | 1,658 | 1,935 | ||||||||||||
Dividends on Federal Home Loan Bank stock | 140 | 36 | 420 | 113 | ||||||||||||
Other interest income | 36 | 47 | 99 | 99 | ||||||||||||
Total interest and dividend income | 30,331 | 29,390 | 89,212 | 86,982 | ||||||||||||
Interest expense: | ||||||||||||||||
Deposits | 3,317 | 3,064 | 9,406 | 9,354 | ||||||||||||
Federal Home Loan Bank advances | 1,832 | 2,693 | 5,831 | 8,109 | ||||||||||||
Junior subordinated debentures | 241 | 241 | 723 | 1,243 | ||||||||||||
Other interest expense | 3 | 4 | 10 | 12 | ||||||||||||
Total interest expense | 5,393 | 6,002 | 15,970 | 18,718 | ||||||||||||
Net interest income | 24,938 | 23,388 | 73,242 | 68,264 | ||||||||||||
Provision for loan losses | 600 | 700 | 1,350 | 2,000 | ||||||||||||
Net interest income after provision for loan losses | 24,338 | 22,688 | 71,892 | 66,264 | ||||||||||||
Noninterest income: | ||||||||||||||||
Wealth management revenues | 8,374 | 7,629 | 24,969 | 23,015 | ||||||||||||
Merchant processing fees | — | 3,359 | 1,291 | 7,949 | ||||||||||||
Net gains on loan sales and commissions on loans originated for others | 1,742 | 3,883 | 4,688 | 11,534 | ||||||||||||
Service charges on deposit accounts | 881 | 855 | 2,459 | 2,436 | ||||||||||||
Card interchange fees | 804 | 731 | 2,264 | 2,013 | ||||||||||||
Income from bank-owned life insurance | 468 | 464 | 1,354 | 1,392 | ||||||||||||
Net gains on interest rate swap contracts | 339 | 54 | 562 | 225 | ||||||||||||
Equity in earnings (losses) of unconsolidated subsidiaries | (63 | ) | (47 | ) | (213 | ) | (65 | ) | ||||||||
Gain on sale of business line | — | — | 6,265 | — | ||||||||||||
Other income | 580 | 472 | 1,670 | 1,233 | ||||||||||||
Noninterest income, excluding other-than-temporary impairment losses | 13,125 | 17,400 | 45,309 | 49,732 | ||||||||||||
Total other-than-temporary impairment losses on securities | — | — | — | (613 | ) | |||||||||||
Portion of loss recognized in other comprehensive income (before tax) | — | — | — | (2,159 | ) | |||||||||||
Net impairment losses recognized in earnings | — | — | — | (2,772 | ) | |||||||||||
Total noninterest income | 13,125 | 17,400 | 45,309 | 46,960 | ||||||||||||
Noninterest expense: | ||||||||||||||||
Salaries and employee benefits | 14,516 | 14,640 | 43,845 | 45,624 | ||||||||||||
Net occupancy | 1,557 | 1,404 | 4,672 | 4,282 | ||||||||||||
Equipment | 1,211 | 1,222 | 3,682 | 3,658 | ||||||||||||
Merchant processing costs | — | 2,862 | 1,050 | 6,746 | ||||||||||||
Outsourced services | 1,138 | 878 | 3,197 | 2,590 | ||||||||||||
Legal, audit and professional fees | 494 | 529 | 1,710 | 1,691 | ||||||||||||
FDIC deposit insurance costs | 442 | 448 | 1,295 | 1,330 | ||||||||||||
Advertising and promotion | 368 | 312 | 1,140 | 1,143 | ||||||||||||
Amortization of intangibles | 161 | 170 | 489 | 516 | ||||||||||||
Foreclosed property costs | 27 | 38 | 48 | 222 | ||||||||||||
Debt prepayment penalties | — | 1,125 | 6,294 | 1,125 | ||||||||||||
Other expenses | 2,133 | 1,920 | 6,365 | 5,810 | ||||||||||||
Total noninterest expense | 22,047 | 25,548 | 73,787 | 74,737 | ||||||||||||
Income before income taxes | 15,416 | 14,540 | 43,414 | 38,487 | ||||||||||||
Income tax expense | 4,878 | 4,580 | 13,781 | 12,123 | ||||||||||||
Net income | $10,538 | $9,960 | $29,633 | $26,364 | ||||||||||||
Weighted average common shares outstanding - basic | 16,714 | 16,563 | 16,673 | 16,473 | ||||||||||||
Weighted average common shares outstanding - diluted | 16,855 | 16,696 | 16,832 | 16,600 | ||||||||||||
Per share information: | Basic earnings per common share | $0.63 | $0.60 | $1.77 | $1.59 | |||||||||||
Diluted earnings per common share | $0.62 | $0.59 | $1.75 | $1.58 | ||||||||||||
Cash dividends declared per share | $0.32 | $0.26 | $0.90 | $0.76 |
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) | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | ||||||||||||||
Financial Data: | |||||||||||||||||||
Total assets | $3,415,882 | $3,317,022 | $3,194,146 | $3,188,867 | $3,131,958 | ||||||||||||||
Total loans | 2,674,047 | 2,581,124 | 2,478,603 | 2,462,884 | 2,353,766 | ||||||||||||||
Total securities | 402,553 | 355,392 | 389,889 | 422,808 | 419,349 | ||||||||||||||
Total deposits | 2,738,888 | 2,586,097 | 2,591,654 | 2,505,321 | 2,454,831 | ||||||||||||||
Total shareholders' equity | 348,562 | 343,450 | 335,858 | 329,646 | 323,585 | ||||||||||||||
Net interest income | 24,938 | 24,468 | 23,836 | 23,521 | 23,388 | ||||||||||||||
Provision for loan losses | 600 | 450 | 300 | 400 | 700 | ||||||||||||||
Noninterest income, excluding OTTI losses | 13,125 | 12,814 | 19,370 | 15,837 | 17,400 | ||||||||||||||
Net OTTI losses recognized in earnings | — | — | — | (717 | ) | — | |||||||||||||
Noninterest expense | 22,047 | 22,448 | 29,292 | 24,048 | 25,548 | ||||||||||||||
Income tax expense | 4,878 | 4,587 | 4,316 | 4,404 | 4,580 | ||||||||||||||
Net income | 10,538 | 9,797 | 9,298 | 9,789 | 9,960 | ||||||||||||||
Share Data: | |||||||||||||||||||
Basic earnings per common share | $0.63 | $0.59 | $0.56 | $0.59 | $0.60 | ||||||||||||||
Diluted earnings per common share | $0.62 | $0.58 | $0.55 | $0.58 | $0.59 | ||||||||||||||
Dividends declared per share | $0.32 | $0.29 | $0.29 | $0.27 | $0.26 | ||||||||||||||
Book value per share | $20.85 | $20.56 | $20.19 | $19.84 | $19.51 | ||||||||||||||
Tangible book value per share - Non-GAAP (1) | $17.07 | $16.77 | $16.38 | $16.01 | $15.66 | ||||||||||||||
Market value per share | $32.99 | $36.77 | $37.47 | $37.22 | $31.43 | ||||||||||||||
Shares outstanding at end of period | 16,721 | 16,705 | 16,635 | 16,614 | 16,589 | ||||||||||||||
Weighted average common shares outstanding - basic | 16,714 | 16,678 | 16,626 | 16,602 | 16,563 | ||||||||||||||
Weighted average common shares outstanding - diluted | 16,855 | 16,831 | 16,800 | 16,770 | 16,696 | ||||||||||||||
Key Ratios: | |||||||||||||||||||
Return on average assets | 1.25 | % | 1.22 | % | 1.17 | % | 1.24 | % | 1.29 | % | |||||||||
Return on average tangible assets - Non-GAAP (1) | 1.27 | % | 1.24 | % | 1.20 | % | 1.26 | % | 1.31 | % | |||||||||
Return on average equity | 12.15 | % | 11.52 | % | 11.10 | % | 11.98 | % | 12.82 | % | |||||||||
Return on average tangible equity - Non-GAAP (1) | 14.86 | % | 14.15 | % | 13.70 | % | 14.80 | % | 16.13 | % | |||||||||
Tier 1 risk-based capital | 12.16% (i) | 12.13 | % | 12.42 | % | 12.12 | % | 12.23 | % | ||||||||||
Total risk-based capital | 13.26% (i) | 13.24 | % | 13.56 | % | 13.29 | % | 13.44 | % | ||||||||||
Tier 1 leverage ratio | 9.35% (i) | 9.62 | % | 9.56 | % | 9.41 | % | 9.41 | % | ||||||||||
Equity to assets | 10.20 | % | 10.35 | % | 10.51 | % | 10.34 | % | 10.33 | % | |||||||||
Tangible equity to tangible assets - Non-GAAP (1) | 8.51 | % | 8.61 | % | 8.70 | % | 8.51 | % | 8.47 | % | |||||||||
(i) - estimated | |||||||||||||||||||
Wealth Management Revenues: | |||||||||||||||||||
Trust and investment management fees | $6,982 | $6,828 | $6,685 | $6,637 | $6,291 | ||||||||||||||
Mutual fund fees | 1,100 | 1,086 | 1,081 | 1,104 | 1,075 | ||||||||||||||
Asset-based revenues | 8,082 | 7,914 | 7,766 | 7,741 | 7,366 | ||||||||||||||
Transaction-based revenues | 292 | 616 | 299 | 1,069 | 263 | ||||||||||||||
Total wealth management revenues | $8,374 | $8,530 | $8,065 | $8,810 | $7,629 | ||||||||||||||
Wealth Management Assets Under Administration: | |||||||||||||||||||
Balance at beginning of period | $5,010,588 | $4,806,381 | $4,781,958 | $4,595,594 | $4,433,574 | ||||||||||||||
Net investment appreciation (depreciation) & income | (29,199 | ) | 131,269 | 44,335 | 248,727 | 190,931 | |||||||||||||
Net client cash flows | 2,075 | 72,938 | (19,912 | ) | (62,363 | ) | (28,911 | ) | |||||||||||
Balance at end of period | $4,983,464 | $5,010,588 | $4,806,381 | $4,781,958 | $4,595,594 |
(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) | |||||||
Nine Months Ended | |||||||
(Dollars and shares in thousands, except per share amounts) | Sep 30, 2014 | Sep 30, 2013 | |||||
Key Ratios: | |||||||
Return on average assets | 1.21 | % | 1.15 | % | |||
Return on average tangible assets - Non-GAAP (1) | 1.24 | % | 1.18 | % | |||
Return on average equity | 11.60 | % | 11.54 | % | |||
Return on average tangible equity - Non-GAAP (1) | 14.24 | % | 14.61 | % | |||
Allowance for Loan Losses: | |||||||
Balance at beginning of period | $27,886 | $30,873 | |||||
Provision charged to earnings | 1,350 | 2,000 | |||||
Charge-offs | (1,638 | ) | (5,319 | ) | |||
Recoveries | 170 | 454 | |||||
Balance at end of period | $27,768 | $28,008 | |||||
Net Loan Charge-Offs (Recoveries): | |||||||
Commercial mortgages | $958 | $4,524 | |||||
Other commercial | 328 | 132 | |||||
Residential real estate mortgages | 36 | 45 | |||||
Consumer | 146 | 164 | |||||
Total | $1,468 | $4,865 | |||||
Net charge-offs to average loans (annualized) | 0.08 | % | 0.27 | % | |||
Wealth Management Revenues: | |||||||
Trust and investment management fees | $20,495 | $18,587 | |||||
Mutual fund fees | 3,267 | 3,174 | |||||
Asset-based revenues | 23,762 | 21,761 | |||||
Transaction-based revenues | 1,207 | 1,254 | |||||
Total wealth management revenues | $24,969 | $23,015 | |||||
Wealth Management Assets Under Administration: | |||||||
Balance at beginning of period | $4,781,958 | $4,199,640 | |||||
Net investment appreciation & income | 146,405 | 383,954 | |||||
Net client cash flows | 55,101 | 12,000 | |||||
Balance at end of period | $4,983,464 | $4,595,594 |
(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 | ||||||||||||||
Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | ||||||||||
Average Yield / Rate (taxable equivalent basis): | ||||||||||||||
Assets: | ||||||||||||||
Commercial loans | 4.20 | % | 4.35 | % | 4.43 | % | 4.52 | % | 4.67 | % | ||||
Residential real estate loans, including mortgage loans held for sale | 4.06 | % | 4.12 | % | 4.15 | % | 4.09 | % | 4.06 | % | ||||
Consumer loans | 3.83 | % | 3.81 | % | 3.83 | % | 3.77 | % | 3.78 | % | ||||
Total loans | 4.10 | % | 4.20 | % | 4.26 | % | 4.28 | % | 4.35 | % | ||||
Cash, federal funds sold and other short-term investments | 0.19 | % | 0.19 | % | 0.23 | % | 0.22 | % | 0.21 | % | ||||
FHLBB stock | 1.47 | % | 1.47 | % | 1.53 | % | 0.37 | % | 0.38 | % | ||||
Taxable debt securities | 2.94 | % | 3.36 | % | 3.47 | % | 3.40 | % | 3.44 | % | ||||
Nontaxable debt securities | 5.86 | % | 5.92 | % | 5.98 | % | 5.88 | % | 5.87 | % | ||||
Total securities | 3.36 | % | 3.74 | % | 3.84 | % | 3.78 | % | 3.88 | % | ||||
Total interest-earning assets | 3.89 | % | 4.03 | % | 4.08 | % | 4.02 | % | 4.12 | % | ||||
Liabilities: | ||||||||||||||
Interest-bearing demand deposits | — | % | — | % | — | % | — | % | — | % | ||||
NOW accounts | 0.06 | % | 0.06 | % | 0.06 | % | 0.06 | % | 0.06 | % | ||||
Money market accounts | 0.41 | % | 0.38 | % | 0.36 | % | 0.34 | % | 0.31 | % | ||||
Savings accounts | 0.06 | % | 0.06 | % | 0.06 | % | 0.06 | % | 0.06 | % | ||||
Time deposits | 1.15 | % | 1.14 | % | 1.15 | % | 1.19 | % | 1.23 | % | ||||
FHLBB advances | 2.57 | % | 3.20 | % | 3.37 | % | 3.49 | % | 3.25 | % | ||||
Junior subordinated debentures | 4.22 | % | 4.26 | % | 4.31 | % | 4.22 | % | 4.22 | % | ||||
Other | 7.88 | % | 9.90 | % | 7.03 | % | 2.52 | % | 4.50 | % | ||||
Total interest-bearing liabilities | 0.84 | % | 0.85 | % | 0.93 | % | 0.98 | % | 1.01 | % | ||||
Interest rate spread (taxable equivalent basis) | 3.05 | % | 3.18 | % | 3.15 | % | 3.04 | % | 3.11 | % | ||||
Net interest margin (taxable equivalent basis) | 3.21 | % | 3.35 | % | 3.34 | % | 3.24 | % | 3.29 | % |
At September 30, 2014 | ||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
(Dollars in thousands) | Cost (1) | Gains | Losses | Value | ||||||||||||
Securities Available for Sale: | ||||||||||||||||
Obligations of U.S. government-sponsored enterprises | $31,008 | $— | ($89 | ) | $30,919 | |||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 248,369 | 9,012 | (160 | ) | 257,221 | |||||||||||
Obligations of states and political subdivisions | 52,526 | 1,991 | — | 54,517 | ||||||||||||
Individual name issuer trust preferred debt securities | 30,743 | — | (3,546 | ) | 27,197 | |||||||||||
Corporate bonds | 6,122 | 104 | (7 | ) | 6,219 | |||||||||||
Total securities available for sale | 368,768 | 11,107 | (3,802 | ) | 376,073 | |||||||||||
Held to Maturity: | ||||||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 26,480 | 594 | — | 27,074 | ||||||||||||
Total securities held to maturity | 26,480 | 594 | — | 27,074 | ||||||||||||
Total securities | $395,248 | $11,701 | ($3,802 | ) | $403,147 |
(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) | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | |||||||||||||||
Loans: | ||||||||||||||||||||
Commercial: | Mortgages | $766,703 | $772,772 | $788,836 | $796,249 | $727,375 | ||||||||||||||
Construction & development | 58,750 | 38,574 | 24,696 | 36,289 | 51,951 | |||||||||||||||
Other | 564,920 | 554,824 | 523,751 | 530,797 | 518,566 | |||||||||||||||
Total commercial | 1,390,373 | 1,366,170 | 1,337,283 | 1,363,335 | 1,297,892 | |||||||||||||||
Residential real estate: | Mortgages | 912,956 | 846,187 | 784,623 | 749,163 | 711,427 | ||||||||||||||
Homeowner construction | 32,624 | 30,452 | 25,770 | 23,511 | 20,265 | |||||||||||||||
Total residential real estate | 945,580 | 876,639 | 810,393 | 772,674 | 731,692 | |||||||||||||||
Consumer: | Home equity lines | 240,567 | 237,390 | 233,728 | 231,362 | 227,063 | ||||||||||||||
Home equity loans | 46,455 | 45,632 | 41,991 | 40,212 | 41,158 | |||||||||||||||
Other | 51,072 | 55,293 | 55,208 | 55,301 | 55,961 | |||||||||||||||
Total consumer | 338,094 | 338,315 | 330,927 | 326,875 | 324,182 | |||||||||||||||
Total loans | $2,674,047 | $2,581,124 | $2,478,603 | $2,462,884 | $2,353,766 |
At September 30, 2014 | ||||||
(Dollars in thousands) | Balance | % of Total | ||||
Commercial Real Estate Loans by Property Location: | ||||||
Rhode Island, Connecticut, Massachusetts | $778,746 | 94.4 | % | |||
New York, New Jersey | 38,131 | 4.6 | % | |||
New Hampshire | 8,576 | 1.0 | % | |||
Total commercial real estate loans (1) | $825,453 | 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 September 30, 2014 | ||||||
(Dollars in thousands) | Balance | % of Total | ||||
Residential Mortgages by Property Location: | ||||||
Rhode Island, Connecticut, Massachusetts | $926,029 | 98.1 | % | |||
New Hampshire | 9,522 | 1.0 | % | |||
New York, Virginia, New Jersey, Maryland, Pennsylvania | 5,138 | 0.5 | % | |||
Ohio | 2,025 | 0.2 | % | |||
Washington, Oregon | 1,337 | 0.1 | % | |||
Georgia | 1,067 | 0.1 | % | |||
New Mexico | 462 | — | % | |||
Total residential mortgages | $945,580 | 100.0 | % |
Period End Balances At | ||||||||||||||||||||
(Dollars in thousands) | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | |||||||||||||||
Deposits: | ||||||||||||||||||||
Demand deposits | $476,808 | $411,586 | $445,570 | $440,785 | $420,075 | |||||||||||||||
NOW accounts | 313,391 | 314,060 | 311,461 | 309,771 | 301,250 | |||||||||||||||
Money market accounts | 833,318 | 772,084 | 704,434 | 666,646 | 623,631 | |||||||||||||||
Savings accounts | 290,561 | 292,112 | 293,322 | 297,357 | 292,765 | |||||||||||||||
Time deposits | 824,810 | 796,255 | 836,867 | 790,762 | 817,110 | |||||||||||||||
Total deposits | $2,738,888 | $2,586,097 | $2,591,654 | $2,505,321 | $2,454,831 | |||||||||||||||
Out-of-market brokered certificates of deposits included in time deposits | $211,222 | $171,216 | $171,275 | $98,009 | $106,231 | |||||||||||||||
In-market deposits, excluding out-of-market brokered certificates of deposit | $2,527,666 | $2,414,881 | $2,420,379 | $2,407,312 | $2,348,600 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | |||||||||||||||||||
Period End Balances At | |||||||||||||||||||
(Dollars in thousands) | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | ||||||||||||||
Asset Quality Data: | |||||||||||||||||||
Nonperforming Assets: | |||||||||||||||||||
Commercial mortgages | $6,022 | $2,290 | $2,293 | $7,492 | $8,956 | ||||||||||||||
Commercial construction and development | — | — | — | — | — | ||||||||||||||
Other commercial | 1,326 | 1,615 | 1,198 | 1,291 | 1,248 | ||||||||||||||
Residential real estate mortgages | 7,890 | 7,417 | 8,975 | 8,315 | 8,095 | ||||||||||||||
Consumer | 1,727 | 1,213 | 1,108 | 1,204 | 1,204 | ||||||||||||||
Total nonaccrual loans | 16,965 | 12,535 | 13,574 | 18,302 | 19,503 | ||||||||||||||
Nonaccrual investment securities | — | — | — | 547 | 425 | ||||||||||||||
Property acquired through foreclosure or repossession | 988 | 1,309 | 750 | 932 | 594 | ||||||||||||||
Total nonperforming assets | $17,953 | $13,844 | $14,324 | $19,781 | $20,522 | ||||||||||||||
Total past due loans to total loans | 0.75 | % | 0.82 | % | 0.73 | % | 0.89 | % | 1.02 | % | |||||||||
Nonperforming assets to total assets | 0.53 | % | 0.42 | % | 0.45 | % | 0.62 | % | 0.66 | % | |||||||||
Nonaccrual loans to total loans | 0.63 | % | 0.49 | % | 0.55 | % | 0.74 | % | 0.83 | % | |||||||||
Allowance for loan losses to nonaccrual loans | 163.68 | % | 217.54 | % | 199.23 | % | 152.37 | % | 143.61 | % | |||||||||
Allowance for loan losses to total loans | 1.04 | % | 1.06 | % | 1.09 | % | 1.13 | % | 1.19 | % | |||||||||
Troubled Debt Restructured Loans: | |||||||||||||||||||
Accruing troubled debt restructured loans: | |||||||||||||||||||
Commercial mortgages | $9,677 | $22,603 | $22,796 | $22,800 | $23,892 | ||||||||||||||
Other commercial | 1,036 | 969 | 989 | 1,265 | 1,576 | ||||||||||||||
Residential real estate mortgages | 1,258 | 1,459 | 1,467 | 1,442 | 870 | ||||||||||||||
Consumer | 164 | 167 | 233 | 236 | 239 | ||||||||||||||
Accruing troubled debt restructured loans | 12,135 | 25,198 | 25,485 | 25,743 | 26,577 | ||||||||||||||
Nonaccrual troubled debt restructured loans: | |||||||||||||||||||
Commercial mortgages | 4,898 | — | — | — | — | ||||||||||||||
Other commercial | 854 | 872 | 369 | 542 | 547 | ||||||||||||||
Residential real estate mortgages | 441 | 448 | 447 | — | — | ||||||||||||||
Consumer | — | — | 29 | 38 | 40 | ||||||||||||||
Nonaccrual troubled debt restructured loans | 6,193 | 1,320 | 845 | 580 | 587 | ||||||||||||||
Total troubled debt restructured loans | $18,328 | $26,518 | $26,330 | $26,323 | $27,164 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | |||||||||||||||||||
Period End Balances At | |||||||||||||||||||
(Dollars in thousands) | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | ||||||||||||||
Past Due Loans: | |||||||||||||||||||
Loans 30-59 Days Past Due: | |||||||||||||||||||
Commercial mortgages | $— | $311 | $— | $— | $— | ||||||||||||||
Other commercial loans | 1,129 | 1,785 | 3,351 | 276 | 2,648 | ||||||||||||||
Residential real estate mortgages | 2,582 | 5,249 | 2,232 | 4,040 | 2,624 | ||||||||||||||
Consumer loans | 1,677 | 1,889 | 1,365 | 1,322 | 1,013 | ||||||||||||||
Loans 30-59 days past due | $5,388 | $9,234 | $6,948 | $5,638 | $6,285 | ||||||||||||||
Loans 60-89 Days Past Due: | |||||||||||||||||||
Commercial mortgages | $— | $1,583 | $15 | $— | $730 | ||||||||||||||
Other commercial loans | 314 | 773 | 127 | 302 | 8 | ||||||||||||||
Residential real estate mortgages | 2,001 | 855 | 1,265 | 1,285 | 1,960 | ||||||||||||||
Consumer loans | 356 | 1,102 | 658 | 166 | 328 | ||||||||||||||
Loans 60-89 days past due | $2,671 | $4,313 | $2,065 | $1,753 | $3,026 | ||||||||||||||
Loans 90 Days or more Past Due: | |||||||||||||||||||
Commercial mortgages | $5,995 | $2,250 | $2,238 | $7,492 | $8,226 | ||||||||||||||
Other commercial loans | 970 | 417 | 428 | 731 | 929 | ||||||||||||||
Residential real estate mortgages | 3,922 | 4,335 | 5,634 | 5,633 | 4,843 | ||||||||||||||
Consumer loans | 989 | 512 | 701 | 656 | 693 | ||||||||||||||
Loans 90 days or more past due | $11,876 | $7,514 | $9,001 | $14,512 | $14,691 | ||||||||||||||
Total Past Due Loans: | |||||||||||||||||||
Commercial mortgages | $5,995 | $4,144 | $2,253 | $7,492 | $8,956 | ||||||||||||||
Other commercial loans | 2,413 | 2,975 | 3,906 | 1,309 | 3,585 | ||||||||||||||
Residential real estate mortgages | 8,505 | 10,439 | 9,131 | 10,958 | 9,427 | ||||||||||||||
Consumer loans | 3,022 | 3,503 | 2,724 | 2,144 | 2,034 | ||||||||||||||
Total past due loans | $19,935 | $21,061 | $18,014 | $21,903 | $24,002 | ||||||||||||||
Accruing loans 90 days or more past due | $— | $— | $— | $— | $— | ||||||||||||||
Nonaccrual loans included in past due loans | $14,364 | $10,432 | $11,487 | $15,591 | $17,275 |
For the Quarters Ended | |||||||||||||||||||
(Dollars in thousands) | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | ||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||
Balance at beginning of period | $27,269 | $27,043 | $27,886 | $28,008 | $27,884 | ||||||||||||||
Provision charged to earnings | 600 | 450 | 300 | 400 | 700 | ||||||||||||||
Charge-offs | (148 | ) | (267 | ) | (1,223 | ) | (703 | ) | (770 | ) | |||||||||
Recoveries | 47 | 43 | 80 | 181 | 194 | ||||||||||||||
Balance at end of period | $27,768 | $27,269 | $27,043 | $27,886 | $28,008 | ||||||||||||||
Net Loan Charge-Offs (Recoveries): | |||||||||||||||||||
Commercial mortgages | ($7 | ) | $26 | $939 | $309 | $602 | |||||||||||||
Other commercial | 63 | 95 | 170 | 73 | (2 | ) | |||||||||||||
Residential real estate mortgages | (1 | ) | 30 | 7 | 80 | — | |||||||||||||
Consumer | 46 | 73 | 27 | 60 | (24 | ) | |||||||||||||
Total | $101 | $224 | $1,143 | $522 | $576 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited) | |||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||
September 30, 2014 | June 30, 2014 | September 30, 2013 | |||||||||||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||
Commercial loans | $1,380,229 | $14,624 | 4.20 | % | $1,339,310 | $14,509 | 4.35 | % | $1,297,705 | $15,274 | 4.67 | % | |||||||||||||||
Residential real estate loans, including loans held for sale | 946,738 | 9,685 | 4.06 | % | 856,955 | 8,811 | 4.12 | % | 780,323 | 7,991 | 4.06 | % | |||||||||||||||
Consumer loans | 337,598 | 3,259 | 3.83 | % | 333,881 | 3,171 | 3.81 | % | 323,398 | 3,083 | 3.78 | % | |||||||||||||||
Total loans | 2,664,565 | 27,568 | 4.10 | % | 2,530,146 | 26,491 | 4.20 | % | 2,401,426 | 26,348 | 4.35 | % | |||||||||||||||
Cash, federal funds sold and short-term investments | 74,569 | 36 | 0.19 | % | 59,507 | 28 | 0.19 | % | 87,048 | 47 | 0.21 | % | |||||||||||||||
FHLBB stock | 37,730 | 140 | 1.47 | % | 37,730 | 138 | 1.47 | % | 37,730 | 36 | 0.38 | % | |||||||||||||||
Taxable debt securities | 323,140 | 2,397 | 2.94 | % | 322,418 | 2,699 | 3.36 | % | 297,532 | 2,582 | 3.44 | % | |||||||||||||||
Nontaxable debt securities | 53,374 | 789 | 5.86 | % | 57,422 | 847 | 5.92 | % | 64,836 | 960 | 5.87 | % | |||||||||||||||
Total securities | 376,514 | 3,186 | 3.36 | % | 379,840 | 3,546 | 3.74 | % | 362,368 | 3,542 | 3.88 | % | |||||||||||||||
Total interest-earning assets | 3,153,378 | 30,930 | 3.89 | % | 3,007,223 | 30,203 | 4.03 | % | 2,888,572 | 29,973 | 4.12 | % | |||||||||||||||
Noninterest-earning assets | 216,945 | 207,426 | 209,656 | ||||||||||||||||||||||||
Total assets | $3,370,323 | $3,214,649 | $3,098,228 | ||||||||||||||||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||||||||||||
Interest-bearing demand deposits | $12,862 | $— | — | % | $9,067 | $— | — | % | $6,688 | $— | — | % | |||||||||||||||
NOW accounts | 311,077 | 47 | 0.06 | % | 311,948 | 47 | 0.06 | % | 293,634 | 45 | 0.06 | % | |||||||||||||||
Money market accounts | 798,273 | 830 | 0.41 | % | 759,704 | 713 | 0.38 | % | 591,860 | 456 | 0.31 | % | |||||||||||||||
Savings accounts | 291,386 | 46 | 0.06 | % | 291,671 | 45 | 0.06 | % | 295,821 | 47 | 0.06 | % | |||||||||||||||
Time deposits | 827,267 | 2,394 | 1.15 | % | 813,558 | 2,315 | 1.14 | % | 811,850 | 2,516 | 1.23 | % | |||||||||||||||
FHLBB advances | 283,219 | 1,832 | 2.57 | % | 220,088 | 1,758 | 3.20 | % | 328,705 | 2,693 | 3.25 | % | |||||||||||||||
Junior subordinated debentures | 22,681 | 241 | 4.22 | % | 22,681 | 241 | 4.26 | % | 22,681 | 241 | 4.22 | % | |||||||||||||||
Other | 151 | 3 | 7.88 | % | 162 | 4 | 9.90 | % | 353 | 4 | 4.50 | % | |||||||||||||||
Total interest-bearing liabilities | 2,546,916 | 5,393 | 0.84 | % | 2,428,879 | 5,123 | 0.85 | % | 2,351,592 | 6,002 | 1.01 | % | |||||||||||||||
Demand deposits | 439,353 | 409,851 | 384,665 | ||||||||||||||||||||||||
Other liabilities | 37,217 | 35,684 | 51,186 | ||||||||||||||||||||||||
Shareholders' equity | 346,837 | 340,235 | 310,785 | ||||||||||||||||||||||||
Total liabilities and shareholders' equity | $3,370,323 | $3,214,649 | $3,098,228 | ||||||||||||||||||||||||
Net interest income (FTE) | $25,537 | $25,080 | $23,971 | ||||||||||||||||||||||||
Interest rate spread | 3.05 | % | 3.18 | % | 3.11 | % | |||||||||||||||||||||
Net interest margin | 3.21 | % | 3.35 | % | 3.29 | % |
(Dollars in thousands) | Three Months Ended | ||||||||||
Sep 30, 2014 | Jun 30, 2014 | Sep 30, 2013 | |||||||||
Commercial loans | $329 | $322 | $252 | ||||||||
Nontaxable debt securities | 270 | 290 | 331 | ||||||||
Total | $599 | $612 | $583 |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited) | ||||||||||||||||||
Nine Months Ended | ||||||||||||||||||
September 30, 2014 | September 30, 2013 | |||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Assets: | ||||||||||||||||||
Commercial loans | $1,352,271 | $43,733 | 4.32 | % | $1,277,753 | $44,443 | 4.65 | % | ||||||||||
Residential real estate loans, including loans held for sale | 869,230 | 26,704 | 4.11 | % | 766,162 | 23,805 | 4.15 | % | ||||||||||
Consumer loans | 333,127 | 9,527 | 3.82 | % | 323,871 | 9,226 | 3.81 | % | ||||||||||
Total loans | 2,554,628 | 79,964 | 4.19 | % | 2,367,786 | 77,474 | 4.37 | % | ||||||||||
Cash, federal funds sold and short-term investments | 65,486 | 99 | 0.20 | % | 61,945 | 99 | 0.21 | % | ||||||||||
FHLBB stock | 37,730 | 420 | 1.49 | % | 38,409 | 113 | 0.39 | % | ||||||||||
Taxable debt securities | 329,779 | 8,038 | 3.26 | % | 304,854 | 8,003 | 3.51 | % | ||||||||||
Nontaxable debt securities | 56,894 | 2,520 | 5.92 | % | 66,444 | 2,949 | 5.93 | % | ||||||||||
Total securities | 386,673 | 10,558 | 3.65 | % | 371,298 | 10,952 | 3.94 | % | ||||||||||
Total interest-earning assets | 3,044,517 | 91,041 | 4.00 | % | 2,839,438 | 88,638 | 4.17 | % | ||||||||||
Noninterest-earning assets | 209,286 | 211,108 | ||||||||||||||||
Total assets | $3,253,803 | $3,050,546 | ||||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||||
Interest-bearing demand deposits | $10,906 | $— | — | % | $2,299 | $— | — | % | ||||||||||
NOW accounts | 309,101 | 141 | 0.06 | % | 288,871 | 135 | 0.06 | % | ||||||||||
Money market accounts | 748,121 | 2,152 | 0.38 | % | 541,160 | 1,189 | 0.29 | % | ||||||||||
Savings accounts | 291,949 | 136 | 0.06 | % | 287,360 | 139 | 0.06 | % | ||||||||||
Time deposits | 812,871 | 6,977 | 1.15 | % | 841,418 | 7,891 | 1.25 | % | ||||||||||
FHLBB advances | 257,814 | 5,831 | 3.02 | % | 333,544 | 8,109 | 3.25 | % | ||||||||||
Junior subordinated debentures | 22,681 | 723 | 4.26 | % | 28,988 | 1,243 | 5.73 | % | ||||||||||
Other | 162 | 10 | 8.25 | % | 565 | 12 | 2.84 | % | ||||||||||
Total interest-bearing liabilities | 2,453,605 | 15,970 | 0.87 | % | 2,324,205 | 18,718 | 1.08 | % | ||||||||||
Demand deposits | 424,120 | 370,508 | ||||||||||||||||
Other liabilities | 35,335 | 51,250 | ||||||||||||||||
Shareholders' equity | 340,743 | 304,583 | ||||||||||||||||
Total liabilities and shareholders' equity | $3,253,803 | $3,050,546 | ||||||||||||||||
Net interest income (FTE) | $75,071 | $69,920 | ||||||||||||||||
Interest rate spread | 3.13 | % | 3.09 | % | ||||||||||||||
Net interest margin | 3.30 | % | 3.29 | % |
(Dollars in thousands) | Nine Months Ended | ||||||
Sep 30, 2014 | Sep 30, 2013 | ||||||
Commercial loans | $967 | $642 | |||||
Nontaxable debt securities | 862 | 1,014 | |||||
Total | $1,829 | $1,656 |
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) | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | ||||||||||||||
Calculation of Tangible Book Value per Share: | |||||||||||||||||||
Total shareholders' equity at end of period | $348,562 | $343,450 | $335,858 | $329,646 | $323,585 | ||||||||||||||
Less: | |||||||||||||||||||
Goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||||||
Identifiable intangible assets, net | 5,004 | 5,165 | 5,329 | 5,493 | 5,657 | ||||||||||||||
Total tangible shareholders' equity at end of period | $285,444 | $280,171 | $272,415 | $266,039 | $259,814 | ||||||||||||||
Shares outstanding at end of period | 16,721 | 16,705 | 16,635 | 16,614 | 16,589 | ||||||||||||||
Book value per share - GAAP | $20.85 | $20.56 | $20.19 | $19.84 | $19.51 | ||||||||||||||
Tangible book value per share - Non-GAAP | $17.07 | $16.77 | $16.38 | $16.01 | $15.66 | ||||||||||||||
Calculation of Tangible Equity to Tangible Assets: | |||||||||||||||||||
Total tangible shareholders' equity at end of period | $285,444 | $280,171 | $272,415 | $266,039 | $259,814 | ||||||||||||||
Total assets at end of period | $3,415,882 | $3,317,022 | $3,194,146 | $3,188,867 | $3,131,958 | ||||||||||||||
Less: | |||||||||||||||||||
Goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||||||
Identifiable intangible assets, net | 5,004 | 5,165 | 5,329 | 5,493 | 5,657 | ||||||||||||||
Total tangible assets at end of period | $3,352,764 | $3,253,743 | $3,130,703 | $3,125,260 | $3,068,187 | ||||||||||||||
Equity to assets - GAAP | 10.20 | % | 10.35 | % | 10.51 | % | 10.34 | % | 10.33 | % | |||||||||
Tangible equity to tangible assets - Non-GAAP | 8.51 | % | 8.61 | % | 8.70 | % | 8.51 | % | 8.47 | % | |||||||||
Calculation of Return on Average Tangible Assets: | |||||||||||||||||||
Net income | $10,538 | $9,797 | $9,298 | $9,789 | $9,960 | ||||||||||||||
Total average assets | $3,370,323 | $3,214,649 | $3,174,281 | $3,163,042 | $3,098,228 | ||||||||||||||
Less: | |||||||||||||||||||
Average goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||||||
Average identifiable intangible assets, net | 5,082 | 5,245 | 5,410 | 5,573 | 5,739 | ||||||||||||||
Total average tangible assets | $3,307,127 | $3,151,290 | $3,110,757 | $3,099,355 | $3,034,375 | ||||||||||||||
Return on average assets - GAAP | 1.25 | % | 1.22 | % | 1.17 | % | 1.24 | % | 1.29 | % | |||||||||
Return on average tangible assets - Non-GAAP | 1.27 | % | 1.24 | % | 1.20 | % | 1.26 | % | 1.31 | % | |||||||||
Calculation of Return on Average Tangible Equity: | |||||||||||||||||||
Net income | $10,538 | $9,797 | $9,298 | $9,789 | $9,960 | ||||||||||||||
Total average shareholders' equity | $346,837 | $340,235 | $335,029 | $326,866 | $310,785 | ||||||||||||||
Less: | |||||||||||||||||||
Average goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||||||
Average identifiable intangible assets, net | 5,082 | 5,245 | 5,410 | 5,573 | 5,739 | ||||||||||||||
Total average tangible shareholders' equity | $283,641 | $276,876 | $271,505 | $263,179 | $246,932 | ||||||||||||||
Return on average shareholders' equity - GAAP | 12.15 | % | 11.52 | % | 11.10 | % | 11.98 | % | 12.82 | % | |||||||||
Return on average tangible shareholders' equity - Non-GAAP | 14.86 | % | 14.15 | % | 13.70 | % | 14.80 | % | 16.13 | % |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||
SUPPLEMENTAL INFORMATION - Non-GAAP Financial Measures (unaudited) | |||||||
Nine Months Ended | |||||||
(Dollars in thousands) | Sep 30, 2014 | Sep 30, 2013 | |||||
Calculation of return on average tangible assets: | |||||||
Net income | $29,633 | $26,364 | |||||
Total average assets | $3,253,803 | $3,050,546 | |||||
Less: | |||||||
Average goodwill | 58,114 | 58,114 | |||||
Average identifiable intangible assets, net | 5,244 | 5,911 | |||||
Total average tangible assets | $3,190,445 | $2,986,521 | |||||
Return on average assets - GAAP | 1.21 | % | 1.15 | % | |||
Return on average tangible assets - Non-GAAP | 1.24 | % | 1.18 | % | |||
Calculation of return on average tangible equity: | |||||||
Net income | $29,633 | $26,364 | |||||
Total average shareholders' equity | $340,743 | $304,583 | |||||
Less: | |||||||
Average goodwill | 58,114 | 58,114 | |||||
Average identifiable intangible assets, net | 5,244 | 5,911 | |||||
Total average tangible shareholders' equity | $277,385 | $240,558 | |||||
Return on average shareholders' equity - GAAP | 11.60 | % | 11.54 | % | |||
Return on average tangible shareholders' equity - Non-GAAP | 14.24 | % | 14.61 | % |
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