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 January 28, 2015* | |||
*Filed herewith |
WASHINGTON TRUST BANCORP, INC. | ||||
Date: | January 28, 2015 | By: | /s/ David V. Devault | |
David V. Devault | ||||
Vice Chair, Secretary and Chief Financial Officer |
• | Fourth quarter net income and earnings per share results were both record highs for Washington Trust. |
• | Returns on average equity and average assets were 12.68% and 1.27%, respectively. Comparable amounts for the third quarter of 2014 were 12.15% and 1.25%, respectively. |
• | Loans totaled $2.86 billion at December 31, 2014, up by 7% from September 30, 2014 and up by 16% from December 31, 2013. |
• | Average interest-earning assets increased by $153.0 million, reflecting growth in average commercial and residential loan balances. The yield on interest-earning assets, excluding the contribution of 6 basis points from the loan prepayment penalty fees, was 3.85% for the fourth quarter. The 4 basis point decline from the previous quarter was primarily due to lower rates on loan originations and payoffs of higher yielding loans. |
• | Average interest-bearing liabilities increased by $121.5 million, with growth in average wholesale funding balances and average interest-bearing deposits. The cost of funds remained unchanged from the previous quarter. |
• | Wealth management revenues totaled $8.4 million for the fourth quarter of 2014, up modestly on a linked quarter basis. Wealth management assets under administration amounted to $5.070 billion at December 31, 2014, up by $86.5 million, or 2%, from September 30, 2014. |
• | Net gains on loan sales and commissions on loans originated for others totaled $2.1 million for the fourth quarter of 2014, up by $372 thousand, or 21%, on a linked quarter basis. Residential mortgage loans sold to the secondary market amounted to $99.4 million in the fourth quarter, up by $19.3 million from the previous quarter. |
• | Net gains on interest rate swap contracts amounted to $574 thousand for the fourth quarter of 2014, up by $235 thousand, or 69%, from the previous quarter, due to an increase in customer-related interest rate swap transactions in the fourth quarter of 2014. Net gains on interest rate swaps for the fourth quarter of 2014 were approximately $387 thousand higher than the average amount of net gains recognized for each of the first three quarters of 2014. |
• | Total commercial loans increased by $145.1 million, or 10%, with growth in both commercial real estate and commercial and industrial loans. |
• | The residential real estate loan portfolio grew by $39.8 million, or 4%. |
• | Consumer loans increased slightly by $279 thousand, or 0.1%. |
• | In-market time deposits decreased by $38.6 million, or 6%. |
• | Demand deposits decreased by $17.0 million, or 4%, while NOW account balances increased by $13.0 million, or 4%. |
• | Money market and savings account balances decreased by $29.4 million, or 3%. |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||
CONSOLIDATED BALANCE SHEETS (unaudited) | ||||||||
(Dollars in thousands, except par value) | Dec 31, 2014 | Dec 31, 2013 | ||||||
Assets: | ||||||||
Cash and due from banks | $76,386 | $81,939 | ||||||
Short-term investments | 3,964 | 3,378 | ||||||
Mortgage loans held for sale (including $30,321 in 2014 and $11,636 in 2013 measured at fair value) | 45,693 | 11,636 | ||||||
Securities: | ||||||||
Available for sale, at fair value | 357,662 | 392,903 | ||||||
Held to maturity, at amortized cost (fair value $26,008 in 2014 and $29,865 in 2013) | 25,222 | 29,905 | ||||||
Total securities | 382,884 | 422,808 | ||||||
Federal Home Loan Bank stock, at cost | 37,730 | 37,730 | ||||||
Loans: | ||||||||
Commercial | 1,535,488 | 1,363,335 | ||||||
Residential real estate | 985,415 | 772,674 | ||||||
Consumer | 338,373 | 326,875 | ||||||
Total loans | 2,859,276 | 2,462,884 | ||||||
Less allowance for loan losses | 28,023 | 27,886 | ||||||
Net loans | 2,831,253 | 2,434,998 | ||||||
Premises and equipment, net | 27,495 | 25,402 | ||||||
Investment in bank-owned life insurance | 63,519 | 56,673 | ||||||
Goodwill | 58,114 | 58,114 | ||||||
Identifiable intangible assets, net | 4,849 | 5,493 | ||||||
Other assets | 54,987 | 50,696 | ||||||
Total assets | $3,586,874 | $3,188,867 | ||||||
Liabilities: | ||||||||
Deposits: | ||||||||
Demand deposits | $459,852 | $440,785 | ||||||
NOW accounts | 326,375 | 309,771 | ||||||
Money market accounts | 802,764 | 666,646 | ||||||
Savings accounts | 291,725 | 297,357 | ||||||
Time deposits | 874,102 | 790,762 | ||||||
Total deposits | 2,754,818 | 2,505,321 | ||||||
Federal Home Loan Bank advances | 406,297 | 288,082 | ||||||
Junior subordinated debentures | 22,681 | 22,681 | ||||||
Other liabilities | 56,799 | 43,137 | ||||||
Total liabilities | 3,240,595 | 2,859,221 | ||||||
Shareholders’ Equity: | ||||||||
Common stock of $.0625 par value; authorized 30,000,000 shares; issued and outstanding 16,746,363 shares in 2014 and 16,613,561 shares in 2013 | 1,047 | 1,038 | ||||||
Paid-in capital | 101,204 | 97,566 | ||||||
Retained earnings | 252,837 | 232,595 | ||||||
Accumulated other comprehensive loss | (8,809 | ) | (1,553 | ) | ||||
Total shareholders’ equity | 346,279 | 329,646 | ||||||
Total liabilities and shareholders’ equity | $3,586,874 | $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 | Twelve Months | ||||||||||||||
Periods ended December 31, | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Interest income: | ||||||||||||||||
Interest and fees on loans | $28,845 | $25,649 | $107,842 | $102,481 | ||||||||||||
Interest on securities: | Taxable | 2,399 | 3,005 | 10,437 | 11,008 | |||||||||||
Nontaxable | 491 | 618 | 2,149 | 2,553 | ||||||||||||
Dividends on Federal Home Loan Bank stock | 141 | 35 | 561 | 148 | ||||||||||||
Other interest income | 29 | 59 | 128 | 158 | ||||||||||||
Total interest and dividend income | 31,905 | 29,366 | 121,117 | 116,348 | ||||||||||||
Interest expense: | ||||||||||||||||
Deposits | 3,531 | 3,066 | 12,937 | 12,420 | ||||||||||||
Federal Home Loan Bank advances | 1,867 | 2,534 | 7,698 | 10,643 | ||||||||||||
Junior subordinated debentures | 241 | 241 | 964 | 1,484 | ||||||||||||
Other interest expense | 3 | 4 | 13 | 16 | ||||||||||||
Total interest expense | 5,642 | 5,845 | 21,612 | 24,563 | ||||||||||||
Net interest income | 26,263 | 23,521 | 99,505 | 91,785 | ||||||||||||
Provision for loan losses | 500 | 400 | 1,850 | 2,400 | ||||||||||||
Net interest income after provision for loan losses | 25,763 | 23,121 | 97,655 | 89,385 | ||||||||||||
Noninterest income: | ||||||||||||||||
Wealth management revenues | 8,409 | 8,810 | 33,378 | 31,825 | ||||||||||||
Merchant processing fees | — | 2,271 | 1,291 | 10,220 | ||||||||||||
Net gains on loan sales and commissions on loans originated for others | 2,114 | 1,551 | 6,802 | 13,085 | ||||||||||||
Service charges on deposit accounts | 936 | 820 | 3,395 | 3,256 | ||||||||||||
Card interchange fees | 793 | 775 | 3,057 | 2,788 | ||||||||||||
Income from bank-owned life insurance | 492 | 458 | 1,846 | 1,850 | ||||||||||||
Net gains on interest rate swap contracts | 574 | 726 | 1,136 | 951 | ||||||||||||
Equity in earnings (losses) of unconsolidated subsidiaries | (63 | ) | (42 | ) | (276 | ) | (107 | ) | ||||||||
Gain on sale of business line | — | — | 6,265 | — | ||||||||||||
Other income | 451 | 468 | 2,121 | 1,701 | ||||||||||||
Noninterest income, excluding other-than-temporary impairment losses | 13,706 | 15,837 | 59,015 | 65,569 | ||||||||||||
Total other-than-temporary impairment losses on securities | — | 319 | — | (294 | ) | |||||||||||
Portion of loss recognized in other comprehensive income (before tax) | — | (1,036 | ) | — | (3,195 | ) | ||||||||||
Net impairment losses recognized in earnings | — | (717 | ) | — | (3,489 | ) | ||||||||||
Total noninterest income | 13,706 | 15,120 | 59,015 | 62,080 | ||||||||||||
Noninterest expense: | ||||||||||||||||
Salaries and employee benefits | 14,685 | 14,428 | 58,530 | 60,052 | ||||||||||||
Net occupancy | 1,640 | 1,487 | 6,312 | 5,769 | ||||||||||||
Equipment | 1,221 | 1,189 | 4,903 | 4,847 | ||||||||||||
Merchant processing costs | — | 1,936 | 1,050 | 8,682 | ||||||||||||
Outsourced services | 1,286 | 1,072 | 4,483 | 3,662 | ||||||||||||
Legal, audit and professional fees | 626 | 639 | 2,336 | 2,330 | ||||||||||||
FDIC deposit insurance costs | 467 | 431 | 1,762 | 1,761 | ||||||||||||
Advertising and promotion | 406 | 321 | 1,546 | 1,464 | ||||||||||||
Amortization of intangibles | 155 | 164 | 644 | 680 | ||||||||||||
Foreclosed property costs | (5 | ) | 36 | 43 | 258 | |||||||||||
Debt prepayment penalties | — | — | 6,294 | 1,125 | ||||||||||||
Other expenses | 2,579 | 2,345 | 8,944 | 8,155 | ||||||||||||
Total noninterest expense | 23,060 | 24,048 | 96,847 | 98,785 | ||||||||||||
Income before income taxes | 16,409 | 14,193 | 59,823 | 52,680 | ||||||||||||
Income tax expense | 5,218 | 4,404 | 18,999 | 16,527 | ||||||||||||
Net income | $11,191 | $9,789 | $40,824 | $36,153 | ||||||||||||
Weighted average common shares outstanding - basic | 16,735 | 16,602 | 16,689 | 16,506 | ||||||||||||
Weighted average common shares outstanding - diluted | 16,911 | 16,770 | 16,872 | 16,664 | ||||||||||||
Per share information: | Basic earnings per common share | $0.67 | $0.59 | $2.44 | $2.18 | |||||||||||
Diluted earnings per common share | $0.66 | $0.58 | $2.41 | $2.16 | ||||||||||||
Cash dividends declared per share | $0.32 | $0.27 | $1.22 | $1.03 |
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, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | ||||||||||||||
Financial Data: | |||||||||||||||||||
Total assets | $3,586,874 | $3,415,882 | $3,317,022 | $3,194,146 | $3,188,867 | ||||||||||||||
Total loans | 2,859,276 | 2,674,047 | 2,581,124 | 2,478,603 | 2,462,884 | ||||||||||||||
Total securities | 382,884 | 402,553 | 355,392 | 389,889 | 422,808 | ||||||||||||||
Total deposits | 2,754,818 | 2,738,888 | 2,586,097 | 2,591,654 | 2,505,321 | ||||||||||||||
Total shareholders' equity | 346,279 | 348,562 | 343,450 | 335,858 | 329,646 | ||||||||||||||
Net interest income | 26,263 | 24,938 | 24,468 | 23,836 | 23,521 | ||||||||||||||
Provision for loan losses | 500 | 600 | 450 | 300 | 400 | ||||||||||||||
Noninterest income, excluding OTTI losses | 13,706 | 13,125 | 12,814 | 19,370 | 15,837 | ||||||||||||||
Net OTTI losses recognized in earnings | — | — | — | — | (717 | ) | |||||||||||||
Noninterest expense | 23,060 | 22,047 | 22,448 | 29,292 | 24,048 | ||||||||||||||
Income tax expense | 5,218 | 4,878 | 4,587 | 4,316 | 4,404 | ||||||||||||||
Net income | 11,191 | 10,538 | 9,797 | 9,298 | 9,789 | ||||||||||||||
Share Data: | |||||||||||||||||||
Basic earnings per common share | $0.67 | $0.63 | $0.59 | $0.56 | $0.59 | ||||||||||||||
Diluted earnings per common share | $0.66 | $0.62 | $0.58 | $0.55 | $0.58 | ||||||||||||||
Dividends declared per share | $0.32 | $0.32 | $0.29 | $0.29 | $0.27 | ||||||||||||||
Book value per share | $20.68 | $20.85 | $20.56 | $20.19 | $19.84 | ||||||||||||||
Tangible book value per share - Non-GAAP (1) | $16.92 | $17.07 | $16.77 | $16.38 | $16.01 | ||||||||||||||
Market value per share | $40.18 | $32.99 | $36.77 | $37.47 | $37.22 | ||||||||||||||
Shares outstanding at end of period | 16,746 | 16,721 | 16,705 | 16,635 | 16,614 | ||||||||||||||
Weighted average common shares outstanding - basic | 16,735 | 16,714 | 16,678 | 16,626 | 16,602 | ||||||||||||||
Weighted average common shares outstanding - diluted | 16,911 | 16,855 | 16,831 | 16,800 | 16,770 | ||||||||||||||
Key Ratios: | |||||||||||||||||||
Return on average assets | 1.27 | % | 1.25 | % | 1.22 | % | 1.17 | % | 1.24 | % | |||||||||
Return on average tangible assets - Non-GAAP (1) | 1.29 | % | 1.27 | % | 1.24 | % | 1.20 | % | 1.26 | % | |||||||||
Return on average equity | 12.68 | % | 12.15 | % | 11.52 | % | 11.10 | % | 11.98 | % | |||||||||
Return on average tangible equity - Non-GAAP (1) | 15.44 | % | 14.86 | % | 14.15 | % | 13.70 | % | 14.80 | % | |||||||||
Tier 1 risk-based capital | 11.52% (i) | 12.15 | % | 12.24 | % | 12.42 | % | 12.12 | % | ||||||||||
Total risk-based capital | 12.56% (i) | 13.26 | % | 13.36 | % | 13.56 | % | 13.29 | % | ||||||||||
Tier 1 leverage ratio | 9.14% (i) | 9.35 | % | 9.62 | % | 9.56 | % | 9.41 | % | ||||||||||
Equity to assets | 9.65 | % | 10.20 | % | 10.35 | % | 10.51 | % | 10.34 | % | |||||||||
Tangible equity to tangible assets - Non-GAAP (1) | 8.04 | % | 8.51 | % | 8.61 | % | 8.70 | % | 8.51 | % | |||||||||
(i) - estimated | |||||||||||||||||||
Wealth Management Revenues: | |||||||||||||||||||
Trust and investment management fees | $7,059 | $6,982 | $6,828 | $6,685 | $6,637 | ||||||||||||||
Mutual fund fees | 1,068 | 1,100 | 1,086 | 1,081 | 1,104 | ||||||||||||||
Asset-based revenues | 8,127 | 8,082 | 7,914 | 7,766 | 7,741 | ||||||||||||||
Transaction-based revenues | 282 | 292 | 616 | 299 | 1,069 | ||||||||||||||
Total wealth management revenues | $8,409 | $8,374 | $8,530 | $8,065 | $8,810 | ||||||||||||||
Wealth Management Assets Under Administration: | |||||||||||||||||||
Balance at beginning of period | $4,983,464 | $5,010,588 | $4,806,381 | $4,781,958 | $4,595,594 | ||||||||||||||
Net investment appreciation (depreciation) & income | 111,715 | (29,199 | ) | 131,269 | 44,335 | 248,727 | |||||||||||||
Net client cash flows | (25,213 | ) | 2,075 | 72,938 | (19,912 | ) | (62,363 | ) | |||||||||||
Balance at end of period | $5,069,966 | $4,983,464 | $5,010,588 | $4,806,381 | $4,781,958 |
(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) | |||||||
Twelve Months Ended | |||||||
(Dollars in thousands) | Dec 31, 2014 | Dec 31, 2013 | |||||
Key Ratios: | |||||||
Return on average assets | 1.23 | % | 1.17 | % | |||
Return on average tangible assets - Non-GAAP (1) | 1.25 | % | 1.20 | % | |||
Return on average equity | 11.87 | % | 11.65 | % | |||
Return on average tangible equity - Non-GAAP (1) | 14.55 | % | 14.68 | % | |||
Allowance for Loan Losses: | |||||||
Balance at beginning of period | $27,886 | $30,873 | |||||
Provision charged to earnings | 1,850 | 2,400 | |||||
Charge-offs | (1,949 | ) | (6,022 | ) | |||
Recoveries | 236 | 635 | |||||
Balance at end of period | $28,023 | $27,886 | |||||
Net Loan Charge-Offs (Recoveries): | |||||||
Commercial mortgages | $953 | $4,833 | |||||
Commercial & industrial | 472 | 205 | |||||
Residential real estate mortgages | 81 | 125 | |||||
Consumer | 207 | 224 | |||||
Total | $1,713 | $5,387 | |||||
Net charge-offs to average loans (annualized) | 0.07 | % | 0.23 | % | |||
Wealth Management Revenues: | |||||||
Trust and investment management fees | $27,554 | $25,224 | |||||
Mutual fund fees | 4,335 | 4,278 | |||||
Asset-based revenues | 31,889 | 29,502 | |||||
Transaction-based revenues | 1,489 | 2,323 | |||||
Total wealth management revenues | $33,378 | $31,825 | |||||
Wealth Management Assets Under Administration: | |||||||
Balance at beginning of period | $4,781,958 | $4,199,640 | |||||
Net investment appreciation & income | 258,120 | 632,681 | |||||
Net client cash flows | 29,888 | (50,363 | ) | ||||
Balance at end of period | $5,069,966 | $4,781,958 |
(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, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | ||||||||||
Average Yield / Rate (taxable equivalent basis): | ||||||||||||||
Assets: | ||||||||||||||
Commercial loans | 4.23 | % | 4.20 | % | 4.35 | % | 4.43 | % | 4.52 | % | ||||
Residential real estate loans, including mortgage loans held for sale | 4.06 | % | 4.06 | % | 4.12 | % | 4.15 | % | 4.09 | % | ||||
Consumer loans | 3.79 | % | 3.83 | % | 3.81 | % | 3.83 | % | 3.77 | % | ||||
Total loans | 4.12 | % | 4.10 | % | 4.20 | % | 4.26 | % | 4.28 | % | ||||
Cash, federal funds sold and other short-term investments | 0.18 | % | 0.19 | % | 0.19 | % | 0.23 | % | 0.22 | % | ||||
FHLBB stock | 1.48 | % | 1.47 | % | 1.47 | % | 1.53 | % | 0.37 | % | ||||
Taxable debt securities | 2.83 | % | 2.94 | % | 3.36 | % | 3.47 | % | 3.40 | % | ||||
Nontaxable debt securities | 5.87 | % | 5.86 | % | 5.92 | % | 5.98 | % | 5.88 | % | ||||
Total securities | 3.22 | % | 3.36 | % | 3.74 | % | 3.84 | % | 3.78 | % | ||||
Total interest-earning assets | 3.91 | % | 3.89 | % | 4.03 | % | 4.08 | % | 4.02 | % | ||||
Liabilities: | ||||||||||||||
Interest-bearing demand deposits | — | % | — | % | — | % | — | % | — | % | ||||
NOW accounts | 0.06 | % | 0.06 | % | 0.06 | % | 0.06 | % | 0.06 | % | ||||
Money market accounts | 0.43 | % | 0.41 | % | 0.38 | % | 0.36 | % | 0.34 | % | ||||
Savings accounts | 0.06 | % | 0.06 | % | 0.06 | % | 0.06 | % | 0.06 | % | ||||
Time deposits (in-market) | 1.14 | % | 1.17 | % | 1.16 | % | 1.16 | % | 1.20 | % | ||||
Wholesale brokered time deposits | 1.23 | % | 1.09 | % | 1.05 | % | 1.12 | % | 1.13 | % | ||||
FHLBB advances | 2.28 | % | 2.57 | % | 3.20 | % | 3.37 | % | 3.49 | % | ||||
Junior subordinated debentures | 4.22 | % | 4.22 | % | 4.26 | % | 4.31 | % | 4.22 | % | ||||
Other | 8.50 | % | 7.88 | % | 9.90 | % | 7.03 | % | 2.52 | % | ||||
Total interest-bearing liabilities | 0.84 | % | 0.84 | % | 0.85 | % | 0.93 | % | 0.98 | % | ||||
Interest rate spread (taxable equivalent basis) | 3.07 | % | 3.05 | % | 3.18 | % | 3.15 | % | 3.04 | % | ||||
Net interest margin (taxable equivalent basis) | 3.23 | % | 3.21 | % | 3.35 | % | 3.34 | % | 3.24 | % |
At December 31, 2014 | ||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
(Dollars in thousands) | Cost (1) | Gains | Losses | Value | ||||||||||||
Securities Available for Sale: | ||||||||||||||||
Obligations of U.S. government-sponsored enterprises | $31,205 | $21 | ($54 | ) | $31,172 | |||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 235,343 | 10,023 | — | 245,366 | ||||||||||||
Obligations of states and political subdivisions | 47,647 | 1,529 | — | 49,176 | ||||||||||||
Individual name issuer trust preferred debt securities | 30,753 | — | (4,979 | ) | 25,774 | |||||||||||
Corporate bonds | 6,120 | 57 | (3 | ) | 6,174 | |||||||||||
Total securities available for sale | 351,068 | 11,630 | (5,036 | ) | 357,662 | |||||||||||
Held to Maturity: | ||||||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 25,222 | 786 | — | 26,008 | ||||||||||||
Total securities held to maturity | 25,222 | 786 | — | 26,008 | ||||||||||||
Total securities | $376,290 | $12,416 | ($5,036 | ) | $383,670 |
(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, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | |||||||||||||||
Loans: | ||||||||||||||||||||
Commercial: | Mortgages | $843,978 | $766,703 | $772,772 | $788,836 | $796,249 | ||||||||||||||
Construction & development | 79,592 | 58,750 | 38,574 | 24,696 | 36,289 | |||||||||||||||
Commercial & industrial | 611,918 | 564,920 | 554,824 | 523,751 | 530,797 | |||||||||||||||
Total commercial | 1,535,488 | 1,390,373 | 1,366,170 | 1,337,283 | 1,363,335 | |||||||||||||||
Residential real estate: | Mortgages | 948,731 | 912,956 | 846,187 | 784,623 | 749,163 | ||||||||||||||
Homeowner construction | 36,684 | 32,624 | 30,452 | 25,770 | 23,511 | |||||||||||||||
Total residential real estate | 985,415 | 945,580 | 876,639 | 810,393 | 772,674 | |||||||||||||||
Consumer: | Home equity lines | 242,480 | 240,567 | 237,390 | 233,728 | 231,362 | ||||||||||||||
Home equity loans | 46,967 | 46,455 | 45,632 | 41,991 | 40,212 | |||||||||||||||
Other | 48,926 | 51,072 | 55,293 | 55,208 | 55,301 | |||||||||||||||
Total consumer | 338,373 | 338,094 | 338,315 | 330,927 | 326,875 | |||||||||||||||
Total loans | $2,859,276 | $2,674,047 | $2,581,124 | $2,478,603 | $2,462,884 |
At December 31, 2014 | ||||||
(Dollars in thousands) | Balance | % of Total | ||||
Commercial Real Estate Loans by Property Location: | ||||||
Rhode Island, Connecticut, Massachusetts | $861,422 | 93.3 | % | |||
New York, New Jersey, Pennsylvania | 53,625 | 5.8 | % | |||
New Hampshire | 8,523 | 0.9 | % | |||
Total commercial real estate loans (1) | $923,570 | 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, 2014 | ||||||
(Dollars in thousands) | Balance | % of Total | ||||
Residential Mortgages by Property Location: | ||||||
Rhode Island, Connecticut, Massachusetts | $965,452 | 98.1 | % | |||
New Hampshire | 10,204 | 1.0 | % | |||
New York, Virginia, New Jersey, Maryland, Pennsylvania | 5,096 | 0.5 | % | |||
Ohio | 1,812 | 0.2 | % | |||
Washington, Oregon | 1,331 | 0.1 | % | |||
Georgia | 1,062 | 0.1 | % | |||
Other | 458 | — | % | |||
Total residential mortgages | $985,415 | 100.0 | % |
Period End Balances At | ||||||||||||||||||||
(Dollars in thousands) | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | |||||||||||||||
Deposits: | ||||||||||||||||||||
Demand deposits | $459,852 | $476,808 | $411,586 | $445,570 | $440,785 | |||||||||||||||
NOW accounts | 326,375 | 313,391 | 314,060 | 311,461 | 309,771 | |||||||||||||||
Money market accounts | 802,764 | 833,318 | 772,084 | 704,434 | 666,646 | |||||||||||||||
Savings accounts | 291,725 | 290,561 | 292,112 | 293,322 | 297,357 | |||||||||||||||
Time deposits | 874,102 | 824,810 | 796,255 | 836,867 | 790,762 | |||||||||||||||
Total deposits | $2,754,818 | $2,738,888 | $2,586,097 | $2,591,654 | $2,505,321 | |||||||||||||||
Out-of-market brokered certificates of deposits included in time deposits | $299,129 | $211,222 | $171,216 | $171,275 | $98,009 | |||||||||||||||
In-market deposits, excluding out-of-market brokered certificates of deposit | $2,455,689 | $2,527,666 | $2,414,881 | $2,420,379 | $2,407,312 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | |||||||||||||||||||
Period End Balances At | |||||||||||||||||||
(Dollars in thousands) | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | ||||||||||||||
Asset Quality Ratios: | |||||||||||||||||||
Total past due loans to total loans | 0.63 | % | 0.75 | % | 0.82 | % | 0.73 | % | 0.89 | % | |||||||||
Nonperforming assets to total assets | 0.48 | % | 0.53 | % | 0.42 | % | 0.45 | % | 0.62 | % | |||||||||
Nonaccrual loans to total loans | 0.56 | % | 0.63 | % | 0.49 | % | 0.55 | % | 0.74 | % | |||||||||
Allowance for loan losses to nonaccrual loans | 175.75 | % | 163.68 | % | 217.54 | % | 199.23 | % | 152.37 | % | |||||||||
Allowance for loan losses to total loans | 0.98 | % | 1.04 | % | 1.06 | % | 1.09 | % | 1.13 | % | |||||||||
Nonperforming Assets: | |||||||||||||||||||
Commercial mortgages | $5,315 | $6,022 | $2,290 | $2,293 | $7,492 | ||||||||||||||
Commercial construction & development | — | — | — | — | — | ||||||||||||||
Commercial & industrial | 1,969 | 1,326 | 1,615 | 1,198 | 1,291 | ||||||||||||||
Residential real estate mortgages | 7,124 | 7,890 | 7,417 | 8,975 | 8,315 | ||||||||||||||
Consumer | 1,537 | 1,727 | 1,213 | 1,108 | 1,204 | ||||||||||||||
Total nonaccrual loans | 15,945 | 16,965 | 12,535 | 13,574 | 18,302 | ||||||||||||||
Nonaccrual investment securities | — | — | — | — | 547 | ||||||||||||||
Property acquired through foreclosure or repossession | 1,176 | 988 | 1,309 | 750 | 932 | ||||||||||||||
Total nonperforming assets | $17,121 | $17,953 | $13,844 | $14,324 | $19,781 | ||||||||||||||
Troubled Debt Restructured Loans: | |||||||||||||||||||
Accruing troubled debt restructured loans: | |||||||||||||||||||
Commercial mortgages | $9,676 | $9,677 | $22,603 | $22,796 | $22,800 | ||||||||||||||
Commercial & industrial | 954 | 1,036 | 969 | 989 | 1,265 | ||||||||||||||
Residential real estate mortgages | 1,252 | 1,258 | 1,459 | 1,467 | 1,442 | ||||||||||||||
Consumer | 135 | 164 | 167 | 233 | 236 | ||||||||||||||
Accruing troubled debt restructured loans | 12,017 | 12,135 | 25,198 | 25,485 | 25,743 | ||||||||||||||
Nonaccrual troubled debt restructured loans: | |||||||||||||||||||
Commercial mortgages | 4,898 | 4,898 | — | — | — | ||||||||||||||
Commercial & industrial | 1,193 | 854 | 872 | 369 | 542 | ||||||||||||||
Residential real estate mortgages | 248 | 441 | 448 | 447 | — | ||||||||||||||
Consumer | — | — | — | 29 | 38 | ||||||||||||||
Nonaccrual troubled debt restructured loans | 6,339 | 6,193 | 1,320 | 845 | 580 | ||||||||||||||
Total troubled debt restructured loans | $18,356 | $18,328 | $26,518 | $26,330 | $26,323 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | |||||||||||||||||||
Period End Balances At | |||||||||||||||||||
(Dollars in thousands) | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | ||||||||||||||
Past Due Loans: | |||||||||||||||||||
Loans 30-59 Days Past Due: | |||||||||||||||||||
Commercial mortgages | $— | $— | $311 | $— | $— | ||||||||||||||
Commercial & industrial | 2,136 | 1,129 | 1,785 | 3,351 | 276 | ||||||||||||||
Residential real estate mortgages | 2,943 | 2,582 | 5,249 | 2,232 | 4,040 | ||||||||||||||
Consumer loans | 954 | 1,677 | 1,889 | 1,365 | 1,322 | ||||||||||||||
Loans 30-59 days past due | $6,033 | $5,388 | $9,234 | $6,948 | $5,638 | ||||||||||||||
Loans 60-89 Days Past Due: | |||||||||||||||||||
Commercial mortgages | $— | $— | $1,583 | $15 | $— | ||||||||||||||
Commercial & industrial | 1,202 | 314 | 773 | 127 | 302 | ||||||||||||||
Residential real estate mortgages | 821 | 2,001 | 855 | 1,265 | 1,285 | ||||||||||||||
Consumer loans | 345 | 356 | 1,102 | 658 | 166 | ||||||||||||||
Loans 60-89 days past due | $2,368 | $2,671 | $4,313 | $2,065 | $1,753 | ||||||||||||||
Loans 90 Days or more Past Due: | |||||||||||||||||||
Commercial mortgages | $5,315 | $5,995 | $2,250 | $2,238 | $7,492 | ||||||||||||||
Commercial & industrial | 181 | 970 | 417 | 428 | 731 | ||||||||||||||
Residential real estate mortgages | 3,284 | 3,922 | 4,335 | 5,634 | 5,633 | ||||||||||||||
Consumer loans | 897 | 989 | 512 | 701 | 656 | ||||||||||||||
Loans 90 days or more past due | $9,677 | $11,876 | $7,514 | $9,001 | $14,512 | ||||||||||||||
Total Past Due Loans: | |||||||||||||||||||
Commercial mortgages | $5,315 | $5,995 | $4,144 | $2,253 | $7,492 | ||||||||||||||
Commercial & industrial | 3,519 | 2,413 | 2,975 | 3,906 | 1,309 | ||||||||||||||
Residential real estate mortgages | 7,048 | 8,505 | 10,439 | 9,131 | 10,958 | ||||||||||||||
Consumer loans | 2,196 | 3,022 | 3,503 | 2,724 | 2,144 | ||||||||||||||
Total past due loans | $18,078 | $19,935 | $21,061 | $18,014 | $21,903 | ||||||||||||||
Accruing loans 90 days or more past due | $— | $— | $— | $— | $— | ||||||||||||||
Nonaccrual loans included in past due loans | $12,721 | $14,364 | $10,432 | $11,487 | $15,591 |
For the Quarters Ended | |||||||||||||||||||
(Dollars in thousands) | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | ||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||
Balance at beginning of period | $27,768 | $27,269 | $27,043 | $27,886 | $28,008 | ||||||||||||||
Provision charged to earnings | 500 | 600 | 450 | 300 | 400 | ||||||||||||||
Charge-offs | (311 | ) | (148 | ) | (267 | ) | (1,223 | ) | (703 | ) | |||||||||
Recoveries | 66 | 47 | 43 | 80 | 181 | ||||||||||||||
Balance at end of period | $28,023 | $27,768 | $27,269 | $27,043 | $27,886 | ||||||||||||||
Net Loan Charge-Offs (Recoveries): | |||||||||||||||||||
Commercial mortgages | ($5 | ) | ($7 | ) | $26 | $939 | $309 | ||||||||||||
Commercial & industrial | 144 | 63 | 95 | 170 | 73 | ||||||||||||||
Residential real estate mortgages | 45 | (1 | ) | 30 | 7 | 80 | |||||||||||||
Consumer | 61 | 46 | 73 | 27 | 60 | ||||||||||||||
Total | $245 | $101 | $224 | $1,143 | $522 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited) | |||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||
December 31, 2014 | September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||
Commercial loans | $1,470,360 | $15,688 | 4.23 | % | $1,380,229 | $14,624 | 4.20 | % | $1,310,584 | $14,944 | 4.52 | % | |||||||||||||||
Residential real estate loans, including loans held for sale | 1,009,382 | 10,329 | 4.06 | % | 946,738 | 9,685 | 4.06 | % | 771,272 | 7,947 | 4.09 | % | |||||||||||||||
Consumer loans | 338,050 | 3,231 | 3.79 | % | 337,598 | 3,259 | 3.83 | % | 323,778 | 3,078 | 3.77 | % | |||||||||||||||
Total loans | 2,817,792 | 29,248 | 4.12 | % | 2,664,565 | 27,568 | 4.10 | % | 2,405,634 | 25,969 | 4.28 | % | |||||||||||||||
Cash, federal funds sold and short-term investments | 63,736 | 29 | 0.18 | % | 74,569 | 36 | 0.19 | % | 104,718 | 59 | 0.22 | % | |||||||||||||||
FHLBB stock | 37,730 | 141 | 1.48 | % | 37,730 | 140 | 1.47 | % | 37,730 | 35 | 0.37 | % | |||||||||||||||
Taxable debt securities | 336,661 | 2,399 | 2.83 | % | 323,140 | 2,397 | 2.94 | % | 350,821 | 3,005 | 3.40 | % | |||||||||||||||
Nontaxable debt securities | 50,505 | 747 | 5.87 | % | 53,374 | 789 | 5.86 | % | 63,524 | 941 | 5.88 | % | |||||||||||||||
Total securities | 387,166 | 3,146 | 3.22 | % | 376,514 | 3,186 | 3.36 | % | 414,345 | 3,946 | 3.78 | % | |||||||||||||||
Total interest-earning assets | 3,306,424 | 32,564 | 3.91 | % | 3,153,378 | 30,930 | 3.89 | % | 2,962,427 | 30,009 | 4.02 | % | |||||||||||||||
Noninterest-earning assets | 215,079 | 216,945 | 200,615 | ||||||||||||||||||||||||
Total assets | $3,521,503 | $3,370,323 | $3,163,042 | ||||||||||||||||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||||||||||||
Interest-bearing demand deposits | $19,163 | $— | — | % | $12,862 | $— | — | % | $10,877 | $— | — | % | |||||||||||||||
NOW accounts | 320,313 | 49 | 0.06 | % | 311,077 | 47 | 0.06 | % | 300,113 | 48 | 0.06 | % | |||||||||||||||
Money market accounts | 829,472 | 903 | 0.43 | % | 798,273 | 830 | 0.41 | % | 653,731 | 560 | 0.34 | % | |||||||||||||||
Savings accounts | 291,683 | 45 | 0.06 | % | 291,386 | 46 | 0.06 | % | 293,434 | 47 | 0.06 | % | |||||||||||||||
Time deposits (in-market) | 602,005 | 1,735 | 1.14 | % | 623,221 | 1,832 | 1.17 | % | 698,653 | 2,115 | 1.20 | % | |||||||||||||||
Wholesale brokered time deposits | 257,415 | 799 | 1.23 | % | 204,046 | 562 | 1.09 | % | 104,326 | 296 | 1.13 | % | |||||||||||||||
FHLBB advances | 325,518 | 1,867 | 2.28 | % | 283,219 | 1,832 | 2.57 | % | 288,212 | 2,534 | 3.49 | % | |||||||||||||||
Junior subordinated debentures | 22,681 | 241 | 4.22 | % | 22,681 | 241 | 4.22 | % | 22,681 | 241 | 4.22 | % | |||||||||||||||
Other | 140 | 3 | 8.50 | % | 151 | 3 | 7.88 | % | 629 | 4 | 2.52 | % | |||||||||||||||
Total interest-bearing liabilities | 2,668,390 | 5,642 | 0.84 | % | 2,546,916 | 5,393 | 0.84 | % | 2,372,656 | 5,845 | 0.98 | % | |||||||||||||||
Demand deposits | 458,782 | 439,353 | 425,316 | ||||||||||||||||||||||||
Other liabilities | 41,415 | 37,217 | 38,204 | ||||||||||||||||||||||||
Shareholders' equity | 352,916 | 346,837 | 326,866 | ||||||||||||||||||||||||
Total liabilities and shareholders' equity | $3,521,503 | $3,370,323 | $3,163,042 | ||||||||||||||||||||||||
Net interest income (FTE) | $26,922 | $25,537 | $24,164 | ||||||||||||||||||||||||
Interest rate spread | 3.07 | % | 3.05 | % | 3.04 | % | |||||||||||||||||||||
Net interest margin | 3.23 | % | 3.21 | % | 3.24 | % |
(Dollars in thousands) | Three Months Ended | ||||||||||
Dec 31, 2014 | Sep 30, 2014 | Dec 31, 2013 | |||||||||
Commercial loans | $403 | $329 | $320 | ||||||||
Nontaxable debt securities | 256 | 270 | 323 | ||||||||
Total | $659 | $599 | $643 |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited) | ||||||||||||||||||
Twelve Months Ended | ||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Assets: | ||||||||||||||||||
Commercial loans | $1,382,036 | $59,421 | 4.30 | % | $1,286,029 | $59,387 | 4.62 | % | ||||||||||
Residential real estate loans, including loans held for sale | 904,556 | 37,033 | 4.09 | % | 767,450 | 31,752 | 4.14 | % | ||||||||||
Consumer loans | 334,368 | 12,758 | 3.82 | % | 323,847 | 12,304 | 3.80 | % | ||||||||||
Total loans | 2,620,960 | 109,212 | 4.17 | % | 2,377,326 | 103,443 | 4.35 | % | ||||||||||
Cash, federal funds sold and short-term investments | 65,045 | 128 | 0.20 | % | 72,726 | 158 | 0.22 | % | ||||||||||
FHLBB stock | 37,730 | 561 | 1.49 | % | 38,238 | 148 | 0.39 | % | ||||||||||
Taxable debt securities | 331,514 | 10,437 | 3.15 | % | 316,440 | 11,008 | 3.48 | % | ||||||||||
Nontaxable debt securities | 55,283 | 3,267 | 5.91 | % | 65,708 | 3,889 | 5.92 | % | ||||||||||
Total securities | 386,797 | 13,704 | 3.54 | % | 382,148 | 14,897 | 3.90 | % | ||||||||||
Total interest-earning assets | 3,110,532 | 123,605 | 3.97 | % | 2,870,438 | 118,646 | 4.13 | % | ||||||||||
Noninterest-earning assets | 210,746 | 208,463 | ||||||||||||||||
Total assets | $3,321,278 | $3,078,901 | ||||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||||
Interest-bearing demand deposits | $12,988 | $— | — | % | $4,461 | $— | — | % | ||||||||||
NOW accounts | 311,927 | 190 | 0.06 | % | 291,705 | 183 | 0.06 | % | ||||||||||
Money market accounts | 768,626 | 3,054 | 0.40 | % | 569,534 | 1,749 | 0.31 | % | ||||||||||
Savings accounts | 291,880 | 182 | 0.06 | % | 288,892 | 186 | 0.06 | % | ||||||||||
Time deposits (in-market) | 637,279 | 7,380 | 1.16 | % | 728,328 | 9,144 | 1.26 | % | ||||||||||
Wholesale brokered time deposits | 187,325 | 2,131 | 1.14 | % | 103,401 | 1,158 | 1.12 | % | ||||||||||
FHLBB advances | 274,879 | 7,698 | 2.80 | % | 322,118 | 10,643 | 3.30 | % | ||||||||||
Junior subordinated debentures | 22,681 | 964 | 4.25 | % | 27,398 | 1,484 | 5.42 | % | ||||||||||
Other | 157 | 13 | 8.28 | % | 581 | 16 | 2.75 | % | ||||||||||
Total interest-bearing liabilities | 2,507,742 | 21,612 | 0.86 | % | 2,336,418 | 24,563 | 1.05 | % | ||||||||||
Demand deposits | 432,857 | 384,323 | ||||||||||||||||
Other liabilities | 36,868 | 47,961 | ||||||||||||||||
Shareholders' equity | 343,811 | 310,199 | ||||||||||||||||
Total liabilities and shareholders' equity | $3,321,278 | $3,078,901 | ||||||||||||||||
Net interest income (FTE) | $101,993 | $94,083 | ||||||||||||||||
Interest rate spread | 3.11 | % | 3.08 | % | ||||||||||||||
Net interest margin | 3.28 | % | 3.28 | % |
(Dollars in thousands) | Twelve Months Ended | ||||||
Dec 31, 2014 | Dec 31, 2013 | ||||||
Commercial loans | $1,370 | $962 | |||||
Nontaxable debt securities | 1,118 | 1,336 | |||||
Total | $2,488 | $2,298 |
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, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | ||||||||||||||
Calculation of Tangible Book Value per Share: | |||||||||||||||||||
Total shareholders' equity at end of period | $346,279 | $348,562 | $343,450 | $335,858 | $329,646 | ||||||||||||||
Less: | |||||||||||||||||||
Goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||||||
Identifiable intangible assets, net | 4,849 | 5,004 | 5,165 | 5,329 | 5,493 | ||||||||||||||
Total tangible shareholders' equity at end of period | $283,316 | $285,444 | $280,171 | $272,415 | $266,039 | ||||||||||||||
Shares outstanding at end of period | 16,746 | 16,721 | 16,705 | 16,635 | 16,614 | ||||||||||||||
Book value per share - GAAP | $20.68 | $20.85 | $20.56 | $20.19 | $19.84 | ||||||||||||||
Tangible book value per share - Non-GAAP | $16.92 | $17.07 | $16.77 | $16.38 | $16.01 | ||||||||||||||
Calculation of Tangible Equity to Tangible Assets: | |||||||||||||||||||
Total tangible shareholders' equity at end of period | $283,316 | $285,444 | $280,171 | $272,415 | $266,039 | ||||||||||||||
Total assets at end of period | $3,586,874 | $3,415,882 | $3,317,022 | $3,194,146 | $3,188,867 | ||||||||||||||
Less: | |||||||||||||||||||
Goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||||||
Identifiable intangible assets, net | 4,849 | 5,004 | 5,165 | 5,329 | 5,493 | ||||||||||||||
Total tangible assets at end of period | $3,523,911 | $3,352,764 | $3,253,743 | $3,130,703 | $3,125,260 | ||||||||||||||
Equity to assets - GAAP | 9.65 | % | 10.20 | % | 10.35 | % | 10.51 | % | 10.34 | % | |||||||||
Tangible equity to tangible assets - Non-GAAP | 8.04 | % | 8.51 | % | 8.61 | % | 8.70 | % | 8.51 | % | |||||||||
Calculation of Return on Average Tangible Assets: | |||||||||||||||||||
Net income | $11,191 | $10,538 | $9,797 | $9,298 | $9,789 | ||||||||||||||
Total average assets | $3,521,503 | $3,370,323 | $3,214,649 | $3,174,281 | $3,163,042 | ||||||||||||||
Less: | |||||||||||||||||||
Average goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||||||
Average identifiable intangible assets, net | 4,924 | 5,082 | 5,245 | 5,410 | 5,573 | ||||||||||||||
Total average tangible assets | $3,458,465 | $3,307,127 | $3,151,290 | $3,110,757 | $3,099,355 | ||||||||||||||
Return on average assets - GAAP | 1.27 | % | 1.25 | % | 1.22 | % | 1.17 | % | 1.24 | % | |||||||||
Return on average tangible assets - Non-GAAP | 1.29 | % | 1.27 | % | 1.24 | % | 1.20 | % | 1.26 | % | |||||||||
Calculation of Return on Average Tangible Equity: | |||||||||||||||||||
Net income | $11,191 | $10,538 | $9,797 | $9,298 | $9,789 | ||||||||||||||
Total average shareholders' equity | $352,916 | $346,837 | $340,235 | $335,029 | $326,866 | ||||||||||||||
Less: | |||||||||||||||||||
Average goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||||||
Average identifiable intangible assets, net | 4,924 | 5,082 | 5,245 | 5,410 | 5,573 | ||||||||||||||
Total average tangible shareholders' equity | $289,878 | $283,641 | $276,876 | $271,505 | $263,179 | ||||||||||||||
Return on average shareholders' equity - GAAP | 12.68 | % | 12.15 | % | 11.52 | % | 11.10 | % | 11.98 | % | |||||||||
Return on average tangible shareholders' equity - Non-GAAP | 15.44 | % | 14.86 | % | 14.15 | % | 13.70 | % | 14.80 | % |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||
SUPPLEMENTAL INFORMATION - Non-GAAP Financial Measures (unaudited) | |||||||
Twelve Months Ended | |||||||
(Dollars in thousands) | Dec 31, 2014 | Dec 31, 2013 | |||||
Calculation of return on average tangible assets: | |||||||
Net income | $40,824 | $36,153 | |||||
Total average assets | $3,321,278 | $3,078,901 | |||||
Less: | |||||||
Average goodwill | 58,114 | 58,114 | |||||
Average identifiable intangible assets, net | 5,164 | 5,826 | |||||
Total average tangible assets | $3,258,000 | $3,014,961 | |||||
Return on average assets - GAAP | 1.23 | % | 1.17 | % | |||
Return on average tangible assets - Non-GAAP | 1.25 | % | 1.20 | % | |||
Calculation of return on average tangible equity: | |||||||
Net income | $40,824 | $36,153 | |||||
Total average shareholders' equity | $343,811 | $310,199 | |||||
Less: | |||||||
Average goodwill | 58,114 | 58,114 | |||||
Average identifiable intangible assets, net | 5,164 | 5,826 | |||||
Total average tangible shareholders' equity | $280,533 | $246,259 | |||||
Return on average shareholders' equity - GAAP | 11.87 | % | 11.65 | % | |||
Return on average tangible shareholders' equity - Non-GAAP | 14.55 | % | 14.68 | % |
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