Exhibit 99.1
NASDAQ: WASH
Contact: Elizabeth B. Eckel
Senior Vice President, Marketing
Telephone: (401) 348-1309
E-mail: ebeckel@washtrust.com
Date: April 21, 2015
FOR IMMEDIATE RELEASE
Washington Trust Reports First Quarter 2015 Earnings
WESTERLY, R.I., April 21, 2015 (GLOBE NEWSWIRE)…Washington Trust Bancorp, Inc. (Nasdaq:WASH), parent company of The Washington Trust Company, today announced net income of $11.0 million, or 65 cents per diluted share, for the first quarter of 2015, compared to net income of $11.2 million, or 66 cents per diluted share, reported for the fourth quarter of 2014.
"Washington Trust posted solid first quarter results, continuing our recent earnings momentum into the new year," stated Joseph J. MarcAurele, Chairman and Chief Executive Officer. "These results reflect growth across all business lines. Our performance is a reflection of a commitment to our core values and strategic vision, which have guided our institution for 215+ years."
Selected highlights for the first quarter of 2015 include:
• | Returns on average equity and average assets continued at very solid levels of 12.54% and 1.23%, respectively. Comparable amounts for the fourth quarter of 2014 were 12.68% and 1.27%, respectively. |
• | Mortgage banking revenues amounted to $2.6 million for the first quarter of 2015, up by $471 thousand, or 22%, from the fourth quarter of 2014, due to higher levels of loan origination and sales. |
• | Total loans amounted to $2.9 billion at March 31, 2015, up by $21.3 million in the quarter. Total loans have increased by 16% in the last 12 months. |
• | Total deposits rose by $28.3 million in the quarter, including a 3% increase in DDA and NOW accounts. Total deposits increased by 7% in the last 12 months. |
• | In March, Washington Trust declared a quarterly dividend of 34 cents per share, representing a 2 cent per share increase over the previous quarter and the fifth consecutive year of dividend increases. |
Net Interest Income
Net interest income totaled $25.7 million for the first quarter of 2015, down by $561 thousand, or 2%, from the $26.3 million reported for the fourth quarter of 2014. The net interest margin was 3.18% for the first quarter of 2015, compared to 3.23% for the fourth quarter of 2014. Included in net interest income was commercial loan prepayment fee income of $266 thousand in the first quarter of 2015, compared to $445 thousand of such fee income in the previous quarter. Excluding the loan prepayment fee income, the net interest margin was 3.14% for the first quarter, down by 4 basis points on a linked quarter basis. Other significant linked quarter changes included:
Washington Trust
Page 2, April 21, 2015
• | Average interest-earning assets increased by $60.7 million, reflecting growth in average commercial and residential loan balances. The yield on interest-earning assets, excluding the contribution from the loan prepayment fee income, was 3.81% for the first quarter of 2015, compared to 3.85% for the fourth quarter of 2014. The 4 basis point decline from the previous quarter was primarily due to lower rates on recent commercial loan originations. |
• | Average interest-bearing liabilities increased by $82.3 million, with growth in average wholesale funding balances and average interest-bearing deposits. The cost of interest-bearing funds declined by 2 basis points on a linked quarter basis. |
Noninterest Income
Noninterest income totaled $14.0 million for the first quarter of 2015, up by $314 thousand, or 2%, from $13.7 million for the fourth quarter of 2014. Included in noninterest income were the following:
• | Wealth management revenues totaled $8.4 million for the first quarter of 2015, consistent with the previous quarter and up by 5% over the first quarter of 2014. Wealth management assets under administration amounted to $5.2 billion at March 31, 2015, up by $90 million, or 2%, from December 31, 2014, and up $353 million, or 7%, in the last 12 months. |
• | Net gains on loan sales and commissions on loans originated for others totaled $2.6 million for the first quarter of 2015, up by $471 thousand, or 22%, on a linked quarter basis. Residential mortgage loans sold to the secondary market amounted to $127.9 million in the first quarter, up by $28.5 million from the previous quarter. |
• | Net gains on interest rate swap contracts amounted to $645 thousand for the first quarter of 2015, up by $71 thousand, or 12%, from the previous quarter, continuing a trend of relatively high customer-related interest rate swap transactions. |
Noninterest Expenses
Noninterest expenses totaled $23.5 million for the first quarter of 2015, up by $471 thousand, or 2%, from $23.1 million for the fourth quarter of 2014. Significant linked quarter changes including the following:
• | Salaries and employee benefits expense increased by $809 thousand from the previous quarter, partially due to an increase in payroll taxes associated with the start of the new calendar year. |
• | Net occupancy costs increased by $246 thousand, due to an increase in weather-related utilities and operating costs. |
• | Other expenses decreased by $636 thousand from the prior quarter. Included in the fourth quarter of 2014 was a charitable contribution expense of $400 thousand; there was no such expense in the first quarter of 2015. |
Income tax expense amounted to $5.2 million for the first quarter of 2015, down by $37 thousand, or 1%, from the amount recognized in the previous quarter. The effective tax rate for the first quarter of 2015 was 32.0%, compared to 31.8% for the fourth quarter of 2014.
Asset Quality
The Corporation's sound asset quality metrics continued in the first quarter of 2015. Total nonaccrual loans amounted to $15.9 million, or 0.55% of total loans, at March 31, 2015, down from $15.9 million, or 0.56%, at December 31, 2014. Total past due loans amounted to $19.1 million, or 0.66% of total loans, at March 31, 2015, up from $18.1 million, or 0.63% of total loans, at December 31, 2014. Loans classified as troubled debt restructurings amounted to $17.7 million at March 31, 2015, compared to $18.4 million at the end of the previous quarter.
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Based on the assessment of the stable asset quality metrics, the relatively modest loan growth and other favorable changes in loss exposure allocation, management concluded that no loan loss provision charged to earnings was necessary in the first quarter of 2015. A loan loss provision of $500 thousand was recognized in the fourth quarter of 2014. Net charge-offs amounted to $213 thousand in the first quarter of 2015, compared to $245 thousand in the fourth quarter of 2014. The allowance for loan losses was $27.8 million, or 0.97% of total loans, at March 31, 2015, compared to $28.0 million, or 0.98% of total loans, at December 31, 2014.
Loans
Total loans amounted to $2.9 billion at March 31, 2015, up by $21.3 million from the balance at December 31, 2014.
• | Total commercial loans increased by $24.0 million, or 2%, in the first quarter of 2015. The commercial real estate portfolio grew by $31.3 million, or 3%, while the commercial and industrial portfolio declined by $7.3 million, or 1%. In the last 12 months, the total commercial loan portfolio grew by 17%. |
• | The residential real estate loan portfolio grew by $2.1 million, or 0.2%, from the end of 2014. Total residential loans are up 22% in the last 12 months. |
• | Consumer loans decreased by $4.9 million, or 1%. |
Investment Securities
The securities portfolio amounted to $365.0 million, or 10% of total assets, at March 31, 2015, down from $382.9 million, or 11%, at December 31, 2014. The decline was primarily due to principal payments received on mortgage-backed securities and calls of state and political subdivision debt securities.
Deposits and Borrowings
Deposits totaled $2.8 billion at March 31, 2015, up by $28.3 million, or 1%, from the balance at December 31, 2014. Wholesale brokered time deposits decreased by $8.3 million from the previous quarter. Excluding wholesale brokered time deposits, in-market deposits increased by $36.6 million, or 1%.
• | Demand deposits increased by $17.2 million, or 4%. |
• | NOW account balances increased by $6.9 million, or 2%. |
• | Money market and savings account balances increased by $25.7 million, or 2%. |
• | In-market time deposits decreased by $13.2 million, or 2%. |
Federal Home Loan Bank of Boston ("FHLBB") advances amounted to $386.0 million at March 31, 2015, down by $20.3 million, or 5% from December 31, 2014, primarily due to paydowns of outstanding advances with excess liquidity. In the first quarter of 2015, FHLBB advances totaling $69.2 million were modified to lower interest rates and the maturities of these advances were extended. The original maturity dates ranged from 2016 to 2018 and were modified to 2018 to 2022. The original weighted average interest rate was 4.06% and was modified to 3.50%.
Capital Management and Dividends
Capital levels at March 31, 2015 exceeded the regulatory minimum levels to be considered well capitalized, with a total risk-based capital ratio of 12.87% at March 31, 2015, compared to 12.56% at December 31, 2014. Total shareholder's equity was $353.9 million at March 31, 2015, up by $7.6 million from December 31, 2014.
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The Board of Directors declared a quarterly dividend of 34 cents per share for the quarter ended March 31, 2015, representing an increase of 2 cents from the prior quarterly dividend per share. The dividend was paid on April 15, 2015 to shareholders of record on April 1, 2015.
Conference Call
Washington Trust will host a conference call to discuss first quarter results, business highlights and outlook on Wednesday, April 22, 2015 at 8:30 a.m. (Eastern Time). Individuals may dial in to the call at 1-877-407-0784. An audio replay of the call will be available, shortly after the conclusion of the call, by dialing 1-877-870-5176 and entering the Replay PIN Number 13605131; the audio replay will be available through May 2, 2015. Also, a webcast of the call will be posted in the Investor Relations section of Washington Trust's web site, www.washtrustbancorp.com, and will be available through June 30, 2015.
Background
Washington Trust Bancorp, Inc. is the parent of The Washington Trust Company, a state-chartered bank headquartered in Westerly, Rhode Island. Founded in 1800, Washington Trust is the oldest community bank in the nation and is the largest independent bank headquartered in Rhode Island. Washington Trust offers a full range of financial services, including commercial banking, small business banking, personal banking, and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Corporation’s common stock trades on NASDAQ OMX® under the symbol WASH. Investor information is available on the Corporation’s web site: www.washtrustbancorp.com.
Forward-Looking Statements
This press release contains statements that are “forward-looking statements”. We may also make written or oral forward-looking statements in other documents we file with the SEC, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward-looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters. You should not rely on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors, some of which are beyond the control of Washington Trust. These risks, uncertainties and other factors may cause the actual results, performance or achievements of Washington Trust to be materially different from the anticipated future results, performance or achievements expressed or implied by the forward-looking statements.
Some of the factors that might cause these differences include the following: weakness in national, regional or local economies; reductions in net interest income resulting from a sustained low interest rate environment as well as changes in the balance and mix of loans and deposits; reductions in the market value of wealth management assets under administration; changes in the value of securities and other assets; reductions in loan demand; changes in loan collectibility, default and charge-off rates; changes in the size and nature of Washington Trust's competition; changes in legislation or regulation and accounting principles, policies and guidelines; and changes in the assumptions used in making such forward-looking statements. In addition, the factors described under “Risk Factors” in Item 1A of our Annual Report on Form 10-K, as filed with the SEC and as updated by our Quarterly Reports on Form 10-Q and other SEC filings, may result in these differences. You should carefully review all of these factors, and you should be aware that there may be other factors that could cause these differences. These forward-looking statements were based on information, plans and estimates at the date of this press release, and we assume no obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes.
Supplemental Information - Explanation of Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. Washington Trust's management believes that the supplemental non-GAAP information, which consists of measurements and ratios based on tangible equity and tangible assets, is utilized by regulators and market analysts to evaluate a company's financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||
CONSOLIDATED BALANCE SHEETS (unaudited) | ||||||||
(Dollars in thousands, except par value) | Mar 31, 2015 | Dec 31, 2014 | ||||||
Assets: | ||||||||
Cash and due from banks | $84,842 | $76,386 | ||||||
Short-term investments | 4,191 | 3,964 | ||||||
Mortgage loans held for sale (including $36,672 at March 31, 2015 and $30,321 at December 31, 2014 measured at fair value) | 47,117 | 45,693 | ||||||
Securities: | ||||||||
Available for sale, at fair value | 340,942 | 357,662 | ||||||
Held to maturity, at amortized cost (fair value $24,834 at March 31, 2015 and $26,008 at December 31, 2014) | 24,025 | 25,222 | ||||||
Total securities | 364,967 | 382,884 | ||||||
Federal Home Loan Bank stock, at cost | 37,730 | 37,730 | ||||||
Loans: | ||||||||
Commercial | 1,559,523 | 1,535,488 | ||||||
Residential real estate | 987,564 | 985,415 | ||||||
Consumer | 333,505 | 338,373 | ||||||
Total loans | 2,880,592 | 2,859,276 | ||||||
Less allowance for loan losses | 27,810 | 28,023 | ||||||
Net loans | 2,852,782 | 2,831,253 | ||||||
Premises and equipment, net | 27,839 | 27,495 | ||||||
Investment in bank-owned life insurance | 64,009 | 63,519 | ||||||
Goodwill | 58,114 | 58,114 | ||||||
Identifiable intangible assets, net | 4,694 | 4,849 | ||||||
Other assets | 56,229 | 54,987 | ||||||
Total assets | $3,602,514 | $3,586,874 | ||||||
Liabilities: | ||||||||
Deposits: | ||||||||
Demand deposits | $477,046 | $459,852 | ||||||
NOW accounts | 333,321 | 326,375 | ||||||
Money market accounts | 821,353 | 802,764 | ||||||
Savings accounts | 298,802 | 291,725 | ||||||
Time deposits | 852,621 | 874,102 | ||||||
Total deposits | 2,783,143 | 2,754,818 | ||||||
Federal Home Loan Bank advances | 385,992 | 406,297 | ||||||
Junior subordinated debentures | 22,681 | 22,681 | ||||||
Other liabilities | 56,819 | 56,799 | ||||||
Total liabilities | 3,248,635 | 3,240,595 | ||||||
Shareholders’ Equity: | ||||||||
Common stock of $.0625 par value; authorized 30,000,000 shares; issued and outstanding 16,772,956 shares at March 31, 2015 and 16,746,363 shares at December 31, 2014 | 1,048 | 1,047 | ||||||
Paid-in capital | 102,587 | 101,204 | ||||||
Retained earnings | 258,069 | 252,837 | ||||||
Accumulated other comprehensive loss | (7,825 | ) | (8,809 | ) | ||||
Total shareholders’ equity | 353,879 | 346,279 | ||||||
Total liabilities and shareholders’ equity | $3,602,514 | $3,586,874 | ||||||
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||
CONSOLIDATED STATEMENTS OF INCOME (unaudited) | ||||||||
(Dollars and shares in thousands, except per share amounts) | ||||||||
Three months ended March 31, | 2015 | 2014 | ||||||
Interest income: | ||||||||
Interest and fees on loans | $28,353 | $25,589 | ||||||
Interest on securities: | Taxable | 2,259 | 2,942 | |||||
Nontaxable | 435 | 582 | ||||||
Dividends on Federal Home Loan Bank stock | 165 | 142 | ||||||
Other interest income | 25 | 35 | ||||||
Total interest and dividend income | 31,237 | 29,290 | ||||||
Interest expense: | ||||||||
Deposits | 3,389 | 2,969 | ||||||
Federal Home Loan Bank advances | 1,902 | 2,241 | ||||||
Junior subordinated debentures | 241 | 241 | ||||||
Other interest expense | 3 | 3 | ||||||
Total interest expense | 5,535 | 5,454 | ||||||
Net interest income | 25,702 | 23,836 | ||||||
Provision for loan losses | — | 300 | ||||||
Net interest income after provision for loan losses | 25,702 | 23,536 | ||||||
Noninterest income: | ||||||||
Wealth management revenues | 8,435 | 8,065 | ||||||
Merchant processing fees | — | 1,291 | ||||||
Net gains on loan sales and commissions on loans originated for others | 2,585 | 1,239 | ||||||
Service charges on deposit accounts | 935 | 754 | ||||||
Card interchange fees | 714 | 681 | ||||||
Income from bank-owned life insurance | 490 | 445 | ||||||
Net gains on interest rate swap contracts | 645 | 260 | ||||||
Equity in earnings (losses) of unconsolidated subsidiaries | (86 | ) | (43 | ) | ||||
Gain on sale of business line | — | 6,265 | ||||||
Other income | 302 | 413 | ||||||
Noninterest income, excluding other-than-temporary impairment losses | 14,020 | 19,370 | ||||||
Total other-than-temporary impairment losses on securities | — | — | ||||||
Portion of loss recognized in other comprehensive income (before tax) | — | — | ||||||
Net impairment losses recognized in earnings | — | — | ||||||
Total noninterest income | 14,020 | 19,370 | ||||||
Noninterest expense: | ||||||||
Salaries and employee benefits | 15,494 | 14,558 | ||||||
Net occupancy | 1,886 | 1,640 | ||||||
Equipment | 1,340 | 1,236 | ||||||
Merchant processing costs | — | 1,050 | ||||||
Outsourced services | 1,247 | 1,044 | ||||||
Legal, audit and professional fees | 676 | 618 | ||||||
FDIC deposit insurance costs | 473 | 440 | ||||||
Advertising and promotion | 267 | 232 | ||||||
Amortization of intangibles | 155 | 164 | ||||||
Foreclosed property costs | 50 | (22 | ) | |||||
Debt prepayment penalties | — | 6,294 | ||||||
Other expenses | 1,943 | 2,038 | ||||||
Total noninterest expense | 23,531 | 29,292 | ||||||
Income before income taxes | 16,191 | 13,614 | ||||||
Income tax expense | 5,181 | 4,316 | ||||||
Net income | $11,010 | $9,298 | ||||||
Weighted average common shares outstanding - basic | 16,759 | 16,626 | ||||||
Weighted average common shares outstanding - diluted | 16,939 | 16,800 | ||||||
Per share information: | Basic earnings per common share | $0.65 | $0.56 | |||||
Diluted earnings per common share | $0.65 | $0.55 | ||||||
Cash dividends declared per share | $0.34 | $0.29 | ||||||
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) | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | ||||||||||||||
Financial Data: | |||||||||||||||||||
Total assets | $3,602,514 | $3,586,874 | $3,415,882 | $3,317,022 | $3,194,146 | ||||||||||||||
Total loans | 2,880,592 | 2,859,276 | 2,674,047 | 2,581,124 | 2,478,603 | ||||||||||||||
Total securities | 364,967 | 382,884 | 402,553 | 355,392 | 389,889 | ||||||||||||||
Total deposits | 2,783,143 | 2,754,818 | 2,738,888 | 2,586,097 | 2,591,654 | ||||||||||||||
Total shareholders' equity | 353,879 | 346,279 | 348,562 | 343,450 | 335,858 | ||||||||||||||
Net interest income | 25,702 | 26,263 | 24,938 | 24,468 | 23,836 | ||||||||||||||
Provision for loan losses | — | 500 | 600 | 450 | 300 | ||||||||||||||
Noninterest income, excluding OTTI losses | 14,020 | 13,706 | 13,125 | 12,814 | 19,370 | ||||||||||||||
Net OTTI losses recognized in earnings | — | — | — | — | — | ||||||||||||||
Noninterest expense | 23,531 | 23,060 | 22,047 | 22,448 | 29,292 | ||||||||||||||
Income tax expense | 5,181 | 5,218 | 4,878 | 4,587 | 4,316 | ||||||||||||||
Net income | 11,010 | 11,191 | 10,538 | 9,797 | 9,298 | ||||||||||||||
Share Data: | |||||||||||||||||||
Basic earnings per common share | $0.65 | $0.67 | $0.63 | $0.59 | $0.56 | ||||||||||||||
Diluted earnings per common share | $0.65 | $0.66 | $0.62 | $0.58 | $0.55 | ||||||||||||||
Dividends declared per share | $0.34 | $0.32 | $0.32 | $0.29 | $0.29 | ||||||||||||||
Book value per share | $21.10 | $20.68 | $20.85 | $20.56 | $20.19 | ||||||||||||||
Tangible book value per share - Non-GAAP (1) | $17.35 | $16.92 | $17.07 | $16.77 | $16.38 | ||||||||||||||
Market value per share | $38.19 | $40.18 | $32.99 | $36.77 | $37.47 | ||||||||||||||
Shares outstanding at end of period | 16,773 | 16,746 | 16,721 | 16,705 | 16,635 | ||||||||||||||
Weighted average common shares outstanding - basic | 16,759 | 16,735 | 16,714 | 16,678 | 16,626 | ||||||||||||||
Weighted average common shares outstanding - diluted | 16,939 | 16,911 | 16,855 | 16,831 | 16,800 | ||||||||||||||
Key Ratios: | |||||||||||||||||||
Return on average assets | 1.23 | % | 1.27 | % | 1.25 | % | 1.22 | % | 1.17 | % | |||||||||
Return on average tangible assets - Non-GAAP (1) | 1.25 | % | 1.29 | % | 1.27 | % | 1.24 | % | 1.20 | % | |||||||||
Return on average equity | 12.54 | % | 12.68 | % | 12.15 | % | 11.52 | % | 11.10 | % | |||||||||
Return on average tangible equity - Non-GAAP (1) | 15.27 | % | 15.44 | % | 14.86 | % | 14.15 | % | 13.70 | % | |||||||||
Tier 1 risk-based capital | 11.84% (i) | 11.52 | % | 12.15 | % | 12.24 | % | 12.42 | % | ||||||||||
Total risk-based capital | 12.87% (i) | 12.56 | % | 13.26 | % | 13.36 | % | 13.56 | % | ||||||||||
Tier 1 leverage ratio | 9.21% (i) | 9.14 | % | 9.35 | % | 9.62 | % | 9.56 | % | ||||||||||
Tier 1 common equity (2) | 11.04% (i) | N/A | N/A | N/A | N/A | ||||||||||||||
Equity to assets | 9.82 | % | 9.65 | % | 10.20 | % | 10.35 | % | 10.51 | % | |||||||||
Tangible equity to tangible assets - Non-GAAP (1) | 8.22 | % | 8.04 | % | 8.51 | % | 8.61 | % | 8.70 | % | |||||||||
(i) - estimated | |||||||||||||||||||
Wealth Management Revenues: | |||||||||||||||||||
Trust and investment management fees | $7,142 | $7,059 | $6,982 | $6,828 | $6,685 | ||||||||||||||
Mutual fund fees | 1,036 | 1,068 | 1,100 | 1,086 | 1,081 | ||||||||||||||
Asset-based revenues | 8,178 | 8,127 | 8,082 | 7,914 | 7,766 | ||||||||||||||
Transaction-based revenues | 257 | 282 | 292 | 616 | 299 | ||||||||||||||
Total wealth management revenues | $8,435 | $8,409 | $8,374 | $8,530 | $8,065 | ||||||||||||||
Wealth Management Assets Under Administration: | |||||||||||||||||||
Balance at beginning of period | $5,069,966 | $4,983,464 | $5,010,588 | $4,806,381 | $4,781,958 | ||||||||||||||
Net investment appreciation (depreciation) & income | 80,872 | 111,715 | (29,199 | ) | 131,269 | 44,335 | |||||||||||||
Net client cash flows | 8,825 | (25,213 | ) | 2,075 | 72,938 | (19,912 | ) | ||||||||||||
Balance at end of period | $5,159,663 | $5,069,966 | $4,983,464 | $5,010,588 | $4,806,381 | ||||||||||||||
(1) | See the section labeled “Supplemental Information - Non-GAAP Financial Measures” at the end of this document. |
(2) | New capital ratio effective January 1, 2015 under the Basel III capital requirements. |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | ||||||||||||||
For the Quarters Ended | ||||||||||||||
Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | ||||||||||
Average Yield / Rate (taxable equivalent basis): | ||||||||||||||
Assets: | ||||||||||||||
Commercial loans | 4.02 | % | 4.23 | % | 4.20 | % | 4.35 | % | 4.43 | % | ||||
Residential real estate loans, including mortgage loans held for sale | 4.06 | % | 4.06 | % | 4.06 | % | 4.12 | % | 4.15 | % | ||||
Consumer loans | 3.82 | % | 3.79 | % | 3.83 | % | 3.81 | % | 3.83 | % | ||||
Total loans | 4.01 | % | 4.12 | % | 4.10 | % | 4.20 | % | 4.26 | % | ||||
Cash, federal funds sold and other short-term investments | 0.20 | % | 0.18 | % | 0.19 | % | 0.19 | % | 0.23 | % | ||||
FHLBB stock | 1.77 | % | 1.48 | % | 1.47 | % | 1.47 | % | 1.53 | % | ||||
Taxable debt securities | 2.84 | % | 2.83 | % | 2.94 | % | 3.36 | % | 3.47 | % | ||||
Nontaxable debt securities | 6.03 | % | 5.87 | % | 5.86 | % | 5.92 | % | 5.98 | % | ||||
Total securities | 3.23 | % | 3.22 | % | 3.36 | % | 3.74 | % | 3.84 | % | ||||
Total interest-earning assets | 3.84 | % | 3.91 | % | 3.89 | % | 4.03 | % | 4.08 | % | ||||
Liabilities: | ||||||||||||||
Interest-bearing demand deposits | 0.09 | % | — | % | — | % | — | % | — | % | ||||
NOW accounts | 0.06 | % | 0.06 | % | 0.06 | % | 0.06 | % | 0.06 | % | ||||
Money market accounts | 0.45 | % | 0.43 | % | 0.41 | % | 0.38 | % | 0.36 | % | ||||
Savings accounts | 0.06 | % | 0.06 | % | 0.06 | % | 0.06 | % | 0.06 | % | ||||
Time deposits (in-market) | 1.05 | % | 1.14 | % | 1.17 | % | 1.16 | % | 1.16 | % | ||||
Wholesale brokered time deposits | 1.29 | % | 1.23 | % | 1.09 | % | 1.05 | % | 1.12 | % | ||||
FHLBB advances | 1.91 | % | 2.28 | % | 2.57 | % | 3.20 | % | 3.37 | % | ||||
Junior subordinated debentures | 4.31 | % | 4.22 | % | 4.22 | % | 4.26 | % | 4.31 | % | ||||
Other | 9.51 | % | 8.50 | % | 7.88 | % | 9.90 | % | 7.03 | % | ||||
Total interest-bearing liabilities | 0.82 | % | 0.84 | % | 0.84 | % | 0.85 | % | 0.93 | % | ||||
Interest rate spread (taxable equivalent basis) | 3.02 | % | 3.07 | % | 3.05 | % | 3.18 | % | 3.15 | % | ||||
Net interest margin (taxable equivalent basis) | 3.18 | % | 3.23 | % | 3.21 | % | 3.35 | % | 3.34 | % | ||||
At March 31, 2015 | ||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Value | ||||||||||||
Securities Available for Sale: | ||||||||||||||||
Obligations of U.S. government-sponsored enterprises | $31,203 | $98 | $— | $31,301 | ||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 222,547 | 10,498 | — | 233,045 | ||||||||||||
Obligations of states and political subdivisions | 42,664 | 1,515 | — | 44,179 | ||||||||||||
Individual name issuer trust preferred debt securities | 30,762 | — | (4,475 | ) | 26,287 | |||||||||||
Corporate bonds | 6,119 | 36 | (25 | ) | 6,130 | |||||||||||
Total securities available for sale | 333,295 | 12,147 | (4,500 | ) | 340,942 | |||||||||||
Held to Maturity: | ||||||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 24,025 | 809 | — | 24,834 | ||||||||||||
Total securities held to maturity | 24,025 | 809 | — | 24,834 | ||||||||||||
Total securities | $357,320 | $12,956 | ($4,500 | ) | $365,776 | |||||||||||
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | ||||||||||||||||||||
Period End Balances At | ||||||||||||||||||||
(Dollars in thousands) | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | |||||||||||||||
Loans: | ||||||||||||||||||||
Commercial: | Mortgages | $865,042 | $843,978 | $766,703 | $772,772 | $788,836 | ||||||||||||||
Construction & development | 89,851 | 79,592 | 58,750 | 38,574 | 24,696 | |||||||||||||||
Commercial & industrial | 604,630 | 611,918 | 564,920 | 554,824 | 523,751 | |||||||||||||||
Total commercial | 1,559,523 | 1,535,488 | 1,390,373 | 1,366,170 | 1,337,283 | |||||||||||||||
Residential real estate: | Mortgages | 954,905 | 948,731 | 912,956 | 846,187 | 784,623 | ||||||||||||||
Homeowner construction | 32,659 | 36,684 | 32,624 | 30,452 | 25,770 | |||||||||||||||
Total residential real estate | 987,564 | 985,415 | 945,580 | 876,639 | 810,393 | |||||||||||||||
Consumer: | Home equity lines | 239,537 | 242,480 | 240,567 | 237,390 | 233,728 | ||||||||||||||
Home equity loans | 46,727 | 46,967 | 46,455 | 45,632 | 41,991 | |||||||||||||||
Other | 47,241 | 48,926 | 51,072 | 55,293 | 55,208 | |||||||||||||||
Total consumer | 333,505 | 338,373 | 338,094 | 338,315 | 330,927 | |||||||||||||||
Total loans | $2,880,592 | $2,859,276 | $2,674,047 | $2,581,124 | $2,478,603 | |||||||||||||||
At March 31, 2015 | ||||||
(Dollars in thousands) | Balance | % of Total | ||||
Commercial Real Estate Loans by Property Location: | ||||||
Rhode Island, Connecticut, Massachusetts | $882,400 | 92.4 | % | |||
New York, New Jersey, Pennsylvania | 58,832 | 6.2 | % | |||
New Hampshire | 13,661 | 1.4 | % | |||
Total commercial real estate loans (1) | $954,893 | 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 March 31, 2015 | ||||||
(Dollars in thousands) | Balance | % of Total | ||||
Residential Mortgages by Property Location: | ||||||
Rhode Island, Connecticut, Massachusetts | $966,809 | 97.9 | % | |||
New Hampshire | 11,509 | 1.2 | % | |||
New York, Virginia, New Jersey, Maryland, Pennsylvania | 4,659 | 0.5 | % | |||
Ohio | 1,749 | 0.2 | % | |||
Washington, Oregon | 1,325 | 0.1 | % | |||
Georgia | 1,057 | 0.1 | % | |||
Other | 456 | — | % | |||
Total residential mortgages | $987,564 | 100.0 | % | |||
Period End Balances At | ||||||||||||||||||||
(Dollars in thousands) | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | |||||||||||||||
Deposits: | ||||||||||||||||||||
Demand deposits | $477,046 | $459,852 | $476,808 | $411,586 | $445,570 | |||||||||||||||
NOW accounts | 333,321 | 326,375 | 313,391 | 314,060 | 311,461 | |||||||||||||||
Money market accounts | 821,353 | 802,764 | 833,318 | 772,084 | 704,434 | |||||||||||||||
Savings accounts | 298,802 | 291,725 | 290,561 | 292,112 | 293,322 | |||||||||||||||
Time deposits | 852,621 | 874,102 | 824,810 | 796,255 | 836,867 | |||||||||||||||
Total deposits | $2,783,143 | $2,754,818 | $2,738,888 | $2,586,097 | $2,591,654 | |||||||||||||||
Out-of-market brokered certificates of deposits included in time deposits | $290,863 | $299,129 | $211,222 | $171,216 | $171,275 | |||||||||||||||
In-market deposits, excluding out-of-market brokered certificates of deposit | $2,492,280 | $2,455,689 | $2,527,666 | $2,414,881 | $2,420,379 | |||||||||||||||
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | |||||||||||||||||||
Period End Balances At | |||||||||||||||||||
(Dollars in thousands) | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | ||||||||||||||
Asset Quality Ratios: | |||||||||||||||||||
Total past due loans to total loans | 0.66 | % | 0.63 | % | 0.75 | % | 0.82 | % | 0.73 | % | |||||||||
Nonperforming assets to total assets | 0.48 | % | 0.48 | % | 0.53 | % | 0.42 | % | 0.45 | % | |||||||||
Nonaccrual loans to total loans | 0.55 | % | 0.56 | % | 0.63 | % | 0.49 | % | 0.55 | % | |||||||||
Allowance for loan losses to nonaccrual loans | 175.29 | % | 175.75 | % | 163.68 | % | 217.54 | % | 199.23 | % | |||||||||
Allowance for loan losses to total loans | 0.97 | % | 0.98 | % | 1.04 | % | 1.06 | % | 1.09 | % | |||||||||
Nonperforming Assets: | |||||||||||||||||||
Commercial mortgages | $5,115 | $5,315 | $6,022 | $2,290 | $2,293 | ||||||||||||||
Commercial construction & development | — | — | — | — | — | ||||||||||||||
Commercial & industrial | 2,193 | 1,969 | 1,326 | 1,615 | 1,198 | ||||||||||||||
Residential real estate mortgages | 6,956 | 7,124 | 7,890 | 7,417 | 8,975 | ||||||||||||||
Consumer | 1,601 | 1,537 | 1,727 | 1,213 | 1,108 | ||||||||||||||
Total nonaccrual loans | 15,865 | 15,945 | 16,965 | 12,535 | 13,574 | ||||||||||||||
Nonaccrual investment securities | — | — | — | — | — | ||||||||||||||
Property acquired through foreclosure or repossession | 1,398 | 1,176 | 988 | 1,309 | 750 | ||||||||||||||
Total nonperforming assets | $17,263 | $17,121 | $17,953 | $13,844 | $14,324 | ||||||||||||||
Troubled Debt Restructured Loans: | |||||||||||||||||||
Accruing troubled debt restructured loans: | |||||||||||||||||||
Commercial mortgages | $9,448 | $9,676 | $9,677 | $22,603 | $22,796 | ||||||||||||||
Commercial & industrial | 881 | 954 | 1,036 | 969 | 989 | ||||||||||||||
Residential real estate mortgages | 684 | 1,252 | 1,258 | 1,459 | 1,467 | ||||||||||||||
Consumer | 134 | 135 | 164 | 167 | 233 | ||||||||||||||
Accruing troubled debt restructured loans | 11,147 | 12,017 | 12,135 | 25,198 | 25,485 | ||||||||||||||
Nonaccrual troubled debt restructured loans: | |||||||||||||||||||
Commercial mortgages | 4,698 | 4,898 | 4,898 | — | — | ||||||||||||||
Commercial & industrial | 1,442 | 1,193 | 854 | 872 | 369 | ||||||||||||||
Residential real estate mortgages | 338 | 248 | 441 | 448 | 447 | ||||||||||||||
Consumer | 34 | — | — | — | 29 | ||||||||||||||
Nonaccrual troubled debt restructured loans | 6,512 | 6,339 | 6,193 | 1,320 | 845 | ||||||||||||||
Total troubled debt restructured loans | $17,659 | $18,356 | $18,328 | $26,518 | $26,330 | ||||||||||||||
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | |||||||||||||||||||
Period End Balances At | |||||||||||||||||||
(Dollars in thousands) | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | ||||||||||||||
Past Due Loans: | |||||||||||||||||||
Loans 30-59 Days Past Due: | |||||||||||||||||||
Commercial mortgages | $497 | $— | $— | $311 | $— | ||||||||||||||
Commercial & industrial | 229 | 2,136 | 1,129 | 1,785 | 3,351 | ||||||||||||||
Residential real estate mortgages | 4,470 | 2,943 | 2,582 | 5,249 | 2,232 | ||||||||||||||
Consumer loans | 1,512 | 954 | 1,677 | 1,889 | 1,365 | ||||||||||||||
Loans 30-59 days past due | $6,708 | $6,033 | $5,388 | $9,234 | $6,948 | ||||||||||||||
Loans 60-89 Days Past Due: | |||||||||||||||||||
Commercial mortgages | $61 | $— | $— | $1,583 | $15 | ||||||||||||||
Commercial & industrial | 229 | 1,202 | 314 | 773 | 127 | ||||||||||||||
Residential real estate mortgages | 1,352 | 821 | 2,001 | 855 | 1,265 | ||||||||||||||
Consumer loans | 565 | 345 | 356 | 1,102 | 658 | ||||||||||||||
Loans 60-89 days past due | $2,207 | $2,368 | $2,671 | $4,313 | $2,065 | ||||||||||||||
Loans 90 Days or more Past Due: | |||||||||||||||||||
Commercial mortgages | $5,115 | $5,315 | $5,995 | $2,250 | $2,238 | ||||||||||||||
Commercial & industrial | 721 | 181 | 970 | 417 | 428 | ||||||||||||||
Residential real estate mortgages | 3,607 | 3,284 | 3,922 | 4,335 | 5,634 | ||||||||||||||
Consumer loans | 723 | 897 | 989 | 512 | 701 | ||||||||||||||
Loans 90 days or more past due | $10,166 | $9,677 | $11,876 | $7,514 | $9,001 | ||||||||||||||
Total Past Due Loans: | |||||||||||||||||||
Commercial mortgages | $5,673 | $5,315 | $5,995 | $4,144 | $2,253 | ||||||||||||||
Commercial & industrial | 1,179 | 3,519 | 2,413 | 2,975 | 3,906 | ||||||||||||||
Residential real estate mortgages | 9,429 | 7,048 | 8,505 | 10,439 | 9,131 | ||||||||||||||
Consumer loans | 2,800 | 2,196 | 3,022 | 3,503 | 2,724 | ||||||||||||||
Total past due loans | $19,081 | $18,078 | $19,935 | $21,061 | $18,014 | ||||||||||||||
Accruing loans 90 days or more past due | $— | $— | $— | $— | $— | ||||||||||||||
Nonaccrual loans included in past due loans | $12,314 | $12,721 | $14,364 | $10,432 | $11,487 | ||||||||||||||
For the Quarters Ended | |||||||||||||||||||
(Dollars in thousands) | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | ||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||
Balance at beginning of period | $28,023 | $27,768 | $27,269 | $27,043 | $27,886 | ||||||||||||||
Provision charged to earnings | — | 500 | 600 | 450 | 300 | ||||||||||||||
Charge-offs | (321 | ) | (311 | ) | (148 | ) | (267 | ) | (1,223 | ) | |||||||||
Recoveries | 108 | 66 | 47 | 43 | 80 | ||||||||||||||
Balance at end of period | $27,810 | $28,023 | $27,768 | $27,269 | $27,043 | ||||||||||||||
Net Loan Charge-Offs (Recoveries): | |||||||||||||||||||
Commercial mortgages | $120 | ($5 | ) | ($7 | ) | $26 | $939 | ||||||||||||
Commercial & industrial | (7 | ) | 144 | 63 | 95 | 170 | |||||||||||||
Residential real estate mortgages | 46 | 45 | (1 | ) | 30 | 7 | |||||||||||||
Consumer | 54 | 61 | 46 | 73 | 27 | ||||||||||||||
Total | $213 | $245 | $101 | $224 | $1,143 | ||||||||||||||
The following tables present average balance and interest rate information. Tax-exempt income is converted to a fully taxable equivalent basis using the statutory federal income tax rate adjusted for applicable state income taxes, net of the related federal tax benefit. For dividends on corporate stocks, the 70% federal dividends received deduction is also used in the calculation of tax equivalency. Unrealized gains (losses) on available for sale securities are excluded from the average balance and yield calculations. Nonaccrual and renegotiated loans, as well as interest earned on these loans (to the extent recognized in the Consolidated Statements of Income) are included in amounts presented for loans.
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited) | |||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | March 31, 2014 | |||||||||||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||
Commercial loans | $1,544,720 | $15,313 | 4.02 | % | $1,470,360 | $15,688 | 4.23 | % | $1,336,798 | $14,601 | 4.43 | % | |||||||||||||||
Residential real estate loans, including loans held for sale | 1,030,016 | 10,314 | 4.06 | % | 1,009,382 | 10,329 | 4.06 | % | 802,412 | 8,208 | 4.15 | % | |||||||||||||||
Consumer loans | 336,333 | 3,168 | 3.82 | % | 338,050 | 3,231 | 3.79 | % | 327,793 | 3,097 | 3.83 | % | |||||||||||||||
Total loans | 2,911,069 | 28,795 | 4.01 | % | 2,817,792 | 29,248 | 4.12 | % | 2,467,003 | 25,906 | 4.26 | % | |||||||||||||||
Cash, federal funds sold and short-term investments | 51,058 | 25 | 0.20 | % | 63,736 | 29 | 0.18 | % | 62,246 | 35 | 0.23 | % | |||||||||||||||
FHLBB stock | 37,730 | 165 | 1.77 | % | 37,730 | 141 | 1.48 | % | 37,730 | 142 | 1.53 | % | |||||||||||||||
Taxable debt securities | 322,570 | 2,259 | 2.84 | % | 336,661 | 2,399 | 2.83 | % | 344,009 | 2,942 | 3.47 | % | |||||||||||||||
Nontaxable debt securities | 44,659 | 664 | 6.03 | % | 50,505 | 747 | 5.87 | % | 59,958 | 884 | 5.98 | % | |||||||||||||||
Total securities | 367,229 | 2,923 | 3.23 | % | 387,166 | 3,146 | 3.22 | % | 403,967 | 3,826 | 3.84 | % | |||||||||||||||
Total interest-earning assets | 3,367,086 | 31,908 | 3.84 | % | 3,306,424 | 32,564 | 3.91 | % | 2,970,946 | 29,909 | 4.08 | % | |||||||||||||||
Noninterest-earning assets | 221,795 | 215,079 | 203,335 | ||||||||||||||||||||||||
Total assets | $3,588,881 | $3,521,503 | $3,174,281 | ||||||||||||||||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||||||||||||
Interest-bearing demand deposits | $37,851 | $8 | 0.09 | % | $19,163 | $— | — | % | $10,767 | $— | — | % | |||||||||||||||
NOW accounts | 329,588 | 48 | 0.06 | % | 320,313 | 49 | 0.06 | % | 304,201 | 47 | 0.06 | % | |||||||||||||||
Money market accounts | 800,036 | 883 | 0.45 | % | 829,472 | 903 | 0.43 | % | 685,142 | 609 | 0.36 | % | |||||||||||||||
Savings accounts | 293,926 | 46 | 0.06 | % | 291,683 | 45 | 0.06 | % | 292,809 | 45 | 0.06 | % | |||||||||||||||
Time deposits (in-market) | 567,063 | 1,469 | 1.05 | % | 602,005 | 1,735 | 1.14 | % | 675,836 | 1,931 | 1.16 | % | |||||||||||||||
Wholesale brokered time deposits | 294,664 | 935 | 1.29 | % | 257,415 | 799 | 1.23 | % | 121,622 | 337 | 1.12 | % | |||||||||||||||
FHLBB advances | 404,773 | 1,902 | 1.91 | % | 325,518 | 1,867 | 2.28 | % | 269,989 | 2,241 | 3.37 | % | |||||||||||||||
Junior subordinated debentures | 22,681 | 241 | 4.31 | % | 22,681 | 241 | 4.22 | % | 22,681 | 241 | 4.31 | % | |||||||||||||||
Other | 128 | 3 | 9.51 | % | 140 | 3 | 8.50 | % | 173 | 3 | 7.03 | % | |||||||||||||||
Total interest-bearing liabilities | 2,750,710 | 5,535 | 0.82 | % | 2,668,390 | 5,642 | 0.84 | % | 2,383,220 | 5,454 | 0.93 | % | |||||||||||||||
Demand deposits | 438,904 | 458,782 | 422,975 | ||||||||||||||||||||||||
Other liabilities | 48,052 | 41,415 | 33,057 | ||||||||||||||||||||||||
Shareholders' equity | 351,215 | 352,916 | 335,029 | ||||||||||||||||||||||||
Total liabilities and shareholders' equity | $3,588,881 | $3,521,503 | $3,174,281 | ||||||||||||||||||||||||
Net interest income (FTE) | $26,373 | $26,922 | $24,455 | ||||||||||||||||||||||||
Interest rate spread | 3.02 | % | 3.07 | % | 3.15 | % | |||||||||||||||||||||
Net interest margin | 3.18 | % | 3.23 | % | 3.34 | % | |||||||||||||||||||||
Interest income amounts presented in the preceding table include the following adjustments for taxable equivalency:
(Dollars in thousands) | Three Months Ended | ||||||||||
Mar 31, 2015 | Dec 31, 2014 | Mar 31, 2014 | |||||||||
Commercial loans | $442 | $403 | $317 | ||||||||
Nontaxable debt securities | 229 | 256 | 302 | ||||||||
Total | $671 | $659 | $619 | ||||||||
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) | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | ||||||||||||||
Calculation of Tangible Book Value per Share: | |||||||||||||||||||
Total shareholders' equity at end of period | $353,879 | $346,279 | $348,562 | $343,450 | $335,858 | ||||||||||||||
Less: | |||||||||||||||||||
Goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||||||
Identifiable intangible assets, net | 4,694 | 4,849 | 5,004 | 5,165 | 5,329 | ||||||||||||||
Total tangible shareholders' equity at end of period | $291,071 | $283,316 | $285,444 | $280,171 | $272,415 | ||||||||||||||
Shares outstanding at end of period | 16,773 | 16,746 | 16,721 | 16,705 | 16,635 | ||||||||||||||
Book value per share - GAAP | $21.10 | $20.68 | $20.85 | $20.56 | $20.19 | ||||||||||||||
Tangible book value per share - Non-GAAP | $17.35 | $16.92 | $17.07 | $16.77 | $16.38 | ||||||||||||||
Calculation of Tangible Equity to Tangible Assets: | |||||||||||||||||||
Total tangible shareholders' equity at end of period | $291,071 | $283,316 | $285,444 | $280,171 | $272,415 | ||||||||||||||
Total assets at end of period | $3,602,514 | $3,586,874 | $3,415,882 | $3,317,022 | $3,194,146 | ||||||||||||||
Less: | |||||||||||||||||||
Goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||||||
Identifiable intangible assets, net | 4,694 | 4,849 | 5,004 | 5,165 | 5,329 | ||||||||||||||
Total tangible assets at end of period | $3,539,706 | $3,523,911 | $3,352,764 | $3,253,743 | $3,130,703 | ||||||||||||||
Equity to assets - GAAP | 9.82 | % | 9.65 | % | 10.20 | % | 10.35 | % | 10.51 | % | |||||||||
Tangible equity to tangible assets - Non-GAAP | 8.22 | % | 8.04 | % | 8.51 | % | 8.61 | % | 8.70 | % | |||||||||
Calculation of Return on Average Tangible Assets: | |||||||||||||||||||
Net income | $11,010 | $11,191 | $10,538 | $9,797 | $9,298 | ||||||||||||||
Total average assets | $3,588,881 | $3,521,503 | $3,370,323 | $3,214,649 | $3,174,281 | ||||||||||||||
Less: | |||||||||||||||||||
Average goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||||||
Average identifiable intangible assets, net | 4,770 | 4,924 | 5,082 | 5,245 | 5,410 | ||||||||||||||
Total average tangible assets | $3,525,997 | $3,458,465 | $3,307,127 | $3,151,290 | $3,110,757 | ||||||||||||||
Return on average assets - GAAP | 1.23 | % | 1.27 | % | 1.25 | % | 1.22 | % | 1.17 | % | |||||||||
Return on average tangible assets - Non-GAAP | 1.25 | % | 1.29 | % | 1.27 | % | 1.24 | % | 1.20 | % | |||||||||
Calculation of Return on Average Tangible Equity: | |||||||||||||||||||
Net income | $11,010 | $11,191 | $10,538 | $9,797 | $9,298 | ||||||||||||||
Total average shareholders' equity | $351,215 | $352,916 | $346,837 | $340,235 | $335,029 | ||||||||||||||
Less: | |||||||||||||||||||
Average goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||||||
Average identifiable intangible assets, net | 4,770 | 4,924 | 5,082 | 5,245 | 5,410 | ||||||||||||||
Total average tangible shareholders' equity | $288,331 | $289,878 | $283,641 | $276,876 | $271,505 | ||||||||||||||
Return on average shareholders' equity - GAAP | 12.54 | % | 12.68 | % | 12.15 | % | 11.52 | % | 11.10 | % | |||||||||
Return on average tangible shareholders' equity - Non-GAAP | 15.27 | % | 15.44 | % | 14.86 | % | 14.15 | % | 13.70 | % | |||||||||