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 19, 2015* | |||
*Filed herewith |
WASHINGTON TRUST BANCORP, INC. | ||||
Date: | October 19, 2015 | By: | /s/ David V. Devault | |
David V. Devault | ||||
Vice Chair, Secretary and Chief Financial Officer |
• | Wealth management revenues totaled $8.9 million for the third quarter, down slightly by $10 thousand, or 0.1%, from the previous quarter. While total wealth management revenues were essentially unchanged, included in these results were $662 thousand of revenues generated by Halsey since the August 1 acquisition date. Overall wealth management revenues were affected by equity market declines in the quarter and also included a $344 thousand decline in tax preparation fees, which are typically concentrated in the second quarter. |
• | Mortgage banking revenues (net gains on loan sales and commissions on loans originated for others) totaled $2.0 million for the third quarter, down by $785 thousand, or 29%, on a linked quarter basis. The decline largely reflects a lower yield on loan sales and a decrease in loan sales volume. Residential mortgage loans sold to the secondary market amounted to $132.4 million in the third quarter, down by $10.8 million, compared to the second quarter. |
• | Loan related derivative income amounted to $327 thousand in the third quarter, down by $390 thousand from the prior quarter. |
• | Other income totaled $457 thousand for the third quarter, down by $205 thousand on a linked quarter basis. The decrease was largely due to a $250 thousand settlement payment received in the second quarter on a trust preferred debt obligation previously held by the Corporation. On an after-tax basis, this second quarter transaction amounted to 1 cent per diluted share. |
• | Total commercial loans decreased by $3.7 million, or 0.2%, with an $8.0 million increase in commercial real estate and an $11.7 million decline in commercial and industrial. The $8.0 million increase in the commercial real estate portfolio included a $10.9 million increase in construction and development loans, but was hindered by unscheduled loan payoffs of approximately $36 million in the most recent quarter. The decline in the commercial and industrial portfolio was primarily due to decreased line utilization by commercial borrowers. |
• | The residential real estate loan portfolio grew by $23.0 million, or 2%. |
• | Consumer loans increased by $2.1 million, or 1%, with growth in home equity lines of credit. |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||
CONSOLIDATED BALANCE SHEETS (unaudited) | ||||||||
(Dollars in thousands, except par value) | Sep 30, 2015 | Dec 31, 2014 | ||||||
Assets: | ||||||||
Cash and due from banks | $106,445 | $76,386 | ||||||
Short-term investments | 3,629 | 3,964 | ||||||
Mortgage loans held for sale (including $21,136 at September 30, 2015 and $30,321 at December 31, 2014 measured at fair value) | 31,805 | 45,693 | ||||||
Securities: | ||||||||
Available for sale, at fair value | 323,795 | 357,662 | ||||||
Held to maturity, at amortized cost (fair value $21,820 at September 30, 2015 and $26,008 at December 31, 2014) | 21,140 | 25,222 | ||||||
Total securities | 344,935 | 382,884 | ||||||
Federal Home Loan Bank stock, at cost | 37,730 | 37,730 | ||||||
Loans: | ||||||||
Commercial | 1,579,854 | 1,535,488 | ||||||
Residential real estate | 1,024,214 | 985,415 | ||||||
Consumer | 345,850 | 338,373 | ||||||
Total loans | 2,949,918 | 2,859,276 | ||||||
Less allowance for loan losses | 27,161 | 28,023 | ||||||
Net loans | 2,922,757 | 2,831,253 | ||||||
Premises and equipment, net | 28,180 | 27,495 | ||||||
Investment in bank-owned life insurance | 65,000 | 63,519 | ||||||
Goodwill | 64,803 | 58,114 | ||||||
Identifiable intangible assets, net | 10,832 | 4,849 | ||||||
Other assets | 58,720 | 54,987 | ||||||
Total assets | $3,674,836 | $3,586,874 | ||||||
Liabilities: | ||||||||
Deposits: | ||||||||
Demand deposits | $513,856 | $459,852 | ||||||
NOW accounts | 358,973 | 326,375 | ||||||
Money market accounts | 855,858 | 802,764 | ||||||
Savings accounts | 305,775 | 291,725 | ||||||
Time deposits | 801,818 | 874,102 | ||||||
Total deposits | 2,836,280 | 2,754,818 | ||||||
Federal Home Loan Bank advances | 381,649 | 406,297 | ||||||
Junior subordinated debentures | 22,681 | 22,681 | ||||||
Other liabilities | 63,699 | 56,799 | ||||||
Total liabilities | 3,304,309 | 3,240,595 | ||||||
Shareholders’ Equity: | ||||||||
Common stock of $.0625 par value; authorized 30,000,000 shares; issued and outstanding 16,984,737 shares at September 30, 2015 and 16,746,363 shares at December 31, 2014 | 1,062 | 1,047 | ||||||
Paid-in capital | 109,724 | 101,204 | ||||||
Retained earnings | 268,166 | 252,837 | ||||||
Accumulated other comprehensive loss | (8,425 | ) | (8,809 | ) | ||||
Total shareholders’ equity | 370,527 | 346,279 | ||||||
Total liabilities and shareholders’ equity | $3,674,836 | $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 | Nine Months | ||||||||||||||
Periods ended September 30, | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Interest income: | ||||||||||||||||
Interest and fees on loans | $28,626 | $27,239 | $85,718 | $78,997 | ||||||||||||
Interest on securities: | Taxable | 2,178 | 2,397 | 6,613 | 8,038 | |||||||||||
Nontaxable | 366 | 519 | 1,203 | 1,658 | ||||||||||||
Dividends on Federal Home Loan Bank stock | 309 | 140 | 638 | 420 | ||||||||||||
Other interest income | 47 | 36 | 101 | 99 | ||||||||||||
Total interest and dividend income | 31,526 | 30,331 | 94,273 | 89,212 | ||||||||||||
Interest expense: | ||||||||||||||||
Deposits | 3,308 | 3,317 | 10,045 | 9,406 | ||||||||||||
Federal Home Loan Bank advances | 1,987 | 1,832 | 5,780 | 5,831 | ||||||||||||
Junior subordinated debentures | 232 | 241 | 714 | 723 | ||||||||||||
Other interest expense | 2 | 3 | 7 | 10 | ||||||||||||
Total interest expense | 5,529 | 5,393 | 16,546 | 15,970 | ||||||||||||
Net interest income | 25,997 | 24,938 | 77,727 | 73,242 | ||||||||||||
Provision for loan losses | 200 | 600 | 300 | 1,350 | ||||||||||||
Net interest income after provision for loan losses | 25,797 | 24,338 | 77,427 | 71,892 | ||||||||||||
Noninterest income: | ||||||||||||||||
Wealth management revenues | 8,902 | 8,374 | 26,249 | 24,969 | ||||||||||||
Merchant processing fees | — | — | — | 1,291 | ||||||||||||
Net gains on loan sales and commissions on loans originated for others | 1,963 | 1,742 | 7,296 | 4,688 | ||||||||||||
Service charges on deposit accounts | 986 | 881 | 2,894 | 2,459 | ||||||||||||
Card interchange fees | 849 | 804 | 2,389 | 2,264 | ||||||||||||
Income from bank-owned life insurance | 498 | 468 | 1,480 | 1,354 | ||||||||||||
Loan related derivative income | 327 | 339 | 1,689 | 562 | ||||||||||||
Equity in earnings (losses) of unconsolidated subsidiaries | (69 | ) | (63 | ) | (224 | ) | (213 | ) | ||||||||
Gain on sale of business line | — | — | — | 6,265 | ||||||||||||
Other income | 457 | 580 | 1,421 | 1,670 | ||||||||||||
Total noninterest income | 13,913 | 13,125 | 43,194 | 45,309 | ||||||||||||
Noninterest expense: | ||||||||||||||||
Salaries and employee benefits | 15,971 | 14,516 | 46,971 | 43,845 | ||||||||||||
Net occupancy | 1,721 | 1,557 | 5,276 | 4,672 | ||||||||||||
Equipment | 1,424 | 1,211 | 4,140 | 3,682 | ||||||||||||
Merchant processing costs | — | — | — | 1,050 | ||||||||||||
Outsourced services | 1,250 | 1,138 | 3,774 | 3,197 | ||||||||||||
Legal, audit and professional fees | 630 | 494 | 1,916 | 1,710 | ||||||||||||
FDIC deposit insurance costs | 467 | 442 | 1,376 | 1,295 | ||||||||||||
Advertising and promotion | 356 | 368 | 1,201 | 1,140 | ||||||||||||
Amortization of intangibles | 260 | 161 | 571 | 489 | ||||||||||||
Debt prepayment penalties | — | — | — | 6,294 | ||||||||||||
Other expenses | 2,459 | 2,160 | 7,143 | 6,413 | ||||||||||||
Total noninterest expense | 24,538 | 22,047 | 72,368 | 73,787 | ||||||||||||
Income before income taxes | 15,172 | 15,416 | 48,253 | 43,414 | ||||||||||||
Income tax expense | 4,964 | 4,878 | 15,532 | 13,781 | ||||||||||||
Net income | $10,208 | $10,538 | $32,721 | $29,633 | ||||||||||||
Weighted average common shares outstanding - basic | 16,939 | 16,714 | 16,837 | 16,673 | ||||||||||||
Weighted average common shares outstanding - diluted | 17,102 | 16,855 | 17,027 | 16,832 | ||||||||||||
Per share information: | Basic earnings per common share | $0.60 | $0.63 | $1.94 | $1.77 | |||||||||||
Diluted earnings per common share | $0.60 | $0.62 | $1.92 | $1.75 | ||||||||||||
Cash dividends declared per share | $0.34 | $0.32 | $1.02 | $0.90 |
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, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | ||||||||||||||
Financial Data: | |||||||||||||||||||
Total assets | $3,674,836 | $3,644,477 | $3,602,514 | $3,586,874 | $3,415,882 | ||||||||||||||
Total loans | 2,949,918 | 2,928,584 | 2,880,592 | 2,859,276 | 2,674,047 | ||||||||||||||
Total securities | 344,935 | 373,901 | 364,967 | 382,884 | 402,553 | ||||||||||||||
Total deposits | 2,836,280 | 2,739,119 | 2,783,143 | 2,754,818 | 2,738,888 | ||||||||||||||
Total shareholders' equity | 370,527 | 359,167 | 353,879 | 346,279 | 348,562 | ||||||||||||||
Net interest income | 25,997 | 26,028 | 25,702 | 26,263 | 24,938 | ||||||||||||||
Provision for loan losses | 200 | 100 | — | 500 | 600 | ||||||||||||||
Noninterest income | 13,913 | 15,261 | 14,020 | 13,706 | 13,125 | ||||||||||||||
Noninterest expense | 24,538 | 24,299 | 23,531 | 23,060 | 22,047 | ||||||||||||||
Income tax expense | 4,964 | 5,387 | 5,181 | 5,218 | 4,878 | ||||||||||||||
Net income | 10,208 | 11,503 | 11,010 | 11,191 | 10,538 | ||||||||||||||
Share Data: | |||||||||||||||||||
Basic earnings per common share | $0.60 | $0.68 | $0.65 | $0.67 | $0.63 | ||||||||||||||
Diluted earnings per common share | $0.60 | $0.68 | $0.65 | $0.66 | $0.62 | ||||||||||||||
Dividends declared per share | $0.34 | $0.34 | $0.34 | $0.32 | $0.32 | ||||||||||||||
Book value per share | $21.82 | $21.34 | $21.10 | $20.68 | $20.85 | ||||||||||||||
Tangible book value per share - Non-GAAP (1) | $17.36 | $17.61 | $17.35 | $16.92 | $17.07 | ||||||||||||||
Market value per share | $38.45 | $39.48 | $38.19 | $40.18 | $32.99 | ||||||||||||||
Shares outstanding at end of period | 16,985 | 16,834 | 16,773 | 16,746 | 16,721 | ||||||||||||||
Weighted average common shares outstanding - basic | 16,939 | 16,811 | 16,759 | 16,735 | 16,714 | ||||||||||||||
Weighted average common shares outstanding - diluted | 17,102 | 16,989 | 16,939 | 16,911 | 16,855 | ||||||||||||||
Key Ratios: | |||||||||||||||||||
Return on average assets | 1.11 | % | 1.27 | % | 1.23 | % | 1.27 | % | 1.25 | % | |||||||||
Return on average tangible assets - Non-GAAP (1) | 1.13 | % | 1.29 | % | 1.25 | % | 1.29 | % | 1.27 | % | |||||||||
Return on average equity | 11.13 | % | 12.88 | % | 12.54 | % | 12.68 | % | 12.15 | % | |||||||||
Return on average tangible equity - Non-GAAP (1) | 13.82 | % | 15.62 | % | 15.27 | % | 15.44 | % | 14.86 | % | |||||||||
Tier 1 risk-based capital | 11.83% (i) | 11.79 | % | 11.78 | % | 11.52 | % | 12.15 | % | ||||||||||
Total risk-based capital | 12.80% (i) | 12.78 | % | 12.80 | % | 12.56 | % | 13.26 | % | ||||||||||
Tier 1 leverage ratio | 9.25% (i) | 9.31 | % | 9.21 | % | 9.14 | % | 9.35 | % | ||||||||||
Tier 1 common equity (2) | 11.05% (i) | 11.00 | % | 10.98 | % | N/A | N/A | ||||||||||||
Equity to assets | 10.08 | % | 9.86 | % | 9.82 | % | 9.65 | % | 10.20 | % | |||||||||
Tangible equity to tangible assets - Non-GAAP (1) | 8.19 | % | 8.28 | % | 8.22 | % | 8.04 | % | 8.51 | % | |||||||||
(i) - estimated | |||||||||||||||||||
Wealth Management Revenues: | |||||||||||||||||||
Trust and investment management fees | $7,768 | $7,238 | $7,142 | $7,059 | $6,982 | ||||||||||||||
Mutual fund fees | 989 | 1,032 | 1,036 | 1,068 | 1,100 | ||||||||||||||
Asset-based revenues | 8,757 | 8,270 | 8,178 | 8,127 | 8,082 | ||||||||||||||
Transaction-based revenues | 145 | 642 | 257 | 282 | 292 | ||||||||||||||
Total wealth management revenues | $8,902 | $8,912 | $8,435 | $8,409 | $8,374 | ||||||||||||||
Wealth Management Assets Under Administration: | |||||||||||||||||||
Balance at beginning of period | $5,211,548 | $5,159,663 | $5,069,966 | $4,983,464 | $5,010,588 | ||||||||||||||
Acquisition of Halsey Associates, Inc. (Aug. 1, 2015) | 839,994 | — | — | — | — | ||||||||||||||
Net investment appreciation (depreciation) & income | (316,121 | ) | (13,932 | ) | 80,872 | 111,715 | (29,199 | ) | |||||||||||
Net client cash flows | (21,220 | ) | 65,817 | 8,825 | (25,213 | ) | 2,075 | ||||||||||||
Balance at end of period | $5,714,201 | $5,211,548 | $5,159,663 | $5,069,966 | $4,983,464 |
(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) | |||||||
Nine Months Ended | |||||||
(Dollars in thousands) | Sep 30, 2015 | Sep 30, 2014 | |||||
Key Ratios: | |||||||
Return on average assets | 1.20 | % | 1.21 | % | |||
Return on average tangible assets - Non-GAAP (1) | 1.22 | % | 1.24 | % | |||
Return on average equity | 12.17 | % | 11.60 | % | |||
Return on average tangible equity - Non-GAAP (1) | 14.90 | % | 14.24 | % | |||
Allowance for Loan Losses: | |||||||
Balance at beginning of period | $28,023 | $27,886 | |||||
Provision charged to earnings | 300 | 1,350 | |||||
Charge-offs | (1,401 | ) | (1,638 | ) | |||
Recoveries | 239 | 170 | |||||
Balance at end of period | $27,161 | $27,768 | |||||
Net Loan Charge-Offs (Recoveries): | |||||||
Commercial mortgages | $312 | $958 | |||||
Commercial & industrial | 367 | 328 | |||||
Residential real estate mortgages | 62 | 36 | |||||
Consumer | 421 | 146 | |||||
Total | $1,162 | $1,468 | |||||
Net charge-offs to average loans (annualized) | 0.05 | % | 0.08 | % | |||
Wealth Management Revenues: | |||||||
Trust and investment management fees | $22,148 | $20,495 | |||||
Mutual fund fees | 3,057 | 3,267 | |||||
Asset-based revenues | 25,205 | 23,762 | |||||
Transaction-based revenues | 1,044 | 1,207 | |||||
Total wealth management revenues | $26,249 | $24,969 | |||||
Wealth Management Assets Under Administration: | |||||||
Balance at beginning of period | $5,069,966 | $4,781,958 | |||||
Acquisition of Halsey Associates, Inc. (Aug. 1, 2015) | 839,994 | — | |||||
Net investment appreciation & income | (249,181 | ) | 146,405 | ||||
Net client cash flows | 53,422 | 55,101 | |||||
Balance at end of period | $5,714,201 | $4,983,464 |
(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, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | ||||||||||
Average Yield / Rate (taxable equivalent basis): | ||||||||||||||
Assets: | ||||||||||||||
Commercial loans | 3.91 | % | 4.06 | % | 4.02 | % | 4.23 | % | 4.20 | % | ||||
Residential real estate loans, including mortgage loans held for sale | 3.90 | % | 3.95 | % | 4.06 | % | 4.06 | % | 4.06 | % | ||||
Consumer loans | 3.79 | % | 3.77 | % | 3.82 | % | 3.79 | % | 3.83 | % | ||||
Total loans | 3.89 | % | 3.99 | % | 4.01 | % | 4.12 | % | 4.10 | % | ||||
Cash, federal funds sold and other short-term investments | 0.21 | % | 0.18 | % | 0.20 | % | 0.18 | % | 0.19 | % | ||||
FHLBB stock | 3.25 | % | 1.74 | % | 1.77 | % | 1.48 | % | 1.47 | % | ||||
Taxable debt securities | 2.73 | % | 2.72 | % | 2.84 | % | 2.83 | % | 2.94 | % | ||||
Nontaxable debt securities | 5.95 | % | 6.15 | % | 6.03 | % | 5.87 | % | 5.86 | % | ||||
Total securities | 3.08 | % | 3.11 | % | 3.23 | % | 3.22 | % | 3.36 | % | ||||
Total interest-earning assets | 3.70 | % | 3.80 | % | 3.84 | % | 3.91 | % | 3.89 | % | ||||
Liabilities: | ||||||||||||||
Interest-bearing demand deposits | 0.07 | % | 0.03 | % | 0.09 | % | — | % | — | % | ||||
NOW accounts | 0.06 | % | 0.06 | % | 0.06 | % | 0.06 | % | 0.06 | % | ||||
Money market accounts | 0.46 | % | 0.46 | % | 0.45 | % | 0.43 | % | 0.41 | % | ||||
Savings accounts | 0.07 | % | 0.07 | % | 0.06 | % | 0.06 | % | 0.06 | % | ||||
Time deposits (in-market) | 0.98 | % | 1.00 | % | 1.05 | % | 1.14 | % | 1.17 | % | ||||
Wholesale brokered time deposits | 1.29 | % | 1.28 | % | 1.29 | % | 1.23 | % | 1.09 | % | ||||
FHLBB advances | 1.85 | % | 1.94 | % | 1.91 | % | 2.28 | % | 2.57 | % | ||||
Junior subordinated debentures | 4.06 | % | 4.26 | % | 4.31 | % | 4.22 | % | 4.22 | % | ||||
Other | 7.63 | % | 6.92 | % | 9.51 | % | 8.50 | % | 7.88 | % | ||||
Total interest-bearing liabilities | 0.79 | % | 0.79 | % | 0.82 | % | 0.84 | % | 0.84 | % | ||||
Interest rate spread (taxable equivalent basis) | 2.91 | % | 3.01 | % | 3.02 | % | 3.07 | % | 3.05 | % | ||||
Net interest margin (taxable equivalent basis) | 3.07 | % | 3.15 | % | 3.18 | % | 3.23 | % | 3.21 | % |
At September 30, 2015 | ||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Value | ||||||||||||
Securities Available for Sale: | ||||||||||||||||
Obligations of U.S. government-sponsored enterprises | $52,430 | $220 | ($7 | ) | $52,643 | |||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 197,790 | 8,498 | — | 206,288 | ||||||||||||
Obligations of states and political subdivisions | 36,775 | 982 | — | 37,757 | ||||||||||||
Individual name issuer trust preferred debt securities | 29,806 | — | (4,123 | ) | 25,683 | |||||||||||
Corporate bonds | 1,418 | 8 | (2 | ) | 1,424 | |||||||||||
Total securities available for sale | 318,219 | 9,708 | (4,132 | ) | 323,795 | |||||||||||
Held to Maturity: | ||||||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 21,140 | 680 | — | 21,820 | ||||||||||||
Total securities held to maturity | 21,140 | 680 | — | 21,820 | ||||||||||||
Total securities | $339,359 | $10,388 | ($4,132 | ) | $345,615 |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | ||||||||||||||||||||
Period End Balances At | ||||||||||||||||||||
(Dollars in thousands) | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | |||||||||||||||
Loans: | ||||||||||||||||||||
Commercial: | Mortgages | $873,767 | $876,589 | $865,042 | $843,978 | $766,703 | ||||||||||||||
Construction & development | 121,857 | 110,989 | 89,851 | 79,592 | 58,750 | |||||||||||||||
Commercial & industrial | 584,230 | 595,959 | 604,630 | 611,918 | 564,920 | |||||||||||||||
Total commercial | 1,579,854 | 1,583,537 | 1,559,523 | 1,535,488 | 1,390,373 | |||||||||||||||
Residential real estate: | Mortgages | 994,808 | 971,705 | 954,905 | 948,731 | 912,956 | ||||||||||||||
Homeowner construction | 29,406 | 29,558 | 32,659 | 36,684 | 32,624 | |||||||||||||||
Total residential real estate | 1,024,214 | 1,001,263 | 987,564 | 985,415 | 945,580 | |||||||||||||||
Consumer: | Home equity lines | 252,862 | 249,845 | 239,537 | 242,480 | 240,567 | ||||||||||||||
Home equity loans | 47,610 | 47,437 | 46,727 | 46,967 | 46,455 | |||||||||||||||
Other | 45,378 | 46,502 | 47,241 | 48,926 | 51,072 | |||||||||||||||
Total consumer | 345,850 | 343,784 | 333,505 | 338,373 | 338,094 | |||||||||||||||
Total loans | $2,949,918 | $2,928,584 | $2,880,592 | $2,859,276 | $2,674,047 |
At September 30, 2015 | ||||||
(Dollars in thousands) | Balance | % of Total | ||||
Commercial Real Estate Loans by Property Location: | ||||||
Rhode Island, Connecticut, Massachusetts | $919,473 | 92.4 | % | |||
New York, New Jersey, Pennsylvania | 62,678 | 6.3 | % | |||
New Hampshire | 13,473 | 1.3 | % | |||
Total commercial real estate loans (1) | $995,624 | 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, 2015 | ||||||
(Dollars in thousands) | Balance | % of Total | ||||
Residential Mortgages by Property Location: | ||||||
Rhode Island, Connecticut, Massachusetts | $1,005,610 | 98.1 | % | |||
New Hampshire | 10,867 | 1.1 | % | |||
New York, Virginia, New Jersey, Maryland, Pennsylvania | 4,200 | 0.4 | % | |||
Ohio | 1,622 | 0.2 | % | |||
Other | 1,915 | 0.2 | % | |||
Total residential mortgages | $1,024,214 | 100.0 | % |
Period End Balances At | ||||||||||||||||||||
(Dollars in thousands) | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | |||||||||||||||
Deposits: | ||||||||||||||||||||
Demand deposits | $513,856 | $457,755 | $477,046 | $459,852 | $476,808 | |||||||||||||||
NOW accounts | 358,973 | 357,922 | 333,321 | 326,375 | 313,391 | |||||||||||||||
Money market accounts | 855,858 | 789,334 | 821,353 | 802,764 | 833,318 | |||||||||||||||
Savings accounts | 305,775 | 300,108 | 298,802 | 291,725 | 290,561 | |||||||||||||||
Time deposits | 801,818 | 834,000 | 852,621 | 874,102 | 824,810 | |||||||||||||||
Total deposits | $2,836,280 | $2,739,119 | $2,783,143 | $2,754,818 | $2,738,888 | |||||||||||||||
Out-of-market brokered certificates of deposits included in time deposits | $267,552 | $284,590 | $290,863 | $299,129 | $211,222 | |||||||||||||||
In-market deposits, excluding out-of-market brokered certificates of deposit | $2,568,728 | $2,454,529 | $2,492,280 | $2,455,689 | $2,527,666 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | |||||||||||||||||||
Period End Balances At | |||||||||||||||||||
(Dollars in thousands) | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | ||||||||||||||
Asset Quality Ratios: | |||||||||||||||||||
Total past due loans to total loans | 0.74 | % | 0.82 | % | 0.66 | % | 0.63 | % | 0.75 | % | |||||||||
Nonperforming assets to total assets | 0.48 | % | 0.45 | % | 0.48 | % | 0.48 | % | 0.53 | % | |||||||||
Nonaccrual loans to total loans | 0.57 | % | 0.52 | % | 0.55 | % | 0.56 | % | 0.63 | % | |||||||||
Allowance for loan losses to nonaccrual loans | 161.25 | % | 182.32 | % | 175.29 | % | 175.75 | % | 163.68 | % | |||||||||
Allowance for loan losses to total loans | 0.92 | % | 0.94 | % | 0.97 | % | 0.98 | % | 1.04 | % | |||||||||
Nonperforming Assets: | |||||||||||||||||||
Commercial mortgages | $4,915 | $4,915 | $5,115 | $5,315 | $6,022 | ||||||||||||||
Commercial construction & development | — | — | — | — | — | ||||||||||||||
Commercial & industrial | 1,137 | 1,039 | 2,193 | 1,969 | 1,326 | ||||||||||||||
Residential real estate mortgages | 9,472 | 7,411 | 6,956 | 7,124 | 7,890 | ||||||||||||||
Consumer | 1,320 | 1,766 | 1,601 | 1,537 | 1,727 | ||||||||||||||
Total nonaccrual loans | 16,844 | 15,131 | 15,865 | 15,945 | 16,965 | ||||||||||||||
Nonaccrual investment securities | — | — | — | — | — | ||||||||||||||
Property acquired through foreclosure or repossession | 955 | 1,388 | 1,398 | 1,176 | 988 | ||||||||||||||
Total nonperforming assets | $17,799 | $16,519 | $17,263 | $17,121 | $17,953 | ||||||||||||||
Troubled Debt Restructured Loans: | |||||||||||||||||||
Accruing troubled debt restructured loans: | |||||||||||||||||||
Commercial mortgages | $10,637 | $9,448 | $9,448 | $9,676 | $9,677 | ||||||||||||||
Commercial & industrial | 2,069 | 2,209 | 881 | 954 | 1,036 | ||||||||||||||
Residential real estate mortgages | 674 | 679 | 684 | 1,252 | 1,258 | ||||||||||||||
Consumer | 232 | 201 | 134 | 135 | 164 | ||||||||||||||
Accruing troubled debt restructured loans | 13,612 | 12,537 | 11,147 | 12,017 | 12,135 | ||||||||||||||
Nonaccrual troubled debt restructured loans: | |||||||||||||||||||
Commercial mortgages | 4,498 | 4,498 | 4,698 | 4,898 | 4,898 | ||||||||||||||
Commercial & industrial | 380 | 381 | 1,442 | 1,193 | 854 | ||||||||||||||
Residential real estate mortgages | 613 | 92 | 338 | 248 | 441 | ||||||||||||||
Consumer | — | 33 | 34 | — | — | ||||||||||||||
Nonaccrual troubled debt restructured loans | 5,491 | 5,004 | 6,512 | 6,339 | 6,193 | ||||||||||||||
Total troubled debt restructured loans | $19,103 | $17,541 | $17,659 | $18,356 | $18,328 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | |||||||||||||||||||
Period End Balances At | |||||||||||||||||||
(Dollars in thousands) | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | ||||||||||||||
Past Due Loans: | |||||||||||||||||||
Loans 30-59 Days Past Due: | |||||||||||||||||||
Commercial mortgages | $147 | $14 | $497 | $— | $— | ||||||||||||||
Commercial & industrial | 162 | 2,581 | 229 | 2,136 | 1,129 | ||||||||||||||
Residential real estate mortgages | 3,610 | 5,120 | 4,470 | 2,943 | 2,582 | ||||||||||||||
Consumer loans | 899 | 1,634 | 1,512 | 954 | 1,677 | ||||||||||||||
Loans 30-59 days past due | $4,818 | $9,349 | $6,708 | $6,033 | $5,388 | ||||||||||||||
Loans 60-89 Days Past Due: | |||||||||||||||||||
Commercial mortgages | $— | $— | $61 | $— | $— | ||||||||||||||
Commercial & industrial | 3,455 | 2,299 | 229 | 1,202 | 314 | ||||||||||||||
Residential real estate mortgages | 2,458 | 913 | 1,352 | 821 | 2,001 | ||||||||||||||
Consumer loans | 338 | 397 | 565 | 345 | 356 | ||||||||||||||
Loans 60-89 days past due | $6,251 | $3,609 | $2,207 | $2,368 | $2,671 | ||||||||||||||
Loans 90 Days or More Past Due: | |||||||||||||||||||
Commercial mortgages | $4,915 | $4,915 | $5,115 | $5,315 | $5,995 | ||||||||||||||
Commercial & industrial | 720 | 638 | 721 | 181 | 970 | ||||||||||||||
Residential real estate mortgages | 4,499 | 4,871 | 3,607 | 3,284 | 3,922 | ||||||||||||||
Consumer loans | 608 | 647 | 723 | 897 | 989 | ||||||||||||||
Loans 90 days or more past due | $10,742 | $11,071 | $10,166 | $9,677 | $11,876 | ||||||||||||||
Total Past Due Loans: | |||||||||||||||||||
Commercial mortgages | $5,062 | $4,929 | $5,673 | $5,315 | $5,995 | ||||||||||||||
Commercial & industrial | 4,337 | 5,518 | 1,179 | 3,519 | 2,413 | ||||||||||||||
Residential real estate mortgages | 10,567 | 10,904 | 9,429 | 7,048 | 8,505 | ||||||||||||||
Consumer loans | 1,845 | 2,678 | 2,800 | 2,196 | 3,022 | ||||||||||||||
Total past due loans | $21,811 | $24,029 | $19,081 | $18,078 | $19,935 | ||||||||||||||
Accruing loans 90 days or more past due | $— | $— | $— | $— | $— | ||||||||||||||
Nonaccrual loans included in past due loans | $13,964 | $12,397 | $12,314 | $12,721 | $14,364 |
For the Quarters Ended | |||||||||||||||||||
(Dollars in thousands) | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | ||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||
Balance at beginning of period | $27,587 | $27,810 | $28,023 | $27,768 | $27,269 | ||||||||||||||
Provision charged to earnings | 200 | 100 | — | 500 | 600 | ||||||||||||||
Charge-offs | (725 | ) | (355 | ) | (321 | ) | (311 | ) | (148 | ) | |||||||||
Recoveries | 99 | 32 | 108 | 66 | 47 | ||||||||||||||
Balance at end of period | $27,161 | $27,587 | $27,810 | $28,023 | $27,768 | ||||||||||||||
Net Loan Charge-Offs (Recoveries): | |||||||||||||||||||
Commercial mortgages | ($4 | ) | $196 | $120 | ($5 | ) | ($7 | ) | |||||||||||
Commercial & industrial | 348 | 26 | (7 | ) | 144 | 63 | |||||||||||||
Residential real estate mortgages | 12 | 4 | 46 | 45 | (1 | ) | |||||||||||||
Consumer | 270 | 97 | 54 | 61 | 46 | ||||||||||||||
Total | $626 | $323 | $213 | $245 | $101 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited) | |||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||
September 30, 2015 | June 30, 2015 | September 30, 2014 | |||||||||||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||
Commercial loans | $1,571,645 | $15,475 | 3.91 | % | $1,574,183 | $15,930 | 4.06 | % | $1,380,229 | $14,624 | 4.20 | % | |||||||||||||||
Residential real estate loans, including loans held for sale | 1,050,949 | 10,329 | 3.90 | % | 1,025,029 | 10,102 | 3.95 | % | 946,738 | 9,685 | 4.06 | % | |||||||||||||||
Consumer loans | 343,603 | 3,283 | 3.79 | % | 338,809 | 3,183 | 3.77 | % | 337,598 | 3,259 | 3.83 | % | |||||||||||||||
Total loans | 2,966,197 | 29,087 | 3.89 | % | 2,938,021 | 29,215 | 3.99 | % | 2,664,565 | 27,568 | 4.10 | % | |||||||||||||||
Cash, federal funds sold and short-term investments | 89,280 | 47 | 0.21 | % | 63,858 | 29 | 0.18 | % | 74,569 | 36 | 0.19 | % | |||||||||||||||
FHLBB stock | 37,730 | 309 | 3.25 | % | 37,730 | 164 | 1.74 | % | 37,730 | 140 | 1.47 | % | |||||||||||||||
Taxable debt securities | 316,214 | 2,178 | 2.73 | % | 320,643 | 2,176 | 2.72 | % | 323,140 | 2,397 | 2.94 | % | |||||||||||||||
Nontaxable debt securities | 37,780 | 567 | 5.95 | % | 40,886 | 627 | 6.15 | % | 53,374 | 789 | 5.86 | % | |||||||||||||||
Total securities | 353,994 | 2,745 | 3.08 | % | 361,529 | 2,803 | 3.11 | % | 376,514 | 3,186 | 3.36 | % | |||||||||||||||
Total interest-earning assets | 3,447,201 | 32,188 | 3.70 | % | 3,401,138 | 32,211 | 3.80 | % | 3,153,378 | 30,930 | 3.89 | % | |||||||||||||||
Noninterest-earning assets | 231,286 | 221,577 | 216,945 | ||||||||||||||||||||||||
Total assets | $3,678,487 | $3,622,715 | $3,370,323 | ||||||||||||||||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||||||||||||
Interest-bearing demand deposits | $30,392 | $5 | 0.07 | % | $38,129 | $3 | 0.03 | % | $12,862 | $— | — | % | |||||||||||||||
NOW accounts | 357,128 | 53 | 0.06 | % | 363,434 | 53 | 0.06 | % | 311,077 | 47 | 0.06 | % | |||||||||||||||
Money market accounts | 820,597 | 951 | 0.46 | % | 820,887 | 941 | 0.46 | % | 798,273 | 830 | 0.41 | % | |||||||||||||||
Savings accounts | 303,587 | 52 | 0.07 | % | 298,286 | 50 | 0.07 | % | 291,386 | 46 | 0.06 | % | |||||||||||||||
Time deposits (in-market) | 541,486 | 1,338 | 0.98 | % | 554,839 | 1,390 | 1.00 | % | 623,221 | 1,832 | 1.17 | % | |||||||||||||||
Wholesale brokered time deposits | 279,839 | 909 | 1.29 | % | 285,844 | 911 | 1.28 | % | 204,046 | 562 | 1.09 | % | |||||||||||||||
FHLBB advances | 425,931 | 1,987 | 1.85 | % | 391,152 | 1,891 | 1.94 | % | 283,219 | 1,832 | 2.57 | % | |||||||||||||||
Junior subordinated debentures | 22,681 | 232 | 4.06 | % | 22,681 | 241 | 4.26 | % | 22,681 | 241 | 4.22 | % | |||||||||||||||
Other | 104 | 2 | 7.63 | % | 116 | 2 | 6.92 | % | 151 | 3 | 7.88 | % | |||||||||||||||
Total interest-bearing liabilities | 2,781,745 | 5,529 | 0.79 | % | 2,775,368 | 5,482 | 0.79 | % | 2,546,916 | 5,393 | 0.84 | % | |||||||||||||||
Demand deposits | 477,393 | 441,355 | 439,353 | ||||||||||||||||||||||||
Other liabilities | 52,625 | 48,627 | 37,217 | ||||||||||||||||||||||||
Shareholders' equity | 366,724 | 357,365 | 346,837 | ||||||||||||||||||||||||
Total liabilities and shareholders' equity | $3,678,487 | $3,622,715 | $3,370,323 | ||||||||||||||||||||||||
Net interest income (FTE) | $26,659 | $26,729 | $25,537 | ||||||||||||||||||||||||
Interest rate spread | 2.91 | % | 3.01 | % | 3.05 | % | |||||||||||||||||||||
Net interest margin | 3.07 | % | 3.15 | % | 3.21 | % |
(Dollars in thousands) | Three Months Ended | ||||||||||
Sep 30, 2015 | Jun 30, 2015 | Sep 30, 2014 | |||||||||
Commercial loans | $461 | $476 | $329 | ||||||||
Nontaxable debt securities | 201 | 225 | 270 | ||||||||
Total | $662 | $701 | $599 |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited) | ||||||||||||||||||
Nine Months Ended | ||||||||||||||||||
September 30, 2015 | September 30, 2014 | |||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Assets: | ||||||||||||||||||
Commercial loans | $1,563,615 | $46,717 | 3.99 | % | $1,352,271 | $43,733 | 4.32 | % | ||||||||||
Residential real estate loans, including loans held for sale | 1,035,408 | 30,745 | 3.97 | % | 869,230 | 26,704 | 4.11 | % | ||||||||||
Consumer loans | 339,608 | 9,634 | 3.79 | % | 333,127 | 9,527 | 3.82 | % | ||||||||||
Total loans | 2,938,631 | 87,096 | 3.96 | % | 2,554,628 | 79,964 | 4.19 | % | ||||||||||
Cash, federal funds sold and short-term investments | 68,205 | 101 | 0.20 | % | 65,486 | 99 | 0.20 | % | ||||||||||
FHLBB stock | 37,730 | 638 | 2.26 | % | 37,730 | 420 | 1.49 | % | ||||||||||
Taxable debt securities | 319,786 | 6,613 | 2.76 | % | 329,779 | 8,038 | 3.26 | % | ||||||||||
Nontaxable debt securities | 41,083 | 1,858 | 6.05 | % | 56,894 | 2,520 | 5.92 | % | ||||||||||
Total securities | 360,869 | 8,471 | 3.14 | % | 386,673 | 10,558 | 3.65 | % | ||||||||||
Total interest-earning assets | 3,405,435 | 96,306 | 3.78 | % | 3,044,517 | 91,041 | 4.00 | % | ||||||||||
Noninterest-earning assets | 224,921 | 209,286 | ||||||||||||||||
Total assets | $3,630,356 | $3,253,803 | ||||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||||
Interest-bearing demand deposits | $35,430 | $17 | 0.06 | % | $10,906 | $— | — | % | ||||||||||
NOW accounts | 350,151 | 153 | 0.06 | % | 309,101 | 141 | 0.06 | % | ||||||||||
Money market accounts | 813,915 | 2,775 | 0.46 | % | 748,121 | 2,152 | 0.38 | % | ||||||||||
Savings accounts | 298,635 | 148 | 0.07 | % | 291,949 | 136 | 0.06 | % | ||||||||||
Time deposits (in-market) | 554,369 | 4,198 | 1.01 | % | 649,166 | 5,645 | 1.16 | % | ||||||||||
Wholesale brokered time deposits | 286,728 | 2,754 | 1.28 | % | 163,705 | 1,332 | 1.09 | % | ||||||||||
FHLBB advances | 407,363 | 5,780 | 1.90 | % | 257,814 | 5,831 | 3.02 | % | ||||||||||
Junior subordinated debentures | 22,681 | 714 | 4.21 | % | 22,681 | 723 | 4.26 | % | ||||||||||
Other | 116 | 7 | 8.07 | % | 162 | 10 | 8.25 | % | ||||||||||
Total interest-bearing liabilities | 2,769,388 | 16,546 | 0.80 | % | 2,453,605 | 15,970 | 0.87 | % | ||||||||||
Demand deposits | 452,691 | 424,120 | ||||||||||||||||
Other liabilities | 49,786 | 35,335 | ||||||||||||||||
Shareholders' equity | 358,491 | 340,743 | ||||||||||||||||
Total liabilities and shareholders' equity | $3,630,356 | $3,253,803 | ||||||||||||||||
Net interest income (FTE) | $79,760 | $75,071 | ||||||||||||||||
Interest rate spread | 2.98 | % | 3.13 | % | ||||||||||||||
Net interest margin | 3.13 | % | 3.30 | % |
(Dollars in thousands) | Nine Months Ended | ||||||
Sep 30, 2015 | Sep 30, 2014 | ||||||
Commercial loans | $1,378 | $967 | |||||
Nontaxable debt securities | 655 | 862 | |||||
Total | $2,033 | $1,829 |
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, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | ||||||||||||||
Calculation of Tangible Book Value per Share: | |||||||||||||||||||
Total shareholders' equity at end of period | $370,527 | $359,167 | $353,879 | $346,279 | $348,562 | ||||||||||||||
Less: | |||||||||||||||||||
Goodwill | 64,803 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||||||
Identifiable intangible assets, net | 10,832 | 4,539 | 4,694 | 4,849 | 5,004 | ||||||||||||||
Total tangible shareholders' equity at end of period | $294,892 | $296,514 | $291,071 | $283,316 | $285,444 | ||||||||||||||
Shares outstanding at end of period | 16,985 | 16,834 | 16,773 | 16,746 | 16,721 | ||||||||||||||
Book value per share - GAAP | $21.82 | $21.34 | $21.10 | $20.68 | $20.85 | ||||||||||||||
Tangible book value per share - Non-GAAP | $17.36 | $17.61 | $17.35 | $16.92 | $17.07 | ||||||||||||||
Calculation of Tangible Equity to Tangible Assets: | |||||||||||||||||||
Total tangible shareholders' equity at end of period | $294,892 | $296,514 | $291,071 | $283,316 | $285,444 | ||||||||||||||
Total assets at end of period | $3,674,836 | $3,644,477 | $3,602,514 | $3,586,874 | $3,415,882 | ||||||||||||||
Less: | |||||||||||||||||||
Goodwill | 64,803 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||||||
Identifiable intangible assets, net | 10,832 | 4,539 | 4,694 | 4,849 | 5,004 | ||||||||||||||
Total tangible assets at end of period | $3,599,201 | $3,581,824 | $3,539,706 | $3,523,911 | $3,352,764 | ||||||||||||||
Equity to assets - GAAP | 10.08 | % | 9.86 | % | 9.82 | % | 9.65 | % | 10.20 | % | |||||||||
Tangible equity to tangible assets - Non-GAAP | 8.19 | % | 8.28 | % | 8.22 | % | 8.04 | % | 8.51 | % | |||||||||
Calculation of Return on Average Tangible Assets: | |||||||||||||||||||
Net income | $10,208 | $11,503 | $11,010 | $11,191 | $10,538 | ||||||||||||||
Total average assets | $3,678,487 | $3,622,715 | $3,588,881 | $3,521,503 | $3,370,323 | ||||||||||||||
Less: | |||||||||||||||||||
Average goodwill | 62,524 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||||||
Average identifiable intangible assets, net | 8,768 | 4,614 | 4,770 | 4,924 | 5,082 | ||||||||||||||
Total average tangible assets | $3,607,195 | $3,559,987 | $3,525,997 | $3,458,465 | $3,307,127 | ||||||||||||||
Return on average assets - GAAP | 1.11 | % | 1.27 | % | 1.23 | % | 1.27 | % | 1.25 | % | |||||||||
Return on average tangible assets - Non-GAAP | 1.13 | % | 1.29 | % | 1.25 | % | 1.29 | % | 1.27 | % | |||||||||
Calculation of Return on Average Tangible Equity: | |||||||||||||||||||
Net income | $10,208 | $11,503 | $11,010 | $11,191 | $10,538 | ||||||||||||||
Total average shareholders' equity | $366,724 | $357,365 | $351,215 | $352,916 | $346,837 | ||||||||||||||
Less: | |||||||||||||||||||
Average goodwill | 62,524 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||||||
Average identifiable intangible assets, net | 8,768 | 4,614 | 4,770 | 4,924 | 5,082 | ||||||||||||||
Total average tangible shareholders' equity | $295,432 | $294,637 | $288,331 | $289,878 | $283,641 | ||||||||||||||
Return on average shareholders' equity - GAAP | 11.13 | % | 12.88 | % | 12.54 | % | 12.68 | % | 12.15 | % | |||||||||
Return on average tangible shareholders' equity - Non-GAAP | 13.82 | % | 15.62 | % | 15.27 | % | 15.44 | % | 14.86 | % |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||
SUPPLEMENTAL INFORMATION - Non-GAAP Financial Measures (unaudited) | |||||||
Nine Months Ended | |||||||
(Dollars in thousands) | Sep 30, 2015 | Sep 30, 2014 | |||||
Calculation of Return on Average Tangible Assets: | |||||||
Net income | $32,721 | $29,633 | |||||
Total average assets | $3,630,356 | $3,253,803 | |||||
Less: | |||||||
Average goodwill | 59,600 | 58,114 | |||||
Average identifiable intangible assets, net | 6,065 | 5,244 | |||||
Total average tangible assets | $3,564,691 | $3,190,445 | |||||
Return on average assets - GAAP | 1.20 | % | 1.21 | % | |||
Return on average tangible assets - Non-GAAP | 1.22 | % | 1.24 | % | |||
Calculation of Return on Average Tangible Equity: | |||||||
Net income | $32,721 | $29,633 | |||||
Total average shareholders' equity | $358,491 | $340,743 | |||||
Less: | |||||||
Average goodwill | 59,600 | 58,114 | |||||
Average identifiable intangible assets, net | 6,065 | 5,244 | |||||
Total average tangible shareholders' equity | $292,826 | $277,385 | |||||
Return on average shareholders' equity - GAAP | 12.17 | % | 11.60 | % | |||
Return on average tangible shareholders' equity - Non-GAAP | 14.90 | % | 14.24 | % |
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