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 26, 2016* | |||
*Filed herewith |
WASHINGTON TRUST BANCORP, INC. | ||||
Date: | January 26, 2016 | By: | /s/ David V. Devault | |
David V. Devault | ||||
Vice Chair, Secretary and Chief Financial Officer |
• | Total loans rose by 2.1%, led by a solid increase of $75 million, or 4.7%, in commercial loan balances. Total loans rose by $154 million, or 5.4% in the year 2015. |
• | Total deposits grew by $98 million, or 3.5%, in the quarter, including a $77 million, or 8.8%, increase in demand and NOW deposits. Total deposit growth for the year 2015 amounted to $179 million, or 6.5%. |
• | Average interest-earning assets increased by $22 million, reflecting growth in average balances of commercial loans and investment securities. The yield on interest-earning assets was 3.68% for the fourth quarter, compared to 3.70% in the third quarter. |
• | Average interest-bearing liabilities rose by $11 million, reflecting growth in average in-market interest-bearing deposits, partially offset by a decrease in wholesale funding balances. The cost of funds was reduced by 5 basis points from the previous quarter. |
• | Wealth management revenues totaled $9.2 million for the fourth quarter, up by $265 thousand, or 3%, from the previous quarter. Wealth management assets under administration amounted to $5.8 billion at December 31, 2015, up by $130 million, or 2%, in the fourth quarter, largely due to financial market appreciation following declines in the previous quarter. Managed assets represented approximately 93% of total wealth management assets at December 31, 2015. |
• | Mortgage banking revenues, including gains and commissions on loan sales and mortgage servicing fee income, totaled $2.6 million for the fourth quarter, up by $592 thousand, or 30%, on a linked quarter basis, reflecting a higher yield on loan sales sold to the secondary market. Residential mortgage loans sold to the secondary market amounted to $127.4 million in the fourth quarter, compared to $132.4 million in the previous quarter. |
• | Loan related derivative income amounted to $752 thousand in the fourth quarter, up by $425 thousand from the prior quarter. |
• | Total commercial loans increased by $75 million, or 4.7%, in the quarter, including growth of $59 million in commercial real estate and construction loans and $16 million in commercial and industrial loans. Total commercial loans were up by $119 million, or 7.8%, in 2015. |
• | The residential real estate loan portfolio declined by $11 million, or 1.0%, in the quarter. The residential portfolio grew by $28 million, or 2.9%, in the last twelve months. |
• | Consumer loans decreased modestly in the fourth quarter. Total consumer portfolio balances increased by $7 million, or 2.0%, during 2015. |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||
CONSOLIDATED BALANCE SHEETS (unaudited) | ||||||||
(Dollars in thousands, except par value) | Dec 31, 2015 | Dec 31, 2014 | ||||||
Assets: | ||||||||
Cash and due from banks | $93,222 | $76,386 | ||||||
Short-term investments | 4,409 | 3,964 | ||||||
Mortgage loans held for sale (including $33,969 in 2015 and $30,321 in 2014 measured at fair value) | 38,554 | 45,693 | ||||||
Securities: | ||||||||
Available for sale, at fair value | 375,044 | 357,662 | ||||||
Held to maturity, at amortized cost (fair value $20,516 in 2015 and $26,008 in 2014) | 20,023 | 25,222 | ||||||
Total securities | 395,067 | 382,884 | ||||||
Federal Home Loan Bank stock, at cost | 24,316 | 37,730 | ||||||
Loans: | ||||||||
Commercial | 1,654,547 | 1,535,488 | ||||||
Residential real estate | 1,013,555 | 985,415 | ||||||
Consumer | 345,025 | 338,373 | ||||||
Total loans | 3,013,127 | 2,859,276 | ||||||
Less allowance for loan losses | 27,069 | 28,023 | ||||||
Net loans | 2,986,058 | 2,831,253 | ||||||
Premises and equipment, net | 29,593 | 27,495 | ||||||
Investment in bank-owned life insurance | 65,501 | 63,519 | ||||||
Goodwill | 64,059 | 58,114 | ||||||
Identifiable intangible assets, net | 11,460 | 4,849 | ||||||
Other assets | 59,365 | 54,987 | ||||||
Total assets | $3,771,604 | $3,586,874 | ||||||
Liabilities: | ||||||||
Deposits: | ||||||||
Demand deposits | $537,298 | $459,852 | ||||||
NOW accounts | 412,602 | 326,375 | ||||||
Money market accounts | 823,490 | 802,764 | ||||||
Savings accounts | 326,967 | 291,725 | ||||||
Time deposits | 833,898 | 874,102 | ||||||
Total deposits | 2,934,255 | 2,754,818 | ||||||
Federal Home Loan Bank advances | 378,973 | 406,297 | ||||||
Junior subordinated debentures | 22,681 | 22,681 | ||||||
Other liabilities | 60,307 | 56,799 | ||||||
Total liabilities | 3,396,216 | 3,240,595 | ||||||
Shareholders’ Equity: | ||||||||
Common stock of $.0625 par value; authorized 30,000,000 shares; issued and outstanding 17,019,578 shares in 2015 and 16,746,363 shares in 2014 | 1,064 | 1,047 | ||||||
Paid-in capital | 110,949 | 101,204 | ||||||
Retained earnings | 273,074 | 252,837 | ||||||
Accumulated other comprehensive loss | (9,699 | ) | (8,809 | ) | ||||
Total shareholders’ equity | 375,388 | 346,279 | ||||||
Total liabilities and shareholders’ equity | $3,771,604 | $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 | Twelve Months | ||||||||||||||
Periods ended December 30, | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Interest income: | ||||||||||||||||
Interest and fees on loans | $28,511 | $28,845 | $114,229 | $107,842 | ||||||||||||
Interest on securities: | Taxable | 2,262 | 2,399 | 8,875 | 10,437 | |||||||||||
Nontaxable | 352 | 491 | 1,555 | 2,149 | ||||||||||||
Dividends on Federal Home Loan Bank stock | 315 | 141 | 953 | 561 | ||||||||||||
Other interest income | 37 | 29 | 138 | 128 | ||||||||||||
Total interest and dividend income | 31,477 | 31,905 | 125,750 | 121,117 | ||||||||||||
Interest expense: | ||||||||||||||||
Deposits | 3,097 | 3,531 | 13,142 | 12,937 | ||||||||||||
Federal Home Loan Bank advances | 1,966 | 1,867 | 7,746 | 7,698 | ||||||||||||
Junior subordinated debentures | 157 | 241 | 871 | 964 | ||||||||||||
Other interest expense | 2 | 3 | 9 | 13 | ||||||||||||
Total interest expense | 5,222 | 5,642 | 21,768 | 21,612 | ||||||||||||
Net interest income | 26,255 | 26,263 | 103,982 | 99,505 | ||||||||||||
Provision for loan losses | 750 | 500 | 1,050 | 1,850 | ||||||||||||
Net interest income after provision for loan losses | 25,505 | 25,763 | 102,932 | 97,655 | ||||||||||||
Noninterest income: | ||||||||||||||||
Wealth management revenues | 9,167 | 8,409 | 35,416 | 33,378 | ||||||||||||
Merchant processing fees | — | — | — | 1,291 | ||||||||||||
Mortgage banking revenues (1) | 2,582 | 2,196 | 9,901 | 7,152 | ||||||||||||
Service charges on deposit accounts | 971 | 936 | 3,865 | 3,395 | ||||||||||||
Card interchange fees | 810 | 793 | 3,199 | 3,057 | ||||||||||||
Income from bank-owned life insurance | 502 | 492 | 1,982 | 1,846 | ||||||||||||
Loan related derivative income | 752 | 574 | 2,441 | 1,136 | ||||||||||||
Equity in earnings (losses) of unconsolidated subsidiaries | (69 | ) | (63 | ) | (293 | ) | (276 | ) | ||||||||
Gain on sale of business line | — | — | — | 6,265 | ||||||||||||
Other income (1) | 431 | 369 | 1,829 | 1,771 | ||||||||||||
Total noninterest income | 15,146 | 13,706 | 58,340 | 59,015 | ||||||||||||
Noninterest expense: | ||||||||||||||||
Salaries and employee benefits | 16,053 | 14,685 | 63,024 | 58,530 | ||||||||||||
Net occupancy | 1,724 | 1,640 | 7,000 | 6,312 | ||||||||||||
Equipment | 1,393 | 1,221 | 5,533 | 4,903 | ||||||||||||
Merchant processing costs | — | — | — | 1,050 | ||||||||||||
Outsourced services | 1,337 | 1,286 | 5,111 | 4,483 | ||||||||||||
Legal, audit and professional fees | 825 | 626 | 2,741 | 2,336 | ||||||||||||
FDIC deposit insurance costs | 470 | 467 | 1,846 | 1,762 | ||||||||||||
Advertising and promotion | 325 | 406 | 1,526 | 1,546 | ||||||||||||
Amortization of intangibles | 333 | 155 | 904 | 644 | ||||||||||||
Debt prepayment penalties | — | — | — | 6,294 | ||||||||||||
Acquisition related expenses | 52 | — | 989 | — | ||||||||||||
Other expenses | 2,049 | 2,574 | 8,255 | 8,987 | ||||||||||||
Total noninterest expense | 24,561 | 23,060 | 96,929 | 96,847 | ||||||||||||
Income before income taxes | 16,090 | 16,409 | 64,343 | 59,823 | ||||||||||||
Income tax expense | 5,346 | 5,218 | 20,878 | 18,999 | ||||||||||||
Net income | $10,744 | $11,191 | $43,465 | $40,824 | ||||||||||||
Weighted average common shares outstanding - basic | 17,004 | 16,735 | 16,879 | 16,689 | ||||||||||||
Weighted average common shares outstanding - diluted | 17,167 | 16,911 | 17,067 | 16,872 | ||||||||||||
Per share information: | Basic earnings per common share | $0.63 | $0.67 | $2.57 | $2.44 | |||||||||||
Diluted earnings per common share | $0.62 | $0.66 | $2.54 | $2.41 | ||||||||||||
Cash dividends declared per share | $0.34 | $0.32 | $1.36 | $1.22 |
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, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | ||||||||||||||
Financial Data: | |||||||||||||||||||
Total assets | $3,771,604 | $3,674,836 | $3,644,477 | $3,602,514 | $3,586,874 | ||||||||||||||
Total loans | 3,013,127 | 2,949,918 | 2,928,584 | 2,880,592 | 2,859,276 | ||||||||||||||
Total securities | 395,067 | 344,935 | 373,901 | 364,967 | 382,884 | ||||||||||||||
Total deposits | 2,934,255 | 2,836,280 | 2,739,119 | 2,783,143 | 2,754,818 | ||||||||||||||
Total shareholders' equity | 375,388 | 370,527 | 359,167 | 353,879 | 346,279 | ||||||||||||||
Net interest income | 26,255 | 25,997 | 26,028 | 25,702 | 26,263 | ||||||||||||||
Provision for loan losses | 750 | 200 | 100 | — | 500 | ||||||||||||||
Noninterest income | 15,146 | 13,913 | 15,261 | 14,020 | 13,706 | ||||||||||||||
Noninterest expense | 24,561 | 24,538 | 24,299 | 23,531 | 23,060 | ||||||||||||||
Income tax expense | 5,346 | 4,964 | 5,387 | 5,181 | 5,218 | ||||||||||||||
Net income | 10,744 | 10,208 | 11,503 | 11,010 | 11,191 | ||||||||||||||
Share Data: | |||||||||||||||||||
Basic earnings per common share | $0.63 | $0.60 | $0.68 | $0.65 | $0.67 | ||||||||||||||
Diluted earnings per common share | $0.62 | $0.60 | $0.68 | $0.65 | $0.66 | ||||||||||||||
Dividends declared per share | $0.34 | $0.34 | $0.34 | $0.34 | $0.32 | ||||||||||||||
Book value per share | $22.06 | $21.82 | $21.34 | $21.10 | $20.68 | ||||||||||||||
Tangible book value per share - Non-GAAP (1) | $17.62 | $17.36 | $17.61 | $17.35 | $16.92 | ||||||||||||||
Market value per share | $39.52 | $38.45 | $39.48 | $38.19 | $40.18 | ||||||||||||||
Shares outstanding at end of period | 17,020 | 16,985 | 16,834 | 16,773 | 16,746 | ||||||||||||||
Weighted average common shares outstanding - basic | 17,004 | 16,939 | 16,811 | 16,759 | 16,735 | ||||||||||||||
Weighted average common shares outstanding - diluted | 17,167 | 17,102 | 16,989 | 16,939 | 16,911 | ||||||||||||||
Key Ratios: | |||||||||||||||||||
Return on average assets | 1.16 | % | 1.11 | % | 1.27 | % | 1.23 | % | 1.27 | % | |||||||||
Return on average tangible assets - Non-GAAP (1) | 1.19 | % | 1.13 | % | 1.29 | % | 1.25 | % | 1.29 | % | |||||||||
Return on average equity | 11.52 | % | 11.13 | % | 12.88 | % | 12.54 | % | 12.68 | % | |||||||||
Return on average tangible equity - Non-GAAP (1) | 14.45 | % | 13.82 | % | 15.62 | % | 15.27 | % | 15.44 | % | |||||||||
Tier 1 risk-based capital | 11.64% (i) | 11.83 | % | 11.79 | % | 11.78 | % | 11.52 | % | ||||||||||
Total risk-based capital | 12.58% (i) | 12.80 | % | 12.78 | % | 12.80 | % | 12.56 | % | ||||||||||
Tier 1 leverage ratio | 9.37% (i) | 9.26 | % | 9.31 | % | 9.21 | % | 9.14 | % | ||||||||||
Tier 1 common equity (2) | 10.89% (i) | 11.05 | % | 11.00 | % | 10.98 | % | N/A | |||||||||||
Equity to assets | 9.95 | % | 10.08 | % | 9.86 | % | 9.82 | % | 9.65 | % | |||||||||
Tangible equity to tangible assets - Non-GAAP (1) | 8.11 | % | 8.18 | % | 8.28 | % | 8.22 | % | 8.04 | % | |||||||||
(i) - estimated | |||||||||||||||||||
Wealth Management Revenues: | |||||||||||||||||||
Trust and investment management fees | $8,001 | $7,768 | $7,238 | $7,142 | $7,059 | ||||||||||||||
Mutual fund fees | 952 | 989 | 1,032 | 1,036 | 1,068 | ||||||||||||||
Asset-based revenues | 8,953 | 8,757 | 8,270 | 8,178 | 8,127 | ||||||||||||||
Transaction-based revenues | 214 | 145 | 642 | 257 | 282 | ||||||||||||||
Total wealth management revenues | $9,167 | $8,902 | $8,912 | $8,435 | $8,409 | ||||||||||||||
Wealth Management Assets Under Administration: | |||||||||||||||||||
Balance at beginning of period | $5,714,201 | $5,211,548 | $5,159,663 | $5,069,966 | $4,983,464 | ||||||||||||||
Acquisition of Halsey Associates, Inc. (Aug. 1, 2015) | — | 839,994 | — | — | — | ||||||||||||||
Net investment appreciation (depreciation) & income | 153,953 | (316,121 | ) | (13,932 | ) | 80,872 | 111,715 | ||||||||||||
Net client cash flows | (23,518 | ) | (21,220 | ) | 65,817 | 8,825 | (25,213 | ) | |||||||||||
Balance at end of period | $5,844,636 | $5,714,201 | $5,211,548 | $5,159,663 | $5,069,966 |
(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) | |||||||
Twelve Months Ended | |||||||
(Dollars in thousands) | Dec 31, 2015 | Dec 31, 2014 | |||||
Key Ratios: | |||||||
Return on average assets | 1.19 | % | 1.23 | % | |||
Return on average tangible assets - Non-GAAP (1) | 1.21 | % | 1.25 | % | |||
Return on average equity | 12.00 | % | 11.87 | % | |||
Return on average tangible equity - Non-GAAP (1) | 14.79 | % | 14.55 | % | |||
Allowance for Loan Losses: | |||||||
Balance at beginning of period | $28,023 | $27,886 | |||||
Provision charged to earnings | 1,050 | 1,850 | |||||
Charge-offs | (2,305 | ) | (1,949 | ) | |||
Recoveries | 301 | 236 | |||||
Balance at end of period | $27,069 | $28,023 | |||||
Net Loan Charge-Offs (Recoveries): | |||||||
Commercial mortgages | $717 | $953 | |||||
Commercial & industrial | 584 | 472 | |||||
Residential real estate mortgages | 179 | 81 | |||||
Consumer | 524 | 207 | |||||
Total | $2,004 | $1,713 | |||||
Net charge-offs to average loans (annualized) | 0.07 | % | 0.07 | % | |||
Wealth Management Revenues: | |||||||
Trust and investment management fees | $30,149 | $27,554 | |||||
Mutual fund fees | 4,009 | 4,335 | |||||
Asset-based revenues | 34,158 | 31,889 | |||||
Transaction-based revenues | 1,258 | 1,489 | |||||
Total wealth management revenues | $35,416 | $33,378 | |||||
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 | (95,228 | ) | 258,120 | ||||
Net client cash flows | 29,904 | 29,888 | |||||
Balance at end of period | $5,844,636 | $5,069,966 |
(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, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | ||||||||||
Average Yield / Rate (taxable equivalent basis): | ||||||||||||||
Assets: | ||||||||||||||
Commercial loans | 3.82 | % | 3.91 | % | 4.06 | % | 4.02 | % | 4.23 | % | ||||
Residential real estate loans, including mortgage loans held for sale | 3.91 | % | 3.90 | % | 3.95 | % | 4.06 | % | 4.06 | % | ||||
Consumer loans | 3.74 | % | 3.79 | % | 3.77 | % | 3.82 | % | 3.79 | % | ||||
Total loans | 3.84 | % | 3.89 | % | 3.99 | % | 4.01 | % | 4.12 | % | ||||
Cash, federal funds sold and other short-term investments | 0.20 | % | 0.21 | % | 0.18 | % | 0.20 | % | 0.18 | % | ||||
FHLBB stock | 5.14 | % | 3.25 | % | 1.74 | % | 1.77 | % | 1.48 | % | ||||
Taxable debt securities | 2.63 | % | 2.73 | % | 2.72 | % | 2.84 | % | 2.83 | % | ||||
Nontaxable debt securities | 6.10 | % | 5.95 | % | 6.15 | % | 6.03 | % | 5.87 | % | ||||
Total securities | 2.96 | % | 3.08 | % | 3.11 | % | 3.23 | % | 3.22 | % | ||||
Total interest-earning assets | 3.68 | % | 3.70 | % | 3.80 | % | 3.84 | % | 3.91 | % | ||||
Liabilities: | ||||||||||||||
Interest-bearing demand deposits | 0.10 | % | 0.07 | % | 0.03 | % | 0.09 | % | — | % | ||||
NOW accounts | 0.06 | % | 0.06 | % | 0.06 | % | 0.06 | % | 0.06 | % | ||||
Money market accounts | 0.33 | % | 0.46 | % | 0.46 | % | 0.45 | % | 0.43 | % | ||||
Savings accounts | 0.06 | % | 0.07 | % | 0.07 | % | 0.06 | % | 0.06 | % | ||||
Time deposits (in-market) | 0.99 | % | 0.98 | % | 1.00 | % | 1.05 | % | 1.14 | % | ||||
Wholesale brokered time deposits | 1.35 | % | 1.29 | % | 1.28 | % | 1.29 | % | 1.23 | % | ||||
FHLBB advances | 2.09 | % | 1.85 | % | 1.94 | % | 1.91 | % | 2.28 | % | ||||
Junior subordinated debentures | 2.75 | % | 4.06 | % | 4.26 | % | 4.31 | % | 4.22 | % | ||||
Other | 8.62 | % | 7.63 | % | 6.92 | % | 9.51 | % | 8.50 | % | ||||
Total interest-bearing liabilities | 0.74 | % | 0.79 | % | 0.79 | % | 0.82 | % | 0.84 | % | ||||
Interest rate spread (taxable equivalent basis) | 2.94 | % | 2.91 | % | 3.01 | % | 3.02 | % | 3.07 | % | ||||
Net interest margin (taxable equivalent basis) | 3.08 | % | 3.07 | % | 3.15 | % | 3.18 | % | 3.23 | % |
At December 31, 2015 | ||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
(Dollars in thousands) | Cost | Gains | Losses | Value | ||||||||||||
Securities Available for Sale: | ||||||||||||||||
Obligations of U.S. government-sponsored enterprises | $77,330 | $73 | ($388 | ) | $77,015 | |||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 228,908 | 6,398 | (450 | ) | 234,856 | |||||||||||
Obligations of states and political subdivisions | 35,353 | 727 | — | 36,080 | ||||||||||||
Individual name issuer trust preferred debt securities | 29,815 | — | (4,677 | ) | 25,138 | |||||||||||
Corporate bonds | 1,970 | 5 | (20 | ) | 1,955 | |||||||||||
Total securities available for sale | 373,376 | 7,203 | (5,535 | ) | 375,044 | |||||||||||
Held to Maturity: | ||||||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 20,023 | 493 | — | 20,516 | ||||||||||||
Total securities held to maturity | 20,023 | 493 | — | 20,516 | ||||||||||||
Total securities | $393,399 | $7,696 | ($5,535 | ) | $395,560 |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | ||||||||||||||||||||
Period End Balances At | ||||||||||||||||||||
(Dollars in thousands) | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | |||||||||||||||
Loans: | ||||||||||||||||||||
Commercial: | Mortgages | $931,953 | $873,767 | $876,589 | $865,042 | $843,978 | ||||||||||||||
Construction & development | 122,297 | 121,857 | 110,989 | 89,851 | 79,592 | |||||||||||||||
Commercial & industrial | 600,297 | 584,230 | 595,959 | 604,630 | 611,918 | |||||||||||||||
Total commercial | 1,654,547 | 1,579,854 | 1,583,537 | 1,559,523 | 1,535,488 | |||||||||||||||
Residential real estate: | Mortgages | 984,437 | 994,808 | 971,705 | 954,905 | 948,731 | ||||||||||||||
Homeowner construction | 29,118 | 29,406 | 29,558 | 32,659 | 36,684 | |||||||||||||||
Total residential real estate | 1,013,555 | 1,024,214 | 1,001,263 | 987,564 | 985,415 | |||||||||||||||
Consumer: | Home equity lines | 255,565 | 252,862 | 249,845 | 239,537 | 242,480 | ||||||||||||||
Home equity loans | 46,649 | 47,610 | 47,437 | 46,727 | 46,967 | |||||||||||||||
Other | 42,811 | 45,378 | 46,502 | 47,241 | 48,926 | |||||||||||||||
Total consumer | 345,025 | 345,850 | 343,784 | 333,505 | 338,373 | |||||||||||||||
Total loans | $3,013,127 | $2,949,918 | $2,928,584 | $2,880,592 | $2,859,276 |
At December 31, 2015 | ||||||
(Dollars in thousands) | Balance | % of Total | ||||
Commercial Real Estate Loans by Property Location: | ||||||
Rhode Island, Connecticut, Massachusetts | $959,883 | 91.0 | % | |||
New York, New Jersey, Pennsylvania | 80,989 | 7.7 | % | |||
New Hampshire | 13,377 | 1.3 | % | |||
Total commercial real estate loans (1) | $1,054,249 | 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, 2015 | ||||||
(Dollars in thousands) | Balance | % of Total | ||||
Residential Mortgages by Property Location: | ||||||
Rhode Island, Connecticut, Massachusetts | $995,743 | 98.2 | % | |||
New Hampshire | 10,186 | 1.0 | % | |||
New York, Virginia, New Jersey, Maryland, Pennsylvania | 4,163 | 0.4 | % | |||
Ohio | 1,557 | 0.2 | % | |||
Other | 1,906 | 0.2 | % | |||
Total residential mortgages | $1,013,555 | 100.0 | % |
Period End Balances At | ||||||||||||||||||||
(Dollars in thousands) | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | |||||||||||||||
Deposits: | ||||||||||||||||||||
Demand deposits | $537,298 | $513,856 | $457,755 | $477,046 | $459,852 | |||||||||||||||
NOW accounts | 412,602 | 358,973 | 357,922 | 333,321 | 326,375 | |||||||||||||||
Money market accounts | 823,490 | 855,858 | 789,334 | 821,353 | 802,764 | |||||||||||||||
Savings accounts | 326,967 | 305,775 | 300,108 | 298,802 | 291,725 | |||||||||||||||
Time deposits | 833,898 | 801,818 | 834,000 | 852,621 | 874,102 | |||||||||||||||
Total deposits | $2,934,255 | $2,836,280 | $2,739,119 | $2,783,143 | $2,754,818 | |||||||||||||||
Out-of-market brokered certificates of deposits included in time deposits | $302,479 | $267,552 | $284,590 | $290,863 | $299,129 | |||||||||||||||
In-market deposits, excluding out-of-market brokered certificates of deposit | $2,631,776 | $2,568,728 | $2,454,529 | $2,492,280 | $2,455,689 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | |||||||||||||||||||
Period End Balances At | |||||||||||||||||||
(Dollars in thousands) | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | ||||||||||||||
Asset Quality Ratios: | |||||||||||||||||||
Total past due loans to total loans | 0.58 | % | 0.74 | % | 0.82 | % | 0.66 | % | 0.63 | % | |||||||||
Nonperforming assets to total assets | 0.58 | % | 0.48 | % | 0.45 | % | 0.48 | % | 0.48 | % | |||||||||
Nonaccrual loans to total loans | 0.70 | % | 0.57 | % | 0.52 | % | 0.55 | % | 0.56 | % | |||||||||
Allowance for loan losses to nonaccrual loans | 128.61 | % | 161.25 | % | 182.32 | % | 175.29 | % | 175.75 | % | |||||||||
Allowance for loan losses to total loans | 0.90 | % | 0.92 | % | 0.94 | % | 0.97 | % | 0.98 | % | |||||||||
Nonperforming Assets: | |||||||||||||||||||
Commercial mortgages | $5,711 | $4,915 | $4,915 | $5,115 | $5,315 | ||||||||||||||
Commercial construction & development | — | — | — | — | — | ||||||||||||||
Commercial & industrial | 3,018 | 1,137 | 1,039 | 2,193 | 1,969 | ||||||||||||||
Residential real estate mortgages | 10,666 | 9,472 | 7,411 | 6,956 | 7,124 | ||||||||||||||
Consumer | 1,652 | 1,320 | 1,766 | 1,601 | 1,537 | ||||||||||||||
Total nonaccrual loans | 21,047 | 16,844 | 15,131 | 15,865 | 15,945 | ||||||||||||||
Nonaccrual investment securities | — | — | — | — | — | ||||||||||||||
Property acquired through foreclosure or repossession | 716 | 955 | 1,388 | 1,398 | 1,176 | ||||||||||||||
Total nonperforming assets | $21,763 | $17,799 | $16,519 | $17,263 | $17,121 | ||||||||||||||
Troubled Debt Restructured Loans: | |||||||||||||||||||
Accruing troubled debt restructured loans: | |||||||||||||||||||
Commercial mortgages | $9,430 | $10,637 | $9,448 | $9,448 | $9,676 | ||||||||||||||
Commercial & industrial | 853 | 2,069 | 2,209 | 881 | 954 | ||||||||||||||
Residential real estate mortgages | 669 | 674 | 679 | 684 | 1,252 | ||||||||||||||
Consumer | 228 | 232 | 201 | 134 | 135 | ||||||||||||||
Accruing troubled debt restructured loans | 11,180 | 13,612 | 12,537 | 11,147 | 12,017 | ||||||||||||||
Nonaccrual troubled debt restructured loans: | |||||||||||||||||||
Commercial mortgages | 5,296 | 4,498 | 4,498 | 4,698 | 4,898 | ||||||||||||||
Commercial & industrial | 1,371 | 380 | 381 | 1,442 | 1,193 | ||||||||||||||
Residential real estate mortgages | 596 | 613 | 92 | 338 | 248 | ||||||||||||||
Consumer | — | — | 33 | 34 | — | ||||||||||||||
Nonaccrual troubled debt restructured loans | 7,263 | 5,491 | 5,004 | 6,512 | 6,339 | ||||||||||||||
Total troubled debt restructured loans | $18,443 | $19,103 | $17,541 | $17,659 | $18,356 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | |||||||||||||||||||
Period End Balances At | |||||||||||||||||||
(Dollars in thousands) | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | ||||||||||||||
Past Due Loans: | |||||||||||||||||||
Loans 30-59 Days Past Due: | |||||||||||||||||||
Commercial mortgages | $51 | $147 | $14 | $497 | $— | ||||||||||||||
Commercial & industrial | 405 | 162 | 2,581 | 229 | 2,136 | ||||||||||||||
Residential real estate mortgages | 3,028 | 3,610 | 5,120 | 4,470 | 2,943 | ||||||||||||||
Consumer loans | 1,653 | 899 | 1,634 | 1,512 | 954 | ||||||||||||||
Loans 30-59 days past due | $5,137 | $4,818 | $9,349 | $6,708 | $6,033 | ||||||||||||||
Loans 60-89 Days Past Due: | |||||||||||||||||||
Commercial mortgages | $— | $— | $— | $61 | $— | ||||||||||||||
Commercial & industrial | 9 | 3,455 | 2,299 | 229 | 1,202 | ||||||||||||||
Residential real estate mortgages | 2,964 | 2,458 | 913 | 1,352 | 821 | ||||||||||||||
Consumer loans | 863 | 338 | 397 | 565 | 345 | ||||||||||||||
Loans 60-89 days past due | $3,836 | $6,251 | $3,609 | $2,207 | $2,368 | ||||||||||||||
Loans 90 Days or More Past Due: | |||||||||||||||||||
Commercial mortgages | $4,504 | $4,915 | $4,915 | $5,115 | $5,315 | ||||||||||||||
Commercial & industrial | 48 | 720 | 638 | 721 | 181 | ||||||||||||||
Residential real estate mortgages | 3,294 | 4,499 | 4,871 | 3,607 | 3,284 | ||||||||||||||
Consumer loans | 740 | 608 | 647 | 723 | 897 | ||||||||||||||
Loans 90 days or more past due | $8,586 | $10,742 | $11,071 | $10,166 | $9,677 | ||||||||||||||
Total Past Due Loans: | |||||||||||||||||||
Commercial mortgages | $4,555 | $5,062 | $4,929 | $5,673 | $5,315 | ||||||||||||||
Commercial & industrial | 462 | 4,337 | 5,518 | 1,179 | 3,519 | ||||||||||||||
Residential real estate mortgages | 9,286 | 10,567 | 10,904 | 9,429 | 7,048 | ||||||||||||||
Consumer loans | 3,256 | 1,845 | 2,678 | 2,800 | 2,196 | ||||||||||||||
Total past due loans | $17,559 | $21,811 | $24,029 | $19,081 | $18,078 | ||||||||||||||
Accruing loans 90 days or more past due | $— | $— | $— | $— | $— | ||||||||||||||
Nonaccrual loans included in past due loans | $13,635 | $13,964 | $12,397 | $12,314 | $12,721 |
For the Quarters Ended | |||||||||||||||||||
(Dollars in thousands) | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | ||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||
Balance at beginning of period | $27,161 | $27,587 | $27,810 | $28,023 | $27,768 | ||||||||||||||
Provision charged to earnings | 750 | 200 | 100 | — | 500 | ||||||||||||||
Charge-offs | (904 | ) | (725 | ) | (355 | ) | (321 | ) | (311 | ) | |||||||||
Recoveries | 62 | 99 | 32 | 108 | 66 | ||||||||||||||
Balance at end of period | $27,069 | $27,161 | $27,587 | $27,810 | $28,023 | ||||||||||||||
Net Loan Charge-Offs (Recoveries): | |||||||||||||||||||
Commercial mortgages | $405 | ($4 | ) | $196 | $120 | ($5 | ) | ||||||||||||
Commercial & industrial | 217 | 348 | 26 | (7 | ) | 144 | |||||||||||||
Residential real estate mortgages | 117 | 12 | 4 | 46 | 45 | ||||||||||||||
Consumer | 103 | 270 | 97 | 54 | 61 | ||||||||||||||
Total | $842 | $626 | $323 | $213 | $245 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited) | |||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||
December 31, 2015 | September 30, 2015 | December 31, 2014 | |||||||||||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||
Commercial loans | $1,601,794 | $15,411 | 3.82 | % | $1,571,645 | $15,475 | 3.91 | % | $1,470,360 | $15,688 | 4.23 | % | |||||||||||||||
Residential real estate loans, including loans held for sale | 1,049,007 | 10,338 | 3.91 | % | 1,050,949 | 10,329 | 3.90 | % | 1,009,382 | 10,329 | 4.06 | % | |||||||||||||||
Consumer loans | 344,690 | 3,251 | 3.74 | % | 343,603 | 3,283 | 3.79 | % | 338,050 | 3,231 | 3.79 | % | |||||||||||||||
Total loans | 2,995,491 | 29,000 | 3.84 | % | 2,966,197 | 29,087 | 3.89 | % | 2,817,792 | 29,248 | 4.12 | % | |||||||||||||||
Cash, federal funds sold and short-term investments | 72,031 | 37 | 0.20 | % | 89,280 | 47 | 0.21 | % | 63,736 | 29 | 0.18 | % | |||||||||||||||
FHLBB stock | 24,316 | 315 | 5.14 | % | 37,730 | 309 | 3.25 | % | 37,730 | 141 | 1.48 | % | |||||||||||||||
Taxable debt securities | 341,130 | 2,262 | 2.63 | % | 316,214 | 2,178 | 2.73 | % | 336,661 | 2,399 | 2.83 | % | |||||||||||||||
Nontaxable debt securities | 35,799 | 550 | 6.10 | % | 37,780 | 567 | 5.95 | % | 50,505 | 747 | 5.87 | % | |||||||||||||||
Total securities | 376,929 | 2,812 | 2.96 | % | 353,994 | 2,745 | 3.08 | % | 387,166 | 3,146 | 3.22 | % | |||||||||||||||
Total interest-earning assets | 3,468,767 | 32,164 | 3.68 | % | 3,447,201 | 32,188 | 3.70 | % | 3,306,424 | 32,564 | 3.91 | % | |||||||||||||||
Noninterest-earning assets | 231,674 | 231,286 | 215,079 | ||||||||||||||||||||||||
Total assets | $3,700,441 | $3,678,487 | $3,521,503 | ||||||||||||||||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||||||||||||
Interest-bearing demand deposits | $42,324 | $11 | 0.10 | % | $30,392 | $5 | 0.07 | % | $19,163 | $— | — | % | |||||||||||||||
NOW accounts | 376,185 | 56 | 0.06 | % | 357,128 | 53 | 0.06 | % | 320,313 | 49 | 0.06 | % | |||||||||||||||
Money market accounts | 856,405 | 707 | 0.33 | % | 820,597 | 951 | 0.46 | % | 829,472 | 903 | 0.43 | % | |||||||||||||||
Savings accounts | 310,608 | 47 | 0.06 | % | 303,587 | 52 | 0.07 | % | 291,683 | 45 | 0.06 | % | |||||||||||||||
Time deposits (in-market) | 533,224 | 1,333 | 0.99 | % | 541,486 | 1,338 | 0.98 | % | 602,005 | 1,735 | 1.14 | % | |||||||||||||||
Wholesale brokered time deposits | 277,681 | 943 | 1.35 | % | 279,839 | 909 | 1.29 | % | 257,415 | 799 | 1.23 | % | |||||||||||||||
FHLBB advances | 373,652 | 1,966 | 2.09 | % | 425,931 | 1,987 | 1.85 | % | 325,518 | 1,867 | 2.28 | % | |||||||||||||||
Junior subordinated debentures | 22,681 | 157 | 2.75 | % | 22,681 | 232 | 4.06 | % | 22,681 | 241 | 4.22 | % | |||||||||||||||
Other | 92 | 2 | 8.62 | % | 104 | 2 | 7.63 | % | 140 | 3 | 8.50 | % | |||||||||||||||
Total interest-bearing liabilities | 2,792,852 | 5,222 | 0.74 | % | 2,781,745 | 5,529 | 0.79 | % | 2,668,390 | 5,642 | 0.84 | % | |||||||||||||||
Demand deposits | 475,215 | 477,393 | 458,782 | ||||||||||||||||||||||||
Other liabilities | 59,177 | 52,625 | 41,415 | ||||||||||||||||||||||||
Shareholders' equity | 373,197 | 366,724 | 352,916 | ||||||||||||||||||||||||
Total liabilities and shareholders' equity | $3,700,441 | $3,678,487 | $3,521,503 | ||||||||||||||||||||||||
Net interest income (FTE) | $26,942 | $26,659 | $26,922 | ||||||||||||||||||||||||
Interest rate spread | 2.94 | % | 2.91 | % | 3.07 | % | |||||||||||||||||||||
Net interest margin | 3.08 | % | 3.07 | % | 3.23 | % |
(Dollars in thousands) | Three Months Ended | ||||||||||
Dec 31, 2015 | Sep 30, 2015 | Dec 31, 2014 | |||||||||
Commercial loans | $489 | $461 | $403 | ||||||||
Nontaxable debt securities | 198 | 201 | 256 | ||||||||
Total | $687 | $662 | $659 |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited) | ||||||||||||||||||
Twelve Months Ended | ||||||||||||||||||
December 31, 2015 | December 31, 2014 | |||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Assets: | ||||||||||||||||||
Commercial loans | $1,573,238 | $62,128 | 3.95 | % | $1,382,036 | $59,421 | 4.30 | % | ||||||||||
Residential real estate loans, including loans held for sale | 1,038,836 | 41,083 | 3.95 | % | 904,556 | 37,033 | 4.09 | % | ||||||||||
Consumer loans | 340,889 | 12,885 | 3.78 | % | 334,368 | 12,758 | 3.82 | % | ||||||||||
Total loans | 2,952,963 | 116,096 | 3.93 | % | 2,620,960 | 109,212 | 4.17 | % | ||||||||||
Cash, federal funds sold and short-term investments | 69,169 | 138 | 0.20 | % | 65,045 | 128 | 0.20 | % | ||||||||||
FHLBB stock | 34,349 | 953 | 2.77 | % | 37,730 | 561 | 1.49 | % | ||||||||||
Taxable debt securities | 325,166 | 8,875 | 2.73 | % | 331,514 | 10,437 | 3.15 | % | ||||||||||
Nontaxable debt securities | 39,751 | 2,408 | 6.06 | % | 55,283 | 3,267 | 5.91 | % | ||||||||||
Total securities | 364,917 | 11,283 | 3.09 | % | 386,797 | 13,704 | 3.54 | % | ||||||||||
Total interest-earning assets | 3,421,398 | 128,470 | 3.75 | % | 3,110,532 | 123,605 | 3.97 | % | ||||||||||
Noninterest-earning assets | 226,623 | 210,746 | ||||||||||||||||
Total assets | $3,648,021 | $3,321,278 | ||||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||||
Interest-bearing demand deposits | $37,168 | $27 | 0.07 | % | $12,988 | $— | — | % | ||||||||||
NOW accounts | 356,713 | 209 | 0.06 | % | 311,927 | 190 | 0.06 | % | ||||||||||
Money market accounts | 824,625 | 3,482 | 0.42 | % | 768,626 | 3,054 | 0.40 | % | ||||||||||
Savings accounts | 301,652 | 196 | 0.06 | % | 291,880 | 182 | 0.06 | % | ||||||||||
Time deposits (in-market) | 549,039 | 5,531 | 1.01 | % | 637,279 | 7,380 | 1.16 | % | ||||||||||
Wholesale brokered time deposits | 284,448 | 3,697 | 1.30 | % | 187,325 | 2,131 | 1.14 | % | ||||||||||
FHLBB advances | 398,866 | 7,746 | 1.94 | % | 274,879 | 7,698 | 2.80 | % | ||||||||||
Junior subordinated debentures | 22,681 | 871 | 3.84 | % | 22,681 | 964 | 4.25 | % | ||||||||||
Other | 110 | 9 | 8.18 | % | 157 | 13 | 8.28 | % | ||||||||||
Total interest-bearing liabilities | 2,775,302 | 21,768 | 0.78 | % | 2,507,742 | 21,612 | 0.86 | % | ||||||||||
Demand deposits | 458,369 | 432,857 | ||||||||||||||||
Other liabilities | 52,152 | 36,868 | ||||||||||||||||
Shareholders' equity | 362,198 | 343,811 | ||||||||||||||||
Total liabilities and shareholders' equity | $3,648,021 | $3,321,278 | ||||||||||||||||
Net interest income (FTE) | $106,702 | $101,993 | ||||||||||||||||
Interest rate spread | 2.97 | % | 3.11 | % | ||||||||||||||
Net interest margin | 3.12 | % | 3.28 | % |
(Dollars in thousands) | Twelve Months Ended | ||||||
Dec 31, 2015 | Dec 31, 2014 | ||||||
Commercial loans | $1,867 | $1,370 | |||||
Nontaxable debt securities | 853 | 1,118 | |||||
Total | $2,720 | $2,488 |
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, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | ||||||||||||||
Calculation of Tangible Book Value per Share: | |||||||||||||||||||
Total shareholders' equity at end of period | $375,388 | $370,527 | $359,167 | $353,879 | $346,279 | ||||||||||||||
Less: | |||||||||||||||||||
Goodwill | 64,059 | 64,196 | 58,114 | 58,114 | 58,114 | ||||||||||||||
Identifiable intangible assets, net | 11,460 | 11,793 | 4,539 | 4,694 | 4,849 | ||||||||||||||
Total tangible shareholders' equity at end of period | $299,869 | $294,538 | $296,514 | $291,071 | $283,316 | ||||||||||||||
Shares outstanding at end of period | 17,020 | 16,985 | 16,834 | 16,773 | 16,746 | ||||||||||||||
Book value per share - GAAP | $22.06 | $21.82 | $21.34 | $21.10 | $20.68 | ||||||||||||||
Tangible book value per share - Non-GAAP | $17.62 | $17.34 | $17.61 | $17.35 | $16.92 | ||||||||||||||
Calculation of Tangible Equity to Tangible Assets: | |||||||||||||||||||
Total tangible shareholders' equity at end of period | $299,869 | $294,538 | $296,514 | $291,071 | $283,316 | ||||||||||||||
Total assets at end of period | $3,771,604 | $3,674,836 | $3,644,477 | $3,602,514 | $3,586,874 | ||||||||||||||
Less: | |||||||||||||||||||
Goodwill | 64,059 | 64,196 | 58,114 | 58,114 | 58,114 | ||||||||||||||
Identifiable intangible assets, net | 11,460 | 11,793 | 4,539 | 4,694 | 4,849 | ||||||||||||||
Total tangible assets at end of period | $3,696,085 | $3,598,847 | $3,581,824 | $3,539,706 | $3,523,911 | ||||||||||||||
Equity to assets - GAAP | 9.95 | % | 10.08 | % | 9.86 | % | 9.82 | % | 9.65 | % | |||||||||
Tangible equity to tangible assets - Non-GAAP | 8.11 | % | 8.18 | % | 8.28 | % | 8.22 | % | 8.04 | % | |||||||||
Calculation of Return on Average Tangible Assets: | |||||||||||||||||||
Net income | $10,744 | $10,208 | $11,503 | $11,010 | $11,191 | ||||||||||||||
Total average assets | $3,700,441 | $3,678,487 | $3,622,715 | $3,588,881 | $3,521,503 | ||||||||||||||
Less: | |||||||||||||||||||
Average goodwill | 64,194 | 62,524 | 58,114 | 58,114 | 58,114 | ||||||||||||||
Average identifiable intangible assets, net | 11,616 | 8,768 | 4,614 | 4,770 | 4,924 | ||||||||||||||
Total average tangible assets | $3,624,631 | $3,607,195 | $3,559,987 | $3,525,997 | $3,458,465 | ||||||||||||||
Return on average assets - GAAP | 1.16 | % | 1.11 | % | 1.27 | % | 1.23 | % | 1.27 | % | |||||||||
Return on average tangible assets - Non-GAAP | 1.19 | % | 1.13 | % | 1.29 | % | 1.25 | % | 1.29 | % | |||||||||
Calculation of Return on Average Tangible Equity: | |||||||||||||||||||
Net income | $10,744 | $10,208 | $11,503 | $11,010 | $11,191 | ||||||||||||||
Total average shareholders' equity | $373,197 | $366,724 | $357,365 | $351,215 | $352,916 | ||||||||||||||
Less: | |||||||||||||||||||
Average goodwill | 64,194 | 62,524 | 58,114 | 58,114 | 58,114 | ||||||||||||||
Average identifiable intangible assets, net | 11,616 | 8,768 | 4,614 | 4,770 | 4,924 | ||||||||||||||
Total average tangible shareholders' equity | $297,387 | $295,432 | $294,637 | $288,331 | $289,878 | ||||||||||||||
Return on average shareholders' equity - GAAP | 11.52 | % | 11.13 | % | 12.88 | % | 12.54 | % | 12.68 | % | |||||||||
Return on average tangible shareholders' equity - Non-GAAP | 14.45 | % | 13.82 | % | 15.62 | % | 15.27 | % | 15.44 | % |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||
SUPPLEMENTAL INFORMATION - Non-GAAP Financial Measures (unaudited) | |||||||
Twelve Months Ended | |||||||
(Dollars in thousands) | Dec 31, 2015 | Dec 31, 2014 | |||||
Calculation of Return on Average Tangible Assets: | |||||||
Net income | $43,465 | $40,824 | |||||
Total average assets | $3,648,021 | $3,321,278 | |||||
Less: | |||||||
Average goodwill | 60,657 | 58,114 | |||||
Average identifiable intangible assets, net | 7,625 | 5,164 | |||||
Total average tangible assets | $3,579,739 | $3,258,000 | |||||
Return on average assets - GAAP | 1.19 | % | 1.23 | % | |||
Return on average tangible assets - Non-GAAP | 1.21 | % | 1.25 | % | |||
Calculation of Return on Average Tangible Equity: | |||||||
Net income | $43,465 | $40,824 | |||||
Total average shareholders' equity | $362,198 | $343,811 | |||||
Less: | |||||||
Average goodwill | 60,657 | 58,114 | |||||
Average identifiable intangible assets, net | 7,625 | 5,164 | |||||
Total average tangible shareholders' equity | $293,916 | $280,533 | |||||
Return on average shareholders' equity - GAAP | 12.00 | % | 11.87 | % | |||
Return on average tangible shareholders' equity - Non-GAAP | 14.79 | % | 14.55 | % |
A0=:G[2K4CS24FU&.UDN5Q=^C;;7;R]+*
M75Y<>)/A1
MV9N:]K\G
MB#[-871N?L$WF>VC5;:]MYH4DD@
MN8A%$FU5",%1P8W1C-],?#[]I3XI?\(%H?\ PE7[/OQ&_P"$H_L^#^V/[)U'
MPU]@^V>6OG_9_,UGS/)\S=LW_-MQGG-3Q5F%+.*6'Q=&<>=1M.+:BT_FU=-W
MM;YVN5PIEU7)ZN)PE:$N1RO"23DFODG9I6O>WE>Q^3__ <[?\G[>$?^Q L_
M_3CJ5?9'['WA_4/#/_!MWJUMJ5C>:?<2?#GQ==I%