Acquisition

12 Months Ended

Dec. 31, 2015

Business Combinations [Abstract]

Acquisition

Acquisition

On August 1, 2015, Washington Trust completed the acquisition of Halsey Associates, Inc. (“Halsey”), a registered investment adviser firm located in New Haven, Connecticut.  Halsey specializes in providing investment counseling services to high-net-worth families, corporations, foundations and endowment clients. The primary reason for the acquisition was to expand the geographic reach of Washington Trust’s wealth management business.

The cost to acquire Halsey included $1.7 million in cash, $5.4 million in the form of 136,543 shares of Washington Trust Bancorp, Inc. common stock and a $2.9 million contingent consideration liability for the estimated present value of future earn-outs to be paid, based on the future revenue growth of the acquired business during the 5-year period following the acquisition. See Note 15 for additional disclosure on the contingent consideration liability.

The following table presents the estimated fair value of identifiable assets acquired and liabilities assumed as of the date of acquisition, August 1, 2015:

(Dollars in thousands)	Fair Value
Assets:
Cash		$10
Deferred tax assets	653
Goodwill	5,945
Identifiable intangible assets	7,515
Other assets	202
Total assets acquired		$14,325
Liabilities:
Contingent consideration liability		$2,904
Deferred tax liabilities	2,803
Other liabilities	1,507
Total liabilities assumed		$7,214
Net assets acquired		$7,111