0000737468-17-000041.txt : 20170424 0000737468-17-000041.hdr.sgml : 20170424 20170424075304 ACCESSION NUMBER: 0000737468-17-000041 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20170424 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20170424 DATE AS OF CHANGE: 20170424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WASHINGTON TRUST BANCORP INC CENTRAL INDEX KEY: 0000737468 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 050404671 STATE OF INCORPORATION: RI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32991 FILM NUMBER: 17777212 BUSINESS ADDRESS: STREET 1: 23 BROAD ST CITY: WESTERLY STATE: RI ZIP: 02891 BUSINESS PHONE: 4013481200 MAIL ADDRESS: STREET 1: 23 BROAD STREET CITY: WESTERLY STATE: RI ZIP: 02891 8-K 1 form8-k2017q1earningsrelease.htm 8-K Document


UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549
----------------------

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)
April 24, 2017

WASHINGTON TRUST BANCORP, INC.
-----------------------------
(Exact Name of Registrant as Specified in Charter)


Rhode Island
 
001-32991
 
05-0404671
--------------------
 
--------------------
 
---------------------
(State or Other Jurisdiction
 
(Commission
 
(IRS Employer
of Incorporation)
 
File Number)
 
Identification No.)


23 Broad Street, Westerly, Rhode Island 02891
------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: (401) 348-1200

Former name or address, if changed from last report: N/A


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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))





Item 2.02 Results of Operations and Financial Condition.

On April 24, 2017, Washington Trust Bancorp, Inc. issued a press release in which it disclosed unaudited financial information related to first quarter 2017 consolidated earnings. A copy of the press release relating to such announcement, dated April 24, 2017, is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Pursuant to General Instructions B.2 of Form 8-K, this information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

 
(d)
Exhibits.
 
 
 
 
 
 
 
 
 
Exhibit No.
 
Exhibit
 
 
 
 
 
 
 
99.1
 
Press release dated April 24, 2017*
 
 
 
 
 
 
 
 
 
 
 
 
*Filed herewith
 
 




SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.



 
 
 
WASHINGTON TRUST BANCORP, INC.
Date:
April 24, 2017
 
By:
/s/ David V. Devault
 
 
 
 
David V. Devault
 
 
 
 
Vice Chair, Secretary and Chief Financial Officer



 EX-99.1 2 exhibit9912017q1.htm EXHIBIT 99.1 Exhibit
Exhibit 99.1

bancorpflatbluehorizontala06.jpg
NASDAQ: WASH
Contact: Elizabeth B. Eckel
Senior Vice President, Marketing
Telephone: (401) 348-1309
E-mail: ebeckel@washtrust.com
Date: April 24, 2017
FOR IMMEDIATE RELEASE


Washington Trust Reports First Quarter 2017 Earnings
WESTERLY, R.I., April 24, 2017 (GLOBE NEWSWIRE)…Washington Trust Bancorp, Inc. (Nasdaq:WASH), parent company of The Washington Trust Company, today announced net income of $11.8 million, or $0.68 per diluted share, for the first quarter of 2017, compared to net income of $12.2 million, or $0.70 per diluted share, reported for the fourth quarter of 2016.

“Washington Trust posted solid first quarter results with very good contributions from our core business lines,” stated Joseph J. MarcAurele, Washington Trust Chairman and Chief Executive Officer.  “We continue to benefit from a solid level of business activity and production throughout our market area.”

Selected highlights for the first quarter of 2017 include:
•
Returns on average equity and average assets were 11.87% and 1.08%, respectively. Comparable amounts for the fourth quarter of 2016 were 12.26% and 1.14%, respectively.
•
Wealth management revenues amounted to $9.5 million for the first quarter of 2017, up by 2% on a linked quarter basis. Wealth management assets of $6.2 billion reached an all-time high for the Corporation at March 31, 2017.
•
Total loans amounted to $3.2 billion at March 31, 2017, down slightly from the preceding quarter and up by 6% from a year ago.
•
Deposit balances experienced good growth, rising by 2% in the quarter and have increased by 8% from a year ago.
•
In March, Washington Trust declared a quarterly dividend of 38 cents per share, a 1 cent per share increase over the preceding quarter; representing the seventh consecutive year of dividend increases.
Net Interest Income
Net interest income totaled $28.7 million for the first quarter of 2017, up modestly from the fourth quarter. Included in net interest income was loan prepayment fee income of $135 thousand for the first quarter, compared to $816 thousand in the fourth quarter. Excluding the impact of loan prepayment fee income in both periods, net interest income was up by $727 thousand, or 3%, on a linked quarter basis. The net interest margin was 2.87% for the first quarter of 2017, down by 37 basis points from the preceding quarter. Excluding the impact of the loan prepayment fee income in each period, the net interest margin was 2.86%, up by 5 basis points from the fourth quarter of 2016. Significant linked quarter changes included:



Washington Trust
Page 2, April 24, 2017


•
Average interest-earning assets increased by $112 million from the preceding quarter, due to an increase in the average balance of investment securities, which was largely due to portfolio purchases during the fourth quarter of 2016. The yield on interest-earning assets was 3.56%, up by 3 basis points from the preceding quarter. Excluding the impact of loan prepayment fee income in each period, the yield on interest-earning assets was 3.54% for the first quarter of 2017, compared to 3.45% in the preceding quarter, due in part to the increase in the Federal Reserve target interest rate in December 2016.
•
Average interest-bearing liabilities increased by $132 million from the fourth quarter, reflecting increases of $114 million in the average balance of wholesale funding balances (FHLBB advances and wholesale brokered time deposits). The cost of interest-bearing funds was 0.83%, up by 4 basis points from the preceding quarter.

Loans
Total loans amounted to $3.2 billion at March 31, 2017, down by $10 million from the balance at the end of the fourth quarter. Residential loan portfolio balances increased by $8 million, or 1%. The commercial loan portfolio decreased by $9 million, or 0.5%. Among the reasons for the decline were a lower line of credit utilization in the commercial and industrial portfolio and payoffs in the commercial real estate portfolio. The consumer loan portfolio decreased by $9 million, or 3%, largely due to a reduction in home equity line and home equity loan balances.

Investment Securities
The investment securities portfolio amounted to $769 million at March 31, 2017, up by $14 million, or 2%, from the balance at December 31, 2016. During the quarter, government agency mortgage-backed securities and agency debt securities totaling $40 million and with a weighted average rate of 2.40% were purchased. These purchases were partially offset by calls, maturities and routine principal pay-downs. Investment securities represented 18% of total assets as of March 31, 2017.

Deposits and Borrowings
Total deposits amounted to $3.1 billion at March 31, 2017, up by $52 million, or 2%, from the balance at December 31, 2016. Included in total deposits were wholesale brokered time deposit balances of $382 million, which decreased by $30 million from the balance at December 31, 2016. Excluding wholesale brokered time deposits, in-market deposits increased by $82 million, or 3%, in the quarter, reflecting growth in both new and existing depositor relationships.
FHLBB advances amounted to $799 million at March 31, 2017, down by $50 million from the balance at December 31, 2016.

Noninterest Income
Noninterest income totaled $14.5 million for the first quarter of 2017, down by $2.8 million from the preceding quarter. Significant linked quarter changes included:
•
Wealth management revenues totaled $9.5 million for the first quarter, up by $186 thousand, or 2%, on a linked quarter basis, driven by an increase of $193 thousand in asset-based revenues. Wealth management assets under administration amounted to $6.2 billion at March 31, 2017, up by $180 million on a linked quarter basis, reflecting financial market appreciation in the first quarter of 2017. Managed assets represented 93% of total wealth management assets at March 31, 2017.


Washington Trust
Page 3, April 24, 2017


•
Mortgage banking revenues totaled $2.3 million for the first quarter, down by $2.2 million, or 48%, from the very strong results in the fourth quarter of 2016. These results reflect a decrease in the volume of residential mortgage loans sold and a lower overall yield on sales in the secondary market. Residential mortgage loans sold to the secondary market amounted to $107 million in the first quarter, compared to $200 million in the preceding quarter.
•
Loan related derivative income amounted to $148 thousand in the first quarter, down by $764 thousand from the preceding quarter. The number of commercial borrower loan related derivative transactions occurring in the quarter were relatively modest compared to activity in recent quarters.

Noninterest Expenses
Noninterest expenses totaled $25.3 million for the first quarter of 2017, up by $313 thousand, or 1%, from the fourth quarter. Included in the first quarter was a $310 thousand reduction in noninterest expenses, resulting from a downward adjustment in the fair value of the contingent consideration liability recognized upon the completion of a 2015 acquisition. Excluding this adjustment, noninterest expenses were up by $623 thousand, or 2%, on a linked quarter basis, with the largest increase in salaries and benefit costs. Salaries and benefits cost increased by $267 thousand, or 2%, from the preceding quarter. This increase reflected an increase in payroll taxes associated with the start of the new calendar year and the impact of merit increases, net of a decline in commissions expense due to a decrease in mortgage banking activities.

Income tax expense amounted to $5.7 million for the first quarter of 2017, down by $152 thousand from the preceding quarter. The effective tax rate for the first quarter of 2017 was 32.7%, compared to 32.6% for the fourth quarter of 2016. During the first quarter of 2017, the Corporation recognized excess tax benefits on the settlement of share-based awards totaling $195 thousand, which were recorded as a reduction to income tax expense. Excluding the impact of the excess tax benefits recognized, the effective tax rate for the first quarter of 2017 was 33.8%. Effective January 1, 2017, Washington Trust adopted Accounting Standards Update No. 2016-09, "Improvements to Employee Share-Based Payment Accounting" ("ASU"). Under this ASU, excess tax benefits and tax deficiencies on the settlement of share-based awards are recognized as income tax benefit or expense in the period that they occur. Prior to 2017, excess tax benefits on the settlement of share-based awards were recognized as additional paid in capital in shareholders' equity and did not impact income tax expense or the effective tax rate. Average annual excess tax benefits recognized as additional paid in capital in the 3-year period from 2014 through 2016 amounted to approximately $760 thousand.

Asset Quality
Total past due loans amounted to $20.9 million, or 0.65% of total loans, at March 31, 2017, down from $24.4 million, or 0.76% of total loans, at December 31, 2016. Total nonaccrual loans amounted to $22.1 million, or 0.69% of total loans, at March 31, 2017, compared to $22.1 million, or 0.68% of total loans, at December 31, 2016.
Based on the assessment of loss exposure, including loan loss allocations commensurate with changes in the loan portfolio during the quarter, a loan loss provision totaling $400 thousand was charged to earnings in the first quarter of 2017. In the fourth quarter of 2016, a loan loss provision of $2.9 million was charged to earnings, a substantial portion of which was due to loss exposure recognized on one nonaccrual commercial real estate relationship. The allowance for loan losses was $26.4 million, or 0.82% of total loans, at March 31, 2017, compared to $26.0 million, or 0.80% of total loans, at December 31, 2016.



Washington Trust
Page 4, April 24, 2017


Capital and Dividends
Total shareholders' equity was $398 million at March 31, 2017, up by $7 million from December 31, 2016. Capital levels at March 31, 2017 exceeded the regulatory minimum levels to be considered well capitalized, with a total risk-based capital ratio of 12.38% at March 31, 2017, compared to 12.26% at December 31, 2016. Book value per share amounted to $23.14 at March 31, 2017, up from $22.76 at December 31, 2016.

The Board of Directors declared a quarterly dividend of 38 cents per share for the quarter ended March 31, 2017. The dividend was paid on April 13, 2017 to shareholders of record on April 3, 2017.

Conference Call
Washington Trust will host a conference call to discuss its first quarter results, business highlights and outlook on Monday, April 24, 2017 at 10:00 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 1-844-512-2921 and entering the Replay PIN Number 13658778; the audio replay will be available through May 5, 2017. 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, 2017.

Background
Washington Trust Bancorp, Inc. is the parent of The Washington Trust Company. Founded in 1800, Washington Trust is the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast's premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage 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 under the symbol WASH. Investor information is available on the Corporation’s web site at www.washtrustbancorp.com.

Forward-Looking Statements
This press release contains statements that are “forward-looking statements”. We may also make 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 international economic conditions or conditions affecting the banking or financial services industries or financial capital markets; volatility in national and international financial markets; reductions in net interest income resulting from interest rate volatility 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 the our competition; changes in legislation or regulation and accounting principles, policies and guidelines; increasing occurrences of cyberattacks, hacking and identity theft; 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 for the fiscal year ended December 31, 2016, as updated by our Quarterly Reports on Form 10-Q and other filings submitted to the SEC, 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 report, 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.



Washington Trust
Page 5, April 24, 2017


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)
 
 
 
 
 
 
 
Mar 31,
2017
Dec 31,
2016
Sep 30,
2016
Jun 30,
2016
Mar 31,
2016
Assets:
 
 
 
 
 
Cash and due from banks

$111,941


$106,185


$126,752


$116,658


$89,966

Short-term investments
2,039

1,612

2,420

3,255

4,931

Mortgage loans held for sale
25,414

29,434

45,162

38,554

22,895

Securities:
 
 
 
 
 
Available for sale, at fair value
754,720

739,912

564,256

401,749

411,352

Held to maturity, at amortized cost
14,721

15,633

16,848

17,917

19,040

Total securities
769,441

755,545

581,104

419,666

430,392

Federal Home Loan Bank stock, at cost
43,714

43,129

37,249

34,303

26,515

Loans:
 
 
 
 
 
Commercial
1,762,499

1,771,666

1,757,215

1,732,220

1,698,811

Residential real estate
1,131,210

1,122,748

1,079,887

1,005,036

1,004,349

Consumer
331,151

339,957

344,253

343,628

343,833

Total loans
3,224,860

3,234,371

3,181,355

3,080,884

3,046,993

Less allowance for loan losses
26,446

26,004

25,649

25,826

26,137

Net loans
3,198,414

3,208,367

3,155,706

3,055,058

3,020,856

Premises and equipment, net
28,853

29,020

29,433

29,590

29,882

Investment in bank-owned life insurance
71,642

71,105

70,557

65,036

66,000

Goodwill
64,059

64,059

64,059

64,059

64,059

Identifiable intangible assets, net
9,898

10,175

10,493

10,814

11,137

Other assets
63,348

62,484

81,099

80,088

71,577

Total assets

$4,388,763


$4,381,115


$4,204,034


$3,917,081


$3,838,210

Liabilities:
 
 
 
 
 
Deposits:
 
 
 
 
 
Demand deposits

$596,974


$585,960


$566,027


$512,307


$539,119

NOW accounts
454,344

427,707

404,827

414,532

394,873

Money market accounts
762,233

730,075

794,905

675,896

763,565

Savings accounts
362,281

358,397

357,966

342,579

331,800

Time deposits
939,739

961,613

913,649

844,036

850,294

Total deposits
3,115,571

3,063,752

3,037,374

2,789,350

2,879,651

Federal Home Loan Bank advances
798,741

848,930

671,615

640,010

487,189

Junior subordinated debentures
22,681

22,681

22,681

22,681

22,681

Other liabilities
53,985

54,948

77,037

76,708

67,409

Total liabilities
3,990,978

3,990,311

3,808,707

3,528,749

3,456,930

Shareholders’ Equity:
 
 
 
 
 
Common stock
1,075

1,073

1,069

1,068

1,064

Paid-in capital
116,200

115,123

113,290

112,314

111,641

Retained earnings
299,555

294,365

288,613

282,666

277,810

Accumulated other comprehensive loss
(19,045
)
(19,757
)
(7,645
)
(7,716
)
(9,235
)
Total shareholders’ equity
397,785

390,804

395,327

388,332

381,280

Total liabilities and shareholders’ equity

$4,388,763


$4,381,115


$4,204,034


$3,917,081


$3,838,210


-6-


CONSOLIDATED STATEMENTS OF INCOME
(Unaudited; Dollars in thousands, except per share amounts)
 
 
 
 
 
 
For the Three Months Ended
Mar 31,
2017
Dec 31,
2016
Sep 30,
2016
Jun 30,
2016
Mar 31,
2016
Interest income:
 
 
 
 
 
Interest and fees on loans

$30,352


$30,738


$29,633


$29,122


$29,998

Taxable interest on securities
4,709

3,703

3,024

2,487

2,370

Nontaxable interest on securities
112

157

218

280

327

Dividends on Federal Home Loan Bank stock
387

362

288

231

210

Other interest income
104

95

93

70

64

Total interest and dividend income
35,664

35,055

33,256

32,190

32,969

Interest expense:


 
 
 
 
Deposits
3,502

3,445

3,110

2,981

2,968

Federal Home Loan Bank advances
3,344

2,886

2,641

2,313

2,152

Junior subordinated debentures
138

135

125

119

112

Other interest expense
1

1

1

1

2

Total interest expense
6,985

6,467

5,877

5,414

5,234

Net interest income
28,679

28,588

27,379

26,776

27,735

Provision for loan losses
400

2,900

1,800

450

500

Net interest income after provision for loan losses
28,279

25,688

25,579

26,326

27,235

Noninterest income:


 




 
Wealth management revenues
9,477

9,291

9,623

9,481

9,174

Mortgage banking revenues
2,340

4,541

3,734

2,710

2,198

Service charges on deposit accounts
883

945

915

935

907

Card interchange fees
802

858

870

860

797

Income from bank-owned life insurance
536

549

521

1,090

499

Loan related derivative income
148

912

1,178

508

645

Equity in losses of unconsolidated subsidiaries
(88
)
(89
)
(88
)
(89
)
(88
)
Other income
412

313

508

419

502

Total noninterest income
14,510

17,320

17,261

15,914

14,634

Noninterest expense:


 




 
Salaries and employee benefits
16,795

16,528

16,908

17,405

16,380

Net occupancy
1,967

1,775

1,766

1,803

1,807

Equipment
1,467

1,556

1,648

1,503

1,501

Outsourced services
1,457

1,311

1,254

1,294

1,363

Legal, audit and professional fees
616

597

691

662

629

FDIC deposit insurance costs
481

390

504

491

493

Advertising and promotion
237

403

370

420

265

Amortization of intangibles
277

318

321

322

323

Debt prepayment penalties
—

—

—

—

431

Change in fair value of contingent consideration
(310
)
—

(939
)
16

25

Other expenses
2,299

2,095

2,127

2,114

2,233

Total noninterest expense
25,286

24,973

24,650

26,030

25,450

Income before income taxes
17,503

18,035

18,190

16,210

16,419

Income tax expense
5,721

5,873

5,863

5,153

5,484

Net income

$11,782


$12,162


$12,327


$11,057


$10,935

 
 
 
 
 
 
Net income available to common shareholders:
 
 
 
 
 
  Basic

$11,755


$12,137


$12,302


$11,035


$10,910

  Diluted

$11,755


$12,137


$12,302


$11,035


$10,910

Weighted average common shares outstanding:
 
 
 
 
 
  Basic
17,186

17,142

17,090

17,067

17,023

  Diluted
17,293

17,245

17,203

17,194

17,157

Earnings per common share:
 
 
 
 
 
  Basic

$0.68


$0.71


$0.72


$0.65


$0.64

  Diluted

$0.68


$0.70


$0.72


$0.64


$0.64

 
 
 
 
 
 
Cash dividends declared per share

$0.38


$0.37


$0.37


$0.36


$0.36


-7-


SELECTED FINANCIAL HIGHLIGHTS
(Unaudited; Dollars in thousands, except per share amounts)
 
 

Mar 31,
2017
Dec 31,
2016
Sep 30,
2016
Jun 30,
2016
Mar 31,
2016
Share and Equity Related Data:
 
 
 
 
 
Book value per share

$23.14


$22.76


$23.11


$22.73


$22.40

Tangible book value per share - Non-GAAP (1)

$18.83


$18.44


$18.75


$18.35


$17.98

Market value per share

$49.30


$56.05


$40.22


$37.92


$37.32

Shares issued and outstanding at end of period
17,193

17,171

17,107

17,081

17,024

 
 
 
 
 
 
Capital Ratios:
 
 
 
 
 
Tier 1 risk-based capital
11.54% (i)

11.44
%
11.48
%
11.57
%
11.56
%
Total risk-based capital
12.38% (i)

12.26
%
12.31
%
12.43
%
12.45
%
Tier 1 leverage ratio
8.58% (i)

8.67
%
8.95
%
9.21
%
9.31
%
Common equity tier 1
10.86% (i)

10.75
%
10.77
%
10.84
%
10.82
%
Equity to assets
9.06
%
8.92
%
9.40
%
9.91
%
9.93
%
Tangible equity to tangible assets - Non-GAAP (1)
7.51
%
7.35
%
7.77
%
8.16
%
8.13
%
(i) - estimated
 
 
 
 
 

For the Three Months Ended
Mar 31,
2017
Dec 31,
2016
Sep 30,
2016
Jun 30,
2016
Mar 31,
2016
Performance Ratios:
 
 
 
 
 
Net interest margin (FTE)
2.87
%
2.89
%
2.94
%
3.05
%
3.24
%
Return on average assets
1.08
%
1.14
%
1.21
%
1.14
%
1.16
%
Return on average tangible assets - Non-GAAP (1)
1.10
%
1.16
%
1.24
%
1.17
%
1.18
%
Return on average equity
11.87
%
12.26
%
12.57
%
11.50
%
11.50
%
Return on average tangible equity - Non-GAAP (1)
14.59
%
15.09
%
15.53
%
14.28
%
14.34
%
(1)
See the section labeled “SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures” at the end of this document.


-8-


SELECTED FINANCIAL HIGHLIGHTS
(Unaudited; Dollars in thousands)
 
 
 
 
 
 
For the Three Months Ended
Mar 31,
2017
Dec 31,
2016
Sep 30,
2016
Jun 30,
2016
Mar 31,
2016
Wealth Management Results
 
 
 
 
 
Wealth Management Revenues:
 
 
 
 
 
Trust and investment management fees

$8,518


$8,283


$8,358


$8,195


$8,065

Mutual fund fees
729

771

812

812

843

   Asset-based revenues
9,247

9,054

9,170

9,007

8,908

Transaction-based revenues
230

237

453

474

266

Total wealth management revenues

$9,477


$9,291


$9,623


$9,481


$9,174

 
 
 
 
 
 
Assets Under Administration:
 
 
 
 
 
Balance at beginning of period

$6,063,293


$6,056,859


$5,905,019


$5,878,967


$5,844,636

Net investment appreciation (depreciation) & income
220,423

(8,506
)
192,518

71,447

22,389

Net client asset flows
(40,415
)
14,940

(40,678
)
(45,395
)
11,942

Balance at end of period

$6,243,301


$6,063,293


$6,056,859


$5,905,019


$5,878,967

 
 
 
 
 
 
Mortgage Banking Results
 
 
 
 
 
Mortgage Banking Revenues:
 
 
 
 
 
Gains & commissions on loan sales, net

$2,268


$4,455


$3,744


$2,804


$2,134

Residential mortgage servicing fee income, net
72

86

(10
)
(94
)
64

Total mortgage banking revenues

$2,340


$4,541


$3,734


$2,710


$2,198

 
 
 
 
 
 
Residential Mortgage Loan Originations:
 
 
 
 
 
Originations for retention in portfolio

$57,907


$72,533


$90,308


$54,080


$47,545

Originations for sale to secondary market (1)
102,441

185,626

170,673

154,043

90,458

Total mortgage loan originations

$160,348


$258,159


$260,981


$208,123


$138,003

 
 
 
 
 
 
Residential Mortgage Loans Sold:
 
 
 
 
 
Sold with servicing rights retained

$22,567


$48,545


$44,611


$45,804


$26,454

Sold with servicing rights released (1)
84,345

151,506

119,572

93,239

79,507

Total mortgage loans sold

$106,912


$200,051


$164,183


$139,043


$105,961

(1)
Also includes loans originated in a broker capacity.


-9-


END OF PERIOD LOAN AND DEPOSIT COMPOSITION
(Unaudited; Dollars in thousands)
 
 
 
Mar 31,
2017
Dec 31,
2016
Sep 30,
2016
Jun 30,
2016
Mar 31,
2016
Commercial:
 
 
 
 
 
Mortgages

$1,076,648


$1,074,186


$1,086,175


$1,074,747


$976,931

Construction & development
123,841

121,371

98,735

81,812

123,032

Commercial & industrial
562,010

576,109

572,305

575,661

598,848

Total commercial
1,762,499

1,771,666

1,757,215

1,732,220

1,698,811

Residential real estate:
 
 
 
 
 
Mortgages
1,100,435

1,094,824

1,052,829

978,399

980,274

Homeowner construction
30,775

27,924

27,058

26,637

24,075

Total residential real estate
1,131,210

1,122,748

1,079,887

1,005,036

1,004,349

Consumer:
 
 
 
 
 
Home equity lines
258,695

264,200

265,238

260,541

258,513

Home equity loans
36,050

37,272

38,264

39,572

45,499

Other
36,406

38,485

40,751

43,515

39,821

Total consumer
331,151

339,957

344,253

343,628

343,833

Total loans

$3,224,860


$3,234,371


$3,181,355


$3,080,884


$3,046,993


 
March 31, 2017
 
December 31, 2016
 
Balance

% of Total
 
Balance
% of Total
Commercial Real Estate Loans by Property Location:
 
 
 
 
 
Rhode Island, Connecticut, Massachusetts

$1,110,934

92.5
%
 

$1,105,539

92.5
%
New York, New Jersey, Pennsylvania
76,678

6.4
%
 
77,038

6.4
%
New Hampshire
12,877

1.1
%
 
12,980

1.1
%
Total commercial real estate loans (1)

$1,200,489

100.0
%
 

$1,195,557

100.0
%
 
 
 
 
 
 
Residential Mortgages by Property Location:
 
 
 
 
 
Rhode Island, Connecticut, Massachusetts

$1,115,205

98.6
%
 

$1,106,366

98.6
%
New Hampshire, Vermont, Maine
11,570

1.0
%
 
11,445

1.0
%
New York, Virginia, New Jersey, Maryland, Pennsylvania
2,228

0.2
%
 
2,648

0.2
%
Ohio
922

0.1
%
 
997

0.1
%
Other
1,285

0.1
%
 
1,292

0.1
%
Total residential mortgages

$1,131,210

100.0
%
 

$1,122,748

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.

 
Mar 31,
2017
Dec 31,
2016
Sep 30,
2016
Jun 30,
2016
Mar 31,
2016
Deposits:
 
 
 
 
 
Non-interest bearing demand deposits

$534,792


$521,165


$520,860


$476,848


$474,477

Interest-bearing demand deposits
62,182

64,795

45,167

35,459

64,642

NOW accounts
454,344

427,707

404,827

414,532

394,873

Money market accounts
762,233

730,075

794,905

675,896

763,565

Savings accounts
362,281

358,397

357,966

342,579

331,800

Time deposits (in-market)
557,312

549,376

554,669

549,935

540,815

Wholesale brokered time deposits
382,427

412,237

358,980

294,101

309,479

Total deposits

$3,115,571


$3,063,752


$3,037,374


$2,789,350


$2,879,651




-10-


CREDIT & ASSET QUALITY DATA
(Unaudited; Dollars in thousands)
 
 
 
Mar 31,
2017
Dec 31,
2016
Sep 30,
2016
Jun 30,
2016
Mar 31,
2016
Asset Quality Ratios:
 
 
 
 
 
Nonperforming assets to total assets
0.54
%
0.53
%
0.59
%
0.48
%
0.49
%
Nonaccrual loans to total loans
0.69
%
0.68
%
0.75
%
0.56
%
0.57
%
Allowance for loan losses to nonaccrual loans
119.52
%
117.89
%
107.09
%
149.73
%
150.00
%
Allowance for loan losses to total loans
0.82
%
0.80
%
0.81
%
0.84
%
0.86
%
 
 
 
 
 
 
Nonperforming Assets:
 
 
 
 
 
Commercial mortgages

$7,809


$7,811


$10,357


$4,054


$4,054

Commercial construction & development
—

—

—

—

—

Commercial & industrial
1,129

1,337

1,744

1,204

2,659

Residential real estate mortgages
12,253

11,736

10,140

10,409

9,367

Consumer
936

1,174

1,709

1,581

1,345

Total nonaccrual loans
22,127

22,058

23,950

17,248

17,425

Other real estate owned
1,410

1,075

1,045

1,515

1,326

Total nonperforming assets

$23,537


$23,133


$24,995


$18,763


$18,751

 
 
 
 
 
 
Past Due Loans:
 
 
 
 
 
Commercial mortgages

$7,806


$8,708


$10,352


$4,062


$4,564

Commercial & industrial
1,046

1,154

1,047

1,978

2,906

Residential real estate mortgages
10,533

12,226

8,291

8,893

8,703

Consumer loans
1,547

2,334

1,565

2,201

2,122

Total past due loans

$20,932


$24,422


$21,255


$17,134


$18,295

 
 
 
 
 
 
Total past due loans to total loans
0.65
%
0.76
%
0.67
%
0.56
%
0.60
%
Accruing loans 90 days or more past due

$—


$—


$—


$—


$—

Nonaccrual loans included in past due loans

$18,081


$18,602


$18,796


$13,211


$14,030

For the Three Months Ended
Mar 31,
2017
Dec 31,
2016
Sep 30,
2016
Jun 30,
2016
Mar 31,
2016
Nonaccrual Loan Activity:
 
 
 
 
 
Balance at beginning of period

$22,058


$23,950


$17,248


$17,425


$21,047

Additions to nonaccrual status
2,138

2,105

9,750

2,072

1,352

Loans returned to accruing status
(547
)
(718
)
(592
)
—

(206
)
Loans charged-off
(79
)
(2,622
)
(2,055
)
(860
)
(1,475
)
Loans transferred to other real estate owned
(478
)
(30
)
—

(435
)
(610
)
Payments, payoffs and other changes
(965
)
(627
)
(401
)
(954
)
(2,683
)
Balance at end of period

$22,127


$22,058


$23,950


$17,248


$17,425

 
 
 
 
 
 
Allowance for Loan Losses:
 
 
 
 
 
Balance at beginning of period

$26,004


$25,649


$25,826


$26,137


$27,069

Provision charged to earnings
400

2,900

1,800

450

500

Charge-offs
(79
)
(2,622
)
(2,055
)
(860
)
(1,475
)
Recoveries
121

77

78

99

43

Balance at end of period

$26,446


$26,004


$25,649


$25,826


$26,137

 
 
 
 
 
 
Net Loan Charge-Offs (Recoveries):
 
 
 
 
 
Commercial mortgages

$—


$2,510


$1,936


$65


$1,249

Commercial & industrial
(105
)
(20
)
(43
)
684

(18
)
Residential real estate mortgages
(4
)
6

47

2

134

Consumer
67

49

37

10

67

Total

($42
)

$2,545


$1,977


$761


$1,432

 
 
 
 
 
 
Net charge-offs to average loans (annualized)
(0.01
%)
0.31
%
0.25
%
0.10
%
0.19
%


-11-


The following table presents 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. Unrealized gains (losses) on available for sale securities and fair value adjustments on mortgage loans held for sale are excluded from the average balance and yield calculations. Nonaccrual and renegotiated loans, as well as interest recognized on these loans are included in amounts presented for loans.

CONSOLIDATED AVERAGE BALANCE SHEETS
(Unaudited; Dollars in thousands)
 
 
For the Three Months Ended
March 31, 2017
 
December 31, 2016
 
March 31, 2016
 
Average Balance
Interest
Yield/
Rate
 
Average Balance
Interest
Yield/
Rate
 
Average Balance
Interest
Yield/
 Rate
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
Commercial mortgages

$1,079,171


$9,444

3.55
 

$1,086,772


$9,520

3.48
 

$933,939


$8,215

3.54
Construction & development
127,861

1,113

3.53
 
110,342

927

3.34
 
129,217

1,108

3.45
Commercial & industrial
573,801

6,157

4.35
 
575,983

6,927

4.78
 
604,519

7,681

5.11
Total commercial loans
1,780,833


$16,714

3.81
 
1,773,097


$17,374

3.90
 
1,667,675


$17,004

4.10
Residential real estate loans, including loans held for sale
1,152,468

10,868

3.82
 
1,140,492

10,652

3.72
 
1,031,260

10,155

3.96
Consumer loans
335,054

3,323

4.02
 
341,528

3,284

3.83
 
343,519

3,393

3.97
Total loans
3,268,355

30,905

3.83
 
3,255,117

31,310

3.83
 
3,042,454

30,552

4.04
Cash, federal funds sold and short-term investments
56,195

104

0.75
 
77,092

95

0.49
 
68,488

64

0.38
FHLBB stock
43,622

387

3.60
 
39,212

362

3.67
 
25,597

210

3.30
Taxable debt securities
755,955

4,709

2.53
 
636,277

3,703

2.32
 
359,060

2,370

2.65
Nontaxable debt securities
11,521

173

6.09
 
16,003

244

6.07
 
33,313

507

6.12
Total securities
767,476

4,882

2.58
 
652,280

3,947

2.41
 
392,373

2,877

2.95
Total interest-earning assets
4,135,648

36,278

3.56
 
4,023,701

35,714

3.53
 
3,528,912

33,703

3.84
Noninterest-earning assets
229,823

 
 
 
249,182

 
 
 
240,113

 
 
Total assets

$4,365,471

 
 
 

$4,272,883

 
 
 

$3,769,025

 
 
Liabilities and Shareholders' Equity:
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing demand deposits

$56,782


$15

0.11
 

$46,668


$16

0.14
 

$50,704


$13

0.10
NOW accounts
420,622

50

0.05
 
408,788

51

0.05
 
386,488

56

0.06
Money market accounts
754,501

599

0.32
 
761,582

574

0.30
 
786,633

515

0.26
Savings accounts
357,894

51

0.06
 
356,837

51

0.06
 
328,174

49

0.06
Time deposits (in-market)
554,855

1,418

1.04
 
552,474

1,419

1.02
 
538,035

1,315

0.98
Wholesale brokered time deposits
397,274

1,369

1.40
 
382,798

1,334

1.39
 
296,801

1,020

1.38
FHLBB advances
831,614

3,344

1.63
 
732,269

2,886

1.57
 
453,019

2,152

1.91
Junior subordinated debentures
22,681

138

2.47
 
22,681

135

2.37
 
22,681

112

1.99
Other
27

1

15.02
 
40

1

9.95
 
79

2

10.18
Total interest-bearing liabilities
3,396,250

6,985

0.83
 
3,264,137

6,467

0.79
 
2,862,614

5,234

0.74
Demand deposits
527,215

 
 
 
548,595

 
 
 
471,782

 
 
Other liabilities
44,889

 
 
 
63,410

 
 
 
54,287

 
 
Shareholders' equity
397,117

 
 
 
396,741

 
 
 
380,342

 
 
Total liabilities and shareholders' equity

$4,365,471

 
 
 

$4,272,883

 
 
 

$3,769,025

 
 
Net interest income (FTE)
 

$29,293

 
 
 

$29,247

 
 
 

$28,469

 
Interest rate spread
 
 
2.73
 
 
 
2.74
 
 
 
3.10
Net interest margin
 
 
2.87
 
 
 
2.89
 
 
 
3.24

Interest income amounts presented in the preceding table include the following adjustments for taxable equivalency:
For the Three Months Ended
Mar 31, 2017
Dec 31, 2016
Mar 31, 2016
Commercial loans

$553


$572


$554

Nontaxable debt securities
61

87

180

Total

$614


$659


$734


-12-


 
 
 
 
 
 
 
 
 
 
 
SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures
(Unaudited; Dollars in thousands, except per share amounts)
 
 
 
Mar 31,
2017
Dec 31,
2016
Sep 30,
2016
Jun 30,
2016
Mar 31,
2016
Tangible Book Value per Share:
 
 
 
 
 
Total shareholders' equity, as reported

$397,785


$390,804


$395,327


$388,332


$381,280

Less:
 
 
 
 
 
Goodwill
64,059

64,059

64,059

64,059

64,059

Identifiable intangible assets, net
9,898

10,175

10,493

10,814

11,137

Total tangible shareholders' equity

$323,828


$316,570


$320,775


$313,459


$306,084

 
 
 
 
 
 
Shares outstanding, as reported
17,193

17,171

17,107

17,081

17,024

 
 
 
 
 
 
Book value per share - GAAP

$23.14


$22.76


$23.11


$22.73


$22.40

Tangible book value per share - Non-GAAP

$18.83


$18.44


$18.75


$18.35


$17.98

 
 
 
 
 
 
Tangible Equity to Tangible Assets:
 
 
 
 
 
Total tangible shareholders' equity

$323,828


$316,570


$320,775


$313,459


$306,084

 
 
 
 
 
 
Total assets, as reported

$4,388,763


$4,381,115


$4,204,034


$3,917,081


$3,838,210

Less:
 
 
 
 
 
Goodwill
64,059

64,059

64,059

64,059

64,059

Identifiable intangible assets, net
9,898

10,175

10,493

10,814

11,137

Total tangible assets

$4,314,806


$4,306,881


$4,129,482


$3,842,208


$3,763,014

 
 
 
 
 
 
Equity to assets - GAAP
9.06
%
8.92
%
9.40
%
9.91
%
9.93
%
Tangible equity to tangible assets - Non-GAAP
7.51
%
7.35
%
7.77
%
8.16
%
8.13
%

For the Three Months Ended
Mar 31,
2017
Dec 31,
2016
Sep 30,
2016
Jun 30,
2016
Mar 31,
2016
Return on Average Tangible Assets:
 
 
 
 
 
Net income, as reported

$11,782


$12,162


$12,327


$11,057


$10,935

 
 
 
 
 
 
Total average assets, as reported

$4,365,471


$4,272,883


$4,062,688


$3,869,508


$3,769,025

Less average balances of:
 
 
 
 
 
Goodwill
64,059

64,059

64,059

64,059

64,059

Identifiable intangible assets, net
10,027

10,330

10,650

10,972

11,294

Total average tangible assets

$4,291,385


$4,198,494


$3,987,979


$3,794,477


$3,693,672

 
 
 
 
 
 
Return on average assets - GAAP
1.08
%
1.14
%
1.21
%
1.14
%
1.16
%
Return on average tangible assets - Non-GAAP
1.10
%
1.16
%
1.24
%
1.17
%
1.18
%
 
 
 
 
 
 
Return on Average Tangible Equity:
 
 
 
 
 
Net income, as reported

$11,782


$12,162


$12,327


$11,057


$10,935

 
 
 
 
 
 
Total average equity, as reported

$397,117


$396,741


$392,233


$384,717


$380,342

Less average balances of:
 
 
 
 
 
Goodwill
64,059

64,059

64,059

64,059

64,059

Identifiable intangible assets, net
10,027

10,330

10,650

10,972

11,294

Total average tangible equity

$323,031


$322,352


$317,524


$309,686


$304,989

 
 
 
 
 
 
Return on average equity - GAAP
11.87
%
12.26
%
12.57
%
11.50
%
11.50
%
Return on average tangible equity - Non-GAAP
14.59
%
15.09
%
15.53
%
14.28
%
14.34
%

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