Statement of Operations and Total Assets by Reportable Segment |
The following tables present the statement of operations and total assets for Washington Trust’s reportable segments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | Commercial Banking | | Wealth Management Services | | Corporate | | Consolidated Total | Three months ended September 30, | 2017 |
| 2016 |
| | 2017 |
| 2016 |
| | 2017 |
| 2016 |
| | 2017 |
| 2016 |
| Net interest income (expense) |
| $24,795 |
|
| $22,860 |
| |
| ($48 | ) |
| ($11 | ) | |
| $5,312 |
|
| $4,530 |
| |
| $30,059 |
|
| $27,379 |
| Provision for loan losses | 1,300 |
| 1,800 |
| | — |
| — |
| | — |
| — |
| | 1,300 |
| 1,800 |
| Net interest income (expense) after provision for loan losses | 23,495 |
| 21,060 |
| | (48 | ) | (11 | ) | | 5,312 |
| 4,530 |
| | 28,759 |
| 25,579 |
| Noninterest income | 6,711 |
| 7,101 |
| | 10,013 |
| 9,623 |
| | 559 |
| 537 |
| | 17,283 |
| 17,261 |
| Noninterest expenses: | | | | | | | | | | | | Depreciation and amortization expense | 646 |
| 709 |
| | 411 |
| 501 |
| | 50 |
| 58 |
| | 1,107 |
| 1,268 |
| Other noninterest expenses (1) | 15,834 |
| 14,759 |
| | 6,810 |
| 5,584 |
| | 3,003 |
| 3,039 |
| | 25,647 |
| 23,382 |
| Total noninterest expenses | 16,480 |
| 15,468 |
| | 7,221 |
| 6,085 |
| | 3,053 |
| 3,097 |
| | 26,754 |
| 24,650 |
| Income before income taxes | 13,726 |
| 12,693 |
| | 2,744 |
| 3,527 |
| | 2,818 |
| 1,970 |
| | 19,288 |
| 18,190 |
| Income tax expense | 4,463 |
| 4,392 |
| | 1,092 |
| 1,261 |
| | 771 |
| 210 |
| | 6,326 |
| 5,863 |
| Net income |
| $9,263 |
|
| $8,301 |
| |
| $1,652 |
|
| $2,266 |
| |
| $2,047 |
|
| $1,760 |
| |
| $12,962 |
|
| $12,327 |
| | | | | | | | | | | | | Total assets at period end |
| $3,486,783 |
|
| $3,617,967 |
| |
| $63,600 |
|
| $53,236 |
| |
| $918,847 |
|
| $532,831 |
| |
| $4,469,230 |
|
| $4,204,034 |
| Expenditures for long-lived assets | 890 |
| 424 |
| | 25 |
| 280 |
| | 22 |
| 58 |
| | 937 |
| 762 |
|
| | (1) | Other noninterest expenses for the Wealth Management Services segment includes a $939 thousand benefit resulting from the reduction of a contingent consideration liability in the three months ended September 30, 2016. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | Commercial Banking | | Wealth Management Services | | Corporate | | Consolidated Total | Nine months ended September 30, | 2017 |
| 2016 |
| | 2017 |
| 2016 |
| | 2017 |
| 2016 |
| | 2017 |
| 2016 |
| Net interest income (expense) |
| $72,985 |
|
| $67,414 |
| |
| ($120 | ) |
| ($46 | ) | |
| $15,777 |
|
| $14,522 |
| |
| $88,642 |
|
| $81,890 |
| Provision for loan losses | 2,400 |
| 2,750 |
| | — |
| — |
| | — |
| — |
| | 2,400 |
| 2,750 |
| Net interest income (expense) after provision for loan losses | 70,585 |
| 64,664 |
| | (120 | ) | (46 | ) | | 15,777 |
| 14,522 |
| | 86,242 |
| 79,140 |
| Noninterest income | 17,500 |
| 17,331 |
| | 29,432 |
| 28,278 |
| | 1,667 |
| 2,200 |
| | 48,599 |
| 47,809 |
| Noninterest expenses: | | | | | | | | | | | | Depreciation and amortization expense | 1,960 |
| 2,093 |
| | 1,288 |
| 1,440 |
| | 152 |
| 170 |
| | 3,400 |
| 3,703 |
| Other noninterest expenses (1) | 45,764 |
| 43,788 |
| | 20,106 |
| 19,084 |
| | 9,076 |
| 9,555 |
| | 74,946 |
| 72,427 |
| Total noninterest expenses | 47,724 |
| 45,881 |
| | 21,394 |
| 20,524 |
| | 9,228 |
| 9,725 |
| | 78,346 |
| 76,130 |
| Income before income taxes | 40,361 |
| 36,114 |
| | 7,918 |
| 7,708 |
| | 8,216 |
| 6,997 |
| | 56,495 |
| 50,819 |
| Income tax expense | 13,142 |
| 12,336 |
| | 3,172 |
| 2,788 |
| | 2,238 |
| 1,376 |
| | 18,552 |
| 16,500 |
| Net income |
| $27,219 |
|
| $23,778 |
| |
| $4,746 |
|
| $4,920 |
| |
| $5,978 |
|
| $5,621 |
| |
| $37,943 |
|
| $34,319 |
| | | | | | | | | | | | | Total assets at period end |
| $3,486,783 |
|
| $3,617,967 |
| |
| $63,600 |
|
| $53,236 |
| |
| $918,847 |
|
| $532,831 |
| |
| $4,469,230 |
|
| $4,204,034 |
| Expenditures for long-lived assets | 1,640 |
| 1,779 |
| | 368 |
| 468 |
| | 176 |
| 361 |
| | 2,184 |
| 2,608 |
|
| | (1) | For the nine months ended September 30, 2017, other noninterest expenses for the Wealth Management Services segment includes a $310 thousand benefit resulting from the reduction of a contingent consideration liability and a $150 thousand goodwill impairment charge. For the nine months ended September 30, 2016, other noninterest expenses for the Wealth Management Services segment includes a benefit of $898 thousand resulting from the reduction of a contingent consideration liability. |
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