Business Segments |
Business Segments Washington Trust segregates financial information in assessing its results among its Commercial Banking and Wealth Management Services operating segments. The amounts in the Corporate unit include activity not related to the segments.
Commercial Banking The Commercial Banking segment includes commercial, residential and consumer lending activities; mortgage banking activities; deposit generation; cash management activities; and direct banking activities, which include the operation of ATMs, telephone and internet banking services and customer support and sales.
Wealth Management Services Wealth Management Services includes investment management; financial planning; personal trust and estate services, including services as trustee, personal representative, custodian and guardian; and settlement of decedents’ estates. Institutional trust services are also provided, including fiduciary services.
Corporate Corporate includes the Treasury Unit, which is responsible for managing the wholesale investment portfolio and wholesale funding needs. It also includes income from BOLI, as well as administrative and executive expenses not allocated to the operating segments and the residual impact of methodology allocations such as FTP offsets.
The following tables present the statement of operations and total assets for Washington Trust’s reportable segments: | | | | | | | | | | | | | | (Dollars in thousands) | | | | | Year ended December 31, 2019 | Commercial Banking | Wealth Management Services | Corporate | Consolidated Total | Net interest income (expense) |
| $112,414 |
|
| ($438 | ) |
| $21,438 |
|
| $133,414 |
| Provision for loan losses | 1,575 |
| — |
| — |
| 1,575 |
| Net interest income (expense) after provision for loan losses | 110,839 |
| (438 | ) | 21,438 |
| 131,839 |
| Noninterest income | 27,857 |
| 36,856 |
| 2,367 |
| 67,080 |
| Noninterest expenses: | | | | | Depreciation and amortization expense | 2,630 |
| 1,445 |
| 159 |
| 4,234 |
| Other noninterest expenses | 66,517 |
| 26,057 |
| 13,932 |
| 106,506 |
| Total noninterest expenses | 69,147 |
| 27,502 |
| 14,091 |
| 110,740 |
| Income before income taxes | 69,549 |
| 8,916 |
| 9,714 |
| 88,179 |
| Income tax expense | 15,189 |
| 2,308 |
| 1,564 |
| 19,061 |
| Net income |
| $54,360 |
|
| $6,608 |
|
| $8,150 |
|
| $69,118 |
| | | | | | Total assets at period end |
| $4,070,594 |
|
| $74,990 |
|
| $1,147,075 |
|
| $5,292,659 |
| Expenditures for long-lived assets | 2,521 |
| 445 |
| 166 |
| 3,132 |
|
| | | | | | | | | | | | | | (Dollars in thousands) | | | | | Year ended December 31, 2018 | Commercial Banking | Wealth Management Services | Corporate | Consolidated Total | Net interest income (expense) |
| $106,668 |
|
| ($334 | ) |
| $25,956 |
|
| $132,290 |
| Provision for loan losses | 1,550 |
| — |
| — |
| 1,550 |
| Net interest income (expense) after provision for loan losses | 105,118 |
| (334 | ) | 25,956 |
| 130,740 |
| Noninterest income | 21,509 |
| 38,341 |
| 2,264 |
| 62,114 |
| Noninterest expenses: | | | | | Depreciation and amortization expense | 2,589 |
| 1,501 |
| 171 |
| 4,261 |
| Other noninterest expenses | 62,673 |
| 26,222 |
| 13,006 |
| 101,901 |
| Total noninterest expenses | 65,262 |
| 27,723 |
| 13,177 |
| 106,162 |
| Income before income taxes | 61,365 |
| 10,284 |
| 15,043 |
| 86,692 |
| Income tax expense | 13,149 |
| 2,577 |
| 2,534 |
| 18,260 |
| Net income |
| $48,216 |
|
| $7,707 |
|
| $12,509 |
|
| $68,432 |
| | | | | | Total assets at period end |
| $3,804,021 |
|
| $71,254 |
|
| $1,135,491 |
|
| $5,010,766 |
| Expenditures for long-lived assets | 3,415 |
| 407 |
| 152 |
| 3,974 |
|
| | | | | | | | | | | | | | (Dollars in thousands) | | | | | Year ended December 31, 2017 | Commercial Banking | Wealth Management Services | Corporate | Consolidated Total | Net interest income (expense) |
| $98,736 |
|
| ($167 | ) |
| $20,962 |
|
| $119,531 |
| Provision for loan losses | 2,600 |
| — |
| — |
| 2,600 |
| Net interest income (expense) after provision for loan losses | 96,136 |
| (167 | ) | 20,962 |
| 116,931 |
| Noninterest income | 23,244 |
| 39,346 |
| 2,219 |
| 64,809 |
| Noninterest expenses: | | | | | Depreciation and amortization expense | 2,604 |
| 1,689 |
| 196 |
| 4,489 |
| Other noninterest expenses | 60,828 |
| 26,718 |
| 12,065 |
| 99,611 |
| Total noninterest expenses | 63,432 |
| 28,407 |
| 12,261 |
| 104,100 |
| Income before income taxes | 55,948 |
| 10,772 |
| 10,920 |
| 77,640 |
| Income tax expense | 23,876 |
| 3,795 |
| 4,044 |
| 31,715 |
| Net income |
| $32,072 |
|
| $6,977 |
|
| $6,876 |
|
| $45,925 |
| | | | | | Total assets at period end |
| $3,491,845 |
|
| $66,083 |
|
| $971,922 |
|
| $4,529,850 |
| Expenditures for long-lived assets | 2,224 |
| 360 |
| 195 |
| 2,779 |
|
|