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Loans (Tables)

3 Months Ended

Mar. 31, 2021

The following is a summary of loans:


(Dollars in thousands)	March 31, 2021	December 31, 2020
Commercial:


Commercial real estate (1)	$1,618,540	$1,633,024
Commercial & industrial (2)	840,585	817,408
Total commercial	2,459,125	2,450,432
Residential Real Estate:


Residential real estate (3)	1,457,490	1,467,312
Consumer:


Home equity	256,799	259,185
Other (4)	21,252	19,061
Total consumer	278,051	278,246
Total loans (5)	$4,194,666	$4,195,990

(1)Commercial real estate (“CRE”) consists of commercial mortgages primarily secured by income-producing property, as well as construction and development loans. Construction and development loans are made to businesses for land development or the on-site construction of industrial, commercial, or residential buildings.

(2)Commercial and industrial (“C&I”) consists of loans to businesses and individuals, a portion of which are fully or partially collateralized by real estate. C&I also includes $228.6 million and $199.8 million, respectively, of PPP loans as of March 31, 2021 and December 31, 2020.

(3)Residential real estate consists of mortgage and homeowner construction loans secured by one- to four-family residential properties.

(4)Other consists of loans to individuals secured by general aviation aircraft and other personal installment loans.

(5)Includes net unamortized loan origination fees of $223 thousand at March 31, 2021 and net unamortized loan origination costs of $1.5 million, at December 31, 2020 and net unamortized premiums on purchased loans of $653 thousand and $787 thousand, respectively, at March 31, 2021 and December 31, 2020.

Past Due Loans

The following tables present an age analysis of loans, segregated by class of loans:


(Dollars in thousands)	Days Past Due
March 31, 2021	30-59	60-89	Over 90	Total Past Due	Current	Total Loans
Commercial:


Commercial real estate	$—	$—	$—	$—	$1,618,540	$1,618,540
Commercial & industrial	1	—	—	1	840,584	840,585
Total commercial	1	—	—	1	2,459,124	2,459,125
Residential Real Estate:


Residential real estate	3,156	819	5,686	9,661	1,447,829	1,457,490
Consumer:


Home equity	577	68	486	1,131	255,668	256,799
Other	28	3	88	119	21,133	21,252
Total consumer	605	71	574	1,250	276,801	278,051
Total loans	$3,762	$890	$6,260	$10,912	$4,183,754	$4,194,666


(Dollars in thousands)	Days Past Due
December 31, 2020	30-59	60-89	Over 90	Total Past Due	Current	Total Loans
Commercial:


Commercial real estate	$265	$—	$—	$265	$1,632,759	$1,633,024
Commercial & industrial	1	2	—	3	817,405	817,408
Total commercial	266	2	—	268	2,450,164	2,450,432
Residential Real Estate:


Residential real estate	4,466	701	5,172	10,339	1,456,973	1,467,312
Consumer:


Home equity	894	129	644	1,667	257,518	259,185
Other	23	7	88	118	18,943	19,061
Total consumer	917	136	732	1,785	276,461	278,246
Total loans	$5,649	$839	$5,904	$12,392	$4,183,598	$4,195,990

Nonaccrual Loans

The following table presents the carrying value of nonaccrual loans:


(Dollars in thousands)	Mar 31, 2021	Dec 31, 2020
Commercial:
Commercial real estate	$—	$—
Commercial & industrial	—	—
Total commercial	—	—
Residential Real Estate:
Residential real estate	11,748	11,981
Consumer:
Home equity	1,147	1,128
Other	88	88
Total consumer	1,235	1,216
Total nonaccrual loans	$12,983	$13,197
Accruing loans 90 days or more past due	$—	$—

No ACL was deemed necessary on nonaccrual loans with a carrying value of $4.3 million and $3.0 million, respectively, as of March 31, 2021 and December 31, 2020.

As of March 31, 2021 and December 31, 2020, nonaccrual loans secured by one- to four-family residential property amounting to $3.1 million and $3.4 million, respectively, were in process of foreclosure.

Nonaccrual loans of $4.6 million and $4.7 million, respectively, were current as to the payment of principal and interest at March 31, 2021 and December 31, 2020.

There were no significant commitments to lend additional funds to borrowers whose loans were on nonaccrual status at March 31, 2021.

The following table presents interest income recognized on nonaccrual loans:


(Dollars in thousands)	Interest Income Recognized

Three months ended March 31,	2021	2020
Commercial:
Commercial real estate	$—	$—
Commercial & industrial	1	—
Total commercial	1	—
Residential Real Estate:
Residential real estate	65	168
Consumer:
Home equity	24	23
Other	—	—
Total consumer	24	23
Total	$90	$191

Summary of TDRs

The following table presents the recorded investment in TDRs and certain other information related to TDRs:


(Dollars in thousands)	Mar 31, 2021	Dec 31, 2020
Accruing TDRs	$12,443	$13,418
Nonaccrual TDRs	1,935	2,345
Total TDRs	$14,378	$15,763

Specific reserves on TDRs included in the ACL on loans	$161	$159
Additional commitments to lend to borrowers with TDRs	$—	$—

TDRs with payment default

The following table presents information on TDRs modified within the previous 12 months for which there was a payment default:


(Dollars in thousands)	# of Loans		Recorded Investment
Three months ended March 31,	2021	2020	2021	2020
TDRs with a Payment Default:





Residential real estate	1	—	$396	$—

Collateral Dependent Individually Analyzed Loans

The following table presents the carrying value of collateral dependent individually analyzed loans:


(Dollars in thousands)	March 31, 2021		December 31, 2020
	Carrying Value	Related Allowance	Carrying Value	Related Allowance
Commercial:
Commercial real estate (1)	$958	$—	$1,792	$—
Commercial & industrial (2)	398	—	451	—
Total commercial	1,356	—	2,243	—
Residential Real Estate:
Residential real estate (3)	5,332	—	5,947	38
Consumer:
Home equity (3)	254	183	254	183
Other	—	—	—	—
Total consumer	254	183	254	183
Total	$6,942	$183	$8,444	$221

(1) Secured by income-producing property.

(2) Secured by business assets.

(3) Secured by one- to four-family residential properties.

Credit Quality Indicators

The following table summarizes the Corporation’s loan portfolio by credit quality indicator and loan portfolio segment as of March 31, 2021:


(Dollars in thousands)	Term Loans Amortized Cost by Origination Year
	2021	2020	2019	2018	2017	Prior	Revolving Loans Amortized Cost	Revolving Loans Converted to Term Loans	Total
Commercial:
CRE:
Pass	$54,899	$284,731	$340,081	$223,920	$218,914	$374,800	$7,767	$2,360	$1,507,472
Special Mention	—	689	29,726	39,470	16,174	23,324	727	—	110,110
Classified	—	958	—	—	—	—	—	—	958
Total CRE	54,899	286,378	369,807	263,390	235,088	398,124	8,494	2,360	1,618,540
C&I:
Pass	99,420	233,508	93,874	95,248	55,001	128,130	96,981	1,237	803,399
Special Mention	—	1,105	713	4,722	6,702	13,508	3,675	—	30,425
Classified	—	398	—	—	—	6,363	—	—	6,761
Total C&I	99,420	235,011	94,587	99,970	61,703	148,001	100,656	1,237	840,585





Residential Real Estate:
Residential real estate:
Current	119,706	438,489	227,838	128,283	130,769	402,744	—	—	1,447,829
Past Due	—	238	1,438	1,309	793	5,883	—	—	9,661
Total residential real estate	119,706	438,727	229,276	129,592	131,562	408,627	—	—	1,457,490
Consumer:
Home equity:
Current	1,791	8,710	6,097	3,535	1,222	4,787	219,028	10,498	255,668
Past Due	—	—	—	24	—	68	185	854	1,131
Total home equity	1,791	8,710	6,097	3,559	1,222	4,855	219,213	11,352	256,799
Other:
Current	3,799	5,119	1,804	1,147	1,489	7,514	260	1	21,133
Past Due	13	11	—	—	7	88	—	—	119
Total other	3,812	5,130	1,804	1,147	1,496	7,602	260	1	21,252




Total Loans	$279,628	$973,956	$701,571	$497,658	$431,071	$967,209	$328,623	$14,950	$4,194,666

The following table summarizes the Corporation’s loan portfolio by credit quality indicator and loan portfolio segment as of December 31, 2020:


(Dollars in thousands)	Term Loans Amortized Cost by Origination Year
	2020	2019	2018	2017	2016	Prior	Revolving Loans Amortized Cost	Revolving Loans Converted to Term Loans	Total
Commercial:
CRE:
Pass	$283,341	$353,875	$260,917	$236,310	$136,490	$249,359	$10,333	$2,386	$1,533,011
Special Mention	756	20,235	39,387	16,222	11,318	10,367	771	—	99,056
Classified	957	—	—	—	—	—	—	—	957
Total CRE	285,054	374,110	300,304	252,532	147,808	259,726	11,104	2,386	1,633,024
C&I:
Pass	293,493	95,775	98,146	56,792	44,445	91,128	95,817	1,296	776,892
Special Mention	1,123	722	3,210	6,839	3,141	14,853	3,806	56	33,750
Classified	403	—	—	—	—	6,363	—	—	6,766
Total C&I	295,019	96,497	101,356	63,631	47,586	112,344	99,623	1,352	817,408





Residential Real Estate:
Residential real estate:
Current	463,477	253,228	146,839	155,976	128,139	309,314	—	—	1,456,973
Past Due	238	1,698	1,310	886	110	6,097	—	—	10,339
Total residential real estate	463,715	254,926	148,149	156,862	128,249	315,411	—	—	1,467,312
Consumer:
Home equity:
Current	9,838	6,771	3,898	1,474	1,217	3,955	219,085	11,280	257,518
Past Due	—	35	24	—	—	186	310	1,112	1,667
Total home equity	9,838	6,806	3,922	1,474	1,217	4,141	219,395	12,392	259,185
Other:
Current	5,214	2,241	1,237	1,544	548	7,850	308	1	18,943
Past Due	19	1	—	—	88	7	3	—	118
Total other	5,233	2,242	1,237	1,544	636	7,857	311	1	19,061




Total Loans	$1,058,859	$734,581	$554,968	$476,043	$325,496	$699,479	$330,433	$16,131	$4,195,990

Consistent with industry practice, Washington Trust may renew commercial loans at or immediately prior to their maturity. In the tables above, renewals subject to full credit evaluation before being granted are reported as originations in the period renewed.