XML 38 R29.htm IDEA: XBRL DOCUMENT

Loans (Tables)

3 Months Ended

Mar. 31, 2022

The following table presents a summary of loans:


(Dollars in thousands)	March 31, 2022	December 31, 2021
Commercial:


Commercial real estate (1)	$1,628,620	$1,639,062
Commercial & industrial (2)	614,892	641,555
Total commercial	2,243,512	2,280,617
Residential Real Estate:


Residential real estate (3)	1,777,974	1,726,975
Consumer:


Home equity	246,097	247,697
Other (4)	16,269	17,636
Total consumer	262,366	265,333
Total loans (5)	$4,283,852	$4,272,925

(1)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)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 $12.5 million and $38.0 million, respectively, of PPP loans as of March 31, 2022 and December 31, 2021.

(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 costs of $8.3 million and $6.7 million, respectively, at March 31, 2022 and December 31, 2021 and net unamortized premiums on purchased loans of $389 thousand and $414 thousand, respectively, at March 31, 2022 and December 31, 2021.

Past Due Loans

The following tables present an aging analysis of past due loans, segregated by class of loans:


(Dollars in thousands)	Days Past Due
March 31, 2022	30-59	60-89	Over 90	Total Past Due	Current	Total Loans
Commercial:
Commercial real estate	$—	$—	$—	$—	$1,628,620	$1,628,620
Commercial & industrial	108	—	—	108	614,784	614,892
Total commercial	108	—	—	108	2,243,404	2,243,512
Residential Real Estate:
Residential real estate	1,299	—	5,168	6,467	1,771,507	1,777,974
Consumer:
Home equity	112	141	178	431	245,666	246,097
Other	30	—	—	30	16,239	16,269
Total consumer	142	141	178	461	261,905	262,366
Total loans	$1,549	$141	$5,346	$7,036	$4,276,816	$4,283,852


(Dollars in thousands)	Days Past Due
December 31, 2021	30-59	60-89	Over 90	Total Past Due	Current	Total Loans
Commercial:
Commercial real estate	$—	$—	$—	$—	$1,639,062	$1,639,062
Commercial & industrial	3	—	—	3	641,552	641,555
Total commercial	3	—	—	3	2,280,614	2,280,617
Residential Real Estate:
Residential real estate	1,784	3,176	4,662	9,622	1,717,353	1,726,975
Consumer:
Home equity	580	77	108	765	246,932	247,697
Other	21	—	—	21	17,615	17,636
Total consumer	601	77	108	786	264,547	265,333
Total loans	$2,388	$3,253	$4,770	$10,411	$4,262,514	$4,272,925

Nonaccrual Loans

The following table is a summary of nonaccrual loans, segregated by class of loans:


(Dollars in thousands)	Mar 31, 2022	Dec 31, 2021
Commercial:
Commercial real estate	$—	$—
Commercial & industrial	—	—
Total commercial	—	—
Residential Real Estate:
Residential real estate	11,916	13,576
Consumer:
Home equity	673	627
Other	—	—
Total consumer	673	627
Total nonaccrual loans	$12,589	$14,203
Accruing loans 90 days or more past due	$—	$—

No ACL was deemed necessary on nonaccrual loans with carrying values of $4.2 million as of both March 31, 2022 and December 31, 2021.

Nonaccrual loans of $6.9 million and $4.8 million, respectively, at March 31, 2022 and December 31, 2021 were current as to the payment of principal and interest.

As of March 31, 2022 and December 31, 2021, nonaccrual loans secured by one- to four-family residential property amounting to $1.7 million and $1.5 million, respectively, were in process of foreclosure.

There were no significant commitments to lend additional funds to borrowers whose loans were on nonaccrual status at March 31, 2022.

The following table presents interest income recognized on nonaccrual loans:



(Dollars in thousands)
Three months ended March 31,	2022	2021
Commercial:
Commercial real estate	$—	$—
Commercial & industrial	—	1
Total commercial	—	1
Residential Real Estate:
Residential real estate	101	65
Consumer:
Home equity	7	24
Other	—	—
Total consumer	7	24
Total	$108	$90

Summary of TDRs

The following table presents the recorded investment in TDRs and other pertinent information:


(Dollars in thousands)	Mar 31, 2022	Dec 31, 2021
Accruing TDRs	$16,540	$16,564
Nonaccrual TDRs	2,789	2,819
Total TDRs	$19,329	$19,383

Specific reserves on TDRs included in the ACL on loans	$146	$148
Additional commitments to lend to borrowers with TDRs	$—	$—

TDRs with payment default

The following tables present 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,	2022	2021	2022	2021
TDRs with a Payment Default:




Residential real estate	—	1	$—	$396

Home equity	—	—	—	—

Totals	—	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, 2022		December 31, 2021
	Carrying Value	Related Allowance	Carrying Value	Related Allowance
Commercial:
Commercial real estate (1)	$10,593	$—	$10,603	$—
Commercial & industrial (2)	—	—	—	—
Total commercial	10,593	—	10,603	—
Residential Real Estate:
Residential real estate (3)	3,776	531	3,803	534
Consumer:
Home equity (3)	—	—	—	—
Other	—	—	—	—
Total consumer	—	—	—	—
Total	$14,369	$531	$14,406	$534

(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, 2022:


(Dollars in thousands)	Term Loans Amortized Cost by Origination Year
	2022	2021	2020	2019	2018	Prior	Revolving Loans Amortized Cost	Revolving Loans Converted to Term Loans	Total
Commercial:
CRE:
Pass	$138,105	$390,948	$209,963	$230,338	$208,730	$384,605	$8,206	$1,617	$1,572,512
Special Mention	—	9,047	291	13,295	9,720	12,885	277	—	45,515
Classified	—	—	949	—	2,685	6,959	—	—	10,593
Total CRE	138,105	399,995	211,203	243,633	221,135	404,449	8,483	1,617	1,628,620
C&I:
Pass	9,593	85,132	78,438	102,252	94,577	126,646	91,555	887	589,080
Special Mention	530	—	—	569	4,556	18,211	1,186	—	25,052
Classified	—	—	—	63	—	1	696	—	760
Total C&I	10,123	85,132	78,438	102,884	99,133	144,858	93,437	887	614,892





Residential Real Estate:
Residential real estate:
Current	152,448	729,453	312,951	145,184	80,870	350,601	—	—	1,771,507
Past Due	—	—	1,400	270	2,373	2,424	—	—	6,467
Total residential real estate	152,448	729,453	314,351	145,454	83,243	353,025	—	—	1,777,974
Consumer:
Home equity:
Current	2,561	9,149	4,703	3,107	2,412	4,040	211,618	8,076	245,666
Past Due	—	—	—	—	—	184	75	172	431
Total home equity	2,561	9,149	4,703	3,107	2,412	4,224	211,693	8,248	246,097
Other:
Current	466	5,249	2,811	1,079	316	6,064	254	—	16,239
Past Due	14	5	9	—	—	2	—	—	30
Total other	480	5,254	2,820	1,079	316	6,066	254	—	16,269




Total Loans	$303,717	$1,228,983	$611,515	$496,157	$406,239	$912,622	$313,867	$10,752	$4,283,852

The following table summarizes the Corporation’s loan portfolio by credit quality indicator and loan portfolio segment as of December 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	$417,705	$212,649	$260,940	$206,164	$163,132	$266,067	$7,015	$2,202	$1,535,874
Special Mention	9,089	489	33,982	28,432	—	20,273	320	—	92,585
Classified	—	958	—	2,685	6,959	1	—	—	10,603
Total CRE	426,794	214,096	294,922	237,281	170,091	286,341	7,335	2,202	1,639,062
C&I:
Pass	116,959	78,601	104,827	87,619	51,579	83,182	89,686	911	613,364
Special Mention	—	—	606	4,599	6,195	15,605	1,186	—	28,191
Classified	—	—	—	—	—	—	—	—	—
Total C&I	116,959	78,601	105,433	92,218	57,774	98,787	90,872	911	641,555





Residential Real Estate:
Residential real estate:
Current	733,658	353,742	158,140	85,656	88,365	297,792	—	—	1,717,353
Past Due	—	1,402	1,167	2,379	763	3,911	—	—	9,622
Total residential real estate	733,658	355,144	159,307	88,035	89,128	301,703	—	—	1,726,975
Consumer:
Home equity:
Current	10,434	5,850	3,703	2,380	1,064	3,592	211,488	8,421	246,932
Past Due	—	—	185	—	—	245	115	220	765
Total home equity	10,434	5,850	3,888	2,380	1,064	3,837	211,603	8,641	247,697
Other:
Current	5,536	3,264	1,313	407	747	6,090	258	—	17,615
Past Due	21	—	—	—	—	—	—	—	21
Total other	5,557	3,264	1,313	407	747	6,090	258	—	17,636




Total Loans	$1,293,402	$656,955	$564,863	$420,321	$318,804	$696,758	$310,068	$11,754	$4,272,925

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.