XML 31 R22.htm IDEA: XBRL DOCUMENT v3.22.2
Business Segments
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Business Segments Business Segments
The Corporation manages its operations through two reportable business segments, consisting of Commercial Banking and Wealth Management Services.

Management uses an allocation methodology to allocate income and expenses to the business lines. Direct activities are assigned to the appropriate business segment to which the activity relates. Indirect activities, such as corporate, technology and other support functions, are allocated to business segments primarily based upon full-time equivalent employee computations.

Commercial Banking
The Commercial Banking segment includes commercial, residential and consumer lending activities; mortgage banking activities; deposit generation; cash management activities; banking activities, including customer support and the operation of ATMs, telephone banking, internet banking and mobile banking services; as well as investment portfolio and wholesale funding activities.

Wealth Management Services
The Wealth Management Services segment includes investment management; holistic financial planning services; personal trust and estate services, including services as trustee, personal representative, custodian and guardian; settlement of decedents’ estates; and institutional trust services, including custody and fiduciary services.

The following table presents the statement of operations and total assets for Washington Trust’s reportable segments:
(Dollars in thousands)Commercial BankingWealth Management ServicesConsolidated Total
Three months ended June 30, 202220212022202120222021
Net interest income (expense)$37,563 $34,768 ($48)($14)$37,515 $34,754 
Provision for credit losses(3,000)— — — (3,000)— 
Net interest income (expense) after provision for credit losses40,563 34,768 (48)(14)40,515 34,754 
Noninterest income5,619 10,079 10,233 10,514 15,852 20,593 
Noninterest expenses:
Depreciation and amortization expense707 688 341 376 1,048 1,064 
Other noninterest expenses22,504 24,322 7,525 7,626 30,029 31,948 
Total noninterest expenses23,211 25,010 7,866 8,002 31,077 33,012 
Income before income taxes22,971 19,837 2,319 2,498 25,290 22,335 
Income tax expense4,748 4,250 585 625 5,333 4,875 
Net income$18,223 $15,587 $1,734 $1,873 $19,957 $17,460 
Total assets at period end$5,908,644 $5,778,879 $74,247 $73,101 $5,982,891 $5,851,980 
Expenditures for long-lived assets1,558 883 89 34 1,647 917 
(Dollars in thousands)Commercial BankingWealth Management ServicesConsolidated Total
Six months ended June 30, 202220212022202120222021
Net interest income (expense)$72,671 $67,652 ($65)($27)$72,606 $67,625 
Provision for credit losses(2,900)(2,000)— — (2,900)(2,000)
Net interest income (expense) after provision for credit losses75,571 69,652 (65)(27)75,506 69,625 
Noninterest income 12,131 25,070 20,880 21,497 33,011 46,567 
Noninterest expenses:
Depreciation and amortization expense1,418 1,365 685 753 2,103 2,118 
Other noninterest expenses45,114 50,887 15,079 14,720 60,193 65,607 
Total noninterest expenses46,532 52,252 15,764 15,473 62,296 67,725 
Income before income taxes41,170 42,470 5,051 5,997 46,221 48,467 
Income tax expense8,545 9,085 1,236 1,451 9,781 10,536 
Net income$32,625 $33,385 $3,815 $4,546 $36,440 $37,931 
Total assets at period end$5,908,644 $5,778,879 $74,247 $73,101 $5,982,891 $5,851,980 
Expenditures for long-lived assets2,288 1,717 193 111 2,481 1,828