UNITED STATES | ||
SECURITIES AND EXCHANGE COMMISSION | ||
Washington, D.C. 20549 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices) | (Zip Code) |
(Registrant's telephone number, including area code) |
N/A | ||
(Former name or address, if changed from last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). |
Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition | |||||
period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the | |||||
Exchange Act. | ☐ |
(d) | Exhibits. | |||||||||||||
Exhibit No. | Exhibit | |||||||||||||
Press release dated January 25, 2023* | ||||||||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||||||||
*Filed herewith |
WASHINGTON TRUST BANCORP, INC. | ||||||||||||||
Date: | January 25, 2023 | By: | /s/ Ronald S. Ohsberg | |||||||||||
Ronald S. Ohsberg | ||||||||||||||
Senior Executive Vice President, Chief Financial Officer and Treasurer |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||
Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | |||||||||||||
Assets: | |||||||||||||||||
Cash and due from banks | $115,492 | $130,066 | $95,544 | $224,807 | $175,259 | ||||||||||||
Short-term investments | 2,930 | 2,773 | 3,079 | 3,289 | 3,234 | ||||||||||||
Mortgage loans held for sale, at fair value | 8,987 | 24,054 | 22,656 | 15,612 | 40,196 | ||||||||||||
Available for sale debt securities, at fair value | 993,928 | 982,573 | 1,020,469 | 1,008,184 | 1,042,859 | ||||||||||||
Federal Home Loan Bank stock, at cost | 43,463 | 32,940 | 16,300 | 8,452 | 13,031 | ||||||||||||
Loans: | |||||||||||||||||
Total loans | 5,110,139 | 4,848,873 | 4,479,822 | 4,283,852 | 4,272,925 | ||||||||||||
Less: allowance for credit losses on loans | 38,027 | 36,863 | 36,317 | 39,236 | 39,088 | ||||||||||||
Net loans | 5,072,112 | 4,812,010 | 4,443,505 | 4,244,616 | 4,233,837 | ||||||||||||
Premises and equipment, net | 31,550 | 30,152 | 29,694 | 28,878 | 28,908 | ||||||||||||
Operating lease right-of-use assets | 27,156 | 27,788 | 28,098 | 28,816 | 26,692 | ||||||||||||
Investment in bank-owned life insurance | 102,182 | 101,491 | 100,807 | 93,192 | 92,592 | ||||||||||||
Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | ||||||||||||
Identifiable intangible assets, net | 4,554 | 4,766 | 4,981 | 5,198 | 5,414 | ||||||||||||
Other assets | 193,788 | 195,529 | 153,849 | 123,046 | 125,196 | ||||||||||||
Total assets | $6,660,051 | $6,408,051 | $5,982,891 | $5,847,999 | $5,851,127 | ||||||||||||
Liabilities: | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing deposits | $858,953 | $938,572 | $888,981 | $911,990 | $945,229 | ||||||||||||
Interest-bearing deposits | 4,160,009 | 4,131,285 | 4,117,648 | 4,215,960 | 4,034,822 | ||||||||||||
Total deposits | 5,018,962 | 5,069,857 | 5,006,629 | 5,127,950 | 4,980,051 | ||||||||||||
Federal Home Loan Bank advances | 980,000 | 700,000 | 328,000 | 55,000 | 145,000 | ||||||||||||
Junior subordinated debentures | 22,681 | 22,681 | 22,681 | 22,681 | 22,681 | ||||||||||||
Operating lease liabilities | 29,558 | 30,189 | 30,491 | 31,169 | 29,010 | ||||||||||||
Other liabilities | 155,181 | 153,050 | 118,456 | 98,007 | 109,577 | ||||||||||||
Total liabilities | 6,206,382 | 5,975,777 | 5,506,257 | 5,334,807 | 5,286,319 | ||||||||||||
Shareholders’ Equity: | |||||||||||||||||
Common stock | 1,085 | 1,085 | 1,085 | 1,085 | 1,085 | ||||||||||||
Paid-in capital | 127,056 | 127,055 | 126,079 | 127,355 | 126,511 | ||||||||||||
Retained earnings | 492,043 | 485,163 | 475,889 | 465,295 | 458,310 | ||||||||||||
Accumulated other comprehensive (loss) income | (157,800) | (171,755) | (118,041) | (79,451) | (19,981) | ||||||||||||
Treasury stock, at cost | (8,715) | (9,274) | (8,378) | (1,092) | (1,117) | ||||||||||||
Total shareholders’ equity | 453,669 | 432,274 | 476,634 | 513,192 | 564,808 | ||||||||||||
Total liabilities and shareholders’ equity | $6,660,051 | $6,408,051 | $5,982,891 | $5,847,999 | $5,851,127 |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||||||||||
(Unaudited; Dollars and shares in thousands, except per share amounts) | ||||||||||||||||||||||||||
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||||||||||||
Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2021 | ||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||
Interest and fees on loans | $53,644 | $45,125 | $36,602 | $33,930 | $36,882 | $169,301 | $141,552 | |||||||||||||||||||
Interest on mortgage loans held for sale | 314 | 361 | 258 | 232 | 387 | 1,165 | 1,531 | |||||||||||||||||||
Taxable interest on debt securities | 6,618 | 6,061 | 4,918 | 4,230 | 3,929 | 21,827 | 14,295 | |||||||||||||||||||
Dividends on Federal Home Loan Bank stock | 330 | 88 | 63 | 67 | 98 | 548 | 436 | |||||||||||||||||||
Other interest income | 855 | 503 | 188 | 78 | 60 | 1,624 | 181 | |||||||||||||||||||
Total interest and dividend income | 61,761 | 52,138 | 42,029 | 38,537 | 41,356 | 194,465 | 157,995 | |||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||
Deposits | 12,301 | 6,656 | 3,963 | 3,103 | 2,977 | 26,023 | 12,390 | |||||||||||||||||||
Federal Home Loan Bank advances | 7,822 | 3,234 | 413 | 244 | 547 | 11,713 | 3,800 | |||||||||||||||||||
Junior subordinated debentures | 296 | 206 | 138 | 99 | 92 | 739 | 370 | |||||||||||||||||||
Total interest expense | 20,419 | 10,096 | 4,514 | 3,446 | 3,616 | 38,475 | 16,560 | |||||||||||||||||||
Net interest income | 41,342 | 42,042 | 37,515 | 35,091 | 37,740 | 155,990 | 141,435 | |||||||||||||||||||
Provision for credit losses | 800 | 800 | (3,000) | 100 | (2,822) | (1,300) | (4,822) | |||||||||||||||||||
Net interest income after provision for credit losses | 40,542 | 41,242 | 40,515 | 34,991 | 40,562 | 157,290 | 146,257 | |||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||||
Wealth management revenues | 8,624 | 9,525 | 10,066 | 10,531 | 10,504 | 38,746 | 41,282 | |||||||||||||||||||
Mortgage banking revenues | 1,103 | 2,047 | 2,082 | 3,501 | 4,332 | 8,733 | 28,626 | |||||||||||||||||||
Card interchange fees | 1,242 | 1,287 | 1,303 | 1,164 | 1,282 | 4,996 | 4,996 | |||||||||||||||||||
Service charges on deposit accounts | 942 | 819 | 763 | 668 | 766 | 3,192 | 2,683 | |||||||||||||||||||
Loan related derivative income | 745 | 1,041 | 669 | 301 | 1,972 | 2,756 | 4,342 | |||||||||||||||||||
Income from bank-owned life insurance | 691 | 684 | 615 | 601 | 1,144 | 2,591 | 2,925 | |||||||||||||||||||
Other income | 441 | 400 | 354 | 393 | 307 | 1,588 | 2,540 | |||||||||||||||||||
Total noninterest income | 13,788 | 15,803 | 15,852 | 17,159 | 20,307 | 62,602 | 87,394 | |||||||||||||||||||
Noninterest expense: | ||||||||||||||||||||||||||
Salaries and employee benefits | 20,812 | 21,609 | 20,381 | 21,002 | 21,524 | 83,804 | 87,295 | |||||||||||||||||||
Outsourced services | 3,568 | 3,552 | 3,375 | 3,242 | 3,585 | 13,737 | 13,296 | |||||||||||||||||||
Net occupancy | 2,418 | 2,234 | 2,174 | 2,300 | 2,145 | 9,126 | 8,449 | |||||||||||||||||||
Equipment | 1,002 | 939 | 938 | 918 | 959 | 3,797 | 3,905 | |||||||||||||||||||
Legal, audit and professional fees | 987 | 693 | 677 | 770 | 817 | 3,127 | 2,859 | |||||||||||||||||||
FDIC deposit insurance costs | 489 | 430 | 402 | 366 | 391 | 1,687 | 1,592 | |||||||||||||||||||
Advertising and promotion | 713 | 799 | 724 | 351 | 502 | 2,587 | 1,843 | |||||||||||||||||||
Amortization of intangibles | 212 | 215 | 216 | 217 | 216 | 860 | 890 | |||||||||||||||||||
Debt prepayment penalties | — | — | — | — | 2,700 | — | 6,930 | |||||||||||||||||||
Other expenses | 3,158 | 2,596 | 2,190 | 2,053 | 2,380 | 9,997 | 8,405 | |||||||||||||||||||
Total noninterest expense | 33,359 | 33,067 | 31,077 | 31,219 | 35,219 | 128,722 | 135,464 | |||||||||||||||||||
Income before income taxes | 20,971 | 23,978 | 25,290 | 20,931 | 25,650 | 91,170 | 98,187 | |||||||||||||||||||
Income tax expense | 4,398 | 5,310 | 5,333 | 4,448 | 5,462 | 19,489 | 21,317 | |||||||||||||||||||
Net income | $16,573 | $18,668 | $19,957 | $16,483 | $20,188 | $71,681 | $76,870 | |||||||||||||||||||
Net income available to common shareholders | $16,535 | $18,615 | $19,900 | $16,429 | $20,128 | $71,479 | $76,648 | |||||||||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||||||||
Basic | 17,180 | 17,174 | 17,303 | 17,331 | 17,328 | 17,246 | 17,310 | |||||||||||||||||||
Diluted | 17,319 | 17,298 | 17,414 | 17,482 | 17,469 | 17,381 | 17,455 | |||||||||||||||||||
Earnings per common share: | ||||||||||||||||||||||||||
Basic | $0.96 | $1.08 | $1.15 | $0.95 | $1.16 | $4.14 | $4.43 | |||||||||||||||||||
Diluted | $0.95 | $1.08 | $1.14 | $0.94 | $1.15 | $4.11 | $4.39 | |||||||||||||||||||
Cash dividends declared per share | $0.56 | $0.54 | $0.54 | $0.54 | $0.54 | $2.18 | $2.10 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS | |||||||||||||||||
(Unaudited; Dollars and shares in thousands, except per share amounts) | |||||||||||||||||
Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | |||||||||||||
Share and Equity Related Data: | |||||||||||||||||
Book value per share | $26.40 | $25.17 | $27.73 | $29.61 | $32.59 | ||||||||||||
Tangible book value per share - Non-GAAP (1) | $22.42 | $21.17 | $23.72 | $25.62 | $28.59 | ||||||||||||
Market value per share | $47.18 | $46.48 | $48.37 | $52.50 | $56.37 | ||||||||||||
Shares issued at end of period | 17,363 | 17,363 | 17,363 | 17,363 | 17,363 | ||||||||||||
Shares outstanding at end of period | 17,183 | 17,171 | 17,190 | 17,332 | 17,331 | ||||||||||||
Capital Ratios (2): | |||||||||||||||||
Tier 1 risk-based capital | 11.69 | % | 11.97 | % | 12.78 | % | 13.32 | % | 13.24 | % | |||||||
Total risk-based capital | 12.37 | % | 12.65 | % | 13.51 | % | 14.15 | % | 14.01 | % | |||||||
Tier 1 leverage ratio | 8.65 | % | 8.99 | % | 9.42 | % | 9.46 | % | 9.36 | % | |||||||
Common equity tier 1 | 11.24 | % | 11.50 | % | 12.28 | % | 12.79 | % | 12.71 | % | |||||||
Balance Sheet Ratios: | |||||||||||||||||
Equity to assets | 6.81 | % | 6.75 | % | 7.97 | % | 8.78 | % | 9.65 | % | |||||||
Tangible equity to tangible assets - Non-GAAP (1) | 5.84 | % | 5.74 | % | 6.89 | % | 7.68 | % | 8.57 | % | |||||||
Loans to deposits (3) | 101.2 | % | 95.4 | % | 89.2 | % | 83.1 | % | 85.8 | % |
For the Twelve Months Ended | ||||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||
Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2021 | ||||||||||||||||||||
Performance Ratios (4): | ||||||||||||||||||||||||||
Net interest margin (5) | 2.65 | % | 2.82 | % | 2.71 | % | 2.57 | % | 2.71 | % | 2.69 | % | 2.59 | % | ||||||||||||
Return on average assets (net income divided by average assets) | 1.01 | % | 1.19 | % | 1.37 | % | 1.14 | % | 1.36 | % | 1.17 | % | 1.32 | % | ||||||||||||
Return on average tangible assets - Non-GAAP (1) | 1.03 | % | 1.20 | % | 1.39 | % | 1.15 | % | 1.38 | % | 1.19 | % | 1.33 | % | ||||||||||||
Return on average equity (net income available for common shareholders divided by average equity) | 14.96 | % | 15.16 | % | 16.11 | % | 12.04 | % | 14.34 | % | 14.49 | % | 14.03 | % | ||||||||||||
Return on average tangible equity - Non-GAAP (1) | 17.74 | % | 17.65 | % | 18.71 | % | 13.77 | % | 16.39 | % | 16.84 | % | 16.09 | % | ||||||||||||
Efficiency ratio (6) | 60.5 | % | 57.2 | % | 58.2 | % | 59.7 | % | 60.7 | % | 58.9 | % | 59.2 | % |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||||
(Unaudited; Dollars in thousands) | ||||||||||||||||||||||||||
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||||||||||||
Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2021 | ||||||||||||||||||||
Wealth Management Results | ||||||||||||||||||||||||||
Wealth Management Revenues: | ||||||||||||||||||||||||||
Asset-based revenues | $8,448 | $9,302 | $9,641 | $10,211 | $10,417 | $37,602 | $40,215 | |||||||||||||||||||
Transaction-based revenues | 176 | 223 | 425 | 320 | 87 | 1,144 | 1,067 | |||||||||||||||||||
Total wealth management revenues | $8,624 | $9,525 | $10,066 | $10,531 | $10,504 | $38,746 | $41,282 | |||||||||||||||||||
Assets Under Administration (AUA): | ||||||||||||||||||||||||||
Balance at beginning of period | $6,322,757 | $6,650,097 | $7,492,893 | $7,784,211 | $7,443,396 | $7,784,211 | $6,866,737 | |||||||||||||||||||
Net investment appreciation (depreciation) & income | 312,407 | (239,762) | (816,290) | (388,733) | 358,796 | (1,132,378) | 931,302 | |||||||||||||||||||
Net client asset (outflows) inflows | (673,174) | (87,578) | (26,506) | 97,415 | (17,981) | (689,843) | (13,828) | |||||||||||||||||||
Balance at end of period | $5,961,990 | $6,322,757 | $6,650,097 | $7,492,893 | $7,784,211 | $5,961,990 | $7,784,211 | |||||||||||||||||||
Percentage of AUA that are managed assets | 91% | 91% | 91% | 92% | 92% | 91% | 92% | |||||||||||||||||||
Mortgage Banking Results | ||||||||||||||||||||||||||
Mortgage Banking Revenues: | ||||||||||||||||||||||||||
Realized gains on loan sales, net (1) | $992 | $1,718 | $1,917 | $3,327 | $5,695 | $7,954 | $33,752 | |||||||||||||||||||
Changes in fair value, net (2) | (426) | (226) | (330) | (242) | (1,594) | (1,224) | (5,558) | |||||||||||||||||||
Loan servicing fee income, net (3) | 537 | 555 | 495 | 416 | 231 | 2,003 | 432 | |||||||||||||||||||
Total mortgage banking revenues | $1,103 | $2,047 | $2,082 | $3,501 | $4,332 | $8,733 | $28,626 | |||||||||||||||||||
Residential Mortgage Loan Originations: | ||||||||||||||||||||||||||
Originations for retention in portfolio (4) | $228,579 | $225,132 | $263,762 | $164,401 | $174,438 | $881,874 | $756,343 | |||||||||||||||||||
Originations for sale to secondary market (5) | 39,087 | 77,242 | 86,459 | 106,619 | 188,735 | 309,407 | 933,324 | |||||||||||||||||||
Total mortgage loan originations | $267,666 | $302,374 | $350,221 | $271,020 | $363,173 | $1,191,281 | $1,689,667 | |||||||||||||||||||
Residential Mortgage Loans Sold: | ||||||||||||||||||||||||||
Sold with servicing rights retained | $27,085 | $34,659 | $23,478 | $14,627 | $21,180 | $99,849 | $591,550 | |||||||||||||||||||
Sold with servicing rights released (5) | 27,470 | 40,665 | 56,263 | 115,501 | 175,818 | 239,899 | 361,886 | |||||||||||||||||||
Total mortgage loans sold | $54,555 | $75,324 | $79,741 | $130,128 | $196,998 | $339,748 | $953,436 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
END OF PERIOD LOAN COMPOSITION | |||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||
Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | |||||||||||||
Loans: | |||||||||||||||||
Commercial real estate (1) | $1,829,304 | $1,762,687 | $1,609,618 | $1,628,620 | $1,639,062 | ||||||||||||
Commercial & industrial | 656,397 | 652,758 | 620,270 | 614,892 | 641,555 | ||||||||||||
Total commercial | 2,485,701 | 2,415,445 | 2,229,888 | 2,243,512 | 2,280,617 | ||||||||||||
Residential real estate (2) | 2,323,002 | 2,144,098 | 1,966,341 | 1,777,974 | 1,726,975 | ||||||||||||
Home equity | 285,715 | 273,742 | 267,785 | 246,097 | 247,697 | ||||||||||||
Other | 15,721 | 15,588 | 15,808 | 16,269 | 17,636 | ||||||||||||
Total consumer | 301,436 | 289,330 | 283,593 | 262,366 | 265,333 | ||||||||||||
Total loans | $5,110,139 | $4,848,873 | $4,479,822 | $4,283,852 | $4,272,925 |
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
Count | Balance | % of Total | Count | Balance | % of Total | ||||||||||||||||||
Commercial Real Estate Portfolio Segmentation: | |||||||||||||||||||||||
Multi-family dwelling | 127 | $469,233 | 26 | % | 127 | $474,229 | 29 | % | |||||||||||||||
Retail | 108 | 421,617 | 23 | 121 | 389,487 | 24 | |||||||||||||||||
Office | 53 | 257,551 | 14 | 57 | 216,602 | 13 | |||||||||||||||||
Hospitality | 33 | 214,829 | 12 | 31 | 184,990 | 11 | |||||||||||||||||
Industrial and warehouse | 42 | 192,717 | 11 | 35 | 137,254 | 8 | |||||||||||||||||
Healthcare | 17 | 136,225 | 7 | 13 | 128,189 | 8 | |||||||||||||||||
Commercial mixed use | 21 | 54,976 | 3 | 20 | 38,978 | 2 | |||||||||||||||||
Other | 34 | 82,156 | 4 | 36 | 69,333 | 5 | |||||||||||||||||
Commercial real estate loans | 435 | $1,829,304 | 100 | % | 440 | $1,639,062 | 100 | % | |||||||||||||||
Commercial & Industrial Portfolio Segmentation: | |||||||||||||||||||||||
Healthcare and social assistance | 69 | $193,052 | 29 | % | 101 | $174,376 | 27 | % | |||||||||||||||
Owner occupied and other real estate | 168 | 72,429 | 11 | 185 | 72,957 | 11 | |||||||||||||||||
Manufacturing | 55 | 60,601 | 9 | 65 | 55,341 | 9 | |||||||||||||||||
Retail | 50 | 56,012 | 9 | 79 | 47,290 | 7 | |||||||||||||||||
Transportation and warehousing | 20 | 51,347 | 8 | 31 | 35,064 | 5 | |||||||||||||||||
Educational services | 19 | 46,708 | 7 | 28 | 52,211 | 8 | |||||||||||||||||
Finance and insurance | 55 | 28,313 | 4 | 59 | 31,279 | 5 | |||||||||||||||||
Entertainment and recreation | 24 | 25,646 | 4 | 37 | 32,087 | 5 | |||||||||||||||||
Information | 5 | 23,948 | 4 | 14 | 25,045 | 4 | |||||||||||||||||
Accommodation and food services | 49 | 17,167 | 3 | 114 | 28,320 | 4 | |||||||||||||||||
Professional, scientific and technical | 37 | 6,451 | 1 | 69 | 8,912 | 1 | |||||||||||||||||
Public administration | 11 | 3,789 | 1 | 16 | 5,441 | 1 | |||||||||||||||||
Other | 162 | 70,934 | 10 | 281 | 73,232 | 13 | |||||||||||||||||
Commercial & industrial loans | 724 | $656,397 | 100 | % | 1,079 | $641,555 | 100 | % |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
END OF PERIOD LOAN AND DEPOSIT COMPOSITION | |||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||
December 31, 2022 | December 31, 2021 | ||||||||||||||||
Balance | % of Total | Balance | % of Total | ||||||||||||||
Commercial Real Estate Loans by Property Location: | |||||||||||||||||
Connecticut | $691,780 | 38 | % | $643,182 | 39 | % | |||||||||||
Massachusetts | 566,717 | 31 | 464,018 | 28 | |||||||||||||
Rhode Island | 387,759 | 21 | 408,496 | 25 | |||||||||||||
Subtotal | 1,646,256 | 90 | 1,515,696 | 92 | |||||||||||||
All other states | 183,048 | 10 | 123,366 | 8 | |||||||||||||
Total commercial real estate loans | $1,829,304 | 100 | % | $1,639,062 | 100 | % | |||||||||||
Residential Real Estate Loans by Property Location: | |||||||||||||||||
Massachusetts | $1,698,240 | 73 | % | $1,207,789 | 70 | % | |||||||||||
Rhode Island | 446,010 | 19 | 365,831 | 21 | |||||||||||||
Connecticut | 153,323 | 7 | 132,430 | 8 | |||||||||||||
Subtotal | 2,297,573 | 99 | 1,706,050 | 99 | |||||||||||||
All other states | 25,429 | 1 | 20,925 | 1 | |||||||||||||
Total residential real estate loans | $2,323,002 | 100 | % | $1,726,975 | 100 | % |
Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | |||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing demand deposits | $858,953 | $938,572 | $888,981 | $911,990 | $945,229 | ||||||||||||
Interest-bearing demand deposits (in-market) | 302,044 | 273,231 | 258,451 | 248,914 | 251,032 | ||||||||||||
NOW accounts | 871,875 | 869,984 | 887,678 | 893,603 | 867,138 | ||||||||||||
Money market accounts | 1,255,805 | 1,146,826 | 1,139,676 | 1,295,339 | 1,072,864 | ||||||||||||
Savings accounts | 576,250 | 600,568 | 572,251 | 566,461 | 555,177 | ||||||||||||
Time deposits (in-market) | 795,838 | 797,505 | 800,898 | 809,858 | 773,383 | ||||||||||||
In-market deposits | 4,660,765 | 4,626,686 | 4,547,935 | 4,726,165 | 4,464,823 | ||||||||||||
Wholesale brokered demand deposits | 31,153 | 31,044 | 31,003 | — | — | ||||||||||||
Wholesale brokered time deposits | 327,044 | 412,127 | 427,691 | 401,785 | 515,228 | ||||||||||||
Wholesale brokered deposits | 358,197 | 443,171 | 458,694 | 401,785 | 515,228 | ||||||||||||
Total deposits | $5,018,962 | $5,069,857 | $5,006,629 | $5,127,950 | $4,980,051 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
CREDIT & ASSET QUALITY DATA | |||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||
Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | |||||||||||||
Asset Quality Ratios: | |||||||||||||||||
Nonperforming assets to total assets | 0.19 | % | 0.19 | % | 0.21 | % | 0.22 | % | 0.24 | % | |||||||
Nonaccrual loans to total loans | 0.25 | % | 0.25 | % | 0.28 | % | 0.29 | % | 0.33 | % | |||||||
Total past due loans to total loans | 0.23 | % | 0.16 | % | 0.19 | % | 0.16 | % | 0.24 | % | |||||||
Allowance for credit losses on loans to nonaccrual loans | 296.02 | % | 304.10 | % | 292.55 | % | 311.67 | % | 275.21 | % | |||||||
Allowance for credit losses on loans to total loans | 0.74 | % | 0.76 | % | 0.81 | % | 0.92 | % | 0.91 | % | |||||||
Nonperforming Assets: | |||||||||||||||||
Commercial real estate | $— | $— | $— | $— | $— | ||||||||||||
Commercial & industrial | — | — | — | — | — | ||||||||||||
Total commercial | — | — | — | — | — | ||||||||||||
Residential real estate | 11,894 | 11,700 | 11,815 | 11,916 | 13,576 | ||||||||||||
Home equity | 952 | 422 | 599 | 673 | 627 | ||||||||||||
Other consumer | — | — | — | — | — | ||||||||||||
Total consumer | 952 | 422 | 599 | 673 | 627 | ||||||||||||
Total nonaccrual loans | 12,846 | 12,122 | 12,414 | 12,589 | 14,203 | ||||||||||||
Other real estate owned | — | — | — | — | — | ||||||||||||
Total nonperforming assets | $12,846 | $12,122 | $12,414 | $12,589 | $14,203 | ||||||||||||
Past Due Loans (30 days or more past due): | |||||||||||||||||
Commercial real estate | $1,187 | $— | $— | $— | $— | ||||||||||||
Commercial & industrial | 265 | 4 | 7 | 108 | 3 | ||||||||||||
Total commercial | 1,452 | 4 | 7 | 108 | 3 | ||||||||||||
Residential real estate | 8,875 | 7,256 | 7,794 | 6,467 | 9,622 | ||||||||||||
Home equity | 1,235 | 252 | 728 | 431 | 765 | ||||||||||||
Other consumer | 16 | 17 | 28 | 30 | 21 | ||||||||||||
Total consumer | 1,251 | 269 | 756 | 461 | 786 | ||||||||||||
Total past due loans | $11,578 | $7,529 | $8,557 | $7,036 | $10,411 | ||||||||||||
Accruing loans 90 days or more past due | $— | $— | $— | $— | $— | ||||||||||||
Nonaccrual loans included in past due loans | $7,196 | $7,059 | $6,817 | $5,707 | $9,359 | ||||||||||||
Troubled Debt Restructurings ("TDR"): | |||||||||||||||||
Accruing TDRs | $3,519 | $7,214 | $9,607 | $16,303 | $16,328 | ||||||||||||
Nonaccrual TDRs | 5,073 | 2,890 | 2,906 | 2,789 | 2,819 | ||||||||||||
Total TDRs | $8,592 | $10,104 | $12,513 | $19,092 | $19,147 |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||||||||||||||
CREDIT & ASSET QUALITY DATA | ||||||||||||||||||||||||||
(Unaudited; Dollars in thousands) | ||||||||||||||||||||||||||
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||||||||||||
Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2021 | ||||||||||||||||||||
Nonaccrual Loan Activity: | ||||||||||||||||||||||||||
Balance at beginning of period | $12,122 | $12,414 | $12,589 | $14,203 | $10,976 | $14,203 | $13,197 | |||||||||||||||||||
Additions to nonaccrual status | 2,485 | 521 | 158 | 427 | 3,959 | 3,591 | 7,813 | |||||||||||||||||||
Loans returned to accruing status | — | (400) | (236) | (63) | (339) | (699) | (1,216) | |||||||||||||||||||
Loans charged-off | (62) | (63) | (23) | (36) | (31) | (184) | (661) | |||||||||||||||||||
Payments, payoffs and other changes | (1,699) | (350) | (74) | (1,942) | (362) | (4,065) | (4,930) | |||||||||||||||||||
Balance at end of period | $12,846 | $12,122 | $12,414 | $12,589 | $14,203 | $12,846 | $14,203 | |||||||||||||||||||
Allowance for Credit Losses on Loans: | ||||||||||||||||||||||||||
Balance at beginning of period | $36,863 | $36,317 | $39,236 | $39,088 | $41,711 | $39,088 | $44,106 | |||||||||||||||||||
Provision for credit losses on loans (1) | 900 | 600 | (2,929) | — | (2,650) | (1,429) | (4,601) | |||||||||||||||||||
Charge-offs | (62) | (63) | (23) | (36) | (33) | (184) | (663) | |||||||||||||||||||
Recoveries | 326 | 9 | 33 | 184 | 60 | 552 | 246 | |||||||||||||||||||
Balance at end of period | $38,027 | $36,863 | $36,317 | $39,236 | $39,088 | $38,027 | $39,088 | |||||||||||||||||||
Allowance for Credit Losses on Unfunded Commitments: | ||||||||||||||||||||||||||
Balance at beginning of period | $2,390 | $2,190 | $2,261 | $2,161 | $2,333 | $2,161 | $2,382 | |||||||||||||||||||
Provision for credit losses on unfunded commitments (1) | (100) | 200 | (71) | 100 | (172) | 129 | (221) | |||||||||||||||||||
Balance at end of period (2) | $2,290 | $2,390 | $2,190 | $2,261 | $2,161 | $2,290 | $2,161 |
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||||||||||||
Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2021 | ||||||||||||||||||||
Net Loan Charge-Offs (Recoveries): | ||||||||||||||||||||||||||
Commercial real estate | ($300) | $— | $— | ($145) | $— | ($445) | $— | |||||||||||||||||||
Commercial & industrial | 10 | 9 | (11) | (1) | (35) | 7 | 266 | |||||||||||||||||||
Total commercial | (290) | 9 | (11) | (146) | (35) | (438) | 266 | |||||||||||||||||||
Residential real estate | — | — | — | (21) | (4) | (21) | 18 | |||||||||||||||||||
Home equity | (8) | — | (2) | (2) | (12) | (12) | 92 | |||||||||||||||||||
Other consumer | 34 | 45 | 3 | 21 | 24 | 103 | 41 | |||||||||||||||||||
Total consumer | 26 | 45 | 1 | 19 | 12 | 91 | 133 | |||||||||||||||||||
Total | ($264) | $54 | ($10) | ($148) | ($27) | ($368) | $417 | |||||||||||||||||||
Net charge-offs (recoveries) to average loans - annualized | (0.02 | %) | — | % | — | % | (0.01 | %) | — | % | (0.01 | %) | 0.01 | % |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis) | |||||||||||||||||||||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||||||||||||||||||||
For the Three Months Ended | December 31, 2022 | September 30, 2022 | Change | ||||||||||||||||||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Cash, federal funds sold and short-term investments | $94,196 | $855 | 3.60 | % | $92,708 | $503 | 2.15 | % | $1,488 | $352 | 1.45 | % | |||||||||||||||||||||||
Mortgage loans held for sale | 28,214 | 314 | 4.42 | 34,503 | 361 | 4.15 | (6,289) | (47) | 0.27 | ||||||||||||||||||||||||||
Taxable debt securities | 1,165,276 | 6,618 | 2.25 | 1,150,674 | 6,061 | 2.09 | 14,602 | 557 | 0.16 | ||||||||||||||||||||||||||
FHLB stock | 35,485 | 330 | 3.69 | 25,377 | 88 | 1.38 | 10,108 | 242 | 2.31 | ||||||||||||||||||||||||||
Commercial real estate | 1,771,999 | 22,300 | 4.99 | 1,692,374 | 17,974 | 4.21 | 79,625 | 4,326 | 0.78 | ||||||||||||||||||||||||||
Commercial & industrial | 645,882 | 8,643 | 5.31 | 630,360 | 7,114 | 4.48 | 15,522 | 1,529 | 0.83 | ||||||||||||||||||||||||||
Total commercial | 2,417,881 | 30,943 | 5.08 | 2,322,734 | 25,088 | 4.29 | 95,147 | 5,855 | 0.79 | ||||||||||||||||||||||||||
Residential real estate | 2,214,207 | 19,490 | 3.49 | 2,045,833 | 17,379 | 3.37 | 168,374 | 2,111 | 0.12 | ||||||||||||||||||||||||||
Home equity | 280,682 | 3,386 | 4.79 | 269,654 | 2,804 | 4.13 | 11,028 | 582 | 0.66 | ||||||||||||||||||||||||||
Other | 15,218 | 174 | 4.54 | 15,299 | 171 | 4.43 | (81) | 3 | 0.11 | ||||||||||||||||||||||||||
Total consumer | 295,900 | 3,560 | 4.77 | 284,953 | 2,975 | 4.14 | 10,947 | 585 | 0.63 | ||||||||||||||||||||||||||
Total loans | 4,927,988 | 53,993 | 4.35 | 4,653,520 | 45,442 | 3.87 | 274,468 | 8,551 | 0.48 | ||||||||||||||||||||||||||
Total interest-earning assets | 6,251,159 | 62,110 | 3.94 | 5,956,782 | 52,455 | 3.49 | 294,377 | 9,655 | 0.45 | ||||||||||||||||||||||||||
Noninterest-earning assets | 229,713 | 259,347 | (29,634) | ||||||||||||||||||||||||||||||||
Total assets | $6,480,872 | $6,216,129 | $264,743 | ||||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits (in-market) | $287,311 | $1,777 | 2.45 | % | $267,670 | $822 | 1.22 | % | $19,641 | $955 | 1.23 | % | |||||||||||||||||||||||
NOW accounts | 854,055 | 370 | 0.17 | 871,038 | 212 | 0.10 | (16,983) | 158 | 0.07 | ||||||||||||||||||||||||||
Money market accounts | 1,213,890 | 4,970 | 1.62 | 1,137,875 | 2,231 | 0.78 | 76,015 | 2,739 | 0.84 | ||||||||||||||||||||||||||
Savings accounts | 586,868 | 227 | 0.15 | 582,513 | 100 | 0.07 | 4,355 | 127 | 0.08 | ||||||||||||||||||||||||||
Time deposits (in-market) | 798,482 | 2,633 | 1.31 | 797,199 | 1,983 | 0.99 | 1,283 | 650 | 0.32 | ||||||||||||||||||||||||||
Interest-bearing in-market deposits | 3,740,606 | 9,977 | 1.06 | 3,656,295 | 5,348 | 0.58 | 84,311 | 4,629 | 0.48 | ||||||||||||||||||||||||||
Wholesale brokered demand deposits | 31,082 | 282 | 3.60 | 31,014 | 166 | 2.12 | 68 | 116 | 1.48 | ||||||||||||||||||||||||||
Wholesale brokered time deposits | 355,618 | 2,042 | 2.28 | 381,984 | 1,142 | 1.19 | (26,366) | 900 | 1.09 | ||||||||||||||||||||||||||
Wholesale brokered deposits | 386,700 | 2,324 | 2.38 | 412,998 | 1,308 | 1.26 | (26,298) | 1,016 | 1.12 | ||||||||||||||||||||||||||
Total interest-bearing deposits | 4,127,306 | 12,301 | 1.18 | 4,069,293 | 6,656 | 0.65 | 58,013 | 5,645 | 0.53 | ||||||||||||||||||||||||||
FHLB advances | 796,087 | 7,822 | 3.90 | 549,729 | 3,234 | 2.33 | 246,358 | 4,588 | 1.57 | ||||||||||||||||||||||||||
Junior subordinated debentures | 22,681 | 296 | 5.18 | 22,681 | 206 | 3.60 | — | 90 | 1.58 | ||||||||||||||||||||||||||
Total interest-bearing liabilities | 4,946,074 | 20,419 | 1.64 | 4,641,703 | 10,096 | 0.86 | 304,371 | 10,323 | 0.78 | ||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 917,460 | 944,153 | (26,693) | ||||||||||||||||||||||||||||||||
Other liabilities | 178,991 | 143,043 | 35,948 | ||||||||||||||||||||||||||||||||
Shareholders' equity | 438,347 | 487,230 | (48,883) | ||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $6,480,872 | $6,216,129 | $264,743 | ||||||||||||||||||||||||||||||||
Net interest income (FTE) | $41,691 | $42,359 | ($668) | ||||||||||||||||||||||||||||||||
Interest rate spread | 2.30 | % | 2.63 | % | (0.33 | %) | |||||||||||||||||||||||||||||
Net interest margin | 2.65 | % | 2.82 | % | (0.17 | %) |
For the Three Months Ended | Dec 31, 2022 | Sep 30, 2022 | Change | ||||||||
Commercial loans | $349 | $317 | $32 | ||||||||
Total | $349 | $317 | $32 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis) | |||||||||||||||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||||||||||||||
For the Twelve Months Ended | December 31, 2022 | December 31, 2021 | Change | ||||||||||||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash, federal funds sold and short-term investments | $119,932 | $1,624 | 1.35 | % | $167,898 | $181 | 0.11 | % | ($47,966) | $1,443 | 1.24 | % | |||||||||||||||||
Mortgage loans for sale | 29,539 | 1,165 | 3.94 | 52,580 | 1,531 | 2.91 | (23,041) | (366) | 1.03 | ||||||||||||||||||||
Taxable debt securities | 1,121,413 | 21,827 | 1.95 | 1,013,445 | 14,295 | 1.41 | 107,968 | 7,532 | 0.54 | ||||||||||||||||||||
FHLB stock | 20,721 | 548 | 2.64 | 21,422 | 436 | 2.04 | (701) | 112 | 0.60 | ||||||||||||||||||||
Commercial real estate | 1,679,300 | 65,660 | 3.91 | 1,643,107 | 49,551 | 3.02 | 36,193 | 16,109 | 0.89 | ||||||||||||||||||||
Commercial & industrial | 632,938 | 28,099 | 4.44 | 752,934 | 30,824 | 4.09 | (119,996) | (2,725) | 0.35 | ||||||||||||||||||||
Total commercial | 2,312,238 | 93,759 | 4.05 | 2,396,041 | 80,375 | 3.35 | (83,803) | 13,384 | 0.70 | ||||||||||||||||||||
Residential real estate | 1,960,629 | 65,866 | 3.36 | 1,571,459 | 52,884 | 3.37 | 389,170 | 12,982 | (0.01) | ||||||||||||||||||||
Home equity | 263,578 | 10,139 | 3.85 | 254,289 | 8,212 | 3.23 | 9,289 | 1,927 | 0.62 | ||||||||||||||||||||
Other | 15,799 | 724 | 4.58 | 19,765 | 966 | 4.89 | (3,966) | (242) | (0.31) | ||||||||||||||||||||
Total consumer | 279,377 | 10,863 | 3.89 | 274,054 | 9,178 | 3.35 | 5,323 | 1,685 | 0.54 | ||||||||||||||||||||
Total loans | 4,552,244 | 170,488 | 3.75 | 4,241,554 | 142,437 | 3.36 | 310,690 | 28,051 | 0.39 | ||||||||||||||||||||
Total interest-earning assets | 5,843,849 | 195,652 | 3.35 | 5,496,899 | 158,880 | 2.89 | 346,950 | 36,772 | 0.46 | ||||||||||||||||||||
Noninterest-earning assets | 258,906 | 341,067 | (82,161) | ||||||||||||||||||||||||||
Total assets | $6,102,755 | $5,837,966 | $264,789 | ||||||||||||||||||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||||||||||||||
Interest-bearing demand deposits (in-market) | $263,154 | $2,891 | 1.10 | % | $202,929 | $259 | 0.13 | % | $60,225 | $2,632 | 0.97 | % | |||||||||||||||||
NOW accounts | 864,084 | 862 | 0.10 | 765,584 | 491 | 0.06 | 98,500 | 371 | 0.04 | ||||||||||||||||||||
Money market accounts | 1,198,714 | 8,954 | 0.75 | 984,278 | 2,413 | 0.25 | 214,436 | 6,541 | 0.50 | ||||||||||||||||||||
Savings accounts | 574,349 | 473 | 0.08 | 521,143 | 282 | 0.05 | 53,206 | 191 | 0.03 | ||||||||||||||||||||
Time deposits (in-market) | 799,645 | 8,630 | 1.08 | 702,303 | 7,749 | 1.10 | 97,342 | 881 | (0.02) | ||||||||||||||||||||
Interest-bearing in-market deposits | 3,699,946 | 21,810 | 0.59 | 3,176,237 | 11,194 | 0.35 | 523,709 | 10,616 | 0.24 | ||||||||||||||||||||
Wholesale brokered demand deposits | 20,696 | 494 | 2.39 | — | — | — | 20,696 | 494 | 2.39 | ||||||||||||||||||||
Wholesale brokered time deposits | 386,170 | 3,719 | 0.96 | 644,151 | 1,196 | 0.19 | (257,981) | 2,523 | 0.77 | ||||||||||||||||||||
Wholesale brokered deposits | 406,866 | 4,213 | 1.04 | 644,151 | 1,196 | 0.19 | (237,285) | 3,017 | 0.85 | ||||||||||||||||||||
Total interest-bearing deposits | 4,106,812 | 26,023 | 0.63 | 3,820,388 | 12,390 | 0.32 | 286,424 | 13,633 | 0.31 | ||||||||||||||||||||
FHLB advances | 414,263 | 11,713 | 2.83 | 370,881 | 3,800 | 1.02 | 43,382 | 7,913 | 1.81 | ||||||||||||||||||||
Junior subordinated debentures | 22,681 | 739 | 3.26 | 22,681 | 370 | 1.63 | — | 369 | 1.63 | ||||||||||||||||||||
Total interest-bearing liabilities | 4,543,756 | 38,475 | 0.85 | 4,213,950 | 16,560 | 0.39 | 329,806 | 21,915 | 0.46 | ||||||||||||||||||||
Noninterest-bearing demand deposits | 923,423 | 934,626 | (11,203) | ||||||||||||||||||||||||||
Other liabilities | 142,324 | 143,197 | (873) | ||||||||||||||||||||||||||
Shareholders' equity | 493,252 | 546,193 | (52,941) | ||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $6,102,755 | $5,837,966 | $264,789 | ||||||||||||||||||||||||||
Net interest income (FTE) | $157,177 | $142,320 | $14,857 | ||||||||||||||||||||||||||
Interest rate spread | 2.50 | % | 2.50 | % | — | % | |||||||||||||||||||||||
Net interest margin | 2.69 | % | 2.59 | % | 0.10 | % |
For the Twelve Months Ended | Dec 31, 2022 | Dec 31, 2021 | Change | ||||||||
Commercial loans | $1,187 | $885 | $302 | ||||||||
Total | $1,187 | $885 | $302 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures | |||||||||||||||||
(Unaudited; Dollars in thousands, except per share amounts) | |||||||||||||||||
Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | |||||||||||||
Tangible Book Value per Share: | |||||||||||||||||
Total shareholders' equity, as reported | $453,669 | $432,274 | $476,634 | $513,192 | $564,808 | ||||||||||||
Less: | |||||||||||||||||
Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | ||||||||||||
Identifiable intangible assets, net | 4,554 | 4,766 | 4,981 | 5,198 | 5,414 | ||||||||||||
Total tangible shareholders' equity | $385,206 | $363,599 | $407,744 | $444,085 | $495,485 | ||||||||||||
Shares outstanding, as reported | 17,183 | 17,171 | 17,190 | 17,332 | 17,331 | ||||||||||||
Book value per share - GAAP | $26.40 | $25.17 | $27.73 | $29.61 | $32.59 | ||||||||||||
Tangible book value per share - Non-GAAP | $22.42 | $21.18 | $23.72 | $25.62 | $28.59 | ||||||||||||
Tangible Equity to Tangible Assets: | |||||||||||||||||
Total tangible shareholders' equity | $385,206 | $363,599 | $407,744 | $444,085 | $495,485 | ||||||||||||
Total assets, as reported | $6,660,051 | $6,408,051 | $5,982,891 | $5,847,999 | $5,851,127 | ||||||||||||
Less: | |||||||||||||||||
Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | ||||||||||||
Identifiable intangible assets, net | 4,554 | 4,766 | 4,981 | 5,198 | 5,414 | ||||||||||||
Total tangible assets | $6,591,588 | $6,339,376 | $5,914,001 | $5,778,892 | $5,781,804 | ||||||||||||
Equity to assets - GAAP | 6.81 | % | 6.75 | % | 7.97 | % | 8.78 | % | 9.65 | % | |||||||
Tangible equity to tangible assets - Non-GAAP | 5.84 | % | 5.74 | % | 6.89 | % | 7.68 | % | 8.57 | % |
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||||||||||||
Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2021 | ||||||||||||||||||||
Return on Average Tangible Assets: | ||||||||||||||||||||||||||
Net income, as reported | $16,573 | $18,668 | $19,957 | $16,483 | $20,188 | $71,681 | $76,870 | |||||||||||||||||||
Total average assets, as reported | $6,480,872 | $6,216,129 | $5,841,332 | $5,864,668 | $5,884,581 | $6,102,755 | $5,837,966 | |||||||||||||||||||
Less average balances of: | ||||||||||||||||||||||||||
Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | |||||||||||||||||||
Identifiable intangible assets, net | 4,657 | 4,871 | 5,086 | 5,303 | 5,526 | 4,977 | 5,852 | |||||||||||||||||||
Total average tangible assets | $6,412,306 | $6,147,349 | $5,772,337 | $5,795,456 | $5,815,146 | $6,033,869 | $5,768,205 | |||||||||||||||||||
Return on average assets - GAAP | 1.01 | % | 1.19 | % | 1.37 | % | 1.14 | % | 1.36 | % | 1.17 | % | 1.32 | % | ||||||||||||
Return on average tangible assets - Non-GAAP | 1.03 | % | 1.20 | % | 1.39 | % | 1.15 | % | 1.38 | % | 1.19 | % | 1.33 | % | ||||||||||||
Return on Average Tangible Equity: | ||||||||||||||||||||||||||
Net income available to common shareholders, as reported | $16,535 | $18,615 | $19,900 | $16,429 | $20,128 | $71,479 | $76,648 | |||||||||||||||||||
Total average equity, as reported | $438,347 | $487,230 | $495,573 | $553,185 | $556,765 | $493,252 | $546,193 | |||||||||||||||||||
Less average balances of: | ||||||||||||||||||||||||||
Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | |||||||||||||||||||
Identifiable intangible assets, net | 4,657 | 4,871 | 5,086 | 5,303 | 5,526 | 4,977 | 5,852 | |||||||||||||||||||
Total average tangible equity | $369,781 | $418,450 | $426,578 | $483,973 | $487,330 | $424,366 | $476,432 | |||||||||||||||||||
Return on average equity - GAAP | 14.96 | % | 15.16 | % | 16.11 | % | 12.04 | % | 14.34 | % | 14.49 | % | 14.03 | % | ||||||||||||
Return on average tangible equity - Non-GAAP | 17.74 | % | 17.65 | % | 18.71 | % | 13.77 | % | 16.39 | % | 16.84 | % | 16.09 | % |
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Cover Page Document |
Jan. 25, 2023 |
---|---|
Cover Page [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jan. 25, 2023 |
Entity Registrant Name | WASHINGTON TRUST BANCORP, INC. |
Entity Incorporation, State or Country Code | RI |
Entity File Number | 001-32991 |
Entity Tax Identification Number | 05-0404671 |
Entity Address, Address Line One | 23 Broad Street |
Entity Address, City or Town | Westerly, |
Entity Address, State or Province | RI |
Entity Address, Postal Zip Code | 02891 |
City Area Code | (401) |
Local Phone Number | 348-1200 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000737468 |
Amendment Flag | false |
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