Business Segments

3 Months Ended

Mar. 31, 2024

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, and custodian; 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 Banking		Wealth Management Services		Consolidated Total
Three months ended March 31,	2024	2023	2024	2023	2024	2023
Net interest income	$31,665	$37,180	$—	$13	$31,665	$37,193
Provision for credit losses	700	800	—	—	700	800
Net interest income after provision for credit losses	30,965	36,380	—	13	30,965	36,393
Noninterest income	5,572	4,431	11,591	8,852	17,163	13,283
Noninterest expenses:
Depreciation and amortization expense	892	831	317	356	1,209	1,187
Other noninterest expenses	26,141	24,635	7,013	7,742	33,154	32,377
Total noninterest expenses	27,033	25,466	7,330	8,098	34,363	33,564
Income before income taxes	9,504	15,345	4,261	767	13,765	16,112
Income tax expense	1,906	3,087	923	213	2,829	3,300
Net income	$7,598	$12,258	$3,338	$554	$10,936	$12,812
Total assets at period end	$7,190,644	$6,785,254	$58,480	$73,928	$7,249,124	$6,859,182
Expenditures for long-lived assets	556	1,136	70	8	626	1,144