UNITED STATES | ||
SECURITIES AND EXCHANGE COMMISSION | ||
Washington, D.C. 20549 |
WASHINGTON TRUST BANCORP, INC. |
Rhode Island | 001-32991 | 05-0404671 | ||||||||||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
23 Broad Street | |||||||||||
Westerly, | Rhode Island | 02891 | |||||||||
(Address of principal executive offices) | (Zip Code) |
(401) | 348-1200 | ||||
(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 July 22, 2024* | ||||||||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||||||||
*Furnished herewith |
WASHINGTON TRUST BANCORP, INC. | ||||||||||||||
Date: | July 22, 2024 | 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) | |||||||||||||||||
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
|||||||||||||
Assets: | |||||||||||||||||
Cash and due from banks | $103,877 | $102,136 | $86,824 | $109,432 | $124,877 | ||||||||||||
Short-term investments | 3,654 | 3,452 | 3,360 | 3,577 | 3,439 | ||||||||||||
Mortgage loans held for sale, at fair value |
26,116 | 25,462 | 20,077 | 10,550 | 20,872 | ||||||||||||
Available for sale debt securities, at fair value | 951,828 | 970,060 | 1,000,380 | 958,990 | 1,022,458 | ||||||||||||
Federal Home Loan Bank stock, at cost | 66,166 | 55,512 | 51,893 | 52,668 | 45,868 | ||||||||||||
Loans: | |||||||||||||||||
Total loans |
5,629,102 | 5,685,232 | 5,647,706 | 5,611,115 | 5,381,113 | ||||||||||||
Less: allowance for credit losses on loans |
42,378 | 41,905 | 41,057 | 40,213 | 39,343 | ||||||||||||
Net loans |
5,586,724 | 5,643,327 | 5,606,649 | 5,570,902 | 5,341,770 | ||||||||||||
Premises and equipment, net | 31,866 | 31,914 | 32,291 | 31,976 | 32,591 | ||||||||||||
Operating lease right-of-use assets | 28,387 | 29,216 | 29,364 | 27,882 | 28,633 | ||||||||||||
Investment in bank-owned life insurance | 105,228 | 104,475 | 103,736 | 103,003 | 102,293 | ||||||||||||
Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | ||||||||||||
Identifiable intangible assets, net | 3,295 | 3,503 | 3,711 | 3,919 | 4,130 | ||||||||||||
Other assets | 213,310 | 216,158 | 200,653 | 246,667 | 220,920 | ||||||||||||
Total assets |
$7,184,360 | $7,249,124 | $7,202,847 | $7,183,475 | $7,011,760 | ||||||||||||
Liabilities: | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing deposits |
$645,661 | $648,929 | $693,746 | $773,261 | $758,242 | ||||||||||||
Interest-bearing deposits |
4,330,465 | 4,698,964 | 4,654,414 | 4,642,302 | 4,556,236 | ||||||||||||
Total deposits |
4,976,126 | 5,347,893 | 5,348,160 | 5,415,563 | 5,314,478 | ||||||||||||
Federal Home Loan Bank advances | 1,550,000 | 1,240,000 | 1,190,000 | 1,120,000 | 1,040,000 | ||||||||||||
Junior subordinated debentures | 22,681 | 22,681 | 22,681 | 22,681 | 22,681 | ||||||||||||
Operating lease liabilities | 31,012 | 31,837 | 32,027 | 30,554 | 31,302 | ||||||||||||
Other liabilities | 133,584 | 139,793 | 137,293 | 163,273 | 144,138 | ||||||||||||
Total liabilities |
6,713,403 | 6,782,204 | 6,730,161 | 6,752,071 | 6,552,599 | ||||||||||||
Shareholders’ Equity: | |||||||||||||||||
Common stock |
1,085 | 1,085 | 1,085 | 1,085 | 1,085 | ||||||||||||
Paid-in capital | 125,898 | 126,785 | 126,150 | 126,310 | 125,685 | ||||||||||||
Retained earnings | 504,350 | 503,175 | 501,917 | 498,521 | 496,996 | ||||||||||||
Accumulated other comprehensive loss | (146,326) | (148,913) | (141,153) | (178,734) | (148,827) | ||||||||||||
Treasury stock, at cost | (14,050) | (15,212) | (15,313) | (15,778) | (15,778) | ||||||||||||
Total shareholders’ equity |
470,957 | 466,920 | 472,686 | 431,404 | 459,161 | ||||||||||||
Total liabilities and shareholders’ equity |
$7,184,360 | $7,249,124 | $7,202,847 | $7,183,475 | $7,011,760 |
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 Six Months Ended | |||||||||||||||||||||||||
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
Jun 30, 2024 |
Jun 30, 2023 |
||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||
Interest and fees on loans |
$76,240 | $75,636 | $74,236 | $70,896 | $65,449 | $151,876 | $125,198 | |||||||||||||||||||
Interest on mortgage loans held for sale |
392 | 255 | 255 | 332 | 241 | 647 | 393 | |||||||||||||||||||
Taxable interest on debt securities |
6,944 | 7,096 | 7,191 | 7,271 | 7,403 | 14,040 | 14,597 | |||||||||||||||||||
Dividends on Federal Home Loan Bank stock |
1,124 | 1,073 | 982 | 878 | 858 | 2,197 | 1,455 | |||||||||||||||||||
Other interest income |
1,297 | 1,196 | 1,282 | 1,344 | 1,279 | 2,493 | 2,349 | |||||||||||||||||||
Total interest and dividend income |
85,997 | 85,256 | 83,946 | 80,721 | 75,230 | 171,253 | 143,992 | |||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||
Deposits |
36,713 | 38,047 | 37,067 | 34,069 | 29,704 | 74,760 | 49,293 | |||||||||||||||||||
Federal Home Loan Bank advances |
17,296 | 15,138 | 13,814 | 12,497 | 11,652 | 32,434 | 23,278 | |||||||||||||||||||
Junior subordinated debentures |
403 | 406 | 411 | 404 | 374 | 809 | 728 | |||||||||||||||||||
Total interest expense | 54,412 | 53,591 | 51,292 | 46,970 | 41,730 | 108,003 | 73,299 | |||||||||||||||||||
Net interest income | 31,585 | 31,665 | 32,654 | 33,751 | 33,500 | 63,250 | 70,693 | |||||||||||||||||||
Provision for credit losses | 500 | 700 | 1,200 | 500 | 700 | 1,200 | 1,500 | |||||||||||||||||||
Net interest income after provision for credit losses | 31,085 | 30,965 | 31,454 | 33,251 | 32,800 | 62,050 | 69,193 | |||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||||
Wealth management revenues |
9,678 | 9,338 | 8,881 | 8,948 | 9,048 | 19,016 | 17,711 | |||||||||||||||||||
Mortgage banking revenues |
2,761 | 2,506 | 1,554 | 2,108 | 1,753 | 5,267 | 2,998 | |||||||||||||||||||
Card interchange fees |
1,275 | 1,145 | 1,254 | 1,267 | 1,268 | 2,420 | 2,400 | |||||||||||||||||||
Service charges on deposit accounts |
769 | 685 | 688 | 674 | 667 | 1,454 | 1,444 | |||||||||||||||||||
Loan related derivative income | 49 | 284 | 112 | 1,082 | 247 | 333 | 196 | |||||||||||||||||||
Income from bank-owned life insurance |
753 | 739 | 734 | 710 | 879 | 1,492 | 2,044 | |||||||||||||||||||
Other income |
1,375 | 2,466 | 83 | 437 | 463 | 3,841 | 815 | |||||||||||||||||||
Total noninterest income |
16,660 | 17,163 | 13,306 | 15,226 | 14,325 | 33,823 | 27,608 | |||||||||||||||||||
Noninterest expense: | ||||||||||||||||||||||||||
Salaries and employee benefits |
21,260 | 21,775 | 18,464 | 21,622 | 20,588 | 43,035 | 42,372 | |||||||||||||||||||
Outsourced services |
4,096 | 3,780 | 3,667 | 3,737 | 3,621 | 7,876 | 7,117 | |||||||||||||||||||
Net occupancy |
2,397 | 2,561 | 2,396 | 2,387 | 2,416 | 4,958 | 4,853 | |||||||||||||||||||
Equipment |
958 | 1,020 | 1,133 | 1,107 | 1,050 | 1,978 | 2,078 | |||||||||||||||||||
Legal, audit, and professional fees | 741 | 706 | 959 | 1,058 | 978 | 1,447 | 1,874 | |||||||||||||||||||
FDIC deposit insurance costs |
1,404 | 1,441 | 1,239 | 1,185 | 1,371 | 2,845 | 2,243 | |||||||||||||||||||
Advertising and promotion |
661 | 548 | 938 | 789 | 427 | 1,209 | 835 | |||||||||||||||||||
Amortization of intangibles |
208 | 208 | 208 | 211 | 212 | 416 | 424 | |||||||||||||||||||
Other expenses |
2,185 | 2,324 | 3,583 | 2,294 | 2,353 | 4,509 | 4,784 | |||||||||||||||||||
Total noninterest expense |
33,910 | 34,363 | 32,587 | 34,390 | 33,016 | 68,273 | 66,580 | |||||||||||||||||||
Income before income taxes | 13,835 | 13,765 | 12,173 | 14,087 | 14,109 | 27,600 | 30,221 | |||||||||||||||||||
Income tax expense (benefit) | 3,020 | 2,829 | (774) | 2,926 | 2,853 | 5,849 | 6,153 | |||||||||||||||||||
Net income |
$10,815 | $10,936 | $12,947 | $11,161 | $11,256 | $21,751 | $24,068 | |||||||||||||||||||
Net income available to common shareholders | $10,807 | $10,924 | $12,931 | $11,140 | $11,237 | $21,731 | $24,020 | |||||||||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||||||||
Basic | 17,052 | 17,033 | 17,029 | 17,019 | 17,011 | 17,042 | 17,042 | |||||||||||||||||||
Diluted | 17,110 | 17,074 | 17,070 | 17,041 | 17,030 | 17,082 | 17,085 | |||||||||||||||||||
Earnings per common share: | ||||||||||||||||||||||||||
Basic | $0.63 | $0.64 | $0.76 | $0.65 | $0.66 | $1.28 | $1.41 | |||||||||||||||||||
Diluted | $0.63 | $0.64 | $0.76 | $0.65 | $0.66 | $1.27 | $1.41 | |||||||||||||||||||
Cash dividends declared per share | $0.56 | $0.56 | $0.56 | $0.56 | $0.56 | $1.12 | $1.12 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS | |||||||||||||||||
(Unaudited; Dollars and shares in thousands, except per share amounts) | |||||||||||||||||
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
|||||||||||||
Share and Equity Related Data: | |||||||||||||||||
Book value per share | $27.61 | $27.41 | $27.75 | $25.35 | $26.98 | ||||||||||||
Tangible book value per share - Non-GAAP (1) |
$23.67 | $23.45 | $23.78 | $21.36 | $22.98 | ||||||||||||
Market value per share | $27.41 | $26.88 | $32.38 | $26.33 | $26.81 | ||||||||||||
Shares issued at end of period | 17,363 | 17,363 | 17,363 | 17,363 | 17,363 | ||||||||||||
Shares outstanding at end of period | 17,058 | 17,033 | 17,031 | 17,019 | 17,019 | ||||||||||||
Capital Ratios (2): |
|||||||||||||||||
Tier 1 risk-based capital | 11.01 | % | 10.84 | % | 10.86 | % | 10.77 | % | 11.09 | % | |||||||
Total risk-based capital | 11.81 | % | 11.62 | % | 11.58 | % | 11.48 | % | 11.81 | % | |||||||
Tier 1 leverage ratio | 7.82 | % | 7.81 | % | 7.80 | % | 7.87 | % | 8.05 | % | |||||||
Common equity tier 1 | 10.59 | % | 10.42 | % | 10.44 | % | 10.35 | % | 10.66 | % | |||||||
Balance Sheet Ratios: | |||||||||||||||||
Equity to assets | 6.56 | % | 6.44 | % | 6.56 | % | 6.01 | % | 6.55 | % | |||||||
Tangible equity to tangible assets - Non-GAAP (1) |
5.67 | % | 5.56 | % | 5.68 | % | 5.11 | % | 5.63 | % | |||||||
Loans to deposits (3) |
112.8 | % | 106.0 | % | 105.2 | % | 103.1 | % | 100.9 | % |
For the Six Months Ended | ||||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
Jun 30, 2024 |
Jun 30, 2023 |
||||||||||||||||||||
Performance Ratios (4): |
||||||||||||||||||||||||||
Net interest margin (5) |
1.83 | % | 1.84 | % | 1.88 | % | 1.97 | % | 2.03 | % | 1.84 | % | 2.18 | % | ||||||||||||
Return on average assets (net income divided by average assets) |
0.60 | % | 0.61 | % | 0.71 | % | 0.62 | % | 0.65 | % | 0.61 | % | 0.71 | % | ||||||||||||
Return on average tangible assets - Non-GAAP (1) |
0.61 | % | 0.61 | % | 0.72 | % | 0.63 | % | 0.66 | % | 0.61 | % | 0.72 | % | ||||||||||||
Return on average equity (net income available for common shareholders divided by average equity) |
9.43 | % | 9.33 | % | 11.77 | % | 9.65 | % | 9.67 | % | 9.38 | % | 10.46 | % | ||||||||||||
Return on average tangible equity - Non-GAAP (1) |
11.04 | % | 10.89 | % | 13.93 | % | 11.33 | % | 11.32 | % | 10.96 | % | 12.26 | % | ||||||||||||
Efficiency ratio (6) |
70.3 | % | 70.4 | % | 70.9 | % | 70.2 | % | 69.0 | % | 70.3 | % | 67.7 | % |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||||
(Unaudited; Dollars in thousands) | ||||||||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
Jun 30, 2024 |
Jun 30, 2023 |
||||||||||||||||||||
Wealth Management Results | ||||||||||||||||||||||||||
Wealth Management Revenues: | ||||||||||||||||||||||||||
Asset-based revenues | $9,239 | $9,089 | $8,634 | $8,683 | $8,562 | $18,328 | $16,991 | |||||||||||||||||||
Transaction-based revenues | 439 | 249 | 247 | 265 | 486 | 688 | 720 | |||||||||||||||||||
Total wealth management revenues | $9,678 | $9,338 | $8,881 | $8,948 | $9,048 | $19,016 | $17,711 | |||||||||||||||||||
Assets Under Administration (AUA): | ||||||||||||||||||||||||||
Balance at beginning of period | $6,858,322 | $6,588,406 | $6,131,395 | $6,350,260 | $6,163,422 | $6,588,406 | $5,961,990 | |||||||||||||||||||
Net investment appreciation (depreciation) & income | 108,529 | 364,244 | 503,209 | (154,269) | 259,788 | 472,773 | 546,050 | |||||||||||||||||||
Net client asset outflows | (163,360) | (94,328) | (46,198) | (64,596) | (72,950) | (257,688) | (157,780) | |||||||||||||||||||
Balance at end of period | $6,803,491 | $6,858,322 | $6,588,406 | $6,131,395 | $6,350,260 | $6,803,491 | $6,350,260 | |||||||||||||||||||
Percentage of AUA that are managed assets |
91% | 91% | 91% | 91% | 91% | 91% | 91% | |||||||||||||||||||
Mortgage Banking Results | ||||||||||||||||||||||||||
Mortgage Banking Revenues: | ||||||||||||||||||||||||||
Realized gains on loan sales, net (1) |
$2,205 | $1,586 | $1,133 | $1,746 | $827 | $3,791 | $1,403 | |||||||||||||||||||
Changes in fair value, net (2) |
20 | 324 | (65) | (171) | 382 | 344 | 468 | |||||||||||||||||||
Loan servicing fee income, net (3) |
536 | 596 | 486 | 533 | 544 | 1,132 | 1,127 | |||||||||||||||||||
Total mortgage banking revenues | $2,761 | $2,506 | $1,554 | $2,108 | $1,753 | $5,267 | $2,998 | |||||||||||||||||||
Residential Mortgage Loan Originations: | ||||||||||||||||||||||||||
Originations for retention in portfolio (4) |
$26,520 | $24,474 | $39,827 | $161,603 | $148,694 | $50,994 | $258,462 | |||||||||||||||||||
Originations for sale to secondary market (5) |
110,728 | 78,098 | 76,495 | 78,339 | 77,995 | 188,826 | 105,758 | |||||||||||||||||||
Total mortgage loan originations | $137,248 | $102,572 | $116,322 | $239,942 | $226,689 | $239,820 | $364,220 | |||||||||||||||||||
Residential Mortgage Loans Sold: | ||||||||||||||||||||||||||
Sold with servicing rights retained | $24,570 | $24,057 | $28,290 | $34,046 | $28,727 | $48,627 | $45,841 | |||||||||||||||||||
Sold with servicing rights released (5) |
85,482 | 48,587 | 39,170 | 54,575 | 35,836 | 134,069 | 48,050 | |||||||||||||||||||
Total mortgage loans sold | $110,052 | $72,644 | $67,460 | $88,621 | $64,563 | $182,696 | $93,891 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
END OF PERIOD LOAN COMPOSITION | |||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
|||||||||||||
Loans: | |||||||||||||||||
Commercial real estate (1) |
$2,191,996 | $2,158,518 | $2,106,359 | $2,063,383 | $1,940,030 | ||||||||||||
Commercial & industrial | 558,075 | 613,376 | 605,072 | 611,565 | 611,472 | ||||||||||||
Total commercial | 2,750,071 | 2,771,894 | 2,711,431 | 2,674,948 | 2,551,502 | ||||||||||||
Residential real estate (2) |
2,558,533 | 2,585,524 | 2,604,478 | 2,611,100 | 2,510,125 | ||||||||||||
Home equity | 302,027 | 309,302 | 312,594 | 305,683 | 301,116 | ||||||||||||
Other | 18,471 | 18,512 | 19,203 | 19,384 | 18,370 | ||||||||||||
Total consumer | 320,498 | 327,814 | 331,797 | 325,067 | 319,486 | ||||||||||||
Total loans | $5,629,102 | $5,685,232 | $5,647,706 | $5,611,115 | $5,381,113 |
June 30, 2024 | December 31, 2023 | ||||||||||||||||
Balance | % of Total | Balance | % of Total | ||||||||||||||
Commercial Real Estate Loans by Property Location: | |||||||||||||||||
Connecticut | $839,042 | 38 | % | $815,975 | 39 | % | |||||||||||
Massachusetts | 688,439 | 31 | 645,736 | 31 | |||||||||||||
Rhode Island | 445,406 | 21 | 430,899 | 20 | |||||||||||||
Subtotal | 1,972,887 | 90 | 1,892,610 | 90 | |||||||||||||
All other states | 219,109 | 10 | 213,749 | 10 | |||||||||||||
Total commercial real estate loans | $2,191,996 | 100 | % | $2,106,359 | 100 | % | |||||||||||
Residential Real Estate Loans by Property Location: | |||||||||||||||||
Massachusetts | $1,887,955 | 74 | % | $1,928,206 | 74 | % | |||||||||||
Rhode Island | 482,712 | 19 | 481,289 | 19 | |||||||||||||
Connecticut | 159,463 | 6 | 165,933 | 6 | |||||||||||||
Subtotal | 2,530,130 | 99 | 2,575,428 | 99 | |||||||||||||
All other states | 28,403 | 1 | 29,050 | 1 | |||||||||||||
Total residential real estate loans | $2,558,533 | 100 | % | $2,604,478 | 100 | % |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
END OF PERIOD LOAN COMPOSITION | |||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||
June 30, 2024 | December 31, 2023 | ||||||||||||||||
Balance | % of Total | Balance | % of Total | ||||||||||||||
Commercial Real Estate Portfolio Segmentation: | |||||||||||||||||
Multi-family | $592,791 | 27 | % | $546,694 | 26 | % | |||||||||||
Retail | 437,765 | 20 | 434,913 | 21 | |||||||||||||
Industrial and warehouse | 336,172 | 15 | 307,987 | 15 | |||||||||||||
Office | 300,871 | 14 | 284,199 | 13 | |||||||||||||
Hospitality | 219,293 | 10 | 235,015 | 11 | |||||||||||||
Healthcare Facility | 195,564 | 9 | 175,490 | 8 | |||||||||||||
Mixed-use | 54,849 | 3 | 49,079 | 2 | |||||||||||||
Other | 54,691 | 2 | 72,982 | 4 | |||||||||||||
Total commercial real estate loans |
$2,191,996 | 100 | % | $2,106,359 | 100 | % | |||||||||||
Commercial & Industrial Portfolio Segmentation: | |||||||||||||||||
Healthcare and social assistance | $139,876 | 25 | % | $166,490 | 28 | % | |||||||||||
Real estate rental and leasing | 70,202 | 13 | 70,540 | 12 | |||||||||||||
Transportation and warehousing |
51,042 | 9 | 63,789 | 11 | |||||||||||||
Manufacturing | 48,818 | 9 | 54,905 | 9 | |||||||||||||
Educational services | 43,277 | 8 | 41,968 | 7 | |||||||||||||
Retail trade | 42,950 | 8 | 43,746 | 7 | |||||||||||||
Finance and insurance | 39,092 | 7 | 33,617 | 6 | |||||||||||||
Information |
22,720 | 4 | 22,674 | 4 | |||||||||||||
Arts, entertainment, and recreation |
21,460 | 4 | 22,249 | 4 | |||||||||||||
Accommodation and food services | 12,476 | 2 | 13,502 | 2 | |||||||||||||
Professional, scientific, and technical services |
8,309 | 1 | 7,998 | 1 | |||||||||||||
Public administration |
2,877 | 1 | 3,019 | — | |||||||||||||
Other |
54,976 | 9 | 60,575 | 9 | |||||||||||||
Total commercial & industrial loans |
$558,075 | 100 | % | $605,072 | 100 | % | |||||||||||
Weighted Average | Asset Quality | |||||||||||||||||||||||||||||||
June 30, 2024 | Balance (2) (3) |
Average
Loan
Size (4)
|
Loan to Value | Debt Service Coverage |
Pass | Special Mention | Classified | Nonaccrual (included in Classified) |
||||||||||||||||||||||||
Non-Owner Occupied Commercial Real Estate Office (inclusive of Construction): | ||||||||||||||||||||||||||||||||
Class A | $113,215 | $9,505 | 59% | 1.72x | $106,903 | $6,312 | $— | $— | ||||||||||||||||||||||||
Class B | 93,270 | 4,469 | 66% | 1.42x | 71,428 | — | 21,842 | 18,390 | ||||||||||||||||||||||||
Class C | 12,655 | 2,109 | 58% | 1.19x | 12,655 | — | — | — | ||||||||||||||||||||||||
Medical Office | 56,332 | 7,551 | 63% | 1.33x | 56,332 | — | — | — | ||||||||||||||||||||||||
Lab Space | 25,399 | 23,475 | 91% | 1.20x | 5,632 | — | 19,767 | — | ||||||||||||||||||||||||
Total office (1) |
$300,871 | $6,692 | 66% | 1.47x | $252,950 | $6,312 | $41,609 | $18,390 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
END OF PERIOD DEPOSIT COMPOSITION & CONTINGENT LIQUIDITY | |||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
|||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing demand deposits | $645,661 | $648,929 | $693,746 | $773,261 | $758,242 | ||||||||||||
Interest-bearing demand deposits (in-market) | 532,316 | 536,923 | 504,959 | 490,217 | 428,306 | ||||||||||||
NOW accounts | 722,797 | 735,617 | 767,036 | 745,778 | 791,887 | ||||||||||||
Money market accounts | 1,086,088 | 1,111,510 | 1,096,959 | 1,111,797 | 1,164,557 | ||||||||||||
Savings accounts | 485,208 | 484,678 | 497,223 | 514,526 | 521,185 | ||||||||||||
Time deposits (in-market) | 1,164,839 | 1,156,516 | 1,134,187 | 1,111,942 | 1,048,820 | ||||||||||||
In-market deposits |
4,636,909 | 4,674,173 | 4,694,110 | 4,747,521 | 4,712,997 | ||||||||||||
Wholesale brokered time deposits | 339,217 | 673,720 | 654,050 | 668,042 | 601,481 | ||||||||||||
Total deposits |
$4,976,126 | $5,347,893 | $5,348,160 | $5,415,563 | $5,314,478 |
June 30, 2024 | December 31, 2023 | ||||||||||||||||
Balance | % of Total Deposits | Balance | % of Total Deposits | ||||||||||||||
Uninsured Deposits: | |||||||||||||||||
Uninsured deposits (1) |
$1,249,480 | 25 | % | $1,260,672 | 24 | % | |||||||||||
Less: affiliate deposits (2) |
90,948 | 2 | 92,645 | 2 | |||||||||||||
Uninsured deposits, excluding affiliate deposits | 1,158,532 | 23 | 1,168,027 | 22 | |||||||||||||
Less: fully-collateralized preferred deposits (3) |
174,028 | 3 | 204,327 | 4 | |||||||||||||
Uninsured deposits, after exclusions | $984,504 | 20 | % | $963,700 | 18 | % |
Jun 30, 2024 |
Dec 31, 2023 |
|||||||
Contingent Liquidity: | ||||||||
Federal Home Loan Bank of Boston | $801,539 | $1,086,607 | ||||||
Federal Reserve Bank of Boston | 86,133 | 65,759 | ||||||
Noninterest-bearing cash | 28,211 | 54,970 | ||||||
Unencumbered securities | 685,946 | 680,857 | ||||||
Total | $1,601,829 | $1,888,193 | ||||||
Percentage of total contingent liquidity to uninsured deposits | 128.2 | % | 149.8 | % | ||||
Percentage of total contingent liquidity to uninsured deposits, after exclusions | 162.7 | % | 195.9 | % |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
CREDIT & ASSET QUALITY DATA | |||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
|||||||||||||
Asset Quality Ratios: | |||||||||||||||||
Nonperforming assets to total assets | 0.43 | % | 0.43 | % | 0.63 | % | 0.48 | % | 0.16 | % | |||||||
Nonaccrual loans to total loans | 0.54 | % | 0.54 | % | 0.79 | % | 0.60 | % | 0.19 | % | |||||||
Total past due loans to total loans | 0.21 | % | 0.18 | % | 0.20 | % | 0.17 | % | 0.12 | % | |||||||
Allowance for credit losses on loans to nonaccrual loans | 139.04 | % | 136.45 | % | 92.02 | % | 119.50 | % | 378.04 | % | |||||||
Allowance for credit losses on loans to total loans | 0.75 | % | 0.74 | % | 0.73 | % | 0.72 | % | 0.73 | % | |||||||
Nonperforming Assets: | |||||||||||||||||
Commercial real estate | $18,390 | $18,729 | $32,827 | $22,609 | $— | ||||||||||||
Commercial & industrial | 642 | 668 | 682 | 696 | 899 | ||||||||||||
Total commercial | 19,032 | 19,397 | 33,509 | 23,305 | 899 | ||||||||||||
Residential real estate | 9,744 | 9,722 | 9,626 | 9,446 | 8,542 | ||||||||||||
Home equity | 1,703 | 1,591 | 1,483 | 901 | 966 | ||||||||||||
Other consumer | — | — | — | — | — | ||||||||||||
Total consumer | 1,703 | 1,591 | 1,483 | 901 | 966 | ||||||||||||
Total nonaccrual loans | 30,479 | 30,710 | 44,618 | 33,652 | 10,407 | ||||||||||||
Other real estate owned | 683 | 683 | 683 | 683 | 683 | ||||||||||||
Total nonperforming assets | $31,162 | $31,393 | $45,301 | $34,335 | $11,090 | ||||||||||||
Past Due Loans (30 days or more past due): | |||||||||||||||||
Commercial real estate | $— | $— | $— | $— | $— | ||||||||||||
Commercial & industrial | 2 | 270 | 10 | 4 | 223 | ||||||||||||
Total commercial | 2 | 270 | 10 | 4 | 223 | ||||||||||||
Residential real estate | 8,534 | 6,858 | 8,116 | 7,785 | 4,384 | ||||||||||||
Home equity | 3,324 | 2,879 | 3,196 | 1,925 | 1,509 | ||||||||||||
Other consumer | 20 | 32 | 23 | 19 | 214 | ||||||||||||
Total consumer | 3,344 | 2,911 | 3,219 | 1,944 | 1,723 | ||||||||||||
Total past due loans | $11,880 | $10,039 | $11,345 | $9,733 | $6,330 | ||||||||||||
Accruing loans 90 days or more past due | $— | $— | $— | $— | $— | ||||||||||||
Nonaccrual loans included in past due loans | $8,409 | $5,111 | $6,877 | $5,710 | $3,672 | ||||||||||||
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||||||||||||||
CREDIT & ASSET QUALITY DATA | ||||||||||||||||||||||||||
(Unaudited; Dollars in thousands) | ||||||||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
Jun 30, 2024 |
Jun 30, 2023 |
||||||||||||||||||||
Nonaccrual Loan Activity: | ||||||||||||||||||||||||||
Balance at beginning of period | $30,710 | $44,618 | $33,652 | $10,407 | $13,980 | $44,618 | $12,846 | |||||||||||||||||||
Additions to nonaccrual status | 556 | 431 | 12,018 | 25,088 | 600 | 988 | 3,170 | |||||||||||||||||||
Loans returned to accruing status | (369) | (13,764) | — | (197) | (1,329) | (14,133) | (1,439) | |||||||||||||||||||
Loans charged-off | (53) | (70) | (420) | (44) | (52) | (123) | (113) | |||||||||||||||||||
Loans transferred to other real estate owned | — | — | — | — | — | — | (683) | |||||||||||||||||||
Payments, payoffs, and other changes | (365) | (505) | (632) | (1,602) | (2,792) | (871) | (3,374) | |||||||||||||||||||
Balance at end of period | $30,479 | $30,710 | $44,618 | $33,652 | $10,407 | $30,479 | $10,407 | |||||||||||||||||||
Allowance for Credit Losses on Loans: | ||||||||||||||||||||||||||
Balance at beginning of period | $41,905 | $41,057 | $40,213 | $39,343 | $38,780 | $41,057 | $38,027 | |||||||||||||||||||
Provision for credit losses on loans (1) |
500 | 900 | 1,250 | 900 | 600 | 1,400 | 1,400 | |||||||||||||||||||
Charge-offs | (53) | (70) | (420) | (44) | (52) | (123) | (113) | |||||||||||||||||||
Recoveries | 26 | 18 | 14 | 14 | 15 | 44 | 29 | |||||||||||||||||||
Balance at end of period | $42,378 | $41,905 | $41,057 | $40,213 | $39,343 | $42,378 | $39,343 | |||||||||||||||||||
Allowance for Credit Losses on Unfunded Commitments: | ||||||||||||||||||||||||||
Balance at beginning of period | $1,740 | $1,940 | $1,990 | $2,390 | $2,290 | $1,940 | $2,290 | |||||||||||||||||||
Provision for credit losses on unfunded commitments (1) |
— | (200) | (50) | (400) | 100 | (200) | 100 | |||||||||||||||||||
Balance at end of period (2) |
$1,740 | $1,740 | $1,940 | $1,990 | $2,390 | $1,740 | $2,390 |
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
Jun 30, 2024 |
Jun 30, 2023 |
||||||||||||||||||||
Net Loan Charge-Offs (Recoveries): | ||||||||||||||||||||||||||
Commercial real estate | $— | $— | $373 | $— | $— | $— | $— | |||||||||||||||||||
Commercial & industrial | 4 | (1) | 10 | 4 | 5 | 3 | 11 | |||||||||||||||||||
Total commercial | 4 | (1) | 383 | 4 | 5 | 3 | 11 | |||||||||||||||||||
Residential real estate | — | — | (3) | — | — | — | — | |||||||||||||||||||
Home equity | (6) | (1) | — | (7) | (2) | (7) | (3) | |||||||||||||||||||
Other consumer | 29 | 54 | 26 | 33 | 34 | 83 | 76 | |||||||||||||||||||
Total consumer | 23 | 53 | 26 | 26 | 32 | 76 | 73 | |||||||||||||||||||
Total | $27 | $52 | $406 | $30 | $37 | $79 | $84 | |||||||||||||||||||
Net charge-offs to average loans - annualized | — | % | — | % | 0.03 | % | — | % | — | % | — | % | — | % |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis) | |||||||||||||||||||||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||||||||||||||||||||
For the Three Months Ended | June 30, 2024 | March 31, 2024 | 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 | $96,934 | $1,297 | 5.38 | % | $78,992 | $1,196 | 6.09 | % | $17,942 | $101 | (0.71 | %) | |||||||||||||||||||||||
Mortgage loans held for sale | 22,755 | 392 | 6.93 | 15,452 | 255 | 6.64 | 7,303 | 137 | 0.29 | ||||||||||||||||||||||||||
Taxable debt securities | 1,129,573 | 6,944 | 2.47 | 1,146,454 | 7,096 | 2.49 | (16,881) | (152) | (0.02) | ||||||||||||||||||||||||||
FHLB stock | 60,354 | 1,124 | 7.49 | 53,858 | 1,073 | 8.01 | 6,496 | 51 | (0.52) | ||||||||||||||||||||||||||
Commercial real estate | 2,167,785 | 34,707 | 6.44 | 2,140,887 | 34,220 | 6.43 | 26,898 | 487 | 0.01 | ||||||||||||||||||||||||||
Commercial & industrial | 602,786 | 9,837 | 6.56 | 610,747 | 9,892 | 6.51 | (7,961) | (55) | 0.05 | ||||||||||||||||||||||||||
Total commercial |
2,770,571 | 44,544 | 6.47 | 2,751,634 | 44,112 | 6.45 | 18,937 | 432 | 0.02 | ||||||||||||||||||||||||||
Residential real estate |
2,569,945 | 26,473 | 4.14 | 2,592,769 | 26,531 | 4.12 | (22,824) | (58) | 0.02 | ||||||||||||||||||||||||||
Home equity | 306,703 | 5,211 | 6.83 | 310,231 | 5,004 | 6.49 | (3,528) | 207 | 0.34 | ||||||||||||||||||||||||||
Other | 18,375 | 239 | 5.23 | 19,112 | 212 | 4.46 | (737) | 27 | 0.77 | ||||||||||||||||||||||||||
Total consumer | 325,078 | 5,450 | 6.74 | 329,343 | 5,216 | 6.37 | (4,265) | 234 | 0.37 | ||||||||||||||||||||||||||
Total loans |
5,665,594 | 76,467 | 5.43 | 5,673,746 | 75,859 | 5.38 | (8,152) | 608 | 0.05 | ||||||||||||||||||||||||||
Total interest-earning assets |
6,975,210 | 86,224 | 4.97 | 6,968,502 | 85,479 | 4.93 | 6,708 | 745 | 0.04 | ||||||||||||||||||||||||||
Noninterest-earning assets | 252,268 | 263,333 | (11,065) | ||||||||||||||||||||||||||||||||
Total assets |
$7,227,478 | $7,231,835 | ($4,357) | ||||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits (in-market) | $536,752 | $6,064 | 4.54 | % | $506,239 | $5,706 | 4.53 | % | $30,513 | $358 | 0.01 | % | |||||||||||||||||||||||
NOW accounts | 712,874 | 388 | 0.22 | 720,918 | 375 | 0.21 | (8,044) | 13 | 0.01 | ||||||||||||||||||||||||||
Money market accounts | 1,120,333 | 10,934 | 3.93 | 1,107,591 | 10,417 | 3.78 | 12,742 | 517 | 0.15 | ||||||||||||||||||||||||||
Savings accounts | 482,674 | 803 | 0.67 | 490,268 | 752 | 0.62 | (7,594) | 51 | 0.05 | ||||||||||||||||||||||||||
Time deposits (in-market) | 1,157,962 | 11,802 | 4.10 | 1,149,442 | 11,720 | 4.10 | 8,520 | 82 | — | ||||||||||||||||||||||||||
Interest-bearing in-market deposits | 4,010,595 | 29,991 | 3.01 | 3,974,458 | 28,970 | 2.93 | 36,137 | 1,021 | 0.08 | ||||||||||||||||||||||||||
Wholesale brokered time deposits | 517,424 | 6,722 | 5.23 | 699,605 | 9,077 | 5.22 | (182,181) | (2,355) | 0.01 | ||||||||||||||||||||||||||
Total interest-bearing deposits | 4,528,019 | 36,713 | 3.26 | 4,674,063 | 38,047 | 3.27 | (146,044) | (1,334) | (0.01) | ||||||||||||||||||||||||||
FHLB advances | 1,397,143 | 17,296 | 4.98 | 1,239,945 | 15,138 | 4.91 | 157,198 | 2,158 | 0.07 | ||||||||||||||||||||||||||
Junior subordinated debentures | 22,681 | 403 | 7.15 | 22,681 | 406 | 7.20 | — | (3) | (0.05) | ||||||||||||||||||||||||||
Total interest-bearing liabilities | 5,947,843 | 54,412 | 3.68 | 5,936,689 | 53,591 | 3.63 | 11,154 | 821 | 0.05 | ||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 652,189 | 664,656 | (12,467) | ||||||||||||||||||||||||||||||||
Other liabilities | 166,487 | 159,394 | 7,093 | ||||||||||||||||||||||||||||||||
Shareholders' equity | 460,959 | 471,096 | (10,137) | ||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $7,227,478 | $7,231,835 | ($4,357) | ||||||||||||||||||||||||||||||||
Net interest income (FTE) | $31,812 | $31,888 | ($76) | ||||||||||||||||||||||||||||||||
Interest rate spread | 1.29 | % | 1.30 | % | (0.01 | %) | |||||||||||||||||||||||||||||
Net interest margin | 1.83 | % | 1.84 | % | (0.01 | %) | |||||||||||||||||||||||||||||
For the Three Months Ended | Jun 30, 2024 | Mar 31, 2024 | Change | ||||||||
Commercial loans | $227 | $223 | $4 | ||||||||
Total | $227 | $223 | $4 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis) | |||||||||||||||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||||||||||||||
For the Six Months Ended | June 30, 2024 | June 30, 2023 | 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 |
$87,964 | $2,493 | 5.70 | % | $106,253 | $2,349 | 4.46 | % | ($18,289) | $144 | 1.24 | % | |||||||||||||||||
Mortgage loans for sale | 19,103 | 647 | 6.81 | 15,905 | 393 | 4.98 | 3,198 | 254 | 1.83 | ||||||||||||||||||||
Taxable debt securities | 1,138,013 | 14,040 | 2.48 | 1,197,935 | 14,597 | 2.46 | (59,922) | (557) | 0.02 | ||||||||||||||||||||
FHLB stock | 57,106 | 2,197 | 7.74 | 44,952 | 1,455 | 6.53 | 12,154 | 742 | 1.21 | ||||||||||||||||||||
Commercial real estate | 2,154,336 | 68,927 | 6.43 | 1,894,087 | 54,100 | 5.76 | 260,249 | 14,827 | 0.67 | ||||||||||||||||||||
Commercial & industrial | 606,766 | 19,728 | 6.54 | 622,896 | 18,528 | 6.00 | (16,130) | 1,200 | 0.54 | ||||||||||||||||||||
Total commercial |
2,761,102 | 88,655 | 6.46 | 2,516,983 | 72,628 | 5.82 | 244,119 | 16,027 | 0.64 | ||||||||||||||||||||
Residential real estate |
2,581,357 | 53,004 | 4.13 | 2,400,997 | 44,801 | 3.76 | 180,360 | 8,203 | 0.37 | ||||||||||||||||||||
Home equity | 308,467 | 10,215 | 6.66 | 289,288 | 7,841 | 5.47 | 19,179 | 2,374 | 1.19 | ||||||||||||||||||||
Other | 18,744 | 451 | 4.84 | 17,110 | 391 | 4.61 | 1,634 | 60 | 0.23 | ||||||||||||||||||||
Total consumer | 327,211 | 10,666 | 6.56 | 306,398 | 8,232 | 5.42 | 20,813 | 2,434 | 1.14 | ||||||||||||||||||||
Total loans | 5,669,670 | 152,325 | 5.40 | 5,224,378 | 125,661 | 4.85 | 445,292 | 26,664 | 0.55 | ||||||||||||||||||||
Total interest-earning assets |
6,971,856 | 171,702 | 4.95 | 6,589,423 | 144,455 | 4.42 | 382,433 | 27,247 | 0.53 | ||||||||||||||||||||
Noninterest-earning assets | 257,800 | 252,733 | 5,067 | ||||||||||||||||||||||||||
Total assets |
$7,229,656 | $6,842,156 | $387,500 | ||||||||||||||||||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||||||||||||||
Interest-bearing demand deposits (in-market) | $521,495 | $11,770 | 4.54 | % | $346,255 | $6,728 | 3.92 | % | $175,240 | $5,042 | 0.62 | % | |||||||||||||||||
NOW accounts | 716,896 | 764 | 0.21 | 801,296 | 758 | 0.19 | (84,400) | 6 | 0.02 | ||||||||||||||||||||
Money market accounts | 1,113,962 | 21,351 | 3.85 | 1,226,303 | 16,878 | 2.78 | (112,341) | 4,473 | 1.07 | ||||||||||||||||||||
Savings accounts | 486,472 | 1,554 | 0.64 | 544,159 | 636 | 0.24 | (57,687) | 918 | 0.40 | ||||||||||||||||||||
Time deposits (in-market) | 1,153,702 | 23,522 | 4.10 | 915,898 | 12,537 | 2.76 | 237,804 | 10,985 | 1.34 | ||||||||||||||||||||
Interest-bearing in-market deposits | 3,992,527 | 58,961 | 2.97 | 3,833,911 | 37,537 | 1.97 | 158,616 | 21,424 | 1.00 | ||||||||||||||||||||
Wholesale brokered demand deposits | — | — | — | 8,097 | 177 | 4.41 | (8,097) | (177) | (4.41) | ||||||||||||||||||||
Wholesale brokered time deposits | 608,514 | 15,799 | 5.22 | 539,333 | 11,579 | 4.33 | 69,181 | 4,220 | 0.89 | ||||||||||||||||||||
Wholesale brokered deposits | 608,514 | 15,799 | 5.22 | 547,430 | 11,756 | 4.33 | 61,084 | 4,043 | 0.89 | ||||||||||||||||||||
Total interest-bearing deposits | 4,601,041 | 74,760 | 3.27 | 4,381,341 | 49,293 | 2.27 | 219,700 | 25,467 | 1.00 | ||||||||||||||||||||
FHLB advances | 1,318,544 | 32,434 | 4.95 | 1,011,768 | 23,278 | 4.64 | 306,776 | 9,156 | 0.31 | ||||||||||||||||||||
Junior subordinated debentures | 22,681 | 809 | 7.17 | 22,681 | 728 | 6.47 | — | 81 | 0.70 | ||||||||||||||||||||
Total interest-bearing liabilities | 5,942,266 | 108,003 | 3.66 | 5,415,790 | 73,299 | 2.73 | 526,476 | 34,704 | 0.93 | ||||||||||||||||||||
Noninterest-bearing demand deposits | 658,423 | 802,506 | (144,083) | ||||||||||||||||||||||||||
Other liabilities | 162,939 | 160,677 | 2,262 | ||||||||||||||||||||||||||
Shareholders' equity | 466,028 | 463,183 | 2,845 | ||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $7,229,656 | $6,842,156 | $387,500 | ||||||||||||||||||||||||||
Net interest income (FTE) | $63,699 | $71,156 | ($7,457) | ||||||||||||||||||||||||||
Interest rate spread | 1.29 | % | 1.69 | % | (0.40 | %) | |||||||||||||||||||||||
Net interest margin | 1.84 | % | 2.18 | % | (0.34 | %) |
For the Six Months Ended | Jun 30, 2024 | Jun 30, 2023 | Change | ||||||||
Commercial loans | $449 | $463 | ($14) | ||||||||
Total | $449 | $463 | ($14) |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures | |||||||||||||||||
(Unaudited; Dollars in thousands, except per share amounts) | |||||||||||||||||
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
|||||||||||||
Tangible Book Value per Share: | |||||||||||||||||
Total shareholders' equity, as reported | $470,957 | $466,920 | $472,686 | $431,404 | $459,161 | ||||||||||||
Less: | |||||||||||||||||
Goodwill |
63,909 | 63,909 | 63,909 | 63,909 | 63,909 | ||||||||||||
Identifiable intangible assets, net |
3,295 | 3,503 | 3,711 | 3,919 | 4,130 | ||||||||||||
Total tangible shareholders' equity | $403,753 | $399,508 | $405,066 | $363,576 | $391,122 | ||||||||||||
Shares outstanding, as reported | 17,058 | 17,033 | 17,031 | 17,019 | 17,019 | ||||||||||||
Book value per share - GAAP | $27.61 | $27.41 | $27.75 | $25.35 | $26.98 | ||||||||||||
Tangible book value per share - Non-GAAP | $23.67 | $23.45 | $23.78 | $21.36 | $22.98 | ||||||||||||
Tangible Equity to Tangible Assets: | |||||||||||||||||
Total tangible shareholders' equity | $403,753 | $399,508 | $405,066 | $363,576 | $391,122 | ||||||||||||
Total assets, as reported | $7,184,360 | $7,249,124 | $7,202,847 | $7,183,475 | $7,011,760 | ||||||||||||
Less: | |||||||||||||||||
Goodwill |
63,909 | 63,909 | 63,909 | 63,909 | 63,909 | ||||||||||||
Identifiable intangible assets, net |
3,295 | 3,503 | 3,711 | 3,919 | 4,130 | ||||||||||||
Total tangible assets | $7,117,156 | $7,181,712 | $7,135,227 | $7,115,647 | $6,943,721 | ||||||||||||
Equity to assets - GAAP | 6.56 | % | 6.44 | % | 6.56 | % | 6.01 | % | 6.55 | % | |||||||
Tangible equity to tangible assets - Non-GAAP | 5.67 | % | 5.56 | % | 5.68 | % | 5.11 | % | 5.63 | % |
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
Jun 30, 2024 |
Jun 30, 2023 |
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Return on Average Tangible Assets: | ||||||||||||||||||||||||||
Net income, as reported | $10,815 | $10,936 | $12,947 | $11,161 | $11,256 | $21,751 | $24,068 | |||||||||||||||||||
Total average assets, as reported | $7,227,478 | $7,231,835 | $7,191,575 | $7,115,157 | $6,939,238 | $7,229,656 | $6,842,156 | |||||||||||||||||||
Less average balances of: | ||||||||||||||||||||||||||
Goodwill |
63,909 | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | |||||||||||||||||||
Identifiable intangible assets, net |
3,397 | 3,604 | 3,812 | 4,021 | 4,233 | 3,500 | 4,338 | |||||||||||||||||||
Total average tangible assets | $7,160,172 | $7,164,322 | $7,123,854 | $7,047,227 | $6,871,096 | $7,162,247 | $6,773,909 | |||||||||||||||||||
Return on average assets - GAAP | 0.60 | % | 0.61 | % | 0.71 | % | 0.62 | % | 0.65 | % | 0.61 | % | 0.71 | % | ||||||||||||
Return on average tangible assets - Non-GAAP |
0.61 | % | 0.61 | % | 0.72 | % | 0.63 | % | 0.66 | % | 0.61 | % | 0.72 | % | ||||||||||||
Return on Average Tangible Equity: | ||||||||||||||||||||||||||
Net income available to common shareholders, as reported |
$10,807 | $10,924 | $12,931 | $11,140 | $11,237 | $21,731 | $24,020 | |||||||||||||||||||
Total average equity, as reported | $460,959 | $471,096 | $436,059 | $458,015 | $466,227 | $466,028 | $463,183 | |||||||||||||||||||
Less average balances of: | ||||||||||||||||||||||||||
Goodwill |
63,909 | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | |||||||||||||||||||
Identifiable intangible assets, net |
3,397 | 3,604 | 3,812 | 4,021 | 4,233 | 3,500 | 4,338 | |||||||||||||||||||
Total average tangible equity | $393,653 | $403,583 | $368,338 | $390,085 | $398,085 | $398,619 | $394,936 | |||||||||||||||||||
Return on average equity - GAAP | 9.43 | % | 9.33 | % | 11.77 | % | 9.65 | % | 9.67 | % | 9.38 | % | 10.46 | % | ||||||||||||
Return on average tangible equity - Non-GAAP |
11.04 | % | 10.89 | % | 13.93 | % | 11.33 | % | 11.32 | % | 10.96 | % | 12.26 | % |