Washington Trust Reports Third Quarter 2023 Earnings

WESTERLY, R.I., Oct. 23, 2023 /PRNewswire/ — Washington Trust Bancorp, Inc. (Nasdaq: WASH), parent company of The Washington Trust Company, today announced third quarter 2023 net income of $11.2 million, or $0.65 per diluted share, compared to net income of $11.3 million, or $0.66 per diluted share, for the second quarter of 2023.

“Washington Trust’s third quarter performance reflects the Corporation’s core strength, resilience, and ability to manage through difficult operating conditions,” stated Edward O. Handy III, Washington Trust Chairman and Chief Executive Officer. “We continue to attract new business across all lines, which is challenging in the current rate and competitive environment.  We value our employees, customers, communities, and shareholders and remain committed to enhancing the value of these relationships over time.”

Selected financial highlights for the third quarter include:

Returns on average equity and average assets for the third quarter were 9.65% and 0.62%, respectively, compared to 9.67% and 0.65%, respectively, for the preceding quarter.
Net interest income totaled $33.8 million in the third quarter, up by $251 thousand, or 1%, from the preceding quarter. The net interest margin was 1.97% in the third quarter, compared to 2.03% in the preceding quarter, reflecting the challenging interest rate environment.
In the third quarter, a provision for credit losses of $500 thousand was recognized, down by $200 thousand from the provision recognized in the preceding quarter.
Noninterest income totaled $15.2 million in the third quarter, up by $901 thousand, or 6%, from the preceding quarter, reflecting increases in loan related derivative income and mortgage banking revenues.
Total loans amounted to $5.6 billion, up by $230 million, or 4%, from the end of the preceding quarter. Total loans were up by $762 million, or 16%, from a year ago.
In-market deposits (total deposits less wholesale brokered deposits) amounted to $4.7 billion, up by $35 million, or 1%, from June 30, 2023. In-market deposits were up by $121 million, or 3%, from a year ago.

Net Interest IncomeNet interest income was $33.8 million for the third quarter of 2023, up by $251 thousand, or 1%, from the second quarter of 2023.  The net interest margin was 1.97% for the third quarter, down by 6 basis points from the preceding quarter.  Linked quarter changes included:

Average interest-earning assets increased by $167 million, including an increase of $187 million in average loans. The yield on interest-earning assets for the third quarter was 4.69%, up by 16 basis points from the preceding quarter.
Average interest-bearing liabilities increased by $160 million, reflecting increases in average wholesale funding balances of $83 million and average in-market deposits of $77 million. The cost of interest-bearing liabilities for the third quarter of 2023 was 3.26%, up by 24 basis points from the preceding quarter.

Non Interest Income Non interest income totaled $15.2 million for the third quarter of 2023, up by $901 thousand, or 6%, from the second quarter of 2023.  Linked quarter changes included:

Wealth management revenues amounted to $8.9 million in the third quarter of 2023, down by $100 thousand, or 1%, on a linked quarter basis. This included a decrease of $221 thousand, or 45%, in transaction-based revenues, partially offset by an increase of $121 thousand, or 1%, in asset-based revenues. The linked quarter decline in transaction-based revenues was mainly due to lower tax servicing fee income in the third quarter, as this income is concentrated in the first half of the year. The linked quarter increase in asset-based revenues reflected an increase in the average balance of wealth management assets under administration (“AUA”), which was up by approximately $140 million, or 2%, from the preceding quarter.

The end of period AUA balance at September 30, 2023 amounted to $6.1 billion, down by $219 million, or 3%, from June 30, 2023. This decrease reflected net investment depreciation of $154 million, as well as net client asset outflows of $65 million.

Mortgage banking revenues totaled $2.1 million for the third quarter of 2023, up by $355 thousand, or 20%, from the second quarter of 2023, reflecting higher realized gains on loan sales, partially offset by changes in the fair value of mortgage loans held for sale and forward loan commitments. Realized gains increased by $919 thousand, or 111%, from the preceding quarter, due to a higher sales yield, as well as a higher volume of loans sold. Loans sold amounted to $88.6 million in the third quarter of 2023, up by $24.1 million, or 37%, from the preceding quarter.
Loan related derivative income from interest rate swap contracts with commercial borrowers in the third quarter of 2023 totaled $1.1 million, up by $835 thousand, or 338%, from the preceding quarter.
Income from bank-owned life insurance totaled $710 thousand in the third quarter of 2023, down by $169 thousand, or 19%, from the preceding quarter. This decline was due to the recognition of $182 thousand of income associated with life insurance proceeds in the preceding quarter.

Noninterest Expense Noninterest expense totaled $34.4 million for the third quarter of 2023, up by $1.4 million, or 4%, from the second quarter of 2023.  Linked quarter changes included:

Salaries and employee benefits expense amounted to $21.6 million, up by $1.0 million, or 5%, from the preceding quarter as performance-based compensation accruals were reduced in the second quarter.
Advertising and promotion expense totaled $789 thousand, up by $362 thousand, or 85%, from the second quarter of 2023, largely due to the timing of such activities.

Income TaxIncome tax expense totaled $2.9 million for the third quarter of 2023, up by $73 thousand from the preceding quarter.  The effective tax rate for the third quarter of 2023 was 20.8%, compared to 20.2% in the preceding quarter.  Based on current federal and applicable state income tax statutes, the Corporation currently expects its full-year 2023 effective tax rate to be approximately 20.8%.

Investment SecuritiesThe securities portfolio totaled $959 million at September 30, 2023, down by $63 million, or 6%, from June 30, 2023, reflecting a decrease of $43 million in the fair value of available for sale debt securities due to changes in market interest rates, as well as routine pay-downs.  The securities portfolio represented 13% of total assets at September 30, 2023, compared to 15% of total assets at June 30, 2023.

LoansTotal loans amounted to $5.6 billion at September 30, 2023, up by $230 million, or 4%, from the end of the preceding quarter.  Linked quarter changes included:

Commercial loans increased by $123 million, or 5%, from June 30, 2023, reflecting originations and advances of approximately $195 million, partially offset by principal payments of approximately $72 million.
Residential real estate loans increased by $101 million, or 4%, from June 30, 2023. In the third quarter of 2023, residential real estate loans originated for portfolio amounted to $162 million, up by $13 million, or 9%, from the preceding quarter.
The consumer loan portfolio increased by $6 million, or 2%, from June 30, 2023, largely reflecting growth in home equity lines and loans.

Deposits and BorrowingsTotal deposits, which include wholesale brokered deposits, amounted to $5.4 billion at September 30, 2023, up by $101 million, or 2%, from the end of the preceding quarter.  Uninsured deposits, after exclusions (as detailed in the financial tables below) amounted to $979 million, or 18% of total deposits, at September 30, 2023.

In-market deposits, which exclude wholesale brokered deposits, amounted to $4.7 billion at September 30, 2023, up by $35 million, or 1%, from June 30, 2023.  As of September 30, 2023, in-market deposits were approximately 59% retail and 41% commercial.  The average size of our in-market deposit accounts was approximately $37 thousand at September 30, 2023.

Wholesale funding was utilized in the third quarter to fund balance sheet growth.  FHLB advances totaled $1 billion at September 30, 2023, up by $80 million, or 8%, from June 30, 2023.  Wholesale brokered deposits amounted to $668 million and were up by $67 million, or 11%, from June 30, 2023.  As of September 30, 2023, Washington Trust has contingent liquidity of $1.8 billion, consisting of noninterest-bearing cash, unencumbered securities and unused collateralized borrowing capacity.

Asset QualityNonaccrual loans were $33.7 million, or 0.60% of total loans, at September 30, 2023, compared to $10.4 million, or 0.19% of total loans, at June 30, 2023.  The increase in nonaccrual loans was largely due to two commercial real estate loans that were placed on nonaccrual status in the quarter.  The composition of nonaccrual loans at September 30, 2023 was 69% commercial and 31% residential and consumer.

Past due loans were $9.7 million, or 0.17% of total loans, at September 30, 2023, compared to $6.3 million, or 0.12% of total loans, at June 30, 2023.  The composition of past due loans at September 30, 2023 was essentially 100% residential and consumer.

The allowance for credit losses (“ACL”) on loans amounted to $40.2 million, or 0.72% of total loans, at September 30, 2023, compared to $39.3 million, or 0.73% of total loans, at June 30, 2023.  The ACL on unfunded commitments, included in other liabilities on the Consolidated Balance Sheets, was $2.0 million at September 30, 2023, compared to $2.4 million at June 30, 2023.

The provision for credit losses totaled $500 thousand in the third quarter of 2023, down by $200 thousand from the preceding quarter.  The provision for credit losses in the third quarter of 2023 was composed of a provision for credit losses on loans of $900 thousand and a negative provision (or a benefit) for credit losses on unfunded commitments of $400 thousand.

In the third quarter of 2023, net charge-offs of $30 thousand were recognized, compared to $37 thousand in the preceding quarter.

Capital and DividendsTotal shareholders’ equity was $431.4 million at September 30, 2023, down by $27.8 million, or 6%, from June 30, 2023.   The accumulated other comprehensive income component of shareholders’ equity decreased by $29.9 million in the third quarter, reflecting a decrease in the fair value of available for sale debt securities due to changes in market interest rates.  The decrease in shareholders’ equity also included $9.6 million in dividend declarations.  These decreases were partially offset by net income of $11.2 million in the third quarter.

The Board of Directors declared a quarterly dividend of 56 cents per share for the quarter ended September 30, 2023.  The dividend was paid on October 12, 2023 to shareholders of record on October 2, 2023.

Capital levels at September 30, 2023 exceeded the regulatory minimum levels to be considered well capitalized, with a total risk-based capital ratio of 11.48% at September 30, 2023, compared to 11.81% at June 30, 2023.  Book value per share was $25.35 at September 30, 2023, compared to $26.98 at June 30, 2023.

Conference CallWashington Trust will host a conference call to discuss its third quarter results, business highlights and outlook on Tuesday, October 24, 2023 at 8:30 a.m. (Eastern Time).  Individuals may dial in to the call at 1-833-470-1428 and enter Access Code 431699.  An audio replay of the call will be available, shortly after the conclusion of the call, by dialing 1-866-813-9403 and entering the Replay Access Code 734631.  The audio replay will be available through November 7, 2023.  Also, a webcast of the call will be posted in the Investor Relations section of Washington Trust’s website, https://ir.washtrust.com, and will be available through December 31, 2023.

BackgroundWashington Trust Bancorp, Inc. is the parent of The Washington Trust Company.  Founded in 1800, Washington Trust is the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast’s premier financial services companies.  Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts.  The Corporation’s common stock trades on NASDAQ under the symbol WASH.  Investor information is available on the Corporation’s website at https://ir.washtrust.com.

Forward-Looking StatementsThis press release contains statements that are “forward-looking statements.”  We may also make forward-looking statements in other documents we file with the U.S. Securities and Exchange Commission (“SEC”), in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees.  You can identify forward-looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters.  You should not rely on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors, some of which are beyond our control.  These risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from the anticipated future results, performance or achievements expressed or implied by the forward-looking statements.

Some of the factors that might cause these differences include the following:

changes in general business and economic conditions on a national basis and in the local markets in which we operate;
changes in customer behavior due to political, business and economic conditions, including inflation and concerns about liquidity;
interest rate changes or volatility, as well as changes in the balance and mix of loans and deposits;
changes in loan demand and collectability;
the possibility that future credit losses are higher than currently expected due to changes in economic assumptions or adverse economic developments;
ongoing volatility in national and international financial markets;
reductions in the market value or outflows of wealth management AUA;
decreases in the value of securities and other assets;
increases in defaults and charge-off rates;
changes in the size and nature of our competition;
changes in legislation or regulation and accounting principles, policies and guidelines;
operational risks including, but not limited to, changes in information technology, cybersecurity incidents, fraud, natural disasters, war, terrorism, civil unrest and future pandemics;
regulatory, litigation and reputational risks; and
changes in the assumptions used in making such forward-looking statements.

In addition, the factors described under “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as updated by our Quarterly Reports on Form 10-Q and other filings submitted to the SEC, may result in these differences. You should carefully review all of these factors and you should be aware that there may be other factors that could cause these differences. These forward-looking statements were based on information, plans and estimates at the date of this report, and we assume no obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes.

Supplemental Information – Explanation of Non-GAAP Financial MeasuresIn addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures.  Washington Trust’s management believes that the supplemental non-GAAP information, which consists of measurements and ratios based on tangible equity and tangible assets, is utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors.  These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures, which may be presented by other companies.  Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

Washington Trust Bancorp, Inc. and Subsidiaries

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited; Dollars in thousands)

Sep 30,
2023

Jun 30,
2023

Mar 31,
2023

Dec 31,
2022

Sep 30,
2022

Assets:

Cash and due from banks

$109,432

$124,877

$134,989

$115,492

$130,066

Short-term investments

3,577

3,439

3,291

2,930

2,773

Mortgage loans held for sale, at fair value

10,550

20,872

7,445

8,987

24,054

Available for sale debt securities, at fair value

958,990

1,022,458

1,054,747

993,928

982,573

Federal Home Loan Bank stock, at cost

52,668

45,868

42,501

43,463

32,940

Loans:

Total loans

5,611,115

5,381,113

5,227,969

5,110,139

4,848,873

Less: allowance for credit losses on loans

40,213

39,343

38,780

38,027

36,863

Net loans

5,570,902

5,341,770

5,189,189

5,072,112

4,812,010

Premises and equipment, net

31,976

32,591

31,719

31,550

30,152

Operating lease right-of-use assets

27,882

28,633

26,170

27,156

27,788

Investment in bank-owned life insurance

103,003

102,293

101,782

102,182

101,491

Goodwill

63,909

63,909

63,909

63,909

63,909

Identifiable intangible assets, net

3,919

4,130

4,342

4,554

4,766

Other assets

246,667

220,920

199,098

193,788

195,529

Total assets

$7,183,475

$7,011,760

$6,859,182

$6,660,051

$6,408,051

Liabilities:

Deposits:

Noninterest-bearing deposits

$773,261

$758,242

$829,763

$858,953

$938,572

Interest-bearing deposits

4,642,302

4,556,236

4,438,751

4,160,009

4,131,285

Total deposits

5,415,563

5,314,478

5,268,514

5,018,962

5,069,857

Federal Home Loan Bank advances

1,120,000

1,040,000

925,000

980,000

700,000

Junior subordinated debentures

22,681

22,681

22,681

22,681

22,681

Operating lease liabilities

30,554

31,302

28,622

29,558

30,189

Other liabilities

163,273

144,138

149,382

155,181

153,050

Total liabilities

6,752,071

6,552,599

6,394,199

6,206,382

5,975,777

Shareholders’ Equity:

Common stock

1,085

1,085

1,085

1,085

1,085

Paid-in capital

126,310

125,685

127,734

127,056

127,055

Retained earnings

498,521

496,996

495,231

492,043

485,163

Accumulated other comprehensive (loss) income

(178,734)

(148,827)

(141,760)

(157,800)

(171,755)

Treasury stock, at cost

(15,778)

(15,778)

(17,307)

(8,715)

(9,274)

Total shareholders’ equity

431,404

459,161

464,983

453,669

432,274

Total liabilities and shareholders’ equity

$7,183,475

$7,011,760

$6,859,182

$6,660,051

$6,408,051

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 Nine Months
Ended

Sep 30,
2023

Jun 30,
2023

Mar 31,
2023

Dec 31,
2022

Sep 30,
2022

Sep 30,
2023

Sep 30,
2022

Interest income:

Interest and fees on loans

$70,896

$65,449

$59,749

$53,644

$45,125

$196,094

$115,657

Interest on mortgage loans held for sale

332

241

152

314

361

725

851

Taxable interest on debt securities

7,271

7,403

7,194

6,618

6,061

21,868

15,209

Dividends on Federal Home Loan Bank stock

878

858

597

330

88

2,333

218

Other interest income

1,344

1,279

1,070

855

503

3,693

769

Total interest and dividend income

80,721

75,230

68,762

61,761

52,138

224,713

132,704

Interest expense:

Deposits

34,069

29,704

19,589

12,301

6,656

83,362

13,722

Federal Home Loan Bank advances

12,497

11,652

11,626

7,822

3,234

35,775

3,891

Junior subordinated debentures

404

374

354

296

206

1,132

443

Total interest expense

46,970

41,730

31,569

20,419

10,096

120,269

18,056

Net interest income

33,751

33,500

37,193

41,342

42,042

104,444

114,648

Provision for credit losses

500

700

800

800

800

2,000

(2,100)

Net interest income after provision for credit losses

33,251

32,800

36,393

40,542

41,242

102,444

116,748

Noninterest income:

Wealth management revenues

8,948

9,048

8,663

8,624

9,525

26,659

30,122

Mortgage banking revenues

2,108

1,753

1,245

1,103

2,047

5,106

7,630

Card interchange fees

1,267

1,268

1,132

1,242

1,287

3,667

3,754

Service charges on deposit accounts

674

667

777

942

819

2,118

2,250

Loan related derivative income

1,082

247

(51)

745

1,041

1,278

2,011

Income from bank-owned life insurance

710

879

1,165

691

684

2,754

1,900

Other income

437

463

352

441

400

1,252

1,147

Total noninterest income

15,226

14,325

13,283

13,788

15,803

42,834

48,814

Noninterest expense:

Salaries and employee benefits

21,622

20,588

21,784

20,812

21,609

63,994

62,992

Outsourced services

3,737

3,621

3,496

3,568

3,552

10,854

10,169

Net occupancy

2,387

2,416

2,437

2,418

2,234

7,240

6,708

Equipment

1,107

1,050

1,028

1,002

939

3,185

2,795

Legal, audit and professional fees

1,058

978

896

987

693

2,932

2,140

FDIC deposit insurance costs

1,185

1,371

872

489

430

3,428

1,198

Advertising and promotion

789

427

408

713

799

1,624

1,874

Amortization of intangibles

211

212

212

212

215

635

648

Other expenses

2,294

2,353

2,431

3,158

2,596

7,078

6,839

Total noninterest expense

34,390

33,016

33,564

33,359

33,067

100,970

95,363

Income before income taxes

14,087

14,109

16,112

20,971

23,978

44,308

70,199

Income tax expense

2,926

2,853

3,300

4,398

5,310

9,079

15,091

Net income

$11,161

$11,256

$12,812

$16,573

$18,668

$35,229

$55,108

Net income available to common shareholders

$11,140

$11,237

$12,783

$16,535

$18,615

$35,160

$54,944

Weighted average common shares outstanding:

  Basic

17,019

17,011

17,074

17,180

17,174

17,034

17,269

  Diluted

17,041

17,030

17,170

17,319

17,298

17,063

17,389

Earnings per common share:

  Basic

$0.65

$0.66

$0.75

$0.96

$1.08

$2.06

$3.18

  Diluted

$0.65

$0.66

$0.74

$0.95

$1.08

$2.06

$3.16

Cash dividends declared per share

$0.56

$0.56

$0.56

$0.56

$0.54

$1.68

$1.62

Washington Trust Bancorp, Inc. and Subsidiaries

SELECTED FINANCIAL HIGHLIGHTS

(Unaudited; Dollars and shares in thousands, except per share amounts)

Sep 30,
2023

Jun 30,
2023

Mar 31,
2023

Dec 31,
2022

Sep 30,
2022

Share and Equity Related Data:

Book value per share

$25.35

$26.98

$27.37

$26.40

$25.17

Tangible book value per share – Non-GAAP (1)

$21.36

$22.98

$23.36

$22.42

$21.17

Market value per share

$26.33

$26.81

$34.66

$47.18

$46.48

Shares issued at end of period

17,363

17,363

17,363

17,363

17,363

Shares outstanding at end of period

17,019

17,019

16,986

17,183

17,171

Capital Ratios (2):

Tier 1 risk-based capital

10.77 %

11.09 %

11.28 %

11.69 %

11.97 %

Total risk-based capital

11.48 %

11.81 %

12.01 %

12.37 %

12.65 %

Tier 1 leverage ratio

7.87 %

8.05 %

8.25 %

8.65 %

8.99 %

Common equity tier 1

10.35 %

10.66 %

10.84 %

11.24 %

11.50 %

Balance Sheet Ratios:

Equity to assets

6.01 %

6.55 %

6.78 %

6.81 %

6.75 %

Tangible equity to tangible assets – Non-GAAP (1)

5.11 %

5.63 %

5.84 %

5.84 %

5.74 %

Loans to deposits (3)

103.1 %

100.9 %

98.6 %

101.2 %

95.4 %

For the Nine Months
Ended

For the Three Months Ended

Sep 30,
2023

Jun 30,
2023

Mar 31,
2023

Dec 31,
2022

Sep 30,
2022

Sep 30,
2023

Sep 30,
2022

Performance Ratios (4):

Net interest margin (5)

1.97 %

2.03 %

2.33 %

2.65 %

2.82 %

2.11 %

2.71 %

Return on average assets (net income divided by
  average assets)

0.62 %

0.65 %

0.77 %

1.01 %

1.19 %

0.68 %

1.23 %

Return on average tangible assets – Non-GAAP (1)

0.63 %

0.66 %

0.78 %

1.03 %

1.20 %

0.69 %

1.25 %

Return on average equity (net income available for
  common shareholders divided by average equity)

9.65 %

9.67 %

11.27 %

14.96 %

15.16 %

10.19 %

14.35 %

Return on average tangible equity – Non-GAAP (1)

11.33 %

11.32 %

13.23 %

17.74 %

17.65 %

11.95 %

16.59 %

Efficiency ratio (6)

70.2 %

69.0 %

66.5 %

60.5 %

57.2 %

68.6 %

58.3 %

(1)

See the section labeled “Supplemental Information – Calculation of Non-GAAP Financial Measures” at the end of this document.

(2)

Estimated for September 30, 2023 and actuals for prior periods.

(3)

Period-end balances of net loans and mortgage loans held for sale as a percentage of total deposits.

(4)

Annualized based on the actual number of days in the period.

(5)

Fully taxable equivalent (FTE) net interest income as a percentage of average-earnings assets.

(6)

Total noninterest expense as percentage of total revenues (net interest income and noninterest income).

Washington Trust Bancorp, Inc. and Subsidiaries

SELECTED FINANCIAL HIGHLIGHTS

(Unaudited; Dollars in thousands)

For the Three Months Ended

For the Nine Months
Ended

Sep 30,
2023

Jun 30,
2023

Mar 31,
2023

Dec 31,
2022

Sep 30,
2022

Sep 30,
2023

Sep 30,
2022

Wealth Management Results

Wealth Management Revenues:

Asset-based revenues

$8,683

$8,562

$8,429

$8,448

$9,302

$25,674

$29,154

Transaction-based revenues

265

486

234

176

223

985

968

Total wealth management revenues

$8,948

$9,048

$8,663

$8,624

$9,525

$26,659

$30,122

Assets Under Administration (AUA):

Balance at beginning of period

$6,350,260

$6,163,422

$5,961,990

$6,322,757

$6,650,097

$5,961,990

$7,784,211

Net investment (depreciation) appreciation & income

(154,269)

259,788

286,262

312,407

(239,762)

391,781

(1,444,785)

Net client asset outflows

(64,596)

(72,950)

(84,830)

(673,174)

(87,578)

(222,376)

(16,669)

Balance at end of period

$6,131,395

$6,350,260

$6,163,422

$5,961,990

$6,322,757

$6,131,395

$6,322,757

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)

$1,746

$827

$576

$992

$1,718

$3,149

$6,962

Changes in fair value, net (2)

(171)

382

86

(426)

(226)

297

(798)

Loan servicing fee income, net (3)

533

544

583

537

555

1,660

1,466

Total mortgage banking revenues

$2,108

$1,753

$1,245

$1,103

$2,047

$5,106

$7,630

Residential Mortgage Loan Originations:

Originations for retention in portfolio (4)

$161,603

$148,694

$109,768

$228,579

$225,132

$420,065

$653,295

Originations for sale to secondary market (5)

78,339

77,995

27,763

39,087

77,242

184,097

270,320

Total mortgage loan originations

$239,942

$226,689

$137,531

$267,666

$302,374

$604,162

$923,615

Residential Mortgage Loans Sold:

Sold with servicing rights retained

$34,046

$28,727

$17,114

$27,085

$34,659

$79,887

$72,764

Sold with servicing rights released (5)

54,575

35,836

12,214

27,470

40,665

102,625

212,429

Total mortgage loans sold

$88,621

$64,563

$29,328

$54,555

$75,324

$182,512

$285,193

(1)

Includes gains on loan sales, commission income on loans originated for others, servicing right gains, and gains (losses) on forward loan commitments.

(2)

Represents fair value changes on mortgage loans held for sale and forward loan commitments.

(3)

Represents loan servicing fee income, net of servicing right amortization and valuation adjustments.

(4)

Includes the full commitment amount of homeowner construction loans.

(5)

Includes brokered loans (loans originated for others).

Washington Trust Bancorp, Inc. and Subsidiaries

END OF PERIOD LOAN COMPOSITION

(Unaudited; Dollars in thousands)

Sep 30,
2023

Jun 30,
2023

Mar 31,
2023

Dec 31,
2022

Sep 30,
2022

Loans:

Commercial real estate  (1)

$2,063,383

$1,940,030

$1,909,136

$1,829,304

$1,762,687

Commercial & industrial

611,565

611,472

609,720

656,397

652,758

Total commercial

2,674,948

2,551,502

2,518,856

2,485,701

2,415,445

Residential real estate (2)

2,611,100

2,510,125

2,403,255

2,323,002

2,144,098

Home equity

305,683

301,116

288,878

285,715

273,742

Other

19,384

18,370

16,980

15,721

15,588

Total consumer

325,067

319,486

305,858

301,436

289,330

Total loans

$5,611,115

$5,381,113

$5,227,969

$5,110,139

$4,848,873

(1)

Commercial real estate loans consist of commercial mortgages and construction and development loans.  Commercial mortgages are loans secured by income producing property.

(2)

Residential real estate loans consist of mortgage and homeowner construction loans secured by one- to four-family residential properties.

September 30, 2023

December 31, 2022

Balance

% of Total

Balance

% of Total

Commercial Real Estate Loans by Property Location:

Connecticut

$771,517

37 %

$691,780

38 %

Massachusetts

656,754

32

566,717

31

Rhode Island

431,724

21

387,759

21

Subtotal

1,859,995

90

1,646,256

90

All other states

203,388

10

183,048

10

Total commercial real estate loans

$2,063,383

100 %

$1,829,304

100 %

Residential Real Estate Loans by Property Location:

Massachusetts

$1,940,590

75 %

$1,698,240

73 %

Rhode Island

476,152

18

446,010

19

Connecticut

164,747

6

153,323

7

Subtotal

2,581,489

99

2,297,573

99

All other states

29,611

1

25,429

1

Total residential real estate loans

$2,611,100

100 %

$2,323,002

100 %

Washington Trust Bancorp, Inc. and Subsidiaries

END OF PERIOD LOAN COMPOSITION

(Unaudited; Dollars in thousands)

September 30, 2023

December 31, 2022

Count

Balance

% of Total

Count

Balance

% of Total

Commercial Real Estate Portfolio Segmentation:

Multi-family dwelling

142

$552,819

27 %

127

$469,233

26 %

Retail

102

421,882

20

108

421,617

23

Office

53

289,011

14

53

257,551

14

Industrial and warehouse

53

272,216

13

42

192,717

11

Hospitality

44

237,578

12

33

214,829

12

Healthcare

18

168,653

8

17

136,225

7

Commercial mixed use

11

47,984

2

21

54,976

3

Other

29

73,240

4

34

82,156

4

Total commercial real estate loans

452

$2,063,383

100 %

435

$1,829,304

100 %

Commercial & Industrial Portfolio Segmentation:

Healthcare and social assistance

63

$160,637

26 %

69

$193,052

29 %

Real estate rental and leasing

158

80,283

13

168

72,429

11

Transportation and warehousing

16

62,831

10

20

51,347

8

Manufacturing

55

56,015

9

55

60,601

9

Educational services

17

44,451

7

19

46,708

7

Retail trade

45

43,724

7

50

56,012

9

Finance and insurance

45

30,094

5

55

28,313

4

Information

5

23,324

4

5

23,948

4

Arts, entertainment and recreation

20

22,528

4

24

25,646

4

Accommodation and food services

41

13,981

2

49

17,167

3

Professional, scientific and technical services

34

5,165

1

37

6,451

1

Public administration

12

3,751

1

11

3,789

1

Other

157

64,781

11

162

70,934

10

Total commercial & industrial loans

668

$611,565

100 %

724

$656,397

100 %

Weighted Average

Asset Quality

September 30, 2023

Balance (2)

Average

 Loan

Size (3)

Loan to
Value

Debt

Service
Coverage

Pass

Special
Mention

Classified

Nonaccrual(included in
Classified)

Commercial Real Estate – Office by Class:

Class A

$113,135

$10,409

58 %

1.48x

$106,761

$6,374

$—

$—

Class B

101,373

4,121

61 %

1.42x

75,640

13,560

12,173

8,646

Class C

13,222

1,653

59 %

1.40x

13,222

Medical Office

40,884

6,423

61 %

1.44x

40,884

Lab Space

20,397

23,455

76 %

1.34x

4,057

16,340

Total office (1)

$289,011

$6,087

62 %

1.43x

$240,564

$19,934

$28,513

$8,646

(1)

Approximately 67% of the total commercial real estate office balance of $289 million is secured by income producing properties located in suburban areas.  Additionally, approximately 20% of the total commercial real estate office balance will mature in two years.

(2)

Does not include $33.5 million of unfunded commitments.

(3)

Total commitment (outstanding loan balance plus unfunded commitments) divided by number of loans.

Washington Trust Bancorp, Inc. and Subsidiaries

END OF PERIOD DEPOSIT COMPOSITION & CONTINGENT LIQUIDITY

(Unaudited; Dollars in thousands)

Sep 30,
2023

Jun 30,
2023

Mar 31,
2023

Dec 31,
2022

Sep 30,
2022

Deposits:

Noninterest-bearing demand deposits

$773,261

$758,242

$829,763

$858,953

$938,572

Interest-bearing demand deposits (in-market)

490,217

428,306

318,365

302,044

273,231

NOW accounts

745,778

791,887

828,700

871,875

869,984

Money market accounts

1,111,797

1,164,557

1,214,014

1,255,805

1,146,826

Savings accounts

514,526

521,185

544,604

576,250

600,568

Time deposits (in-market)

1,111,942

1,048,820

924,506

795,838

797,505

In-market deposits

4,747,521

4,712,997

4,659,952

4,660,765

4,626,686

Wholesale brokered demand deposits

1,233

31,153

31,044

Wholesale brokered time deposits

668,042

601,481

607,329

327,044

412,127

Wholesale brokered deposits

668,042

601,481

608,562

358,197

443,171

Total deposits

$5,415,563

$5,314,478

$5,268,514

$5,018,962

$5,069,857

September 30, 2023

December 31, 2022

Balance

% of Total
Deposits

Balance

% of Total
Deposits

Uninsured Deposits:

Uninsured deposits (1)

$1,339,261

25 %

$1,514,900

30 %

Less: affiliate deposits (2)

113,942

2

210,444

4

Uninsured deposits, excluding affiliate deposits

1,225,319

23

1,304,456

26

Less: fully-collateralized preferred deposits (3)

246,594

5

329,868

7

Uninsured deposits, after exclusions

$978,725

18 %

$974,588

19 %

(1)

Determined in accordance with regulatory reporting requirements, which includes affiliate deposits and fully-collateralized preferred deposits.

(2)

Uninsured deposit balances of Washington Trust Bancorp, Inc. and its subsidiaries that are eliminated in consolidation.

(3)

Uninsured deposits of states and political subdivisions, which are secured or collateralized as required by state law.

Sep 30,
2023

Dec 31,
2022

Contingent Liquidity:

Federal Home Loan Bank of Boston

$1,040,792

$668,295

Federal Reserve Bank of Boston

23,777

27,059

Noninterest-bearing cash

72,001

49,727

Unencumbered securities

659,713

691,893

Total

$1,796,283

$1,436,974

Percentage of total contingent liquidity to uninsured deposits

134.1 %

94.9 %

Percentage of total contingent liquidity to uninsured deposits, after exclusions

183.5 %

147.4 %

Washington Trust Bancorp, Inc. and Subsidiaries

CREDIT & ASSET QUALITY DATA

(Unaudited; Dollars in thousands)

Sep 30,
2023

Jun 30,
2023

Mar 31,
2023

Dec 31,
2022

Sep 30,
2022

Asset Quality Ratios:

Nonperforming assets to total assets

0.48 %

0.16 %

0.21 %

0.19 %

0.19 %

Nonaccrual loans to total loans

0.60 %

0.19 %

0.27 %

0.25 %

0.25 %

Total past due loans to total loans

0.17 %

0.12 %

0.15 %

0.23 %

0.16 %

Allowance for credit losses on loans to nonaccrual loans

119.50 %

378.04 %

277.40 %

296.02 %

304.10 %

Allowance for credit losses on loans to total loans

0.72 %

0.73 %

0.74 %

0.74 %

0.76 %

Nonperforming Assets:

Commercial real estate

$22,609

$—

$1,601

$—

$—

Commercial & industrial

696

899

920

Total commercial

23,305

899

2,521

Residential real estate

9,446

8,542

10,470

11,894

11,700

Home equity

901

966

989

952

422

Other consumer

Total consumer

901

966

989

952

422

Total nonaccrual loans

33,652

10,407

13,980

12,846

12,122

Other real estate owned

683

683

683

Total nonperforming assets

$34,335

$11,090

$14,663

$12,846

$12,122

Past Due Loans (30 days or more past due):

Commercial real estate

$—

$—

$1,188

$1,187

$—

Commercial & industrial

4

223

229

265

4

Total commercial

4

223

1,417

1,452

4

Residential real estate

7,785

4,384

5,730

8,875

7,256

Home equity

1,925

1,509

833

1,235

252

Other consumer

19

214

15

16

17

Total consumer

1,944

1,723

848

1,251

269

Total past due loans

$9,733

$6,330

$7,995

$11,578

$7,529

Accruing loans 90 days or more past due

$—

$—

$—

$—

$—

Nonaccrual loans included in past due loans

$5,710

$3,672

$5,648

$7,196

$7,059

Washington Trust Bancorp, Inc. and Subsidiaries

CREDIT & ASSET QUALITY DATA

(Unaudited; Dollars in thousands)

For the Three Months Ended

For the Nine Months
Ended

Sep 30,
2023

Jun 30,
2023

Mar 31,
2023

Dec 31,
2022

Sep 30,
2022

Sep 30,
2023

Sep 30,
2022

Nonaccrual Loan Activity:

Balance at beginning of period

$10,407

$13,980

$12,846

$12,122

$12,414

$12,846

$14,203

Additions to nonaccrual status

25,088

600

2,570

2,485

521

28,258

1,106

Loans returned to accruing status

(197)

(1,329)

(110)

(400)

(1,636)

(699)

Loans charged-off

(44)

(52)

(61)

(62)

(63)

(157)

(122)

Loans transferred to other real estate owned

(683)

(683)

Payments, payoffs and other changes

(1,602)

(2,792)

(582)

(1,699)

(350)

(4,976)

(2,366)

Balance at end of period

$33,652

$10,407

$13,980

$12,846

$12,122

$33,652

$12,122

Allowance for Credit Losses on Loans:

Balance at beginning of period

$39,343

$38,780

$38,027

$36,863

$36,317

$38,027

$39,088

Provision for credit losses on loans (1)

900

600

800

900

600

2,300

(2,329)

Charge-offs

(44)

(52)

(61)

(62)

(63)

(157)

(122)

Recoveries

14

15

14

326

9

43

226

Balance at end of period

$40,213

$39,343

$38,780

$38,027

$36,863

$40,213

$36,863

Allowance for Credit Losses on Unfunded Commitments:

Balance at beginning of period

$2,390

$2,290

$2,290

$2,390

$2,190

$2,290

$2,161

Provision for credit losses on unfunded commitments (1)

(400)

100

(100)

200

(300)

229

Balance at end of period (2)

$1,990

$2,390

$2,290

$2,290

$2,390

$1,990

$2,390

(1)

Included in provision for credit losses in the Consolidated Statements of Income.

(2)

Included in other liabilities in the Consolidated Balance Sheets.

For the Three Months Ended

For the Nine Months
Ended

Sep 30,
2023

Jun 30,
2023

Mar 31,
2023

Dec 31,
2022

Sep 30,
2022

Sep 30,
2023

Sep 30,
2022

Net Loan Charge-Offs (Recoveries):

Commercial real estate

$—

$—

$—

($300)

$—

$—

($145)

Commercial & industrial

4

5

6

10

9

15

(3)

Total commercial

4

5

6

(290)

9

15

(148)

Residential real estate

(21)

Home equity

(7)

(2)

(1)

(8)

(10)

(4)

Other consumer

33

34

42

34

45

109

69

Total consumer

26

32

41

26

45

99

65

Total

$30

$37

$47

($264)

$54

$114

($104)

Net charge-offs (recoveries) to average loans – annualized

— %

— %

— %

(0.02 %)

— %

— %

— %

The following tables present average balance and interest rate information.  Tax-exempt income is converted to a fully taxable equivalent (“FTE”) basis using the statutory federal income tax rate adjusted for applicable state income taxes net of the related federal tax benefit.  Unrealized gains (losses) on available for sale securities and changes in fair value on mortgage loans held for sale are excluded from the average balance and yield calculations.  Nonaccrual loans, as well as interest recognized on these loans, are included in amounts presented for loans.

Washington Trust Bancorp, Inc. and Subsidiaries

CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)

(Unaudited; Dollars in thousands)

For the Three Months Ended

September 30, 2023

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

$102,608

$1,344

5.20 %

$109,204

$1,279

4.70 %

($6,596)

$65

0.50 %

Mortgage loans held for sale

23,057

332

5.71

18,647

241

5.18

4,410

91

0.53

Taxable debt securities

1,181,915

7,271

2.44

1,201,973

7,403

2.47

(20,058)

(132)

(0.03)

FHLB stock

46,889

878

7.43

43,815

858

7.85

3,074

20

(0.42)

Commercial real estate

2,004,204

31,526

6.24

1,928,461

28,800

5.99

75,743

2,726

0.25

Commercial & industrial

609,604

9,896

6.44

615,101

9,458

6.17

(5,497)

438

0.27

Total commercial

2,613,808

41,422

6.29

2,543,562

38,258

6.03

70,246

3,164

0.26

Residential real estate

2,552,602

24,976

3.88

2,448,204

23,137

3.79

104,398

1,839

0.09

Home equity

303,144

4,514

5.91

292,195

4,082

5.60

10,949

432

0.31

Other

18,813

225

4.74

17,808

207

4.66

1,005

18

0.08

Total consumer

321,957

4,739

5.84

310,003

4,289

5.55

11,954

450

0.29

Total loans

5,488,367

71,137

5.14

5,301,769

65,684

4.97

186,598

5,453

0.17

Total interest-earning assets

6,842,836

80,962

4.69

6,675,408

75,465

4.53

167,428

5,497

0.16

Noninterest-earning assets

272,321

263,830

8,491

Total assets

$7,115,157

$6,939,238

$175,919

Liabilities and Shareholders’ Equity:

Interest-bearing demand deposits (in-market)

$461,760

$5,060

4.35 %

$393,824

$4,090

4.17 %

$67,936

$970

0.18 %

NOW accounts

742,690

419

0.22

781,226

400

0.21

(38,536)

19

0.01

Money market accounts

1,173,284

9,929

3.36

1,199,761

9,302

3.11

(26,477)

627

0.25

Savings accounts

516,342

429

0.33

522,300

321

0.25

(5,958)

108

0.08

Time deposits (in-market)

1,080,395

9,880

3.63

1,000,284

7,960

3.19

80,111

1,920

0.44

Interest-bearing in-market deposits

3,974,471

25,717

2.57

3,897,395

22,073

2.27

77,076

3,644

0.30

Wholesale brokered demand deposits

28

(28)

Wholesale brokered time deposits

659,624

8,352

5.02

650,381

7,631

4.71

9,243

721

0.31

Wholesale brokered deposits

659,624

8,352

5.02

650,409

7,631

4.71

9,215

721

0.31

Total interest-bearing deposits

4,634,095

34,069

2.92

4,547,804

29,704

2.62

86,291

4,365

0.30

FHLB advances

1,053,370

12,497

4.71

979,835

11,652

4.77

73,535

845

(0.06)

Junior subordinated debentures

22,681

404

7.07

22,681

374

6.61

30

0.46

Total interest-bearing liabilities

5,710,146

46,970

3.26

5,550,320

41,730

3.02

159,826

5,240

0.24

Noninterest-bearing demand deposits

773,424

770,075

3,349

Other liabilities

173,572

152,616

20,956

Shareholders’ equity

458,015

466,227

(8,212)

Total liabilities and shareholders’ equity

$7,115,157

$6,939,238

$175,919

Net interest income (FTE)

$33,992

$33,735

$257

Interest rate spread

1.43 %

1.51 %

(0.08 %)

Net interest margin

1.97 %

2.03 %

(0.06 %)

Interest income amounts presented in the preceding table include the following adjustments for taxable equivalency:

For the Three Months Ended

Sep 30,
2023

Jun 30,
2023

Change

Commercial loans

$241

$235

$6

Total

$241

$235

$6

Washington Trust Bancorp, Inc. and Subsidiaries

CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)

(Unaudited; Dollars in thousands)

For the Nine Months Ended

September 30, 2023

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

$105,025

$3,693

4.70 %

$128,606

$769

0.80 %

($23,581)

$2,924

3.90 %

Mortgage loans for sale

18,315

725

5.29

29,985

851

3.79

(11,670)

(126)

1.50

Taxable debt securities

1,192,536

21,868

2.45

1,106,632

15,209

1.84

85,904

6,659

0.61

FHLB stock

45,605

2,333

6.84

15,745

218

1.85

29,860

2,115

4.99

Commercial real estate

1,931,196

85,626

5.93

1,648,061

43,360

3.52

283,135

42,266

2.41

Commercial & industrial

618,415

28,423

6.14

628,574

19,456

4.14

(10,159)

8,967

2.00

Total commercial

2,549,611

114,049

5.98

2,276,635

62,816

3.69

272,976

51,233

2.29

Residential real estate

2,452,088

69,777

3.80

1,875,175

46,376

3.31

576,913

23,401

0.49

Home equity

293,957

12,355

5.62

257,814

6,753

3.50

36,143

5,602

2.12

Other

17,685

616

4.66

15,995

550

4.60

1,690

66

0.06

Total consumer

311,642

12,971

5.56

273,809

7,303

3.57

37,833

5,668

1.99

Total loans

5,313,341

196,797

4.95

4,425,619

116,495

3.52

887,722

80,302

1.43

Total interest-earning assets

6,674,822

225,416

4.52

5,706,587

133,542

3.13

968,235

91,874

1.39

Noninterest-earning assets

259,334

268,744

(9,410)

Total assets

$6,934,156

$5,975,331

$958,825

Liabilities and Shareholders’ Equity:

Interest-bearing demand deposits (in-market)

$385,180

$11,788

4.09 %

$255,014

$1,114

0.58 %

$130,166

$10,674

3.51 %

NOW accounts

781,546

1,177

0.20

867,464

492

0.08

(85,918)

685

0.12

Money market accounts

1,208,436

26,807

2.97

1,193,599

3,984

0.45

14,837

22,823

2.52

Savings accounts

534,784

1,065

0.27

570,129

246

0.06

(35,345)

819

0.21

Time deposits (in-market)

971,333

22,417

3.09

800,037

5,997

1.00

171,296

16,420

2.09

Interest-bearing in-market deposits

3,881,279

63,254

2.18

3,686,243

11,833

0.43

195,036

51,421

1.75

Wholesale brokered demand deposits

5,368

177

4.41

17,197

212

1.65

(11,829)

(35)

2.76

Wholesale brokered time deposits

579,871

19,931

4.60

396,465

1,677

0.57

183,406

18,254

4.03

Wholesale brokered deposits

585,239

20,108

4.59

413,662

1,889

0.61

171,577

18,219

3.98

Total interest-bearing deposits

4,466,518

83,362

2.50

4,099,905

13,722

0.45

366,613

69,640

2.05

FHLB advances

1,025,788

35,775

4.66

285,590

3,891

1.82

740,198

31,884

2.84

Junior subordinated debentures

22,681

1,132

6.67

22,681

443

2.61

689

4.06

Total interest-bearing liabilities

5,514,987

120,269

2.92

4,408,176

18,056

0.55

1,106,811

102,213

2.37

Noninterest-bearing demand deposits

792,706

925,433

(132,727)

Other liabilities

165,021

129,967

35,054

Shareholders’ equity

461,442

511,755

(50,313)

Total liabilities and shareholders’ equity

$6,934,156

$5,975,331

$958,825

Net interest income (FTE)

$105,147

$115,486

($10,339)

Interest rate spread

1.60 %

2.58 %

(0.98 %)

Net interest margin

2.11 %

2.71 %

(0.60 %)

Interest income amounts presented in the preceding table include the following adjustments for taxable equivalency:

For the Nine Months Ended

Sep 30,
2023

Sep 30,
2022

Change

Commercial loans

$703

$838

($135)

Total

$703

$838

($135)

Washington Trust Bancorp, Inc. and Subsidiaries

SUPPLEMENTAL INFORMATION – Calculation of Non-GAAP Financial Measures

(Unaudited; Dollars in thousands, except per share amounts)

Sep 30,
2023

Jun 30,
2023

Mar 31,
2023

Dec 31,
2022

Sep 30,
2022

Tangible Book Value per Share:

Total shareholders’ equity, as reported

$431,404

$459,161

$464,983

$453,669

$432,274

Less:

Goodwill

63,909

63,909

63,909

63,909

63,909

Identifiable intangible assets, net

3,919

4,130

4,342

4,554

4,766

Total tangible shareholders’ equity

$363,576

$391,122

$396,732

$385,206

$363,599

Shares outstanding, as reported

17,019

17,019

16,986

17,183

17,171

Book value per share – GAAP

$25.35

$26.98

$27.37

$26.40

$25.17

Tangible book value per share – Non-GAAP

$21.36

$22.98

$23.36

$22.42

$21.18

Tangible Equity to Tangible Assets:

Total tangible shareholders’ equity

$363,576

$391,122

$396,732

$385,206

$363,599

Total assets, as reported

$7,183,475

$7,011,760

$6,859,182

$6,660,051

$6,408,051

Less:

Goodwill

63,909

63,909

63,909

63,909

63,909

Identifiable intangible assets, net

3,919

4,130

4,342

4,554

4,766

Total tangible assets

$7,115,647

$6,943,721

$6,790,931

$6,591,588

$6,339,376

Equity to assets – GAAP

6.01 %

6.55 %

6.78 %

6.81 %

6.75 %

Tangible equity to tangible assets – Non-GAAP

5.11 %

5.63 %

5.84 %

5.84 %

5.74 %

For the Three Months Ended

For the Nine Months Ended

Sep 30,
2023

Jun 30,
2023

Mar 31,
2023

Dec 31,
2022

Sep 30,
2022

Sep 30,
2023

Sep 30,
2022

Return on Average Tangible Assets:

Net income, as reported

$11,161

$11,256

$12,812

$16,573

$18,668

$35,229

$55,108

Total average assets, as reported

$7,115,157

$6,939,238

$6,743,996

$6,480,872

$6,216,129

$6,934,156

$5,975,331

Less average balances of:

Goodwill

63,909

63,909

63,909

63,909

63,909

63,909

63,909

Identifiable intangible assets, net

4,021

4,233

4,445

4,657

4,871

4,232

5,085

Total average tangible assets

$7,047,227

$6,871,096

$6,675,642

$6,412,306

$6,147,349

$6,866,015

$5,906,337

Return on average assets – GAAP

0.62 %

0.65 %

0.77 %

1.01 %

1.19 %

0.68 %

1.23 %

Return on average tangible assets – Non-GAAP

0.63 %

0.66 %

0.78 %

1.03 %

1.20 %

0.69 %

1.25 %

Return on Average Tangible Equity:

Net income available to common shareholders, as reported

$11,140

$11,237

$12,783

$16,535

$18,615

$35,160

$54,944

Total average equity, as reported

$458,015

$466,227

$460,106

$438,347

$487,230

$461,442

$511,755

Less average balances of:

Goodwill

63,909

63,909

63,909

63,909

63,909

63,909

63,909

Identifiable intangible assets, net

4,021

4,233

4,445

4,657

4,871

4,232

5,085

Total average tangible equity

$390,085

$398,085

$391,752

$369,781

$418,450

$393,301

$442,761

Return on average equity – GAAP

9.65 %

9.67 %

11.27 %

14.96 %

15.16 %

10.19 %

14.35 %

Return on average tangible equity – Non-GAAP

11.33 %

11.32 %

13.23 %

17.74 %

17.65 %

11.95 %

16.59 %

Category: Earnings

SOURCE Washington Trust Bancorp, Inc.


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