Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||
Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | |||||||||||||
Assets: | |||||||||||||||||
Cash and due from banks | $124,877 | $134,989 | $115,492 | $130,066 | $95,544 | ||||||||||||
Short-term investments | 3,439 | 3,291 | 2,930 | 2,773 | 3,079 | ||||||||||||
Mortgage loans held for sale, at fair value | 20,872 | 7,445 | 8,987 | 24,054 | 22,656 | ||||||||||||
Available for sale debt securities, at fair value | 1,022,458 | 1,054,747 | 993,928 | 982,573 | 1,020,469 | ||||||||||||
Federal Home Loan Bank stock, at cost | 45,868 | 42,501 | 43,463 | 32,940 | 16,300 | ||||||||||||
Loans: | |||||||||||||||||
Total loans | 5,381,113 | 5,227,969 | 5,110,139 | 4,848,873 | 4,479,822 | ||||||||||||
Less: allowance for credit losses on loans | 39,343 | 38,780 | 38,027 | 36,863 | 36,317 | ||||||||||||
Net loans | 5,341,770 | 5,189,189 | 5,072,112 | 4,812,010 | 4,443,505 | ||||||||||||
Premises and equipment, net | 32,591 | 31,719 | 31,550 | 30,152 | 29,694 | ||||||||||||
Operating lease right-of-use assets | 28,633 | 26,170 | 27,156 | 27,788 | 28,098 | ||||||||||||
Investment in bank-owned life insurance | 102,293 | 101,782 | 102,182 | 101,491 | 100,807 | ||||||||||||
Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | ||||||||||||
Identifiable intangible assets, net | 4,130 | 4,342 | 4,554 | 4,766 | 4,981 | ||||||||||||
Other assets | 220,920 | 199,098 | 193,788 | 195,529 | 153,849 | ||||||||||||
Total assets | $7,011,760 | $6,859,182 | $6,660,051 | $6,408,051 | $5,982,891 | ||||||||||||
Liabilities: | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing deposits | $758,242 | $829,763 | $858,953 | $938,572 | $888,981 | ||||||||||||
Interest-bearing deposits | 4,556,236 | 4,438,751 | 4,160,009 | 4,131,285 | 4,117,648 | ||||||||||||
Total deposits | 5,314,478 | 5,268,514 | 5,018,962 | 5,069,857 | 5,006,629 | ||||||||||||
Federal Home Loan Bank advances | 1,040,000 | 925,000 | 980,000 | 700,000 | 328,000 | ||||||||||||
Junior subordinated debentures | 22,681 | 22,681 | 22,681 | 22,681 | 22,681 | ||||||||||||
Operating lease liabilities | 31,302 | 28,622 | 29,558 | 30,189 | 30,491 | ||||||||||||
Other liabilities | 144,138 | 149,382 | 155,181 | 153,050 | 118,456 | ||||||||||||
Total liabilities | 6,552,599 | 6,394,199 | 6,206,382 | 5,975,777 | 5,506,257 | ||||||||||||
Shareholders’ Equity: | |||||||||||||||||
Common stock | 1,085 | 1,085 | 1,085 | 1,085 | 1,085 | ||||||||||||
Paid-in capital | 125,685 | 127,734 | 127,056 | 127,055 | 126,079 | ||||||||||||
Retained earnings | 496,996 | 495,231 | 492,043 | 485,163 | 475,889 | ||||||||||||
Accumulated other comprehensive (loss) income | (148,827) | (141,760) | (157,800) | (171,755) | (118,041) | ||||||||||||
Treasury stock, at cost | (15,778) | (17,307) | (8,715) | (9,274) | (8,378) | ||||||||||||
Total shareholders’ equity | 459,161 | 464,983 | 453,669 | 432,274 | 476,634 | ||||||||||||
Total liabilities and shareholders’ equity | $7,011,760 | $6,859,182 | $6,660,051 | $6,408,051 | $5,982,891 |
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, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Jun 30, 2023 | Jun 30, 2022 | ||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||
Interest and fees on loans | $65,449 | $59,749 | $53,644 | $45,125 | $36,602 | $125,198 | $70,532 | |||||||||||||||||||
Interest on mortgage loans held for sale | 241 | 152 | 314 | 361 | 258 | 393 | 490 | |||||||||||||||||||
Taxable interest on debt securities | 7,403 | 7,194 | 6,618 | 6,061 | 4,918 | 14,597 | 9,148 | |||||||||||||||||||
Dividends on Federal Home Loan Bank stock | 858 | 597 | 330 | 88 | 63 | 1,455 | 130 | |||||||||||||||||||
Other interest income | 1,279 | 1,070 | 855 | 503 | 188 | 2,349 | 266 | |||||||||||||||||||
Total interest and dividend income | 75,230 | 68,762 | 61,761 | 52,138 | 42,029 | 143,992 | 80,566 | |||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||
Deposits | 29,704 | 19,589 | 12,301 | 6,656 | 3,963 | 49,293 | 7,066 | |||||||||||||||||||
Federal Home Loan Bank advances | 11,652 | 11,626 | 7,822 | 3,234 | 413 | 23,278 | 657 | |||||||||||||||||||
Junior subordinated debentures | 374 | 354 | 296 | 206 | 138 | 728 | 237 | |||||||||||||||||||
Total interest expense | 41,730 | 31,569 | 20,419 | 10,096 | 4,514 | 73,299 | 7,960 | |||||||||||||||||||
Net interest income | 33,500 | 37,193 | 41,342 | 42,042 | 37,515 | 70,693 | 72,606 | |||||||||||||||||||
Provision for credit losses | 700 | 800 | 800 | 800 | (3,000) | 1,500 | (2,900) | |||||||||||||||||||
Net interest income after provision for credit losses | 32,800 | 36,393 | 40,542 | 41,242 | 40,515 | 69,193 | 75,506 | |||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||||
Wealth management revenues | 9,048 | 8,663 | 8,624 | 9,525 | 10,066 | 17,711 | 20,597 | |||||||||||||||||||
Mortgage banking revenues | 1,753 | 1,245 | 1,103 | 2,047 | 2,082 | 2,998 | 5,583 | |||||||||||||||||||
Card interchange fees | 1,268 | 1,132 | 1,242 | 1,287 | 1,303 | 2,400 | 2,467 | |||||||||||||||||||
Service charges on deposit accounts | 667 | 777 | 942 | 819 | 763 | 1,444 | 1,431 | |||||||||||||||||||
Loan related derivative income | 247 | (51) | 745 | 1,041 | 669 | 196 | 970 | |||||||||||||||||||
Income from bank-owned life insurance | 879 | 1,165 | 691 | 684 | 615 | 2,044 | 1,216 | |||||||||||||||||||
Other income | 463 | 352 | 441 | 400 | 354 | 815 | 747 | |||||||||||||||||||
Total noninterest income | 14,325 | 13,283 | 13,788 | 15,803 | 15,852 | 27,608 | 33,011 | |||||||||||||||||||
Noninterest expense: | ||||||||||||||||||||||||||
Salaries and employee benefits | 20,588 | 21,784 | 20,812 | 21,609 | 20,381 | 42,372 | 41,383 | |||||||||||||||||||
Outsourced services | 3,621 | 3,496 | 3,568 | 3,552 | 3,375 | 7,117 | 6,617 | |||||||||||||||||||
Net occupancy | 2,416 | 2,437 | 2,418 | 2,234 | 2,174 | 4,853 | 4,474 | |||||||||||||||||||
Equipment | 1,050 | 1,028 | 1,002 | 939 | 938 | 2,078 | 1,856 | |||||||||||||||||||
Legal, audit and professional fees | 978 | 896 | 987 | 693 | 677 | 1,874 | 1,447 | |||||||||||||||||||
FDIC deposit insurance costs | 1,371 | 872 | 489 | 430 | 402 | 2,243 | 768 | |||||||||||||||||||
Advertising and promotion | 427 | 408 | 713 | 799 | 724 | 835 | 1,075 | |||||||||||||||||||
Amortization of intangibles | 212 | 212 | 212 | 215 | 216 | 424 | 433 | |||||||||||||||||||
Other expenses | 2,353 | 2,431 | 3,158 | 2,596 | 2,190 | 4,784 | 4,243 | |||||||||||||||||||
Total noninterest expense | 33,016 | 33,564 | 33,359 | 33,067 | 31,077 | 66,580 | 62,296 | |||||||||||||||||||
Income before income taxes | 14,109 | 16,112 | 20,971 | 23,978 | 25,290 | 30,221 | 46,221 | |||||||||||||||||||
Income tax expense | 2,853 | 3,300 | 4,398 | 5,310 | 5,333 | 6,153 | 9,781 | |||||||||||||||||||
Net income | $11,256 | $12,812 | $16,573 | $18,668 | $19,957 | $24,068 | $36,440 | |||||||||||||||||||
Net income available to common shareholders | $11,237 | $12,783 | $16,535 | $18,615 | $19,900 | $24,020 | $36,329 | |||||||||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||||||||
Basic | 17,011 | 17,074 | 17,180 | 17,174 | 17,303 | 17,042 | 17,317 | |||||||||||||||||||
Diluted | 17,030 | 17,170 | 17,319 | 17,298 | 17,414 | 17,085 | 17,451 | |||||||||||||||||||
Earnings per common share: | ||||||||||||||||||||||||||
Basic | $0.66 | $0.75 | $0.96 | $1.08 | $1.15 | $1.41 | $2.10 | |||||||||||||||||||
Diluted | $0.66 | $0.74 | $0.95 | $1.08 | $1.14 | $1.41 | $2.08 | |||||||||||||||||||
Cash dividends declared per share | $0.56 | $0.56 | $0.56 | $0.54 | $0.54 | $1.12 | $1.08 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS | |||||||||||||||||
(Unaudited; Dollars and shares in thousands, except per share amounts) | |||||||||||||||||
Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | |||||||||||||
Share and Equity Related Data: | |||||||||||||||||
Book value per share | $26.98 | $27.37 | $26.40 | $25.17 | $27.73 | ||||||||||||
Tangible book value per share - Non-GAAP (1) | $22.98 | $23.36 | $22.42 | $21.17 | $23.72 | ||||||||||||
Market value per share | $26.81 | $34.66 | $47.18 | $46.48 | $48.37 | ||||||||||||
Shares issued at end of period | 17,363 | 17,363 | 17,363 | 17,363 | 17,363 | ||||||||||||
Shares outstanding at end of period | 17,019 | 16,986 | 17,183 | 17,171 | 17,190 | ||||||||||||
Capital Ratios (2): | |||||||||||||||||
Tier 1 risk-based capital | 11.09 | % | 11.28 | % | 11.69 | % | 11.97 | % | 12.78 | % | |||||||
Total risk-based capital | 11.81 | % | 12.01 | % | 12.37 | % | 12.65 | % | 13.51 | % | |||||||
Tier 1 leverage ratio | 8.05 | % | 8.25 | % | 8.65 | % | 8.99 | % | 9.42 | % | |||||||
Common equity tier 1 | 10.66 | % | 10.84 | % | 11.24 | % | 11.50 | % | 12.28 | % | |||||||
Balance Sheet Ratios: | |||||||||||||||||
Equity to assets | 6.55 | % | 6.78 | % | 6.81 | % | 6.75 | % | 7.97 | % | |||||||
Tangible equity to tangible assets - Non-GAAP (1) | 5.63 | % | 5.84 | % | 5.84 | % | 5.74 | % | 6.89 | % | |||||||
Loans to deposits (3) | 100.9 | % | 98.6 | % | 101.2 | % | 95.4 | % | 89.2 | % |
For the Six Months Ended | ||||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||
Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Jun 30, 2023 | Jun 30, 2022 | ||||||||||||||||||||
Performance Ratios (4): | ||||||||||||||||||||||||||
Net interest margin (5) | 2.03 | % | 2.33 | % | 2.65 | % | 2.82 | % | 2.71 | % | 2.18 | % | 2.64 | % | ||||||||||||
Return on average assets (net income divided by average assets) | 0.65 | % | 0.77 | % | 1.01 | % | 1.19 | % | 1.37 | % | 0.71 | % | 1.26 | % | ||||||||||||
Return on average tangible assets - Non-GAAP (1) | 0.66 | % | 0.78 | % | 1.03 | % | 1.20 | % | 1.39 | % | 0.72 | % | 1.27 | % | ||||||||||||
Return on average equity (net income available for common shareholders divided by average equity) | 9.67 | % | 11.27 | % | 14.96 | % | 15.16 | % | 16.11 | % | 10.46 | % | 13.98 | % | ||||||||||||
Return on average tangible equity - Non-GAAP (1) | 11.32 | % | 13.23 | % | 17.74 | % | 17.65 | % | 18.71 | % | 12.26 | % | 16.10 | % | ||||||||||||
Efficiency ratio (6) | 69.0 | % | 66.5 | % | 60.5 | % | 57.2 | % | 58.2 | % | 67.7 | % | 59.0 | % |
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, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Jun 30, 2023 | Jun 30, 2022 | ||||||||||||||||||||
Wealth Management Results | ||||||||||||||||||||||||||
Wealth Management Revenues: | ||||||||||||||||||||||||||
Asset-based revenues | $8,562 | $8,429 | $8,448 | $9,302 | $9,641 | $16,991 | $19,852 | |||||||||||||||||||
Transaction-based revenues | 486 | 234 | 176 | 223 | 425 | 720 | 745 | |||||||||||||||||||
Total wealth management revenues | $9,048 | $8,663 | $8,624 | $9,525 | $10,066 | $17,711 | $20,597 | |||||||||||||||||||
Assets Under Administration (AUA): | ||||||||||||||||||||||||||
Balance at beginning of period | $6,163,422 | $5,961,990 | $6,322,757 | $6,650,097 | $7,492,893 | $5,961,990 | $7,784,211 | |||||||||||||||||||
Net investment appreciation (depreciation) & income | 259,788 | 286,262 | 312,407 | (239,762) | (816,290) | 546,050 | (1,205,023) | |||||||||||||||||||
Net client asset (outflows) inflows | (72,950) | (84,830) | (673,174) | (87,578) | (26,506) | (157,780) | 70,909 | |||||||||||||||||||
Balance at end of period | $6,350,260 | $6,163,422 | $5,961,990 | $6,322,757 | $6,650,097 | $6,350,260 | $6,650,097 | |||||||||||||||||||
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) | $827 | $576 | $992 | $1,718 | $1,917 | $1,403 | $5,244 | |||||||||||||||||||
Changes in fair value, net (2) | 382 | 86 | (426) | (226) | (330) | 468 | (572) | |||||||||||||||||||
Loan servicing fee income, net (3) | 544 | 583 | 537 | 555 | 495 | 1,127 | 911 | |||||||||||||||||||
Total mortgage banking revenues | $1,753 | $1,245 | $1,103 | $2,047 | $2,082 | $2,998 | $5,583 | |||||||||||||||||||
Residential Mortgage Loan Originations: | ||||||||||||||||||||||||||
Originations for retention in portfolio (4) | $148,694 | $109,768 | $228,579 | $225,132 | $263,762 | $258,462 | $428,163 | |||||||||||||||||||
Originations for sale to secondary market (5) | 77,995 | 27,763 | 39,087 | 77,242 | 86,459 | 105,758 | 193,078 | |||||||||||||||||||
Total mortgage loan originations | $226,689 | $137,531 | $267,666 | $302,374 | $350,221 | $364,220 | $621,241 | |||||||||||||||||||
Residential Mortgage Loans Sold: | ||||||||||||||||||||||||||
Sold with servicing rights retained | $28,727 | $17,114 | $27,085 | $34,659 | $23,478 | $45,841 | $38,105 | |||||||||||||||||||
Sold with servicing rights released (5) | 35,836 | 12,214 | 27,470 | 40,665 | 56,263 | 48,050 | 171,764 | |||||||||||||||||||
Total mortgage loans sold | $64,563 | $29,328 | $54,555 | $75,324 | $79,741 | $93,891 | $209,869 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
END OF PERIOD LOAN COMPOSITION | |||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||
Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | |||||||||||||
Loans: | |||||||||||||||||
Commercial real estate (1) | $1,940,030 | $1,909,136 | $1,829,304 | $1,762,687 | $1,609,618 | ||||||||||||
Commercial & industrial | 611,472 | 609,720 | 656,397 | 652,758 | 620,270 | ||||||||||||
Total commercial | 2,551,502 | 2,518,856 | 2,485,701 | 2,415,445 | 2,229,888 | ||||||||||||
Residential real estate (2) | 2,510,125 | 2,403,255 | 2,323,002 | 2,144,098 | 1,966,341 | ||||||||||||
Home equity | 301,116 | 288,878 | 285,715 | 273,742 | 267,785 | ||||||||||||
Other | 18,370 | 16,980 | 15,721 | 15,588 | 15,808 | ||||||||||||
Total consumer | 319,486 | 305,858 | 301,436 | 289,330 | 283,593 | ||||||||||||
Total loans | $5,381,113 | $5,227,969 | $5,110,139 | $4,848,873 | $4,479,822 |
June 30, 2023 | December 31, 2022 | ||||||||||||||||
Balance | % of Total | Balance | % of Total | ||||||||||||||
Commercial Real Estate Loans by Property Location: | |||||||||||||||||
Connecticut | $712,931 | 37 | % | $691,780 | 38 | % | |||||||||||
Massachusetts | 631,296 | 33 | 566,717 | 31 | |||||||||||||
Rhode Island | 391,913 | 19 | 387,759 | 21 | |||||||||||||
Subtotal | 1,736,140 | 89 | 1,646,256 | 90 | |||||||||||||
All other states | 203,890 | 11 | 183,048 | 10 | |||||||||||||
Total commercial real estate loans | $1,940,030 | 100 | % | $1,829,304 | 100 | % | |||||||||||
Residential Real Estate Loans by Property Location: | |||||||||||||||||
Massachusetts | $1,851,118 | 73 | % | $1,698,240 | 73 | % | |||||||||||
Rhode Island | 468,966 | 19 | 446,010 | 19 | |||||||||||||
Connecticut | 162,339 | 7 | 153,323 | 7 | |||||||||||||
Subtotal | 2,482,423 | 99 | 2,297,573 | 99 | |||||||||||||
All other states | 27,702 | 1 | 25,429 | 1 | |||||||||||||
Total residential real estate loans | $2,510,125 | 100 | % | $2,323,002 | 100 | % |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||||||
END OF PERIOD LOAN COMPOSITION | |||||||||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Count | Balance | % of Total | Count | Balance | % of Total | ||||||||||||||||||
Commercial Real Estate Portfolio Segmentation: | |||||||||||||||||||||||
Multi-family dwelling | 136 | $514,257 | 27 | % | 127 | $469,233 | 26 | % | |||||||||||||||
Retail | 101 | 406,728 | 21 | 108 | 421,617 | 23 | |||||||||||||||||
Office | 52 | 267,215 | 14 | 53 | 257,551 | 14 | |||||||||||||||||
Hospitality | 46 | 230,669 | 12 | 33 | 214,829 | 12 | |||||||||||||||||
Industrial and warehouse | 48 | 224,998 | 12 | 42 | 192,717 | 11 | |||||||||||||||||
Healthcare | 19 | 172,587 | 9 | 17 | 136,225 | 7 | |||||||||||||||||
Commercial mixed use | 12 | 45,947 | 2 | 21 | 54,976 | 3 | |||||||||||||||||
Other | 33 | 77,629 | 3 | 34 | 82,156 | 4 | |||||||||||||||||
Commercial real estate loans | 447 | $1,940,030 | 100 | % | 435 | $1,829,304 | 100 | % | |||||||||||||||
Commercial & Industrial Portfolio Segmentation: | |||||||||||||||||||||||
Healthcare and social assistance | 64 | $162,582 | 27 | % | 69 | $193,052 | 29 | % | |||||||||||||||
Owner occupied and other real estate | 161 | 80,874 | 13 | 168 | 72,429 | 11 | |||||||||||||||||
Transportation and warehousing | 18 | 59,727 | 10 | 20 | 51,347 | 8 | |||||||||||||||||
Manufacturing | 55 | 58,074 | 9 | 55 | 60,601 | 9 | |||||||||||||||||
Educational services | 16 | 43,104 | 7 | 19 | 46,708 | 7 | |||||||||||||||||
Retail | 47 | 40,319 | 7 | 50 | 56,012 | 9 | |||||||||||||||||
Finance and insurance | 46 | 31,591 | 5 | 55 | 28,313 | 4 | |||||||||||||||||
Entertainment and recreation | 22 | 24,266 | 4 | 24 | 25,646 | 4 | |||||||||||||||||
Information | 5 | 23,633 | 4 | 5 | 23,948 | 4 | |||||||||||||||||
Accommodation and food services | 41 | 13,556 | 2 | 49 | 17,167 | 3 | |||||||||||||||||
Professional, scientific and technical | 35 | 5,238 | 1 | 37 | 6,451 | 1 | |||||||||||||||||
Public administration | 12 | 3,974 | 1 | 11 | 3,789 | 1 | |||||||||||||||||
Other | 157 | 64,534 | 10 | 162 | 70,934 | 10 | |||||||||||||||||
Commercial & industrial loans | 679 | $611,472 | 100 | % | 724 | $656,397 | 100 | % |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
END OF PERIOD DEPOSIT COMPOSITION & CONTINGENT LIQUIDITY | |||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||
Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | |||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing demand deposits | $758,242 | $829,763 | $858,953 | $938,572 | $888,981 | ||||||||||||
Interest-bearing demand deposits (in-market) | 428,306 | 318,365 | 302,044 | 273,231 | 258,451 | ||||||||||||
NOW accounts | 791,887 | 828,700 | 871,875 | 869,984 | 887,678 | ||||||||||||
Money market accounts | 1,164,557 | 1,214,014 | 1,255,805 | 1,146,826 | 1,139,676 | ||||||||||||
Savings accounts | 521,185 | 544,604 | 576,250 | 600,568 | 572,251 | ||||||||||||
Time deposits (in-market) | 1,048,820 | 924,506 | 795,838 | 797,505 | 800,898 | ||||||||||||
In-market deposits | 4,712,997 | 4,659,952 | 4,660,765 | 4,626,686 | 4,547,935 | ||||||||||||
Wholesale brokered demand deposits | — | 1,233 | 31,153 | 31,044 | 31,003 | ||||||||||||
Wholesale brokered time deposits | 601,481 | 607,329 | 327,044 | 412,127 | 427,691 | ||||||||||||
Wholesale brokered deposits | 601,481 | 608,562 | 358,197 | 443,171 | 458,694 | ||||||||||||
Total deposits | $5,314,478 | $5,268,514 | $5,018,962 | $5,069,857 | $5,006,629 |
June 30, 2023 | December 31, 2022 | ||||||||||||||||
Balance | % of Total Deposits | Balance | % of Total Deposits | ||||||||||||||
Uninsured Deposits: | |||||||||||||||||
Uninsured deposits (1) | $1,369,174 | 26 | % | $1,514,900 | 30 | % | |||||||||||
Less: affiliate deposits (2) | 119,034 | 2 | 210,444 | 4 | |||||||||||||
Uninsured deposits, excluding affiliate deposits | 1,250,140 | 24 | 1,304,456 | 26 | |||||||||||||
Less: fully-collateralized preferred deposits (3) | 313,237 | 6 | 329,868 | 7 | |||||||||||||
Uninsured deposits, after exclusions | $936,903 | 18 | % | $974,588 | 19 | % |
June 30, 2023 | December 31, 2022 | |||||||
Contingent Liquidity: | ||||||||
Federal Home Loan Bank of Boston | $968,004 | $668,295 | ||||||
Federal Reserve Bank of Boston | 25,007 | 27,059 | ||||||
Unencumbered securities | 729,830 | 691,893 | ||||||
Total | $1,722,841 | $1,387,247 | ||||||
Percentage of total contingent liquidity to uninsured deposits | 125.8 | % | 91.6 | % | ||||
Percentage of total contingent liquidity to uninsured deposits, after exclusions | 183.9 | % | 142.3 | % |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
CREDIT & ASSET QUALITY DATA | |||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||
Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | |||||||||||||
Asset Quality Ratios: | |||||||||||||||||
Nonperforming assets to total assets | 0.16 | % | 0.21 | % | 0.19 | % | 0.19 | % | 0.21 | % | |||||||
Nonaccrual loans to total loans | 0.19 | % | 0.27 | % | 0.25 | % | 0.25 | % | 0.28 | % | |||||||
Total past due loans to total loans | 0.12 | % | 0.15 | % | 0.23 | % | 0.16 | % | 0.19 | % | |||||||
Allowance for credit losses on loans to nonaccrual loans | 378.04 | % | 277.40 | % | 296.02 | % | 304.10 | % | 292.55 | % | |||||||
Allowance for credit losses on loans to total loans | 0.73 | % | 0.74 | % | 0.74 | % | 0.76 | % | 0.81 | % | |||||||
Nonperforming Assets: | |||||||||||||||||
Commercial real estate | $— | $1,601 | $— | $— | $— | ||||||||||||
Commercial & industrial | 899 | 920 | — | — | — | ||||||||||||
Total commercial | 899 | 2,521 | — | — | — | ||||||||||||
Residential real estate | 8,542 | 10,470 | 11,894 | 11,700 | 11,815 | ||||||||||||
Home equity | 966 | 989 | 952 | 422 | 599 | ||||||||||||
Other consumer | — | — | — | — | — | ||||||||||||
Total consumer | 966 | 989 | 952 | 422 | 599 | ||||||||||||
Total nonaccrual loans | 10,407 | 13,980 | 12,846 | 12,122 | 12,414 | ||||||||||||
Other real estate owned | 683 | 683 | — | — | — | ||||||||||||
Total nonperforming assets | $11,090 | $14,663 | $12,846 | $12,122 | $12,414 | ||||||||||||
Past Due Loans (30 days or more past due): | |||||||||||||||||
Commercial real estate | $— | $1,188 | $1,187 | $— | $— | ||||||||||||
Commercial & industrial | 223 | 229 | 265 | 4 | 7 | ||||||||||||
Total commercial | 223 | 1,417 | 1,452 | 4 | 7 | ||||||||||||
Residential real estate | 4,384 | 5,730 | 8,875 | 7,256 | 7,794 | ||||||||||||
Home equity | 1,509 | 833 | 1,235 | 252 | 728 | ||||||||||||
Other consumer | 214 | 15 | 16 | 17 | 28 | ||||||||||||
Total consumer | 1,723 | 848 | 1,251 | 269 | 756 | ||||||||||||
Total past due loans | $6,330 | $7,995 | $11,578 | $7,529 | $8,557 | ||||||||||||
Accruing loans 90 days or more past due | $— | $— | $— | $— | $— | ||||||||||||
Nonaccrual loans included in past due loans | $3,672 | $5,648 | $7,196 | $7,059 | $6,817 | ||||||||||||
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, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Jun 30, 2023 | Jun 30, 2022 | ||||||||||||||||||||
Nonaccrual Loan Activity: | ||||||||||||||||||||||||||
Balance at beginning of period | $13,980 | $12,846 | $12,122 | $12,414 | $12,589 | $12,846 | $14,203 | |||||||||||||||||||
Additions to nonaccrual status | 600 | 2,570 | 2,485 | 521 | 158 | 3,170 | 585 | |||||||||||||||||||
Loans returned to accruing status | (1,329) | (110) | — | (400) | (236) | (1,439) | (299) | |||||||||||||||||||
Loans charged-off | (52) | (61) | (62) | (63) | (23) | (113) | (59) | |||||||||||||||||||
Loans transferred to other real estate owned | — | (683) | — | — | — | (683) | — | |||||||||||||||||||
Payments, payoffs and other changes | (2,792) | (582) | (1,699) | (350) | (74) | (3,374) | (2,016) | |||||||||||||||||||
Balance at end of period | $10,407 | $13,980 | $12,846 | $12,122 | $12,414 | $10,407 | $12,414 | |||||||||||||||||||
Allowance for Credit Losses on Loans: | ||||||||||||||||||||||||||
Balance at beginning of period | $38,780 | $38,027 | $36,863 | $36,317 | $39,236 | $38,027 | $39,088 | |||||||||||||||||||
Provision for credit losses on loans (1) | 600 | 800 | 900 | 600 | (2,929) | 1,400 | (2,929) | |||||||||||||||||||
Charge-offs | (52) | (61) | (62) | (63) | (23) | (113) | (59) | |||||||||||||||||||
Recoveries | 15 | 14 | 326 | 9 | 33 | 29 | 217 | |||||||||||||||||||
Balance at end of period | $39,343 | $38,780 | $38,027 | $36,863 | $36,317 | $39,343 | $36,317 | |||||||||||||||||||
Allowance for Credit Losses on Unfunded Commitments: | ||||||||||||||||||||||||||
Balance at beginning of period | $2,290 | $2,290 | $2,390 | $2,190 | $2,261 | $2,290 | $2,161 | |||||||||||||||||||
Provision for credit losses on unfunded commitments (1) | 100 | — | (100) | 200 | (71) | 100 | 29 | |||||||||||||||||||
Balance at end of period (2) | $2,390 | $2,290 | $2,290 | $2,390 | $2,190 | $2,390 | $2,190 |
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||
Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Jun 30, 2023 | Jun 30, 2022 | ||||||||||||||||||||
Net Loan Charge-Offs (Recoveries): | ||||||||||||||||||||||||||
Commercial real estate | $— | $— | ($300) | $— | $— | $— | ($145) | |||||||||||||||||||
Commercial & industrial | 5 | 6 | 10 | 9 | (11) | 11 | (12) | |||||||||||||||||||
Total commercial | 5 | 6 | (290) | 9 | (11) | 11 | (157) | |||||||||||||||||||
Residential real estate | — | — | — | — | — | — | (21) | |||||||||||||||||||
Home equity | (2) | (1) | (8) | — | (2) | (3) | (4) | |||||||||||||||||||
Other consumer | 34 | 42 | 34 | 45 | 3 | 76 | 24 | |||||||||||||||||||
Total consumer | 32 | 41 | 26 | 45 | 1 | 73 | 20 | |||||||||||||||||||
Total | $37 | $47 | ($264) | $54 | ($10) | $84 | ($158) | |||||||||||||||||||
Net charge-offs (recoveries) to average loans - annualized | — | % | — | % | (0.02 | %) | — | % | — | % | — | % | (0.01 | %) |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis) | |||||||||||||||||||||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||||||||||||||||||||
For the Three Months Ended | June 30, 2023 | March 31, 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 | $109,204 | $1,279 | 4.70 | % | $103,269 | $1,070 | 4.20 | % | $5,935 | $209 | 0.50 | % | |||||||||||||||||||||||
Mortgage loans held for sale | 18,647 | 241 | 5.18 | 13,132 | 152 | 4.69 | 5,515 | 89 | 0.49 | ||||||||||||||||||||||||||
Taxable debt securities | 1,201,973 | 7,403 | 2.47 | 1,193,852 | 7,194 | 2.44 | 8,121 | 209 | 0.03 | ||||||||||||||||||||||||||
FHLB stock | 43,815 | 858 | 7.85 | 46,102 | 597 | 5.25 | (2,287) | 261 | 2.60 | ||||||||||||||||||||||||||
Commercial real estate | 1,928,461 | 28,800 | 5.99 | 1,859,331 | 25,300 | 5.52 | 69,130 | 3,500 | 0.47 | ||||||||||||||||||||||||||
Commercial & industrial | 615,101 | 9,458 | 6.17 | 630,778 | 9,070 | 5.83 | (15,677) | 388 | 0.34 | ||||||||||||||||||||||||||
Total commercial | 2,543,562 | 38,258 | 6.03 | 2,490,109 | 34,370 | 5.60 | 53,453 | 3,888 | 0.43 | ||||||||||||||||||||||||||
Residential real estate | 2,448,204 | 23,137 | 3.79 | 2,353,266 | 21,664 | 3.73 | 94,938 | 1,473 | 0.06 | ||||||||||||||||||||||||||
Home equity | 292,195 | 4,082 | 5.60 | 286,348 | 3,759 | 5.32 | 5,847 | 323 | 0.28 | ||||||||||||||||||||||||||
Other | 17,808 | 207 | 4.66 | 16,405 | 184 | 4.55 | 1,403 | 23 | 0.11 | ||||||||||||||||||||||||||
Total consumer | 310,003 | 4,289 | 5.55 | 302,753 | 3,943 | 5.28 | 7,250 | 346 | 0.27 | ||||||||||||||||||||||||||
Total loans | 5,301,769 | 65,684 | 4.97 | 5,146,128 | 59,977 | 4.73 | 155,641 | 5,707 | 0.24 | ||||||||||||||||||||||||||
Total interest-earning assets | 6,675,408 | 75,465 | 4.53 | 6,502,483 | 68,990 | 4.30 | 172,925 | 6,475 | 0.23 | ||||||||||||||||||||||||||
Noninterest-earning assets | 263,830 | 241,513 | 22,317 | ||||||||||||||||||||||||||||||||
Total assets | $6,939,238 | $6,743,996 | $195,242 | ||||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits (in-market) | $393,824 | $4,090 | 4.17 | % | $298,158 | $2,639 | 3.59 | % | $95,666 | $1,451 | 0.58 | % | |||||||||||||||||||||||
NOW accounts | 781,226 | 400 | 0.21 | 821,590 | 358 | 0.18 | (40,364) | 42 | 0.03 | ||||||||||||||||||||||||||
Money market accounts | 1,199,761 | 9,302 | 3.11 | 1,253,141 | 7,576 | 2.45 | (53,380) | 1,726 | 0.66 | ||||||||||||||||||||||||||
Savings accounts | 522,300 | 321 | 0.25 | 566,258 | 314 | 0.22 | (43,958) | 7 | 0.03 | ||||||||||||||||||||||||||
Time deposits (in-market) | 1,000,284 | 7,960 | 3.19 | 830,574 | 4,577 | 2.23 | 169,710 | 3,383 | 0.96 | ||||||||||||||||||||||||||
Interest-bearing in-market deposits | 3,897,395 | 22,073 | 2.27 | 3,769,721 | 15,464 | 1.66 | 127,674 | 6,609 | 0.61 | ||||||||||||||||||||||||||
Wholesale brokered demand deposits | 28 | — | — | 16,257 | 177 | 4.42 | (16,229) | (177) | (4.42) | ||||||||||||||||||||||||||
Wholesale brokered time deposits | 650,381 | 7,631 | 4.71 | 427,051 | 3,948 | 3.75 | 223,330 | 3,683 | 0.96 | ||||||||||||||||||||||||||
Wholesale brokered deposits | 650,409 | 7,631 | 4.71 | 443,308 | 4,125 | 3.77 | 207,101 | 3,506 | 0.94 | ||||||||||||||||||||||||||
Total interest-bearing deposits | 4,547,804 | 29,704 | 2.62 | 4,213,029 | 19,589 | 1.89 | 334,775 | 10,115 | 0.73 | ||||||||||||||||||||||||||
FHLB advances | 979,835 | 11,652 | 4.77 | 1,044,056 | 11,626 | 4.52 | (64,221) | 26 | 0.25 | ||||||||||||||||||||||||||
Junior subordinated debentures | 22,681 | 374 | 6.61 | 22,681 | 354 | 6.33 | — | 20 | 0.28 | ||||||||||||||||||||||||||
Total interest-bearing liabilities | 5,550,320 | 41,730 | 3.02 | 5,279,766 | 31,569 | 2.42 | 270,554 | 10,161 | 0.60 | ||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 770,075 | 835,298 | (65,223) | ||||||||||||||||||||||||||||||||
Other liabilities | 152,616 | 168,826 | (16,210) | ||||||||||||||||||||||||||||||||
Shareholders' equity | 466,227 | 460,106 | 6,121 | ||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $6,939,238 | $6,743,996 | $195,242 | ||||||||||||||||||||||||||||||||
Net interest income (FTE) | $33,735 | $37,421 | ($3,686) | ||||||||||||||||||||||||||||||||
Interest rate spread | 1.51 | % | 1.88 | % | (0.37 | %) | |||||||||||||||||||||||||||||
Net interest margin | 2.03 | % | 2.33 | % | (0.30 | %) | |||||||||||||||||||||||||||||
For the Three Months Ended | Jun 30, 2023 | Mar 31, 2023 | Change | ||||||||
Commercial loans | $235 | $228 | $7 | ||||||||
Total | $235 | $228 | $7 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis) | |||||||||||||||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||||||||||||||
For the Six Months Ended | June 30, 2023 | June 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 | $106,253 | $2,349 | 4.46 | % | $146,852 | $266 | 0.37 | % | ($40,599) | $2,083 | 4.09 | % | |||||||||||||||||
Mortgage loans for sale | 15,905 | 393 | 4.98 | 27,688 | 490 | 3.57 | (11,783) | (97) | 1.41 | ||||||||||||||||||||
Taxable debt securities | 1,197,935 | 14,597 | 2.46 | 1,084,246 | 9,148 | 1.70 | 113,689 | 5,449 | 0.76 | ||||||||||||||||||||
FHLB stock | 44,952 | 1,455 | 6.53 | 10,849 | 130 | 2.42 | 34,103 | 1,325 | 4.11 | ||||||||||||||||||||
Commercial real estate | 1,894,087 | 54,100 | 5.76 | 1,625,537 | 25,386 | 3.15 | 268,550 | 28,714 | 2.61 | ||||||||||||||||||||
Commercial & industrial | 622,896 | 18,528 | 6.00 | 627,667 | 12,342 | 3.97 | (4,771) | 6,186 | 2.03 | ||||||||||||||||||||
Total commercial | 2,516,983 | 72,628 | 5.82 | 2,253,204 | 37,728 | 3.38 | 263,779 | 34,900 | 2.44 | ||||||||||||||||||||
Residential real estate | 2,400,997 | 44,801 | 3.76 | 1,788,431 | 28,997 | 3.27 | 612,566 | 15,804 | 0.49 | ||||||||||||||||||||
Home equity | 289,288 | 7,841 | 5.47 | 251,796 | 3,950 | 3.16 | 37,492 | 3,891 | 2.31 | ||||||||||||||||||||
Other | 17,110 | 391 | 4.61 | 16,349 | 378 | 4.66 | 761 | 13 | (0.05) | ||||||||||||||||||||
Total consumer | 306,398 | 8,232 | 5.42 | 268,145 | 4,328 | 3.25 | 38,253 | 3,904 | 2.17 | ||||||||||||||||||||
Total loans | 5,224,378 | 125,661 | 4.85 | 4,309,780 | 71,053 | 3.32 | 914,598 | 54,608 | 1.53 | ||||||||||||||||||||
Total interest-earning assets | 6,589,423 | 144,455 | 4.42 | 5,579,415 | 81,087 | 2.93 | 1,010,008 | 63,368 | 1.49 | ||||||||||||||||||||
Noninterest-earning assets | 252,733 | 273,521 | (20,788) | ||||||||||||||||||||||||||
Total assets | $6,842,156 | $5,852,936 | $989,220 | ||||||||||||||||||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||||||||||||||
Interest-bearing demand deposits (in-market) | $346,255 | $6,728 | 3.92 | % | $248,580 | $292 | 0.24 | % | $97,675 | $6,436 | 3.68 | % | |||||||||||||||||
NOW accounts | 801,296 | 758 | 0.19 | 865,647 | 281 | 0.07 | (64,351) | 477 | 0.12 | ||||||||||||||||||||
Money market accounts | 1,226,303 | 16,878 | 2.78 | 1,221,923 | 1,753 | 0.29 | 4,380 | 15,125 | 2.49 | ||||||||||||||||||||
Savings accounts | 544,159 | 636 | 0.24 | 563,837 | 191 | 0.07 | (19,678) | 445 | 0.17 | ||||||||||||||||||||
Time deposits (in-market) | 915,898 | 12,537 | 2.76 | 801,479 | 3,968 | 1.00 | 114,419 | 8,569 | 1.76 | ||||||||||||||||||||
Interest-bearing in-market deposits | 3,833,911 | 37,537 | 1.97 | 3,701,466 | 6,485 | 0.35 | 132,445 | 31,052 | 1.62 | ||||||||||||||||||||
Wholesale brokered demand deposits | 8,097 | 177 | 4.41 | 10,173 | 45 | 0.89 | (2,076) | 132 | 3.52 | ||||||||||||||||||||
Wholesale brokered time deposits | 539,333 | 11,579 | 4.33 | 403,826 | 536 | 0.27 | 135,507 | 11,043 | 4.06 | ||||||||||||||||||||
Wholesale brokered deposits | 547,430 | 11,756 | 4.33 | 413,999 | 581 | 0.28 | 133,431 | 11,175 | 4.05 | ||||||||||||||||||||
Total interest-bearing deposits | 4,381,341 | 49,293 | 2.27 | 4,115,465 | 7,066 | 0.35 | 265,876 | 42,227 | 1.92 | ||||||||||||||||||||
FHLB advances | 1,011,768 | 23,278 | 4.64 | 151,331 | 657 | 0.88 | 860,437 | 22,621 | 3.76 | ||||||||||||||||||||
Junior subordinated debentures | 22,681 | 728 | 6.47 | 22,681 | 237 | 2.11 | — | 491 | 4.36 | ||||||||||||||||||||
Total interest-bearing liabilities | 5,415,790 | 73,299 | 2.73 | 4,289,477 | 7,960 | 0.37 | 1,126,313 | 65,339 | 2.36 | ||||||||||||||||||||
Noninterest-bearing demand deposits | 802,506 | 915,918 | (113,412) | ||||||||||||||||||||||||||
Other liabilities | 160,677 | 123,321 | 37,356 | ||||||||||||||||||||||||||
Shareholders' equity | 463,183 | 524,220 | (61,037) | ||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $6,842,156 | $5,852,936 | $989,220 | ||||||||||||||||||||||||||
Net interest income (FTE) | $71,156 | $73,127 | ($1,971) | ||||||||||||||||||||||||||
Interest rate spread | 1.69 | % | 2.56 | % | (0.87 | %) | |||||||||||||||||||||||
Net interest margin | 2.18 | % | 2.64 | % | (0.46 | %) |
For the Six Months Ended | Jun 30, 2023 | Jun 30, 2022 | Change | ||||||||
Commercial loans | $463 | $521 | ($58) | ||||||||
Total | $463 | $521 | ($58) |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures | |||||||||||||||||
(Unaudited; Dollars in thousands, except per share amounts) | |||||||||||||||||
Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | |||||||||||||
Tangible Book Value per Share: | |||||||||||||||||
Total shareholders' equity, as reported | $459,161 | $464,983 | $453,669 | $432,274 | $476,634 | ||||||||||||
Less: | |||||||||||||||||
Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | ||||||||||||
Identifiable intangible assets, net | 4,130 | 4,342 | 4,554 | 4,766 | 4,981 | ||||||||||||
Total tangible shareholders' equity | $391,122 | $396,732 | $385,206 | $363,599 | $407,744 | ||||||||||||
Shares outstanding, as reported | 17,019 | 16,986 | 17,183 | 17,171 | 17,190 | ||||||||||||
Book value per share - GAAP | $26.98 | $27.37 | $26.40 | $25.17 | $27.73 | ||||||||||||
Tangible book value per share - Non-GAAP | $22.98 | $23.36 | $22.42 | $21.18 | $23.72 | ||||||||||||
Tangible Equity to Tangible Assets: | |||||||||||||||||
Total tangible shareholders' equity | $391,122 | $396,732 | $385,206 | $363,599 | $407,744 | ||||||||||||
Total assets, as reported | $7,011,760 | $6,859,182 | $6,660,051 | $6,408,051 | $5,982,891 | ||||||||||||
Less: | |||||||||||||||||
Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | ||||||||||||
Identifiable intangible assets, net | 4,130 | 4,342 | 4,554 | 4,766 | 4,981 | ||||||||||||
Total tangible assets | $6,943,721 | $6,790,931 | $6,591,588 | $6,339,376 | $5,914,001 | ||||||||||||
Equity to assets - GAAP | 6.55 | % | 6.78 | % | 6.81 | % | 6.75 | % | 7.97 | % | |||||||
Tangible equity to tangible assets - Non-GAAP | 5.63 | % | 5.84 | % | 5.84 | % | 5.74 | % | 6.89 | % |
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||
Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Jun 30, 2023 | Jun 30, 2022 | ||||||||||||||||||||
Return on Average Tangible Assets: | ||||||||||||||||||||||||||
Net income, as reported | $11,256 | $12,812 | $16,573 | $18,668 | $19,957 | $24,068 | $36,440 | |||||||||||||||||||
Total average assets, as reported | $6,939,238 | $6,743,996 | $6,480,872 | $6,216,129 | $5,841,332 | $6,842,156 | $5,852,936 | |||||||||||||||||||
Less average balances of: | ||||||||||||||||||||||||||
Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | |||||||||||||||||||
Identifiable intangible assets, net | 4,233 | 4,445 | 4,657 | 4,871 | 5,086 | 4,338 | 5,194 | |||||||||||||||||||
Total average tangible assets | $6,871,096 | $6,675,642 | $6,412,306 | $6,147,349 | $5,772,337 | $6,773,909 | $5,783,833 | |||||||||||||||||||
Return on average assets - GAAP | 0.65 | % | 0.77 | % | 1.01 | % | 1.19 | % | 1.37 | % | 0.71 | % | 1.26 | % | ||||||||||||
Return on average tangible assets - Non-GAAP | 0.66 | % | 0.78 | % | 1.03 | % | 1.20 | % | 1.39 | % | 0.72 | % | 1.27 | % | ||||||||||||
Return on Average Tangible Equity: | ||||||||||||||||||||||||||
Net income available to common shareholders, as reported | $11,237 | $12,783 | $16,535 | $18,615 | $19,900 | $24,020 | $36,329 | |||||||||||||||||||
Total average equity, as reported | $466,227 | $460,106 | $438,347 | $487,230 | $495,573 | $463,183 | $524,220 | |||||||||||||||||||
Less average balances of: | ||||||||||||||||||||||||||
Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | |||||||||||||||||||
Identifiable intangible assets, net | 4,233 | 4,445 | 4,657 | 4,871 | 5,086 | 4,338 | 5,194 | |||||||||||||||||||
Total average tangible equity | $398,085 | $391,752 | $369,781 | $418,450 | $426,578 | $394,936 | $455,117 | |||||||||||||||||||
Return on average equity - GAAP | 9.67 | % | 11.27 | % | 14.96 | % | 15.16 | % | 16.11 | % | 10.46 | % | 13.98 | % | ||||||||||||
Return on average tangible equity - Non-GAAP | 11.32 | % | 13.23 | % | 17.74 | % | 17.65 | % | 18.71 | % | 12.26 | % | 16.10 | % |