Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||
Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | |||||||||||||
Assets: | |||||||||||||||||
Cash and due from banks | $95,544 | $224,807 | $175,259 | $297,039 | $127,743 | ||||||||||||
Short-term investments | 3,079 | 3,289 | 3,234 | 3,349 | 4,463 | ||||||||||||
Mortgage loans held for sale, at fair value | 22,656 | 15,612 | 40,196 | 48,705 | 31,492 | ||||||||||||
Available for sale debt securities, at fair value | 1,020,469 | 1,008,184 | 1,042,859 | 1,045,833 | 1,052,577 | ||||||||||||
Federal Home Loan Bank stock, at cost | 16,300 | 8,452 | 13,031 | 15,094 | 22,757 | ||||||||||||
Loans: | |||||||||||||||||
Total loans | 4,479,822 | 4,283,852 | 4,272,925 | 4,286,404 | 4,299,800 | ||||||||||||
Less: allowance for credit losses on loans | 36,317 | 39,236 | 39,088 | 41,711 | 41,879 | ||||||||||||
Net loans | 4,443,505 | 4,244,616 | 4,233,837 | 4,244,693 | 4,257,921 | ||||||||||||
Premises and equipment, net | 29,694 | 28,878 | 28,908 | 28,488 | 29,031 | ||||||||||||
Operating lease right-of-use assets | 28,098 | 28,816 | 26,692 | 27,518 | 28,329 | ||||||||||||
Investment in bank-owned life insurance | 100,807 | 93,192 | 92,592 | 92,974 | 92,355 | ||||||||||||
Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | ||||||||||||
Identifiable intangible assets, net | 4,981 | 5,198 | 5,414 | 5,631 | 5,853 | ||||||||||||
Other assets | 153,849 | 123,046 | 125,196 | 129,410 | 135,550 | ||||||||||||
Total assets | $5,982,891 | $5,847,999 | $5,851,127 | $6,002,643 | $5,851,980 | ||||||||||||
Liabilities: | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing deposits | $888,981 | $911,990 | $945,229 | $950,974 | $901,801 | ||||||||||||
Interest-bearing deposits | 4,117,648 | 4,215,960 | 4,034,822 | 4,107,168 | 3,823,858 | ||||||||||||
Total deposits | 5,006,629 | 5,127,950 | 4,980,051 | 5,058,142 | 4,725,659 | ||||||||||||
Federal Home Loan Bank advances | 328,000 | 55,000 | 145,000 | 222,592 | 408,592 | ||||||||||||
Junior subordinated debentures | 22,681 | 22,681 | 22,681 | 22,681 | 22,681 | ||||||||||||
Operating lease liabilities | 30,491 | 31,169 | 29,010 | 29,810 | 30,558 | ||||||||||||
Other liabilities | 118,456 | 98,007 | 109,577 | 114,100 | 116,634 | ||||||||||||
Total liabilities | 5,506,257 | 5,334,807 | 5,286,319 | 5,447,325 | 5,304,124 | ||||||||||||
Shareholders’ Equity: | |||||||||||||||||
Common stock | 1,085 | 1,085 | 1,085 | 1,085 | 1,085 | ||||||||||||
Paid-in capital | 126,079 | 127,355 | 126,511 | 126,265 | 125,442 | ||||||||||||
Retained earnings | 475,889 | 465,295 | 458,310 | 447,566 | 437,927 | ||||||||||||
Accumulated other comprehensive (loss) income | (118,041) | (79,451) | (19,981) | (18,128) | (15,128) | ||||||||||||
Treasury stock, at cost | (8,378) | (1,092) | (1,117) | (1,470) | (1,470) | ||||||||||||
Total shareholders’ equity | 476,634 | 513,192 | 564,808 | 555,318 | 547,856 | ||||||||||||
Total liabilities and shareholders’ equity | $5,982,891 | $5,847,999 | $5,851,127 | $6,002,643 | $5,851,980 |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||||||||||||||
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, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Jun 30, 2022 | Jun 30, 2021 | ||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||
Interest and fees on loans | $36,602 | $33,930 | $36,882 | $35,691 | $34,820 | $70,532 | $68,979 | |||||||||||||||||||
Interest on mortgage loans held for sale | 258 | 232 | 387 | 298 | 405 | 490 | 846 | |||||||||||||||||||
Taxable interest on debt securities | 4,918 | 4,230 | 3,929 | 3,683 | 3,441 | 9,148 | 6,683 | |||||||||||||||||||
Dividends on Federal Home Loan Bank stock | 63 | 67 | 98 | 95 | 110 | 130 | 243 | |||||||||||||||||||
Other interest income | 188 | 78 | 60 | 56 | 32 | 266 | 65 | |||||||||||||||||||
Total interest and dividend income | 42,029 | 38,537 | 41,356 | 39,823 | 38,808 | 80,566 | 76,816 | |||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||
Deposits | 3,963 | 3,103 | 2,977 | 2,789 | 2,961 | 7,066 | 6,624 | |||||||||||||||||||
Federal Home Loan Bank advances | 413 | 244 | 547 | 872 | 1,001 | 657 | 2,381 | |||||||||||||||||||
Junior subordinated debentures | 138 | 99 | 92 | 92 | 92 | 237 | 186 | |||||||||||||||||||
Total interest expense | 4,514 | 3,446 | 3,616 | 3,753 | 4,054 | 7,960 | 9,191 | |||||||||||||||||||
Net interest income | 37,515 | 35,091 | 37,740 | 36,070 | 34,754 | 72,606 | 67,625 | |||||||||||||||||||
Provision for credit losses | (3,000) | 100 | (2,822) | — | — | (2,900) | (2,000) | |||||||||||||||||||
Net interest income after provision for credit losses | 40,515 | 34,991 | 40,562 | 36,070 | 34,754 | 75,506 | 69,625 | |||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||||
Wealth management revenues | 10,066 | 10,531 | 10,504 | 10,455 | 10,428 | 20,597 | 20,323 | |||||||||||||||||||
Mortgage banking revenues | 2,082 | 3,501 | 4,332 | 6,373 | 5,994 | 5,583 | 17,921 | |||||||||||||||||||
Card interchange fees | 1,303 | 1,164 | 1,282 | 1,265 | 1,316 | 2,467 | 2,449 | |||||||||||||||||||
Service charges on deposit accounts | 763 | 668 | 766 | 673 | 635 | 1,431 | 1,244 | |||||||||||||||||||
Loan related derivative income | 669 | 301 | 1,972 | 728 | 1,175 | 970 | 1,642 | |||||||||||||||||||
Income from bank-owned life insurance | 615 | 601 | 1,144 | 618 | 607 | 1,216 | 1,163 | |||||||||||||||||||
Other income | 354 | 393 | 307 | 408 | 438 | 747 | 1,825 | |||||||||||||||||||
Total noninterest income | 15,852 | 17,159 | 20,307 | 20,520 | 20,593 | 33,011 | 46,567 | |||||||||||||||||||
Noninterest expense: | ||||||||||||||||||||||||||
Salaries and employee benefits | 20,381 | 21,002 | 21,524 | 22,162 | 22,082 | 41,383 | 43,609 | |||||||||||||||||||
Outsourced services | 3,375 | 3,242 | 3,585 | 3,294 | 3,217 | 6,617 | 6,417 | |||||||||||||||||||
Net occupancy | 2,174 | 2,300 | 2,145 | 2,134 | 2,042 | 4,474 | 4,170 | |||||||||||||||||||
Equipment | 938 | 918 | 959 | 977 | 975 | 1,856 | 1,969 | |||||||||||||||||||
Legal, audit and professional fees | 677 | 770 | 817 | 767 | 678 | 1,447 | 1,275 | |||||||||||||||||||
FDIC deposit insurance costs | 402 | 366 | 391 | 482 | 374 | 768 | 719 | |||||||||||||||||||
Advertising and promotion | 724 | 351 | 502 | 559 | 560 | 1,075 | 782 | |||||||||||||||||||
Amortization of intangibles | 216 | 217 | 216 | 223 | 225 | 433 | 451 | |||||||||||||||||||
Debt prepayment penalties | — | — | 2,700 | — | 895 | — | 4,230 | |||||||||||||||||||
Other expenses | 2,190 | 2,053 | 2,380 | 1,922 | 1,964 | 4,243 | 4,103 | |||||||||||||||||||
Total noninterest expense | 31,077 | 31,219 | 35,219 | 32,520 | 33,012 | 62,296 | 67,725 | |||||||||||||||||||
Income before income taxes | 25,290 | 20,931 | 25,650 | 24,070 | 22,335 | 46,221 | 48,467 | |||||||||||||||||||
Income tax expense | 5,333 | 4,448 | 5,462 | 5,319 | 4,875 | 9,781 | 10,536 | |||||||||||||||||||
Net income | $19,957 | $16,483 | $20,188 | $18,751 | $17,460 | $36,440 | $37,931 | |||||||||||||||||||
Net income available to common shareholders | $19,900 | $16,429 | $20,128 | $18,697 | $17,408 | $36,329 | $37,823 | |||||||||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||||||||
Basic | 17,303 | 17,331 | 17,328 | 17,320 | 17,314 | 17,317 | 17,295 | |||||||||||||||||||
Diluted | 17,414 | 17,482 | 17,469 | 17,444 | 17,436 | 17,451 | 17,445 | |||||||||||||||||||
Earnings per common share: | ||||||||||||||||||||||||||
Basic | $1.15 | $0.95 | $1.16 | $1.08 | $1.01 | $2.10 | $2.19 | |||||||||||||||||||
Diluted | $1.14 | $0.94 | $1.15 | $1.07 | $1.00 | $2.08 | $2.17 | |||||||||||||||||||
Cash dividends declared per share | $0.54 | $0.54 | $0.54 | $0.52 | $0.52 | $1.08 | $1.04 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS | |||||||||||||||||
(Unaudited; Dollars and shares in thousands, except per share amounts) | |||||||||||||||||
Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | |||||||||||||
Share and Equity Related Data: | |||||||||||||||||
Book value per share | $27.73 | $29.61 | $32.59 | $32.06 | $31.63 | ||||||||||||
Tangible book value per share - Non-GAAP (1) | $23.72 | $25.62 | $28.59 | $28.05 | $27.60 | ||||||||||||
Market value per share | $48.37 | $52.50 | $56.37 | $52.98 | $51.35 | ||||||||||||
Shares issued at end of period | 17,363 | 17,363 | 17,363 | 17,363 | 17,363 | ||||||||||||
Shares outstanding at end of period | 17,190 | 17,332 | 17,331 | 17,320 | 17,320 | ||||||||||||
Capital Ratios (2): | |||||||||||||||||
Tier 1 risk-based capital | 12.78 | % | 13.32 | % | 13.24 | % | 13.01 | % | 12.82 | % | |||||||
Total risk-based capital | 13.51 | % | 14.15 | % | 14.01 | % | 13.83 | % | 13.65 | % | |||||||
Tier 1 leverage ratio | 9.42 | % | 9.46 | % | 9.36 | % | 9.12 | % | 9.07 | % | |||||||
Common equity tier 1 | 12.28 | % | 12.79 | % | 12.71 | % | 12.47 | % | 12.28 | % | |||||||
Balance Sheet Ratios: | |||||||||||||||||
Equity to assets | 7.97 | % | 8.78 | % | 9.65 | % | 9.25 | % | 9.36 | % | |||||||
Tangible equity to tangible assets - Non-GAAP (1) | 6.89 | % | 7.68 | % | 8.57 | % | 8.19 | % | 8.27 | % | |||||||
Loans to deposits (3) | 89.2 | % | 83.1 | % | 85.8 | % | 84.9 | % | 90.8 | % |
For the Six Months Ended | ||||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||
Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Jun 30, 2022 | Jun 30, 2021 | ||||||||||||||||||||
Performance Ratios (4): | ||||||||||||||||||||||||||
Net interest margin (5) | 2.71 | % | 2.57 | % | 2.71 | % | 2.58 | % | 2.55 | % | 2.64 | % | 2.53 | % | ||||||||||||
Return on average assets (net income divided by average assets) | 1.37 | % | 1.14 | % | 1.36 | % | 1.26 | % | 1.20 | % | 1.26 | % | 1.32 | % | ||||||||||||
Return on average tangible assets - Non-GAAP (1) | 1.39 | % | 1.15 | % | 1.38 | % | 1.27 | % | 1.22 | % | 1.27 | % | 1.34 | % | ||||||||||||
Return on average equity (net income available for common shareholders divided by average equity) | 16.11 | % | 12.04 | % | 14.34 | % | 13.37 | % | 12.92 | % | 13.98 | % | 14.22 | % | ||||||||||||
Return on average tangible equity - Non-GAAP (1) | 18.71 | % | 13.77 | % | 16.39 | % | 15.29 | % | 14.84 | % | 16.10 | % | 16.35 | % | ||||||||||||
Efficiency ratio (6) | 58.2 | % | 59.7 | % | 60.7 | % | 57.5 | % | 59.6 | % | 59.0 | % | 59.3 | % |
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, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Jun 30, 2022 | Jun 30, 2021 | ||||||||||||||||||||
Wealth Management Results | ||||||||||||||||||||||||||
Wealth Management Revenues: | ||||||||||||||||||||||||||
Asset-based revenues | $9,641 | $10,211 | $10,417 | $10,224 | $9,991 | $19,852 | $19,574 | |||||||||||||||||||
Transaction-based revenues | 425 | 320 | 87 | 231 | 437 | 745 | 749 | |||||||||||||||||||
Total wealth management revenues | $10,066 | $10,531 | $10,504 | $10,455 | $10,428 | $20,597 | $20,323 | |||||||||||||||||||
Assets Under Administration (AUA): | ||||||||||||||||||||||||||
Balance at beginning of period | $7,492,893 | $7,784,211 | $7,443,396 | $7,441,519 | $7,049,226 | $7,784,211 | $6,866,737 | |||||||||||||||||||
Net investment (depreciation) appreciation & income | (816,290) | (388,733) | 358,796 | (4,830) | 368,383 | (1,205,023) | 577,336 | |||||||||||||||||||
Net client asset inflows (outflows) | (26,506) | 97,415 | (17,981) | 6,707 | 23,910 | 70,909 | (2,554) | |||||||||||||||||||
Balance at end of period | $6,650,097 | $7,492,893 | $7,784,211 | $7,443,396 | $7,441,519 | $6,650,097 | $7,441,519 | |||||||||||||||||||
Percentage of AUA that are managed assets | 91% | 92% | 92% | 91% | 92% | 91% | 92% | |||||||||||||||||||
Mortgage Banking Results | ||||||||||||||||||||||||||
Mortgage Banking Revenues: | ||||||||||||||||||||||||||
Realized gains on loan sales, net (1) | $1,917 | $3,327 | $5,695 | $5,750 | $8,562 | $5,244 | $22,307 | |||||||||||||||||||
Changes in fair value, net (2) | (330) | (242) | (1,594) | 467 | (2,543) | (572) | (4,431) | |||||||||||||||||||
Loan servicing fee income, net (3) | 495 | 416 | 231 | 156 | (25) | 911 | 45 | |||||||||||||||||||
Total mortgage banking revenues | $2,082 | $3,501 | $4,332 | $6,373 | $5,994 | $5,583 | $17,921 | |||||||||||||||||||
Residential Mortgage Loan Originations: | ||||||||||||||||||||||||||
Originations for retention in portfolio (4) | $263,762 | $164,401 | $174,438 | $205,293 | $244,821 | $428,163 | $376,612 | |||||||||||||||||||
Originations for sale to secondary market (5) | 86,459 | 106,619 | 188,735 | 190,702 | 244,562 | 193,078 | 553,887 | |||||||||||||||||||
Total mortgage loan originations | $350,221 | $271,020 | $363,173 | $395,995 | $489,383 | $621,241 | $930,499 | |||||||||||||||||||
Residential Mortgage Loans Sold: | ||||||||||||||||||||||||||
Sold with servicing rights retained | $23,478 | $14,627 | $21,180 | $108,445 | $235,280 | $38,105 | $461,925 | |||||||||||||||||||
Sold with servicing rights released (5) | 56,263 | 115,501 | 175,818 | 65,416 | 55,278 | 171,764 | 120,652 | |||||||||||||||||||
Total mortgage loans sold | $79,741 | $130,128 | $196,998 | $173,861 | $290,558 | $209,869 | $582,577 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
END OF PERIOD LOAN COMPOSITION | |||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||
Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | |||||||||||||
Loans: | |||||||||||||||||
Commercial real estate (1) | $1,609,618 | $1,628,620 | $1,639,062 | $1,661,785 | $1,669,624 | ||||||||||||
Commercial & industrial | 620,270 | 614,892 | 641,555 | 682,774 | 764,509 | ||||||||||||
Total commercial | 2,229,888 | 2,243,512 | 2,280,617 | 2,344,559 | 2,434,133 | ||||||||||||
Residential real estate (2) | 1,966,341 | 1,777,974 | 1,726,975 | 1,672,364 | 1,590,389 | ||||||||||||
Home equity | 267,785 | 246,097 | 247,697 | 249,874 | 254,802 | ||||||||||||
Other | 15,808 | 16,269 | 17,636 | 19,607 | 20,476 | ||||||||||||
Total consumer | 283,593 | 262,366 | 265,333 | 269,481 | 275,278 | ||||||||||||
Total loans | $4,479,822 | $4,283,852 | $4,272,925 | $4,286,404 | $4,299,800 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Count | Balance | % of Total | Count | Balance | % of Total | ||||||||||||||||||
Commercial Real Estate Portfolio Segmentation: | |||||||||||||||||||||||
Multi-family dwelling | 125 | $428,883 | 27 | % | 127 | $474,229 | 29 | % | |||||||||||||||
Retail | 112 | 352,688 | 22 | 121 | 389,487 | 24 | |||||||||||||||||
Office | 58 | 226,788 | 14 | 57 | 216,602 | 13 | |||||||||||||||||
Hospitality | 32 | 193,194 | 12 | 31 | 184,990 | 11 | |||||||||||||||||
Industrial and warehouse | 38 | 162,196 | 10 | 35 | 137,254 | 8 | |||||||||||||||||
Healthcare | 15 | 130,761 | 8 | 13 | 128,189 | 8 | |||||||||||||||||
Commercial mixed use | 19 | 38,974 | 2 | 20 | 38,978 | 2 | |||||||||||||||||
Other | 35 | 76,134 | 5 | 36 | 69,333 | 5 | |||||||||||||||||
Commercial real estate loans | 434 | $1,609,618 | 100 | % | 440 | $1,639,062 | 100 | % | |||||||||||||||
Commercial & Industrial Portfolio Segmentation: | |||||||||||||||||||||||
Healthcare and social assistance | 64 | $171,946 | 28 | % | 101 | $174,376 | 27 | % | |||||||||||||||
Owner occupied and other real estate | 165 | 73,366 | 12 | 185 | 72,957 | 11 | |||||||||||||||||
Manufacturing | 54 | 56,345 | 9 | 65 | 55,341 | 9 | |||||||||||||||||
Educational services | 19 | 50,769 | 8 | 28 | 52,211 | 8 | |||||||||||||||||
Retail | 62 | 47,670 | 8 | 79 | 47,290 | 7 | |||||||||||||||||
Transportation and warehousing | 24 | 33,709 | 5 | 31 | 35,064 | 5 | |||||||||||||||||
Finance and insurance | 62 | 38,320 | 6 | 59 | 31,279 | 5 | |||||||||||||||||
Entertainment and recreation | 27 | 27,696 | 4 | 37 | 32,087 | 5 | |||||||||||||||||
Information | 8 | 22,464 | 4 | 14 | 25,045 | 4 | |||||||||||||||||
Accommodation and food services | 49 | 17,062 | 3 | 114 | 28,320 | 4 | |||||||||||||||||
Professional, scientific and technical | 35 | 5,972 | 1 | 69 | 8,912 | 1 | |||||||||||||||||
Public administration | 14 | 4,777 | 1 | 16 | 5,441 | 1 | |||||||||||||||||
Other | 182 | 70,174 | 11 | 281 | 73,232 | 13 | |||||||||||||||||
Commercial & industrial loans | 765 | $620,270 | 100 | % | 1,079 | $641,555 | 100 | % |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
END OF PERIOD LOAN AND DEPOSIT COMPOSITION | |||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||
June 30, 2022 | December 31, 2021 | ||||||||||||||||
Balance | % of Total | Balance | % of Total | ||||||||||||||
Commercial Real Estate Loans by Property Location: | |||||||||||||||||
Connecticut | $601,405 | 37 | % | $643,182 | 39 | % | |||||||||||
Massachusetts | 461,005 | 29 | 464,018 | 28 | |||||||||||||
Rhode Island | 387,498 | 24 | 408,496 | 25 | |||||||||||||
Subtotal | 1,449,908 | 90 | 1,515,696 | 92 | |||||||||||||
All other states | 159,710 | 10 | 123,366 | 8 | |||||||||||||
Total commercial real estate loans | $1,609,618 | 100 | % | $1,639,062 | 100 | % | |||||||||||
Residential Real Estate Loans by Property Location: | |||||||||||||||||
Massachusetts | $1,404,149 | 71 | % | $1,207,789 | 70 | % | |||||||||||
Rhode Island | 402,015 | 20 | 365,831 | 21 | |||||||||||||
Connecticut | 136,874 | 7 | 132,430 | 8 | |||||||||||||
Subtotal | 1,943,038 | 99 | 1,706,050 | 99 | |||||||||||||
All other states | 23,303 | 1 | 20,925 | 1 | |||||||||||||
Total residential real estate loans | $1,966,341 | 100 | % | $1,726,975 | 100 | % |
Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | |||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing demand deposits | $888,981 | $911,990 | $945,229 | $950,974 | $901,801 | ||||||||||||
Interest-bearing demand deposits (in-market) | 258,451 | 248,914 | 251,032 | 238,317 | 174,165 | ||||||||||||
NOW accounts | 887,678 | 893,603 | 867,138 | 817,937 | 774,693 | ||||||||||||
Money market accounts | 1,139,676 | 1,295,339 | 1,072,864 | 1,046,324 | 941,511 | ||||||||||||
Savings accounts | 572,251 | 566,461 | 555,177 | 540,306 | 524,155 | ||||||||||||
Time deposits (in-market) | 800,898 | 809,858 | 773,383 | 709,288 | 677,061 | ||||||||||||
In-market deposits | 4,547,935 | 4,726,165 | 4,464,823 | 4,303,146 | 3,993,386 | ||||||||||||
Wholesale brokered demand deposits | 31,003 | — | — | — | — | ||||||||||||
Wholesale brokered time deposits | 427,691 | 401,785 | 515,228 | 754,996 | 732,273 | ||||||||||||
Wholesale brokered deposits | 458,694 | 401,785 | 515,228 | 754,996 | 732,273 | ||||||||||||
Total deposits | $5,006,629 | $5,127,950 | $4,980,051 | $5,058,142 | $4,725,659 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
CREDIT & ASSET QUALITY DATA | |||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||
Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | |||||||||||||
Asset Quality Ratios: | |||||||||||||||||
Nonperforming assets to total assets | 0.21 | % | 0.22 | % | 0.24 | % | 0.18 | % | 0.18 | % | |||||||
Nonaccrual loans to total loans | 0.28 | % | 0.29 | % | 0.33 | % | 0.26 | % | 0.24 | % | |||||||
Total past due loans to total loans | 0.19 | % | 0.16 | % | 0.24 | % | 0.22 | % | 0.20 | % | |||||||
Allowance for credit losses on loans to nonaccrual loans | 292.55 | % | 311.67 | % | 275.21 | % | 380.02 | % | 399.57 | % | |||||||
Allowance for credit losses on loans to total loans | 0.81 | % | 0.92 | % | 0.91 | % | 0.97 | % | 0.97 | % | |||||||
Nonperforming Assets: | |||||||||||||||||
Commercial real estate | $— | $— | $— | $— | $— | ||||||||||||
Commercial & industrial | — | — | — | — | 539 | ||||||||||||
Total commercial | — | — | — | — | 539 | ||||||||||||
Residential real estate | 11,815 | 11,916 | 13,576 | 10,321 | 8,926 | ||||||||||||
Home equity | 599 | 673 | 627 | 655 | 1,016 | ||||||||||||
Other consumer | — | — | — | — | — | ||||||||||||
Total consumer | 599 | 673 | 627 | 655 | 1,016 | ||||||||||||
Total nonaccrual loans | 12,414 | 12,589 | 14,203 | 10,976 | 10,481 | ||||||||||||
Other real estate owned | — | — | — | — | — | ||||||||||||
Total nonperforming assets | $12,414 | $12,589 | $14,203 | $10,976 | $10,481 | ||||||||||||
Past Due Loans (30 days or more past due): | |||||||||||||||||
Commercial real estate | $— | $— | $— | $— | $— | ||||||||||||
Commercial & industrial | 7 | 108 | 3 | 2 | 540 | ||||||||||||
Total commercial | 7 | 108 | 3 | 2 | 540 | ||||||||||||
Residential real estate | 7,794 | 6,467 | 9,622 | 8,698 | 6,656 | ||||||||||||
Home equity | 728 | 431 | 765 | 824 | 1,231 | ||||||||||||
Other consumer | 28 | 30 | 21 | 24 | 28 | ||||||||||||
Total consumer | 756 | 461 | 786 | 848 | 1,259 | ||||||||||||
Total past due loans | $8,557 | $7,036 | $10,411 | $9,548 | $8,455 | ||||||||||||
Accruing loans 90 days or more past due | $— | $— | $— | $— | $— | ||||||||||||
Nonaccrual loans included in past due loans | $6,817 | $5,707 | $9,359 | $6,930 | $5,773 | ||||||||||||
Troubled Debt Restructurings ("TDR"): | |||||||||||||||||
Accruing TDRs | $9,607 | $16,303 | $16,328 | $7,979 | $8,541 | ||||||||||||
Nonaccrual TDRs | 2,906 | 2,789 | 2,819 | 1,732 | 2,278 | ||||||||||||
Total TDRs | $12,513 | $19,092 | $19,147 | $9,711 | $10,819 |
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, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Jun 30, 2022 | Jun 30, 2021 | ||||||||||||||||||||
Nonaccrual Loan Activity: | ||||||||||||||||||||||||||
Balance at beginning of period | $12,589 | $14,203 | $10,976 | $10,481 | $12,983 | $14,203 | $13,197 | |||||||||||||||||||
Additions to nonaccrual status | 158 | 427 | 3,959 | 2,583 | 537 | 585 | 1,271 | |||||||||||||||||||
Loans returned to accruing status | (236) | (63) | (339) | — | (874) | (299) | (877) | |||||||||||||||||||
Loans charged-off | (23) | (36) | (31) | (249) | (317) | (59) | (381) | |||||||||||||||||||
Payments, payoffs and other changes | (74) | (1,942) | (362) | (1,839) | (1,848) | (2,016) | (2,729) | |||||||||||||||||||
Balance at end of period | $12,414 | $12,589 | $14,203 | $10,976 | $10,481 | $12,414 | $10,481 | |||||||||||||||||||
Allowance for Credit Losses on Loans: | ||||||||||||||||||||||||||
Balance at beginning of period | $39,236 | $39,088 | $41,711 | $41,879 | $42,137 | $39,088 | $44,106 | |||||||||||||||||||
Provision for credit losses on loans (1) | (2,929) | — | (2,650) | — | — | (2,929) | (1,951) | |||||||||||||||||||
Charge-offs | (23) | (36) | (33) | (249) | (317) | (59) | (381) | |||||||||||||||||||
Recoveries | 33 | 184 | 60 | 81 | 59 | 217 | 105 | |||||||||||||||||||
Balance at end of period | $36,317 | $39,236 | $39,088 | $41,711 | $41,879 | $36,317 | $41,879 | |||||||||||||||||||
Allowance for Credit Losses on Unfunded Commitments: | ||||||||||||||||||||||||||
Balance at beginning of period | $2,261 | $2,161 | $2,333 | $2,333 | $2,333 | $2,161 | $2,382 | |||||||||||||||||||
Provision for credit losses on unfunded commitments (1) | (71) | 100 | (172) | — | — | 29 | (49) | |||||||||||||||||||
Balance at end of period (2) | $2,190 | $2,261 | $2,161 | $2,333 | $2,333 | $2,190 | $2,333 |
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||
Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Jun 30, 2022 | Jun 30, 2021 | ||||||||||||||||||||
Net Loan Charge-Offs (Recoveries): | ||||||||||||||||||||||||||
Commercial real estate | $— | ($145) | $— | $— | $— | ($145) | $— | |||||||||||||||||||
Commercial & industrial | (11) | (1) | (35) | (2) | 302 | (12) | 303 | |||||||||||||||||||
Total commercial | (11) | (146) | (35) | (2) | 302 | (157) | 303 | |||||||||||||||||||
Residential real estate | — | (21) | (4) | 52 | (47) | (21) | (30) | |||||||||||||||||||
Home equity | (2) | (2) | (12) | 110 | (4) | (4) | (6) | |||||||||||||||||||
Other consumer | 3 | 21 | 24 | 8 | 7 | 24 | 9 | |||||||||||||||||||
Total consumer | 1 | 19 | 12 | 118 | 3 | 20 | 3 | |||||||||||||||||||
Total | ($10) | ($148) | ($27) | $168 | $258 | ($158) | $276 | |||||||||||||||||||
Net charge-offs (recoveries) to average loans - annualized | — | % | (0.01 | %) | — | % | 0.02 | % | 0.02 | % | (0.01 | %) | 0.01 | % |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis) | |||||||||||||||||||||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||||||||||||||||||||
For the Three Months Ended | June 30, 2022 | March 31, 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 | $110,424 | $188 | 0.68 | % | $183,684 | $78 | 0.17 | % | ($73,260) | $110 | 0.51 | % | |||||||||||||||||||||||
Mortgage loans held for sale | 26,914 | 258 | 3.84 | 28,471 | 232 | 3.30 | (1,557) | 26 | 0.54 | ||||||||||||||||||||||||||
Taxable debt securities | 1,096,611 | 4,918 | 1.80 | 1,071,745 | 4,230 | 1.60 | 24,866 | 688 | 0.20 | ||||||||||||||||||||||||||
FHLB stock | 9,420 | 63 | 2.68 | 12,294 | 67 | 2.21 | (2,874) | (4) | 0.47 | ||||||||||||||||||||||||||
Commercial real estate | 1,619,325 | 13,495 | 3.34 | 1,631,819 | 11,891 | 2.96 | (12,494) | 1,604 | 0.38 | ||||||||||||||||||||||||||
Commercial & industrial | 620,543 | 6,115 | 3.95 | 634,869 | 6,226 | 3.98 | (14,326) | (111) | (0.03) | ||||||||||||||||||||||||||
Total commercial | 2,239,868 | 19,610 | 3.51 | 2,266,688 | 18,117 | 3.24 | (26,820) | 1,493 | 0.27 | ||||||||||||||||||||||||||
Residential real estate | 1,836,245 | 15,010 | 3.28 | 1,740,087 | 13,987 | 3.26 | 96,158 | 1,023 | 0.02 | ||||||||||||||||||||||||||
Home equity | 256,771 | 2,075 | 3.24 | 246,766 | 1,875 | 3.08 | 10,005 | 200 | 0.16 | ||||||||||||||||||||||||||
Other | 15,770 | 183 | 4.65 | 16,933 | 195 | 4.67 | (1,163) | (12) | (0.02) | ||||||||||||||||||||||||||
Total consumer | 272,541 | 2,258 | 3.32 | 263,699 | 2,070 | 3.18 | 8,842 | 188 | 0.14 | ||||||||||||||||||||||||||
Total loans | 4,348,654 | 36,878 | 3.40 | 4,270,474 | 34,174 | 3.25 | 78,180 | 2,704 | 0.15 | ||||||||||||||||||||||||||
Total interest-earning assets | 5,592,023 | 42,305 | 3.03 | 5,566,668 | 38,781 | 2.83 | 25,355 | 3,524 | 0.20 | ||||||||||||||||||||||||||
Noninterest-earning assets | 249,309 | 298,000 | (48,691) | ||||||||||||||||||||||||||||||||
Total assets | $5,841,332 | $5,864,668 | ($23,336) | ||||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits (in-market) | $248,764 | $222 | 0.36 | % | $248,395 | $70 | 0.11 | % | $369 | $152 | 0.25 | % | |||||||||||||||||||||||
NOW accounts | 883,251 | 151 | 0.07 | 847,848 | 130 | 0.06 | 35,403 | 21 | 0.01 | ||||||||||||||||||||||||||
Money market accounts | 1,268,496 | 1,139 | 0.36 | 1,174,833 | 615 | 0.21 | 93,663 | 524 | 0.15 | ||||||||||||||||||||||||||
Savings accounts | 566,307 | 119 | 0.08 | 561,339 | 71 | 0.05 | 4,968 | 48 | 0.03 | ||||||||||||||||||||||||||
Time deposits (in-market) | 809,697 | 1,951 | 0.97 | 793,169 | 2,017 | 1.03 | 16,528 | (66) | (0.06) | ||||||||||||||||||||||||||
Interest-bearing in-market deposits | 3,776,515 | 3,582 | 0.38 | 3,625,584 | 2,903 | 0.32 | 150,931 | 679 | 0.06 | ||||||||||||||||||||||||||
Wholesale brokered demand deposits | 20,233 | 46 | 0.91 | — | — | — | 20,233 | 46 | 0.91 | ||||||||||||||||||||||||||
Wholesale brokered time deposits | 352,438 | 335 | 0.38 | 455,785 | 200 | 0.18 | (103,347) | 135 | 0.20 | ||||||||||||||||||||||||||
Wholesale brokered deposits | 372,671 | 381 | 0.41 | 455,785 | 200 | 0.18 | (83,114) | 181 | 0.23 | ||||||||||||||||||||||||||
Total interest-bearing deposits | 4,149,186 | 3,963 | 0.38 | 4,081,369 | 3,103 | 0.31 | 67,817 | 860 | 0.07 | ||||||||||||||||||||||||||
FHLB advances | 151,736 | 413 | 1.09 | 150,922 | 244 | 0.66 | 814 | 169 | 0.43 | ||||||||||||||||||||||||||
Junior subordinated debentures | 22,681 | 138 | 2.44 | 22,681 | 99 | 1.77 | — | 39 | 0.67 | ||||||||||||||||||||||||||
Total interest-bearing liabilities | 4,323,603 | 4,514 | 0.42 | 4,254,972 | 3,446 | 0.33 | 68,631 | 1,068 | 0.09 | ||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 891,883 | 940,220 | (48,337) | ||||||||||||||||||||||||||||||||
Other liabilities | 130,273 | 116,291 | 13,982 | ||||||||||||||||||||||||||||||||
Shareholders' equity | 495,573 | 553,185 | (57,612) | ||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $5,841,332 | $5,864,668 | ($23,336) | ||||||||||||||||||||||||||||||||
Net interest income (FTE) | $37,791 | $35,335 | $2,456 | ||||||||||||||||||||||||||||||||
Interest rate spread | 2.61 | % | 2.50 | % | 0.11 | % | |||||||||||||||||||||||||||||
Net interest margin | 2.71 | % | 2.57 | % | 0.14 | % |
For the Three Months Ended | Jun 30, 2022 | Mar 31, 2022 | Change | ||||||||
Commercial loans | $276 | $244 | $32 | ||||||||
Total | $276 | $244 | $32 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis) | |||||||||||||||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||||||||||||||
For the Six Months Ended | June 30, 2022 | June 30, 2021 | Change | ||||||||||||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash, federal funds sold and short-term investments | $146,852 | $266 | 0.37 | % | $150,580 | $65 | 0.09 | % | ($3,728) | $201 | 0.28 | % | |||||||||||||||||
Mortgage loans for sale | 27,688 | 490 | 3.57 | 59,429 | 846 | 2.87 | (31,741) | (356) | 0.70 | ||||||||||||||||||||
Taxable debt securities | 1,084,246 | 9,148 | 1.70 | 973,214 | 6,683 | 1.38 | 111,032 | 2,465 | 0.32 | ||||||||||||||||||||
FHLB stock | 10,849 | 130 | 2.42 | 26,987 | 243 | 1.82 | (16,138) | (113) | 0.60 | ||||||||||||||||||||
Commercial real estate | 1,625,537 | 25,386 | 3.15 | 1,632,725 | 23,060 | 2.85 | (7,188) | 2,326 | 0.30 | ||||||||||||||||||||
Commercial & industrial | 627,667 | 12,342 | 3.97 | 823,580 | 15,979 | 3.91 | (195,913) | (3,637) | 0.06 | ||||||||||||||||||||
Total commercial | 2,253,204 | 37,728 | 3.38 | 2,456,305 | 39,039 | 3.21 | (203,101) | (1,311) | 0.17 | ||||||||||||||||||||
Residential real estate | 1,788,431 | 28,997 | 3.27 | 1,484,571 | 25,737 | 3.50 | 303,860 | 3,260 | (0.23) | ||||||||||||||||||||
Home equity | 251,796 | 3,950 | 3.16 | 257,494 | 4,177 | 3.27 | (5,698) | (227) | (0.11) | ||||||||||||||||||||
Other | 16,349 | 378 | 4.66 | 20,545 | 495 | 4.86 | (4,196) | (117) | (0.20) | ||||||||||||||||||||
Total consumer | 268,145 | 4,328 | 3.25 | 278,039 | 4,672 | 3.39 | (9,894) | (344) | (0.14) | ||||||||||||||||||||
Total loans | 4,309,780 | 71,053 | 3.32 | 4,218,915 | 69,448 | 3.32 | 90,865 | 1,605 | — | ||||||||||||||||||||
Total interest-earning assets | 5,579,415 | 81,087 | 2.93 | 5,429,125 | 77,285 | 2.87 | 150,290 | 3,802 | 0.06 | ||||||||||||||||||||
Noninterest-earning assets | 273,521 | 343,889 | (70,368) | ||||||||||||||||||||||||||
Total assets | $5,852,936 | $5,773,014 | $79,922 | ||||||||||||||||||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||||||||||||||
Interest-bearing demand deposits (in-market) | $248,580 | $292 | 0.24 | % | $183,223 | $145 | 0.16 | % | $65,357 | $147 | 0.08 | % | |||||||||||||||||
NOW accounts | 865,647 | 281 | 0.07 | 729,301 | 221 | 0.06 | 136,346 | 60 | 0.01 | ||||||||||||||||||||
Money market accounts | 1,221,923 | 1,753 | 0.29 | 930,656 | 1,266 | 0.27 | 291,267 | 487 | 0.02 | ||||||||||||||||||||
Savings accounts | 563,837 | 191 | 0.07 | 504,040 | 141 | 0.06 | 59,797 | 50 | 0.01 | ||||||||||||||||||||
Time deposits (in-market) | 801,479 | 3,968 | 1.00 | 695,038 | 4,127 | 1.20 | 106,441 | (159) | (0.20) | ||||||||||||||||||||
Interest-bearing in-market deposits | 3,701,466 | 6,485 | 0.35 | 3,042,258 | 5,900 | 0.39 | 659,208 | 585 | (0.04) | ||||||||||||||||||||
Wholesale brokered demand deposits | 10,173 | 45 | 0.89 | — | — | — | 10,173 | 45 | 0.89 | ||||||||||||||||||||
Wholesale brokered time deposits | 403,826 | 536 | 0.27 | 621,075 | 724 | 0.24 | (217,249) | (188) | 0.03 | ||||||||||||||||||||
Wholesale brokered deposits | 413,999 | 581 | 0.28 | 621,075 | 724 | 0.24 | (207,076) | (143) | 0.04 | ||||||||||||||||||||
Total interest-bearing deposits | 4,115,465 | 7,066 | 0.35 | 3,663,333 | 6,624 | 0.36 | 452,132 | 442 | (0.01) | ||||||||||||||||||||
FHLB advances | 151,331 | 657 | 0.88 | 499,435 | 2,381 | 0.96 | (348,104) | (1,724) | (0.08) | ||||||||||||||||||||
Junior subordinated debentures | 22,681 | 237 | 2.11 | 22,681 | 186 | 1.65 | — | 51 | 0.46 | ||||||||||||||||||||
Total interest-bearing liabilities | 4,289,477 | 7,960 | 0.37 | 4,185,449 | 9,191 | 0.44 | 104,028 | (1,231) | (0.07) | ||||||||||||||||||||
Noninterest-bearing demand deposits | 915,918 | 901,522 | 14,396 | ||||||||||||||||||||||||||
Other liabilities | 123,321 | 149,622 | (26,301) | ||||||||||||||||||||||||||
Shareholders' equity | 524,220 | 536,421 | (12,201) | ||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $5,852,936 | $5,773,014 | $79,922 | ||||||||||||||||||||||||||
Net interest income (FTE) | $73,127 | $68,094 | $5,033 | ||||||||||||||||||||||||||
Interest rate spread | 2.56 | % | 2.43 | % | 0.13 | % | |||||||||||||||||||||||
Net interest margin | 2.64 | % | 2.53 | % | 0.11 | % |
For the Six Months Ended | Jun 30, 2022 | Jun 30, 2021 | Change | ||||||||
Commercial loans | $521 | $469 | $52 | ||||||||
Total | $521 | $469 | $52 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures | |||||||||||||||||
(Unaudited; Dollars in thousands, except per share amounts) | |||||||||||||||||
Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | |||||||||||||
Tangible Book Value per Share: | |||||||||||||||||
Total shareholders' equity, as reported | $476,634 | $513,192 | $564,808 | $555,318 | $547,856 | ||||||||||||
Less: | |||||||||||||||||
Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | ||||||||||||
Identifiable intangible assets, net | 4,981 | 5,198 | 5,414 | 5,631 | 5,853 | ||||||||||||
Total tangible shareholders' equity | $407,744 | $444,085 | $495,485 | $485,778 | $478,094 | ||||||||||||
Shares outstanding, as reported | 17,190 | 17,332 | 17,331 | 17,320 | 17,320 | ||||||||||||
Book value per share - GAAP | $27.73 | $29.61 | $32.59 | $32.06 | $31.63 | ||||||||||||
Tangible book value per share - Non-GAAP | $23.72 | $25.62 | $28.59 | $28.05 | $27.60 | ||||||||||||
Tangible Equity to Tangible Assets: | |||||||||||||||||
Total tangible shareholders' equity | $407,744 | $444,085 | $495,485 | $485,778 | $478,094 | ||||||||||||
Total assets, as reported | $5,982,891 | $5,847,999 | $5,851,127 | $6,002,643 | $5,851,980 | ||||||||||||
Less: | |||||||||||||||||
Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | ||||||||||||
Identifiable intangible assets, net | 4,981 | 5,198 | 5,414 | 5,631 | 5,853 | ||||||||||||
Total tangible assets | $5,914,001 | $5,778,892 | $5,781,804 | $5,933,103 | $5,782,218 | ||||||||||||
Equity to assets - GAAP | 7.97 | % | 8.78 | % | 9.65 | % | 9.25 | % | 9.36 | % | |||||||
Tangible equity to tangible assets - Non-GAAP | 6.89 | % | 7.68 | % | 8.57 | % | 8.19 | % | 8.27 | % |
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||
Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Jun 30, 2022 | Jun 30, 2021 | ||||||||||||||||||||
Return on Average Tangible Assets: | ||||||||||||||||||||||||||
Net income, as reported | $19,957 | $16,483 | $20,188 | $18,751 | $17,460 | $36,440 | $37,931 | |||||||||||||||||||
Total average assets, as reported | $5,841,332 | $5,864,668 | $5,884,581 | $5,919,137 | $5,833,425 | $5,852,936 | $5,773,014 | |||||||||||||||||||
Less average balances of: | ||||||||||||||||||||||||||
Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | |||||||||||||||||||
Identifiable intangible assets, net | 5,086 | 5,303 | 5,526 | 5,739 | 5,963 | 5,194 | 6,076 | |||||||||||||||||||
Total average tangible assets | $5,772,337 | $5,795,456 | $5,815,146 | $5,849,489 | $5,763,553 | $5,783,833 | $5,703,029 | |||||||||||||||||||
Return on average assets - GAAP | 1.37 | % | 1.14 | % | 1.36 | % | 1.26 | % | 1.20 | % | 1.26 | % | 1.32 | % | ||||||||||||
Return on average tangible assets - Non-GAAP | 1.39 | % | 1.15 | % | 1.38 | % | 1.27 | % | 1.22 | % | 1.27 | % | 1.34 | % | ||||||||||||
Return on Average Tangible Equity: | ||||||||||||||||||||||||||
Net income available to common shareholders, as reported | $19,900 | $16,429 | $20,128 | $18,697 | $17,408 | $36,329 | $37,823 | |||||||||||||||||||
Total average equity, as reported | $495,573 | $553,185 | $556,765 | $554,847 | $540,524 | $524,220 | $536,421 | |||||||||||||||||||
Less average balances of: | ||||||||||||||||||||||||||
Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | |||||||||||||||||||
Identifiable intangible assets, net | 5,086 | 5,303 | 5,526 | 5,739 | 5,963 | 5,194 | 6,076 | |||||||||||||||||||
Total average tangible equity | $426,578 | $483,973 | $487,330 | $485,199 | $470,652 | $455,117 | $466,436 | |||||||||||||||||||
Return on average equity - GAAP | 16.11 | % | 12.04 | % | 14.34 | % | 13.37 | % | 12.92 | % | 13.98 | % | 14.22 | % | ||||||||||||
Return on average tangible equity - Non-GAAP | 18.71 | % | 13.77 | % | 16.39 | % | 15.29 | % | 14.84 | % | 16.10 | % | 16.35 | % |