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 | % |
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 |
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 |
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 |
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 | % |
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 |
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 | %) | — | % | — | % | — | % |
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 | %) | |||||||||||||||||||||||||||||
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 | %) |
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 | % |