Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||
Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | |||||||||||||
Assets: | |||||||||||||||||
Cash and due from banks | $86,824 | $109,432 | $124,877 | $134,989 | $115,492 | ||||||||||||
Short-term investments | 3,360 | 3,577 | 3,439 | 3,291 | 2,930 | ||||||||||||
Mortgage loans held for sale, at fair value | 20,077 | 10,550 | 20,872 | 7,445 | 8,987 | ||||||||||||
Available for sale debt securities, at fair value | 1,000,380 | 958,990 | 1,022,458 | 1,054,747 | 993,928 | ||||||||||||
Federal Home Loan Bank stock, at cost | 51,893 | 52,668 | 45,868 | 42,501 | 43,463 | ||||||||||||
Loans: | |||||||||||||||||
Total loans | 5,647,706 | 5,611,115 | 5,381,113 | 5,227,969 | 5,110,139 | ||||||||||||
Less: allowance for credit losses on loans | 41,057 | 40,213 | 39,343 | 38,780 | 38,027 | ||||||||||||
Net loans | 5,606,649 | 5,570,902 | 5,341,770 | 5,189,189 | 5,072,112 | ||||||||||||
Premises and equipment, net | 32,291 | 31,976 | 32,591 | 31,719 | 31,550 | ||||||||||||
Operating lease right-of-use assets | 29,364 | 27,882 | 28,633 | 26,170 | 27,156 | ||||||||||||
Investment in bank-owned life insurance | 103,736 | 103,003 | 102,293 | 101,782 | 102,182 | ||||||||||||
Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | ||||||||||||
Identifiable intangible assets, net | 3,711 | 3,919 | 4,130 | 4,342 | 4,554 | ||||||||||||
Other assets | 200,653 | 246,667 | 220,920 | 199,098 | 193,788 | ||||||||||||
Total assets | $7,202,847 | $7,183,475 | $7,011,760 | $6,859,182 | $6,660,051 | ||||||||||||
Liabilities: | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing deposits | $693,746 | $773,261 | $758,242 | $829,763 | $858,953 | ||||||||||||
Interest-bearing deposits | 4,654,414 | 4,642,302 | 4,556,236 | 4,438,751 | 4,160,009 | ||||||||||||
Total deposits | 5,348,160 | 5,415,563 | 5,314,478 | 5,268,514 | 5,018,962 | ||||||||||||
Federal Home Loan Bank advances | 1,190,000 | 1,120,000 | 1,040,000 | 925,000 | 980,000 | ||||||||||||
Junior subordinated debentures | 22,681 | 22,681 | 22,681 | 22,681 | 22,681 | ||||||||||||
Operating lease liabilities | 32,027 | 30,554 | 31,302 | 28,622 | 29,558 | ||||||||||||
Other liabilities | 137,293 | 163,273 | 144,138 | 149,382 | 155,181 | ||||||||||||
Total liabilities | 6,730,161 | 6,752,071 | 6,552,599 | 6,394,199 | 6,206,382 | ||||||||||||
Shareholders’ Equity: | |||||||||||||||||
Common stock | 1,085 | 1,085 | 1,085 | 1,085 | 1,085 | ||||||||||||
Paid-in capital | 126,150 | 126,310 | 125,685 | 127,734 | 127,056 | ||||||||||||
Retained earnings | 501,917 | 498,521 | 496,996 | 495,231 | 492,043 | ||||||||||||
Accumulated other comprehensive loss | (141,153) | (178,734) | (148,827) | (141,760) | (157,800) | ||||||||||||
Treasury stock, at cost | (15,313) | (15,778) | (15,778) | (17,307) | (8,715) | ||||||||||||
Total shareholders’ equity | 472,686 | 431,404 | 459,161 | 464,983 | 453,669 | ||||||||||||
Total liabilities and shareholders’ equity | $7,202,847 | $7,183,475 | $7,011,760 | $6,859,182 | $6,660,051 |
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 Twelve Months Ended | |||||||||||||||||||||||||
Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2022 | ||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||
Interest and fees on loans | $74,236 | $70,896 | $65,449 | $59,749 | $53,644 | $270,330 | $169,301 | |||||||||||||||||||
Interest on mortgage loans held for sale | 255 | 332 | 241 | 152 | 314 | 980 | 1,165 | |||||||||||||||||||
Taxable interest on debt securities | 7,191 | 7,271 | 7,403 | 7,194 | 6,618 | 29,059 | 21,827 | |||||||||||||||||||
Dividends on Federal Home Loan Bank stock | 982 | 878 | 858 | 597 | 330 | 3,315 | 548 | |||||||||||||||||||
Other interest income | 1,282 | 1,344 | 1,279 | 1,070 | 855 | 4,975 | 1,624 | |||||||||||||||||||
Total interest and dividend income | 83,946 | 80,721 | 75,230 | 68,762 | 61,761 | 308,659 | 194,465 | |||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||
Deposits | 37,067 | 34,069 | 29,704 | 19,589 | 12,301 | 120,429 | 26,023 | |||||||||||||||||||
Federal Home Loan Bank advances | 13,814 | 12,497 | 11,652 | 11,626 | 7,822 | 49,589 | 11,713 | |||||||||||||||||||
Junior subordinated debentures | 411 | 404 | 374 | 354 | 296 | 1,543 | 739 | |||||||||||||||||||
Total interest expense | 51,292 | 46,970 | 41,730 | 31,569 | 20,419 | 171,561 | 38,475 | |||||||||||||||||||
Net interest income | 32,654 | 33,751 | 33,500 | 37,193 | 41,342 | 137,098 | 155,990 | |||||||||||||||||||
Provision for credit losses | 1,200 | 500 | 700 | 800 | 800 | 3,200 | (1,300) | |||||||||||||||||||
Net interest income after provision for credit losses | 31,454 | 33,251 | 32,800 | 36,393 | 40,542 | 133,898 | 157,290 | |||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||||
Wealth management revenues | 8,881 | 8,948 | 9,048 | 8,663 | 8,624 | 35,540 | 38,746 | |||||||||||||||||||
Mortgage banking revenues | 1,554 | 2,108 | 1,753 | 1,245 | 1,103 | 6,660 | 8,733 | |||||||||||||||||||
Card interchange fees | 1,254 | 1,267 | 1,268 | 1,132 | 1,242 | 4,921 | 4,996 | |||||||||||||||||||
Service charges on deposit accounts | 688 | 674 | 667 | 777 | 942 | 2,806 | 3,192 | |||||||||||||||||||
Loan related derivative income | 112 | 1,082 | 247 | (51) | 745 | 1,390 | 2,756 | |||||||||||||||||||
Income from bank-owned life insurance | 734 | 710 | 879 | 1,165 | 691 | 3,488 | 2,591 | |||||||||||||||||||
Other income | 83 | 437 | 463 | 352 | 441 | 1,335 | 1,588 | |||||||||||||||||||
Total noninterest income | 13,306 | 15,226 | 14,325 | 13,283 | 13,788 | 56,140 | 62,602 | |||||||||||||||||||
Noninterest expense: | ||||||||||||||||||||||||||
Salaries and employee benefits | 18,464 | 21,622 | 20,588 | 21,784 | 20,812 | 82,458 | 83,804 | |||||||||||||||||||
Outsourced services | 3,667 | 3,737 | 3,621 | 3,496 | 3,568 | 14,521 | 13,737 | |||||||||||||||||||
Net occupancy | 2,396 | 2,387 | 2,416 | 2,437 | 2,418 | 9,636 | 9,126 | |||||||||||||||||||
Equipment | 1,133 | 1,107 | 1,050 | 1,028 | 1,002 | 4,318 | 3,797 | |||||||||||||||||||
Legal, audit and professional fees | 959 | 1,058 | 978 | 896 | 987 | 3,891 | 3,127 | |||||||||||||||||||
FDIC deposit insurance costs | 1,239 | 1,185 | 1,371 | 872 | 489 | 4,667 | 1,687 | |||||||||||||||||||
Advertising and promotion | 938 | 789 | 427 | 408 | 713 | 2,562 | 2,587 | |||||||||||||||||||
Amortization of intangibles | 208 | 211 | 212 | 212 | 212 | 843 | 860 | |||||||||||||||||||
Other expenses | 3,583 | 2,294 | 2,353 | 2,431 | 3,158 | 10,661 | 9,997 | |||||||||||||||||||
Total noninterest expense | 32,587 | 34,390 | 33,016 | 33,564 | 33,359 | 133,557 | 128,722 | |||||||||||||||||||
Income before income taxes | 12,173 | 14,087 | 14,109 | 16,112 | 20,971 | 56,481 | 91,170 | |||||||||||||||||||
Income tax (benefit) expense | (774) | 2,926 | 2,853 | 3,300 | 4,398 | 8,305 | 19,489 | |||||||||||||||||||
Net income | $12,947 | $11,161 | $11,256 | $12,812 | $16,573 | $48,176 | $71,681 | |||||||||||||||||||
Net income available to common shareholders | $12,931 | $11,140 | $11,237 | $12,783 | $16,535 | $48,091 | $71,479 | |||||||||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||||||||
Basic | 17,029 | 17,019 | 17,011 | 17,074 | 17,180 | 17,033 | 17,246 | |||||||||||||||||||
Diluted | 17,070 | 17,041 | 17,030 | 17,170 | 17,319 | 17,062 | 17,381 | |||||||||||||||||||
Earnings per common share: | ||||||||||||||||||||||||||
Basic | $0.76 | $0.65 | $0.66 | $0.75 | $0.96 | $2.82 | $4.14 | |||||||||||||||||||
Diluted | $0.76 | $0.65 | $0.66 | $0.74 | $0.95 | $2.82 | $4.11 | |||||||||||||||||||
Cash dividends declared per share | $0.56 | $0.56 | $0.56 | $0.56 | $0.56 | $2.24 | $2.18 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS | |||||||||||||||||
(Unaudited; Dollars and shares in thousands, except per share amounts) | |||||||||||||||||
Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | |||||||||||||
Share and Equity Related Data: | |||||||||||||||||
Book value per share | $27.75 | $25.35 | $26.98 | $27.37 | $26.40 | ||||||||||||
Tangible book value per share - Non-GAAP (1) | $23.78 | $21.36 | $22.98 | $23.36 | $22.42 | ||||||||||||
Market value per share | $32.38 | $26.33 | $26.81 | $34.66 | $47.18 | ||||||||||||
Shares issued at end of period | 17,363 | 17,363 | 17,363 | 17,363 | 17,363 | ||||||||||||
Shares outstanding at end of period | 17,031 | 17,019 | 17,019 | 16,986 | 17,183 | ||||||||||||
Capital Ratios (2): | |||||||||||||||||
Tier 1 risk-based capital | 10.86 | % | 10.77 | % | 11.09 | % | 11.28 | % | 11.69 | % | |||||||
Total risk-based capital | 11.58 | % | 11.48 | % | 11.81 | % | 12.01 | % | 12.37 | % | |||||||
Tier 1 leverage ratio | 7.80 | % | 7.87 | % | 8.05 | % | 8.25 | % | 8.65 | % | |||||||
Common equity tier 1 | 10.44 | % | 10.35 | % | 10.66 | % | 10.84 | % | 11.24 | % | |||||||
Balance Sheet Ratios: | |||||||||||||||||
Equity to assets | 6.56 | % | 6.01 | % | 6.55 | % | 6.78 | % | 6.81 | % | |||||||
Tangible equity to tangible assets - Non-GAAP (1) | 5.68 | % | 5.11 | % | 5.63 | % | 5.84 | % | 5.84 | % | |||||||
Loans to deposits (3) | 105.2 | % | 103.1 | % | 100.9 | % | 98.6 | % | 101.2 | % |
For the Twelve Months Ended | ||||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||
Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2022 | ||||||||||||||||||||
Performance Ratios (4): | ||||||||||||||||||||||||||
Net interest margin (5) | 1.88 | % | 1.97 | % | 2.03 | % | 2.33 | % | 2.65 | % | 2.05 | % | 2.69 | % | ||||||||||||
Return on average assets (net income divided by average assets) | 0.71 | % | 0.62 | % | 0.65 | % | 0.77 | % | 1.01 | % | 0.69 | % | 1.17 | % | ||||||||||||
Return on average tangible assets - Non-GAAP (1) | 0.72 | % | 0.63 | % | 0.66 | % | 0.78 | % | 1.03 | % | 0.70 | % | 1.19 | % | ||||||||||||
Return on average equity (net income available for common shareholders divided by average equity) | 11.77 | % | 9.65 | % | 9.67 | % | 11.27 | % | 14.96 | % | 10.57 | % | 14.49 | % | ||||||||||||
Return on average tangible equity - Non-GAAP (1) | 13.93 | % | 11.33 | % | 11.32 | % | 13.23 | % | 17.74 | % | 12.43 | % | 16.84 | % | ||||||||||||
Efficiency ratio (6) | 70.9 | % | 70.2 | % | 69.0 | % | 66.5 | % | 60.5 | % | 69.1 | % | 58.9 | % |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||||
(Unaudited; Dollars in thousands) | ||||||||||||||||||||||||||
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||||||||||||
Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2022 | ||||||||||||||||||||
Wealth Management Results | ||||||||||||||||||||||||||
Wealth Management Revenues: | ||||||||||||||||||||||||||
Asset-based revenues | $8,634 | $8,683 | $8,562 | $8,429 | $8,448 | $34,308 | $37,602 | |||||||||||||||||||
Transaction-based revenues | 247 | 265 | 486 | 234 | 176 | 1,232 | 1,144 | |||||||||||||||||||
Total wealth management revenues | $8,881 | $8,948 | $9,048 | $8,663 | $8,624 | $35,540 | $38,746 | |||||||||||||||||||
Assets Under Administration (AUA): | ||||||||||||||||||||||||||
Balance at beginning of period | $6,131,395 | $6,350,260 | $6,163,422 | $5,961,990 | $6,322,757 | $5,961,990 | $7,784,211 | |||||||||||||||||||
Net investment appreciation (depreciation) & income | 503,209 | (154,269) | 259,788 | 286,262 | 312,407 | 894,990 | (1,132,378) | |||||||||||||||||||
Net client asset outflows | (46,198) | (64,596) | (72,950) | (84,830) | (673,174) | (268,574) | (689,843) | |||||||||||||||||||
Balance at end of period | $6,588,406 | $6,131,395 | $6,350,260 | $6,163,422 | $5,961,990 | $6,588,406 | $5,961,990 | |||||||||||||||||||
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) | $1,133 | $1,746 | $827 | $576 | $992 | $4,282 | $7,954 | |||||||||||||||||||
Changes in fair value, net (2) | (65) | (171) | 382 | 86 | (426) | 232 | (1,224) | |||||||||||||||||||
Loan servicing fee income, net (3) | 486 | 533 | 544 | 583 | 537 | 2,146 | 2,003 | |||||||||||||||||||
Total mortgage banking revenues | $1,554 | $2,108 | $1,753 | $1,245 | $1,103 | $6,660 | $8,733 | |||||||||||||||||||
Residential Mortgage Loan Originations: | ||||||||||||||||||||||||||
Originations for retention in portfolio (4) | $39,827 | $161,603 | $148,694 | $109,768 | $228,579 | $459,892 | $881,874 | |||||||||||||||||||
Originations for sale to secondary market (5) | 76,495 | 78,339 | 77,995 | 27,763 | 39,087 | 260,592 | 309,407 | |||||||||||||||||||
Total mortgage loan originations | $116,322 | $239,942 | $226,689 | $137,531 | $267,666 | $720,484 | $1,191,281 | |||||||||||||||||||
Residential Mortgage Loans Sold: | ||||||||||||||||||||||||||
Sold with servicing rights retained | $28,290 | $34,046 | $28,727 | $17,114 | $27,085 | $108,177 | $99,849 | |||||||||||||||||||
Sold with servicing rights released (5) | 39,170 | 54,575 | 35,836 | 12,214 | 27,470 | 141,795 | 239,899 | |||||||||||||||||||
Total mortgage loans sold | $67,460 | $88,621 | $64,563 | $29,328 | $54,555 | $249,972 | $339,748 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
END OF PERIOD LOAN COMPOSITION | |||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||
Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | |||||||||||||
Loans: | |||||||||||||||||
Commercial real estate (1) | $2,106,359 | $2,063,383 | $1,940,030 | $1,909,136 | $1,829,304 | ||||||||||||
Commercial & industrial | 605,072 | 611,565 | 611,472 | 609,720 | 656,397 | ||||||||||||
Total commercial | 2,711,431 | 2,674,948 | 2,551,502 | 2,518,856 | 2,485,701 | ||||||||||||
Residential real estate (2) | 2,604,478 | 2,611,100 | 2,510,125 | 2,403,255 | 2,323,002 | ||||||||||||
Home equity | 312,594 | 305,683 | 301,116 | 288,878 | 285,715 | ||||||||||||
Other | 19,203 | 19,384 | 18,370 | 16,980 | 15,721 | ||||||||||||
Total consumer | 331,797 | 325,067 | 319,486 | 305,858 | 301,436 | ||||||||||||
Total loans | $5,647,706 | $5,611,115 | $5,381,113 | $5,227,969 | $5,110,139 |
December 31, 2023 | December 31, 2022 | ||||||||||||||||
Balance | % of Total | Balance | % of Total | ||||||||||||||
Commercial Real Estate Loans by Property Location: | |||||||||||||||||
Connecticut | $815,975 | 39 | % | $691,780 | 38 | % | |||||||||||
Massachusetts | 645,736 | 31 | 566,717 | 31 | |||||||||||||
Rhode Island | 430,899 | 20 | 387,759 | 21 | |||||||||||||
Subtotal | 1,892,610 | 90 | 1,646,256 | 90 | |||||||||||||
All other states | 213,749 | 10 | 183,048 | 10 | |||||||||||||
Total commercial real estate loans | $2,106,359 | 100 | % | $1,829,304 | 100 | % | |||||||||||
Residential Real Estate Loans by Property Location: | |||||||||||||||||
Massachusetts | $1,928,206 | 74 | % | $1,698,240 | 73 | % | |||||||||||
Rhode Island | 481,289 | 19 | 446,010 | 19 | |||||||||||||
Connecticut | 165,933 | 6 | 153,323 | 7 | |||||||||||||
Subtotal | 2,575,428 | 99 | 2,297,573 | 99 | |||||||||||||
All other states | 29,050 | 1 | 25,429 | 1 | |||||||||||||
Total residential real estate loans | $2,604,478 | 100 | % | $2,323,002 | 100 | % |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
END OF PERIOD LOAN COMPOSITION | |||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||
December 31, 2023 | December 31, 2022 | ||||||||||||||||
Balance | % of Total | Balance | % of Total | ||||||||||||||
Commercial Real Estate Portfolio Segmentation: | |||||||||||||||||
Multi-family dwelling | $546,694 | 26 | % | $469,233 | 26 | % | |||||||||||
Retail | 434,913 | 21 | 421,617 | 23 | |||||||||||||
Industrial and warehouse | 307,987 | 15 | 192,717 | 11 | |||||||||||||
Office | 284,199 | 13 | 257,551 | 14 | |||||||||||||
Hospitality | 235,015 | 11 | 214,829 | 12 | |||||||||||||
Healthcare | 175,490 | 8 | 136,225 | 7 | |||||||||||||
Commercial mixed use | 49,079 | 2 | 54,976 | 3 | |||||||||||||
Other | 72,982 | 4 | 82,156 | 4 | |||||||||||||
Total commercial real estate loans | $2,106,359 | 100 | % | $1,829,304 | 100 | % | |||||||||||
Commercial & Industrial Portfolio Segmentation: | |||||||||||||||||
Healthcare and social assistance | $166,490 | 28 | % | $193,052 | 29 | % | |||||||||||
Real estate rental and leasing | 70,540 | 12 | 72,429 | 11 | |||||||||||||
Transportation and warehousing | 63,789 | 11 | 51,347 | 8 | |||||||||||||
Manufacturing | 54,905 | 9 | 60,601 | 9 | |||||||||||||
Retail trade | 43,746 | 7 | 56,012 | 9 | |||||||||||||
Educational services | 41,968 | 7 | 46,708 | 7 | |||||||||||||
Finance and insurance | 33,617 | 6 | 28,313 | 4 | |||||||||||||
Information | 22,674 | 4 | 23,948 | 4 | |||||||||||||
Arts, entertainment and recreation | 22,249 | 4 | 25,646 | 4 | |||||||||||||
Accommodation and food services | 13,502 | 2 | 17,167 | 3 | |||||||||||||
Professional, scientific and technical services | 7,998 | 1 | 6,451 | 1 | |||||||||||||
Public administration | 3,019 | — | 3,789 | 1 | |||||||||||||
Other | 60,575 | 9 | 70,934 | 10 | |||||||||||||
Total commercial & industrial loans | $605,072 | 100 | % | $656,397 | 100 | % |
Weighted Average | Asset Quality | |||||||||||||||||||||||||||||||
December 31, 2023 | Balance (2) (3) | Average Loan Size (4) | Loan to Value | Debt Service Coverage | Pass | Special Mention | Classified | Nonaccrual (included in Classified) | ||||||||||||||||||||||||
Commercial Real Estate - Office by Class: | ||||||||||||||||||||||||||||||||
Class A | $113,129 | $10,381 | 58% | 1.59x | $106,776 | $6,353 | $— | $— | ||||||||||||||||||||||||
Class B | 94,702 | 4,376 | 68% | 1.50x | 72,154 | — | 22,548 | 19,047 | ||||||||||||||||||||||||
Class C | 13,116 | 1,639 | 59% | 1.38x | 13,116 | — | — | — | ||||||||||||||||||||||||
Medical Office | 40,760 | 6,405 | 61% | 1.40x | 40,760 | — | — | — | ||||||||||||||||||||||||
Lab Space | 22,492 | 23,461 | 77% | 1.34x | 4,062 | — | 18,430 | — | ||||||||||||||||||||||||
Total office (1) | $284,199 | $6,307 | 64% | 1.49x | $236,868 | $6,353 | $40,978 | $19,047 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
END OF PERIOD DEPOSIT COMPOSITION & CONTINGENT LIQUIDITY | |||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||
Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | |||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing demand deposits | $693,746 | $773,261 | $758,242 | $829,763 | $858,953 | ||||||||||||
Interest-bearing demand deposits (in-market) | 504,959 | 490,217 | 428,306 | 318,365 | 302,044 | ||||||||||||
NOW accounts | 767,036 | 745,778 | 791,887 | 828,700 | 871,875 | ||||||||||||
Money market accounts | 1,096,959 | 1,111,797 | 1,164,557 | 1,214,014 | 1,255,805 | ||||||||||||
Savings accounts | 497,223 | 514,526 | 521,185 | 544,604 | 576,250 | ||||||||||||
Time deposits (in-market) | 1,134,187 | 1,111,942 | 1,048,820 | 924,506 | 795,838 | ||||||||||||
In-market deposits | 4,694,110 | 4,747,521 | 4,712,997 | 4,659,952 | 4,660,765 | ||||||||||||
Wholesale brokered demand deposits | — | — | — | 1,233 | 31,153 | ||||||||||||
Wholesale brokered time deposits | 654,050 | 668,042 | 601,481 | 607,329 | 327,044 | ||||||||||||
Wholesale brokered deposits | 654,050 | 668,042 | 601,481 | 608,562 | 358,197 | ||||||||||||
Total deposits | $5,348,160 | $5,415,563 | $5,314,478 | $5,268,514 | $5,018,962 |
December 31, 2023 | December 31, 2022 | ||||||||||||||||
Balance | % of Total Deposits | Balance | % of Total Deposits | ||||||||||||||
Uninsured Deposits: | |||||||||||||||||
Uninsured deposits (1) | $1,260,672 | 24 | % | $1,514,900 | 30 | % | |||||||||||
Less: affiliate deposits (2) | 92,645 | 2 | 210,444 | 4 | |||||||||||||
Uninsured deposits, excluding affiliate deposits | 1,168,027 | 22 | 1,304,456 | 26 | |||||||||||||
Less: fully-collateralized preferred deposits (3) | 204,327 | 4 | 329,868 | 7 | |||||||||||||
Uninsured deposits, after exclusions | $963,700 | 18 | % | $974,588 | 19 | % |
Dec 31, 2023 | Dec 31, 2022 | |||||||
Contingent Liquidity: | ||||||||
Federal Home Loan Bank of Boston | $1,086,607 | $668,295 | ||||||
Federal Reserve Bank of Boston | 65,759 | 27,059 | ||||||
Noninterest-bearing cash | 54,970 | 49,727 | ||||||
Unencumbered securities | 680,857 | 691,893 | ||||||
Total | $1,888,193 | $1,436,974 | ||||||
Percentage of total contingent liquidity to uninsured deposits | 149.8 | % | 94.9 | % | ||||
Percentage of total contingent liquidity to uninsured deposits, after exclusions | 195.9 | % | 147.4 | % |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
CREDIT & ASSET QUALITY DATA | |||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||
Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | |||||||||||||
Asset Quality Ratios: | |||||||||||||||||
Nonperforming assets to total assets | 0.63 | % | 0.48 | % | 0.16 | % | 0.21 | % | 0.19 | % | |||||||
Nonaccrual loans to total loans | 0.79 | % | 0.60 | % | 0.19 | % | 0.27 | % | 0.25 | % | |||||||
Total past due loans to total loans | 0.20 | % | 0.17 | % | 0.12 | % | 0.15 | % | 0.23 | % | |||||||
Allowance for credit losses on loans to nonaccrual loans | 92.02 | % | 119.50 | % | 378.04 | % | 277.40 | % | 296.02 | % | |||||||
Allowance for credit losses on loans to total loans | 0.73 | % | 0.72 | % | 0.73 | % | 0.74 | % | 0.74 | % | |||||||
Nonperforming Assets: | |||||||||||||||||
Commercial real estate | $32,827 | $22,609 | $— | $1,601 | $— | ||||||||||||
Commercial & industrial | 682 | 696 | 899 | 920 | — | ||||||||||||
Total commercial | 33,509 | 23,305 | 899 | 2,521 | — | ||||||||||||
Residential real estate | 9,626 | 9,446 | 8,542 | 10,470 | 11,894 | ||||||||||||
Home equity | 1,483 | 901 | 966 | 989 | 952 | ||||||||||||
Other consumer | — | — | — | — | — | ||||||||||||
Total consumer | 1,483 | 901 | 966 | 989 | 952 | ||||||||||||
Total nonaccrual loans | 44,618 | 33,652 | 10,407 | 13,980 | 12,846 | ||||||||||||
Other real estate owned | 683 | 683 | 683 | 683 | — | ||||||||||||
Total nonperforming assets | $45,301 | $34,335 | $11,090 | $14,663 | $12,846 | ||||||||||||
Past Due Loans (30 days or more past due): | |||||||||||||||||
Commercial real estate | $— | $— | $— | $1,188 | $1,187 | ||||||||||||
Commercial & industrial | 10 | 4 | 223 | 229 | 265 | ||||||||||||
Total commercial | 10 | 4 | 223 | 1,417 | 1,452 | ||||||||||||
Residential real estate | 8,116 | 7,785 | 4,384 | 5,730 | 8,875 | ||||||||||||
Home equity | 3,196 | 1,925 | 1,509 | 833 | 1,235 | ||||||||||||
Other consumer | 23 | 19 | 214 | 15 | 16 | ||||||||||||
Total consumer | 3,219 | 1,944 | 1,723 | 848 | 1,251 | ||||||||||||
Total past due loans | $11,345 | $9,733 | $6,330 | $7,995 | $11,578 | ||||||||||||
Accruing loans 90 days or more past due | $— | $— | $— | $— | $— | ||||||||||||
Nonaccrual loans included in past due loans | $6,877 | $5,710 | $3,672 | $5,648 | $7,196 | ||||||||||||
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||||||||||||||
CREDIT & ASSET QUALITY DATA | ||||||||||||||||||||||||||
(Unaudited; Dollars in thousands) | ||||||||||||||||||||||||||
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||||||||||||
Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2022 | ||||||||||||||||||||
Nonaccrual Loan Activity: | ||||||||||||||||||||||||||
Balance at beginning of period | $33,652 | $10,407 | $13,980 | $12,846 | $12,122 | $12,846 | $14,203 | |||||||||||||||||||
Additions to nonaccrual status | 12,018 | 25,088 | 600 | 2,570 | 2,485 | 40,276 | 3,591 | |||||||||||||||||||
Loans returned to accruing status | — | (197) | (1,329) | (110) | — | (1,636) | (699) | |||||||||||||||||||
Loans charged-off | (420) | (44) | (52) | (61) | (62) | (577) | (184) | |||||||||||||||||||
Loans transferred to other real estate owned | — | — | — | (683) | — | (683) | — | |||||||||||||||||||
Payments, payoffs and other changes | (632) | (1,602) | (2,792) | (582) | (1,699) | (5,608) | (4,065) | |||||||||||||||||||
Balance at end of period | $44,618 | $33,652 | $10,407 | $13,980 | $12,846 | $44,618 | $12,846 | |||||||||||||||||||
Allowance for Credit Losses on Loans: | ||||||||||||||||||||||||||
Balance at beginning of period | $40,213 | $39,343 | $38,780 | $38,027 | $36,863 | $38,027 | $39,088 | |||||||||||||||||||
Provision for credit losses on loans (1) | 1,250 | 900 | 600 | 800 | 900 | 3,550 | (1,429) | |||||||||||||||||||
Charge-offs | (420) | (44) | (52) | (61) | (62) | (577) | (184) | |||||||||||||||||||
Recoveries | 14 | 14 | 15 | 14 | 326 | 57 | 552 | |||||||||||||||||||
Balance at end of period | $41,057 | $40,213 | $39,343 | $38,780 | $38,027 | $41,057 | $38,027 | |||||||||||||||||||
Allowance for Credit Losses on Unfunded Commitments: | ||||||||||||||||||||||||||
Balance at beginning of period | $1,990 | $2,390 | $2,290 | $2,290 | $2,390 | $2,290 | $2,161 | |||||||||||||||||||
Provision for credit losses on unfunded commitments (1) | (50) | (400) | 100 | — | (100) | (350) | 129 | |||||||||||||||||||
Balance at end of period (2) | $1,940 | $1,990 | $2,390 | $2,290 | $2,290 | $1,940 | $2,290 |
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||||||||||||
Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2022 | ||||||||||||||||||||
Net Loan Charge-Offs (Recoveries): | ||||||||||||||||||||||||||
Commercial real estate | $373 | $— | $— | $— | ($300) | $373 | ($445) | |||||||||||||||||||
Commercial & industrial | 10 | 4 | 5 | 6 | 10 | 25 | 7 | |||||||||||||||||||
Total commercial | 383 | 4 | 5 | 6 | (290) | 398 | (438) | |||||||||||||||||||
Residential real estate | (3) | — | — | — | — | (3) | (21) | |||||||||||||||||||
Home equity | — | (7) | (2) | (1) | (8) | (10) | (12) | |||||||||||||||||||
Other consumer | 26 | 33 | 34 | 42 | 34 | 135 | 103 | |||||||||||||||||||
Total consumer | 26 | 26 | 32 | 41 | 26 | 125 | 91 | |||||||||||||||||||
Total | $406 | $30 | $37 | $47 | ($264) | $520 | ($368) | |||||||||||||||||||
Net charge-offs (recoveries) to average loans - annualized | 0.03 | % | — | % | — | % | — | % | (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 | December 31, 2023 | September 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 | $89,719 | $1,282 | 5.67 | % | $102,608 | $1,344 | 5.20 | % | ($12,889) | ($62) | 0.47 | % | |||||||||||||||||||||||
Mortgage loans held for sale | 14,620 | 255 | 6.92 | 23,057 | 332 | 5.71 | (8,437) | (77) | 1.21 | ||||||||||||||||||||||||||
Taxable debt securities | 1,163,042 | 7,191 | 2.45 | 1,181,915 | 7,271 | 2.44 | (18,873) | (80) | 0.01 | ||||||||||||||||||||||||||
FHLB stock | 50,662 | 982 | 7.69 | 46,889 | 878 | 7.43 | 3,773 | 104 | 0.26 | ||||||||||||||||||||||||||
Commercial real estate | 2,087,447 | 33,260 | 6.32 | 2,004,204 | 31,526 | 6.24 | 83,243 | 1,734 | 0.08 | ||||||||||||||||||||||||||
Commercial & industrial | 606,822 | 9,903 | 6.47 | 609,604 | 9,896 | 6.44 | (2,782) | 7 | 0.03 | ||||||||||||||||||||||||||
Total commercial | 2,694,269 | 43,163 | 6.36 | 2,613,808 | 41,422 | 6.29 | 80,461 | 1,741 | 0.07 | ||||||||||||||||||||||||||
Residential real estate | 2,606,432 | 26,303 | 4.00 | 2,552,602 | 24,976 | 3.88 | 53,830 | 1,327 | 0.12 | ||||||||||||||||||||||||||
Home equity | 307,601 | 4,774 | 6.16 | 303,144 | 4,514 | 5.91 | 4,457 | 260 | 0.25 | ||||||||||||||||||||||||||
Other | 19,275 | 238 | 4.90 | 18,813 | 225 | 4.74 | 462 | 13 | 0.16 | ||||||||||||||||||||||||||
Total consumer | 326,876 | 5,012 | 6.08 | 321,957 | 4,739 | 5.84 | 4,919 | 273 | 0.24 | ||||||||||||||||||||||||||
Total loans | 5,627,577 | 74,478 | 5.25 | 5,488,367 | 71,137 | 5.14 | 139,210 | 3,341 | 0.11 | ||||||||||||||||||||||||||
Total interest-earning assets | 6,945,620 | 84,188 | 4.81 | 6,842,836 | 80,962 | 4.69 | 102,784 | 3,226 | 0.12 | ||||||||||||||||||||||||||
Noninterest-earning assets | 245,955 | 272,321 | (26,366) | ||||||||||||||||||||||||||||||||
Total assets | $7,191,575 | $7,115,157 | $76,418 | ||||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits (in-market) | $506,365 | $5,733 | 4.49 | % | $461,760 | $5,060 | 4.35 | % | $44,605 | $673 | 0.14 | % | |||||||||||||||||||||||
NOW accounts | 721,820 | 417 | 0.23 | 742,690 | 419 | 0.22 | (20,870) | (2) | 0.01 | ||||||||||||||||||||||||||
Money market accounts | 1,139,403 | 10,339 | 3.60 | 1,173,284 | 9,929 | 3.36 | (33,881) | 410 | 0.24 | ||||||||||||||||||||||||||
Savings accounts | 501,027 | 622 | 0.49 | 516,342 | 429 | 0.33 | (15,315) | 193 | 0.16 | ||||||||||||||||||||||||||
Time deposits (in-market) | 1,127,236 | 11,192 | 3.94 | 1,080,395 | 9,880 | 3.63 | 46,841 | 1,312 | 0.31 | ||||||||||||||||||||||||||
Interest-bearing in-market deposits | 3,995,851 | 28,303 | 2.81 | 3,974,471 | 25,717 | 2.57 | 21,380 | 2,586 | 0.24 | ||||||||||||||||||||||||||
Wholesale brokered demand deposits | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Wholesale brokered time deposits | 669,342 | 8,764 | 5.19 | 659,624 | 8,352 | 5.02 | 9,718 | 412 | 0.17 | ||||||||||||||||||||||||||
Wholesale brokered deposits | 669,342 | 8,764 | 5.19 | 659,624 | 8,352 | 5.02 | 9,718 | 412 | 0.17 | ||||||||||||||||||||||||||
Total interest-bearing deposits | 4,665,193 | 37,067 | 3.15 | 4,634,095 | 34,069 | 2.92 | 31,098 | 2,998 | 0.23 | ||||||||||||||||||||||||||
FHLB advances | 1,148,533 | 13,814 | 4.77 | 1,053,370 | 12,497 | 4.71 | 95,163 | 1,317 | 0.06 | ||||||||||||||||||||||||||
Junior subordinated debentures | 22,681 | 411 | 7.19 | 22,681 | 404 | 7.07 | — | 7 | 0.12 | ||||||||||||||||||||||||||
Total interest-bearing liabilities | 5,836,407 | 51,292 | 3.49 | 5,710,146 | 46,970 | 3.26 | 126,261 | 4,322 | 0.23 | ||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 734,966 | 773,424 | (38,458) | ||||||||||||||||||||||||||||||||
Other liabilities | 184,143 | 173,572 | 10,571 | ||||||||||||||||||||||||||||||||
Shareholders' equity | 436,059 | 458,015 | (21,956) | ||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $7,191,575 | $7,115,157 | $76,418 | ||||||||||||||||||||||||||||||||
Net interest income (FTE) | $32,896 | $33,992 | ($1,096) | ||||||||||||||||||||||||||||||||
Interest rate spread | 1.32 | % | 1.43 | % | (0.11 | %) | |||||||||||||||||||||||||||||
Net interest margin | 1.88 | % | 1.97 | % | (0.09 | %) | |||||||||||||||||||||||||||||
For the Three Months Ended | Dec 31, 2023 | Sep 30, 2023 | Change | ||||||||
Commercial loans | $242 | $241 | $1 | ||||||||
Total | $242 | $241 | $1 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis) | |||||||||||||||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||||||||||||||
For the Twelve Months Ended | December 31, 2023 | December 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 | $101,166 | $4,975 | 4.92 | % | $119,932 | $1,624 | 1.35 | % | ($18,766) | $3,351 | 3.57 | % | |||||||||||||||||
Mortgage loans for sale | 17,384 | 980 | 5.64 | 29,539 | 1,165 | 3.94 | (12,155) | (185) | 1.70 | ||||||||||||||||||||
Taxable debt securities | 1,185,102 | 29,059 | 2.45 | 1,121,413 | 21,827 | 1.95 | 63,689 | 7,232 | 0.50 | ||||||||||||||||||||
FHLB stock | 46,880 | 3,315 | 7.07 | 20,721 | 548 | 2.64 | 26,159 | 2,767 | 4.43 | ||||||||||||||||||||
Commercial real estate | 1,970,580 | 118,887 | 6.03 | 1,679,300 | 65,660 | 3.91 | 291,280 | 53,227 | 2.12 | ||||||||||||||||||||
Commercial & industrial | 615,494 | 38,326 | 6.23 | 632,938 | 28,099 | 4.44 | (17,444) | 10,227 | 1.79 | ||||||||||||||||||||
Total commercial | 2,586,074 | 157,213 | 6.08 | 2,312,238 | 93,759 | 4.05 | 273,836 | 63,454 | 2.03 | ||||||||||||||||||||
Residential real estate | 2,490,991 | 96,080 | 3.86 | 1,960,629 | 65,866 | 3.36 | 530,362 | 30,214 | 0.50 | ||||||||||||||||||||
Home equity | 297,396 | 17,129 | 5.76 | 263,578 | 10,139 | 3.85 | 33,818 | 6,990 | 1.91 | ||||||||||||||||||||
Other | 18,085 | 854 | 4.72 | 15,799 | 724 | 4.58 | 2,286 | 130 | 0.14 | ||||||||||||||||||||
Total consumer | 315,481 | 17,983 | 5.70 | 279,377 | 10,863 | 3.89 | 36,104 | 7,120 | 1.81 | ||||||||||||||||||||
Total loans | 5,392,546 | 271,276 | 5.03 | 4,552,244 | 170,488 | 3.75 | 840,302 | 100,788 | 1.28 | ||||||||||||||||||||
Total interest-earning assets | 6,743,078 | 309,605 | 4.59 | 5,843,849 | 195,652 | 3.35 | 899,229 | 113,953 | 1.24 | ||||||||||||||||||||
Noninterest-earning assets | 255,962 | 258,906 | (2,944) | ||||||||||||||||||||||||||
Total assets | $6,999,040 | $6,102,755 | $896,285 | ||||||||||||||||||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||||||||||||||
Interest-bearing demand deposits (in-market) | $415,725 | $17,521 | 4.21 | % | $263,154 | $2,891 | 1.10 | % | $152,571 | $14,630 | 3.11 | % | |||||||||||||||||
NOW accounts | 766,492 | 1,594 | 0.21 | 864,084 | 862 | 0.10 | (97,592) | 732 | 0.11 | ||||||||||||||||||||
Money market accounts | 1,191,036 | 37,145 | 3.12 | 1,198,714 | 8,954 | 0.75 | (7,678) | 28,191 | 2.37 | ||||||||||||||||||||
Savings accounts | 526,275 | 1,687 | 0.32 | 574,349 | 473 | 0.08 | (48,074) | 1,214 | 0.24 | ||||||||||||||||||||
Time deposits (in-market) | 1,010,629 | 33,609 | 3.33 | 799,645 | 8,630 | 1.08 | 210,984 | 24,979 | 2.25 | ||||||||||||||||||||
Interest-bearing in-market deposits | 3,910,157 | 91,556 | 2.34 | 3,699,946 | 21,810 | 0.59 | 210,211 | 69,746 | 1.75 | ||||||||||||||||||||
Wholesale brokered demand deposits | 4,015 | 178 | 4.43 | 20,696 | 494 | 2.39 | (16,681) | (316) | 2.04 | ||||||||||||||||||||
Wholesale brokered time deposits | 602,423 | 28,695 | 4.76 | 386,170 | 3,719 | 0.96 | 216,253 | 24,976 | 3.80 | ||||||||||||||||||||
Wholesale brokered deposits | 606,438 | 28,873 | 4.76 | 406,866 | 4,213 | 1.04 | 199,572 | 24,660 | 3.72 | ||||||||||||||||||||
Total interest-bearing deposits | 4,516,595 | 120,429 | 2.67 | 4,106,812 | 26,023 | 0.63 | 409,783 | 94,406 | 2.04 | ||||||||||||||||||||
FHLB advances | 1,056,726 | 49,589 | 4.69 | 414,263 | 11,713 | 2.83 | 642,463 | 37,876 | 1.86 | ||||||||||||||||||||
Junior subordinated debentures | 22,681 | 1,543 | 6.80 | 22,681 | 739 | 3.26 | — | 804 | 3.54 | ||||||||||||||||||||
Total interest-bearing liabilities | 5,596,002 | 171,561 | 3.07 | 4,543,756 | 38,475 | 0.85 | 1,052,246 | 133,086 | 2.22 | ||||||||||||||||||||
Noninterest-bearing demand deposits | 778,152 | 923,423 | (145,271) | ||||||||||||||||||||||||||
Other liabilities | 169,842 | 142,324 | 27,518 | ||||||||||||||||||||||||||
Shareholders' equity | 455,044 | 493,252 | (38,208) | ||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $6,999,040 | $6,102,755 | $896,285 | ||||||||||||||||||||||||||
Net interest income (FTE) | $138,044 | $157,177 | ($19,133) | ||||||||||||||||||||||||||
Interest rate spread | 1.52 | % | 2.50 | % | (0.98 | %) | |||||||||||||||||||||||
Net interest margin | 2.05 | % | 2.69 | % | (0.64 | %) |
For the Twelve Months Ended | Dec 31, 2023 | Dec 31, 2022 | Change | ||||||||
Commercial loans | $946 | $1,187 | ($241) | ||||||||
Total | $946 | $1,187 | ($241) |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures | |||||||||||||||||
(Unaudited; Dollars in thousands, except per share amounts) | |||||||||||||||||
Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | |||||||||||||
Tangible Book Value per Share: | |||||||||||||||||
Total shareholders' equity, as reported | $472,686 | $431,404 | $459,161 | $464,983 | $453,669 | ||||||||||||
Less: | |||||||||||||||||
Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | ||||||||||||
Identifiable intangible assets, net | 3,711 | 3,919 | 4,130 | 4,342 | 4,554 | ||||||||||||
Total tangible shareholders' equity | $405,066 | $363,576 | $391,122 | $396,732 | $385,206 | ||||||||||||
Shares outstanding, as reported | 17,031 | 17,019 | 17,019 | 16,986 | 17,183 | ||||||||||||
Book value per share - GAAP | $27.75 | $25.35 | $26.98 | $27.37 | $26.40 | ||||||||||||
Tangible book value per share - Non-GAAP | $23.78 | $21.36 | $22.98 | $23.36 | $22.42 | ||||||||||||
Tangible Equity to Tangible Assets: | |||||||||||||||||
Total tangible shareholders' equity | $405,066 | $363,576 | $391,122 | $396,732 | $385,206 | ||||||||||||
Total assets, as reported | $7,202,847 | $7,183,475 | $7,011,760 | $6,859,182 | $6,660,051 | ||||||||||||
Less: | |||||||||||||||||
Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | ||||||||||||
Identifiable intangible assets, net | 3,711 | 3,919 | 4,130 | 4,342 | 4,554 | ||||||||||||
Total tangible assets | $7,135,227 | $7,115,647 | $6,943,721 | $6,790,931 | $6,591,588 | ||||||||||||
Equity to assets - GAAP | 6.56 | % | 6.01 | % | 6.55 | % | 6.78 | % | 6.81 | % | |||||||
Tangible equity to tangible assets - Non-GAAP | 5.68 | % | 5.11 | % | 5.63 | % | 5.84 | % | 5.84 | % |
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||||||||||||
Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2022 | ||||||||||||||||||||
Return on Average Tangible Assets: | ||||||||||||||||||||||||||
Net income, as reported | $12,947 | $11,161 | $11,256 | $12,812 | $16,573 | $48,176 | $71,681 | |||||||||||||||||||
Total average assets, as reported | $7,191,575 | $7,115,157 | $6,939,238 | $6,743,996 | $6,480,872 | $6,999,040 | $6,102,755 | |||||||||||||||||||
Less average balances of: | ||||||||||||||||||||||||||
Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | |||||||||||||||||||
Identifiable intangible assets, net | 3,812 | 4,021 | 4,233 | 4,445 | 4,657 | 4,126 | 4,977 | |||||||||||||||||||
Total average tangible assets | $7,123,854 | $7,047,227 | $6,871,096 | $6,675,642 | $6,412,306 | $6,931,005 | $6,033,869 | |||||||||||||||||||
Return on average assets - GAAP | 0.71 | % | 0.62 | % | 0.65 | % | 0.77 | % | 1.01 | % | 0.69 | % | 1.17 | % | ||||||||||||
Return on average tangible assets - Non-GAAP | 0.72 | % | 0.63 | % | 0.66 | % | 0.78 | % | 1.03 | % | 0.70 | % | 1.19 | % | ||||||||||||
Return on Average Tangible Equity: | ||||||||||||||||||||||||||
Net income available to common shareholders, as reported | $12,931 | $11,140 | $11,237 | $12,783 | $16,535 | $48,091 | $71,479 | |||||||||||||||||||
Total average equity, as reported | $436,059 | $458,015 | $466,227 | $460,106 | $438,347 | $455,044 | $493,252 | |||||||||||||||||||
Less average balances of: | ||||||||||||||||||||||||||
Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | |||||||||||||||||||
Identifiable intangible assets, net | 3,812 | 4,021 | 4,233 | 4,445 | 4,657 | 4,126 | 4,977 | |||||||||||||||||||
Total average tangible equity | $368,338 | $390,085 | $398,085 | $391,752 | $369,781 | $387,009 | $424,366 | |||||||||||||||||||
Return on average equity - GAAP | 11.77 | % | 9.65 | % | 9.67 | % | 11.27 | % | 14.96 | % | 10.57 | % | 14.49 | % | ||||||||||||
Return on average tangible equity - Non-GAAP | 13.93 | % | 11.33 | % | 11.32 | % | 13.23 | % | 17.74 | % | 12.43 | % | 16.84 | % |