Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||
Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | |||||||||||||
Assets: | |||||||||||||||||
Cash and due from banks | $130,066 | $95,544 | $224,807 | $175,259 | $297,039 | ||||||||||||
Short-term investments | 2,773 | 3,079 | 3,289 | 3,234 | 3,349 | ||||||||||||
Mortgage loans held for sale, at fair value | 24,054 | 22,656 | 15,612 | 40,196 | 48,705 | ||||||||||||
Available for sale debt securities, at fair value | 982,573 | 1,020,469 | 1,008,184 | 1,042,859 | 1,045,833 | ||||||||||||
Federal Home Loan Bank stock, at cost | 32,940 | 16,300 | 8,452 | 13,031 | 15,094 | ||||||||||||
Loans: | |||||||||||||||||
Total loans | 4,848,873 | 4,479,822 | 4,283,852 | 4,272,925 | 4,286,404 | ||||||||||||
Less: allowance for credit losses on loans | 36,863 | 36,317 | 39,236 | 39,088 | 41,711 | ||||||||||||
Net loans | 4,812,010 | 4,443,505 | 4,244,616 | 4,233,837 | 4,244,693 | ||||||||||||
Premises and equipment, net | 30,152 | 29,694 | 28,878 | 28,908 | 28,488 | ||||||||||||
Operating lease right-of-use assets | 27,788 | 28,098 | 28,816 | 26,692 | 27,518 | ||||||||||||
Investment in bank-owned life insurance | 101,491 | 100,807 | 93,192 | 92,592 | 92,974 | ||||||||||||
Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | ||||||||||||
Identifiable intangible assets, net | 4,766 | 4,981 | 5,198 | 5,414 | 5,631 | ||||||||||||
Other assets | 195,529 | 153,849 | 123,046 | 125,196 | 129,410 | ||||||||||||
Total assets | $6,408,051 | $5,982,891 | $5,847,999 | $5,851,127 | $6,002,643 | ||||||||||||
Liabilities: | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing deposits | $938,572 | $888,981 | $911,990 | $945,229 | $950,974 | ||||||||||||
Interest-bearing deposits | 4,131,285 | 4,117,648 | 4,215,960 | 4,034,822 | 4,107,168 | ||||||||||||
Total deposits | 5,069,857 | 5,006,629 | 5,127,950 | 4,980,051 | 5,058,142 | ||||||||||||
Federal Home Loan Bank advances | 700,000 | 328,000 | 55,000 | 145,000 | 222,592 | ||||||||||||
Junior subordinated debentures | 22,681 | 22,681 | 22,681 | 22,681 | 22,681 | ||||||||||||
Operating lease liabilities | 30,189 | 30,491 | 31,169 | 29,010 | 29,810 | ||||||||||||
Other liabilities | 153,050 | 118,456 | 98,007 | 109,577 | 114,100 | ||||||||||||
Total liabilities | 5,975,777 | 5,506,257 | 5,334,807 | 5,286,319 | 5,447,325 | ||||||||||||
Shareholders’ Equity: | |||||||||||||||||
Common stock | 1,085 | 1,085 | 1,085 | 1,085 | 1,085 | ||||||||||||
Paid-in capital | 127,055 | 126,079 | 127,355 | 126,511 | 126,265 | ||||||||||||
Retained earnings | 485,163 | 475,889 | 465,295 | 458,310 | 447,566 | ||||||||||||
Accumulated other comprehensive (loss) income | (171,755) | (118,041) | (79,451) | (19,981) | (18,128) | ||||||||||||
Treasury stock, at cost | (9,274) | (8,378) | (1,092) | (1,117) | (1,470) | ||||||||||||
Total shareholders’ equity | 432,274 | 476,634 | 513,192 | 564,808 | 555,318 | ||||||||||||
Total liabilities and shareholders’ equity | $6,408,051 | $5,982,891 | $5,847,999 | $5,851,127 | $6,002,643 |
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, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Sep 30, 2022 | Sep 30, 2021 | ||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||
Interest and fees on loans | $45,125 | $36,602 | $33,930 | $36,882 | $35,691 | $115,657 | $104,670 | |||||||||||||||||||
Interest on mortgage loans held for sale | 361 | 258 | 232 | 387 | 298 | 851 | 1,144 | |||||||||||||||||||
Taxable interest on debt securities | 6,061 | 4,918 | 4,230 | 3,929 | 3,683 | 15,209 | 10,366 | |||||||||||||||||||
Dividends on Federal Home Loan Bank stock | 88 | 63 | 67 | 98 | 95 | 218 | 338 | |||||||||||||||||||
Other interest income | 503 | 188 | 78 | 60 | 56 | 769 | 121 | |||||||||||||||||||
Total interest and dividend income | 52,138 | 42,029 | 38,537 | 41,356 | 39,823 | 132,704 | 116,639 | |||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||
Deposits | 6,656 | 3,963 | 3,103 | 2,977 | 2,789 | 13,722 | 9,413 | |||||||||||||||||||
Federal Home Loan Bank advances | 3,234 | 413 | 244 | 547 | 872 | 3,891 | 3,253 | |||||||||||||||||||
Junior subordinated debentures | 206 | 138 | 99 | 92 | 92 | 443 | 278 | |||||||||||||||||||
Total interest expense | 10,096 | 4,514 | 3,446 | 3,616 | 3,753 | 18,056 | 12,944 | |||||||||||||||||||
Net interest income | 42,042 | 37,515 | 35,091 | 37,740 | 36,070 | 114,648 | 103,695 | |||||||||||||||||||
Provision for credit losses | 800 | (3,000) | 100 | (2,822) | — | (2,100) | (2,000) | |||||||||||||||||||
Net interest income after provision for credit losses | 41,242 | 40,515 | 34,991 | 40,562 | 36,070 | 116,748 | 105,695 | |||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||||
Wealth management revenues | 9,525 | 10,066 | 10,531 | 10,504 | 10,455 | 30,122 | 30,778 | |||||||||||||||||||
Mortgage banking revenues | 2,047 | 2,082 | 3,501 | 4,332 | 6,373 | 7,630 | 24,294 | |||||||||||||||||||
Card interchange fees | 1,287 | 1,303 | 1,164 | 1,282 | 1,265 | 3,754 | 3,714 | |||||||||||||||||||
Service charges on deposit accounts | 819 | 763 | 668 | 766 | 673 | 2,250 | 1,917 | |||||||||||||||||||
Loan related derivative income | 1,041 | 669 | 301 | 1,972 | 728 | 2,011 | 2,370 | |||||||||||||||||||
Income from bank-owned life insurance | 684 | 615 | 601 | 1,144 | 618 | 1,900 | 1,781 | |||||||||||||||||||
Other income | 400 | 354 | 393 | 307 | 408 | 1,147 | 2,233 | |||||||||||||||||||
Total noninterest income | 15,803 | 15,852 | 17,159 | 20,307 | 20,520 | 48,814 | 67,087 | |||||||||||||||||||
Noninterest expense: | ||||||||||||||||||||||||||
Salaries and employee benefits | 21,609 | 20,381 | 21,002 | 21,524 | 22,162 | 62,992 | 65,771 | |||||||||||||||||||
Outsourced services | 3,552 | 3,375 | 3,242 | 3,585 | 3,294 | 10,169 | 9,711 | |||||||||||||||||||
Net occupancy | 2,234 | 2,174 | 2,300 | 2,145 | 2,134 | 6,708 | 6,304 | |||||||||||||||||||
Equipment | 939 | 938 | 918 | 959 | 977 | 2,795 | 2,946 | |||||||||||||||||||
Legal, audit and professional fees | 693 | 677 | 770 | 817 | 767 | 2,140 | 2,042 | |||||||||||||||||||
FDIC deposit insurance costs | 430 | 402 | 366 | 391 | 482 | 1,198 | 1,201 | |||||||||||||||||||
Advertising and promotion | 799 | 724 | 351 | 502 | 559 | 1,874 | 1,341 | |||||||||||||||||||
Amortization of intangibles | 215 | 216 | 217 | 216 | 223 | 648 | 674 | |||||||||||||||||||
Debt prepayment penalties | — | — | — | 2,700 | — | — | 4,230 | |||||||||||||||||||
Other expenses | 2,596 | 2,190 | 2,053 | 2,380 | 1,922 | 6,839 | 6,025 | |||||||||||||||||||
Total noninterest expense | 33,067 | 31,077 | 31,219 | 35,219 | 32,520 | 95,363 | 100,245 | |||||||||||||||||||
Income before income taxes | 23,978 | 25,290 | 20,931 | 25,650 | 24,070 | 70,199 | 72,537 | |||||||||||||||||||
Income tax expense | 5,310 | 5,333 | 4,448 | 5,462 | 5,319 | 15,091 | 15,855 | |||||||||||||||||||
Net income | $18,668 | $19,957 | $16,483 | $20,188 | $18,751 | $55,108 | $56,682 | |||||||||||||||||||
Net income available to common shareholders | $18,615 | $19,900 | $16,429 | $20,128 | $18,697 | $54,944 | $56,520 | |||||||||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||||||||
Basic | 17,174 | 17,303 | 17,331 | 17,328 | 17,320 | 17,269 | 17,303 | |||||||||||||||||||
Diluted | 17,298 | 17,414 | 17,482 | 17,469 | 17,444 | 17,389 | 17,451 | |||||||||||||||||||
Earnings per common share: | ||||||||||||||||||||||||||
Basic | $1.08 | $1.15 | $0.95 | $1.16 | $1.08 | $3.18 | $3.27 | |||||||||||||||||||
Diluted | $1.08 | $1.14 | $0.94 | $1.15 | $1.07 | $3.16 | $3.24 | |||||||||||||||||||
Cash dividends declared per share | $0.54 | $0.54 | $0.54 | $0.54 | $0.52 | $1.62 | $1.56 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS | |||||||||||||||||
(Unaudited; Dollars and shares in thousands, except per share amounts) | |||||||||||||||||
Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | |||||||||||||
Share and Equity Related Data: | |||||||||||||||||
Book value per share | $25.17 | $27.73 | $29.61 | $32.59 | $32.06 | ||||||||||||
Tangible book value per share - Non-GAAP (1) | $21.17 | $23.72 | $25.62 | $28.59 | $28.05 | ||||||||||||
Market value per share | $46.48 | $48.37 | $52.50 | $56.37 | $52.98 | ||||||||||||
Shares issued at end of period | 17,363 | 17,363 | 17,363 | 17,363 | 17,363 | ||||||||||||
Shares outstanding at end of period | 17,171 | 17,190 | 17,332 | 17,331 | 17,320 | ||||||||||||
Capital Ratios (2): | |||||||||||||||||
Tier 1 risk-based capital | 11.97 | % | 12.78 | % | 13.32 | % | 13.24 | % | 13.01 | % | |||||||
Total risk-based capital | 12.65 | % | 13.51 | % | 14.15 | % | 14.01 | % | 13.83 | % | |||||||
Tier 1 leverage ratio | 8.99 | % | 9.42 | % | 9.46 | % | 9.36 | % | 9.12 | % | |||||||
Common equity tier 1 | 11.50 | % | 12.28 | % | 12.79 | % | 12.71 | % | 12.47 | % | |||||||
Balance Sheet Ratios: | |||||||||||||||||
Equity to assets | 6.75 | % | 7.97 | % | 8.78 | % | 9.65 | % | 9.25 | % | |||||||
Tangible equity to tangible assets - Non-GAAP (1) | 5.74 | % | 6.89 | % | 7.68 | % | 8.57 | % | 8.19 | % | |||||||
Loans to deposits (3) | 95.4 | % | 89.2 | % | 83.1 | % | 85.8 | % | 84.9 | % |
For the Nine Months Ended | ||||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||
Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Sep 30, 2022 | Sep 30, 2021 | ||||||||||||||||||||
Performance Ratios (4): | ||||||||||||||||||||||||||
Net interest margin (5) | 2.82 | % | 2.71 | % | 2.57 | % | 2.71 | % | 2.58 | % | 2.71 | % | 2.55 | % | ||||||||||||
Return on average assets (net income divided by average assets) | 1.19 | % | 1.37 | % | 1.14 | % | 1.36 | % | 1.26 | % | 1.23 | % | 1.30 | % | ||||||||||||
Return on average tangible assets - Non-GAAP (1) | 1.20 | % | 1.39 | % | 1.15 | % | 1.38 | % | 1.27 | % | 1.25 | % | 1.32 | % | ||||||||||||
Return on average equity (net income available for common shareholders divided by average equity) | 15.16 | % | 16.11 | % | 12.04 | % | 14.34 | % | 13.37 | % | 14.35 | % | 13.93 | % | ||||||||||||
Return on average tangible equity - Non-GAAP (1) | 17.65 | % | 18.71 | % | 13.77 | % | 16.39 | % | 15.29 | % | 16.59 | % | 15.98 | % | ||||||||||||
Efficiency ratio (6) | 57.2 | % | 58.2 | % | 59.7 | % | 60.7 | % | 57.5 | % | 58.3 | % | 58.7 | % |
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, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Sep 30, 2022 | Sep 30, 2021 | ||||||||||||||||||||
Wealth Management Results | ||||||||||||||||||||||||||
Wealth Management Revenues: | ||||||||||||||||||||||||||
Asset-based revenues | $9,302 | $9,641 | $10,211 | $10,417 | $10,224 | $29,154 | $29,798 | |||||||||||||||||||
Transaction-based revenues | 223 | 425 | 320 | 87 | 231 | 968 | 980 | |||||||||||||||||||
Total wealth management revenues | $9,525 | $10,066 | $10,531 | $10,504 | $10,455 | $30,122 | $30,778 | |||||||||||||||||||
Assets Under Administration (AUA): | ||||||||||||||||||||||||||
Balance at beginning of period | $6,650,097 | $7,492,893 | $7,784,211 | $7,443,396 | $7,441,519 | $7,784,211 | $6,866,737 | |||||||||||||||||||
Net investment (depreciation) appreciation & income | (239,762) | (816,290) | (388,733) | 358,796 | (4,830) | (1,444,785) | 572,506 | |||||||||||||||||||
Net client asset (outflows) inflows | (87,578) | (26,506) | 97,415 | (17,981) | 6,707 | (16,669) | 4,153 | |||||||||||||||||||
Balance at end of period | $6,322,757 | $6,650,097 | $7,492,893 | $7,784,211 | $7,443,396 | $6,322,757 | $7,443,396 | |||||||||||||||||||
Percentage of AUA that are managed assets | 91% | 91% | 92% | 92% | 91% | 91% | 91% | |||||||||||||||||||
Mortgage Banking Results | ||||||||||||||||||||||||||
Mortgage Banking Revenues: | ||||||||||||||||||||||||||
Realized gains on loan sales, net (1) | $1,718 | $1,917 | $3,327 | $5,695 | $5,750 | $6,962 | $28,057 | |||||||||||||||||||
Changes in fair value, net (2) | (226) | (330) | (242) | (1,594) | 467 | (798) | (3,964) | |||||||||||||||||||
Loan servicing fee income, net (3) | 555 | 495 | 416 | 231 | 156 | 1,466 | 201 | |||||||||||||||||||
Total mortgage banking revenues | $2,047 | $2,082 | $3,501 | $4,332 | $6,373 | $7,630 | $24,294 | |||||||||||||||||||
Residential Mortgage Loan Originations: | ||||||||||||||||||||||||||
Originations for retention in portfolio (4) | $225,132 | $263,762 | $164,401 | $174,438 | $205,293 | $653,295 | $581,905 | |||||||||||||||||||
Originations for sale to secondary market (5) | 77,242 | 86,459 | 106,619 | 188,735 | 190,702 | 270,320 | 744,589 | |||||||||||||||||||
Total mortgage loan originations | $302,374 | $350,221 | $271,020 | $363,173 | $395,995 | $923,615 | $1,326,494 | |||||||||||||||||||
Residential Mortgage Loans Sold: | ||||||||||||||||||||||||||
Sold with servicing rights retained | $34,659 | $23,478 | $14,627 | $21,180 | $108,445 | $72,764 | $570,370 | |||||||||||||||||||
Sold with servicing rights released (5) | 40,665 | 56,263 | 115,501 | 175,818 | 65,416 | 212,429 | 186,068 | |||||||||||||||||||
Total mortgage loans sold | $75,324 | $79,741 | $130,128 | $196,998 | $173,861 | $285,193 | $756,438 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
END OF PERIOD LOAN COMPOSITION | |||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||
Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | |||||||||||||
Loans: | |||||||||||||||||
Commercial real estate (1) | $1,762,687 | $1,609,618 | $1,628,620 | $1,639,062 | $1,661,785 | ||||||||||||
Commercial & industrial | 652,758 | 620,270 | 614,892 | 641,555 | 682,774 | ||||||||||||
Total commercial | 2,415,445 | 2,229,888 | 2,243,512 | 2,280,617 | 2,344,559 | ||||||||||||
Residential real estate (2) | 2,144,098 | 1,966,341 | 1,777,974 | 1,726,975 | 1,672,364 | ||||||||||||
Home equity | 273,742 | 267,785 | 246,097 | 247,697 | 249,874 | ||||||||||||
Other | 15,588 | 15,808 | 16,269 | 17,636 | 19,607 | ||||||||||||
Total consumer | 289,330 | 283,593 | 262,366 | 265,333 | 269,481 | ||||||||||||
Total loans | $4,848,873 | $4,479,822 | $4,283,852 | $4,272,925 | $4,286,404 |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Count | Balance | % of Total | Count | Balance | % of Total | ||||||||||||||||||
Commercial Real Estate Portfolio Segmentation: | |||||||||||||||||||||||
Retail | 109 | $441,631 | 25 | % | 121 | $389,487 | 24 | % | |||||||||||||||
Multi-family dwelling | 123 | 429,796 | 24 | 127 | 474,229 | 29 | |||||||||||||||||
Office | 55 | 253,816 | 14 | 57 | 216,602 | 13 | |||||||||||||||||
Hospitality | 32 | 196,503 | 11 | 31 | 184,990 | 11 | |||||||||||||||||
Industrial and warehouse | 39 | 176,081 | 10 | 35 | 137,254 | 8 | |||||||||||||||||
Healthcare | 15 | 138,475 | 8 | 13 | 128,189 | 8 | |||||||||||||||||
Commercial mixed use | 20 | 43,235 | 2 | 20 | 38,978 | 2 | |||||||||||||||||
Other | 36 | 83,150 | 6 | 36 | 69,333 | 5 | |||||||||||||||||
Commercial real estate loans | 429 | $1,762,687 | 100 | % | 440 | $1,639,062 | 100 | % | |||||||||||||||
Commercial & Industrial Portfolio Segmentation: | |||||||||||||||||||||||
Healthcare and social assistance | 70 | $194,128 | 30 | % | 101 | $174,376 | 27 | % | |||||||||||||||
Owner occupied and other real estate | 162 | 71,431 | 11 | 185 | 72,957 | 11 | |||||||||||||||||
Manufacturing | 54 | 55,489 | 9 | 65 | 55,341 | 9 | |||||||||||||||||
Transportation and warehousing | 20 | 50,597 | 8 | 31 | 35,064 | 5 | |||||||||||||||||
Retail | 55 | 49,365 | 8 | 79 | 47,290 | 7 | |||||||||||||||||
Educational services | 20 | 48,208 | 7 | 28 | 52,211 | 8 | |||||||||||||||||
Finance and insurance | 58 | 31,579 | 5 | 59 | 31,279 | 5 | |||||||||||||||||
Entertainment and recreation | 24 | 26,050 | 4 | 37 | 32,087 | 5 | |||||||||||||||||
Information | 8 | 22,258 | 3 | 14 | 25,045 | 4 | |||||||||||||||||
Accommodation and food services | 49 | 17,499 | 3 | 114 | 28,320 | 4 | |||||||||||||||||
Professional, scientific and technical | 37 | 6,357 | 1 | 69 | 8,912 | 1 | |||||||||||||||||
Public administration | 12 | 4,223 | 1 | 16 | 5,441 | 1 | |||||||||||||||||
Other | 164 | 75,574 | 10 | 281 | 73,232 | 13 | |||||||||||||||||
Commercial & industrial loans | 733 | $652,758 | 100 | % | 1,079 | $641,555 | 100 | % |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
END OF PERIOD LOAN AND DEPOSIT COMPOSITION | |||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||||||||
Balance | % of Total | Balance | % of Total | ||||||||||||||
Commercial Real Estate Loans by Property Location: | |||||||||||||||||
Connecticut | $674,816 | 38 | % | $643,182 | 39 | % | |||||||||||
Massachusetts | 529,364 | 30 | 464,018 | 28 | |||||||||||||
Rhode Island | 396,869 | 23 | 408,496 | 25 | |||||||||||||
Subtotal | 1,601,049 | 91 | 1,515,696 | 92 | |||||||||||||
All other states | 161,638 | 9 | 123,366 | 8 | |||||||||||||
Total commercial real estate loans | $1,762,687 | 100 | % | $1,639,062 | 100 | % | |||||||||||
Residential Real Estate Loans by Property Location: | |||||||||||||||||
Massachusetts | $1,552,728 | 72 | % | $1,207,789 | 70 | % | |||||||||||
Rhode Island | 423,070 | 20 | 365,831 | 21 | |||||||||||||
Connecticut | 143,701 | 7 | 132,430 | 8 | |||||||||||||
Subtotal | 2,119,499 | 99 | 1,706,050 | 99 | |||||||||||||
All other states | 24,599 | 1 | 20,925 | 1 | |||||||||||||
Total residential real estate loans | $2,144,098 | 100 | % | $1,726,975 | 100 | % |
Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | |||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing demand deposits | $938,572 | $888,981 | $911,990 | $945,229 | $950,974 | ||||||||||||
Interest-bearing demand deposits (in-market) | 273,231 | 258,451 | 248,914 | 251,032 | 238,317 | ||||||||||||
NOW accounts | 869,984 | 887,678 | 893,603 | 867,138 | 817,937 | ||||||||||||
Money market accounts | 1,146,826 | 1,139,676 | 1,295,339 | 1,072,864 | 1,046,324 | ||||||||||||
Savings accounts | 600,568 | 572,251 | 566,461 | 555,177 | 540,306 | ||||||||||||
Time deposits (in-market) | 797,505 | 800,898 | 809,858 | 773,383 | 709,288 | ||||||||||||
In-market deposits | 4,626,686 | 4,547,935 | 4,726,165 | 4,464,823 | 4,303,146 | ||||||||||||
Wholesale brokered demand deposits | 31,044 | 31,003 | — | — | — | ||||||||||||
Wholesale brokered time deposits | 412,127 | 427,691 | 401,785 | 515,228 | 754,996 | ||||||||||||
Wholesale brokered deposits | 443,171 | 458,694 | 401,785 | 515,228 | 754,996 | ||||||||||||
Total deposits | $5,069,857 | $5,006,629 | $5,127,950 | $4,980,051 | $5,058,142 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
CREDIT & ASSET QUALITY DATA | |||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||
Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | |||||||||||||
Asset Quality Ratios: | |||||||||||||||||
Nonperforming assets to total assets | 0.19 | % | 0.21 | % | 0.22 | % | 0.24 | % | 0.18 | % | |||||||
Nonaccrual loans to total loans | 0.25 | % | 0.28 | % | 0.29 | % | 0.33 | % | 0.26 | % | |||||||
Total past due loans to total loans | 0.16 | % | 0.19 | % | 0.16 | % | 0.24 | % | 0.22 | % | |||||||
Allowance for credit losses on loans to nonaccrual loans | 304.10 | % | 292.55 | % | 311.67 | % | 275.21 | % | 380.02 | % | |||||||
Allowance for credit losses on loans to total loans | 0.76 | % | 0.81 | % | 0.92 | % | 0.91 | % | 0.97 | % | |||||||
Nonperforming Assets: | |||||||||||||||||
Commercial real estate | $— | $— | $— | $— | $— | ||||||||||||
Commercial & industrial | — | — | — | — | — | ||||||||||||
Total commercial | — | — | — | — | — | ||||||||||||
Residential real estate | 11,700 | 11,815 | 11,916 | 13,576 | 10,321 | ||||||||||||
Home equity | 422 | 599 | 673 | 627 | 655 | ||||||||||||
Other consumer | — | — | — | — | — | ||||||||||||
Total consumer | 422 | 599 | 673 | 627 | 655 | ||||||||||||
Total nonaccrual loans | 12,122 | 12,414 | 12,589 | 14,203 | 10,976 | ||||||||||||
Other real estate owned | — | — | — | — | — | ||||||||||||
Total nonperforming assets | $12,122 | $12,414 | $12,589 | $14,203 | $10,976 | ||||||||||||
Past Due Loans (30 days or more past due): | |||||||||||||||||
Commercial real estate | $— | $— | $— | $— | $— | ||||||||||||
Commercial & industrial | 4 | 7 | 108 | 3 | 2 | ||||||||||||
Total commercial | 4 | 7 | 108 | 3 | 2 | ||||||||||||
Residential real estate | 7,256 | 7,794 | 6,467 | 9,622 | 8,698 | ||||||||||||
Home equity | 252 | 728 | 431 | 765 | 824 | ||||||||||||
Other consumer | 17 | 28 | 30 | 21 | 24 | ||||||||||||
Total consumer | 269 | 756 | 461 | 786 | 848 | ||||||||||||
Total past due loans | $7,529 | $8,557 | $7,036 | $10,411 | $9,548 | ||||||||||||
Accruing loans 90 days or more past due | $— | $— | $— | $— | $— | ||||||||||||
Nonaccrual loans included in past due loans | $7,059 | $6,817 | $5,707 | $9,359 | $6,930 | ||||||||||||
Troubled Debt Restructurings ("TDR"): | |||||||||||||||||
Accruing TDRs | $7,214 | $9,607 | $16,303 | $16,328 | $7,979 | ||||||||||||
Nonaccrual TDRs | 2,890 | 2,906 | 2,789 | 2,819 | 1,732 | ||||||||||||
Total TDRs | $10,104 | $12,513 | $19,092 | $19,147 | $9,711 |
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, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Sep 30, 2022 | Sep 30, 2021 | ||||||||||||||||||||
Nonaccrual Loan Activity: | ||||||||||||||||||||||||||
Balance at beginning of period | $12,414 | $12,589 | $14,203 | $10,976 | $10,481 | $14,203 | $13,197 | |||||||||||||||||||
Additions to nonaccrual status | 521 | 158 | 427 | 3,959 | 2,583 | 1,106 | 3,854 | |||||||||||||||||||
Loans returned to accruing status | (400) | (236) | (63) | (339) | — | (699) | (877) | |||||||||||||||||||
Loans charged-off | (63) | (23) | (36) | (31) | (249) | (122) | (630) | |||||||||||||||||||
Payments, payoffs and other changes | (350) | (74) | (1,942) | (362) | (1,839) | (2,366) | (4,568) | |||||||||||||||||||
Balance at end of period | $12,122 | $12,414 | $12,589 | $14,203 | $10,976 | $12,122 | $10,976 | |||||||||||||||||||
Allowance for Credit Losses on Loans: | ||||||||||||||||||||||||||
Balance at beginning of period | $36,317 | $39,236 | $39,088 | $41,711 | $41,879 | $39,088 | $44,106 | |||||||||||||||||||
Provision for credit losses on loans (1) | 600 | (2,929) | — | (2,650) | — | (2,329) | (1,951) | |||||||||||||||||||
Charge-offs | (63) | (23) | (36) | (33) | (249) | (122) | (630) | |||||||||||||||||||
Recoveries | 9 | 33 | 184 | 60 | 81 | 226 | 186 | |||||||||||||||||||
Balance at end of period | $36,863 | $36,317 | $39,236 | $39,088 | $41,711 | $36,863 | $41,711 | |||||||||||||||||||
Allowance for Credit Losses on Unfunded Commitments: | ||||||||||||||||||||||||||
Balance at beginning of period | $2,190 | $2,261 | $2,161 | $2,333 | $2,333 | $2,161 | $2,382 | |||||||||||||||||||
Provision for credit losses on unfunded commitments (1) | 200 | (71) | 100 | (172) | — | 229 | (49) | |||||||||||||||||||
Balance at end of period (2) | $2,390 | $2,190 | $2,261 | $2,161 | $2,333 | $2,390 | $2,333 |
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||
Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Sep 30, 2022 | Sep 30, 2021 | ||||||||||||||||||||
Net Loan Charge-Offs (Recoveries): | ||||||||||||||||||||||||||
Commercial real estate | $— | $— | ($145) | $— | $— | ($145) | $— | |||||||||||||||||||
Commercial & industrial | 9 | (11) | (1) | (35) | (2) | (3) | 301 | |||||||||||||||||||
Total commercial | 9 | (11) | (146) | (35) | (2) | (148) | 301 | |||||||||||||||||||
Residential real estate | — | — | (21) | (4) | 52 | (21) | 22 | |||||||||||||||||||
Home equity | — | (2) | (2) | (12) | 110 | (4) | 104 | |||||||||||||||||||
Other consumer | 45 | 3 | 21 | 24 | 8 | 69 | 17 | |||||||||||||||||||
Total consumer | 45 | 1 | 19 | 12 | 118 | 65 | 121 | |||||||||||||||||||
Total | $54 | ($10) | ($148) | ($27) | $168 | ($104) | $444 | |||||||||||||||||||
Net charge-offs (recoveries) to average loans - annualized | — | % | — | % | (0.01 | %) | — | % | 0.02 | % | — | % | 0.01 | % |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis) | |||||||||||||||||||||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||||||||||||||||||||
For the Three Months Ended | September 30, 2022 | June 30, 2022 | Change | ||||||||||||||||||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Cash, federal funds sold and short-term investments | $92,708 | $503 | 2.15 | % | $110,424 | $188 | 0.68 | % | ($17,716) | $315 | 1.47 | % | |||||||||||||||||||||||
Mortgage loans held for sale | 34,503 | 361 | 4.15 | 26,914 | 258 | 3.84 | 7,589 | 103 | 0.31 | ||||||||||||||||||||||||||
Taxable debt securities | 1,150,674 | 6,061 | 2.09 | 1,096,611 | 4,918 | 1.80 | 54,063 | 1,143 | 0.29 | ||||||||||||||||||||||||||
FHLB stock | 25,377 | 88 | 1.38 | 9,420 | 63 | 2.68 | 15,957 | 25 | (1.30) | ||||||||||||||||||||||||||
Commercial real estate | 1,692,374 | 17,974 | 4.21 | 1,619,325 | 13,495 | 3.34 | 73,049 | 4,479 | 0.87 | ||||||||||||||||||||||||||
Commercial & industrial | 630,360 | 7,114 | 4.48 | 620,543 | 6,115 | 3.95 | 9,817 | 999 | 0.53 | ||||||||||||||||||||||||||
Total commercial | 2,322,734 | 25,088 | 4.29 | 2,239,868 | 19,610 | 3.51 | 82,866 | 5,478 | 0.78 | ||||||||||||||||||||||||||
Residential real estate | 2,045,833 | 17,379 | 3.37 | 1,836,245 | 15,010 | 3.28 | 209,588 | 2,369 | 0.09 | ||||||||||||||||||||||||||
Home equity | 269,654 | 2,804 | 4.13 | 256,771 | 2,075 | 3.24 | 12,883 | 729 | 0.89 | ||||||||||||||||||||||||||
Other | 15,299 | 171 | 4.43 | 15,770 | 183 | 4.65 | (471) | (12) | (0.22) | ||||||||||||||||||||||||||
Total consumer | 284,953 | 2,975 | 4.14 | 272,541 | 2,258 | 3.32 | 12,412 | 717 | 0.82 | ||||||||||||||||||||||||||
Total loans | 4,653,520 | 45,442 | 3.87 | 4,348,654 | 36,878 | 3.40 | 304,866 | 8,564 | 0.47 | ||||||||||||||||||||||||||
Total interest-earning assets | 5,956,782 | 52,455 | 3.49 | 5,592,023 | 42,305 | 3.03 | 364,759 | 10,150 | 0.46 | ||||||||||||||||||||||||||
Noninterest-earning assets | 259,347 | 249,309 | 10,038 | ||||||||||||||||||||||||||||||||
Total assets | $6,216,129 | $5,841,332 | $374,797 | ||||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits (in-market) | $267,670 | $822 | 1.22 | % | $248,764 | $222 | 0.36 | % | $18,906 | $600 | 0.86 | % | |||||||||||||||||||||||
NOW accounts | 871,038 | 212 | 0.10 | 883,251 | 151 | 0.07 | (12,213) | 61 | 0.03 | ||||||||||||||||||||||||||
Money market accounts | 1,137,875 | 2,231 | 0.78 | 1,268,496 | 1,139 | 0.36 | (130,621) | 1,092 | 0.42 | ||||||||||||||||||||||||||
Savings accounts | 582,513 | 100 | 0.07 | 566,307 | 119 | 0.08 | 16,206 | (19) | (0.01) | ||||||||||||||||||||||||||
Time deposits (in-market) | 797,199 | 1,983 | 0.99 | 809,697 | 1,951 | 0.97 | (12,498) | 32 | 0.02 | ||||||||||||||||||||||||||
Interest-bearing in-market deposits | 3,656,295 | 5,348 | 0.58 | 3,776,515 | 3,582 | 0.38 | (120,220) | 1,766 | 0.20 | ||||||||||||||||||||||||||
Wholesale brokered demand deposits | 31,014 | 166 | 2.12 | 20,233 | 46 | 0.91 | 10,781 | 120 | 1.21 | ||||||||||||||||||||||||||
Wholesale brokered time deposits | 381,984 | 1,142 | 1.19 | 352,438 | 335 | 0.38 | 29,546 | 807 | 0.81 | ||||||||||||||||||||||||||
Wholesale brokered deposits | 412,998 | 1,308 | 1.26 | 372,671 | 381 | 0.41 | 40,327 | 927 | 0.85 | ||||||||||||||||||||||||||
Total interest-bearing deposits | 4,069,293 | 6,656 | 0.65 | 4,149,186 | 3,963 | 0.38 | (79,893) | 2,693 | 0.27 | ||||||||||||||||||||||||||
FHLB advances | 549,729 | 3,234 | 2.33 | 151,736 | 413 | 1.09 | 397,993 | 2,821 | 1.24 | ||||||||||||||||||||||||||
Junior subordinated debentures | 22,681 | 206 | 3.60 | 22,681 | 138 | 2.44 | — | 68 | 1.16 | ||||||||||||||||||||||||||
Total interest-bearing liabilities | 4,641,703 | 10,096 | 0.86 | 4,323,603 | 4,514 | 0.42 | 318,100 | 5,582 | 0.44 | ||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 944,153 | 891,883 | 52,270 | ||||||||||||||||||||||||||||||||
Other liabilities | 143,043 | 130,273 | 12,770 | ||||||||||||||||||||||||||||||||
Shareholders' equity | 487,230 | 495,573 | (8,343) | ||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $6,216,129 | $5,841,332 | $374,797 | ||||||||||||||||||||||||||||||||
Net interest income (FTE) | $42,359 | $37,791 | $4,568 | ||||||||||||||||||||||||||||||||
Interest rate spread | 2.63 | % | 2.61 | % | 0.02 | % | |||||||||||||||||||||||||||||
Net interest margin | 2.82 | % | 2.71 | % | 0.11 | % |
For the Three Months Ended | Sep 30, 2022 | Jun 30, 2022 | Change | ||||||||
Commercial loans | $317 | $276 | $41 | ||||||||
Total | $317 | $276 | $41 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis) | |||||||||||||||||||||||||||||
(Unaudited; Dollars in thousands) | |||||||||||||||||||||||||||||
For the Nine Months Ended | September 30, 2022 | September 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 | $128,606 | $769 | 0.80 | % | $160,350 | $121 | 0.10 | % | ($31,744) | $648 | 0.70 | % | |||||||||||||||||
Mortgage loans for sale | 29,985 | 851 | 3.79 | 53,307 | 1,144 | 2.87 | (23,322) | (293) | 0.92 | ||||||||||||||||||||
Taxable debt securities | 1,106,632 | 15,209 | 1.84 | 997,741 | 10,366 | 1.39 | 108,891 | 4,843 | 0.45 | ||||||||||||||||||||
FHLB stock | 15,745 | 218 | 1.85 | 24,265 | 338 | 1.86 | (8,520) | (120) | (0.01) | ||||||||||||||||||||
Commercial real estate | 1,648,061 | 43,360 | 3.52 | 1,638,200 | 35,269 | 2.88 | 9,861 | 8,091 | 0.64 | ||||||||||||||||||||
Commercial & industrial | 628,574 | 19,456 | 4.14 | 794,091 | 23,865 | 4.02 | (165,517) | (4,409) | 0.12 | ||||||||||||||||||||
Total commercial | 2,276,635 | 62,816 | 3.69 | 2,432,291 | 59,134 | 3.25 | (155,656) | 3,682 | 0.44 | ||||||||||||||||||||
Residential real estate | 1,875,175 | 46,376 | 3.31 | 1,531,529 | 39,248 | 3.43 | 343,646 | 7,128 | (0.12) | ||||||||||||||||||||
Home equity | 257,814 | 6,753 | 3.50 | 255,959 | 6,220 | 3.25 | 1,855 | 533 | 0.25 | ||||||||||||||||||||
Other | 15,995 | 550 | 4.60 | 20,301 | 742 | 4.89 | (4,306) | (192) | (0.29) | ||||||||||||||||||||
Total consumer | 273,809 | 7,303 | 3.57 | 276,260 | 6,962 | 3.37 | (2,451) | 341 | 0.20 | ||||||||||||||||||||
Total loans | 4,425,619 | 116,495 | 3.52 | 4,240,080 | 105,344 | 3.32 | 185,539 | 11,151 | 0.20 | ||||||||||||||||||||
Total interest-earning assets | 5,706,587 | 133,542 | 3.13 | 5,475,743 | 117,313 | 2.86 | 230,844 | 16,229 | 0.27 | ||||||||||||||||||||
Noninterest-earning assets | 268,744 | 346,514 | (77,770) | ||||||||||||||||||||||||||
Total assets | $5,975,331 | $5,822,257 | $153,074 | ||||||||||||||||||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||||||||||||||
Interest-bearing demand deposits (in-market) | $255,014 | $1,114 | 0.58 | % | $190,979 | $196 | 0.14 | % | $64,035 | $918 | 0.44 | % | |||||||||||||||||
NOW accounts | 867,464 | 492 | 0.08 | 747,385 | 350 | 0.06 | 120,079 | 142 | 0.02 | ||||||||||||||||||||
Money market accounts | 1,193,599 | 3,984 | 0.45 | 958,812 | 1,852 | 0.26 | 234,787 | 2,132 | 0.19 | ||||||||||||||||||||
Savings accounts | 570,129 | 246 | 0.06 | 513,110 | 211 | 0.05 | 57,019 | 35 | 0.01 | ||||||||||||||||||||
Time deposits (in-market) | 800,037 | 5,997 | 1.00 | 687,278 | 5,822 | 1.13 | 112,759 | 175 | (0.13) | ||||||||||||||||||||
Interest-bearing in-market deposits | 3,686,243 | 11,833 | 0.43 | 3,097,564 | 8,431 | 0.36 | 588,679 | 3,402 | 0.07 | ||||||||||||||||||||
Wholesale brokered demand deposits | 17,197 | 212 | 1.65 | — | — | — | 17,197 | 212 | 1.65 | ||||||||||||||||||||
Wholesale brokered time deposits | 396,465 | 1,677 | 0.57 | 655,165 | 982 | 0.20 | (258,700) | 695 | 0.37 | ||||||||||||||||||||
Wholesale brokered deposits | 413,662 | 1,889 | 0.61 | 655,165 | 982 | 0.20 | (241,503) | 907 | 0.41 | ||||||||||||||||||||
Total interest-bearing deposits | 4,099,905 | 13,722 | 0.45 | 3,752,729 | 9,413 | 0.34 | 347,176 | 4,309 | 0.11 | ||||||||||||||||||||
FHLB advances | 285,590 | 3,891 | 1.82 | 438,213 | 3,253 | 0.99 | (152,623) | 638 | 0.83 | ||||||||||||||||||||
Junior subordinated debentures | 22,681 | 443 | 2.61 | 22,681 | 278 | 1.64 | — | 165 | 0.97 | ||||||||||||||||||||
Total interest-bearing liabilities | 4,408,176 | 18,056 | 0.55 | 4,213,623 | 12,944 | 0.41 | 194,553 | 5,112 | 0.14 | ||||||||||||||||||||
Noninterest-bearing demand deposits | 925,433 | 918,760 | 6,673 | ||||||||||||||||||||||||||
Other liabilities | 129,967 | 147,244 | (17,277) | ||||||||||||||||||||||||||
Shareholders' equity | 511,755 | 542,630 | (30,875) | ||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $5,975,331 | $5,822,257 | $153,074 | ||||||||||||||||||||||||||
Net interest income (FTE) | $115,486 | $104,369 | $11,117 | ||||||||||||||||||||||||||
Interest rate spread | 2.58 | % | 2.45 | % | 0.13 | % | |||||||||||||||||||||||
Net interest margin | 2.71 | % | 2.55 | % | 0.16 | % |
For the Nine Months Ended | Sep 30, 2022 | Sep 30, 2021 | Change | ||||||||
Commercial loans | $838 | $674 | $164 | ||||||||
Total | $838 | $674 | $164 |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||
SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures | |||||||||||||||||
(Unaudited; Dollars in thousands, except per share amounts) | |||||||||||||||||
Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | |||||||||||||
Tangible Book Value per Share: | |||||||||||||||||
Total shareholders' equity, as reported | $432,274 | $476,634 | $513,192 | $564,808 | $555,318 | ||||||||||||
Less: | |||||||||||||||||
Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | ||||||||||||
Identifiable intangible assets, net | 4,766 | 4,981 | 5,198 | 5,414 | 5,631 | ||||||||||||
Total tangible shareholders' equity | $363,599 | $407,744 | $444,085 | $495,485 | $485,778 | ||||||||||||
Shares outstanding, as reported | 17,171 | 17,190 | 17,332 | 17,331 | 17,320 | ||||||||||||
Book value per share - GAAP | $25.17 | $27.73 | $29.61 | $32.59 | $32.06 | ||||||||||||
Tangible book value per share - Non-GAAP | $21.18 | $23.72 | $25.62 | $28.59 | $28.05 | ||||||||||||
Tangible Equity to Tangible Assets: | |||||||||||||||||
Total tangible shareholders' equity | $363,599 | $407,744 | $444,085 | $495,485 | $485,778 | ||||||||||||
Total assets, as reported | $6,408,051 | $5,982,891 | $5,847,999 | $5,851,127 | $6,002,643 | ||||||||||||
Less: | |||||||||||||||||
Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | ||||||||||||
Identifiable intangible assets, net | 4,766 | 4,981 | 5,198 | 5,414 | 5,631 | ||||||||||||
Total tangible assets | $6,339,376 | $5,914,001 | $5,778,892 | $5,781,804 | $5,933,103 | ||||||||||||
Equity to assets - GAAP | 6.75 | % | 7.97 | % | 8.78 | % | 9.65 | % | 9.25 | % | |||||||
Tangible equity to tangible assets - Non-GAAP | 5.74 | % | 6.89 | % | 7.68 | % | 8.57 | % | 8.19 | % |
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||
Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Sep 30, 2022 | Sep 30, 2021 | ||||||||||||||||||||
Return on Average Tangible Assets: | ||||||||||||||||||||||||||
Net income, as reported | $18,668 | $19,957 | $16,483 | $20,188 | $18,751 | $55,108 | $56,682 | |||||||||||||||||||
Total average assets, as reported | $6,216,129 | $5,841,332 | $5,864,668 | $5,884,581 | $5,919,137 | $5,975,331 | $5,822,257 | |||||||||||||||||||
Less average balances of: | ||||||||||||||||||||||||||
Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | |||||||||||||||||||
Identifiable intangible assets, net | 4,871 | 5,086 | 5,303 | 5,526 | 5,739 | 5,085 | 5,962 | |||||||||||||||||||
Total average tangible assets | $6,147,349 | $5,772,337 | $5,795,456 | $5,815,146 | $5,849,489 | $5,906,337 | $5,752,386 | |||||||||||||||||||
Return on average assets - GAAP | 1.19 | % | 1.37 | % | 1.14 | % | 1.36 | % | 1.26 | % | 1.23 | % | 1.30 | % | ||||||||||||
Return on average tangible assets - Non-GAAP | 1.20 | % | 1.39 | % | 1.15 | % | 1.38 | % | 1.27 | % | 1.25 | % | 1.32 | % | ||||||||||||
Return on Average Tangible Equity: | ||||||||||||||||||||||||||
Net income available to common shareholders, as reported | $18,615 | $19,900 | $16,429 | $20,128 | $18,697 | $54,944 | $56,520 | |||||||||||||||||||
Total average equity, as reported | $487,230 | $495,573 | $553,185 | $556,765 | $554,847 | $511,755 | $542,630 | |||||||||||||||||||
Less average balances of: | ||||||||||||||||||||||||||
Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | |||||||||||||||||||
Identifiable intangible assets, net | 4,871 | 5,086 | 5,303 | 5,526 | 5,739 | 5,085 | 5,962 | |||||||||||||||||||
Total average tangible equity | $418,450 | $426,578 | $483,973 | $487,330 | $485,199 | $442,761 | $472,759 | |||||||||||||||||||
Return on average equity - GAAP | 15.16 | % | 16.11 | % | 12.04 | % | 14.34 | % | 13.37 | % | 14.35 | % | 13.93 | % | ||||||||||||
Return on average tangible equity - Non-GAAP | 17.65 | % | 18.71 | % | 13.77 | % | 16.39 | % | 15.29 | % | 16.59 | % | 15.98 | % |