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Washington Trust Reports Second Quarter 2023 Earnings

Published: 2023-07-24 20:05:00 ET
<<<  go to WASH company page

WESTERLY, R.I., July 24, 2023 /PRNewswire/ -- Washington Trust Bancorp, Inc. (Nasdaq: WASH), parent company of The Washington Trust Company, today announced second quarter 2023 net income of $11.3 million, or $0.66 per diluted share, compared to net income of $12.8 million, or $0.74 per diluted share, for the first quarter of 2023.

(PRNewsfoto/Washington Trust Bancorp, Inc.)

"Washington Trust's second quarter results reflect the strength and stability of our diversified business model and disciplined approach to capital, credit, and liquidity planning," stated Edward O. Handy III, Washington Trust Chairman and Chief Executive Officer.  "We've had consistent deposit growth, our asset quality remains strong, and we surpassed $7 billion in total assets for the first time.  During our 223-year history, Washington Trust has weathered many storms and we remain committed to helping our customers through these challenging economic times."

Selected financial highlights for the second quarter include:

  • Returns on average equity and average assets for the second quarter were 9.67% and 0.65%, respectively, compared to 11.27% and 0.77%, respectively, for the preceding quarter.
  • Net interest income totaled $33.5 million in the second quarter, down by $3.7 million, or 10%, from the preceding quarter, reflecting the challenging interest rate environment.
  • Asset and credit quality metrics continue to remain strong. In the second quarter, a provision for credit losses of $700 thousand was recognized, down by $100 thousand from the provision recognized in the preceding quarter.
  • Noninterest income totaled $14.3 million in the second quarter, up by $1.0 million, or 8%, from the preceding quarter, reflecting increases in both wealth management and mortgage banking revenues.
  • Total loans amounted to an all-time high of $5.4 billion, up by $153 million, or 3%, from the end of the preceding quarter. Total loans were up by $901 million, or 20%, from a year ago.
  • In-market deposits (total deposits less wholesale brokered deposits) amounted to $4.7 billion, up by $53 million, or 1%, from March 31, 2023. In-market deposits were up by $165 million, or 4%, from a year ago.

Net Interest Income

Net interest income was $33.5 million for the second quarter of 2023, down by $3.7 million, or 10%, from the first quarter of 2023.  The net interest margin was 2.03% for the second quarter, down by 30 basis points from the preceding quarter.  These declines reflected continued increases in funding costs, which outpaced increases in asset yields.  Linked quarter changes included:

  • Average interest-earning assets increased by $173 million, including an increase of $156 million in average loans. The yield on interest-earning assets for the second quarter was 4.53%, up by 23 basis points from the preceding quarter.
  • Average interest-bearing liabilities increased by $271 million, reflecting increases in average wholesale funding balances of $143 million and average in-market deposits of $128 million. The cost of interest-bearing liabilities for the second quarter of 2023 was 3.02%, up by 60 basis points from the preceding quarter.

Noninterest Income

Noninterest income totaled $14.3 million for the second quarter of 2023, up by $1.0 million, or 8%, from the first quarter of 2023.  Linked quarter changes included:

  • Wealth management revenues amounted to $9.0 million in the second quarter of 2023, up by $385 thousand, or 4%, on a linked quarter basis. This included an increase in transaction-based revenues of $252 thousand, concentrated in tax servicing and estate fee income, as well as an increase in asset-based revenues of $133 thousand. The change in asset-based revenues reflected an increase in the average balance of wealth management assets under administration ("AUA"), which was up by approximately $103 million, or 2%, from the preceding quarter.The end of period AUA balance at June 30, 2023 amounted to $6.4 billion, up by $187 million, or 3%, from March 31, 2023. This increase reflected net investment appreciation of $260 million, partially offset by net client asset outflows of $73 million.
  • Mortgage banking revenues totaled $1.8 million for the second quarter of 2023, up by $508 thousand, or 41%, from the first quarter of 2023, reflecting higher realized gains on loan sales, as well as changes in the fair value of mortgage loans held for sale and forward loan commitments. Realized gains on sales of loans increased by $251 thousand, or 44%, from the preceding quarter, due to a higher volume of loans sold to the secondary market, which was partially offset by a lower sales yield. Mortgage loans sold to the secondary market amounted to $64.6 million in the second quarter of 2023, up by $35.2 million, or 120%, from the preceding quarter.
  • Loan related derivative income in the second quarter of 2023 was up by $298 thousand from the preceding quarter, largely reflecting an increase in commercial borrower interest rate derivative transactions.
  • Income from bank-owned life insurance totaled $879 thousand in the second quarter of 2023, down by $286 thousand, or 25%, from the preceding quarter. In the second quarter, $182 thousand of income associated with life insurance proceeds was recognized, compared to $476 thousand in the preceding quarter.

Noninterest Expense

Noninterest expense totaled $33.0 million for the second quarter of 2023, down by $548 thousand, or 2%, from the first quarter of 2023.  Linked quarter changes included:

  • Salaries and employee benefits expense, the largest component of noninterest expense, amounted to $20.6 million, down by $1.2 million, or 5%, from the preceding quarter, reflecting decreases in performance-based compensation accruals, partially offset by volume-related increases in mortgage originator compensation expense.
  • FDIC deposit insurance costs were up by $499 thousand, or 57%, from the first quarter of 2023, largely reflecting growth in assets.

Income Tax

Income tax expense totaled $2.9 million for the second quarter of 2023, down by $447 thousand from the preceding quarter.  The effective tax rate for the second quarter of 2023 was 20.2%, compared to 20.5% in the preceding quarter.  Based on current federal and applicable state income tax statutes, the Corporation currently expects its full-year 2023 effective tax rate to be approximately 20.8%.

Investment Securities

The securities portfolio totaled $1.0 billion at June 30, 2023, down by $32 million, or 3%, from March 31, 2023, reflecting routine pay-downs and a decrease of $13 million in the fair value of available for sale debt securities due to changes in market interest rates.  The securities portfolio represented 15% of total assets at both June 30, 2023 and March 31, 2023.

Loans

Total loans amounted to $5.4 billion at June 30, 2023, up by $153 million, or 3%, from the end of the preceding quarter.  Linked quarter changes included:

  • Commercial loans increased by $33 million, or 1%, from March 31, 2023, reflecting originations and advances of approximately $102 million, partially offset by principal payments of approximately $69 million.
  • Residential real estate loans increased by $107 million, or 4%, from March 31, 2023. In the second quarter of 2023, residential real estate loans originated for portfolio amounted to $149 million, up by $39 million, or 35%, from the preceding quarter.
  • The consumer loan portfolio increased by $14 million, or 4%, from March 31, 2023, reflecting growth in home equity lines and loans.

Deposits and Borrowings

Total deposits, which include wholesale brokered deposits, amounted to $5.3 billion at June 30, 2023, up by $46 million, or 1%, from the end of the preceding quarter.  Uninsured deposits, after exclusions (as detailed in the financial tables below) amounted to $937 million, or 18% of total deposits, at June 30, 2023.

In-market deposits, which exclude wholesale brokered deposits, amounted to $4.7 billion at June 30, 2023, up by $53 million, or 1%, from March 31, 2023.  In the second quarter of 2023, in-market deposits continued to shift from relatively lower cost products to higher cost products due to higher market interest rates.  As of June 30, 2023, in-market deposits were approximately 59% retail and 41% commercial.  The average size of our in-market deposit accounts was approximately $37 thousand at June 30, 2023.

Wholesale funding was utilized in the second quarter to fund balance sheet growth.  FHLB advances totaled $1 billion at June 30, 2023, up by $115 million, or 12%, from March 31, 2023.  Wholesale brokered deposits amounted to $601 million and were down by $7 million, or 1%, from March 31, 2023.  As of June 30, 2023, Washington Trust has contingent liquidity of $1.7 billion, consisting of unencumbered securities and unused collateralized borrowing capacity.

Asset Quality

Nonaccrual loans were $10.4 million, or 0.19% of total loans, at June 30, 2023, compared to $14.0 million, or 0.27% of total loans, at March 31, 2023.  Past due loans were $6.3 million, or 0.12% of total loans, at June 30, 2023, compared to $8.0 million, or 0.15% of total loans, at March 31, 2023.

The allowance for credit losses ("ACL") on loans amounted to $39.3 million, or 0.73% of total loans, at June 30, 2023, compared to $38.8 million, or 0.74% of total loans, at March 31, 2023.  The ACL on unfunded commitments, included in other liabilities on the Consolidated Balance Sheets, was $2.4 million at June 30, 2023, compared to $2.3 million at March 31, 2023.

The provision for credit losses totaled $700 thousand in the second quarter of 2023, down by $100 thousand from the preceding quarter.  Actual losses remain low, as asset and credit quality metrics remain strong.  In the second quarter of 2023, net charge-offs of $37 thousand were recognized, compared to $47 thousand in the preceding quarter.

Capital and Dividends

Total shareholders' equity was $459.2 million at June 30, 2023, down by $5.8 million, or 1%, from March 31, 2023.  This decrease included $9.5 million in dividend declarations.  The accumulated other comprehensive income ("AOCI") component of shareholders' equity decreased by $7.1 million in the second quarter, largely reflecting a decrease in the fair value of available for sale debt securities due to changes in market interest rates.  These decreases were partially offset by net income of $11.3 million in the second quarter.

The Board of Directors declared a quarterly dividend of 56 cents per share for the quarter ended June 30, 2023.  The dividend was paid on July 13, 2023 to shareholders of record on July 3, 2023.

Capital levels at June 30, 2023 exceeded the regulatory minimum levels to be considered well capitalized, with a total risk-based capital ratio of 11.81% at June 30, 2023, compared to 12.01% at March 31, 2023.  Book value per share was $26.98 at June 30, 2023, compared to $27.37 at March 31, 2023.

Conference Call

Washington Trust will host a conference call to discuss its second quarter results, business highlights and outlook on Tuesday, July 25, 2023 at 8:30 a.m. (Eastern Time).  Individuals may dial in to the call at 1-833-470-1428 and enter Access Code 429492.  An audio replay of the call will be available, shortly after the conclusion of the call, by dialing 1-866-813-9403 and entering the Replay Access Code 580583.  The audio replay will be available through August 8, 2023.  Also, a webcast of the call will be posted in the Investor Relations section of Washington Trust's website, https://ir.washtrust.com, and will be available through September 30, 2023.

Background

Washington Trust Bancorp, Inc. is the parent of The Washington Trust Company.  Founded in 1800, Washington Trust is the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast's premier financial services companies.  Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts.  The Corporation's common stock trades on NASDAQ under the symbol WASH.  Investor information is available on the Corporation's website at https://ir.washtrust.com.

Forward-Looking Statements

This press release contains statements that are "forward-looking statements."  We may also make forward-looking statements in other documents we file with the U.S. Securities and Exchange Commission ("SEC"), in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees.  You can identify forward-looking statements by the use of the words "believe," "expect," "anticipate," "intend," "estimate," "assume," "outlook," "will," "should," and other expressions that predict or indicate future events and trends and which do not relate to historical matters.  You should not rely on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors, some of which are beyond our control.  These risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from the anticipated future results, performance or achievements expressed or implied by the forward-looking statements.

Some of the factors that might cause these differences include the following:

  • changes in general business and economic conditions on a national basis and in the local markets in which we operate;
  • changes in customer behavior due to political, business and economic conditions, including inflation and concerns about liquidity;
  • interest rate changes or volatility, as well as changes in the balance and mix of loans and deposits;
  • changes in loan demand and collectability;
  • the possibility that future credit losses are higher than currently expected due to changes in economic assumptions or adverse economic developments;
  • ongoing volatility in national and international financial markets;
  • reductions in the market value or outflows of wealth management AUA;
  • decreases in the value of securities and other assets;
  • increases in defaults and charge-off rates;
  • changes in the size and nature of our competition;
  • changes in legislation or regulation and accounting principles, policies and guidelines;
  • operational risks including, but not limited to, changes in information technology, cybersecurity incidents, fraud, natural disasters, war, terrorism, civil unrest and future pandemics;
  • regulatory, litigation and reputational risks; and
  • changes in the assumptions used in making such forward-looking statements.

In addition, the factors described under "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as updated by our Quarterly Reports on Form 10-Q and other filings submitted to the SEC, may result in these differences. You should carefully review all of these factors and you should be aware that there may be other factors that could cause these differences. These forward-looking statements were based on information, plans and estimates at the date of this report, and we assume no obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes.

Supplemental Information - Explanation of Non-GAAP Financial Measures

In addition to results presented in accordance with generally accepted accounting principles ("GAAP"), this press release contains certain non-GAAP financial measures.  Washington Trust's management believes that the supplemental non-GAAP information, which consists of measurements and ratios based on tangible equity and tangible assets, is utilized by regulators and market analysts to evaluate a company's financial condition and therefore, such information is useful to investors.  These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies.  Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.

Washington Trust Bancorp, Inc. and Subsidiaries

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited; Dollars in thousands)

Jun 30,2023

Mar 31,2023

Dec 31,2022

Sep 30,2022

Jun 30,2022

Assets:

Cash and due from banks

$124,877

$134,989

$115,492

$130,066

$95,544

Short-term investments

3,439

3,291

2,930

2,773

3,079

Mortgage loans held for sale, at fair value

20,872

7,445

8,987

24,054

22,656

Available for sale debt securities, at fair value

1,022,458

1,054,747

993,928

982,573

1,020,469

Federal Home Loan Bank stock, at cost

45,868

42,501

43,463

32,940

16,300

Loans:

Total loans

5,381,113

5,227,969

5,110,139

4,848,873

4,479,822

Less: allowance for credit losses on loans

39,343

38,780

38,027

36,863

36,317

Net loans

5,341,770

5,189,189

5,072,112

4,812,010

4,443,505

Premises and equipment, net

32,591

31,719

31,550

30,152

29,694

Operating lease right-of-use assets

28,633

26,170

27,156

27,788

28,098

Investment in bank-owned life insurance

102,293

101,782

102,182

101,491

100,807

Goodwill

63,909

63,909

63,909

63,909

63,909

Identifiable intangible assets, net

4,130

4,342

4,554

4,766

4,981

Other assets

220,920

199,098

193,788

195,529

153,849

Total assets

$7,011,760

$6,859,182

$6,660,051

$6,408,051

$5,982,891

Liabilities:

Deposits:

Noninterest-bearing deposits

$758,242

$829,763

$858,953

$938,572

$888,981

Interest-bearing deposits

4,556,236

4,438,751

4,160,009

4,131,285

4,117,648

Total deposits

5,314,478

5,268,514

5,018,962

5,069,857

5,006,629

Federal Home Loan Bank advances

1,040,000

925,000

980,000

700,000

328,000

Junior subordinated debentures

22,681

22,681

22,681

22,681

22,681

Operating lease liabilities

31,302

28,622

29,558

30,189

30,491

Other liabilities

144,138

149,382

155,181

153,050

118,456

Total liabilities

6,552,599

6,394,199

6,206,382

5,975,777

5,506,257

Shareholders' Equity:

Common stock

1,085

1,085

1,085

1,085

1,085

Paid-in capital

125,685

127,734

127,056

127,055

126,079

Retained earnings

496,996

495,231

492,043

485,163

475,889

Accumulated other comprehensive (loss) income

(148,827)

(141,760)

(157,800)

(171,755)

(118,041)

Treasury stock, at cost

(15,778)

(17,307)

(8,715)

(9,274)

(8,378)

Total shareholders' equity

459,161

464,983

453,669

432,274

476,634

Total liabilities and shareholders' equity

$7,011,760

$6,859,182

$6,660,051

$6,408,051

$5,982,891

 

Washington Trust Bancorp, Inc. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited; Dollars and shares in thousands, except per share amounts)

For the Three Months Ended

For the Six MonthsEnded

Jun 30,2023

Mar 31,2023

Dec 31,2022

Sep 30,2022

Jun 30,2022

Jun 30,2023

Jun 30,2022

Interest income:

Interest and fees on loans

$65,449

$59,749

$53,644

$45,125

$36,602

$125,198

$70,532

Interest on mortgage loans held for sale

241

152

314

361

258

393

490

Taxable interest on debt securities

7,403

7,194

6,618

6,061

4,918

14,597

9,148

Dividends on Federal Home Loan Bank stock

858

597

330

88

63

1,455

130

Other interest income

1,279

1,070

855

503

188

2,349

266

Total interest and dividend income

75,230

68,762

61,761

52,138

42,029

143,992

80,566

Interest expense:

Deposits

29,704

19,589

12,301

6,656

3,963

49,293

7,066

Federal Home Loan Bank advances

11,652

11,626

7,822

3,234

413

23,278

657

Junior subordinated debentures

374

354

296

206

138

728

237

Total interest expense

41,730

31,569

20,419

10,096

4,514

73,299

7,960

Net interest income

33,500

37,193

41,342

42,042

37,515

70,693

72,606

Provision for credit losses

700

800

800

800

(3,000)

1,500

(2,900)

Net interest income after provision for credit losses

32,800

36,393

40,542

41,242

40,515

69,193

75,506

Noninterest income:

Wealth management revenues

9,048

8,663

8,624

9,525

10,066

17,711

20,597

Mortgage banking revenues

1,753

1,245

1,103

2,047

2,082

2,998

5,583

Card interchange fees

1,268

1,132

1,242

1,287

1,303

2,400

2,467

Service charges on deposit accounts

667

777

942

819

763

1,444

1,431

Loan related derivative income

247

(51)

745

1,041

669

196

970

Income from bank-owned life insurance

879

1,165

691

684

615

2,044

1,216

Other income

463

352

441

400

354

815

747

Total noninterest income

14,325

13,283

13,788

15,803

15,852

27,608

33,011

Noninterest expense:

Salaries and employee benefits

20,588

21,784

20,812

21,609

20,381

42,372

41,383

Outsourced services

3,621

3,496

3,568

3,552

3,375

7,117

6,617

Net occupancy

2,416

2,437

2,418

2,234

2,174

4,853

4,474

Equipment

1,050

1,028

1,002

939

938

2,078

1,856

Legal, audit and professional fees

978

896

987

693

677

1,874

1,447

FDIC deposit insurance costs

1,371

872

489

430

402

2,243

768

Advertising and promotion

427

408

713

799

724

835

1,075

Amortization of intangibles

212

212

212

215

216

424

433

Other expenses

2,353

2,431

3,158

2,596

2,190

4,784

4,243

Total noninterest expense

33,016

33,564

33,359

33,067

31,077

66,580

62,296

Income before income taxes

14,109

16,112

20,971

23,978

25,290

30,221

46,221

Income tax expense

2,853

3,300

4,398

5,310

5,333

6,153

9,781

Net income

$11,256

$12,812

$16,573

$18,668

$19,957

$24,068

$36,440

Net income available to common shareholders

$11,237

$12,783

$16,535

$18,615

$19,900

$24,020

$36,329

Weighted average common shares outstanding:

  Basic

17,011

17,074

17,180

17,174

17,303

17,042

17,317

  Diluted

17,030

17,170

17,319

17,298

17,414

17,085

17,451

Earnings per common share:

  Basic

$0.66

$0.75

$0.96

$1.08

$1.15

$1.41

$2.10

  Diluted

$0.66

$0.74

$0.95

$1.08

$1.14

$1.41

$2.08

Cash dividends declared per share

$0.56

$0.56

$0.56

$0.54

$0.54

$1.12

$1.08

 

Washington Trust Bancorp, Inc. and Subsidiaries

SELECTED FINANCIAL HIGHLIGHTS

(Unaudited; Dollars and shares in thousands, except per share amounts)

Jun 30,2023

Mar 31,2023

Dec 31,2022

Sep 30,2022

Jun 30,2022

Share and Equity Related Data:

Book value per share

$26.98

$27.37

$26.40

$25.17

$27.73

Tangible book value per share - Non-GAAP(1)

$22.98

$23.36

$22.42

$21.17

$23.72

Market value per share

$26.81

$34.66

$47.18

$46.48

$48.37

Shares issued at end of period

17,363

17,363

17,363

17,363

17,363

Shares outstanding at end of period

17,019

16,986

17,183

17,171

17,190

Capital Ratios (2):

Tier 1 risk-based capital

11.09 %

11.28 %

11.69 %

11.97 %

12.78 %

Total risk-based capital

11.81 %

12.01 %

12.37 %

12.65 %

13.51 %

Tier 1 leverage ratio

8.05 %

8.25 %

8.65 %

8.99 %

9.42 %

Common equity tier 1

10.66 %

10.84 %

11.24 %

11.50 %

12.28 %

Balance Sheet Ratios:

Equity to assets

6.55 %

6.78 %

6.81 %

6.75 %

7.97 %

Tangible equity to tangible assets - Non-GAAP(1)

5.63 %

5.84 %

5.84 %

5.74 %

6.89 %

Loans to deposits (3)

100.9 %

98.6 %

101.2 %

95.4 %

89.2 %

 

For the Six MonthsEnded

For the Three Months Ended

Jun 30,2023

Mar 31,2023

Dec 31,2022

Sep 30,2022

Jun 30,2022

Jun 30,2023

Jun 30,2022

Performance Ratios (4):

Net interest margin (5)

2.03 %

2.33 %

2.65 %

2.82 %

2.71 %

2.18 %

2.64 %

Return on average assets (net income divided by  average assets)

0.65 %

0.77 %

1.01 %

1.19 %

1.37 %

0.71 %

1.26 %

Return on average tangible assets - Non-GAAP (1)

0.66 %

0.78 %

1.03 %

1.20 %

1.39 %

0.72 %

1.27 %

Return on average equity (net income available for  common shareholders divided by average equity)

9.67 %

11.27 %

14.96 %

15.16 %

16.11 %

10.46 %

13.98 %

Return on average tangible equity - Non-GAAP (1)

11.32 %

13.23 %

17.74 %

17.65 %

18.71 %

12.26 %

16.10 %

Efficiency ratio (6)

69.0 %

66.5 %

60.5 %

57.2 %

58.2 %

67.7 %

59.0 %

(1)

See the section labeled "Supplemental Information - Calculation of Non-GAAP Financial Measures" at the end of this document.

(2)

Estimated for June 30, 2023 and actuals for prior periods.

(3)

Period-end balances of net loans and mortgage loans held for sale as a percentage of total deposits.

(4)

Annualized based on the actual number of days in the period.

(5)

Fully taxable equivalent (FTE) net interest income as a percentage of average-earnings assets.

(6)

Total noninterest expense as percentage of total revenues (net interest income and noninterest income).

 

Washington Trust Bancorp, Inc. and Subsidiaries

SELECTED FINANCIAL HIGHLIGHTS

(Unaudited; Dollars in thousands)

For the Three Months Ended

For the Six Months Ended

Jun 30,2023

Mar 31,2023

Dec 31,2022

Sep 30,2022

Jun 30,2022

Jun 30,2023

Jun 30,2022

Wealth Management Results

Wealth Management Revenues:

Asset-based revenues

$8,562

$8,429

$8,448

$9,302

$9,641

$16,991

$19,852

Transaction-based revenues

486

234

176

223

425

720

745

Total wealth management revenues

$9,048

$8,663

$8,624

$9,525

$10,066

$17,711

$20,597

Assets Under Administration (AUA):

Balance at beginning of period

$6,163,422

$5,961,990

$6,322,757

$6,650,097

$7,492,893

$5,961,990

$7,784,211

Net investment appreciation (depreciation) &  income

259,788

286,262

312,407

(239,762)

(816,290)

546,050

(1,205,023)

Net client asset (outflows) inflows

(72,950)

(84,830)

(673,174)

(87,578)

(26,506)

(157,780)

70,909

Balance at end of period

$6,350,260

$6,163,422

$5,961,990

$6,322,757

$6,650,097

$6,350,260

$6,650,097

Percentage of AUA that are managed assets

91 %

91 %

91 %

91 %

91 %

91 %

91 %

Mortgage Banking Results

Mortgage Banking Revenues:

Realized gains on loan sales, net (1)

$827

$576

$992

$1,718

$1,917

$1,403

$5,244

Changes in fair value, net (2)

382

86

(426)

(226)

(330)

468

(572)

Loan servicing fee income, net (3)

544

583

537

555

495

1,127

911

Total mortgage banking revenues

$1,753

$1,245

$1,103

$2,047

$2,082

$2,998

$5,583

Residential Mortgage Loan Originations:

Originations for retention in portfolio (4)

$148,694

$109,768

$228,579

$225,132

$263,762

$258,462

$428,163

Originations for sale to secondary market (5)

77,995

27,763

39,087

77,242

86,459

105,758

193,078

Total mortgage loan originations

$226,689

$137,531

$267,666

$302,374

$350,221

$364,220

$621,241

Residential Mortgage Loans Sold:

Sold with servicing rights retained

$28,727

$17,114

$27,085

$34,659

$23,478

$45,841

$38,105

Sold with servicing rights released (5)

35,836

12,214

27,470

40,665

56,263

48,050

171,764

Total mortgage loans sold

$64,563

$29,328

$54,555

$75,324

$79,741

$93,891

$209,869

(1)

Includes gains on loan sales, commission income on loans originated for others, servicing right gains, and gains (losses) on forward loan commitments.

(2)

Represents fair value changes on mortgage loans held for sale and forward loan commitments.

(3)

Represents loan servicing fee income, net of servicing right amortization and valuation adjustments.

(4)

Includes the full commitment amount of homeowner construction loans.

(5)

Includes brokered loans (loans originated for others).

 

Washington Trust Bancorp, Inc. and Subsidiaries

END OF PERIOD LOAN COMPOSITION

(Unaudited; Dollars in thousands)

Jun 30,2023

Mar 31,2023

Dec 31,2022

Sep 30,2022

Jun 30,2022

Loans:

Commercial real estate (1)

$1,940,030

$1,909,136

$1,829,304

$1,762,687

$1,609,618

Commercial & industrial

611,472

609,720

656,397

652,758

620,270

Total commercial

2,551,502

2,518,856

2,485,701

2,415,445

2,229,888

Residential real estate (2)

2,510,125

2,403,255

2,323,002

2,144,098

1,966,341

Home equity

301,116

288,878

285,715

273,742

267,785

Other

18,370

16,980

15,721

15,588

15,808

Total consumer

319,486

305,858

301,436

289,330

283,593

Total loans

$5,381,113

$5,227,969

$5,110,139

$4,848,873

$4,479,822

(1)

Commercial real estate loans consist of commercial mortgages and construction and development loans.  Commercial mortgages are loans secured by income producing property.

(2)

Residential real estate loans consist of mortgage and homeowner construction loans secured by one- to four-family residential properties.

 

June 30, 2023

December 31, 2022

Balance

% of Total

Balance

% of Total

Commercial Real Estate Loans by Property Location:

Connecticut

$712,931

37 %

$691,780

38 %

Massachusetts

631,296

33

566,717

31

Rhode Island

391,913

19

387,759

21

Subtotal

1,736,140

89

1,646,256

90

All other states

203,890

11

183,048

10

Total commercial real estate loans

$1,940,030

100 %

$1,829,304

100 %

Residential Real Estate Loans by Property Location:

Massachusetts

$1,851,118

73 %

$1,698,240

73 %

Rhode Island

468,966

19

446,010

19

Connecticut

162,339

7

153,323

7

Subtotal

2,482,423

99

2,297,573

99

All other states

27,702

1

25,429

1

Total residential real estate loans

$2,510,125

100 %

$2,323,002

100 %

 

Washington Trust Bancorp, Inc. and Subsidiaries

END OF PERIOD LOAN COMPOSITION

(Unaudited; Dollars in thousands)

June 30, 2023

December 31, 2022

Count

Balance

% of Total

Count

Balance

% of Total

Commercial Real Estate Portfolio Segmentation:

Multi-family dwelling

136

$514,257

27 %

127

$469,233

26 %

Retail

101

406,728

21

108

421,617

23

Office

52

267,215

14

53

257,551

14

Hospitality

46

230,669

12

33

214,829

12

Industrial and warehouse

48

224,998

12

42

192,717

11

Healthcare

19

172,587

9

17

136,225

7

Commercial mixed use

12

45,947

2

21

54,976

3

Other

33

77,629

3

34

82,156

4

Commercial real estate loans

447

$1,940,030

100 %

435

$1,829,304

100 %

Commercial & Industrial Portfolio Segmentation:

Healthcare and social assistance

64

$162,582

27 %

69

$193,052

29 %

Owner occupied and other real estate

161

80,874

13

168

72,429

11

Transportation and warehousing

18

59,727

10

20

51,347

8

Manufacturing

55

58,074

9

55

60,601

9

Educational services

16

43,104

7

19

46,708

7

Retail

47

40,319

7

50

56,012

9

Finance and insurance

46

31,591

5

55

28,313

4

Entertainment and recreation

22

24,266

4

24

25,646

4

Information

5

23,633

4

5

23,948

4

Accommodation and food services

41

13,556

2

49

17,167

3

Professional, scientific and technical

35

5,238

1

37

6,451

1

Public administration

12

3,974

1

11

3,789

1

Other

157

64,534

10

162

70,934

10

Commercial & industrial loans

679

$611,472

100 %

724

$656,397

100 %

 

Washington Trust Bancorp, Inc. and Subsidiaries

END OF PERIOD DEPOSIT COMPOSITION & CONTINGENT LIQUIDITY

(Unaudited; Dollars in thousands)

Jun 30,2023

Mar 31,2023

Dec 31,2022

Sep 30,2022

Jun 30,2022

Deposits:

Noninterest-bearing demand deposits

$758,242

$829,763

$858,953

$938,572

$888,981

Interest-bearing demand deposits (in-market)

428,306

318,365

302,044

273,231

258,451

NOW accounts

791,887

828,700

871,875

869,984

887,678

Money market accounts

1,164,557

1,214,014

1,255,805

1,146,826

1,139,676

Savings accounts

521,185

544,604

576,250

600,568

572,251

Time deposits (in-market)

1,048,820

924,506

795,838

797,505

800,898

 In-market deposits

4,712,997

4,659,952

4,660,765

4,626,686

4,547,935

Wholesale brokered demand deposits

—

1,233

31,153

31,044

31,003

Wholesale brokered time deposits

601,481

607,329

327,044

412,127

427,691

 Wholesale brokered deposits

601,481

608,562

358,197

443,171

458,694

 Total deposits

$5,314,478

$5,268,514

$5,018,962

$5,069,857

$5,006,629

 

June 30, 2023

December 31, 2022

Balance

% of TotalDeposits

Balance

% of TotalDeposits

Uninsured Deposits:

Uninsured deposits (1)

$1,369,174

26 %

$1,514,900

30 %

Less: affiliate deposits (2)

119,034

2

210,444

4

Uninsured deposits, excluding affiliate deposits

1,250,140

24

1,304,456

26

Less: fully-collateralized preferred deposits (3)

313,237

6

329,868

7

Uninsured deposits, after exclusions

$936,903

18 %

$974,588

19 %

(1)

Determined in accordance with regulatory reporting requirements, which includes affiliate deposits and fully-collateralized preferred deposits.

(2)

Uninsured deposit balances of Washington Trust Bancorp, Inc. and its subsidiaries that are eliminated in consolidation.

(3)

Uninsured deposits of states and political subdivisions, which are secured or collateralized as required by state law.

 

June 30, 2023

December 31, 2022

Contingent Liquidity:

Federal Home Loan Bank of Boston

$968,004

$668,295

Federal Reserve Bank of Boston

25,007

27,059

Unencumbered securities

729,830

691,893

Total

$1,722,841

$1,387,247

Percentage of total contingent liquidity to uninsured deposits

125.8 %

91.6 %

Percentage of total contingent liquidity to uninsured deposits, after exclusions

183.9 %

142.3 %

 

Washington Trust Bancorp, Inc. and Subsidiaries

CREDIT & ASSET QUALITY DATA

(Unaudited; Dollars in thousands)

Jun 30,2023

Mar 31,2023

Dec 31,2022

Sep 30,2022

Jun 30,2022

Asset Quality Ratios:

Nonperforming assets to total assets

0.16 %

0.21 %

0.19 %

0.19 %

0.21 %

Nonaccrual loans to total loans

0.19 %

0.27 %

0.25 %

0.25 %

0.28 %

Total past due loans to total loans

0.12 %

0.15 %

0.23 %

0.16 %

0.19 %

Allowance for credit losses on loans to nonaccrual loans

378.04 %

277.40 %

296.02 %

304.10 %

292.55 %

Allowance for credit losses on loans to total loans

0.73 %

0.74 %

0.74 %

0.76 %

0.81 %

Nonperforming Assets:

Commercial real estate

$—

$1,601

$—

$—

$—

Commercial & industrial

899

920

—

—

—

Total commercial

899

2,521

—

—

—

Residential real estate

8,542

10,470

11,894

11,700

11,815

Home equity

966

989

952

422

599

Other consumer

—

—

—

—

—

Total consumer

966

989

952

422

599

Total nonaccrual loans

10,407

13,980

12,846

12,122

12,414

Other real estate owned

683

683

—

—

—

Total nonperforming assets

$11,090

$14,663

$12,846

$12,122

$12,414

Past Due Loans (30 days or more past due):

Commercial real estate

$—

$1,188

$1,187

$—

$—

Commercial & industrial

223

229

265

4

7

Total commercial

223

1,417

1,452

4

7

Residential real estate

4,384

5,730

8,875

7,256

7,794

Home equity

1,509

833

1,235

252

728

Other consumer

214

15

16

17

28

Total consumer

1,723

848

1,251

269

756

Total past due loans

$6,330

$7,995

$11,578

$7,529

$8,557

Accruing loans 90 days or more past due

$—

$—

$—

$—

$—

Nonaccrual loans included in past due loans

$3,672

$5,648

$7,196

$7,059

$6,817

 

Washington Trust Bancorp, Inc. and Subsidiaries

CREDIT & ASSET QUALITY DATA

(Unaudited; Dollars in thousands)

For the Three Months Ended

For the Six MonthsEnded

Jun 30,2023

Mar 31,2023

Dec 31,2022

Sep 30,2022

Jun 30,2022

Jun 30,2023

Jun 30,2022

Nonaccrual Loan Activity:

Balance at beginning of period

$13,980

$12,846

$12,122

$12,414

$12,589

$12,846

$14,203

Additions to nonaccrual status

600

2,570

2,485

521

158

3,170

585

Loans returned to accruing status

(1,329)

(110)

—

(400)

(236)

(1,439)

(299)

Loans charged-off

(52)

(61)

(62)

(63)

(23)

(113)

(59)

Loans transferred to other real estate owned

—

(683)

—

—

—

(683)

—

Payments, payoffs and other changes

(2,792)

(582)

(1,699)

(350)

(74)

(3,374)

(2,016)

Balance at end of period

$10,407

$13,980

$12,846

$12,122

$12,414

$10,407

$12,414

Allowance for Credit Losses on Loans:

Balance at beginning of period

$38,780

$38,027

$36,863

$36,317

$39,236

$38,027

$39,088

Provision for credit losses on loans (1)

600

800

900

600

(2,929)

1,400

(2,929)

Charge-offs

(52)

(61)

(62)

(63)

(23)

(113)

(59)

Recoveries

15

14

326

9

33

29

217

Balance at end of period

$39,343

$38,780

$38,027

$36,863

$36,317

$39,343

$36,317

Allowance for Credit Losses on Unfunded Commitments:

Balance at beginning of period

$2,290

$2,290

$2,390

$2,190

$2,261

$2,290

$2,161

Provision for credit losses on unfunded commitments (1)

100

—

(100)

200

(71)

100

29

Balance at end of period (2)

$2,390

$2,290

$2,290

$2,390

$2,190

$2,390

$2,190

(1)

Included in provision for credit losses in the Consolidated Statements of Income.

(2)

Included in other liabilities in the Consolidated Balance Sheets.

 

For the Three Months Ended

For the Six Months Ended

Jun 30,2023

Mar 31,2023

Dec 31,2022

Sep 30,2022

Jun 30,2022

Jun 30,2023

Jun 30,2022

Net Loan Charge-Offs (Recoveries):

Commercial real estate

$—

$—

($300)

$—

$—

$—

($145)

Commercial & industrial

5

6

10

9

(11)

11

(12)

Total commercial

5

6

(290)

9

(11)

11

(157)

Residential real estate

—

—

—

—

—

—

(21)

Home equity

(2)

(1)

(8)

—

(2)

(3)

(4)

Other consumer

34

42

34

45

3

76

24

Total consumer

32

41

26

45

1

73

20

Total

$37

$47

($264)

$54

($10)

$84

($158)

Net charge-offs (recoveries) to average loans - annualized

— %

— %

(0.02 %)

— %

— %

— %

(0.01 %)

 

The following tables present average balance and interest rate information.  Tax-exempt income is converted to a fully taxable equivalent ("FTE") basis using the statutory federal income tax rate adjusted for applicable state income taxes net of the related federal tax benefit.  Unrealized gains (losses) on available for sale securities and changes in fair value on mortgage loans held for sale are excluded from the average balance and yield calculations.  Nonaccrual loans, as well as interest recognized on these loans, are included in amounts presented for loans.

Washington Trust Bancorp, Inc. and Subsidiaries

CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)

(Unaudited; Dollars in thousands)

For the Three Months Ended

June 30, 2023

March 31, 2023

Change

AverageBalance

Interest

Yield/

Rate

AverageBalance

Interest

Yield/

Rate

AverageBalance

Interest

Yield/

Rate

Assets:

Cash, federal funds sold and short-term  investments

$109,204

$1,279

4.70 %

$103,269

$1,070

4.20 %

$5,935

$209

0.50 %

Mortgage loans held for sale

18,647

241

5.18

13,132

152

4.69

5,515

89

0.49

Taxable debt securities

1,201,973

7,403

2.47

1,193,852

7,194

2.44

8,121

209

0.03

FHLB stock

43,815

858

7.85

46,102

597

5.25

(2,287)

261

2.60

Commercial real estate

1,928,461

28,800

5.99

1,859,331

25,300

5.52

69,130

3,500

0.47

Commercial & industrial

615,101

9,458

6.17

630,778

9,070

5.83

(15,677)

388

0.34

Total commercial

2,543,562

38,258

6.03

2,490,109

34,370

5.60

53,453

3,888

0.43

Residential real estate

2,448,204

23,137

3.79

2,353,266

21,664

3.73

94,938

1,473

0.06

Home equity

292,195

4,082

5.60

286,348

3,759

5.32

5,847

323

0.28

Other

17,808

207

4.66

16,405

184

4.55

1,403

23

0.11

Total consumer

310,003

4,289

5.55

302,753

3,943

5.28

7,250

346

0.27

Total loans

5,301,769

65,684

4.97

5,146,128

59,977

4.73

155,641

5,707

0.24

Total interest-earning assets

6,675,408

75,465

4.53

6,502,483

68,990

4.30

172,925

6,475

0.23

Noninterest-earning assets

263,830

241,513

22,317

Total assets

$6,939,238

$6,743,996

$195,242

Liabilities and Shareholders' Equity:

Interest-bearing demand deposits (in-  market)

$393,824

$4,090

4.17 %

$298,158

$2,639

3.59 %

$95,666

$1,451

0.58 %

NOW accounts

781,226

400

0.21

821,590

358

0.18

(40,364)

42

0.03

Money market accounts

1,199,761

9,302

3.11

1,253,141

7,576

2.45

(53,380)

1,726

0.66

Savings accounts

522,300

321

0.25

566,258

314

0.22

(43,958)

7

0.03

Time deposits (in-market)

1,000,284

7,960

3.19

830,574

4,577

2.23

169,710

3,383

0.96

Interest-bearing in-market deposits

3,897,395

22,073

2.27

3,769,721

15,464

1.66

127,674

6,609

0.61

Wholesale brokered demand deposits

28

—

—

16,257

177

4.42

(16,229)

(177)

(4.42)

Wholesale brokered time deposits

650,381

7,631

4.71

427,051

3,948

3.75

223,330

3,683

0.96

Wholesale brokered deposits

650,409

7,631

4.71

443,308

4,125

3.77

207,101

3,506

0.94

Total interest-bearing deposits

4,547,804

29,704

2.62

4,213,029

19,589

1.89

334,775

10,115

0.73

FHLB advances

979,835

11,652

4.77

1,044,056

11,626

4.52

(64,221)

26

0.25

Junior subordinated debentures

22,681

374

6.61

22,681

354

6.33

—

20

0.28

Total interest-bearing liabilities

5,550,320

41,730

3.02

5,279,766

31,569

2.42

270,554

10,161

0.60

Noninterest-bearing demand deposits

770,075

835,298

(65,223)

Other liabilities

152,616

168,826

(16,210)

Shareholders' equity

466,227

460,106

6,121

Total liabilities and shareholders' equity

$6,939,238

$6,743,996

$195,242

Net interest income (FTE)

$33,735

$37,421

($3,686)

Interest rate spread

1.51 %

1.88 %

(0.37 %)

Net interest margin

2.03 %

2.33 %

(0.30 %)

 

Interest income amounts presented in the preceding table include the following adjustments for taxable equivalency:

For the Three Months Ended

Jun 30,2023

Mar 31,2023

Change

Commercial loans

$235

$228

$7

Total

$235

$228

$7

 

Washington Trust Bancorp, Inc. and Subsidiaries

CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)

(Unaudited; Dollars in thousands)

For the Six Months Ended

June 30, 2023

June 30, 2022

Change

AverageBalance

Interest

Yield/

Rate

AverageBalance

Interest

Yield/

 Rate

AverageBalance

Interest

Yield/

 Rate

Assets:

Cash, federal funds sold and short-term  investments

$106,253

$2,349

4.46 %

$146,852

$266

0.37 %

($40,599)

$2,083

4.09 %

Mortgage loans for sale

15,905

393

4.98

27,688

490

3.57

(11,783)

(97)

1.41

Taxable debt securities

1,197,935

14,597

2.46

1,084,246

9,148

1.70

113,689

5,449

0.76

FHLB stock

44,952

1,455

6.53

10,849

130

2.42

34,103

1,325

4.11

Commercial real estate

1,894,087

54,100

5.76

1,625,537

25,386

3.15

268,550

28,714

2.61

Commercial & industrial

622,896

18,528

6.00

627,667

12,342

3.97

(4,771)

6,186

2.03

Total commercial

2,516,983

72,628

5.82

2,253,204

37,728

3.38

263,779

34,900

2.44

Residential real estate

2,400,997

44,801

3.76

1,788,431

28,997

3.27

612,566

15,804

0.49

Home equity

289,288

7,841

5.47

251,796

3,950

3.16

37,492

3,891

2.31

Other

17,110

391

4.61

16,349

378

4.66

761

13

(0.05)

Total consumer

306,398

8,232

5.42

268,145

4,328

3.25

38,253

3,904

2.17

Total loans

5,224,378

125,661

4.85

4,309,780

71,053

3.32

914,598

54,608

1.53

Total interest-earning assets

6,589,423

144,455

4.42

5,579,415

81,087

2.93

1,010,008

63,368

1.49

Noninterest-earning assets

252,733

273,521

(20,788)

Total assets

$6,842,156

$5,852,936

$989,220

Liabilities and Shareholders' Equity:

Interest-bearing demand deposits (in-  market)

$346,255

$6,728

3.92 %

$248,580

$292

0.24 %

$97,675

$6,436

3.68 %

NOW accounts

801,296

758

0.19

865,647

281

0.07

(64,351)

477

0.12

Money market accounts

1,226,303

16,878

2.78

1,221,923

1,753

0.29

4,380

15,125

2.49

Savings accounts

544,159

636

0.24

563,837

191

0.07

(19,678)

445

0.17

Time deposits (in-market)

915,898

12,537

2.76

801,479

3,968

1.00

114,419

8,569

1.76

Interest-bearing in-market deposits

3,833,911

37,537

1.97

3,701,466

6,485

0.35

132,445

31,052

1.62

Wholesale brokered demand deposits

8,097

177

4.41

10,173

45

0.89

(2,076)

132

3.52

Wholesale brokered time deposits

539,333

11,579

4.33

403,826

536

0.27

135,507

11,043

4.06

Wholesale brokered deposits

547,430

11,756

4.33

413,999

581

0.28

133,431

11,175

4.05

Total interest-bearing deposits

4,381,341

49,293

2.27

4,115,465

7,066

0.35

265,876

42,227

1.92

FHLB advances

1,011,768

23,278

4.64

151,331

657

0.88

860,437

22,621

3.76

Junior subordinated debentures

22,681

728

6.47

22,681

237

2.11

—

491

4.36

Total interest-bearing liabilities

5,415,790

73,299

2.73

4,289,477

7,960

0.37

1,126,313

65,339

2.36

Noninterest-bearing demand deposits

802,506

915,918

(113,412)

Other liabilities

160,677

123,321

37,356

Shareholders' equity

463,183

524,220

(61,037)

Total liabilities and shareholders' equity

$6,842,156

$5,852,936

$989,220

Net interest income (FTE)

$71,156

$73,127

($1,971)

Interest rate spread

1.69 %

2.56 %

(0.87 %)

Net interest margin

2.18 %

2.64 %

(0.46 %)

 

Interest income amounts presented in the preceding table include the following adjustments for taxable equivalency:

For the Six Months Ended

Jun 30,2023

Jun 30,2022

Change

Commercial loans

$463

$521

($58)

Total

$463

$521

($58)

 

Washington Trust Bancorp, Inc. and Subsidiaries

SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures

(Unaudited; Dollars in thousands, except per share amounts)

Jun 30,2023

Mar 31,2023

Dec 31,2022

Sep 30,2022

Jun 30,2022

Tangible Book Value per Share:

Total shareholders' equity, as reported

$459,161

$464,983

$453,669

$432,274

$476,634

Less:

Goodwill

63,909

63,909

63,909

63,909

63,909

Identifiable intangible assets, net

4,130

4,342

4,554

4,766

4,981

Total tangible shareholders' equity

$391,122

$396,732

$385,206

$363,599

$407,744

Shares outstanding, as reported

17,019

16,986

17,183

17,171

17,190

Book value per share - GAAP

$26.98

$27.37

$26.40

$25.17

$27.73

Tangible book value per share - Non-GAAP

$22.98

$23.36

$22.42

$21.18

$23.72

Tangible Equity to Tangible Assets:

Total tangible shareholders' equity

$391,122

$396,732

$385,206

$363,599

$407,744

Total assets, as reported

$7,011,760

$6,859,182

$6,660,051

$6,408,051

$5,982,891

Less:

Goodwill

63,909

63,909

63,909

63,909

63,909

Identifiable intangible assets, net

4,130

4,342

4,554

4,766

4,981

Total tangible assets

$6,943,721

$6,790,931

$6,591,588

$6,339,376

$5,914,001

Equity to assets - GAAP

6.55 %

6.78 %

6.81 %

6.75 %

7.97 %

Tangible equity to tangible assets - Non-GAAP

5.63 %

5.84 %

5.84 %

5.74 %

6.89 %

 

For the Three Months Ended

For the Six Months Ended

Jun 30,2023

Mar 31,2023

Dec 31,2022

Sep 30,2022

Jun 30,2022

Jun 30,2023

Jun 30,2022

Return on Average Tangible Assets:

Net income, as reported

$11,256

$12,812

$16,573

$18,668

$19,957

$24,068

$36,440

Total average assets, as reported

$6,939,238

$6,743,996

$6,480,872

$6,216,129

$5,841,332

$6,842,156

$5,852,936

Less average balances of:

Goodwill

63,909

63,909

63,909

63,909

63,909

63,909

63,909

Identifiable intangible assets, net

4,233

4,445

4,657

4,871

5,086

4,338

5,194

Total average tangible assets

$6,871,096

$6,675,642

$6,412,306

$6,147,349

$5,772,337

$6,773,909

$5,783,833

Return on average assets - GAAP

0.65 %

0.77 %

1.01 %

1.19 %

1.37 %

0.71 %

1.26 %

Return on average tangible assets - Non- GAAP

0.66 %

0.78 %

1.03 %

1.20 %

1.39 %

0.72 %

1.27 %

Return on Average Tangible Equity:

Net income available to common shareholders, as reported

$11,237

$12,783

$16,535

$18,615

$19,900

$24,020

$36,329

Total average equity, as reported

$466,227

$460,106

$438,347

$487,230

$495,573

$463,183

$524,220

Less average balances of:

Goodwill

63,909

63,909

63,909

63,909

63,909

63,909

63,909

Identifiable intangible assets, net

4,233

4,445

4,657

4,871

5,086

4,338

5,194

Total average tangible equity

$398,085

$391,752

$369,781

$418,450

$426,578

$394,936

$455,117

Return on average equity - GAAP

9.67 %

11.27 %

14.96 %

15.16 %

16.11 %

10.46 %

13.98 %

Return on average tangible equity - Non- GAAP

11.32 %

13.23 %

17.74 %

17.65 %

18.71 %

12.26 %

16.10 %

 

Category: Earnings

 

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SOURCE Washington Trust Bancorp, Inc.