WESTERLY, R.I., July 21,
2021 /PRNewswire/ -- Washington Trust Bancorp, Inc. (Nasdaq: WASH),
parent company of The Washington Trust Company, today announced
second quarter 2021 net income of $17.5
million, or $1.00 per diluted
share, compared to net income of $20.5
million, or $1.17 per diluted
share, for the first quarter of 2021.
"Washington Trust reported solid second quarter results, with
strong performances across key business lines," stated Edward O. Handy III, Chairman and Chief
Executive Officer. "Our wealth management division posted a
record $7.4 billion in assets under
administration and generated an all-time high $10.4 million in quarterly revenues. As the
economic recovery continues, we have seen a revival of commercial
lending activity."
Selected financial highlights for the second quarter of 2021
include:
- Returns on average equity and average assets for the second
quarter were 12.92% and 1.20%, respectively, compared to 15.55% and
1.45%, respectively, in the preceding quarter.
- There was no provision for credit losses in the second quarter,
compared to a negative $2.0 million
in the preceding quarter.
- Wealth management revenues were $10.4
million for the second quarter, up by $533 thousand, or 5%, from the preceding quarter,
mainly due to growth in asset-based revenues. Wealth management
assets under administration ("AUA") amounted to a record
$7.4 billion at June 30, 2021.
- Residential real estate loan origination volume was strong and
totaled $489.4 million for the second
quarter, up by $48.3 million, or 11%,
from the preceding quarter and up by $63.2
million, or 15%, from the same period a year ago. While
sales volume remained strong, mortgage banking revenues declined on
a linked quarter basis reflecting lower sales yields in the
secondary market.
- Total loans amounted to $4.3
billion, up by $105 million,
or 3%, from the end of the preceding quarter and up by $12 million, or 0.3%, from a year ago. Total
loans excluding Paycheck Protection Program ("PPP") loans amounted
to $4.2 billion, up by $187 million, or 5%, from the end of the
preceding quarter and up by $77
million, or 2%, from a year ago.
- In-market deposits (total deposits less out-of-market wholesale
brokered deposits) amounted to $4.0
billion at June 30, 2021, down
by $20 million, or 1%, from the end
of the preceding quarter, and up by $421
million, or 12%, from a year ago.
Net Interest Income
Net interest income was $34.8 million
for the second quarter of 2021, up by $1.9
million, or 6%, from the first quarter of 2021. The
net interest margin was 2.55% for the second quarter, up by
4 basis points from the preceding quarter. Both net
interest income and the net interest margin benefited from
commercial loan prepayment fee income. Commercial loan
prepayment fee income amounted to $717
thousand, or 5 basis points, in the second quarter of 2021,
compared to $217 thousand, or 2 basis points, in the preceding
quarter. Linked quarter changes included:
- Average interest-earning assets increased by $140 million, with an increase of $114 million in average investment securities and
an increase in average loans of $42
million. The yield on interest-earning assets for the second
quarter was 2.85%, down by 5 basis points from the preceding
quarter. Excluding the impact of commercial loan prepayment fee
income for both periods, the yield on interest-earning assets for
the second quarter was 2.79%, down by 9 basis points from 2.88% in
the preceding quarter, mainly due to a lower yield on the average
balances of investment securities and residential real estate
loans.
- Average interest-bearing liabilities increased by $111 million, with an increase of $113 million in average in-market deposits,
partially offset by a decrease of $3
million in average wholesale funding balances. The cost of
interest-bearing liabilities for the second quarter of 2021 was
0.38%, down by 12 basis points from the preceding quarter,
reflecting the impact of lower market interest rates.
Noninterest Income
Noninterest income totaled $20.6
million for the second quarter of 2021, down by $5.4 million, or 21%, from the first quarter of
2021. As previously disclosed, included in other noninterest
income in the first quarter of 2021 was income of $1.0 million associated with a
settlement. Excluding the impact of the aforementioned item,
noninterest income was down by $4.4 million, or 18%. Linked quarter
changes included:
- Wealth management revenues amounted to $10.4 million in the second quarter of 2021, up
by $533 thousand, or 5%, on a linked
quarter basis. This included an increase in asset-based revenues of
$408 thousand, or 4%, and an increase
in transaction-based revenues of $125
thousand, or 40%, from the preceding quarter. The linked
quarter increase in transaction-based revenues was largely due to
higher tax reporting and preparation fee income.
Wealth management AUA amounted to $7.4
billion at June 30, 2021, up
by $392 million, or 6%, from
March 31, 2021. The increase
reflected net investment appreciation of $368 million and net client asset inflows of
$24 million in the second quarter of
2021. The average balance of AUA for the second quarter of 2021
increased by approximately $359
million, or 5%, from the average balance for the preceding
quarter.
- Mortgage banking revenues totaled $6.0
million for the second quarter of 2021, down by $5.9 million, or 50%, from the first quarter of
2021, mainly due to a lower sales yield on loans sold to the
secondary market. Mortgage loans sold to the secondary market
amounted to $291 million in the
second quarter of 2021, down by $1
million, or 1%, from the preceding quarter. Also included in
mortgage banking revenues was a decrease in the fair value of
mortgage loan commitments as of June 30,
2021.
- Loan related derivative income was $1.2
million in the second quarter of 2021, up by $708 thousand from the preceding quarter,
reflecting a higher volume of commercial borrower
transactions.
Noninterest Expense
Noninterest expense totaled $33.0
million for the second quarter of 2021, down by $1.7 million, or 5%, from the first quarter
of 2021. Debt prepayment penalty expense recognized on the
prepayment of higher-yielding FHLB advances amounted to
$895 thousand in the second quarter of 2021 and $3.3 million in the first quarter of 2021.
Excluding the impact of debt prepayment penalty expense from both
periods, noninterest expense was up by $739
thousand, or 2%, from the first quarter of 2021.
Linked quarter changes included:
- Salaries and employee benefits expense, our largest noninterest
expense, amounted to $22.1 million
for the second quarter of 2021, up by $555
thousand, or 3%, from the preceding quarter largely due to
increases in performance-based compensation accruals.
- Advertising and promotion expense was up by $338 thousand from the preceding quarter, largely
due to timing of such activities.
Income Tax
Income tax expense totaled $4.9
million for the second quarter of 2021, down by $786 thousand from the preceding quarter,
reflecting a lower level of pre-tax income. The effective tax
rate for the second quarter of 2021 was 21.8%, compared to 21.7% in
the preceding quarter. Based on current federal and
applicable state income statutes, the Corporation currently expects
its full-year 2021 effective tax rate to be approximately
22.0%.
Investment Securities
The securities portfolio totaled $1.1
billion at June 30, 2021, up by $104 million, or
11%, from March 31, 2021, reflecting purchases of U.S.
government agency and U.S. government-sponsored debt securities,
including mortgage-backed securities, which were partially offset
by routine pay-downs on mortgage-backed securities. Purchases
of debt securities in the second quarter 2021 totaled
$194 million, with a weighted average yield of 1.91%.
Securities represented 18% of total assets at June 30, 2021,
compared to 17% of total assets at March 31, 2021.
Loans
Total loans amounted to $4.3 billion at June 30, 2021, up by
$105 million, from the end of the
preceding quarter. Linked quarter changes included:
- Commercial loans decreased by $25
million, or 1.0%, from March 31,
2021, which included a net reduction in PPP loans of
$82 million. Excluding PPP loans,
commercial loans increased by $57
million, or 3%, from March 31,
2021, reflecting commercial loan originations and
construction advances totaling $162
million, partially offset by payoffs and pay-downs of
$103 million.
- Residential real estate loans increased by $133 million, or 9%, from March 31, 2021. The increase reflects a higher
proportion of loans originated for portfolio, as well as purchases
of $39 million of loans with a
weighted average rate of 2.74%. The purchased loans were
individually evaluated to our underwriting standards and are
predominantly secured by properties in Massachusetts.
- The consumer loan portfolio decreased by $2.8 million, or 1% from the balance at
March 31, 2021.
Deposits and Borrowings
Total deposits amounted to $4.7 billion at June 30, 2021, up by
$177 million, or 4%, from the end of the preceding
quarter. Included in total deposits are out-of-market
wholesale brokered time deposits, which increased by
$197 million, or 37%, from March 31, 2021.
Excluding wholesale brokered time deposits, in-market deposits at
June 30, 2021 were down by $20 million, or 1%, from the
end of the preceding quarter. This decrease reflected
seasonal outflows of various institutional and governmental
depositors based on their underlying business cycles, as well as
outflows associated with utilization of PPP loan funds for
customers' business needs.
FHLB advances totaled $409 million
at June 30, 2021, down by $58 million from March 31,
2021.
Asset Quality
Nonperforming assets amounted to $10.5 million at June 30, 2021,
down by $2.5 million from the
end of the preceding quarter. Total nonaccrual loans amounted
to $10.5 million, or 0.24% of
total loans, at June 30, 2021, compared to $13.0 million, or 0.31% of total loans, at
March 31, 2021.
Total past due loans amounted to $8.5
million, or 0.20% of total loans, at June 30, 2021,
compared to $10.9 million, or 0.26%
of total loans, at March 31, 2021.
Total troubled debt restructured loans ("TDR") amounted to
$10.8 million as of June 30,
2021, down by $3.5 million from
March 31, 2021, reflecting payoffs.
Washington Trust has processed loan payment deferral
modifications, or "deferments", on 654 loans totaling $728 million since the beginning of the second
quarter of 2020, in response to the COVID-19 pandemic. The
majority of these deferments qualified as eligible loan
modifications under Section 4013 of the Coronavirus Aid, Relief and
Economic Security Act (the "CARES Act"), as amended, and therefore,
were not required to be classified as TDRs and were not reported as
past due. As of June 30, 2021, active deferments remain
on 22 loans totaling $93.4 million, or 2% of the outstanding
balance of total loans excluding PPP loan balances. This is
down from active deferments on 88 loans totaling $191.4 million, or 5% of the outstanding
balance of total loans excluding PPP loan balances, as of
March 31, 2021.
The allowance for credit losses ("ACL") on loans amounted to
$41.9 million, or 0.97% of total
loans, at June 30, 2021, compared to $42.1 million, or 1.00% of total loans, at
March 31, 2021. The ACL on unfunded commitments,
included in other liabilities on the Consolidated Balance Sheets,
amounted to $2.3 million at
June 30, 2021, unchanged from the balances at March 31,
2021.
In the second quarter of 2021, no provision for credit losses
was recognized in earnings, compared to a provision for credit
losses of negative $2.0 million
in the preceding quarter. The provision for credit losses and
the related ACL reflected our current estimate of forecasted
economic conditions and continued stable asset quality
metrics. In the second quarter of 2021, net charge-offs of
$258 thousand were recognized,
compared to $18 thousand in the preceding quarter.
Capital and Dividends
Total shareholders' equity was $547.9 million at June 30, 2021, up by
$14.3 million from March 31,
2021. This increase included net income of $17.5 million, as well as an increase of
$4.9 million in the accumulated other
comprehensive income component of shareholders' equity largely due
to a temporary increase in the fair value of available for sale
debt securities, partially offset by $9.1
million in dividend declarations.
Capital levels at June 30, 2021 exceeded the regulatory
minimum levels to be considered well capitalized, with a total
risk-based capital ratio of 13.65% at June 30, 2021, compared
to 13.85% at March 31, 2021.
Book value per share amounted to $31.63 at June 30, 2021, compared to
$30.83 at March 31, 2021.
The Board of Directors declared a quarterly dividend of
52 cents per share for the quarter ended June 30,
2021. The dividend was paid on July 9, 2021 to
shareholders of record on July 1, 2021.
Conference Call
Washington Trust will host a conference call to discuss its second
quarter results, business highlights and outlook on Thursday,
July 22, 2021 at 8:30 a.m.
(Eastern Time). Individuals may dial in to the call at
1-844-378-6480. An audio replay of the call will be
available, shortly after the conclusion of the call, by dialing
1-877-344-7529 and entering the Replay PIN Number 10158379; the
audio replay will be available through August 5, 2021.
Also, a webcast of the call will be posted in the Investor
Relations section of Washington Trust's web site,
http://ir.washtrust.com, and will be available through
September 30, 2021.
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 web site at
http://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 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: the negative impacts and disruptions of the COVID-19
pandemic and measures taken to contain its spread on our employees,
customers, business operations, credit quality, financial position,
liquidity and results of operations; changes in consumer behavior
due to changing political, business and economic conditions, or
legislative or regulatory initiatives; the possibility that future
credits losses are higher than currently expected due to changes in
economic assumptions or adverse economic developments; volatility
in national and international financial markets; reductions in net
interest income resulting from interest rate volatility as well as
changes in the balance and mix of loans and deposits; reductions in
the market value or outflows of wealth management assets under
administration; decreases in the value of securities and other
assets; reductions in loan demand; changes in loan collectability,
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, cybersecurity incidents, fraud,
natural disasters and future pandemics; reputational risk relating
to our participation in the Paycheck Protection Program and other
pandemic-related legislative and regulatory initiatives and
programs; 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, 2020, 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,
2021
|
Mar 31,
2021
|
Dec 31,
2020
|
Sep 30,
2020
|
Jun 30,
2020
|
Assets:
|
|
|
|
|
|
Cash and due from
banks
|
$127,743
|
|
$166,960
|
|
$194,143
|
|
$204,113
|
|
$215,601
|
|
Short-term
investments
|
4,463
|
|
3,783
|
|
8,125
|
|
7,902
|
|
7,739
|
|
Mortgage loans held
for sale, at fair value
|
31,492
|
|
77,450
|
|
61,614
|
|
68,095
|
|
43,997
|
|
Available for sale
debt securities, at fair value
|
1,052,577
|
|
948,094
|
|
894,571
|
|
913,850
|
|
938,446
|
|
Federal Home Loan
Bank stock, at cost
|
22,757
|
|
24,772
|
|
30,285
|
|
37,469
|
|
50,017
|
|
Loans:
|
|
|
|
|
|
Total loans
|
4,299,800
|
|
4,194,666
|
|
4,195,990
|
|
4,282,047
|
|
4,287,641
|
|
Less: allowance for
credit losses on loans
|
41,879
|
|
42,137
|
|
44,106
|
|
42,645
|
|
41,441
|
|
Net loans
|
4,257,921
|
|
4,152,529
|
|
4,151,884
|
|
4,239,402
|
|
4,246,200
|
|
Premises and
equipment, net
|
29,031
|
|
28,953
|
|
28,870
|
|
27,711
|
|
28,067
|
|
Operating lease
right-of-use assets
|
28,329
|
|
28,761
|
|
29,521
|
|
29,861
|
|
27,022
|
|
Investment in
bank-owned life insurance
|
92,355
|
|
84,749
|
|
84,193
|
|
83,623
|
|
83,056
|
|
Goodwill
|
63,909
|
|
63,909
|
|
63,909
|
|
63,909
|
|
63,909
|
|
Identifiable
intangible assets, net
|
5,853
|
|
6,079
|
|
6,305
|
|
6,530
|
|
6,759
|
|
Other
assets
|
135,550
|
|
133,350
|
|
159,749
|
|
167,327
|
|
166,147
|
|
Total assets
|
$5,851,980
|
|
$5,719,389
|
|
$5,713,169
|
|
$5,849,792
|
|
$5,876,960
|
|
Liabilities:
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Noninterest-bearing
deposits
|
$901,801
|
|
$932,999
|
|
$832,287
|
|
$840,444
|
|
$815,770
|
|
Interest-bearing
deposits
|
3,823,858
|
|
3,616,143
|
|
3,546,066
|
|
3,445,249
|
|
3,285,666
|
|
Total
deposits
|
4,725,659
|
|
4,549,142
|
|
4,378,353
|
|
4,285,693
|
|
4,101,436
|
|
Federal Home Loan
Bank advances
|
408,592
|
|
466,912
|
|
593,859
|
|
713,868
|
|
1,005,051
|
|
Payment Protection
Program Lending Facility
|
—
|
|
—
|
|
—
|
|
105,746
|
|
38,900
|
|
Junior subordinated
debentures
|
22,681
|
|
22,681
|
|
22,681
|
|
22,681
|
|
22,681
|
|
Operating lease
liabilities
|
30,558
|
|
30,974
|
|
31,717
|
|
32,012
|
|
29,125
|
|
Other
liabilities
|
116,634
|
|
116,081
|
|
152,364
|
|
162,099
|
|
159,604
|
|
Total
liabilities
|
5,304,124
|
|
5,185,790
|
|
5,178,974
|
|
5,322,099
|
|
5,356,797
|
|
Shareholders'
Equity:
|
|
|
|
|
|
Common
stock
|
1,085
|
|
1,085
|
|
1,085
|
|
1,085
|
|
1,085
|
|
Paid-in
capital
|
125,442
|
|
124,882
|
|
125,610
|
|
124,768
|
|
123,684
|
|
Retained
earnings
|
437,927
|
|
429,598
|
|
418,246
|
|
408,773
|
|
399,386
|
|
Accumulated other
comprehensive (loss) income
|
(15,128)
|
|
(20,006)
|
|
(7,391)
|
|
(3,403)
|
|
(462)
|
|
Treasury stock, at
cost
|
(1,470)
|
|
(1,960)
|
|
(3,355)
|
|
(3,530)
|
|
(3,530)
|
|
Total shareholders'
equity
|
547,856
|
|
533,599
|
|
534,195
|
|
527,693
|
|
520,163
|
|
Total liabilities and
shareholders' equity
|
$5,851,980
|
|
$5,719,389
|
|
$5,713,169
|
|
$5,849,792
|
|
$5,876,960
|
|
Washington Trust
Bancorp, Inc. and Subsidiaries
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(Unaudited; Dollars
and shares in thousands, except per share amounts)
|
|
For the Three Months
Ended
|
|
For the Six Months
Ended
|
|
Jun 30,
2021
|
Mar 31,
2021
|
Dec 31,
2020
|
Sep 30,
2020
|
Jun 30,
2020
|
|
Jun 30,
2021
|
Jun 30,
2020
|
Interest
income:
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$34,820
|
|
$34,159
|
|
$34,487
|
|
$34,925
|
|
$36,005
|
|
|
$68,979
|
|
$76,013
|
|
Interest on mortgage
loans held for sale
|
405
|
|
441
|
|
569
|
|
468
|
|
440
|
|
|
846
|
|
725
|
|
Taxable interest on
debt securities
|
3,441
|
|
3,242
|
|
3,869
|
|
4,870
|
|
5,477
|
|
|
6,683
|
|
11,311
|
|
Dividends on Federal
Home Loan Bank stock
|
110
|
|
133
|
|
414
|
|
532
|
|
654
|
|
|
243
|
|
1,294
|
|
Other interest
income
|
32
|
|
33
|
|
35
|
|
39
|
|
36
|
|
|
65
|
|
385
|
|
Total interest and
dividend income
|
38,808
|
|
38,008
|
|
39,374
|
|
40,834
|
|
42,612
|
|
|
76,816
|
|
89,728
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
Deposits
|
2,961
|
|
3,663
|
|
4,632
|
|
5,532
|
|
7,112
|
|
|
6,624
|
|
15,648
|
|
Federal Home Loan Bank
advances
|
1,001
|
|
1,380
|
|
2,305
|
|
3,354
|
|
4,382
|
|
|
2,381
|
|
10,147
|
|
Junior subordinated
debentures
|
92
|
|
94
|
|
122
|
|
135
|
|
171
|
|
|
186
|
|
384
|
|
Other interest
expense
|
—
|
|
—
|
|
72
|
|
159
|
|
2
|
|
|
—
|
|
2
|
|
Total interest
expense
|
4,054
|
|
5,137
|
|
7,131
|
|
9,180
|
|
11,667
|
|
|
9,191
|
|
26,181
|
|
Net interest
income
|
34,754
|
|
32,871
|
|
32,243
|
|
31,654
|
|
30,945
|
|
|
67,625
|
|
63,547
|
|
Provision for credit
losses
|
—
|
|
(2,000)
|
|
1,781
|
|
1,325
|
|
2,200
|
|
|
(2,000)
|
|
9,236
|
|
Net interest income
after provision for credit losses
|
34,754
|
|
34,871
|
|
30,462
|
|
30,329
|
|
28,745
|
|
|
69,625
|
|
54,311
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
|
Wealth management
revenues
|
10,428
|
|
9,895
|
|
9,206
|
|
8,954
|
|
8,605
|
|
|
20,323
|
|
17,294
|
|
Mortgage banking
revenues
|
5,994
|
|
11,927
|
|
14,077
|
|
12,353
|
|
14,851
|
|
|
17,921
|
|
20,947
|
|
Card interchange
fees
|
1,316
|
|
1,133
|
|
1,148
|
|
1,161
|
|
1,031
|
|
|
2,449
|
|
1,978
|
|
Service charges on
deposit accounts
|
635
|
|
609
|
|
767
|
|
598
|
|
517
|
|
|
1,244
|
|
1,377
|
|
Loan related derivative
income
|
1,175
|
|
467
|
|
173
|
|
1,264
|
|
99
|
|
|
1,642
|
|
2,554
|
|
Income from bank-owned
life insurance
|
607
|
|
556
|
|
569
|
|
567
|
|
791
|
|
|
1,163
|
|
1,355
|
|
Other income
|
438
|
|
1,387
|
|
1,787
|
|
571
|
|
426
|
|
|
1,825
|
|
742
|
|
Total noninterest
income
|
20,593
|
|
25,974
|
|
27,727
|
|
25,468
|
|
26,320
|
|
|
46,567
|
|
46,247
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
22,082
|
|
21,527
|
|
22,075
|
|
21,892
|
|
19,464
|
|
|
43,609
|
|
38,932
|
|
Outsourced
services
|
3,217
|
|
3,200
|
|
2,950
|
|
3,160
|
|
2,784
|
|
|
6,417
|
|
5,784
|
|
Net
occupancy
|
2,042
|
|
2,128
|
|
2,083
|
|
2,012
|
|
1,909
|
|
|
4,170
|
|
3,928
|
|
Equipment
|
975
|
|
994
|
|
1,025
|
|
934
|
|
895
|
|
|
1,969
|
|
1,872
|
|
Legal, audit and
professional fees
|
678
|
|
597
|
|
1,014
|
|
1,252
|
|
659
|
|
|
1,275
|
|
1,481
|
|
FDIC deposit insurance
costs
|
374
|
|
345
|
|
330
|
|
392
|
|
674
|
|
|
719
|
|
1,096
|
|
Advertising and
promotion
|
560
|
|
222
|
|
640
|
|
384
|
|
186
|
|
|
782
|
|
445
|
|
Amortization of
intangibles
|
225
|
|
226
|
|
226
|
|
228
|
|
230
|
|
|
451
|
|
460
|
|
Debt prepayment
penalties
|
895
|
|
3,335
|
|
1,413
|
|
—
|
|
—
|
|
|
4,230
|
|
—
|
|
Other
expenses
|
1,964
|
|
2,139
|
|
2,353
|
|
2,090
|
|
1,677
|
|
|
4,103
|
|
4,933
|
|
Total noninterest
expense
|
33,012
|
|
34,713
|
|
34,109
|
|
32,344
|
|
28,478
|
|
|
67,725
|
|
58,931
|
|
Income before income
taxes
|
22,335
|
|
26,132
|
|
24,080
|
|
23,453
|
|
26,587
|
|
|
48,467
|
|
41,627
|
|
Income tax
expense
|
4,875
|
|
5,661
|
|
5,514
|
|
5,131
|
|
5,547
|
|
|
10,536
|
|
8,686
|
|
Net income
|
$17,460
|
|
$20,471
|
|
$18,566
|
|
$18,322
|
|
$21,040
|
|
|
$37,931
|
|
$32,941
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common shareholders
|
$17,408
|
|
$20,415
|
|
$18,524
|
|
$18,285
|
|
$21,000
|
|
|
$37,823
|
|
$32,869
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
17,314
|
|
17,275
|
|
17,264
|
|
17,260
|
|
17,257
|
|
|
17,295
|
|
17,301
|
|
Diluted
|
17,436
|
|
17,431
|
|
17,360
|
|
17,317
|
|
17,292
|
|
|
17,445
|
|
17,377
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
|
Basic
|
$1.01
|
|
$1.18
|
|
$1.07
|
|
$1.06
|
|
$1.22
|
|
|
$2.19
|
|
$1.90
|
|
Diluted
|
$1.00
|
|
$1.17
|
|
$1.07
|
|
$1.06
|
|
$1.21
|
|
|
$2.17
|
|
$1.89
|
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared per share
|
$0.52
|
|
$0.52
|
|
$0.52
|
|
$0.51
|
|
$0.51
|
|
|
$1.04
|
|
$1.02
|
|
Washington Trust
Bancorp, Inc. and Subsidiaries
|
SELECTED FINANCIAL
HIGHLIGHTS
|
(Unaudited; Dollars
and shares in thousands, except per share amounts)
|
|
|
|
Jun 30,
2021
|
Mar 31,
2021
|
Dec 31,
2020
|
Sep 30,
2020
|
Jun 30,
2020
|
Share and Equity
Related Data:
|
|
|
|
|
|
Book value per
share
|
$31.63
|
|
$30.83
|
|
$30.94
|
|
$30.57
|
|
$30.14
|
|
Tangible book value
per share - Non-GAAP (1)
|
$27.60
|
|
$26.79
|
|
$26.87
|
|
$26.49
|
|
$26.04
|
|
Market value per
share
|
$51.35
|
|
$51.63
|
|
$44.80
|
|
$30.66
|
|
$32.75
|
|
Shares issued at end
of period
|
17,363
|
|
17,363
|
|
17,363
|
|
17,363
|
|
17,363
|
|
Shares outstanding at
end of period
|
17,320
|
|
17,306
|
|
17,265
|
|
17,260
|
|
17,260
|
|
|
|
|
|
|
|
Capital Ratios
(2):
|
|
|
|
|
|
Tier 1 risk-based
capital
|
12.82
|
%
|
12.99
|
%
|
12.61
|
%
|
12.23
|
%
|
11.95
|
%
|
Total risk-based
capital
|
13.65
|
%
|
13.85
|
%
|
13.51
|
%
|
13.09
|
%
|
12.78
|
%
|
Tier 1 leverage
ratio
|
9.07
|
%
|
9.11
|
%
|
8.95
|
%
|
8.77
|
%
|
8.42
|
%
|
Common equity tier
1
|
12.28
|
%
|
12.43
|
%
|
12.06
|
%
|
11.69
|
%
|
11.40
|
%
|
|
|
|
|
|
|
Balance Sheet
Ratios:
|
|
|
|
|
|
Equity to
assets
|
9.36
|
%
|
9.33
|
%
|
9.35
|
%
|
9.02
|
%
|
8.85
|
%
|
Tangible equity to
tangible assets - Non-GAAP (1)
|
8.27
|
%
|
8.21
|
%
|
8.22
|
%
|
7.91
|
%
|
7.74
|
%
|
Loans to deposits
(3)
|
90.8
|
%
|
93.0
|
%
|
96.2
|
%
|
100.5
|
%
|
104.6
|
%
|
|
|
|
For the Six Months
Ended
|
|
For the Three Months
Ended
|
|
|
Jun 30,
2021
|
Mar 31,
2021
|
Dec 31,
2020
|
Sep 30,
2020
|
Jun 30,
2020
|
|
Jun 30,
2021
|
Jun 30,
2020
|
Performance
Ratios (4):
|
|
|
|
|
|
|
|
|
Net interest margin
(5)
|
2.55
|
%
|
2.51
|
%
|
2.39
|
%
|
2.31
|
%
|
2.31
|
%
|
|
2.53
|
%
|
2.46
|
%
|
Return on average
assets (net income divided by
average assets)
|
1.20
|
%
|
1.45
|
%
|
1.28
|
%
|
1.24
|
%
|
1.46
|
%
|
|
1.32
|
%
|
1.18
|
%
|
Return on average
tangible assets - Non-GAAP (1)
|
1.22
|
%
|
1.47
|
%
|
1.30
|
%
|
1.26
|
%
|
1.48
|
%
|
|
1.34
|
%
|
1.20
|
%
|
Return on average
equity (net income available for
common shareholders divided by
average equity)
|
12.92
|
%
|
15.55
|
%
|
13.96
|
%
|
13.99
|
%
|
16.51
|
%
|
|
14.22
|
%
|
13.03
|
%
|
Return on average
tangible equity - Non-GAAP (1)
|
14.84
|
%
|
17.91
|
%
|
16.10
|
%
|
16.19
|
%
|
19.15
|
%
|
|
16.35
|
%
|
15.14
|
%
|
Efficiency ratio
(6)
|
59.6
|
%
|
59.0
|
%
|
56.9
|
%
|
56.6
|
%
|
49.7
|
%
|
|
59.3
|
%
|
53.7
|
%
|
|
|
(1)
|
See the section
labeled "Supplemental Information - Calculation of Non-GAAP
Financial Measures" at the end of this document.
|
(2)
|
Estimated for
June 30, 2021 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,
2021
|
Mar 31,
2021
|
Dec 31,
2020
|
Sep 30,
2020
|
Jun 30,
2020
|
|
Jun 30,
2021
|
Jun 30,
2020
|
Wealth Management
Results
|
|
|
|
|
|
|
|
|
Wealth Management
Revenues:
|
|
|
|
|
|
|
|
|
Asset-based
revenues
|
$9,991
|
|
$9,583
|
|
$9,066
|
|
$8,786
|
|
$8,156
|
|
|
$19,574
|
|
$16,511
|
|
Transaction-based
revenues
|
437
|
|
312
|
|
140
|
|
168
|
|
449
|
|
|
749
|
|
783
|
|
Total wealth
management revenues
|
$10,428
|
|
$9,895
|
|
$9,206
|
|
$8,954
|
|
$8,605
|
|
|
$20,323
|
|
$17,294
|
|
|
|
|
|
|
|
|
|
|
Assets Under
Administration (AUA):
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$7,049,226
|
|
$6,866,737
|
|
$6,395,652
|
|
$6,138,845
|
|
$5,337,733
|
|
|
$6,866,737
|
|
$6,235,801
|
|
Net investment
appreciation (depreciation) & income
|
368,383
|
|
208,953
|
|
540,189
|
|
335,209
|
|
671,602
|
|
|
577,336
|
|
(101,133)
|
|
Net client asset
inflows (outflows)
|
23,910
|
|
(26,464)
|
|
(69,104)
|
|
(78,402)
|
|
129,510
|
|
|
(2,554)
|
|
4,177
|
|
Balance at end of
period
|
$7,441,519
|
|
$7,049,226
|
|
$6,866,737
|
|
$6,395,652
|
|
$6,138,845
|
|
|
$7,441,519
|
|
$6,138,845
|
|
|
|
|
|
|
|
|
|
|
Percentage of AUA
that are managed assets
|
92%
|
|
91%
|
|
91%
|
|
90%
|
|
90%
|
|
|
92%
|
|
90%
|
|
|
|
|
|
|
|
|
|
|
Mortgage Banking
Results
|
|
|
|
|
|
|
|
|
Mortgage Banking
Revenues:
|
|
|
|
|
|
|
|
|
Realized gains on
loan sales, net (1)
|
$8,562
|
|
$13,745
|
|
$13,394
|
|
$14,280
|
|
$10,646
|
|
|
$22,307
|
|
$14,334
|
|
Unrealized (losses)
gains, net (2)
|
(2,543)
|
|
(1,888)
|
|
813
|
|
(1,555)
|
|
4,415
|
|
|
(4,431)
|
|
6,740
|
|
Loan servicing fee
income, net (3)
|
(25)
|
|
70
|
|
(130)
|
|
(372)
|
|
(210)
|
|
|
45
|
|
(127)
|
|
Total mortgage
banking revenues
|
$5,994
|
|
$11,927
|
|
$14,077
|
|
$12,353
|
|
$14,851
|
|
|
$17,921
|
|
$20,947
|
|
|
|
|
|
|
|
|
|
|
Residential
Mortgage Loan Originations:
|
|
|
|
|
|
|
|
|
Originations for
retention in portfolio (4)
|
$244,821
|
|
$131,791
|
|
$134,002
|
|
$132,726
|
|
$126,894
|
|
|
$376,612
|
|
$235,392
|
|
Originations for sale
to secondary market (5)
|
244,562
|
|
309,325
|
|
312,226
|
|
377,137
|
|
299,321
|
|
|
553,887
|
|
482,543
|
|
Total mortgage loan
originations
|
$489,383
|
|
$441,116
|
|
$446,228
|
|
$509,863
|
|
$426,215
|
|
|
$930,499
|
|
$717,935
|
|
|
|
|
|
|
|
|
|
|
Residential
Mortgage Loans Sold:
|
|
|
|
|
|
|
|
|
Sold with servicing
rights retained
|
$235,280
|
|
$226,645
|
|
$240,104
|
|
$317,920
|
|
$246,945
|
|
|
$461,925
|
|
$291,443
|
|
Sold with servicing
rights released (5)
|
55,278
|
|
65,374
|
|
78,072
|
|
36,250
|
|
58,279
|
|
|
120,652
|
|
175,972
|
|
Total mortgage loans
sold
|
$290,558
|
|
$292,019
|
|
$318,176
|
|
$354,170
|
|
$305,224
|
|
|
$582,577
|
|
$467,415
|
|
|
|
(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
adjustments 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,
2021
|
Mar 31,
2021
|
Dec 31,
2020
|
Sep 30,
2020
|
Jun 30,
2020
|
Loans:
|
|
|
|
|
|
Commercial real
estate (1)
|
$1,669,624
|
|
$1,618,540
|
|
$1,633,024
|
|
$1,665,745
|
|
$1,630,998
|
|
Commercial &
industrial
|
764,509
|
|
840,585
|
|
817,408
|
|
822,269
|
|
852,445
|
|
Total
commercial
|
2,434,133
|
|
2,459,125
|
|
2,450,432
|
|
2,488,014
|
|
2,483,443
|
|
|
|
|
|
|
|
Residential real
estate (2)
|
1,590,389
|
|
1,457,490
|
|
1,467,312
|
|
1,506,726
|
|
1,508,223
|
|
|
|
|
|
|
|
Home
equity
|
254,802
|
|
256,799
|
|
259,185
|
|
268,551
|
|
277,632
|
|
Other
|
20,476
|
|
21,252
|
|
19,061
|
|
18,756
|
|
18,343
|
|
Total
consumer
|
275,278
|
|
278,051
|
|
278,246
|
|
287,307
|
|
295,975
|
|
Total
loans
|
$4,299,800
|
|
$4,194,666
|
|
$4,195,990
|
|
$4,282,047
|
|
$4,287,641
|
|
|
(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,
2021
|
|
December 31,
2020
|
|
Count
|
Balance
|
% of Total
|
|
Count
|
Balance
|
% of Total
|
Commercial Real
Estate Portfolio Segmentation:
|
|
|
|
|
|
|
|
Multi-family
dwelling
|
133
|
|
$536,928
|
|
32
|
%
|
|
137
|
|
$524,874
|
|
32
|
%
|
Retail
|
127
|
|
342,983
|
|
21
|
|
|
136
|
|
339,569
|
|
21
|
|
Office
|
66
|
|
256,030
|
|
15
|
|
|
73
|
|
290,756
|
|
18
|
|
Hospitality
|
38
|
|
173,715
|
|
10
|
|
|
40
|
|
157,720
|
|
10
|
|
Healthcare
|
15
|
|
134,689
|
|
8
|
|
|
15
|
|
109,321
|
|
7
|
|
Industrial and
warehouse
|
33
|
|
108,842
|
|
7
|
|
|
28
|
|
97,055
|
|
6
|
|
Commercial mixed
use
|
21
|
|
40,980
|
|
2
|
|
|
22
|
|
42,405
|
|
3
|
|
Other
|
39
|
|
75,457
|
|
5
|
|
|
38
|
|
71,324
|
|
3
|
|
Commercial real estate
loans
|
472
|
|
$1,669,624
|
|
100
|
%
|
|
489
|
|
$1,633,024
|
|
100
|
%
|
|
|
|
|
|
|
|
|
Commercial &
Industrial Portfolio Segmentation:
|
|
|
|
|
|
|
|
Healthcare and social
assistance
|
224
|
|
$198,099
|
|
26
|
%
|
|
253
|
|
$200,217
|
|
24
|
%
|
Accommodation and
food services
|
284
|
|
74,272
|
|
10
|
|
|
271
|
|
47,020
|
|
6
|
|
Manufacturing
|
123
|
|
68,908
|
|
9
|
|
|
146
|
|
88,802
|
|
11
|
|
Owner occupied and
other real estate
|
230
|
|
68,480
|
|
9
|
|
|
268
|
|
74,309
|
|
9
|
|
Retail
|
162
|
|
56,969
|
|
7
|
|
|
192
|
|
63,895
|
|
8
|
|
Educational
services
|
46
|
|
50,872
|
|
7
|
|
|
53
|
|
64,969
|
|
8
|
|
Entertainment and
recreation
|
95
|
|
35,823
|
|
5
|
|
|
91
|
|
29,415
|
|
4
|
|
Finance and
insurance
|
81
|
|
31,071
|
|
4
|
|
|
106
|
|
26,244
|
|
3
|
|
Information
|
26
|
|
26,542
|
|
3
|
|
|
32
|
|
28,394
|
|
3
|
|
Transportation and
warehousing
|
45
|
|
22,967
|
|
3
|
|
|
42
|
|
24,061
|
|
3
|
|
Public
administration
|
25
|
|
18,984
|
|
2
|
|
|
26
|
|
23,319
|
|
3
|
|
Professional,
scientific and technical
|
207
|
|
18,595
|
|
2
|
|
|
265
|
|
39,295
|
|
5
|
|
Other
|
724
|
|
92,927
|
|
13
|
|
|
772
|
|
107,468
|
|
13
|
|
Commercial &
industrial loans
|
2,272
|
|
$764,509
|
|
100
|
%
|
|
2,517
|
|
$817,408
|
|
100
|
%
|
Washington Trust
Bancorp, Inc. and Subsidiaries
|
SUPPLEMENTAL LOAN
PORTFOLIO INFORMATION
|
(Unaudited; Dollars
in thousands)
|
|
|
|
|
|
|
|
|
|
June 30,
2021
|
|
December 31,
2020
|
|
Count
|
Balance
|
% of Total
|
|
Count
|
Balance
|
% of Total
|
PPP Loans By
Industry:
|
|
|
|
|
|
|
|
Accommodation and
food services
|
230
|
|
$37,089
|
|
25
|
%
|
|
209
|
|
$23,678
|
|
12
|
%
|
Healthcare and social
assistance
|
155
|
|
28,902
|
|
20
|
|
|
173
|
|
47,354
|
|
24
|
|
Professional,
scientific and technical
|
170
|
|
11,409
|
|
8
|
|
|
220
|
|
20,031
|
|
10
|
|
Retail
|
103
|
|
10,117
|
|
7
|
|
|
134
|
|
12,107
|
|
6
|
|
Manufacturing
|
70
|
|
9,844
|
|
7
|
|
|
89
|
|
23,321
|
|
12
|
|
Entertainment and
recreation
|
65
|
|
3,839
|
|
3
|
|
|
61
|
|
3,386
|
|
2
|
|
Educational
services
|
28
|
|
3,352
|
|
2
|
|
|
32
|
|
9,681
|
|
5
|
|
Owner occupied and
other real estate
|
80
|
|
3,349
|
|
2
|
|
|
115
|
|
9,241
|
|
5
|
|
Information
|
15
|
|
2,912
|
|
2
|
|
|
20
|
|
2,478
|
|
1
|
|
Transportation and
warehousing
|
20
|
|
1,937
|
|
1
|
|
|
21
|
|
2,059
|
|
1
|
|
Finance and
insurance
|
27
|
|
759
|
|
1
|
|
|
55
|
|
2,000
|
|
1
|
|
Public
administration
|
6
|
|
445
|
|
—
|
|
|
4
|
|
483
|
|
—
|
|
Other
|
544
|
|
33,016
|
|
22
|
|
|
573
|
|
43,961
|
|
21
|
|
Total PPP loans
(included in the commercial & industrial loan
portfolio)
|
1,513
|
|
$146,970
|
|
100
|
%
|
|
1,706
|
|
$199,780
|
|
100
|
%
|
|
|
|
|
|
|
|
|
Average PPP loan
size
|
|
$97
|
|
|
|
|
$117
|
|
|
Net unamortized fees
on PPP loans
|
|
$4,874
|
|
|
|
|
$3,893
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2021
|
|
March 31,
2021
|
|
Count
|
Balance
|
% of
Outstanding
Balance,
excl PPP
loans (1)
|
|
Count
|
Balance
|
% of
Outstanding
Balance,
excl PPP
loans (1)
|
Loan Deferments by
Portfolio:
|
|
|
|
|
|
|
|
Commercial real
estate deferments
|
14
|
|
$87,363
|
|
5
|
%
|
|
28
|
|
$137,933
|
|
9
|
%
|
Commercial &
industrial deferments
|
—
|
|
—
|
|
—
|
|
|
17
|
|
29,416
|
|
5
|
|
Total commercial
deferments
|
14
|
|
87,363
|
|
5
|
|
|
45
|
|
167,349
|
|
8
|
|
|
|
|
|
|
|
|
|
Residential real
estate deferments
|
8
|
|
6,027
|
|
—
|
|
|
38
|
|
23,350
|
|
2
|
|
|
|
|
|
|
|
|
|
Total consumer
deferments
|
—
|
|
—
|
|
—
|
|
|
5
|
|
687
|
|
—
|
|
Total loan
deferments
|
22
|
|
$93,390
|
|
2
|
%
|
|
88
|
|
$191,386
|
|
5
|
%
|
|
|
(1)
|
Percent of respective
outstanding portfolio segment balance excluding balance of PPP
loans for each respective period.
|
Washington Trust
Bancorp, Inc. and Subsidiaries
|
END OF PERIOD LOAN
AND DEPOSIT COMPOSITION
|
(Unaudited; Dollars
in thousands)
|
|
|
|
|
|
|
|
June 30,
2021
|
|
December 31,
2020
|
|
Balance
|
% of Total
|
|
Balance
|
% of Total
|
Commercial Real
Estate Loans by Property Location:
|
|
|
|
|
|
Connecticut
|
$635,974
|
|
38
|
%
|
|
$649,919
|
|
40
|
%
|
Massachusetts
|
471,426
|
|
28
|
|
|
468,947
|
|
29
|
|
Rhode
Island
|
470,341
|
|
28
|
|
|
431,133
|
|
26
|
|
Subtotal
|
1,577,741
|
|
94
|
|
|
1,549,999
|
|
95
|
|
All other
states
|
91,883
|
|
6
|
|
|
83,025
|
|
5
|
|
Total commercial real
estate loans
|
$1,669,624
|
|
100
|
%
|
|
$1,633,024
|
|
100
|
%
|
|
|
|
|
|
|
Residential Real
Estate Loans by Property Location:
|
|
|
|
|
|
Massachusetts
|
$1,097,453
|
|
69
|
%
|
|
$994,800
|
|
68
|
%
|
Rhode
Island
|
343,035
|
|
22
|
|
|
331,713
|
|
23
|
|
Connecticut
|
129,142
|
|
8
|
|
|
122,102
|
|
8
|
|
Subtotal
|
1,569,630
|
|
99
|
|
|
1,448,615
|
|
99
|
|
All other
states
|
20,759
|
|
1
|
|
|
18,697
|
|
1
|
|
Total residential real
estate loans
|
$1,590,389
|
|
100
|
%
|
|
$1,467,312
|
|
100
|
%
|
|
Jun 30,
2021
|
Mar 31,
2021
|
Dec 31,
2020
|
Sep 30,
2020
|
Jun 30,
2020
|
Deposits:
|
|
|
|
|
|
Noninterest-bearing
demand deposits
|
$901,801
|
|
$932,999
|
|
$832,287
|
|
$840,444
|
|
$815,770
|
|
Interest-bearing
demand deposits
|
174,165
|
|
171,571
|
|
174,290
|
|
170,198
|
|
158,343
|
|
NOW
accounts
|
774,693
|
|
745,376
|
|
698,706
|
|
644,909
|
|
617,792
|
|
Money market
accounts
|
941,511
|
|
950,413
|
|
910,167
|
|
877,536
|
|
834,954
|
|
Savings
accounts
|
524,155
|
|
511,759
|
|
466,507
|
|
439,383
|
|
417,195
|
|
Time deposits
(in-market)
|
677,061
|
|
701,524
|
|
704,855
|
|
729,058
|
|
728,801
|
|
In-market
deposits
|
3,993,386
|
|
4,013,642
|
|
3,786,812
|
|
3,701,528
|
|
3,572,855
|
|
Wholesale brokered
time deposits
|
732,273
|
|
535,500
|
|
591,541
|
|
584,165
|
|
528,581
|
|
Total
deposits
|
$4,725,659
|
|
$4,549,142
|
|
$4,378,353
|
|
$4,285,693
|
|
$4,101,436
|
|
Washington Trust
Bancorp, Inc. and Subsidiaries
|
CREDIT & ASSET
QUALITY DATA
|
(Unaudited; Dollars
in thousands)
|
|
|
|
Jun 30,
2021
|
Mar 31,
2021
|
Dec 31,
2020
|
Sep 30,
2020
|
Jun 30,
2020
|
Asset Quality
Ratios:
|
|
|
|
|
|
Nonperforming assets
to total assets
|
0.18
|
%
|
0.23
|
%
|
0.23
|
%
|
0.25
|
%
|
0.27
|
%
|
Nonaccrual loans to
total loans
|
0.24
|
%
|
0.31
|
%
|
0.31
|
%
|
0.34
|
%
|
0.37
|
%
|
Total past due loans
to total loans
|
0.20
|
%
|
0.26
|
%
|
0.30
|
%
|
0.24
|
%
|
0.34
|
%
|
Allowance for credit
losses on loans to nonaccrual loans
|
399.57
|
%
|
324.56
|
%
|
334.21
|
%
|
289.31
|
%
|
258.73
|
%
|
Allowance for credit
losses on loans to total loans
|
0.97
|
%
|
1.00
|
%
|
1.05
|
%
|
1.00
|
%
|
0.97
|
%
|
|
|
|
|
|
|
Nonperforming
Assets:
|
|
|
|
|
|
Commercial real
estate
|
$—
|
|
$—
|
|
$—
|
|
$431
|
|
$431
|
|
Commercial &
industrial
|
539
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Total
commercial
|
539
|
|
—
|
|
—
|
|
431
|
|
431
|
|
Residential real
estate
|
8,926
|
|
11,748
|
|
11,981
|
|
12,792
|
|
13,850
|
|
Home
equity
|
1,016
|
|
1,147
|
|
1,128
|
|
1,429
|
|
1,648
|
|
Other
consumer
|
—
|
|
88
|
|
88
|
|
88
|
|
88
|
|
Total
consumer
|
1,016
|
|
1,235
|
|
1,216
|
|
1,517
|
|
1,736
|
|
Total nonaccrual
loans
|
10,481
|
|
12,983
|
|
13,197
|
|
14,740
|
|
16,017
|
|
Other real estate
owned
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Total nonperforming
assets
|
$10,481
|
|
$12,983
|
|
$13,197
|
|
$14,740
|
|
$16,017
|
|
|
|
|
|
|
|
Past Due Loans (30
days or more past due):
|
|
|
|
|
|
Commercial real
estate
|
$—
|
|
$—
|
|
$265
|
|
$431
|
|
$431
|
|
Commercial &
industrial
|
540
|
|
1
|
|
3
|
|
21
|
|
3
|
|
Total
commercial
|
540
|
|
1
|
|
268
|
|
452
|
|
434
|
|
Residential real
estate
|
6,656
|
|
9,661
|
|
10,339
|
|
8,081
|
|
12,499
|
|
Home
equity
|
1,231
|
|
1,131
|
|
1,667
|
|
1,753
|
|
1,633
|
|
Other
consumer
|
28
|
|
119
|
|
118
|
|
108
|
|
106
|
|
Total
consumer
|
1,259
|
|
1,250
|
|
1,785
|
|
1,861
|
|
1,739
|
|
Total past due
loans
|
$8,455
|
|
$10,912
|
|
$12,392
|
|
$10,394
|
|
$14,672
|
|
|
|
|
|
|
|
Accruing loans 90
days or more past due
|
$—
|
|
$—
|
|
$—
|
|
$—
|
|
$—
|
|
Nonaccrual loans
included in past due loans
|
$5,773
|
|
$8,356
|
|
$8,521
|
|
$8,799
|
|
$10,553
|
|
|
|
|
|
|
|
Troubled Debt
Restructurings:
|
|
|
|
|
|
Accruing
TDRs
|
$8,541
|
|
$12,358
|
|
$13,340
|
|
$5,709
|
|
$5,473
|
|
Nonaccrual
TDRs
|
2,278
|
|
1,935
|
|
2,345
|
|
2,894
|
|
998
|
|
Total TDRs
|
$10,819
|
|
$14,293
|
|
$15,685
|
|
$8,603
|
|
$6,471
|
|
Washington Trust
Bancorp, Inc. and Subsidiaries
|
CREDIT & ASSET
QUALITY DATA
|
(Unaudited; Dollars
in thousands)
|
|
For the Three Months
Ended
|
|
For the Six
Months
Ended
|
|
Jun 30,
2021
|
Mar 31,
2021
|
Dec 31,
2020
|
Sep 30,
2020
|
Jun 30,
2020
|
|
Jun 30,
2021
|
Jun 30,
2020
|
Nonaccrual Loan
Activity:
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$12,983
|
|
$13,197
|
|
$14,740
|
|
$16,017
|
|
$17,918
|
|
|
$13,197
|
|
$17,408
|
|
Additions to
nonaccrual status
|
537
|
|
734
|
|
707
|
|
971
|
|
237
|
|
|
1,271
|
|
1,966
|
|
Loans returned to
accruing status
|
(874)
|
|
(3)
|
|
(1,112)
|
|
(1,623)
|
|
(154)
|
|
|
(877)
|
|
(547)
|
|
Loans
charged-off
|
(317)
|
|
(64)
|
|
(246)
|
|
(111)
|
|
(325)
|
|
|
(381)
|
|
(960)
|
|
Loans transferred to
other real estate owned
|
—
|
|
—
|
|
(285)
|
|
—
|
|
—
|
|
|
—
|
|
(28)
|
|
Payments, payoffs and
other changes
|
(1,848)
|
|
(881)
|
|
(607)
|
|
(514)
|
|
(1,659)
|
|
|
(2,729)
|
|
(1,822)
|
|
Balance at end of
period
|
$10,481
|
|
$12,983
|
|
$13,197
|
|
$14,740
|
|
$16,017
|
|
|
$10,481
|
|
$16,017
|
|
|
|
|
|
|
|
|
|
|
Allowance for
Credit Losses on Loans:
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$42,137
|
|
$44,106
|
|
$42,645
|
|
$41,441
|
|
$39,665
|
|
|
$44,106
|
|
$27,014
|
|
Adoption of CECL
accounting standard (Topic 326)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
6,501
|
|
Provision for credit
losses on loans (1)
|
—
|
|
(1,951)
|
|
1,579
|
|
1,300
|
|
2,084
|
|
|
(1,951)
|
|
8,857
|
|
Charge-offs
|
(317)
|
|
(64)
|
|
(245)
|
|
(111)
|
|
(326)
|
|
|
(381)
|
|
(961)
|
|
Recoveries
|
59
|
|
46
|
|
127
|
|
15
|
|
18
|
|
|
105
|
|
30
|
|
Balance at end of
period
|
$41,879
|
|
$42,137
|
|
$44,106
|
|
$42,645
|
|
$41,441
|
|
|
$41,879
|
|
$41,441
|
|
|
|
|
|
|
|
|
|
|
Allowance for
Credit Losses on Unfunded Commitments:
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$2,333
|
|
$2,382
|
|
$2,180
|
|
$2,155
|
|
$2,039
|
|
|
$2,382
|
|
$293
|
|
Adoption of CECL
accounting standard (Topic 326)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
1,483
|
|
Provision for credit
losses on unfunded commitments (1)
|
—
|
|
(49)
|
|
202
|
|
25
|
|
116
|
|
|
(49)
|
|
379
|
|
Balance at end of
period (2)
|
$2,333
|
|
$2,333
|
|
$2,382
|
|
$2,180
|
|
$2,155
|
|
|
$2,333
|
|
$2,155
|
|
|
|
(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,
2021
|
Mar 31,
2021
|
Dec 31,
2020
|
Sep 30,
2020
|
Jun 30,
2020
|
|
Jun 30,
2021
|
Jun 30,
2020
|
Net Loan
Charge-Offs (Recoveries):
|
|
|
|
|
|
|
|
|
Commercial real
estate
|
$—
|
|
$—
|
|
$133
|
|
$—
|
|
$19
|
|
|
$—
|
|
$172
|
|
Commercial &
industrial
|
302
|
|
1
|
|
(12)
|
|
—
|
|
284
|
|
|
303
|
|
574
|
|
Total
commercial
|
302
|
|
1
|
|
121
|
|
—
|
|
303
|
|
|
303
|
|
746
|
|
Residential real
estate
|
(47)
|
|
17
|
|
(20)
|
|
99
|
|
—
|
|
|
(30)
|
|
—
|
|
Home
equity
|
(4)
|
|
(2)
|
|
9
|
|
(4)
|
|
(5)
|
|
|
(6)
|
|
167
|
|
Other
consumer
|
7
|
|
2
|
|
8
|
|
1
|
|
10
|
|
|
9
|
|
18
|
|
Total
consumer
|
3
|
|
—
|
|
17
|
|
(3)
|
|
5
|
|
|
3
|
|
185
|
|
Total
|
$258
|
|
$18
|
|
$118
|
|
$96
|
|
$308
|
|
|
$276
|
|
$931
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
0.02
|
%
|
—
|
%
|
0.01
|
%
|
0.01
|
%
|
0.03
|
%
|
|
0.01
|
%
|
0.04
|
%
|
The following table presents average balance and interest rate
information. Tax-exempt income is converted to a fully
taxable equivalent 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 fair value adjustments 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,
2021
|
|
March 31,
2021
|
|
Quarter
Change
|
|
Average
Balance
|
Interest
|
Yield/
Rate
|
|
Average
Balance
|
Interest
|
Yield/
Rate
|
|
Average
Balance
|
Interest
|
Yield/
Rate
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
Cash, federal funds
sold and short-term
investments
|
$146,313
|
|
$32
|
|
0.09
|
%
|
|
$154,895
|
|
$33
|
|
0.09
|
%
|
|
($8,582)
|
|
($1)
|
|
—
|
%
|
Mortgage loans held
for sale
|
57,473
|
|
405
|
|
2.83
|
|
|
61,408
|
|
441
|
|
2.91
|
|
|
(3,935)
|
|
(36)
|
|
(0.08)
|
|
Taxable debt
securities
|
1,029,933
|
|
3,441
|
|
1.34
|
|
|
915,864
|
|
3,242
|
|
1.44
|
|
|
114,069
|
|
199
|
|
(0.10)
|
|
FHLB stock
|
25,128
|
|
110
|
|
1.76
|
|
|
28,867
|
|
133
|
|
1.87
|
|
|
(3,739)
|
|
(23)
|
|
(0.11)
|
|
Commercial real
estate
|
1,639,515
|
|
11,701
|
|
2.86
|
|
|
1,625,859
|
|
11,359
|
|
2.83
|
|
|
13,656
|
|
342
|
|
0.03
|
|
Commercial &
industrial
|
807,598
|
|
8,113
|
|
4.03
|
|
|
839,740
|
|
7,866
|
|
3.80
|
|
|
(32,142)
|
|
247
|
|
0.23
|
|
Total
commercial
|
2,447,113
|
|
19,814
|
|
3.25
|
|
|
2,465,599
|
|
19,225
|
|
3.16
|
|
|
(18,486)
|
|
589
|
|
0.09
|
|
Residential real
estate
|
1,514,487
|
|
12,920
|
|
3.42
|
|
|
1,454,323
|
|
12,817
|
|
3.57
|
|
|
60,164
|
|
103
|
|
(0.15)
|
|
Home
equity
|
257,257
|
|
2,056
|
|
3.21
|
|
|
257,733
|
|
2,122
|
|
3.34
|
|
|
(476)
|
|
(66)
|
|
(0.13)
|
|
Other
|
20,979
|
|
253
|
|
4.84
|
|
|
20,106
|
|
241
|
|
4.86
|
|
|
873
|
|
12
|
|
(0.02)
|
|
Total
consumer
|
278,236
|
|
2,309
|
|
3.33
|
|
|
277,839
|
|
2,363
|
|
3.45
|
|
|
397
|
|
(54)
|
|
(0.12)
|
|
Total loans
|
4,239,836
|
|
35,043
|
|
3.32
|
|
|
4,197,761
|
|
34,405
|
|
3.32
|
|
|
42,075
|
|
638
|
|
—
|
|
Total interest-earning
assets
|
5,498,683
|
|
39,031
|
|
2.85
|
|
|
5,358,795
|
|
38,254
|
|
2.90
|
|
|
139,888
|
|
777
|
|
(0.05)
|
|
Noninterest-earning
assets
|
334,742
|
|
|
|
|
353,136
|
|
|
|
|
(18,394)
|
|
|
|
Total assets
|
$5,833,425
|
|
|
|
|
$5,711,931
|
|
|
|
|
$121,494
|
|
|
|
Liabilities and
Shareholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand deposits
|
$182,465
|
|
$49
|
|
0.11
|
%
|
|
$183,989
|
|
$96
|
|
0.21
|
%
|
|
($1,524)
|
|
($47)
|
|
(0.10)
|
%
|
NOW
accounts
|
760,294
|
|
119
|
|
0.06
|
|
|
697,964
|
|
102
|
|
0.06
|
|
|
62,330
|
|
17
|
|
—
|
|
Money market
accounts
|
951,194
|
|
552
|
|
0.23
|
|
|
909,890
|
|
714
|
|
0.32
|
|
|
41,304
|
|
(162)
|
|
(0.09)
|
|
Savings
accounts
|
518,072
|
|
72
|
|
0.06
|
|
|
489,851
|
|
69
|
|
0.06
|
|
|
28,221
|
|
3
|
|
—
|
|
Time deposits
(in-market)
|
686,590
|
|
1,889
|
|
1.10
|
|
|
703,580
|
|
2,238
|
|
1.29
|
|
|
(16,990)
|
|
(349)
|
|
(0.19)
|
|
Total interest-bearing
in-market deposits
|
3,098,615
|
|
2,681
|
|
0.35
|
|
|
2,985,274
|
|
3,219
|
|
0.44
|
|
|
113,341
|
|
(538)
|
|
(0.09)
|
|
Wholesale brokered
time deposits
|
662,541
|
|
280
|
|
0.17
|
|
|
579,149
|
|
444
|
|
0.31
|
|
|
83,392
|
|
(164)
|
|
(0.14)
|
|
Total interest-bearing
deposits
|
3,761,156
|
|
2,961
|
|
0.32
|
|
|
3,564,423
|
|
3,663
|
|
0.42
|
|
|
196,733
|
|
(702)
|
|
(0.10)
|
|
FHLB
advances
|
456,661
|
|
1,001
|
|
0.88
|
|
|
542,684
|
|
1,380
|
|
1.03
|
|
|
(86,023)
|
|
(379)
|
|
(0.15)
|
|
Junior subordinated
debentures
|
22,681
|
|
92
|
|
1.63
|
|
|
22,681
|
|
94
|
|
1.68
|
|
|
—
|
|
(2)
|
|
(0.05)
|
|
PPPLF
borrowings
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
Total interest-bearing
liabilities
|
4,240,498
|
|
4,054
|
|
0.38
|
|
|
4,129,788
|
|
5,137
|
|
0.50
|
|
|
110,710
|
|
(1,083)
|
|
(0.12)
|
|
Noninterest-bearing
demand deposits
|
912,295
|
|
|
|
|
890,628
|
|
|
|
|
21,667
|
|
|
|
Other
liabilities
|
140,108
|
|
|
|
|
159,244
|
|
|
|
|
(19,136)
|
|
|
|
Shareholders'
equity
|
540,524
|
|
|
|
|
532,271
|
|
|
|
|
8,253
|
|
|
|
Total liabilities and
shareholders' equity
|
$5,833,425
|
|
|
|
|
$5,711,931
|
|
|
|
|
$121,494
|
|
|
|
Net interest income
(FTE)
|
|
$34,977
|
|
|
|
|
$33,117
|
|
|
|
|
$1,860
|
|
|
Interest rate
spread
|
|
|
2.47
|
%
|
|
|
|
2.40
|
%
|
|
|
|
0.07
|
%
|
Net interest
margin
|
|
|
2.55
|
%
|
|
|
|
2.51
|
%
|
|
|
|
0.04
|
%
|
Interest income amounts presented in the preceding table include
the following adjustments for taxable equivalency:
For the Three Months
Ended
|
Jun 30,
2021
|
Mar 31,
2021
|
Quarter
Change
|
Commercial
loans
|
$223
|
|
$246
|
|
($23)
|
|
Total
|
$223
|
|
$246
|
|
($23)
|
|
|
|
|
|
|
|
|
|
|
|
Washington Trust
Bancorp, Inc. and Subsidiaries
|
CONSOLIDATED
AVERAGE BALANCE SHEETS (FTE Basis)
|
(Unaudited; Dollars
in thousands)
|
For the Six Months
Ended
|
June 30,
2021
|
June 30,
2020
|
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
|
$150,580
|
|
$65
|
|
0.09
|
%
|
$150,325
|
|
$385
|
|
0.52
|
%
|
$255
|
|
($320)
|
|
(0.43)
|
%
|
Mortgage loans for
sale
|
59,429
|
|
846
|
|
2.87
|
|
42,265
|
|
725
|
|
3.45
|
|
17,164
|
|
121
|
|
(0.58)
|
|
Taxable debt
securities
|
973,214
|
|
6,683
|
|
1.38
|
|
905,043
|
|
11,311
|
|
2.51
|
|
68,171
|
|
(4,628)
|
|
(1.13)
|
|
FHLB stock
|
26,987
|
|
243
|
|
1.82
|
|
51,964
|
|
1,294
|
|
5.01
|
|
(24,977)
|
|
(1,051)
|
|
(3.19)
|
|
Commercial real
estate
|
1,632,725
|
|
23,060
|
|
2.85
|
|
1,609,193
|
|
28,677
|
|
3.58
|
|
23,532
|
|
(5,617)
|
|
(0.73)
|
|
Commercial &
industrial
|
823,580
|
|
15,979
|
|
3.91
|
|
699,586
|
|
13,294
|
|
3.82
|
|
123,994
|
|
2,685
|
|
0.09
|
|
Total
commercial
|
2,456,305
|
|
39,039
|
|
3.21
|
|
2,308,779
|
|
41,971
|
|
3.66
|
|
147,526
|
|
(2,932)
|
|
(0.45)
|
|
Residential real
estate
|
1,484,571
|
|
25,737
|
|
3.50
|
|
1,483,473
|
|
28,613
|
|
3.88
|
|
1,098
|
|
(2,876)
|
|
(0.38)
|
|
Home
equity
|
257,494
|
|
4,177
|
|
3.27
|
|
284,151
|
|
5,483
|
|
3.88
|
|
(26,657)
|
|
(1,306)
|
|
(0.61)
|
|
Other
|
20,545
|
|
495
|
|
4.86
|
|
19,406
|
|
478
|
|
4.95
|
|
1,139
|
|
17
|
|
(0.09)
|
|
Total
consumer
|
278,039
|
|
4,672
|
|
3.39
|
|
303,557
|
|
5,961
|
|
3.95
|
|
(25,518)
|
|
(1,289)
|
|
(0.56)
|
|
Total loans
|
4,218,915
|
|
69,448
|
|
3.32
|
|
4,095,809
|
|
76,545
|
|
3.76
|
|
123,106
|
|
(7,097)
|
|
(0.44)
|
|
Total interest-earning
assets
|
5,429,125
|
|
77,285
|
|
2.87
|
|
5,245,406
|
|
90,260
|
|
3.46
|
|
183,719
|
|
(12,975)
|
|
(0.59)
|
|
Noninterest-earning
assets
|
343,889
|
|
|
|
346,914
|
|
|
|
(3,025)
|
|
|
|
Total assets
|
$5,773,014
|
|
|
|
$5,592,320
|
|
|
|
$180,694
|
|
|
|
Liabilities and
Shareholders' Equity:
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand deposits
|
$183,223
|
|
$145
|
|
0.16
|
%
|
$158,902
|
|
$642
|
|
0.81
|
%
|
$24,321
|
|
($497)
|
|
(0.65)
|
%
|
NOW
accounts
|
729,301
|
|
221
|
|
0.06
|
|
538,010
|
|
154
|
|
0.06
|
|
191,291
|
|
67
|
|
—
|
|
Money market
accounts
|
930,656
|
|
1,266
|
|
0.27
|
|
808,166
|
|
3,462
|
|
0.86
|
|
122,490
|
|
(2,196)
|
|
(0.59)
|
|
Savings
accounts
|
504,040
|
|
141
|
|
0.06
|
|
388,831
|
|
128
|
|
0.07
|
|
115,209
|
|
13
|
|
(0.01)
|
|
Time deposits
(in-market)
|
695,038
|
|
4,127
|
|
1.20
|
|
763,552
|
|
7,556
|
|
1.99
|
|
(68,514)
|
|
(3,429)
|
|
(0.79)
|
|
Total interest-bearing
in-market deposits
|
3,042,258
|
|
5,900
|
|
0.39
|
|
2,657,461
|
|
11,942
|
|
0.90
|
|
384,797
|
|
(6,042)
|
|
(0.51)
|
|
Wholesale brokered
time deposits
|
621,075
|
|
724
|
|
0.24
|
|
475,822
|
|
3,706
|
|
1.57
|
|
145,253
|
|
(2,982)
|
|
(1.33)
|
|
Total interest-bearing
deposits
|
3,663,333
|
|
6,624
|
|
0.36
|
|
3,133,283
|
|
15,648
|
|
1.00
|
|
530,050
|
|
(9,024)
|
|
(0.64)
|
|
FHLB
advances
|
499,435
|
|
2,381
|
|
0.96
|
|
1,095,894
|
|
10,147
|
|
1.86
|
|
(596,459)
|
|
(7,766)
|
|
(0.90)
|
|
Junior subordinated
debentures
|
22,681
|
|
186
|
|
1.65
|
|
22,681
|
|
384
|
|
3.40
|
|
—
|
|
(198)
|
|
(1.75)
|
|
PPPLF
borrowings
|
—
|
|
—
|
|
—
|
|
1,282
|
|
2
|
|
0.31
|
|
(1,282)
|
|
(2)
|
|
(0.31)
|
|
Total interest-bearing
liabilities
|
4,185,449
|
|
9,191
|
|
0.44
|
|
4,253,140
|
|
26,181
|
|
1.24
|
|
(67,691)
|
|
(16,990)
|
|
(0.80)
|
|
Noninterest-bearing
demand deposits
|
901,522
|
|
|
|
677,961
|
|
|
|
223,561
|
|
|
|
Other
liabilities
|
149,622
|
|
|
|
153,781
|
|
|
|
(4,159)
|
|
|
|
Shareholders'
equity
|
536,421
|
|
|
|
507,438
|
|
|
|
28,983
|
|
|
|
Total liabilities and
shareholders' equity
|
$5,773,014
|
|
|
|
$5,592,320
|
|
|
|
$180,694
|
|
|
|
Net interest income
(FTE)
|
|
$68,094
|
|
|
|
$64,079
|
|
|
|
$4,015
|
|
|
Interest rate
spread
|
|
|
2.43
|
%
|
|
|
2.22
|
%
|
|
|
0.21
|
%
|
Net interest
margin
|
|
|
2.53
|
%
|
|
|
2.46
|
%
|
|
|
0.07
|
%
|
Interest income amounts presented in the preceding table include
the following adjustments for taxable equivalency:
|
|
|
|
For the Six Months
Ended
|
Jun 30,
2021
|
Jun 30,
2020
|
Change
|
Commercial
loans
|
$469
|
|
$532
|
|
($63)
|
|
Total
|
$469
|
|
$532
|
|
($63)
|
|
Washington Trust
Bancorp, Inc. and Subsidiaries
|
SUPPLEMENTAL
INFORMATION - Calculation of Non-GAAP Financial
Measures
|
(Unaudited; Dollars
in thousands, except per share amounts)
|
|
|
|
Jun 30,
2021
|
Mar 31,
2021
|
Dec 31,
2020
|
Sep 30,
2020
|
Jun 30,
2020
|
Tangible Book
Value per Share:
|
|
Total shareholders'
equity, as reported
|
$547,856
|
|
$533,599
|
|
$534,195
|
|
$527,693
|
|
$520,163
|
|
Less:
|
|
|
|
|
|
Goodwill
|
63,909
|
|
63,909
|
|
63,909
|
|
63,909
|
|
63,909
|
|
Identifiable intangible
assets, net
|
5,853
|
|
6,079
|
|
6,305
|
|
6,530
|
|
6,759
|
|
Total tangible
shareholders' equity
|
$478,094
|
|
$463,611
|
|
$463,981
|
|
$457,254
|
|
$449,495
|
|
|
|
|
|
|
|
Shares outstanding,
as reported
|
17,320
|
|
17,306
|
|
17,265
|
|
17,260
|
|
17,260
|
|
|
|
|
|
|
|
Book value per share
- GAAP
|
$31.63
|
|
$30.83
|
|
$30.94
|
|
$30.57
|
|
$30.14
|
|
Tangible book value
per share - Non-GAAP
|
$27.60
|
|
$26.79
|
|
$26.87
|
|
$26.49
|
|
$26.04
|
|
|
|
|
|
|
|
Tangible Equity to
Tangible Assets:
|
|
|
|
|
|
Total tangible
shareholders' equity
|
$478,094
|
|
$463,611
|
|
$463,981
|
|
$457,254
|
|
$449,495
|
|
|
|
|
|
|
|
Total assets, as
reported
|
$5,851,980
|
|
$5,719,389
|
|
$5,713,169
|
|
$5,849,792
|
|
$5,876,960
|
|
Less:
|
|
|
|
|
|
Goodwill
|
63,909
|
|
63,909
|
|
63,909
|
|
63,909
|
|
63,909
|
|
Identifiable intangible
assets, net
|
5,853
|
|
6,079
|
|
6,305
|
|
6,530
|
|
6,759
|
|
Total tangible
assets
|
$5,782,218
|
|
$5,649,401
|
|
$5,642,955
|
|
$5,779,353
|
|
$5,806,292
|
|
|
|
|
|
|
|
Equity to assets -
GAAP
|
9.36
|
%
|
9.33
|
%
|
9.35
|
%
|
9.02
|
%
|
8.85
|
%
|
Tangible equity to
tangible assets - Non-GAAP
|
8.27
|
%
|
8.21
|
%
|
8.22
|
%
|
7.91
|
%
|
7.74
|
%
|
|
For the Three Months
Ended
|
|
For the Six Months
Ended
|
|
Jun 30,
2021
|
Mar 31,
2021
|
Dec 31,
2020
|
Sep 30,
2020
|
Jun 30,
2020
|
|
Jun 30,
2021
|
Jun 30,
2020
|
Return on Average
Tangible Assets:
|
|
|
|
|
|
|
|
|
Net income, as
reported
|
$17,460
|
|
$20,471
|
|
$18,566
|
|
$18,322
|
|
$21,040
|
|
|
$37,931
|
|
$32,941
|
|
|
|
|
|
|
|
|
|
|
Total average assets,
as reported
|
$5,833,425
|
|
$5,711,931
|
|
$5,768,263
|
|
$5,864,449
|
|
$5,789,692
|
|
|
$5,773,014
|
|
$5,592,320
|
|
Less average balances
of:
|
|
|
|
|
|
|
|
|
Goodwill
|
63,909
|
|
63,909
|
|
63,909
|
|
63,909
|
|
63,909
|
|
|
63,909
|
|
63,909
|
|
Identifiable intangible
assets, net
|
5,963
|
|
6,189
|
|
6,414
|
|
6,641
|
|
6,871
|
|
|
6,076
|
|
6,985
|
|
Total average
tangible assets
|
$5,763,553
|
|
$5,641,833
|
|
$5,697,940
|
|
$5,793,899
|
|
$5,718,912
|
|
|
$5,703,029
|
|
$5,521,426
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets - GAAP
|
1.20
|
%
|
1.45
|
%
|
1.28
|
%
|
1.24
|
%
|
1.46
|
%
|
|
1.32
|
%
|
1.18
|
%
|
Return on average
tangible assets - Non-GAAP
|
1.22
|
%
|
1.47
|
%
|
1.30
|
%
|
1.26
|
%
|
1.48
|
%
|
|
1.34
|
%
|
1.20
|
%
|
|
|
|
|
|
|
|
|
|
Return on Average
Tangible Equity:
|
|
|
|
|
|
|
|
|
Net income available
to common shareholders, as reported
|
$17,408
|
|
$20,415
|
|
$18,524
|
|
$18,285
|
|
$21,000
|
|
|
$37,823
|
|
$32,869
|
|
|
|
|
|
|
|
|
|
|
Total average equity,
as reported
|
$540,524
|
|
$532,271
|
|
$527,969
|
|
$519,785
|
|
$511,751
|
|
|
$536,421
|
|
$507,438
|
|
Less average balances
of:
|
|
|
|
|
|
|
|
|
Goodwill
|
63,909
|
|
63,909
|
|
63,909
|
|
63,909
|
|
63,909
|
|
|
63,909
|
|
63,909
|
|
Identifiable intangible
assets, net
|
5,963
|
|
6,189
|
|
6,414
|
|
6,641
|
|
6,871
|
|
|
6,076
|
|
6,985
|
|
Total average
tangible equity
|
$470,652
|
|
$462,173
|
|
$457,646
|
|
$449,235
|
|
$440,971
|
|
|
$466,436
|
|
$436,544
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity - GAAP
|
12.92
|
%
|
15.55
|
%
|
13.96
|
%
|
13.99
|
%
|
16.51
|
%
|
|
14.22
|
%
|
13.03
|
%
|
Return on average
tangible equity - Non-GAAP
|
14.84
|
%
|
17.91
|
%
|
16.10
|
%
|
16.19
|
%
|
19.15
|
%
|
|
16.35
|
%
|
15.14
|
%
|
Category: Earnings
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SOURCE Washington Trust Bancorp, Inc.