WESTERLY, R.I., Oct. 21, 2024 /PRNewswire/ -- Washington Trust Bancorp, Inc. (Nasdaq: WASH), parent company of The Washington Trust Company, today announced third quarter 2024 net income of $11.0 million, or $0.64 per diluted share, compared to net income of $10.8 million, or $0.63 per diluted share, for the second quarter of 2024.

(PRNewsfoto/Washington Trust Bancorp, Inc.)

"Washington Trust's third quarter results remained steady, demonstrating the strength of our diversified business model, and commitment to our customers," stated Edward O. Handy III, Washington Trust Chairman and Chief Executive Officer. "We continue to carefully manage our balance sheet, while focusing on our customers, who rely on us for financial solutions and trusted advice.  During the quarter, we expanded our presence in Providence, opening a new full-service branch in Olneyville."

Selected financial highlights for the third quarter of 2024 include:

  • Returns on average equity and average assets for the third quarter were 8.99% and 0.60%, respectively, compared to 9.43% and 0.60%, respectively, for the prior quarter.
  • The net interest margin was 1.85% in the third quarter, compared to 1.83% in the preceding quarter.
  • Asset and credit quality metrics remain solid.  A provision for credit losses of $200 thousand was recognized for the third quarter, down by $300 thousand from the second quarter.
  • Wealth management revenues increased by 3% from the preceding quarter.  End of period assets under administration ("AUA") eclipsed $7 billion and was up by 4% from the end of the second quarter.
  • Total loans amounted to $5.5 billion, down by 2% from June 30, 2024.
  • In-market deposits (total deposits less wholesale brokered deposits) amounted to an all-time high of $4.8 billion, up by 3% from June 30, 2024.

Net Interest Income

Net interest income was $32.3 million for the third quarter of 2024, up by $677 thousand, or 2%, from the second quarter of 2024.  The net interest margin was 1.85% for the third quarter, an increase of 2 basis points from the preceding quarter.  Linked quarter changes included:

  • Average interest-earning assets increased by $25 million, reflecting an increase of $132 million in deposits at correspondent banks, partially offset by decreases in loans and securities.  The yield on interest-earning assets for the third quarter was 4.99%, up by 2 basis points from the preceding quarter.
  • Average interest-bearing liabilities increased by $2 million, as in-market deposits increased by $35 million while wholesale funding balances decreased by $33 million.  The cost of interest-bearing liabilities for the third quarter of 2024 was 3.70%, up by 2 basis points from the preceding quarter.

Noninterest Income

Noninterest income totaled $16.3 million for the third quarter of 2024, down by $388 thousand, or 2%, from the second quarter of 2024.  Included in other noninterest income in the second quarter of 2024 was a net gain of $988 thousand recognized on the sale of a bank-owned operations facility.  Excluding this item, noninterest income was up by $600 thousand, or 4%, from the preceding quarter.  Linked quarter changes included:

  • Wealth management revenues amounted to $10.0 million in the third quarter of 2024, up by $311 thousand, or 3%.  This included an increase in asset-based revenues of $531 thousand, or 6%, which was partially offset by a decrease in transaction-based revenues of $220 thousand, or 50%.  The decline in transaction-based revenues was largely due to seasonal tax servicing fee income concentrated in the second quarter. The end of period AUA balance at September 30, 2024 amounted to $7.1 billion, up by $249 million, or 4%, from June 30, 2024.
  • Mortgage banking revenues totaled $2.9 million for the third quarter of 2024, up by $105 thousand, or 4%.  Loans sold amounted to $120.3 million in the third quarter of 2024, up by $10.3 million, or 9%.  In both the second and third quarters of 2024, 81% of residential real estate loan originations were originated for sale.

Noninterest Expense

Noninterest expense totaled $34.5 million for the third quarter of 2024, up by $594 thousand, or 2%, from the second quarter of 2024.  This included an increase in advertising and promotion expense of $196 thousand, or 30%, due to timing of such activities.  The remaining increase in noninterest expense included modest changes across a variety of expense categories.

Income Tax

Income tax expense totaled $2.8 million for the third quarter of 2024, down by $171 thousand from the preceding quarter.  The effective tax rate for the third quarter of 2024 was 20.6%, down from 21.8% in the preceding quarter.  Based on current federal and applicable state income tax statutes, the Corporation currently expects its full-year 2024 effective tax rate to be approximately 21%.

Investment Securities

The securities portfolio totaled $973 million at September 30, 2024, up by $21 million, or 2%, from June 30, 2024, reflecting an increase of $41 million in the fair value of available for sale securities, partially offset by routine pay-downs.  The securities portfolio represented 14% of total assets at September 30, 2024, compared to 13% of total assets at June 30, 2024.

Loans

Total loans amounted to $5.5 billion at September 30, 2024, down by $114 million, or 2%, from the end of the preceding quarter.  These changes included:

  • Commercial loans decreased by $82 million, or 3%.
  • Residential real estate loans decreased by $29 million, or 1%.
  • The consumer loan portfolio decreased by $3 million, or 1%.

Deposits and Borrowings

Total deposits amounted to $5.2 billion at September 30, 2024, compared to $5.0 billion at the end of the preceding quarter.  Uninsured deposits, after exclusions (as detailed in the financial tables below) amounted to $1.1 billion, or 20% of total deposits, at September 30, 2024.

In-market deposits, which exclude wholesale brokered deposits, amounted to $4.8 billion at September 30, 2024, up by $155 million, or 3%, from June 30, 2024.  As of September 30, 2024, in-market deposits were approximately 59% retail and 41% commercial.  The average size of our in-market deposit accounts was approximately $36 thousand at September 30, 2024.

Wholesale brokered deposits amounted to $380 million and were up by $41 million, or 12%, from June 30, 2024. 

FHLB advances totaled $1.3 billion at September 30, 2024, down by $250 million, or 16%, from June 30, 2024.  As of September 30, 2024, contingent liquidity amounted to $1.7 billion and consisted of noninterest-bearing cash, unencumbered securities, and unused collateralized borrowing capacity.

Asset Quality

Nonaccrual loans were $31.1 million, or 0.56% of total loans, at September 30, 2024, compared to $30.5 million, or 0.54% of total loans, at June 30, 2024.  The composition of nonaccrual loans at September 30, 2024 was 61% commercial and 39% residential and consumer.

Past due loans were $20.3 million, or 0.37% of total loans, at September 30, 2024, compared to $11.9 million, or 0.21% of total loans, at June 30, 2024.  The increase in past due loans was largely due to one commercial real estate loan that has been on nonaccrual status since the fourth quarter of 2023.  The composition of past due loans at September 30, 2024 was 52% commercial and 48% residential and consumer.

The allowance for credit losses ("ACL") on loans amounted to $42.6 million, or 0.77% of total loans, at September 30, 2024, compared to $42.4 million, or 0.75% of total loans, at June 30, 2024.  The ACL on unfunded commitments, included in other liabilities on the Consolidated Balance Sheets, was $1.6 million at September 30, 2024, compared to $1.7 million at June 30, 2024.

The provision for credit losses totaled $200 thousand in the third quarter of 2024, down by $300 thousand from the preceding quarter, largely reflecting the decline in loan balances.  Net charge-offs amounted to $48 thousand in the third quarter of 2024, compared to $27 thousand in the preceding quarter.

Capital and Dividends

Total shareholders' equity was $502.2 million at September 30, 2024, up by $31.3 million, or 7%, from June 30, 2024.  Net income of $11.0 million and an increase of $29.2 million in the accumulated other comprehensive income ("AOCI") component of shareholders' equity were partially offset by $9.7 million in dividend declarations.  The increase in AOCI mainly reflected increases in the fair value of available for sale debt securities due to changes in market interest rates.

The Board of Directors declared a quarterly dividend of 56 cents per share for the quarter ended September 30, 2024.  The dividend was paid on October 11, 2024 to shareholders of record on October 1, 2024.

Capital levels at September 30, 2024 exceeded the regulatory minimum levels to be considered well capitalized, with a total risk-based capital ratio of 12.21% at September 30, 2024, compared to 11.81% at June 30, 2024.  Book value per share was $29.44 at September 30, 2024, compared to $27.61 at June 30, 2024.

Conference Call

Washington Trust will host a conference call to discuss its third quarter results, business highlights, and outlook on Tuesday, October 22, 2024 at 8:30 a.m. (Eastern Time).  Individuals may dial in to the call at 1-833-470-1428 and enter Access Code 539756.  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 963764.  The audio replay will be available through November 5, 2024.  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 December 31, 2024.

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, 2023, 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)







Sep 30,
2024

Jun 30,
2024

Mar 31,
2024

Dec 31,
2023

Sep 30,
2023

Assets:




Cash and due from banks

$206,971

$103,877

$102,136

$86,824

$109,432

Short-term investments

3,772

3,654

3,452

3,360

3,577

Mortgage loans held for sale, at fair value

20,864

26,116

25,462

20,077

10,550

Available for sale debt securities, at fair value

973,266

951,828

970,060

1,000,380

958,990

Federal Home Loan Bank stock, at cost

57,439

66,166

55,512

51,893

52,668

Loans:




Total loans

5,514,870

5,629,102

5,685,232

5,647,706

5,611,115

Less: allowance for credit losses on loans

42,630

42,378

41,905

41,057

40,213

Net loans

5,472,240

5,586,724

5,643,327

5,606,649

5,570,902

Premises and equipment, net

32,145

31,866

31,914

32,291

31,976

Operating lease right-of-use assets

27,612

28,387

29,216

29,364

27,882

Investment in bank-owned life insurance

105,998

105,228

104,475

103,736

103,003

Goodwill

63,909

63,909

63,909

63,909

63,909

Identifiable intangible assets, net

3,089

3,295

3,503

3,711

3,919

Other assets

174,266

213,310

216,158

200,653

246,667

Total assets

$7,141,571

$7,184,360

$7,249,124

$7,202,847

$7,183,475

Liabilities:




Deposits:




Noninterest-bearing deposits

$665,706

$645,661

$648,929

$693,746

$773,261

Interest-bearing deposits

4,506,184

4,330,465

4,698,964

4,654,414

4,642,302

Total deposits

5,171,890

4,976,126

5,347,893

5,348,160

5,415,563

Federal Home Loan Bank advances

1,300,000

1,550,000

1,240,000

1,190,000

1,120,000

Junior subordinated debentures

22,681

22,681

22,681

22,681

22,681

Operating lease liabilities

30,237

31,012

31,837

32,027

30,554

Other liabilities

114,534

133,584

139,793

137,293

163,273

Total liabilities

6,639,342

6,713,403

6,782,204

6,730,161

6,752,071

Shareholders' Equity:




Common stock

1,085

1,085

1,085

1,085

1,085

Paid-in capital

126,698

125,898

126,785

126,150

126,310

Retained earnings

505,654

504,350

503,175

501,917

498,521

Accumulated other comprehensive loss

(117,158)

(146,326)

(148,913)

(141,153)

(178,734)

Treasury stock, at cost

(14,050)

(14,050)

(15,212)

(15,313)

(15,778)

Total shareholders' equity

502,229

470,957

466,920

472,686

431,404

Total liabilities and shareholders' equity

$7,141,571

$7,184,360

$7,249,124

$7,202,847

$7,183,475

 

Washington Trust Bancorp, Inc. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

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

For the Three Months Ended

For the Nine Months
Ended

Sep 30,
2024

Jun 30,
2024

Mar 31,
2024

Dec 31,
2023

Sep 30,
2023

Sep 30,
2024

Sep 30,
2023

Interest income:







Interest and fees on loans

$75,989

$76,240

$75,636

$74,236

$70,896

$227,865

$196,094

Interest on mortgage loans held for sale

366

392

255

255

332

1,013

725

Taxable interest on debt securities

6,795

6,944

7,096

7,191

7,271

20,835

21,868

Dividends on Federal Home Loan Bank stock

1,262

1,124

1,073

982

878

3,459

2,333

Other interest income

3,174

1,297

1,196

1,282

1,344

5,667

3,693

Total interest and dividend income

87,586

85,997

85,256

83,946

80,721

258,839

224,713

Interest expense:







Deposits

37,203

36,713

38,047

37,067

34,069

111,963

83,362

Federal Home Loan Bank advances

17,717

17,296

15,138

13,814

12,497

50,151

35,775

Junior subordinated debentures

404

403

406

411

404

1,213

1,132

Total interest expense

55,324

54,412

53,591

51,292

46,970

163,327

120,269

Net interest income

32,262

31,585

31,665

32,654

33,751

95,512

104,444

Provision for credit losses

200

500

700

1,200

500

1,400

2,000

Net interest income after provision for credit losses

32,062

31,085

30,965

31,454

33,251

94,112

102,444

Noninterest income:







Wealth management revenues

9,989

9,678

9,338

8,881

8,948

29,005

26,659

Mortgage banking revenues

2,866

2,761

2,506

1,554

2,108

8,133

5,106

Card interchange fees

1,321

1,275

1,145

1,254

1,267

3,741

3,667

Service charges on deposit accounts

784

769

685

688

674

2,238

2,118

Loan related derivative income

126

49

284

112

1,082

459

1,278

Income from bank-owned life insurance

770

753

739

734

710

2,262

2,754

Other income

416

1,375

2,466

83

437

4,257

1,252

Total noninterest income

16,272

16,660

17,163

13,306

15,226

50,095

42,834

Noninterest expense:







Salaries and employee benefits

21,350

21,260

21,775

18,464

21,622

64,385

63,994

Outsourced services

4,185

4,096

3,780

3,667

3,737

12,061

10,854

Net occupancy

2,399

2,397

2,561

2,396

2,387

7,357

7,240

Equipment

924

958

1,020

1,133

1,107

2,902

3,185

Legal, audit, and professional fees

836

741

706

959

1,058

2,283

2,932

FDIC deposit insurance costs

1,402

1,404

1,441

1,239

1,185

4,247

3,428

Advertising and promotion

857

661

548

938

789

2,066

1,624

Amortization of intangibles

206

208

208

208

211

622

635

Other expenses

2,345

2,185

2,324

3,583

2,294

6,854

7,078

Total noninterest expense

34,504

33,910

34,363

32,587

34,390

102,777

100,970

Income before income taxes

13,830

13,835

13,765

12,173

14,087

41,430

44,308

Income tax expense (benefit)

2,849

3,020

2,829

(774)

2,926

8,698

9,079

Net income

$10,981

$10,815

$10,936

$12,947

$11,161

$32,732

$35,229









Net income available to common shareholders

$10,973

$10,807

$10,924

$12,931

$11,140

$32,732

$35,160









Weighted average common shares outstanding:







  Basic

17,058

17,052

17,033

17,029

17,019

17,048

17,034

  Diluted

17,140

17,110

17,074

17,070

17,041

17,115

17,063

Earnings per common share:







  Basic

$0.64

$0.63

$0.64

$0.76

$0.65

$1.92

$2.06

  Diluted

$0.64

$0.63

$0.64

$0.76

$0.65

$1.91

$2.06









Cash dividends declared per share

$0.56

$0.56

$0.56

$0.56

$0.56

$1.68

$1.68

 

Washington Trust Bancorp, Inc. and Subsidiaries

SELECTED FINANCIAL HIGHLIGHTS

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



Sep 30,
2024

Jun 30,
2024

Mar 31,
2024

Dec 31,
2023

Sep 30,
2023

Share and Equity Related Data:




Book value per share

$29.44

$27.61

$27.41

$27.75

$25.35

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

$25.51

$23.67

$23.45

$23.78

$21.36

Market value per share

$32.21

$27.41

$26.88

$32.38

$26.33

Shares issued at end of period

17,363

17,363

17,363

17,363

17,363

Shares outstanding at end of period

17,058

17,058

17,033

17,031

17,019






Capital Ratios (2):




Tier 1 risk-based capital

11.39 %

11.01 %

10.84 %

10.86 %

10.77 %

Total risk-based capital

12.21 %

11.81 %

11.62 %

11.58 %

11.48 %

Tier 1 leverage ratio

7.85 %

7.82 %

7.81 %

7.80 %

7.87 %

Common equity tier 1

10.95 %

10.59 %

10.42 %

10.44 %

10.35 %






Balance Sheet Ratios:




Equity to assets

7.03 %

6.56 %

6.44 %

6.56 %

6.01 %

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

6.15 %

5.67 %

5.56 %

5.68 %

5.11 %

Loans to deposits (3)

106.2 %

112.8 %

106.0 %

105.2 %

103.1 %

 

For the Nine Months
Ended

For the Three Months Ended

Sep 30,
2024

Jun 30,
2024

Mar 31,
2024

Dec 31,
2023

Sep 30,
2023

Sep 30,
2024

Sep 30,
2023

Performance Ratios (4):







Net interest margin (5)

1.85 %

1.83 %

1.84 %

1.88 %

1.97 %

1.84 %

2.11 %

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

0.60 %

0.60 %

0.61 %

0.71 %

0.62 %

0.60 %

0.68 %

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

0.61 %

0.61 %

0.61 %

0.72 %

0.63 %

0.61 %

0.69 %

Return on average equity (net income available for 

   common shareholders divided by average equity)

8.99 %

9.43 %

9.33 %

11.77 %

9.65 %

9.25 %

10.19 %

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

10.43 %

11.04 %

10.89 %

13.93 %

11.33 %

10.79 %

11.95 %

Efficiency ratio (6)

71.1 %

70.3 %

70.4 %

70.9 %

70.2 %

70.6 %

68.6 %

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

(2)     Estimated for September 30, 2024 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 Nine Months
Ended

Sep 30,
2024

Jun 30,
2024

Mar 31,
2024

Dec 31,
2023

Sep 30,
2023

Sep 30,
2024

Sep 30,
2023

Wealth Management Results







Wealth Management Revenues:







Asset-based revenues

$9,770

$9,239

$9,089

$8,634

$8,683

$28,098

$25,674

Transaction-based revenues

219

439

249

247

265

907

985

Total wealth management revenues

$9,989

$9,678

$9,338

$8,881

$8,948

$29,005

$26,659









Assets Under Administration (AUA):







Balance at beginning of period

$6,803,491

$6,858,322

$6,588,406

$6,131,395

$6,350,260

$6,588,406

$5,961,990

Net investment appreciation (depreciation) & income

372,027

108,529

364,244

503,209

(154,269)

844,800

391,781

Net client asset outflows

(123,110)

(163,360)

(94,328)

(46,198)

(64,596)

(380,798)

(222,376)

Balance at end of period

$7,052,408

$6,803,491

$6,858,322

$6,588,406

$6,131,395

$7,052,408

$6,131,395









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)

$2,492

$2,205

$1,586

$1,133

$1,746

$6,283

$3,149

Changes in fair value, net (2)

(28)

20

324

(65)

(171)

316

297

Loan servicing fee income, net (3)

402

536

596

486

533

1,534

1,660

Total mortgage banking revenues

$2,866

$2,761

$2,506

$1,554

$2,108

$8,133

$5,106









Residential Mortgage Loan Originations:







Originations for retention in portfolio (4)

$26,317

$26,520

$24,474

$39,827

$161,603

$77,311

$420,065

Originations for sale to secondary market (5)

115,117

110,728

78,098

76,495

78,339

303,943

184,097

Total mortgage loan originations

$141,434

$137,248

$102,572

$116,322

$239,942

$381,254

$604,162









Residential Mortgage Loans Sold:







Sold with servicing rights retained

$17,881

$24,570

$24,057

$28,290

$34,046

$66,508

$79,887

Sold with servicing rights released (5)

102,457

85,482

48,587

39,170

54,575

236,526

102,625

Total mortgage loans sold

$120,338

$110,052

$72,644

$67,460

$88,621

$303,034

$182,512

(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)



Sep 30,
2024

Jun 30,
2024

Mar 31,
2024

Dec 31,
2023

Sep 30,
2023

Loans:




Commercial real estate (1)

$2,102,091

$2,191,996

$2,158,518

$2,106,359

$2,063,383

Commercial & industrial

566,279

558,075

613,376

605,072

611,565

Total commercial

2,668,370

2,750,071

2,771,894

2,711,431

2,674,948






Residential real estate (2)

2,529,397

2,558,533

2,585,524

2,604,478

2,611,100






Home equity

299,379

302,027

309,302

312,594

305,683

Other

17,724

18,471

18,512

19,203

19,384

Total consumer

317,103

320,498

327,814

331,797

325,067

Total loans

$5,514,870

$5,629,102

$5,685,232

$5,647,706

$5,611,115

(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.

 

September 30, 2024

December 31, 2023

Balance

% of Total

Balance

% of Total

Commercial Real Estate Loans by Property Location:




Connecticut

$826,212

39 %

$815,975

39 %

Massachusetts

650,891

31

645,736

31

Rhode Island

434,111

21

430,899

20

Subtotal

1,911,214

91

1,892,610

90

All other states

190,877

9

213,749

10

Total commercial real estate loans

$2,102,091

100 %

$2,106,359

100 %






Residential Real Estate Loans by Property Location:




Massachusetts

$1,857,706

74 %

$1,928,206

74 %

Rhode Island

488,094

19

481,289

19

Connecticut

155,858

6

165,933

6

Subtotal

2,501,658

99

2,575,428

99

All other states

27,739

1

29,050

1

Total residential real estate loans

$2,529,397

100 %

$2,604,478

100 %

 

Washington Trust Bancorp, Inc. and Subsidiaries

END OF PERIOD LOAN COMPOSITION

(Unaudited; Dollars in thousands)







September 30, 2024

December 31, 2023

Balance

% of Total

Balance

% of Total

Commercial Real Estate Portfolio Segmentation:




Multi-family

$540,792

26 %

$546,694

26 %

Retail

428,217

20

434,913

21

Industrial and warehouse

337,950

16

307,987

15

Office

296,545

14

284,199

13

Hospitality

203,972

10

235,015

11

Healthcare Facility

202,854

10

175,490

8

Mixed-use

29,231

1

49,079

2

Other

62,530

3

72,982

4

Total commercial real estate loans

$2,102,091

100 %

$2,106,359

100 %






Commercial & Industrial Portfolio Segmentation:




Healthcare and social assistance

$131,120

23 %

$166,490

28 %

Real estate rental and leasing

69,069

12

70,540

12

Transportation and warehousing

56,620

10

63,789

11

Manufacturing

48,239

9

54,905

9

Educational services

42,860

8

41,968

7

Retail trade

41,232

7

43,746

7

Finance and insurance

25,362

4

33,617

6

Information

22,168

4

22,674

4

Arts, entertainment, and recreation

20,557

4

22,249

4

Accommodation and food services

11,693

2

13,502

2

Professional, scientific, and technical services

10,729

2

7,998

1

Public administration

2,570

—

3,019

—

Other

84,060

15

60,575

9

Total commercial & industrial loans

$566,279

100 %

$605,072

100 %

 

Weighted Average

Asset Quality

September 30, 2024

Balance
(2) (3)

Average

 Loan

Size (4)

Loan to
Value

Debt

 Service
Coverage

Pass

Special
Mention

Classified

Nonaccrual
(included in
Classified)

Non-Owner Occupied Commercial Real
Estate Office (inclusive of Construction):









Class A

$112,875

$9,477

59 %

1.72x

$106,584

$6,291

$—

$—

Class B

86,421

4,350

67 %

1.32x

64,735

—

21,686

18,259

Class C

14,790

2,113

56 %

1.39x

14,790

—

—

—

Medical Office

56,124

7,525

70 %

1.33x

56,124

—

—

—

Lab Space

26,335

23,460

91 %

1.20x

5,817

—

20,518

—

Total office (1)

$296,545

$6,584

68 %

1.45x

$248,050

$6,291

$42,204

$18,259

(1)     Approximately 68% of the total commercial real estate office balance of $297 million is secured by income producing properties located in suburban areas. 
          Additionally, approximately 40% of the total commercial real estate office balance is scheduled to mature before September 30, 2026.

(2)     The balance of commercial real estate office consists of 49 loans.

(3)     Does not include $26.1 million of unfunded commitments.

(4)     Total commitment (outstanding loan balance plus unfunded commitments) divided by number of loans.

 

Washington Trust Bancorp, Inc. and Subsidiaries

END OF PERIOD DEPOSIT COMPOSITION & CONTINGENT LIQUIDITY

(Unaudited; Dollars in thousands)







Sep 30,
2024

Jun 30,
2024

Mar 31,
2024

Dec 31,
2023

Sep 30,
2023

Deposits:




Noninterest-bearing demand deposits

$665,706

$645,661

$648,929

$693,746

$773,261

Interest-bearing demand deposits (in-market)

596,319

532,316

536,923

504,959

490,217

NOW accounts

685,531

722,797

735,617

767,036

745,778

Money market accounts

1,146,426

1,086,088

1,111,510

1,096,959

1,111,797

Savings accounts

490,285

485,208

484,678

497,223

514,526

Time deposits (in-market)

1,207,626

1,164,839

1,156,516

1,134,187

1,111,942

In-market deposits

4,791,893

4,636,909

4,674,173

4,694,110

4,747,521

Wholesale brokered time deposits

379,997

339,217

673,720

654,050

668,042

Total deposits

$5,171,890

$4,976,126

$5,347,893

$5,348,160

$5,415,563

 

September 30, 2024

December 31, 2023

Balance

% of Total
Deposits

Balance

% of Total
Deposits

Uninsured Deposits:




Uninsured deposits (1)

$1,360,176

26 %

$1,260,672

24 %

Less: affiliate deposits (2)

101,028

2

92,645

2

Uninsured deposits, excluding affiliate deposits

1,259,148

24

1,168,027

22

Less: fully-collateralized preferred deposits (3)

205,668

4

204,327

4

Uninsured deposits, after exclusions

$1,053,480

20 %

$963,700

18 %

(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.

 

Sep 30,
2024

Dec 31,
2023

Contingent Liquidity:

Federal Home Loan Bank of Boston

$930,951

$1,086,607

Federal Reserve Bank of Boston

85,009

65,759

Noninterest-bearing cash

33,694

54,970

Unencumbered securities

662,991

680,857

Total

$1,712,645

$1,888,193



Percentage of total contingent liquidity to uninsured deposits

125.9 %

149.8 %

Percentage of total contingent liquidity to uninsured deposits, after exclusions

162.6 %

195.9 %

 

Washington Trust Bancorp, Inc. and Subsidiaries

CREDIT & ASSET QUALITY DATA

(Unaudited; Dollars in thousands)



Sep 30,
2024

Jun 30,
2024

Mar 31,
2024

Dec 31,
2023

Sep 30,
2023

Asset Quality Ratios:




Nonperforming assets to total assets

0.44 %

0.43 %

0.43 %

0.63 %

0.48 %

Nonaccrual loans to total loans

0.56 %

0.54 %

0.54 %

0.79 %

0.60 %

Total past due loans to total loans

0.37 %

0.21 %

0.18 %

0.20 %

0.17 %

Allowance for credit losses on loans to nonaccrual loans

136.89 %

139.04 %

136.45 %

92.02 %

119.50 %

Allowance for credit losses on loans to total loans

0.77 %

0.75 %

0.74 %

0.73 %

0.72 %






Nonperforming Assets:




Commercial real estate

$18,259

$18,390

$18,729

$32,827

$22,609

Commercial & industrial

616

642

668

682

696

Total commercial

18,875

19,032

19,397

33,509

23,305

Residential real estate

10,517

9,744

9,722

9,626

9,446

Home equity

1,750

1,703

1,591

1,483

901

Other consumer

—

—

—

—

—

Total consumer

1,750

1,703

1,591

1,483

901

Total nonaccrual loans

31,142

30,479

30,710

44,618

33,652

Other real estate owned

—

683

683

683

683

Total nonperforming assets

$31,142

$31,162

$31,393

$45,301

$34,335






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




Commercial real estate

$10,476

$—

$—

$—

$—

Commercial & industrial

3

2

270

10

4

Total commercial

10,479

2

270

10

4

Residential real estate

6,947

8,534

6,858

8,116

7,785

Home equity

2,800

3,324

2,879

3,196

1,925

Other consumer

75

20

32

23

19

Total consumer

2,875

3,344

2,911

3,219

1,944

Total past due loans

$20,301

$11,880

$10,039

$11,345

$9,733






Accruing loans 90 days or more past due

$—

$—

$—

$—

$—

Nonaccrual loans included in past due loans

$18,119

$8,409

$5,111

$6,877

$5,710

 

Washington Trust Bancorp, Inc. and Subsidiaries

CREDIT & ASSET QUALITY DATA

(Unaudited; Dollars in thousands)

For the Three Months Ended

For the Nine Months
Ended

Sep 30,
2024

Jun 30,
2024

Mar 31,
2024

Dec 31,
2023

Sep 30,
2023

Sep 30,
2024

Sep 30,
2023

Nonaccrual Loan Activity:







Balance at beginning of period

$30,479

$30,710

$44,618

$33,652

$10,407

$44,618

$12,846

Additions to nonaccrual status

1,880

556

431

12,018

25,088

2,867

28,258

Loans returned to accruing status

(268)

(369)

(13,764)

—

(197)

(14,401)

(1,636)

Loans charged-off

(59)

(53)

(70)

(420)

(44)

(182)

(157)

Loans transferred to other real estate owned

—

—

—

—

—

—

(683)

Payments, payoffs, and other changes

(890)

(365)

(505)

(632)

(1,602)

(1,760)

(4,976)

Balance at end of period

$31,142

$30,479

$30,710

$44,618

$33,652

$31,142

$33,652









Allowance for Credit Losses on Loans:







Balance at beginning of period

$42,378

$41,905

$41,057

$40,213

$39,343

$41,057

$38,027

Provision for credit losses on loans (1)

300

500

900

1,250

900

1,700

2,300

Charge-offs

(59)

(53)

(70)

(420)

(44)

(182)

(157)

Recoveries

11

26

18

14

14

55

43

Balance at end of period

$42,630

$42,378

$41,905

$41,057

$40,213

$42,630

$40,213









Allowance for Credit Losses on Unfunded Commitments:






Balance at beginning of period

$1,740

$1,740

$1,940

$1,990

$2,390

$1,940

$2,290

Provision for credit losses on unfunded commitments (1)

(100)

—

(200)

(50)

(400)

(300)

(300)

Balance at end of period (2)

$1,640

$1,740

$1,740

$1,940

$1,990

$1,640

$1,990

(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 Nine Months
Ended

Sep 30,
2024

Jun 30,
2024

Mar 31,
2024

Dec 31,
2023

Sep 30,
2023

Sep 30,
2024

Sep 30,
2023

Net Loan Charge-Offs (Recoveries):







Commercial real estate

$—

$—

$—

$373

$—

$—

$—

Commercial & industrial

2

4

(1)

10

4

5

15

Total commercial

2

4

(1)

383

4

5

15

Residential real estate

—

—

—

(3)

—

—

—

Home equity

(1)

(6)

(1)

—

(7)

(8)

(10)

Other consumer

47

29

54

26

33

130

109

Total consumer

46

23

53

26

26

122

99

Total

$48

$27

$52

$406

$30

$127

$114









Net charge-offs to average loans - annualized

— %

— %

— %

0.03 %

— %

— %

— %

 

The following tables present daily average balance, interest, and yield/rate information, as well as net interest margin on an FTE basis.  Tax-exempt income is converted to an 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, changes in fair value on mortgage loans held for sale, and basis adjustments associated with fair value hedges 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

September 30, 2024

June 30, 2024

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

$229,326

$3,174

5.51 %

$96,934

$1,297

5.38 %

$132,392

$1,877

0.13 %

Mortgage loans held for sale

21,899

366

6.65

22,755

392

6.93

(856)

(26)

(0.28)

Taxable debt securities

1,109,699

6,794

2.44

1,129,573

6,944

2.47

(19,874)

(150)

(0.03)

Nontaxable debt securities

85

1

4.68

—

—

—

85

1

4.68

Total securities

1,109,784

6,795

2.44

1,129,573

6,944

2.47

(19,789)

(149)

(0.03)

FHLB stock

62,420

1,262

8.04

60,354

1,124

7.49

2,066

138

0.55

Commercial real estate

2,143,466

34,518

6.41

2,167,785

34,707

6.44

(24,319)

(189)

(0.03)

Commercial & industrial

573,400

9,368

6.50

602,786

9,837

6.56

(29,386)

(469)

(0.06)

Total commercial

2,716,866

43,886

6.43

2,770,571

44,544

6.47

(53,705)

(658)

(0.04)

Residential real estate

2,542,939

26,568

4.16

2,569,945

26,473

4.14

(27,006)

95

0.02

Home equity

299,227

5,554

7.38

306,703

5,211

6.83

(7,476)

343

0.55

Other

18,097

215

4.73

18,375

239

5.23

(278)

(24)

(0.50)

Total consumer

317,324

5,769

7.23

325,078

5,450

6.74

(7,754)

319

0.49

Total loans

5,577,129

76,223

5.44

5,665,594

76,467

5.43

(88,465)

(244)

0.01

Total interest-earning assets

7,000,558

87,820

4.99

6,975,210

86,224

4.97

25,348

1,596

0.02

Noninterest-earning assets

254,008


252,268


1,740

Total assets

$7,254,566


$7,227,478


$27,088

Liabilities and Shareholders' Equity:










Interest-bearing demand deposits (in-
   market)

$556,245

$6,288

4.50 %

$536,752

$6,064

4.54 %

$19,493

$224

(0.04 %)

NOW accounts

693,724

405

0.23

712,874

388

0.22

(19,150)

17

0.01

Money market accounts

1,122,649

11,221

3.98

1,120,333

10,934

3.93

2,316

287

0.05

Savings accounts

484,068

984

0.81

482,674

803

0.67

1,394

181

0.14

Time deposits (in-market)

1,188,452

12,234

4.10

1,157,962

11,802

4.10

30,490

432

—

Interest-bearing in-market deposits

4,045,138

31,132

3.06

4,010,595

29,991

3.01

34,543

1,141

0.05

Wholesale brokered time deposits

458,114

6,071

5.27

517,424

6,722

5.23

(59,310)

(651)

0.04

Total interest-bearing deposits

4,503,252

37,203

3.29

4,528,019

36,713

3.26

(24,767)

490

0.03

FHLB advances

1,423,804

17,717

4.95

1,397,143

17,296

4.98

26,661

421

(0.03)

Junior subordinated debentures

22,681

404

7.09

22,681

403

7.15

—

1

(0.06)

Total interest-bearing liabilities

5,949,737

55,324

3.70

5,947,843

54,412

3.68

1,894

912

0.02

Noninterest-bearing demand deposits

673,113


652,189


20,924

Other liabilities

146,045


166,487


(20,442)

Shareholders' equity

485,654


460,959


24,695

Total liabilities and shareholders' equity

$7,254,549


$7,227,478


$27,071

Net interest income (FTE)

$32,496


$31,812


$684

Interest rate spread

1.29 %


1.29 %


— %

Net interest margin

1.85 %


1.83 %


0.02 %

 

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




For the Three Months Ended

Sep 30,
2024

Jun 30,
2024

Change

Commercial loans

$234

$227

$7

Total

$234

$227

$7

 

Washington Trust Bancorp, Inc. and Subsidiaries

CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)

(Unaudited; Dollars in thousands)

For the Nine Months Ended

September 30, 2024

September 30, 2023

Change

Average
Balance

Interest

Yield/

Rate

Average
Balance

Interest

Yield/

 Rate

Average
Balance

Interest

Yield/

 Rate

Assets:








Cash, federal funds sold and short-term
   investments

$135,428

$5,667

5.59 %

$105,025

$3,693

4.70 %

$30,403

$1,974

0.89 %

Mortgage loans for sale

20,042

1,013

6.75

18,315

725

5.29

1,727

288

1.46

Taxable debt securities

1,128,507

20,834

2.47

1,192,536

21,868

2.45

(64,029)

(1,034)

0.02

Nontaxable debt securities

28

1

4.77

—

—

—

28

1

4.77

Total securities

1,128,535

20,835

2.47

1,192,536

21,868

2.45

(64,001)

(1,033)

0.02

FHLB stock

58,890

3,459

7.85

45,605

2,333

6.84

13,285

1,126

1.01

Commercial real estate

2,150,686

103,445

6.42

1,931,196

85,626

5.93

219,490

17,819

0.49

Commercial & industrial

595,564

29,096

6.53

618,415

28,423

6.14

(22,851)

673

0.39

Total commercial

2,746,250

132,541

6.45

2,549,611

114,049

5.98

196,639

18,492

0.47

Residential real estate

2,568,457

79,572

4.14

2,452,088

69,777

3.80

116,369

9,795

0.34

Home equity

305,364

15,769

6.90

293,957

12,355

5.62

11,407

3,414

1.28

Other

18,527

666

4.80

17,685

616

4.66

842

50

0.14

Total consumer

323,891

16,435

6.78

311,642

12,971

5.56

12,249

3,464

1.22

Total loans

5,638,598

228,548

5.41

5,313,341

196,797

4.95

325,257

31,751

0.46

Total interest-earning assets

6,981,493

259,522

4.97

6,674,822

225,416

4.52

306,671

34,106

0.45

Noninterest-earning assets

256,527

259,334

(2,807)

Total assets

$7,238,020

$6,934,156

$303,864

Liabilities and Shareholders' Equity:








Interest-bearing demand deposits (in-
   market)

$533,163

$18,058

4.52 %

$385,180

$11,788

4.09 %

$147,983

$6,270

0.43 %

NOW accounts

709,115

1,168

0.22

781,546

1,177

0.20

(72,431)

(9)

0.02

Money market accounts

1,116,879

32,571

3.90

1,208,436

26,807

2.97

(91,557)

5,764

0.93

Savings accounts

485,665

2,540

0.70

534,784

1,065

0.27

(49,119)

1,475

0.43

Time deposits (in-market)

1,165,370

35,756

4.10

971,333

22,417

3.09

194,037

13,339

1.01

Interest-bearing in-market deposits

4,010,192

90,093

3.00

3,881,279

63,254

2.18

128,913

26,839

0.82

Wholesale brokered demand deposits

—

—

—

5,368

177

4.41

(5,368)

(177)

(4.41)

Wholesale brokered time deposits

558,015

21,870

5.24

579,871

19,931

4.60

(21,856)

1,939

0.64

Wholesale brokered deposits

558,015

21,870

5.24

585,239

20,108

4.59

(27,224)

1,762

0.65

Total interest-bearing deposits

4,568,207

111,963

3.27

4,466,518

83,362

2.50

101,689

28,601

0.77

FHLB advances

1,353,887

50,151

4.95

1,025,788

35,775

4.66

328,099

14,376

0.29

Junior subordinated debentures

22,681

1,213

7.14

22,681

1,132

6.67

—

81

0.47

Total interest-bearing liabilities

5,944,775

163,327

3.67

5,514,987

120,269

2.92

429,788

43,058

0.75

Noninterest-bearing demand deposits

663,355

792,706

(129,351)

Other liabilities

157,268

165,021

(7,753)

Shareholders' equity

472,617

461,442

11,175

Total liabilities and shareholders' equity

$7,238,015

$6,934,156

$303,859

Net interest income (FTE)

$96,195

$105,147

($8,952)

Interest rate spread

1.30 %

1.60 %

(0.30 %)

Net interest margin

1.84 %

2.11 %

(0.27 %)

 

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




For the Nine Months Ended

Sep 30,
2024

Sep 30,
2023

Change

Commercial loans

$683

$703

($20)

Total

$683

$703

($20)

 

Washington Trust Bancorp, Inc. and Subsidiaries

SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures

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



Sep 30,
2024

Jun 30,
2024

Mar 31,
2024

Dec 31,
2023

Sep 30,
2023

Tangible Book Value per Share:




Total shareholders' equity, as reported

$502,229

$470,957

$466,920

$472,686

$431,404

Less:




Goodwill

63,909

63,909

63,909

63,909

63,909

Identifiable intangible assets, net

3,089

3,295

3,503

3,711

3,919

Total tangible shareholders' equity

$435,231

$403,753

$399,508

$405,066

$363,576






Shares outstanding, as reported

17,058

17,058

17,033

17,031

17,019






Book value per share - GAAP

$29.44

$27.61

$27.41

$27.75

$25.35

Tangible book value per share - Non-GAAP

$25.51

$23.67

$23.45

$23.78

$21.36






Tangible Equity to Tangible Assets:




Total tangible shareholders' equity

$435,231

$403,753

$399,508

$405,066

$363,576






Total assets, as reported

$7,141,571

$7,184,360

$7,249,124

$7,202,847

$7,183,475

Less:




Goodwill

63,909

63,909

63,909

63,909

63,909

Identifiable intangible assets, net

3,089

3,295

3,503

3,711

3,919

Total tangible assets

$7,074,573

$7,117,156

$7,181,712

$7,135,227

$7,115,647






Equity to assets - GAAP

7.03 %

6.56 %

6.44 %

6.56 %

6.01 %

Tangible equity to tangible assets - Non-GAAP

6.15 %

5.67 %

5.56 %

5.68 %

5.11 %

 

For the Three Months Ended

For the Nine Months Ended

Sep 30,
2024

Jun 30,
2024

Mar 31,
2024

Dec 31,
2023

Sep 30,
2023

Sep 30,
2024

Sep 30,
2023

Return on Average Tangible Assets:







Net income, as reported

$10,981

$10,815

$10,936

$12,947

$11,161

$32,732

$35,229









Total average assets, as reported

$7,254,566

$7,227,478

$7,231,835

$7,191,575

$7,115,157

$7,238,020

$6,934,156

Less average balances of:







Goodwill

63,909

63,909

63,909

63,909

63,909

63,909

63,909

Identifiable intangible assets, net

3,189

3,397

3,604

3,812

4,021

3,396

4,232

Total average tangible assets

$7,187,468

$7,160,172

$7,164,322

$7,123,854

$7,047,227

$7,170,715

$6,866,015









Return on average assets - GAAP

0.60 %

0.60 %

0.61 %

0.71 %

0.62 %

0.60 %

0.68 %

Return on average tangible assets - Non-
   GAAP

0.61 %

0.61 %

0.61 %

0.72 %

0.63 %

0.61 %

0.69 %









Return on Average Tangible Equity:







Net income available to common
   shareholders, as reported

$10,973

$10,807

$10,924

$12,931

$11,140

$32,732

$35,160









Total average equity, as reported

$485,654

$460,959

$471,096

$436,059

$458,015

$472,617

$461,442

Less average balances of:







Goodwill

63,909

63,909

63,909

63,909

63,909

63,909

63,909

Identifiable intangible assets, net

3,189

3,397

3,604

3,812

4,021

3,396

4,232

Total average tangible equity

$418,556

$393,653

$403,583

$368,338

$390,085

$405,312

$393,301









Return on average equity - GAAP

8.99 %

9.43 %

9.33 %

11.77 %

9.65 %

9.25 %

10.19 %

Return on average tangible equity - Non-
   GAAP

10.43 %

11.04 %

10.89 %

13.93 %

11.33 %

10.79 %

11.95 %

 

Category: Earnings

 

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SOURCE Washington Trust Bancorp, Inc.

Copyright 2024 PR Newswire

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