WASH
$58.25
Washington TR Bncorp
$.47
.81%
Earnings Details
3rd Quarter September 2021
Monday, October 25, 2021 4:05:00 PM
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Summary

Washington TR Bncorp (WASH) Recent Earnings

Washington TR Bncorp (WASH) reported 3rd Quarter September 2021 earnings of $1.07 per share on revenue of $60.3 million. The consensus earnings estimate was $0.97 per share on revenue of $34.6 million. Revenue fell 9.0% compared to the same quarter a year ago.

Washington Trust Bancorp Inc. through its subsidiaries offers financial services to individuals and businesses, including wealth management, through its offices in Rhode Island, eastern Massachusetts and southeastern Connecticut.

Results
Reported Earnings
$1.07
Earnings Whisper
-
Consensus Estimate
$0.97
Reported Revenue
$60.3 Mil
Revenue Estimate
$34.6 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Washington Trust Reports Third Quarter 2021 Earnings

WESTERLY, R.I., Oct. 25, 2021 /PRNewswire/ -- Washington Trust Bancorp, Inc. (Nasdaq:WASH), parent company of The Washington Trust Company, today announced third quarter 2021 net income of $18.8 million, or $1.07 per diluted share, compared to net income of $17.5 million, or $1.00 per diluted share, for the second quarter of 2021.

"Washington Trust's third quarter results reflect the strength and stability of our balance sheet and solid contributions from all business lines," stated Edward O. Handy III, Chairman and Chief Executive Officer.  "We posted increased quarterly earnings, reported a record $6 billion in assets, and reached an all-time high $5 billion in deposits.  We recently announced our intent to open a new branch in Cumberland, RI in 2022, as we believe the key to future growth is providing customers with convenient in-person service and digital banking solutions."

Selected financial highlights for the third quarter of 2021 include:

  • Returns on average equity and average assets for the third quarter were 13.37% and 1.26%, respectively, compared to 12.92% and 1.20%, respectively, in the preceding quarter.
  • For both the third quarter and the second quarter of 2021, there was no provision for credit losses recognized in earnings.
  • Wealth management revenues were $10.5 million for the third quarter, up by $27 thousand, from the preceding quarter, as higher quarterly asset-based revenues were partially offset by seasonal declines in transaction-based revenues.
  • Mortgage banking revenues were $6.4 million for the third quarter, up by $379 thousand, or 6%, from the preceding quarter.
  • Total loans amounted to $4.3 billion, down by $13 million, or 0.3%, from the end of the preceding quarter and up by $4 million, or 0.1%, from a year ago. Total loans excluding Paycheck Protection Program ("PPP") loans amounted to $4.2 billion, up by $56 million, or 1%, from the end of the preceding quarter and up by $144 million, or 4%, from a year ago.
  • In-market deposits (total deposits less out-of-market wholesale brokered deposits) amounted to a record $4.3 billion at September 30, 2021, up by $310 million, or 8%, from the end of the preceding quarter, and up by $602 million, or 16%, from a year ago.

Net Interest Income

Net interest income was $36.1 million for the third quarter of 2021, up by $1.3 million, or 4%, from the second quarter of 2021.  The net interest margin was 2.58% for the third quarter, up by 3 basis points from the preceding quarter. Both net interest income and the net interest margin benefited from accelerated net deferred fee amortization associated with PPP loans that were forgiven by the Small Business Administration. In the third quarter of 2021, accelerated net deferred fee amortization on PPP loans amounted to $2.0 million, or 13 basis points, compared to $1.0 million, or 7 basis points, in the preceding quarter.  Additionally, there was no commercial loan prepayment fee income in the third quarter of 2021, compared to $717 thousand, or 5 basis points, of commercial prepayment fee income in the preceding quarter.  Excluding the impact of these items for both periods, the net interest margin was 2.45% in the third quarter of 2021, up from 2.42% in the preceding quarter.  Linked quarter changes included:

  • Average interest-earning assets increased by $69 million, with an increase of $42 million in average loans and an increase in average investment securities of $16 million. The yield on interest-earning assets for the third quarter was 2.85%, unchanged from the preceding quarter. Excluding the impact of accelerated net deferred fee amortization on PPP loans and commercial loan prepayment fee income for both periods, the yield on interest-earning assets for the third quarter was 2.57%, down by 2 basis points from 2.59% in the preceding quarter, mainly due to a lower yield on the average balances of residential real estate loans.
  • Average interest-bearing liabilities increased by $29 million, with an increase of $108 million in average in-market deposits, partially offset by a decrease of $79 million in average wholesale funding balances. The cost of interest-bearing liabilities for the third quarter of 2021 was 0.35%, down by 3 basis points from the preceding quarter, reflecting the impact of lower market interest rates.

Noninterest Income
Noninterest income totaled $20.5 million for the third quarter of 2021, down by $73 thousand, or 0.4%, from the second quarter of 2021.  Linked quarter changes included:

  • Wealth management revenues amounted to $10.5 million in the third quarter of 2021, up by $27 thousand, or 0.3%, on a linked quarter basis. This included an increase in asset-based revenues of $233 thousand, or 2%, and a decrease in transaction-based revenues of $206 thousand, or 47%, from the preceding quarter. The linked quarter decline in transaction-based revenues was mainly due to tax reporting and preparation fees, which are generally concentrated in the first half of the year.
     
    Wealth management assets under administration ("AUA") amounted to $7.4 billion at September 30, 2021, up by $2 million from June 30, 2021.  The increase reflected net client asset inflows of $7 million in the third quarter of 2021, partially offset by net investment depreciation of $5 million.  The average balance of AUA for the third quarter of 2021 increased by approximately $249 million, or 3%, from the average balance for the preceding quarter.
     
  • Mortgage banking revenues totaled $6.4 million for the third quarter of 2021, up by $379 thousand, or 6%, from the second quarter of 2021, as changes in fair value of mortgage loan commitments were partially offset by a $2.8 million, or 33%, decrease in realized gains on sales of loans. The decrease in realized gains on sales of loans reflected a lower volume of loans sold to the secondary market, which was partially offset by a higher sales yield. Mortgage loans sold to the secondary market amounted to $174 million in the third quarter of 2021, down by $117 million, or 40%, from the preceding quarter.
     
  • Loan related derivative income was $728 thousand in the third quarter of 2021, down by $447 thousand from the preceding quarter, reflecting a lower volume of commercial borrower interest rate swap transactions.

Noninterest Expense
Noninterest expense totaled $32.5 million for the third quarter of 2021, down by $492 thousand, or 1%, from the second quarter of 2021.  In the second quarter of 2021, debt prepayment penalty expense of $895 thousand was recognized associated with paying off higher-yielding FHLB advances.  There was no such debt prepayment penalty expense recognized in the third quarter of 2021.  Excluding the impact of debt prepayment penalty expense, noninterest expense was up by $403 thousand, or 1%, including an increase of $108 thousand in FDIC deposit insurance costs and modest increases across a variety of expense categories.  Salaries and employee benefits expense, our largest component of noninterest expense, amounted to $22.2 million for the third quarter of 2021, up by $80 thousand, or 0.4%, from the preceding quarter as increases in performance-based compensation accruals were partially offset by volume-related decreases in mortgage originator compensation expense.

Income Tax
Income tax expense totaled $5.3 million for the third quarter of 2021, up by $444 thousand from the preceding quarter, reflecting a higher level of pre-tax income.  The effective tax rate for the third quarter of 2021 was 22.1%, compared to 21.8% 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 $1.0 billion at September 30, 2021, down by $7 million, or 1%, from June 30, 2021, reflecting routine pay-downs on mortgage-backed securities and calls of debt securities, partially offset by purchases of U.S. government agency and U.S. government-sponsored debt securities, including mortgage-backed securities.  Purchases of debt securities in the third quarter 2021 totaled $117 million, with a weighted average yield of 1.58%.  Securities represented 17% of total assets at September 30, 2021, compared to 18% of total assets at June 30, 2021.

Loans
Total loans amounted to $4.3 billion at September 30, 2021, down by $13 million, from the end of the preceding quarter.  Linked quarter changes included:

  • Commercial loans decreased by $90 million, or 3.7%, from June 30, 2021, which included a net reduction in PPP loans of $70 million. Excluding PPP loans, commercial loans decreased by $20 million, or 1%, from June 30, 2021, reflecting payoffs and pay-downs of $103 million and lower line utilization of $17 million, partially offset by commercial loan originations and advances totaling $100 million.
  • Residential real estate loans increased by $82 million, or 5%, from June 30, 2021, reflecting a higher proportion of loans originated for portfolio.
  • The consumer loan portfolio decreased by $6 million, or 2% from the balance at June 30, 2021.

Deposits and Borrowings
Total deposits amounted to $5.1 billion at September 30, 2021, up by $332 million, or 7%, from the end of the preceding quarter.  Included in total deposits are out-of-market wholesale brokered time deposits, which increased by $23 million, or 3%, from June 30, 2021.  Excluding wholesale brokered time deposits, in-market deposits at September 30, 2021 were up by $310 million, or 8%, from the end of the preceding quarter.  This increase included seasonal inflows of various institutional and governmental depositors based on their underlying business cycles, as well as growth in promotional time certificates of deposit.

FHLB advances totaled $223 million at September 30, 2021, down by $186 million from June 30, 2021.

Asset Quality
Total nonaccrual loans amounted to $11.0 million, or 0.26% of total loans, at September 30, 2021, compared to $10.5 million, or 0.24% of total loans, at June 30, 2021.

Total past due loans amounted to $9.5 million, or 0.22% of total loans, at September 30, 2021, compared to $8.5 million, or 0.20% of total loans, at June 30, 2021.

Total troubled debt restructured loans ("TDR") amounted to $9.7 million as of September 30, 2021, down by $1.1 million from June 30, 2021.

As of September 30, 2021, active loan payment deferral modifications, or "deferments", in response to the COVID-19 pandemic remain on 5 loans totaling $38.0 million, or 1% of the outstanding balance of total loans excluding PPP loan balances.  This is down from active deferments on 22 loans totaling $93.4 million, or 2% of the outstanding balance of total loans excluding PPP loan balances, as of June 30, 2021.

The allowance for credit losses ("ACL") on loans amounted to $41.7 million, or 0.97% of total loans, at September 30, 2021, compared to $41.9 million, or 0.97% of total loans, at June 30, 2021.  The ACL on unfunded commitments, included in other liabilities on the Consolidated Balance Sheets, amounted to $2.3 million at September 30, 2021, unchanged from the balance at June 30, 2021.

For both the third quarter and the second quarter of 2021, there was no provision for credit losses recognized in earnings.  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 third quarter of 2021, net charge-offs of $168 thousand were recognized, compared to $258 thousand in the preceding quarter.

Capital and Dividends
Total shareholders' equity was $555.3 million at September 30, 2021, up by $7.5 million from June 30, 2021.  This increase included net income of $18.8 million, partially offset by $9.1 million in dividend declarations, as well as a decrease of $3.0 million in the accumulated other comprehensive income component of shareholders' equity, largely due to a temporary decrease in the fair value of available for sale debt securities.

Capital levels at September 30, 2021 exceeded the regulatory minimum levels to be considered well capitalized, with a total risk-based capital ratio of 13.83% at September 30, 2021, compared to 13.65% at June 30, 2021.

Book value per share was $32.06 at September 30, 2021, compared to $31.63 at June 30, 2021.

The Board of Directors declared a quarterly dividend of 52 cents per share for the quarter ended September 30, 2021.  The dividend was paid on October 8, 2021 to shareholders of record on October 1, 2021.

Conference Call
Washington Trust will host a conference call to discuss its third quarter results, business highlights and outlook on Tuesday, October 26, 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 10161085; the audio replay will be available through November 9, 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 December 31, 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 related to the discontinuation and replacement of LIBOR; 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)








Sep 30,

2021

Jun 30,

2021

Mar 31,

2021

Dec 31,

2020

Sep 30,

2020

Assets:






Cash and due from banks

$297,039


$127,743


$166,960


$194,143


$204,113


Short-term investments

3,349


4,463


3,783


8,125


7,902


Mortgage loans held for sale, at fair value

48,705


31,492


77,450


61,614


68,095


Available for sale debt securities, at fair value

1,045,833


1,052,577


948,094


894,571


913,850


Federal Home Loan Bank stock, at cost

15,094


22,757


24,772


30,285


37,469


Loans:






Total loans

4,286,404


4,299,800


4,194,666


4,195,990


4,282,047


Less: allowance for credit losses on loans

41,711


41,879


42,137


44,106


42,645


Net loans

4,244,693


4,257,921


4,152,529


4,151,884


4,239,402


Premises and equipment, net

28,488


29,031


28,953


28,870


27,711


Operating lease right-of-use assets

27,518


28,329


28,761


29,521


29,861


Investment in bank-owned life insurance

92,974


92,355


84,749


84,193


83,623


Goodwill

63,909


63,909


63,909


63,909


63,909


Identifiable intangible assets, net

5,631


5,853


6,079


6,305


6,530


Other assets

129,410


135,550


133,350


159,749


167,327


Total assets

$6,002,643


$5,851,980


$5,719,389


$5,713,169


$5,849,792


Liabilities:






Deposits:






Noninterest-bearing deposits

$950,974


$901,801


$932,999


$832,287


$840,444


Interest-bearing deposits

4,107,168


3,823,858


3,616,143


3,546,066


3,445,249


Total deposits

5,058,142


4,725,659


4,549,142


4,378,353


4,285,693


Federal Home Loan Bank advances

222,592


408,592


466,912


593,859


713,868


Payment Protection Program Lending Facility





105,746


Junior subordinated debentures

22,681


22,681


22,681


22,681


22,681


Operating lease liabilities

29,810


30,558


30,974


31,717


32,012


Other liabilities

114,100


116,634


116,081


152,364


162,099


Total liabilities

5,447,325


5,304,124


5,185,790


5,178,974


5,322,099


Shareholders' Equity:






Common stock

1,085


1,085


1,085


1,085


1,085


Paid-in capital

126,265


125,442


124,882


125,610


124,768


Retained earnings

447,566


437,927


429,598


418,246


408,773


Accumulated other comprehensive (loss) income

(18,128)


(15,128)


(20,006)


(7,391)


(3,403)


Treasury stock, at cost

(1,470)


(1,470)


(1,960)


(3,355)


(3,530)


Total shareholders' equity

555,318


547,856


533,599


534,195


527,693


Total liabilities and shareholders' equity

$6,002,643


$5,851,980


$5,719,389


$5,713,169


$5,849,792


 

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 Nine Months Ended


Sep 30,

2021

Jun 30,

2021

Mar 31,

2021

Dec 31,

2020

Sep 30,

2020


Sep 30,

2021

Sep 30,

2020

Interest income:









Interest and fees on loans

$35,691


$34,820


$34,159


$34,487


$34,925



$104,670


$110,938


Interest on mortgage loans held for sale

298


405


441


569


468



1,144


1,193


Taxable interest on debt securities

3,683


3,441


3,242


3,869


4,870



10,366


16,181


Dividends on Federal Home Loan Bank stock

95


110


133


414


532



338


1,826


Other interest income

56


32


33


35


39



121


424


Total interest and dividend income

39,823


38,808


38,008


39,374


40,834



116,639


130,562


Interest expense:









Deposits

2,789


2,961


3,663


4,632


5,532



9,413


21,180


Federal Home Loan Bank advances

872


1,001


1,380


2,305


3,354



3,253


13,501


Junior subordinated debentures

92


92


94


122


135



278


519


Other interest expense




72


159




161


Total interest expense

3,753


4,054


5,137


7,131


9,180



12,944


35,361


Net interest income

36,070


34,754


32,871


32,243


31,654



103,695


95,201


Provision for credit losses



(2,000)


1,781


1,325



(2,000)


10,561


Net interest income after provision for credit losses

36,070


34,754


34,871


30,462


30,329



105,695


84,640


Noninterest income:









Wealth management revenues

10,455


10,428


9,895


9,206


8,954



30,778


26,248


Mortgage banking revenues

6,373


5,994


11,927


14,077


12,353



24,294


33,300


Card interchange fees

1,265


1,316


1,133


1,148


1,161



3,714


3,139


Service charges on deposit accounts

673


635


609


767


598



1,917


1,975


Loan related derivative income

728


1,175


467


173


1,264



2,370


3,818


Income from bank-owned life insurance

618


607


556


569


567



1,781


1,922


Other income

408


438


1,387


1,787


571



2,233


1,313


Total noninterest income

20,520


20,593


25,974


27,727


25,468



67,087


71,715


Noninterest expense:









Salaries and employee benefits

22,162


22,082


21,527


22,075


21,892



65,771


60,824


Outsourced services

3,294


3,217


3,200


2,950


3,160



9,711


8,944


Net occupancy

2,134


2,042


2,128


2,083


2,012



6,304


5,940


Equipment

977


975


994


1,025


934



2,946


2,806


Legal, audit and professional fees

767


678


597


1,014


1,252



2,042


2,733


FDIC deposit insurance costs

482


374


345


330


392



1,201


1,488


Advertising and promotion

559


560


222


640


384



1,341


829


Amortization of intangibles

223


225


226


226


228



674


688


Debt prepayment penalties


895


3,335


1,413




4,230



Other expenses

1,922


1,964


2,139


2,353


2,090



6,025


7,023


Total noninterest expense

32,520


33,012


34,713


34,109


32,344



100,245


91,275


Income before income taxes

24,070


22,335


26,132


24,080


23,453



72,537


65,080


Income tax expense

5,319


4,875


5,661


5,514


5,131



15,855


13,817


Net income

$18,751


$17,460


$20,471


$18,566


$18,322



$56,682


$51,263











Net income available to common shareholders

$18,697


$17,408


$20,415


$18,524


$18,285



$56,520


$51,154











Weighted average common shares outstanding:









  Basic

17,320


17,314


17,275


17,264


17,260



17,303


17,287


  Diluted

17,444


17,436


17,431


17,360


17,317



17,451


17,369


Earnings per common share:









  Basic

$1.08


$1.01


$1.18


$1.07


$1.06



$3.27


$2.96


  Diluted

$1.07


$1.00


$1.17


$1.07


$1.06



$3.24


$2.95











Cash dividends declared per share

$0.52


$0.52


$0.52


$0.52


$0.51



$1.56


$1.53


 

Washington Trust Bancorp, Inc. and Subsidiaries

SELECTED FINANCIAL HIGHLIGHTS

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




Sep 30,

2021

Jun 30,

2021

Mar 31,

2021

Dec 31,

2020

Sep 30,

2020

Share and Equity Related Data:






Book value per share

$32.06


$31.63


$30.83


$30.94


$30.57


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

$28.05


$27.60


$26.79


$26.87


$26.49


Market value per share

$52.98


$51.35


$51.63


$44.80


$30.66


Shares issued at end of period

17,363


17,363


17,363


17,363


17,363


Shares outstanding at end of period

17,320


17,320


17,306


17,265


17,260








Capital Ratios (2):






Tier 1 risk-based capital

13.01

%

12.82

%

12.99

%

12.61

%

12.23

%

Total risk-based capital

13.83

%

13.65

%

13.85

%

13.51

%

13.09

%

Tier 1 leverage ratio

9.12

%

9.07

%

9.11

%

8.95

%

8.77

%

Common equity tier 1

12.47

%

12.28

%

12.43

%

12.06

%

11.69

%







Balance Sheet Ratios:






Equity to assets

9.25

%

9.36

%

9.33

%

9.35

%

9.02

%

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

8.19

%

8.27

%

8.21

%

8.22

%

7.91

%

Loans to deposits (3)

84.9

%

90.8

%

93.0

%

96.2

%

100.5

%

 




For the Nine Months Ended


For the Three Months Ended



Sep 30,

2021

Jun 30,

2021

Mar 31,

2021

Dec 31,

2020

Sep 30,

2020


Sep 30,

2021

Sep 30,

2020

Performance Ratios (4):









Net interest margin (5)

2.58

%

2.55

%

2.51

%

2.39

%

2.31

%


2.55

%

2.41

%

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

1.26

%

1.20

%

1.45

%

1.28

%

1.24

%


1.30

%

1.20

%

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

1.27

%

1.22

%

1.47

%

1.30

%

1.26

%


1.32

%

1.22

%

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

13.37

%

12.92

%

15.55

%

13.96

%

13.99

%


13.93

%

13.36

%

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

15.29

%

14.84

%

17.91

%

16.10

%

16.19

%


15.98

%

15.50

%

Efficiency ratio (6)

57.5

%

59.6

%

59.0

%

56.9

%

56.6

%


58.7

%

54.7

%



(1)

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

(2)

Estimated for September 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 Nine Months Ended


Sep 30,

2021

Jun 30,

2021

Mar 31,

2021

Dec 31,

2020

Sep 30,

2020


Sep 30,

2021

Sep 30,

2020

Wealth Management Results









Wealth Management Revenues:









Asset-based revenues

$10,224


$9,991


$9,583


$9,066


$8,786



$29,798


$25,297


Transaction-based revenues

231


437


312


140


168



980


951


Total wealth management revenues

$10,455


$10,428


$9,895


$9,206


$8,954



$30,778


$26,248











Assets Under Administration (AUA):









Balance at beginning of period

$7,441,519


$7,049,226


$6,866,737


$6,395,652


$6,138,845



$6,866,737


$6,235,801


Net investment appreciation (depreciation) & income

(4,830)


368,383


208,953


540,189


335,209



572,506


234,076


Net client asset inflows (outflows)

6,707


23,910


(26,464)


(69,104)


(78,402)



4,153


(74,225)


Balance at end of period

$7,443,396


$7,441,519


$7,049,226


$6,866,737


$6,395,652



$7,443,396


$6,395,652











Percentage of AUA that are managed assets

91%


92%


91%


91%


90%



91%


90%











Mortgage Banking Results









Mortgage Banking Revenues:









Realized gains on loan sales, net (1)

$5,750


$8,562


$13,745


$13,394


$14,280



$28,057


$28,614


Changes in fair value, net (2)

467


(2,543)


(1,888)


813


(1,555)



(3,964)


5,185


Loan servicing fee income, net (3)

156


(25)


70


(130)


(372)



201


(499)


Total mortgage banking revenues

$6,373


$5,994


$11,927


$14,077


$12,353



$24,294


$33,300











Residential Mortgage Loan Originations:









Originations for retention in portfolio (4)

$205,293


$244,821


$131,791


$134,002


$132,726



$581,905


$368,118


Originations for sale to secondary market (5)

190,702


244,562


309,325


312,226


377,137



744,589


859,680


Total mortgage loan originations

$395,995


$489,383


$441,116


$446,228


$509,863



$1,326,494


$1,227,798











Residential Mortgage Loans Sold:









Sold with servicing rights retained

$108,445


$235,280


$226,645


$240,104


$317,920



$570,370


$609,363


Sold with servicing rights released (5)

65,416


55,278


65,374


78,072


36,250



186,068


212,222


Total mortgage loans sold

$173,861


$290,558


$292,019


$318,176


$354,170



$756,438


$821,585




(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,

2021

Jun 30,

2021

Mar 31,

2021

Dec 31,

2020

Sep 30,

2020

Loans:






Commercial real estate (1)

$1,661,785


$1,669,624


$1,618,540


$1,633,024


$1,665,745


Commercial & industrial

682,774


764,509


840,585


817,408


822,269


Total commercial

2,344,559


2,434,133


2,459,125


2,450,432


2,488,014








Residential real estate (2)

1,672,364


1,590,389


1,457,490


1,467,312


1,506,726








Home equity

249,874


254,802


256,799


259,185


268,551


Other

19,607


20,476


21,252


19,061


18,756


Total consumer

269,481


275,278


278,051


278,246


287,307


Total loans

$4,286,404


$4,299,800


$4,194,666


$4,195,990


$4,282,047




(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, 2021


December 31, 2020


Count

Balance

% of Total


Count

Balance

% of Total

Commercial Real Estate Portfolio Segmentation:








Multi-family dwelling

130


$488,500


29

%


137


$524,874


32

%

Retail

127


353,103


21



136


339,569


21


Office

62


229,846


14



73


290,756


18


Hospitality

39


199,379


12



40


157,720


10


Industrial and warehouse

37


143,597


9



28


97,055


6


Healthcare

15


136,615


8



15


109,321


7


Commercial mixed use

20


39,293


2



22


42,405


3


Other

36


71,452


5



38


71,324


3


Commercial real estate loans

466


$1,661,785


100

%


489


$1,633,024


100

%









Commercial & Industrial Portfolio Segmentation:








Healthcare and social assistance

138


$184,906


27

%


253


$200,217


24

%

Owner occupied and other real estate

193


76,104


11



268


74,309


9


Manufacturing

78


64,447


9



146


88,802


11


Accommodation and food services

162


57,513


8



271


47,020


6


Retail

92


49,741


7



192


63,895


8


Educational services

33


49,566


7



53


64,969


8


Entertainment and recreation

54


33,756


5



91


29,415


4


Finance and insurance

65


33,129


5



106


26,244


3


Information

18


25,536


4



32


28,394


3


Transportation and warehousing

32


20,637


3



42


24,061


3


Professional, scientific and technical

93


12,073


2



265


39,295


5


Public administration

19


6,308


1



26


23,319


3


Other

394


69,058


11



772


107,468


13


Commercial & industrial loans

1,371


$682,774


100

%


2,517


$817,408


100

%

 

Washington Trust Bancorp, Inc. and Subsidiaries

SUPPLEMENTAL LOAN PORTFOLIO INFORMATION

(Unaudited; Dollars in thousands)










September 30, 2021


December 31, 2020


Count

Balance

% of Total


Count

Balance

% of Total

PPP Loans By Industry:








Accommodation and food services

111


$24,560


32

%


209


$23,678


12

%

Healthcare and social assistance

71


15,684


20



173


47,354


24


Professional, scientific and technical

61


6,078


8



220


20,031


10


Manufacturing

25


5,662


7



89


23,321


12


Entertainment and recreation

27


2,597


3



61


3,386


2


Educational services

15


2,512


3



32


9,681


5


Retail

37


2,222


3



134


12,107


6


Information

8


2,130


3



20


2,478


1


Owner occupied and other real estate

33


1,412


2



115


9,241


5


Public administration

3


417


1



4


483



Finance and insurance

11


405


1



55


2,000


1


Transportation and warehousing

10


360




21


2,059


1


Other

218


13,344


17



573


43,961


21


Total PPP loans (included in the commercial & industrial loan portfolio)

630


$77,383


100

%


1,706


$199,780


100

%









Average PPP loan size


$123





$117



Net unamortized fees on PPP loans


$2,618





$3,893



 










September 30, 2021


June 30, 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

5


$37,955


2

%


14


$87,363


5

%

Commercial & industrial deferments








Total commercial deferments

5


37,955


2



14


87,363


5










Residential real estate deferments





8


6,027











Total consumer deferments








Total loan deferments

5


$37,955


1

%


22


$93,390


2

%



(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)








September 30, 2021


December 31, 2020


Balance

% of Total


Balance

% of Total

Commercial Real Estate Loans by Property Location:






Connecticut

$632,339


38

%


$649,919


40

%

Rhode Island

467,182


28



431,133


26


Massachusetts

462,456


28



468,947


29


Subtotal

1,561,977


94



1,549,999


95


All other states

99,808


6



83,025


5


Total commercial real estate loans

$1,661,785


100

%


$1,633,024


100

%







Residential Real Estate Loans by Property Location:






Massachusetts

$1,161,977


69

%


$994,800


68

%

Rhode Island

357,445


21



331,713


23


Connecticut

131,832


8



122,102


8


Subtotal

1,651,254


99



1,448,615


99


All other states

21,110


1



18,697


1


Total residential real estate loans

$1,672,364


100

%


$1,467,312


100

%

 


Sep 30,

2021

Jun 30,

2021

Mar 31,

2021

Dec 31,

2020

Sep 30,

2020

Deposits:






Noninterest-bearing demand deposits

$950,974


$901,801


$932,999


$832,287


$840,444


Interest-bearing demand deposits

238,317


174,165


171,571


174,290


170,198


NOW accounts

817,937


774,693


745,376


698,706


644,909


Money market accounts

1,046,324


941,511


950,413


910,167


877,536


Savings accounts

540,306


524,155


511,759


466,507


439,383


Time deposits (in-market)

709,288


677,061


701,524


704,855


729,058


In-market deposits

4,303,146


3,993,386


4,013,642


3,786,812


3,701,528


Wholesale brokered time deposits

754,996


732,273


535,500


591,541


584,165


Total deposits

$5,058,142


$4,725,659


$4,549,142


$4,378,353


$4,285,693


 

Washington Trust Bancorp, Inc. and Subsidiaries

CREDIT & ASSET QUALITY DATA

(Unaudited; Dollars in thousands)




Sep 30,

2021

Jun 30,

2021

Mar 31,

2021

Dec 31,

2020

Sep 30,

2020

Asset Quality Ratios:






Nonperforming assets to total assets

0.18

%

0.18

%

0.23

%

0.23

%

0.25

%

Nonaccrual loans to total loans

0.26

%

0.24

%

0.31

%

0.31

%

0.34

%

Total past due loans to total loans

0.22

%

0.20

%

0.26

%

0.30

%

0.24

%

Allowance for credit losses on loans to nonaccrual loans

380.02

%

399.57

%

324.56

%

334.21

%

289.31

%

Allowance for credit losses on loans to total loans

0.97

%

0.97

%

1.00

%

1.05

%

1.00

%







Nonperforming Assets:






Commercial real estate

$—


$—


$—


$—


$431


Commercial & industrial


539





Total commercial


539




431


Residential real estate

10,321


8,926


11,748


11,981


12,792


Home equity

655


1,016


1,147


1,128


1,429


Other consumer



88


88


88


Total consumer

655


1,016


1,235


1,216


1,517


Total nonaccrual loans

10,976


10,481


12,983


13,197


14,740


Other real estate owned






Total nonperforming assets

$10,976


$10,481


$12,983


$13,197


$14,740








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






Commercial real estate

$—


$—


$—


$265


$431


Commercial & industrial

2


540


1


3


21


Total commercial

2


540


1


268


452


Residential real estate

8,698


6,656


9,661


10,339


8,081


Home equity

824


1,231


1,131


1,667


1,753


Other consumer

24


28


119


118


108


Total consumer

848


1,259


1,250


1,785


1,861


Total past due loans

$9,548


$8,455


$10,912


$12,392


$10,394








Accruing loans 90 days or more past due

$—


$—


$—


$—


$—


Nonaccrual loans included in past due loans

$6,930


$5,773


$8,356


$8,521


$8,799








Troubled Debt Restructurings:






Accruing TDRs

$7,979


$8,541


$12,358


$13,340


$5,709


Nonaccrual TDRs

1,732


2,278


1,935


2,345


2,894


Total TDRs

$9,711


$10,819


$14,293


$15,685


$8,603


 

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,

2021

Jun 30,

2021

Mar 31,

2021

Dec 31,

2020

Sep 30,

2020


Sep 30,

2021

Sep 30,

2020

Nonaccrual Loan Activity:









Balance at beginning of period

$10,481


$12,983


$13,197


$14,740


$16,017



$13,197


$17,408


Additions to nonaccrual status

2,583


537


734


707


971



3,854


2,937


Loans returned to accruing status


(874)


(3)


(1,112)


(1,623)



(877)


(2,170)


Loans charged-off

(249)


(317)


(64)


(246)


(111)



(630)


(1,071)


Loans transferred to other real estate owned




(285)





(28)


Payments, payoffs and other changes

(1,839)


(1,848)


(881)


(607)


(514)



(4,568)


(2,336)


Balance at end of period

$10,976


$10,481


$12,983


$13,197


$14,740



$10,976


$14,740











Allowance for Credit Losses on Loans:









Balance at beginning of period

$41,879


$42,137


$44,106


$42,645


$41,441



$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



(1,951)


10,157


Charge-offs

(249)


(317)


(64)


(245)


(111)



(630)


(1,072)


Recoveries

81


59


46


127


15



186


45


Balance at end of period

$41,711


$41,879


$42,137


$44,106


$42,645



$41,711


$42,645











Allowance for Credit Losses on Unfunded Commitments:








Balance at beginning of period

$2,333


$2,333


$2,382


$2,180


$2,155



$2,382


$293


Adoption of CECL accounting standard (Topic 326)








1,483


Provision for credit losses on unfunded commitments (1)



(49)


202


25



(49)


404


Balance at end of period (2)

$2,333


$2,333


$2,333


$2,382


$2,180



$2,333


$2,180




(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,

2021

Jun 30,

2021

Mar 31,

2021

Dec 31,

2020

Sep 30,

2020


Sep 30,

2021

Sep 30,

2020

Net Loan Charge-Offs (Recoveries):









Commercial real estate

$—


$—


$—


$133


$—



$—


$172


Commercial & industrial

(2)


302


1


(12)




301


574


Total commercial

(2)


302


1


121




301


746


Residential real estate

52


(47)


17


(20)


99



22


99


Home equity

110


(4)


(2)


9


(4)



104


163


Other consumer

8


7


2


8


1



17


19


Total consumer

118


3



17


(3)



121


182


Total

$168


$258


$18


$118


$96



$444


$1,027











Net charge-offs to average loans (annualized)

0.02

%

0.02

%

%

0.01

%

0.01

%


0.01

%

0.03

%

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 changes in fair value on mortgage loans held for sale are excluded from the average balance and yield calculations.  Nonaccrual loans, as well as interest recognized on these loans, are included in amounts presented for loans.

Washington Trust Bancorp, Inc. and Subsidiaries

CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)

(Unaudited; Dollars in thousands)

For the Three Months Ended

September 30, 2021


June 30, 2021


Change


Average
Balance

Interest

Yield/

Rate


Average
Balance

Interest

Yield/

Rate


Average
Balance

Interest

Yield/

Rate


Assets:












Cash, federal funds sold and short-term
     investments

$179,574


$56


0.12

%


$146,313


$32


0.09

%


$33,261


$24


0.03

%

Mortgage loans held for sale

41,261


298


2.87



57,473


405


2.83



(16,212)


(107)


0.04


Taxable debt securities

1,045,997


3,683


1.40



1,029,933


3,441


1.34



16,064


242


0.06


FHLB stock

18,909


95


1.99



25,128


110


1.76



(6,219)


(15)


0.23


Commercial real estate

1,648,972


12,209


2.94



1,639,515


11,701


2.86



9,457


508


0.08


Commercial & industrial

736,073


7,886


4.25



807,598


8,113


4.03



(71,525)


(227)


0.22


Total commercial

2,385,045


20,095


3.34



2,447,113


19,814


3.25



(62,068)


281


0.09


Residential real estate

1,623,913


13,511


3.30



1,514,487


12,920


3.42



109,426


591


(0.12)


Home equity

252,938


2,043


3.20



257,257


2,056


3.21



(4,319)


(13)


(0.01)


Other

19,822


247


4.94



20,979


253


4.84



(1,157)


(6)


0.10


Total consumer

272,760


2,290


3.33



278,236


2,309


3.33



(5,476)


(19)



Total loans

4,281,718


35,896


3.33



4,239,836


35,043


3.32



41,882


853


0.01


Total interest-earning assets

5,567,459


40,028


2.85



5,498,683


39,031


2.85



68,776


997



Noninterest-earning assets

351,678





334,742





16,936




Total assets

$5,919,137





$5,833,425





$85,712




Liabilities and Shareholders' Equity:












Interest-bearing demand deposits

$206,237


$51


0.10

%


$182,465


$49


0.11

%


$23,772


$2


(0.01)

%

NOW accounts

782,963


129


0.07



760,294


119


0.06



22,669


10


0.01


Money market accounts

1,014,204


586


0.23



951,194


552


0.23



63,010


34



Savings accounts

530,956


70


0.05



518,072


72


0.06



12,884


(2)


(0.01)


Time deposits (in-market)

672,012


1,695


1.00



686,590


1,889


1.10



(14,578)


(194)


(0.10)


Total interest-bearing in-market deposits

3,206,372


2,531


0.31



3,098,615


2,681


0.35



107,757


(150)


(0.04)


Wholesale brokered time deposits

722,233


258


0.14



662,541


280


0.17



59,692


(22)


(0.03)


Total interest-bearing deposits

3,928,605


2,789


0.28



3,761,156


2,961


0.32



167,449


(172)


(0.04)


FHLB advances

317,766


872


1.09



456,661


1,001


0.88



(138,895)


(129)


0.21


Junior subordinated debentures

22,681


92


1.61



22,681


92


1.63





(0.02)


PPPLF borrowings












Total interest-bearing liabilities

4,269,052


3,753


0.35



4,240,498


4,054


0.38



28,554


(301)


(0.03)


Noninterest-bearing demand deposits

952,676





912,295





40,381




Other liabilities

142,562





140,108





2,454




Shareholders' equity

554,847





540,524





14,323




Total liabilities and shareholders' equity

$5,919,137





$5,833,425





$85,712




Net interest income (FTE)


$36,275





$34,977





$1,298



Interest rate spread



2.50

%




2.47

%




0.03

%

Net interest margin



2.58

%




2.55

%




0.03

%

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

For the Three Months Ended

Sep 30,
2021


Jun 30,
2021


Change


Commercial loans

$205


$223


($18)


Total

$205


$223


($18)


 











Washington Trust Bancorp, Inc. and Subsidiaries

CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)

(Unaudited; Dollars in thousands)

For the Nine Months Ended

September 30, 2021

September 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

$160,350


$121


0.10

%

$156,296


$424


0.36

%

$4,054


($303)


(0.26)

%

Mortgage loans for sale

53,307


1,144


2.87


48,570


1,193


3.28


4,737


(49)


(0.41)


Taxable debt securities

997,741


10,366


1.39


905,692


16,181


2.39


92,049


(5,815)


(1.00)


FHLB stock

24,265


338


1.86


49,236


1,826


4.95


(24,971)


(1,488)


(3.09)


Commercial real estate

1,638,200


35,269


2.88


1,623,612


40,326


3.32


14,588


(5,057)


(0.44)


Commercial & industrial

794,091


23,865


4.02


749,905


20,214


3.60


44,186


3,651


0.42


Total commercial

2,432,291


59,134


3.25


2,373,517


60,540


3.41


58,774


(1,406)


(0.16)


Residential real estate

1,531,529


39,248


3.43


1,492,589


42,660


3.82


38,940


(3,412)


(0.39)


Home equity

255,959


6,220


3.25


281,488


7,802


3.70


(25,529)


(1,582)


(0.45)


Other

20,301


742


4.89


19,171


716


4.99


1,130


26


(0.10)


Total consumer

276,260


6,962


3.37


300,659


8,518


3.78


(24,399)


(1,556)


(0.41)


Total loans

4,240,080


105,344


3.32


4,166,765


111,718


3.58


73,315


(6,374)


(0.26)


Total interest-earning assets

5,475,743


117,313


2.86


5,326,559


131,342


3.29


149,184


(14,029)


(0.43)


Noninterest-earning assets

346,514




357,133




(10,619)




Total assets

$5,822,257




$5,683,692




$138,565




Liabilities and Shareholders' Equity:










Interest-bearing demand deposits

$190,979


$196


0.14

%

$158,594


$725


0.61

%

$32,385


($529)


(0.47)

%

NOW accounts

747,385


350


0.06


569,283


253


0.06


178,102


97



Money market accounts

958,812


1,852


0.26


818,530


4,439


0.72


140,282


(2,587)


(0.46)


Savings accounts

513,110


211


0.05


402,243


195


0.06


110,867


16


(0.01)


Time deposits (in-market)

687,278


5,822


1.13


752,443


10,571


1.88


(65,165)


(4,749)


(0.75)


Total interest-bearing in-market deposits

3,097,564


8,431


0.36


2,701,093


16,183


0.80


396,471


(7,752)


(0.44)


Wholesale brokered time deposits

655,165


982


0.20


471,771


4,997


1.41


183,394


(4,015)


(1.21)


Total interest-bearing deposits

3,752,729


9,413


0.34


3,172,864


21,180


0.89


579,865


(11,767)


(0.55)


FHLB advances

438,213


3,253


0.99


1,016,943


13,501


1.77


(578,730)


(10,248)


(0.78)


Junior subordinated debentures

22,681


278


1.64


22,681


519


3.06



(241)


(1.42)


PPPLF borrowings




61,333


161


0.35


(61,333)


(161)


(0.35)


Total interest-bearing liabilities

4,213,623


12,944


0.41


4,273,821


35,361


1.11


(60,198)


(22,417)


(0.70)


Noninterest-bearing demand deposits

918,760




733,359




185,401




Other liabilities

147,244




164,928




(17,684)




Shareholders' equity

542,630




511,584




31,046




Total liabilities and shareholders' equity

$5,822,257




$5,683,692




$138,565




Net interest income (FTE)


$104,369




$95,981




$8,388



Interest rate spread



2.45

%



2.18

%



0.27

%

Net interest margin



2.55

%



2.41

%



0.14

%

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





For the Nine Months Ended

Sep 30,
2021


Sep 30,
2020


Change


Commercial loans

$674


$780


($106)


Total

$674


$780


($106)


 

Washington Trust Bancorp, Inc. and Subsidiaries

SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures

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




Sep 30,

2021

Jun 30,

2021

Mar 31,

2021

Dec 31,

2020

Sep 30,

2020

Tangible Book Value per Share:






Total shareholders' equity, as reported

$555,318


$547,856


$533,599


$534,195


$527,693


Less:






Goodwill

63,909


63,909


63,909


63,909


63,909


Identifiable intangible assets, net

5,631


5,853


6,079


6,305


6,530


Total tangible shareholders' equity

$485,778


$478,094


$463,611


$463,981


$457,254








Shares outstanding, as reported

17,320


17,320


17,306


17,265


17,260








Book value per share - GAAP

$32.06


$31.63


$30.83


$30.94


$30.57


Tangible book value per share - Non-
     GAAP

$28.05


$27.60


$26.79


$26.87


$26.49








Tangible Equity to Tangible Assets:






Total tangible shareholders' equity

$485,778


$478,094


$463,611


$463,981


$457,254








Total assets, as reported

$6,002,643


$5,851,980


$5,719,389


$5,713,169


$5,849,792


Less:






Goodwill

63,909


63,909


63,909


63,909


63,909


Identifiable intangible assets, net

5,631


5,853


6,079


6,305


6,530


Total tangible assets

$5,933,103


$5,782,218


$5,649,401


$5,642,955


$5,779,353








Equity to assets - GAAP

9.25

%

9.36

%

9.33

%

9.35

%

9.02

%

Tangible equity to tangible assets - Non-
     GAAP

8.19

%

8.27

%

8.21

%

8.22

%

7.91

%

 


For the Three Months Ended


For the Nine Months Ended


Sep 30,

2021

Jun 30,

2021

Mar 31,

2021

Dec 31,

2020

Sep 30,

2020


Sep 30,

2021

Sep 30,

2020

Return on Average Tangible Assets:









Net income, as reported

$18,751


$17,460


$20,471


$18,566


$18,322



$56,682


$51,263











Total average assets, as reported

$5,919,137


$5,833,425


$5,711,931


$5,768,263


$5,864,449



$5,822,257


$5,683,692


Less average balances of:









Goodwill

63,909


63,909


63,909


63,909


63,909



63,909


63,909


Identifiable intangible assets, net

5,739


5,963


6,189


6,414


6,641



5,962


6,870


Total average tangible assets

$5,849,489


$5,763,553


$5,641,833


$5,697,940


$5,793,899



$5,752,386


$5,612,913











Return on average assets - GAAP

1.26

%

1.20

%

1.45

%

1.28

%

1.24

%


1.30

%

1.20

%

Return on average tangible assets - Non-
     GAAP

1.27

%

1.22

%

1.47

%

1.30

%

1.26

%


1.32

%

1.22

%










Return on Average Tangible Equity:









Net income available to common
     shareholders, as reported

$18,697


$17,408


$20,415


$18,524


$18,285



$56,520


$51,154











Total average equity, as reported

$554,847


$540,524


$532,271


$527,969


$519,785



$542,630


$511,584


Less average balances of:









Goodwill

63,909


63,909


63,909


63,909


63,909



63,909


63,909


Identifiable intangible assets, net

5,739


5,963


6,189


6,414


6,641



5,962


6,870


Total average tangible equity

$485,199


$470,652


$462,173


$457,646


$449,235



$472,759


$440,805











Return on average equity - GAAP

13.37

%

12.92

%

15.55

%

13.96

%

13.99

%


13.93

%

13.36

%

Return on average tangible equity - Non-
     GAAP

15.29

%

14.84

%

17.91

%

16.10

%

16.19

%


15.98

%

15.50

%

Category: Earnings

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SOURCE Washington Trust Bancorp, Inc.