Washington Trust Reports Third Quarter 2024 Earnings
Washington Trust Bancorp, Inc. (Nasdaq: WASH) reported third quarter 2024 net income of $11.0 million, or $0.64 per diluted share, compared to $10.8 million, or $0.63 per diluted share, in Q2 2024. Key highlights include:
- Net interest margin increased to 1.85% from 1.83% in Q2
- Wealth management revenues rose 3% from Q2
- Assets under administration reached $7.1 billion, up 4% from Q2
- Total loans decreased 2% to $5.5 billion
- In-market deposits increased 3% to $4.8 billion
- Provision for credit losses decreased to $200,000 from $500,000 in Q2
The company maintained solid asset quality metrics and expanded its presence in Providence with a new branch opening.
Washington Trust Bancorp, Inc. (Nasdaq: WASH) ha riportato un reddito netto del terzo trimestre 2024 di 11,0 milioni di dollari, pari a 0,64 dollari per azione diluita, rispetto ai 10,8 milioni di dollari, o 0,63 dollari per azione diluita, del Q2 2024. I punti salienti includono:
- Il margine di interesse netto è aumentato all'1,85% rispetto all'1,83% del Q2
- I ricavi dalla gestione patrimoniale sono aumentati del 3% rispetto al Q2
- Le attività in amministrazione hanno raggiunto 7,1 miliardi di dollari, in aumento del 4% rispetto al Q2
- Il totale dei prestiti è diminuito del 2% a 5,5 miliardi di dollari
- I depositi in mercato sono aumentati del 3% a 4,8 miliardi di dollari
- Le accantonamenti per perdite su crediti sono diminuiti a 200.000 dollari rispetto ai 500.000 dollari del Q2
L'azienda ha mantenuto solidi parametri di qualità degli attivi ed ha ampliato la sua presenza a Providence con l'apertura di una nuova filiale.
Washington Trust Bancorp, Inc. (Nasdaq: WASH) informó un ingreso neto del tercer trimestre de 2024 de 11.0 millones de dólares, o 0.64 dólares por acción diluida, en comparación con 10.8 millones de dólares, o 0.63 dólares por acción diluida, en el Q2 de 2024. Los puntos destacados incluyen:
- El margen de interés neto aumentó al 1.85% desde el 1.83% en el Q2
- Los ingresos de gestión patrimonial aumentaron un 3% respecto al Q2
- Los activos bajo administración alcanzaron los 7.1 mil millones de dólares, un incremento del 4% en comparación con el Q2
- Los préstamos totales disminuyeron un 2% a 5.5 mil millones de dólares
- Los depósitos en el mercado aumentaron un 3% a 4.8 mil millones de dólares
- La provisión para pérdidas crediticias disminuyó a 200,000 dólares desde 500,000 dólares en el Q2
La empresa mantuvo sólidos indicadores de calidad de activos y expandió su presencia en Providence con la apertura de una nueva sucursal.
워싱턴 트러스트 뱅코프, Inc. (Nasdaq: WASH)는 2024년 3분기 순이익이 1,100만 달러, 즉 희석 주당 0.64 달러를 보고했으며, 이는 2024년 2분기 1,080만 달러, 즉 0.63 달러와 비교됩니다. 주요 하이라이트는 다음과 같습니다:
- 순이자 마진은 2분기 1.83%에서 1.85%로 증가했습니다.
- 자산 관리 수익은 2분기 대비 3% 증가했습니다.
- 관리 하의 자산이 71억 달러에 도달했으며, 2분기 대비 4% 증가했습니다.
- 총 대출은 2% 감소하여 55억 달러가 되었습니다.
- 시중 예금은 3% 증가하여 48억 달러에 도달했습니다.
- 신용 손실 충당금은 2분기 50만 달러에서 20만 달러로 감소했습니다.
회사는 견고한 자산 품질 지표를 유지하고, 새로운 지점 개설로 프로비던스에 대한 입지를 확장했습니다.
Washington Trust Bancorp, Inc. (Nasdaq: WASH) a annoncé un revenu net de 11,0 millions de dollars au troisième trimestre 2024, soit 0,64 dollar par action diluée, contre 10,8 millions de dollars, ou 0,63 dollar par action diluée, au Q2 2024. Les faits marquants incluent :
- La marge d'intérêt nette a augmenté à 1,85 % contre 1,83 % au Q2
- Les revenus de la gestion de patrimoine ont augmenté de 3 % par rapport au Q2
- Les actifs sous administration ont atteint 7,1 milliards de dollars, en hausse de 4 % par rapport au Q2
- Le total des prêts a diminué de 2 % à 5,5 milliards de dollars
- Les dépôts en marché ont augmenté de 3 % à 4,8 milliards de dollars
- La provision pour pertes sur créances a été réduite à 200 000 dollars contre 500 000 dollars au Q2
La société a maintenu de solides indicateurs de qualité des actifs et a élargi sa présence à Providence avec l'ouverture d'une nouvelle agence.
Washington Trust Bancorp, Inc. (Nasdaq: WASH) berichtete von einem Nettoeinkommen im dritten Quartal 2024 von 11,0 Millionen Dollar, oder 0,64 Dollar je verwässerter Aktie, im Vergleich zu 10,8 Millionen Dollar oder 0,63 Dollar je verwässerter Aktie im Q2 2024. Zu den wichtigsten Punkten gehören:
- Die Nettomarge stieg auf 1,85 % von 1,83 % im Q2
- Die Einnahmen aus Vermögensverwaltung stiegen um 3 % im Vergleich zum Q2
- Die verwalteten Vermögenswerte erreichten 7,1 Milliarden Dollar, ein Anstieg um 4 % im Vergleich zum Q2
- Die Gesamtdarlehen verringerten sich um 2 % auf 5,5 Milliarden Dollar
- Die Einlagen im Markt stiegen um 3 % auf 4,8 Milliarden Dollar
- Die Rückstellungen für Kreditverluste reduzierten sich auf 200.000 Dollar von 500.000 Dollar im Q2
Das Unternehmen hielt solide Kennzahlen zur Vermögensqualität aufrecht und erweiterte seine Präsenz in Providence mit der Eröffnung einer neuen Filiale.
- Net income increased to $11.0 million from $10.8 million in Q2 2024
- Net interest margin improved to 1.85% from 1.83% in Q2
- Wealth management revenues grew by 3% from the previous quarter
- Assets under administration reached $7.1 billion, up 4% from Q2
- In-market deposits increased by 3% to $4.8 billion
- Provision for credit losses decreased by $300,000 from Q2
- Total loans decreased by 2% to $5.5 billion
- Commercial loans decreased by 3%
- Residential real estate loans decreased by 1%
- Consumer loan portfolio decreased by 1%
- Nonaccrual loans increased slightly to 0.56% of total loans from 0.54% in Q2
- Past due loans increased to 0.37% of total loans from 0.21% in Q2
Insights
Washington Trust Bancorp's Q3 2024 results show stability with slight improvements. Net income increased to
Key positives include:
- Wealth management revenues up
3% , with assets under administration exceeding$7 billion - In-market deposits reached a record
$4.8 billion , up3% from Q2 - Provision for credit losses decreased to
$200,000
However, there are some concerns:
- Total loans decreased by
2% to$5.5 billion - Nonaccrual loans slightly increased to
0.56% of total loans
Overall, WASH demonstrates resilience in a challenging environment, maintaining solid asset quality and growing its wealth management business. The increased dividend and improved capital ratios further support the bank's stability.
Washington Trust's Q3 results reveal a nuanced market position. The increase in assets under administration to
The rise in in-market deposits to
The bank's expansion in Providence with a new branch in Olneyville demonstrates a strategic focus on physical presence, contrasting with the industry trend towards digital banking. This move could enhance community relationships and capture more local business.
The modest improvements in net income and interest margin, coupled with controlled expenses, indicate a conservative management approach. This strategy may appeal to risk-averse investors seeking stability in the current volatile financial environment.
"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
Selected financial highlights for the third quarter of 2024 include:
- Returns on average equity and average assets for the third quarter were
8.99% and0.60% , respectively, compared to9.43% and0.60% , respectively, for the prior quarter. - The net interest margin was
1.85% in the third quarter, compared to1.83% in the preceding quarter. - Asset and credit quality metrics remain solid. A provision for credit losses of
was recognized for the third quarter, down by$200 thousand from the second quarter.$300 thousand - Wealth management revenues increased by
3% from the preceding quarter. End of period assets under administration ("AUA") eclipsed and was up by$7 billion 4% from the end of the second quarter. - Total loans amounted to
.5 billion, down by$5 2% from June 30, 2024. - In-market deposits (total deposits less wholesale brokered deposits) amounted to an all-time high of
.8 billion, up by$4 3% from June 30, 2024.
Net Interest Income
Net interest income was
- 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 was4.99% , 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 was3.70% , up by 2 basis points from the preceding quarter.
Noninterest Income
Noninterest income totaled
- Wealth management revenues amounted to
in the third quarter of 2024, up by$10.0 million , or$311 thousand 3% . This included an increase in asset-based revenues of , or$531 thousand 6% , which was partially offset by a decrease in transaction-based revenues of , or$220 thousand 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 , up by$7.1 billion $249 million , or4% , from June 30, 2024. - Mortgage banking revenues totaled
for the third quarter of 2024, up by$2.9 million , or$105 thousand 4% . Loans sold amounted to .3 million in the third quarter of 2024, up by$120 .3 million, or$10 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
Income Tax
Income tax expense totaled
Investment Securities
The securities portfolio totaled
Loans
Total loans amounted to
- Commercial loans decreased by
$82 million , or3% . - Residential real estate loans decreased by
$29 million , or1% . - The consumer loan portfolio decreased by
, or$3 million 1% .
Deposits and Borrowings
Total deposits amounted to
In-market deposits, which exclude wholesale brokered deposits, amounted to
Wholesale brokered deposits amounted to
FHLB advances totaled
Asset Quality
Nonaccrual loans were
Past due loans were
The allowance for credit losses ("ACL") on loans amounted to
The provision for credit losses totaled
Capital and Dividends
Total shareholders' equity was
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
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
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
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, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | |
Assets: | |||||
Cash and due from banks | |||||
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 | |||||
Liabilities: | |||||
Deposits: | |||||
Noninterest-bearing deposits | |||||
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 |
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 | |||||||
Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | Sep 30, | Sep 30, | ||
Interest income: | ||||||||
Interest and fees on loans | ||||||||
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 | ||||||||
Net income available to common shareholders | ||||||||
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 | ||||||||
Diluted | ||||||||
Cash dividends declared per share |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||
SELECTED FINANCIAL HIGHLIGHTS | |||||
(Unaudited; Dollars and shares in thousands, except per share amounts) | |||||
Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | |
Share and Equity Related Data: | |||||
Book value per share | |||||
Tangible book value per share - Non-GAAP (1) | |||||
Market value per share | |||||
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 | ||||||||
For the Three Months Ended | ||||||||
Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | Sep 30, | Sep 30, | ||
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 | 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 | |||||||
Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | Sep 30, | Sep 30, | ||
Wealth Management Results | ||||||||
Wealth Management Revenues: | ||||||||
Asset-based revenues | ||||||||
Transaction-based revenues | 219 | 439 | 249 | 247 | 265 | 907 | 985 | |
Total wealth management revenues | ||||||||
Assets Under Administration (AUA): | ||||||||
Balance at beginning of period | ||||||||
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 | ||||||||
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) | ||||||||
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 | ||||||||
Residential Mortgage Loan Originations: | ||||||||
Originations for retention in portfolio (4) | ||||||||
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 | ||||||||
Residential Mortgage Loans Sold: | ||||||||
Sold with servicing rights retained | ||||||||
Sold with servicing rights released (5) | 102,457 | 85,482 | 48,587 | 39,170 | 54,575 | 236,526 | 102,625 | |
Total mortgage loans sold |
(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, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | |
Loans: | |||||
Commercial real estate (1) | |||||
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 |
(1) Commercial real estate loans consist of commercial mortgages and construction and development loans. Commercial mortgages are loans secured by income |
(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: | |||||
39 % | 39 % | ||||
650,891 | 31 | 645,736 | 31 | ||
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 | 100 % | 100 % | |||
Residential Real Estate Loans by Property Location: | |||||
74 % | 74 % | ||||
488,094 | 19 | 481,289 | 19 | ||
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 | 100 % | 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 | 26 % | 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 | 100 % | 100 % | |||
Commercial & Industrial Portfolio Segmentation: | |||||
Healthcare and social assistance | 23 % | 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 | 100 % | 100 % |
Weighted Average | Asset Quality | |||||||||
September 30, 2024 | Balance | Average Loan Size (4) | Loan to | Debt Service | Pass | Special | Classified | Nonaccrual | ||
Non-Owner Occupied Commercial Real | ||||||||||
Class A | 59 % | 1.72x | $— | $— | ||||||
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) | 68 % | 1.45x |
(1) Approximately |
(2) The balance of commercial real estate office consists of 49 loans. |
(3) Does not include |
(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, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | |
Deposits: | |||||
Noninterest-bearing demand deposits | |||||
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 |
September 30, 2024 | December 31, 2023 | ||||
Balance | % of Total | Balance | % of Total | ||
Uninsured Deposits: | |||||
Uninsured deposits (1) | 26 % | 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 | 20 % | 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, | Dec 31, | |
Contingent Liquidity: | ||
Federal Home Loan Bank of | ||
Federal Reserve Bank of | 85,009 | 65,759 |
Noninterest-bearing cash | 33,694 | 54,970 |
Unencumbered securities | 662,991 | 680,857 |
Total | ||
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, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | |
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 | |||||
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 | |||||
Past Due Loans (30 days or more past due): | |||||
Commercial real estate | $— | $— | $— | $— | |
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 | |||||
Accruing loans 90 days or more past due | $— | $— | $— | $— | $— |
Nonaccrual loans included in past due loans |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||
CREDIT & ASSET QUALITY DATA | ||||||||
(Unaudited; Dollars in thousands) | ||||||||
For the Three Months Ended | For the Nine Months | |||||||
Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | Sep 30, | Sep 30, | ||
Nonaccrual Loan Activity: | ||||||||
Balance at beginning of period | ||||||||
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 | ||||||||
Allowance for Credit Losses on Loans: | ||||||||
Balance at beginning of period | ||||||||
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 | ||||||||
Allowance for Credit Losses on Unfunded Commitments: | ||||||||
Balance at beginning of period | ||||||||
Provision for credit losses on unfunded commitments (1) | (100) | — | (200) | (50) | (400) | (300) | (300) | |
Balance at end of period (2) |
(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 | |||||||
Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | Sep 30, | Sep 30, | ||
Net Loan Charge-Offs (Recoveries): | ||||||||
Commercial real estate | $— | $— | $— | $— | $— | $— | ||
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 | ||||||||
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 | Interest | Yield/ Rate | Average | Interest | Yield/ Rate | Average | Interest | Yield/ Rate | |||
Assets: | |||||||||||
Cash, federal funds sold, and short-term | 5.51 % | 5.38 % | 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 | |||||||||||
Liabilities and Shareholders' Equity: | |||||||||||
Interest-bearing demand deposits (in- | 4.50 % | 4.54 % | (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 | |||||||||||
Net interest income (FTE) | |||||||||||
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, | Jun 30, | Change |
Commercial loans | |||
Total |
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 | Interest | Yield/ Rate | Average | Interest | Yield/ Rate | Average | Interest | Yield/ Rate | |
Assets: | |||||||||
Cash, federal funds sold and short-term | 5.59 % | 4.70 % | 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 | |||||||||
Liabilities and Shareholders' Equity: | |||||||||
Interest-bearing demand deposits (in- | 4.52 % | 4.09 % | 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 | |||||||||
Net interest income (FTE) | ( | ||||||||
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, | Sep 30, | Change |
Commercial loans | ( | ||
Total | ( |
Washington Trust Bancorp, Inc. and Subsidiaries | |||||
SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures | |||||
(Unaudited; Dollars in thousands, except per share amounts) | |||||
Sep 30, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | |
Tangible Book Value per Share: | |||||
Total shareholders' equity, as reported | |||||
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 | |||||
Shares outstanding, as reported | 17,058 | 17,058 | 17,033 | 17,031 | 17,019 |
Book value per share - GAAP | |||||
Tangible book value per share - Non-GAAP | |||||
Tangible Equity to Tangible Assets: | |||||
Total tangible shareholders' equity | |||||
Total assets, as reported | |||||
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 | |||||
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, | Jun 30, | Mar 31, | Dec 31, | Sep 30, | Sep 30, | Sep 30, | ||
Return on Average Tangible Assets: | ||||||||
Net income, as reported | ||||||||
Total average assets, as reported | ||||||||
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 | ||||||||
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- | 0.61 % | 0.61 % | 0.61 % | 0.72 % | 0.63 % | 0.61 % | 0.69 % | |
Return on Average Tangible Equity: | ||||||||
Net income available to common | ||||||||
Total average equity, as reported | ||||||||
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 | ||||||||
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- | 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.
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