Washington Trust Reports Fourth Quarter And Full-Year 2022 E...| MENAFN.COM

Thursday, 02 February 2023 03:06 GMT

Washington Trust Reports Fourth Quarter And Full-Year 2022 Earnings


(MENAFN- PR Newswire)

WESTERLY, R.I., Jan. 25, 2023 /PRNewswire/ -- Washington Trust Bancorp, Inc. (Nasdaq: wash ), parent company of The Washington Trust Company, today announced fourth quarter 2022 net income of $16.6 million, or $0.95 per diluted share, compared to net income of $18.7 million, or $1.08 per diluted share, for the third quarter of 2022.
Net income for the year ended December
31, 2022 totaled $71.7 million, or $4.11 per diluted share, compared to $76.9 million, or $4.39 per diluted share, reported for the prior year.

'Washington Trust's fourth quarter and full-year 2022 results were solid, yet reflect the challenges of operating in an inflationary environment.
Total loans reached a record high and asset quality remained strong,' stated Edward O. Handy III, Washington Trust Chairman and Chief Executive Officer. 'We enter 2023 poised to face continued economic headwinds with our time-tested business model, disciplined credit approach and strong capital position.'

Selected financial highlights for the fourth quarter and full-year 2022 include:

  • Returns on average equity and average assets for the fourth quarter were 14.96% and 1.01%, respectively, compared to 15.16% and 1.19%, respectively, for the preceding quarter. Full-year returns on average equity and average assets for 2022 were 14.49% and 1.17%, respectively, compared to 14.03% and 1.32%, respectively, for the prior year.
  • In the fourth quarter, a provision for credit losses of $800 thousand was recognized, consistent with the provision recognized in the preceding quarter. For the full-year 2022, a negative provision for credit losses (or a benefit) of $1.3 million was recognized, compared to a negative provision (or a benefit) of $4.8 million in 2021.
  • Total loans amounted to an all-time high of $5.1 billion, up by $261 million, or 5%, from the end of the preceding quarter, reflecting strong loan growth in both the residential real estate loan and commercial loan portfolios. Total loans were up by $837 million, or 20%, from the balance at December 31, 2021.
  • In-market deposits (total deposits less wholesale brokered deposits) amounted to $4.7 billion at December 31, 2022, up by $34 million, or 1%, from the end of the preceding quarter and up by $196 million, or 4%, from the balance at December 31, 2021.
  • A quarterly dividend of 56 cents per share was declared for the fourth quarter, representing an increase of 2 cents per share over the most recent quarterly dividend rate. 2022 was the twelfth consecutive year with an annual dividend increase.

Net Interest Income

Net interest income was $41.3 million for the fourth quarter of 2022, down by $700 thousand, or 2%, from the third quarter of 2022.
The net interest margin was 2.65% for the fourth quarter, down by 17
basis points from the preceding quarter.
The declines in net interest income and the net interest margin were largely driven by increases in funding costs outpacing increases in asset yields.
Linked quarter changes included:

  • Average interest-earning assets increased by $294 million, reflecting an increase of $274 million in average loans. The yield on interest-earning assets for the fourth quarter was 3.94%, up by 45 basis points from the preceding quarter, reflecting the impact of higher market interest rates.
  • Average interest-bearing liabilities increased by $304 million, due to increases in average wholesale funding balances and average in-market deposits of $220 million and $84 million, respectively. The cost of interest-bearing liabilities for the fourth quarter of 2022 was 1.64%, up by 78 basis points from the preceding quarter, reflecting higher rates paid on wholesale funding sources and money market accounts.

Noninterest Income

Noninterest income totaled $13.8 million for the fourth quarter of 2022, down by $2.0 million, or 12.8%, from the third quarter of 2022.
Linked quarter changes included:

  • Wealth management revenues amounted to $8.6 million in the fourth quarter of 2022, down by $901 thousand, or 9%, on a linked quarter basis, concentrated in asset-based revenues. The change in asset-based revenues correlated with the change in the average balance of wealth management assets under administration ('AUA'). The average balance of AUA for the fourth quarter of 2022 decreased by approximately $527 million, or 8%, from the average balance for the preceding quarter.
    The end of period AUA balance at December 31, 2022 amounted to $6.0 billion, down by $361 million, or 6%, from September 30, 2022. This decline reflected net client asset outflows of $673 million, partially offset by net investment appreciation of $312 million.
    AUA was adversely impacted by $604 million of client asset withdrawals that occurred throughout the fourth quarter and were associated with the departure of four client-facing advisors at the end of the preceding quarter. The withdrawals resulted in a reduction of revenues of approximately $525 thousand in the fourth quarter of 2022. Washington Trust could experience additional client asset withdrawals in upcoming months associated with the departure of the former advisors.
  • Mortgage banking revenues totaled $1.1 million for the fourth quarter of 2022, down by $944 thousand, or 46%, from the third quarter of 2022, largely reflecting both a lower volume of loans sold and a decline in the sales yield on loans sold to the secondary market. Mortgage loans sold to the secondary market amounted to $54.6 million in the fourth quarter of 2022, down by $20.8 million, or 28%, from the preceding quarter.
  • Loan related derivative income was $745 thousand in the fourth quarter of 2022, down by $296 thousand, or 28%, from the preceding quarter, reflecting a decrease in commercial borrower interest rate derivative transactions.

Noninterest Expense

Noninterest expense totaled $33.4 million for the fourth quarter of 2022, up by $292
thousand, or 1%, from the third quarter of 2022.
During the fourth quarter of 2022, Washington Trust made a contribution to its charitable foundation totaling $600
thousand, which was included in other expenses.
Excluding the charitable contribution expense, noninterest expense was down by $308
thousand, or 1%, from the preceding quarter.
The remaining linked quarter changes included:

  • Salaries and employee benefits expense, the largest component of noninterest expense, amounted to $20.8 million for the fourth quarter of 2022, down by $797 thousand, or 4%, from the preceding quarter, reflecting adjustments to performance-based compensation accruals, lower wealth management compensation expense and volume-related decreases in mortgage originator compensation expense.
  • Legal, audit and professional fees totaled $987 thousand, up by $294 thousand, or 42%, from the third quarter of 2022, reflecting higher legal expenses.

Income Tax

Income tax expense totaled $4.4 million for the fourth quarter of 2022, down by $912 thousand from the preceding quarter.
The effective tax rate for the fourth quarter of 2022 was 21.0%, compared to 22.1% in the preceding quarter.
Based on current federal and applicable state income statutes, the Corporation currently expects its full-year 2023 effective tax rate to be approximately
21.1%.

Investment Securities

The securities portfolio totaled $994 million at December
31, 2022, up by $11
million, or 1%, from September
30,
2022, largely reflecting an increase in the fair value of available for sale securities due to changes in interest rates.
Purchases of U.S. government-sponsored mortgage-backed securities were offset by routine pay-downs.
The securities portfolio represented 15% of total assets at both December
31, 2022 and September
30, 2022.

Loans

Total loans amounted to $5.1
billion at December
31, 2022, up by $261 million, or 5%, from the end of the preceding quarter.
Linked quarter changes included:

  • Commercial loans increased by $70 million, or 3%, from September 30, 2022, reflecting originations and advances of approximately $194 million, partially offset by principal payments of approximately $124 million. Commercial loans were up by 9% from the end of 2021 and were up by 11% when excluding the change in Paycheck Protection Program loan balances.
  • Residential real estate loans increased by $179 million, or 8%, from September 30, 2022 and by $596 million, or 35%, from the end of 2021. Residential real estate loans originated for portfolio amounted to $229 million and $882 million, respectively, for the fourth quarter and full-year 2022. Full-year 2022 residential real estate loan originations for portfolio were up by 17% from the preceding year.
  • The consumer loan portfolio increased by $12 million, or 4%, from September 30, 2022 and by $36 million, or 14%, from the end of 2021, due to growth in home equity lines and loans.

Deposits and Borrowings

At December
31, 2022, in-market deposits, which exclude wholesale brokered deposits, amounted to $4.7
billion.
In-market deposits were up by $34
million, or 1%, from the end of the preceding quarter and up by $196
million, or 4%, from the end of 2021.
Wholesale brokered deposits amounted to $358
million, down by $85
million, or 19%, from September
30, 2022 and down by $157
million, or 30%, from the end of 2021.
Total deposits amounted to $5.0
billion at December
31, 2022, down by $51
million, or 1%, from the end of the preceding quarter, and up by $39
million, or 1%, from the end of 2021.

FHLB advances totaled $980 million at December
31, 2022, up by $280
million, or 40%, from September
30, 2022, and up by $835
million, or 576%, from the end of 2021.
Higher levels of wholesale funding were utilized to fund balance sheet growth.

Asset Quality

Nonaccrual loans were $12.8
million, or 0.25% of total loans, at December
31,
2022, compared to $12.1
million, or 0.25% of total loans, at September
30, 2022.
Past due loans were $11.6 million, or 0.23% of total loans, at December
31, 2022, up from $7.5 million, or 0.16% of total loans, at September
30, 2022.

The allowance for credit losses ('ACL') on loans amounted to $38.0
million, or 0.74% of total loans, at December
31, 2022, compared to $36.9
million, or 0.76% of total loans, at September
30, 2022.
The ACL on unfunded commitments, included in other liabilities on the Consolidated Balance Sheets, was $2.3
million at December
31, 2022, compared to $2.4
million at September
30, 2022.

The provision for credit losses totaled $800 thousand in the fourth quarter of 2022 and was consistent with the amount recognized in the preceding quarter.
The provision for credit losses in the fourth quarter of 2022 provided for net growth in residential real estate loans and commercial real estate loans and also reflected continued negative trends in macroeconomic forecasts.
Actual losses remain low, as asset and credit quality metrics remain strong.
In the fourth quarter of 2022, net recoveries of $264
thousand were recognized, compared to net charge-offs of $54
thousand in the preceding quarter.
For the full-year 2022, net recoveries of $368
thousand were recognized, compared to net charge-offs of $417
thousand in 2021.

Capital and Dividends

Total shareholders' equity was $453.7
million at December
31, 2022, up by $21.4 million, or 5%, from September
30, 2022.
The increase included net income of $16.6
million and an increase of $14.0
million in the accumulated other comprehensive income ('AOCI') component of shareholders' equity, partially offset by $9.7 million in dividend declarations.
The increase in AOCI included an increase in the fair value of available for sale securities, as well as a $3.8 million increase associated with the annual remeasurement of pension liabilities.
The increase from the annual remeasurement of pension liabilities was largely due to an increase in the discount rates used to measure the present value of the pension plan liabilities, resulting from higher market interest rates.

Capital levels at December
31, 2022 exceeded the regulatory minimum levels to be considered well capitalized, with a total risk-based capital ratio of 12.37% at December
31, 2022, compared to 12.65% at September
30, 2022.
Book value per share was $26.40 at December
31, 2022, compared to $25.17 at September
30, 2022.

The Board of Directors declared a quarterly dividend of 56
cents per share for the quarter ended December
31, 2022, representing an increase of 2
cents per share, or 4%, from the preceding quarter.
The dividend was paid on January
6, 2023 to shareholders of record on January
3, 2023.
Full-year dividends declared totaled $2.18 per share in 2022, an increase of 8
cents per share, or 4%, from 2021.

Conference Call

Washington Trust will host a conference call to discuss its fourth quarter results, business highlights and outlook on Thursday, January
26,
2023 at 8:30 a.m. (Eastern Time).
Individuals may dial in to the call at 1-844-200-6205 and enter Access Code 302754.
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 489603.
The audio replay will be available through February
9, 2023.
Also, a webcast of the call will be posted in the Investor Relations section of Washington Trust's website, , and will be available through March
31, 2023.

Background

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

Forward-Looking Statements

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

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

  • changes in political, business and economic conditions, including inflation;
  • 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, the ongoing COVID-19 pandemic, and future pandemics;
  • 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, 2021, 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)








Dec 31,
2022

Sep 30,
2022

Jun 30,
2022

Mar 31,
2022

Dec 31,
2021

Assets:






Cash and due from banks

$115,492

$130,066

$95,544

$224,807

$175,259

Short-term investments

2,930

2,773

3,079

3,289

3,234

Mortgage loans held for sale, at fair value

8,987

24,054

22,656

15,612

40,196

Available for sale debt securities, at fair value

993,928

982,573

1,020,469

1,008,184

1,042,859

Federal Home Loan Bank stock, at cost

43,463

32,940

16,300

8,452

13,031

Loans:






Total loans

5,110,139

4,848,873

4,479,822

4,283,852

4,272,925

Less: allowance for credit losses on loans

38,027

36,863

36,317

39,236

39,088

Net loans

5,072,112

4,812,010

4,443,505

4,244,616

4,233,837

Premises and equipment, net

31,550

30,152

29,694

28,878

28,908

Operating lease right-of-use assets

27,156

27,788

28,098

28,816

26,692

Investment in bank-owned life insurance

102,182

101,491

100,807

93,192

92,592

Goodwill

63,909

63,909

63,909

63,909

63,909

Identifiable intangible assets, net

4,554

4,766

4,981

5,198

5,414

Other assets

193,788

195,529

153,849

123,046

125,196

Total assets

$6,660,051

$6,408,051

$5,982,891

$5,847,999

$5,851,127

Liabilities:






Deposits:






Noninterest-bearing deposits

$858,953

$938,572

$888,981

$911,990

$945,229

Interest-bearing deposits

4,160,009

4,131,285

4,117,648

4,215,960

4,034,822

Total deposits

5,018,962

5,069,857

5,006,629

5,127,950

4,980,051

Federal Home Loan Bank advances

980,000

700,000

328,000

55,000

145,000

Junior subordinated debentures

22,681

22,681

22,681

22,681

22,681

Operating lease liabilities

29,558

30,189

30,491

31,169

29,010

Other liabilities

155,181

153,050

118,456

98,007

109,577

Total liabilities

6,206,382

5,975,777

5,506,257

5,334,807

5,286,319

Shareholders' Equity:






Common stock

1,085

1,085

1,085

1,085

1,085

Paid-in capital

127,056

127,055

126,079

127,355

126,511

Retained earnings

492,043

485,163

475,889

465,295

458,310

Accumulated other comprehensive (loss) income

(157,800)

(171,755)

(118,041)

(79,451)

(19,981)

Treasury stock, at cost

(8,715)

(9,274)

(8,378)

(1,092)

(1,117)

Total shareholders' equity

453,669

432,274

476,634

513,192

564,808

Total liabilities and shareholders' equity

$6,660,051

$6,408,051

$5,982,891

$5,847,999

$5,851,127

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 Twelve Months
Ended


Dec 31,
2022

Sep 30,
2022

Jun 30,
2022

Mar 31,
2022

Dec 31,
2021


Dec 31,
2022

Dec 31,
2021

Interest income:









Interest and fees on loans

$53,644

$45,125

$36,602

$33,930

$36,882


$169,301

$141,552

Interest on mortgage loans held for sale

314

361

258

232

387


1,165

1,531

Taxable interest on debt securities

6,618

6,061

4,918

4,230

3,929


21,827

14,295

Dividends on Federal Home Loan Bank stock

330

88

63

67

98


548

436

Other interest income

855

503

188

78

60


1,624

181

Total interest and dividend income

61,761

52,138

42,029

38,537

41,356


194,465

157,995

Interest expense:









Deposits

12,301

6,656

3,963

3,103

2,977


26,023

12,390

Federal Home Loan Bank advances

7,822

3,234

413

244

547


11,713

3,800

Junior subordinated debentures

296

206

138

99

92


739

370

Total interest expense

20,419

10,096

4,514

3,446

3,616


38,475

16,560

Net interest income

41,342

42,042

37,515

35,091

37,740


155,990

141,435

Provision for credit losses

800

800

(3,000)

100

(2,822)


(1,300)

(4,822)

Net interest income after provision for credit losses

40,542

41,242

40,515

34,991

40,562


157,290

146,257

Noninterest income:









Wealth management revenues

8,624

9,525

10,066

10,531

10,504


38,746

41,282

Mortgage banking revenues

1,103

2,047

2,082

3,501

4,332


8,733

28,626

Card interchange fees

1,242

1,287

1,303

1,164

1,282


4,996

4,996

Service charges on deposit accounts

942

819

763

668

766


3,192

2,683

Loan related derivative income

745

1,041

669

301

1,972


2,756

4,342

Income from bank-owned life insurance

691

684

615

601

1,144


2,591

2,925

Other income

441

400

354

393

307


1,588

2,540

Total noninterest income

13,788

15,803

15,852

17,159

20,307


62,602

87,394

Noninterest expense:









Salaries and employee benefits

20,812

21,609

20,381

21,002

21,524


83,804

87,295

Outsourced services

3,568

3,552

3,375

3,242

3,585


13,737

13,296

Net occupancy

2,418

2,234

2,174

2,300

2,145


9,126

8,449

Equipment

1,002

939

938

918

959


3,797

3,905

Legal, audit and professional fees

987

693

677

770

817


3,127

2,859

FDIC deposit insurance costs

489

430

402

366

391


1,687

1,592

Advertising and promotion

713

799

724

351

502


2,587

1,843

Amortization of intangibles

212

215

216

217

216


860

890

Debt prepayment penalties

-

-

-

-

2,700


-

6,930

Other expenses

3,158

2,596

2,190

2,053

2,380


9,997

8,405

Total noninterest expense

33,359

33,067

31,077

31,219

35,219


128,722

135,464

Income before income taxes

20,971

23,978

25,290

20,931

25,650


91,170

98,187

Income tax expense

4,398

5,310

5,333

4,448

5,462


19,489

21,317

Net income

$16,573

$18,668

$19,957

$16,483

$20,188


$71,681

$76,870










Net income available to common shareholders

$16,535

$18,615

$19,900

$16,429

$20,128


$71,479

$76,648










Weighted average common shares outstanding:










Basic

17,180

17,174

17,303

17,331

17,328


17,246

17,310


Diluted

17,319

17,298

17,414

17,482

17,469


17,381

17,455

Earnings per common share:










Basic

$0.96

$1.08

$1.15

$0.95

$1.16


$4.14

$4.43


Diluted

$0.95

$1.08

$1.14

$0.94

$1.15


$4.11

$4.39










Cash dividends declared per share

$0.56

$0.54

$0.54

$0.54

$0.54


$2.18

$2.10

Washington Trust Bancorp, Inc. and Subsidiaries

SELECTED FINANCIAL HIGHLIGHTS

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




Dec 31,
2022

Sep 30,
2022

Jun 30,
2022

Mar 31,
2022

Dec 31,
2021

Share and Equity Related Data:






Book value per share

$26.40

$25.17

$27.73

$29.61

$32.59

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

$22.42

$21.17

$23.72

$25.62

$28.59

Market value per share

$47.18

$46.48

$48.37

$52.50

$56.37

Shares issued at end of period

17,363

17,363

17,363

17,363

17,363

Shares outstanding at end of period

17,183

17,171

17,190

17,332

17,331







Capital Ratios (2) :






Tier 1 risk-based capital

11.69
%

11.97
%

12.78
%

13.32
%

13.24
%

Total risk-based capital

12.37
%

12.65
%

13.51
%

14.15
%

14.01
%

Tier 1 leverage ratio

8.65
%

8.99
%

9.42
%

9.46
%

9.36
%

Common equity tier 1

11.24
%

11.50
%

12.28
%

12.79
%

12.71
%







Balance Sheet Ratios:






Equity to assets

6.81
%

6.75
%

7.97
%

8.78
%

9.65
%

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

5.84
%

5.74
%

6.89
%

7.68
%

8.57
%

Loans to deposits (3)

101.2
%

95.4
%

89.2
%

83.1
%

85.8
%




For the Twelve Months Ended


For the Three Months Ended



Dec 31,
2022

Sep 30,
2022

Jun 30,
2022

Mar 31,
2022

Dec 31,
2021


Dec 31,
2022

Dec 31,
2021

Performance Ratios (4) :









Net interest margin (5)

2.65
%

2.82
%

2.71
%

2.57
%

2.71
%


2.69
%

2.59
%

Return on average assets (net income divided by

average assets)

1.01
%

1.19
%

1.37
%

1.14
%

1.36
%


1.17
%

1.32
%

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

1.03
%

1.20
%

1.39
%

1.15
%

1.38
%


1.19
%

1.33
%

Return on average equity (net income available for

common shareholders divided by average equity)

14.96
%

15.16
%

16.11
%

12.04
%

14.34
%


14.49
%

14.03
%

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

17.74
%

17.65
%

18.71
%

13.77
%

16.39
%


16.84
%

16.09
%

Efficiency ratio (6)

60.5
%

57.2
%

58.2
%

59.7
%

60.7
%


58.9
%

59.2
%



(1)

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

(2)

Estimated for December 31, 2022 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 Twelve Months
Ended


Dec 31,
2022

Sep 30,
2022

Jun 30,
2022

Mar 31,
2022

Dec 31,
2021


Dec 31,
2022

Dec 31,
2021

Wealth Management Results









Wealth Management Revenues:









Asset-based revenues

$8,448

$9,302

$9,641

$10,211

$10,417


$37,602

$40,215

Transaction-based revenues

176

223

425

320

87


1,144

1,067

Total wealth management revenues

$8,624

$9,525

$10,066

$10,531

$10,504


$38,746

$41,282










Assets Under Administration (AUA):









Balance at beginning of period

$6,322,757

$6,650,097

$7,492,893

$7,784,211

$7,443,396


$7,784,211

$6,866,737

Net investment appreciation (depreciation) &

income

312,407

(239,762)

(816,290)

(388,733)

358,796


(1,132,378)

931,302

Net client asset (outflows) inflows

(673,174)

(87,578)

(26,506)

97,415

(17,981)


(689,843)

(13,828)

Balance at end of period

$5,961,990

$6,322,757

$6,650,097

$7,492,893

$7,784,211


$5,961,990

$7,784,211










Percentage of AUA that are managed assets

91
%

91
%

91
%

92
%

92
%


91
%

92
%










Mortgage Banking Results









Mortgage Banking Revenues:









Realized gains on loan sales, net (1)

$992

$1,718

$1,917

$3,327

$5,695


$7,954

$33,752

Changes in fair value, net (2)

(426)

(226)

(330)

(242)

(1,594)


(1,224)

(5,558)

Loan servicing fee income, net (3)

537

555

495

416

231


2,003

432

Total mortgage banking revenues

$1,103

$2,047

$2,082

$3,501

$4,332


$8,733

$28,626










Residential Mortgage Loan Originations:









Originations for retention in portfolio (4)

$228,579

$225,132

$263,762

$164,401

$174,438


$881,874

$756,343

Originations for sale to secondary market (5)

39,087

77,242

86,459

106,619

188,735


309,407

933,324

Total mortgage loan originations

$267,666

$302,374

$350,221

$271,020

$363,173


$1,191,281

$1,689,667










Residential Mortgage Loans Sold:









Sold with servicing rights retained

$27,085

$34,659

$23,478

$14,627

$21,180


$99,849

$591,550

Sold with servicing rights released (5)

27,470

40,665

56,263

115,501

175,818


239,899

361,886

Total mortgage loans sold

$54,555

$75,324

$79,741

$130,128

$196,998


$339,748

$953,436



(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)




Dec 31,
2022

Sep 30,
2022

Jun 30,
2022

Mar 31,
2022

Dec 31,
2021

Loans:






Commercial real estate (1)

$1,829,304

$1,762,687

$1,609,618

$1,628,620

$1,639,062

Commercial & industrial

656,397

652,758

620,270

614,892

641,555

Total commercial

2,485,701

2,415,445

2,229,888

2,243,512

2,280,617







Residential real estate (2)

2,323,002

2,144,098

1,966,341

1,777,974

1,726,975







Home equity

285,715

273,742

267,785

246,097

247,697

Other

15,721

15,588

15,808

16,269

17,636

Total consumer

301,436

289,330

283,593

262,366

265,333

Total loans

$5,110,139

$4,848,873

$4,479,822

$4,283,852

$4,272,925



(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.


December 31, 2022


December 31, 2021


Count

Balance

% of Total


Count

Balance

% of Total

Commercial Real Estate Portfolio Segmentation:








Multi-family dwelling

127

$469,233

26
%


127

$474,229

29
%

Retail

108

421,617

23


121

389,487

24

Office

53

257,551

14


57

216,602

13

Hospitality

33

214,829

12


31

184,990

11

Industrial and warehouse

42

192,717

11


35

137,254

8

Healthcare

17

136,225

7


13

128,189

8

Commercial mixed use

21

54,976

3


20

38,978

2

Other

34

82,156

4


36

69,333

5

Commercial real estate loans

435

$1,829,304

100
%


440

$1,639,062

100
%









Commercial & Industrial Portfolio Segmentation:








Healthcare and social assistance

69

$193,052

29
%


101

$174,376

27
%

Owner occupied and other real estate

168

72,429

11


185

72,957

11

Manufacturing

55

60,601

9


65

55,341

9

Retail

50

56,012

9


79

47,290

7

Transportation and warehousing

20

51,347

8


31

35,064

5

Educational services

19

46,708

7


28

52,211

8

Finance and insurance

55

28,313

4


59

31,279

5

Entertainment and recreation

24

25,646

4


37

32,087

5

Information

5

23,948

4


14

25,045

4

Accommodation and food services

49

17,167

3


114

28,320

4

Professional, scientific and technical

37

6,451

1


69

8,912

1

Public administration

11

3,789

1


16

5,441

1

Other

162

70,934

10


281

73,232

13

Commercial & industrial loans

724

$656,397

100
%


1,079

$641,555

100
%

Washington Trust Bancorp, Inc. and Subsidiaries

END OF PERIOD LOAN AND DEPOSIT COMPOSITION

(Unaudited; Dollars in thousands)








December 31, 2022


December 31, 2021


Balance

% of
Total


Balance

% of
Total

Commercial Real Estate Loans by Property Location:






Connecticut

$691,780

38
%


$643,182

39
%

Massachusetts

566,717

31


464,018

28

Rhode Island

387,759

21


408,496

25

Subtotal

1,646,256

90


1,515,696

92

All other states

183,048

10


123,366

8

Total commercial real estate loans

$1,829,304

100
%


$1,639,062

100
%







Residential Real Estate Loans by Property Location:






Massachusetts

$1,698,240

73
%


$1,207,789

70
%

Rhode Island

446,010

19


365,831

21

Connecticut

153,323

7


132,430

8

Subtotal

2,297,573

99


1,706,050

99

All other states

25,429

1


20,925

1

Total residential real estate loans

$2,323,002

100
%


$1,726,975

100
%


Dec 31,
2022

Sep 30,
2022

Jun 30,
2022

Mar 31,
2022

Dec 31,
2021

Deposits:






Noninterest-bearing demand deposits

$858,953

$938,572

$888,981

$911,990

$945,229

Interest-bearing demand deposits (in-market)

302,044

273,231

258,451

248,914

251,032

NOW accounts

871,875

869,984

887,678

893,603

867,138

Money market accounts

1,255,805

1,146,826

1,139,676

1,295,339

1,072,864

Savings accounts

576,250

600,568

572,251

566,461

555,177

Time deposits (in-market)

795,838

797,505

800,898

809,858

773,383

In-market deposits

4,660,765

4,626,686

4,547,935

4,726,165

4,464,823

Wholesale brokered demand deposits

31,153

31,044

31,003

-

-

Wholesale brokered time deposits

327,044

412,127

427,691

401,785

515,228

Wholesale brokered deposits

358,197

443,171

458,694

401,785

515,228

Total deposits

$5,018,962

$5,069,857

$5,006,629

$5,127,950

$4,980,051

Washington Trust Bancorp, Inc. and Subsidiaries

CREDIT & ASSET QUALITY DATA

(Unaudited; Dollars in thousands)




Dec 31,
2022

Sep 30,
2022

Jun 30,
2022

Mar 31,
2022

Dec 31,
2021

Asset Quality Ratios:






Nonperforming assets to total assets

0.19
%

0.19
%

0.21
%

0.22
%

0.24
%

Nonaccrual loans to total loans

0.25
%

0.25
%

0.28
%

0.29
%

0.33
%

Total past due loans to total loans

0.23
%

0.16
%

0.19
%

0.16
%

0.24
%

Allowance for credit losses on loans to nonaccrual loans

296.02
%

304.10
%

292.55
%

311.67
%

275.21
%

Allowance for credit losses on loans to total loans

0.74
%

0.76
%

0.81
%

0.92
%

0.91
%







Nonperforming Assets:






Commercial real estate

$-

$-

$-

$-

$-

Commercial & industrial

-

-

-

-

-

Total commercial

-

-

-

-

-

Residential real estate

11,894

11,700

11,815

11,916

13,576

Home equity

952

422

599

673

627

Other consumer

-

-

-

-

-

Total consumer

952

422

599

673

627

Total nonaccrual loans

12,846

12,122

12,414

12,589

14,203

Other real estate owned

-

-

-

-

-

Total nonperforming assets

$12,846

$12,122

$12,414

$12,589

$14,203







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






Commercial real estate

$1,187

$-

$-

$-

$-

Commercial & industrial

265

4

7

108

3

Total commercial

1,452

4

7

108

3

Residential real estate

8,875

7,256

7,794

6,467

9,622

Home equity

1,235

252

728

431

765

Other consumer

16

17

28

30

21

Total consumer

1,251

269

756

461

786

Total past due loans

$11,578

$7,529

$8,557

$7,036

$10,411







Accruing loans 90 days or more past due

$-

$-

$-

$-

$-

Nonaccrual loans included in past due loans

$7,196

$7,059

$6,817

$5,707

$9,359







Troubled Debt Restructurings ('TDR'):






Accruing TDRs

$3,519

$7,214

$9,607

$16,303

$16,328

Nonaccrual TDRs

5,073

2,890

2,906

2,789

2,819

Total TDRs

$8,592

$10,104

$12,513

$19,092

$19,147

Washington Trust Bancorp, Inc. and Subsidiaries

CREDIT & ASSET QUALITY DATA

(Unaudited; Dollars in thousands)


For the Three Months Ended


For the Twelve Months Ended


Dec 31,
2022

Sep 30,
2022

Jun 30,
2022

Mar 31,
2022

Dec 31,
2021


Dec 31,
2022

Dec 31,
2021

Nonaccrual Loan Activity:









Balance at beginning of period

$12,122

$12,414

$12,589

$14,203

$10,976


$14,203

$13,197

Additions to nonaccrual status

2,485

521

158

427

3,959


3,591

7,813

Loans returned to accruing status

-

(400)

(236)

(63)

(339)


(699)

(1,216)

Loans charged-off

(62)

(63)

(23)

(36)

(31)


(184)

(661)

Payments, payoffs and other changes

(1,699)

(350)

(74)

(1,942)

(362)


(4,065)

(4,930)

Balance at end of period

$12,846

$12,122

$12,414

$12,589

$14,203


$12,846

$14,203










Allowance for Credit Losses on Loans:









Balance at beginning of period

$36,863

$36,317

$39,236

$39,088

$41,711


$39,088

$44,106

Provision for credit losses on loans (1)

900

600

(2,929)

-

(2,650)


(1,429)

(4,601)

Charge-offs

(62)

(63)

(23)

(36)

(33)


(184)

(663)

Recoveries

326

9

33

184

60


552

246

Balance at end of period

$38,027

$36,863

$36,317

$39,236

$39,088


$38,027

$39,088










Allowance for Credit Losses on Unfunded Commitments:








Balance at beginning of period

$2,390

$2,190

$2,261

$2,161

$2,333


$2,161

$2,382

Provision for credit losses on unfunded commitments (1)

(100)

200

(71)

100

(172)


129

(221)

Balance at end of period (2)

$2,290

$2,390

$2,190

$2,261

$2,161


$2,290

$2,161



(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 Twelve Months Ended


Dec 31,
2022

Sep 30,
2022

Jun 30,
2022

Mar 31,
2022

Dec 31,
2021


Dec 31,
2022

Dec 31,
2021

Net Loan Charge-Offs (Recoveries):









Commercial real estate

($300)

$-

$-

($145)

$-


($445)

$-

Commercial & industrial

10

9

(11)

(1)

(35)


7

266

Total commercial

(290)

9

(11)

(146)

(35)


(438)

266

Residential real estate

-

-

-

(21)

(4)


(21)

18

Home equity

(8)

-

(2)

(2)

(12)


(12)

92

Other consumer

34

45

3

21

24


103

41

Total consumer

26

45

1

19

12


91

133

Total

($264)

$54

($10)

($148)

($27)


($368)

$417










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

(0.02
%)

-
%

-
%

(0.01
%)

-
%


(0.01
%)

0.01
%

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

Washington Trust Bancorp, Inc. and Subsidiaries

CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)

(Unaudited; Dollars in thousands)

For the Three Months Ended

December 31, 2022


September 30, 2022


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

$94,196

$855

3.60
%


$92,708

$503

2.15
%


$1,488

$352

1.45
%

Mortgage loans held for sale

28,214

314

4.42


34,503

361

4.15


(6,289)

(47)

0.27

Taxable debt securities

1,165,276

6,618

2.25


1,150,674

6,061

2.09


14,602

557

0.16

FHLB stock

35,485

330

3.69


25,377

88

1.38


10,108

242

2.31

Commercial real estate

1,771,999

22,300

4.99


1,692,374

17,974

4.21


79,625

4,326

0.78

Commercial & industrial

645,882

8,643

5.31


630,360

7,114

4.48


15,522

1,529

0.83

Total commercial

2,417,881

30,943

5.08


2,322,734

25,088

4.29


95,147

5,855

0.79

Residential real estate

2,214,207

19,490

3.49


2,045,833

17,379

3.37


168,374

2,111

0.12

Home equity

280,682

3,386

4.79


269,654

2,804

4.13


11,028

582

0.66

Other

15,218

174

4.54


15,299

171

4.43


(81)

3

0.11

Total consumer

295,900

3,560

4.77


284,953

2,975

4.14


10,947

585

0.63

Total loans

4,927,988

53,993

4.35


4,653,520

45,442

3.87


274,468

8,551

0.48

Total interest-earning assets

6,251,159

62,110

3.94


5,956,782

52,455

3.49


294,377

9,655

0.45

Noninterest-earning assets

229,713




259,347




(29,634)



Total assets

$6,480,872




$6,216,129




$264,743



Liabilities and Shareholders' Equity:












Interest-bearing demand deposits (in-
market)

$287,311

$1,777

2.45
%


$267,670

$822

1.22
%


$19,641

$955

1.23
%

NOW accounts

854,055

370

0.17


871,038

212

0.10


(16,983)

158

0.07

Money market accounts

1,213,890

4,970

1.62


1,137,875

2,231

0.78


76,015

2,739

0.84

Savings accounts

586,868

227

0.15


582,513

100

0.07


4,355

127

0.08

Time deposits (in-market)

798,482

2,633

1.31


797,199

1,983

0.99


1,283

650

0.32

Interest-bearing in-market deposits

3,740,606

9,977

1.06


3,656,295

5,348

0.58


84,311

4,629

0.48

Wholesale brokered demand deposits

31,082

282

3.60


31,014

166

2.12


68

116

1.48

Wholesale brokered time deposits

355,618

2,042

2.28


381,984

1,142

1.19


(26,366)

900

1.09

Wholesale brokered deposits

386,700

2,324

2.38


412,998

1,308

1.26


(26,298)

1,016

1.12

Total interest-bearing deposits

4,127,306

12,301

1.18


4,069,293

6,656

0.65


58,013

5,645

0.53

FHLB advances

796,087

7,822

3.90


549,729

3,234

2.33


246,358

4,588

1.57

Junior subordinated debentures

22,681

296

5.18


22,681

206

3.60


-

90

1.58

Total interest-bearing liabilities

4,946,074

20,419

1.64


4,641,703

10,096

0.86


304,371

10,323

0.78

Noninterest-bearing demand deposits

917,460




944,153




(26,693)



Other liabilities

178,991




143,043




35,948



Shareholders' equity

438,347




487,230




(48,883)



Total liabilities and shareholders' equity

$6,480,872




$6,216,129




$264,743



Net interest income (FTE)


$41,691




$42,359




($668)


Interest rate spread



2.30
%




2.63
%




(0.33
%)

Net interest margin



2.65
%




2.82
%




(0.17
%)

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

For the Three Months Ended

Dec 31,
2022

Sep 30,
2022

Change

Commercial loans

$349

$317

$32

Total

$349

$317

$32

Washington Trust Bancorp, Inc. and Subsidiaries

CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)

(Unaudited; Dollars in thousands)

For the Twelve Months Ended

December 31, 2022

December 31, 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

$119,932

$1,624

1.35
%

$167,898

$181

0.11
%

($47,966)

$1,443

1.24
%

Mortgage loans for sale

29,539

1,165

3.94

52,580

1,531

2.91

(23,041)

(366)

1.03

Taxable debt securities

1,121,413

21,827

1.95

1,013,445

14,295

1.41

107,968

7,532

0.54

FHLB stock

20,721

548

2.64

21,422

436

2.04

(701)

112

0.60

Commercial real estate

1,679,300

65,660

3.91

1,643,107

49,551

3.02

36,193

16,109

0.89

Commercial & industrial

632,938

28,099

4.44

752,934

30,824

4.09

(119,996)

(2,725)

0.35

Total commercial

2,312,238

93,759

4.05

2,396,041

80,375

3.35

(83,803)

13,384

0.70

Residential real estate

1,960,629

65,866

3.36

1,571,459

52,884

3.37

389,170

12,982

(0.01)

Home equity

263,578

10,139

3.85

254,289

8,212

3.23

9,289

1,927

0.62

Other

15,799

724

4.58

19,765

966

4.89

(3,966)

(242)

(0.31)

Total consumer

279,377

10,863

3.89

274,054

9,178

3.35

5,323

1,685

0.54

Total loans

4,552,244

170,488

3.75

4,241,554

142,437

3.36

310,690

28,051

0.39

Total interest-earning assets

5,843,849

195,652

3.35

5,496,899

158,880

2.89

346,950

36,772

0.46

Noninterest-earning assets

258,906



341,067



(82,161)



Total assets

$6,102,755



$5,837,966



$264,789



Liabilities and Shareholders' Equity:










Interest-bearing demand deposits (in-
market)

$263,154

$2,891

1.10
%

$202,929

$259

0.13
%

$60,225

$2,632

0.97
%

NOW accounts

864,084

862

0.10

765,584

491

0.06

98,500

371

0.04

Money market accounts

1,198,714

8,954

0.75

984,278

2,413

0.25

214,436

6,541

0.50

Savings accounts

574,349

473

0.08

521,143

282

0.05

53,206

191

0.03

Time deposits (in-market)

799,645

8,630

1.08

702,303

7,749

1.10

97,342

881

(0.02)

Interest-bearing in-market deposits

3,699,946

21,810

0.59

3,176,237

11,194

0.35

523,709

10,616

0.24

Wholesale brokered demand deposits

20,696

494

2.39

-

-

-

20,696

494

2.39

Wholesale brokered time deposits

386,170

3,719

0.96

644,151

1,196

0.19

(257,981)

2,523

0.77

Wholesale brokered deposits

406,866

4,213

1.04

644,151

1,196

0.19

(237,285)

3,017

0.85

Total interest-bearing deposits

4,106,812

26,023

0.63

3,820,388

12,390

0.32

286,424

13,633

0.31

FHLB advances

414,263

11,713

2.83

370,881

3,800

1.02

43,382

7,913

1.81

Junior subordinated debentures

22,681

739

3.26

22,681

370

1.63

-

369

1.63

Total interest-bearing liabilities

4,543,756

38,475

0.85

4,213,950

16,560

0.39

329,806

21,915

0.46

Noninterest-bearing demand deposits

923,423



934,626



(11,203)



Other liabilities

142,324



143,197



(873)



Shareholders' equity

493,252



546,193



(52,941)



Total liabilities and shareholders' equity

$6,102,755



$5,837,966



$264,789



Net interest income (FTE)


$157,177



$142,320



$14,857


Interest rate spread



2.50
%



2.50
%



-
%

Net interest margin



2.69
%



2.59
%



0.10
%

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





For the Twelve Months Ended

Dec 31,
2022

Dec 31,
2021

Change

Commercial loans

$1,187

$885

$302

Total

$1,187

$885

$302

Washington Trust Bancorp, Inc. and Subsidiaries

SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures

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




Dec 31,
2022

Sep 30,
2022

Jun 30,
2022

Mar 31,
2022

Dec 31,
2021

Tangible Book Value per Share:






Total shareholders' equity, as reported

$453,669

$432,274

$476,634

$513,192

$564,808

Less:






Goodwill

63,909

63,909

63,909

63,909

63,909

Identifiable intangible assets, net

4,554

4,766

4,981

5,198

5,414

Total tangible shareholders' equity

$385,206

$363,599

$407,744

$444,085

$495,485







Shares outstanding, as reported

17,183

17,171

17,190

17,332

17,331







Book value per share - GAAP

$26.40

$25.17

$27.73

$29.61

$32.59

Tangible book value per share - Non-GAAP

$22.42

$21.18

$23.72

$25.62

$28.59







Tangible Equity to Tangible Assets:






Total tangible shareholders' equity

$385,206

$363,599

$407,744

$444,085

$495,485







Total assets, as reported

$6,660,051

$6,408,051

$5,982,891

$5,847,999

$5,851,127

Less:






Goodwill

63,909

63,909

63,909

63,909

63,909

Identifiable intangible assets, net

4,554

4,766

4,981

5,198

5,414

Total tangible assets

$6,591,588

$6,339,376

$5,914,001

$5,778,892

$5,781,804







Equity to assets - GAAP

6.81
%

6.75
%

7.97
%

8.78
%

9.65
%

Tangible equity to tangible assets - Non-GAAP

5.84
%

5.74
%

6.89
%

7.68
%

8.57
%


For the Three Months Ended


For the Twelve Months
Ended


Dec 31,
2022

Sep 30,
2022

Jun 30,
2022

Mar 31,
2022

Dec 31,
2021


Dec 31,
2022

Dec 31,
2021

Return on Average Tangible Assets:









Net income, as reported

$16,573

$18,668

$19,957

$16,483

$20,188


$71,681

$76,870










Total average assets, as reported

$6,480,872

$6,216,129

$5,841,332

$5,864,668

$5,884,581


$6,102,755

$5,837,966

Less average balances of:









Goodwill

63,909

63,909

63,909

63,909

63,909


63,909

63,909

Identifiable intangible assets, net

4,657

4,871

5,086

5,303

5,526


4,977

5,852

Total average tangible assets

$6,412,306

$6,147,349

$5,772,337

$5,795,456

$5,815,146


$6,033,869

$5,768,205










Return on average assets - GAAP

1.01
%

1.19
%

1.37
%

1.14
%

1.36
%


1.17
%

1.32
%

Return on average tangible assets - Non-
GAAP

1.03
%

1.20
%

1.39
%

1.15
%

1.38
%


1.19
%

1.33
%










Return on Average Tangible Equity:









Net income available to common
shareholders, as reported

$16,535

$18,615

$19,900

$16,429

$20,128


$71,479

$76,648










Total average equity, as reported

$438,347

$487,230

$495,573

$553,185

$556,765


$493,252

$546,193

Less average balances of:









Goodwill

63,909

63,909

63,909

63,909

63,909


63,909

63,909

Identifiable intangible assets, net

4,657

4,871

5,086

5,303

5,526


4,977

5,852

Total average tangible equity

$369,781

$418,450

$426,578

$483,973

$487,330


$424,366

$476,432










Return on average equity - GAAP

14.96
%

15.16
%

16.11
%

12.04
%

14.34
%


14.49
%

14.03
%

Return on average tangible equity - Non-
GAAP

17.74
%

17.65
%

18.71
%

13.77
%

16.39
%


16.84
%

16.09
%

Category: Earnings

SOURCE Washington Trust Bancorp, Inc.

MENAFN25012023003732001241ID1105477634


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