Washington Trust Reports Fourth Quarter and Full-Year 2023 Earnings
WESTERLY, R.I., Jan. 24, 2024 /PRNewswire/ -- Washington Trust Bancorp, Inc. (Nasdaq: WASH), parent company of The Washington Trust Company, today announced fourth quarter 2023 net income of $12.9 million, or $0.76 per diluted share, compared to net income of $11.2 million, or $0.65 per diluted share, for the third quarter of 2023. Net income for the year ended December 31, 2023 totaled of $48.2 million, or $2.82 per diluted share, compared to $71.7 million, or $4.11 per diluted share, reported for the prior year.
In October 2023, the Commonwealth of Massachusetts enacted into law a tax bill changing how corporations calculate their Massachusetts taxable income effective on January 1, 2025. As required, the Corporation revalued its deferred tax assets and liabilities and in the fourth quarter of 2023 increased its net deferred tax assets by $3.3 million with a corresponding decrease to income tax expense. This increased fourth quarter and full-year 2023 earnings per diluted share by $0.19.
"Washington Trust's year-end results reflect the Corporation's continued perseverance in facing economic headwinds and addressing numerous challenges posed by a difficult operating environment," stated Edward O. Handy III, Washington Trust Chairman and Chief Executive Officer. "While we remain cautious about economic growth in 2024, we believe our diversified business model, disciplined credit culture, and dedicated team will guide us going forward."
Selected financial highlights for the fourth quarter and full-year 2023 include:
Returns on average equity and average assets for the fourth quarter were 11.77% and 0.71%, respectively, compared to 9.65% and 0.62%, respectively, for the preceding quarter. Full-year returns on average equity and average assets for 2023 were 10.57% and 0.69%, respectively, compared to 14.49% and 1.17%, respectively, for the prior year.
The net interest margin was 1.88% in the fourth quarter, compared to 1.97% in the preceding quarter. Full-year net interest margin for 2023 was 2.05%, down 64 basis points from the 2.69% reported in the prior year.
In the fourth quarter, a provision for credit losses of $1.2 million was recognized, up by $700 thousand from the provision recognized in the preceding quarter. The provision for credit losses in 2023 totaled $3.2 million, compared to a negative provision of $1.3 million recognized in the prior year.
Total loans amounted to $5.6 billion, up by 1% from the end of the preceding quarter.
In-market deposits (total deposits less wholesale brokered deposits) amounted to $4.7 billion, down by 1% from September 30, 2023.
Net Interest Income Net interest income was $32.7 million for the fourth quarter of 2023, down by $1.1 million, or 3%, from the third quarter of 2023. The net interest margin was 1.88% for the fourth quarter, a decrease of 9 basis points from the preceding quarter. The declines in net interest income and net interest margin reflect the impact of rapid interest rate increases. Linked quarter changes included:
Average interest-earning assets increased by $103 million, due to an increase of $139 million in average loans, partially offset by declines in investment securities. The yield on interest-earning assets for the fourth quarter was 4.81%, up by 12 basis points from the preceding quarter.
Average interest-bearing liabilities increased by $126 million, with increases in average wholesale funding balances of $105 million and average in-market deposits of $21 million. The cost of interest-bearing liabilities for the fourth quarter of 2023 was 3.49%, up by 23 basis points from the preceding quarter.
Noninterest Income Noninterest income totaled $13.3 million for the fourth quarter of 2023, down by $1.9 million, or 13%, from the third quarter of 2023. Linked quarter changes included:
Wealth management revenues amounted to $8.9 million in the fourth quarter of 2023, down by $67 thousand, or 1%, on a linked quarter basis. This correlated with a decrease in the average balance of wealth management assets under administration ("AUA"), which was down by approximately $58 million, or 1%, from the preceding quarter.
The end of period AUA balance at December 31, 2023 amounted to $6.6 billion, up by $457 million, or 7%, from September 30, 2023. This increase reflected net investment appreciation of $503 million, partially offset by net client asset outflows of $46 million.
Mortgage banking revenues totaled $1.6 million for the fourth quarter of 2023, down by $554 thousand, or 26%, from the preceding quarter, with lower realized gains on loan sales, partially offset by changes in the fair value of mortgage loans held for sale and forward loan commitments. Realized gains decreased by $613 thousand, or 35%, from the preceding quarter, due to a lower volume of loans sold and a lower sales yield. Loans sold amounted to $67.5 million in the fourth quarter of 2023, down by $21.2 million, or 24%, from the preceding quarter.
Loan related derivative income from interest rate swap contracts with commercial borrowers in the fourth quarter of 2023 totaled $112 thousand, down by $970 thousand, or 90%, from the preceding quarter, reflecting a decline in volume.
Noninterest Expense Noninterest expense totaled $32.6 million for the fourth quarter of 2023, down by $1.8 million, or 5%, from the third quarter of 2023. Linked quarter changes included:
Salaries and employee benefits expense amounted to $18.5 million, down by $3.2 million, or 15%, from the preceding quarter reflecting adjustments to performance-based compensation accruals.
Other noninterest expenses totaled $3.6 million, up by $1.3 million, or 56%, from the preceding quarter, largely due to a $1.0 million contribution made by Washington Trust to its charitable foundation.
Income Tax In the fourth quarter of 2023, a $774 thousand income tax benefit was recognized, reflecting an effective tax rate of negative 6.4%. As previously mentioned, income tax expense was reduced by a net $3.3 million adjustment largely associated with the revaluation of the Corporation's net deferred tax assets due to the enactment of a tax bill into law by the Commonwealth of Massachusetts. The revaluation of our net deferred tax assets is subject to further guidance and interpretation of the law that may be issued. Excluding this adjustment, the effective tax rate for the fourth quarter of 2023 would have been 20.4%, compared to 20.8% for the preceding quarter. Based on current federal and applicable state income tax statutes, the Corporation currently expects its full-year 2024 effective tax rate to be approximately 21.2%.
Investment Securities The securities portfolio totaled $1.0 billion at December 31, 2023, up by $41 million, or 4%, from September 30, 2023, reflecting an increase of $59 million in the fair value of available for sale debt securities due to changes in market interest rates, partially offset by routine pay-downs and maturities. The securities portfolio represented 14% of total assets at December 31, 2023, compared to 13% of total assets at September 30, 2023.
Loans Total loans amounted to $5.6 billion at December 31, 2023, up by $37 million, or 1%, from the end of the preceding quarter and up by $538 million, or 11%, from the balance at December 31, 2022. These changes included:
Commercial loans increased by $36 million, or 1%, from September 30, 2023, reflecting originations and advances of $99 million, partially offset by principal payments of $63 million. Commercial loans increased by $226 million, or 9%, from December 31, 2022, reflecting originations and advances of $472 million, partially offset by principal payments of $246 million.
Residential real estate loans decreased by $7 million, or 0.3%, from September 30, 2023 and increased by $281 million, or 12%, from December 31, 2022. In the fourth quarter of 2023, residential real estate loans originated for portfolio amounted to $40 million, down by $122 million, or 75%, from the preceding quarter. Full-year 2023 residential real estate loans originated for portfolio amounted to $460 million, down by $422 million, or 48%, from 2022.
The consumer loan portfolio increased by $7 million, or 2%, from September 30, 2023, and up by $30 million, or 10%, from December 31, 2022, largely reflecting growth in home equity lines and loans.
Deposits and Borrowings Total deposits amounted to $5.3 billion at December 31, 2023, down by $67 million, or 1%, from the end of the preceding quarter and up by $329 million, or 7%, from a year ago. Uninsured deposits, after exclusions (as detailed in the financial tables below) amounted to $964 million, or 18% of total deposits, at December 31, 2023.
In-market deposits, which exclude wholesale brokered deposits, amounted to $4.7 billion at December 31, 2023, down by $53 million, or 1%, from September 30, 2023 and up by $33 million, or 1%, from a year ago. As of December 31, 2023, in-market deposits were approximately 60% retail and 40% commercial. The average size of our in-market deposit accounts was approximately $36 thousand at December 31, 2023.
Wholesale brokered deposits amounted to $654 million and were down by $14 million, or 2%, from September 30, 2023 and up by $296 million, or 83%, from a year ago.
FHLB advances totaled $1.2 billion at December 31, 2023, up by $70 million, or 6%, from September 30, 2023 and up by $210 million, or 21%, from a year ago. As of December 31, 2023, contingent liquidity amounted to $1.9 billion and consisted of noninterest-bearing cash, unencumbered securities and unused collateralized borrowing capacity.
Asset Quality Nonaccrual loans were $44.6 million, or 0.79% of total loans, at December 31, 2023, compared to $33.7 million, or 0.60% of total loans, at September 30, 2023. The increase in nonaccrual loans was largely due to one commercial real estate loan that was placed on nonaccrual status in the quarter. The composition of nonaccrual loans at December 31, 2023 was 75% commercial and 25% residential and consumer.
Past due loans were $11.3 million, or 0.20% of total loans, at December 31, 2023, compared to $9.7 million, or 0.17% of total loans, at September 30, 2023. The composition of past due loans at December 31, 2023 was essentially 100% residential and consumer.
The allowance for credit losses ("ACL") on loans amounted to $41.1 million, or 0.73% of total loans, at December 31, 2023, compared to $40.2 million, or 0.72% of total loans, at September 30, 2023. The ACL on unfunded commitments, included in other liabilities on the Consolidated Balance Sheets, was $1.9 million at December 31, 2023, compared to $2.0 million at September 30, 2023.
The provision for credit losses totaled $1.2 million in the fourth quarter of 2023, up by $700 thousand from the preceding quarter. The provision for credit losses in the fourth quarter of 2023 was composed of a provision for credit losses on loans of $1.3 million and a negative provision (or a benefit) for credit losses on unfunded commitments of $50 thousand.
In the fourth quarter of 2023, net charge-offs of $406 thousand were recognized, compared to $30 thousand in the preceding quarter. Full-year net charge-offs totaled $520 thousand in 2023, compared to net recoveries of $368 thousand in the prior year.
Capital and Dividends Total shareholders' equity was $472.7 million at December 31, 2023, up by $41.3 million, or 10%, from September 30, 2023. This included an increase of $37.6 million in the accumulated other comprehensive income ("AOCI") component of shareholders' equity and net income of $12.9 million, partially offset by $9.6 million in dividend declarations. The increase in AOCI included an increase in the fair value of available for sale securities due to changes in market interest rates, partially offset by a decrease of $5.0 million associated with the annual remeasurement of pension liabilities.
The Board of Directors declared a quarterly dividend of 56 cents per share for the quarter ended December 31, 2023. The dividend was paid on January 12, 2024 to shareholders of record on January 2, 2024. Full-year dividends declared totaled $2.24 per share in 2023, an increase of 6 cents per share, or 3%, from 2022.
Capital levels at December 31, 2023 exceeded the regulatory minimum levels to be considered well capitalized, with a total risk-based capital ratio of 11.58% at December 31, 2023, compared to 11.48% at September 30, 2023. Book value per share was $27.75 at December 31, 2023, compared to $25.35 at September 30, 2023.
Conference Call Washington Trust will host a conference call to discuss its fourth quarter results, business highlights and outlook on Thursday, January 25, 2024 at 8:30 a.m. (Eastern Time). Individuals may dial in to the call at 1-833-470-1428 and enter Access Code 359112. 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 384692. The audio replay will be available through February 8, 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 March 31, 2024.
Background Washington Trust Bancorp, Inc. is the parent of The Washington Trust Company. Founded in 1800, Washington Trust is the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast's premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Corporation's common stock trades on NASDAQ under the symbol WASH. Investor information is available on the Corporation's website at https://ir.washtrust.com.
Forward-Looking Statements This press release contains statements that are "forward-looking statements." We may also make forward-looking statements in other documents we file with the U.S. Securities and Exchange Commission ("SEC"), in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward-looking statements by the use of the words "believe," "expect," "anticipate," "intend," "estimate," "assume," "outlook," "will," "should," and other expressions that predict or indicate future events and trends and which do not relate to historical matters. You should not rely on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors, some of which are beyond our control. These risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from the anticipated future results, performance or achievements expressed or implied by the forward-looking statements.
Some of the factors that might cause these differences include the following:
changes in general business and economic conditions on a national basis and in the local markets in which we operate;
changes in customer behavior due to political, business and economic conditions, including inflation and concerns about liquidity;
interest rate changes or volatility, as well as changes in the balance and mix of loans and deposits;
changes in loan demand and collectability;
the possibility that future credit losses are higher than currently expected due to changes in economic assumptions or adverse economic developments;
ongoing volatility in national and international financial markets;
reductions in the market value or outflows of wealth management AUA;
decreases in the value of securities and other assets;
increases in defaults and charge-off rates;
changes in the size and nature of our competition;
changes in legislation or regulation and accounting principles, policies and guidelines;
operational risks including, but not limited to, changes in information technology, cybersecurity incidents, fraud, natural disasters, war, terrorism, civil unrest and future pandemics;
regulatory, litigation and reputational risks; and
changes in the assumptions used in making such forward-looking statements.
In addition, the factors described under "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, 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, 2023
Sep 30, 2023
Jun 30, 2023
Mar 31, 2023
Dec 31, 2022
Assets:
Cash and due from banks
$86,824
$109,432
$124,877
$134,989
$115,492
Short-term investments
3,360
3,577
3,439
3,291
2,930
Mortgage loans held for sale, at fair value
20,077
10,550
20,872
7,445
8,987
Available for sale debt securities, at fair value
1,000,380
958,990
1,022,458
1,054,747
993,928
Federal Home Loan Bank stock, at cost
51,893
52,668
45,868
42,501
43,463
Loans:
Total loans
5,647,706
5,611,115
5,381,113
5,227,969
5,110,139
Less: allowance for credit losses on loans
41,057
40,213
39,343
38,780
38,027
Net loans
5,606,649
5,570,902
5,341,770
5,189,189
5,072,112
Premises and equipment, net
32,291
31,976
32,591
31,719
31,550
Operating lease right-of-use assets
29,364
27,882
28,633
26,170
27,156
Investment in bank-owned life insurance
103,736
103,003
102,293
101,782
102,182
Goodwill
63,909
63,909
63,909
63,909
63,909
Identifiable intangible assets, net
3,711
3,919
4,130
4,342
4,554
Other assets
200,653
246,667
220,920
199,098
193,788
Total assets
$7,202,847
$7,183,475
$7,011,760
$6,859,182
$6,660,051
Liabilities:
Deposits:
Noninterest-bearing deposits
$693,746
$773,261
$758,242
$829,763
$858,953
Interest-bearing deposits
4,654,414
4,642,302
4,556,236
4,438,751
4,160,009
Total deposits
5,348,160
5,415,563
5,314,478
5,268,514
5,018,962
Federal Home Loan Bank advances
1,190,000
1,120,000
1,040,000
925,000
980,000
Junior subordinated debentures
22,681
22,681
22,681
22,681
22,681
Operating lease liabilities
32,027
30,554
31,302
28,622
29,558
Other liabilities
137,293
163,273
144,138
149,382
155,181
Total liabilities
6,730,161
6,752,071
6,552,599
6,394,199
6,206,382
Shareholders' Equity:
Common stock
1,085
1,085
1,085
1,085
1,085
Paid-in capital
126,150
126,310
125,685
127,734
127,056
Retained earnings
501,917
498,521
496,996
495,231
492,043
Accumulated other comprehensive loss
(141,153)
(178,734)
(148,827)
(141,760)
(157,800)
Treasury stock, at cost
(15,313)
(15,778)
(15,778)
(17,307)
(8,715)
Total shareholders' equity
472,686
431,404
459,161
464,983
453,669
Total liabilities and shareholders' equity
$7,202,847
$7,183,475
$7,011,760
$6,859,182
$6,660,051
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, 2023
Sep 30, 2023
Jun 30, 2023
Mar 31, 2023
Dec 31, 2022
Dec 31, 2023
Dec 31, 2022
Interest income:
Interest and fees on loans
$74,236
$70,896
$65,449
$59,749
$53,644
$270,330
$169,301
Interest on mortgage loans held for sale
255
332
241
152
314
980
1,165
Taxable interest on debt securities
7,191
7,271
7,403
7,194
6,618
29,059
21,827
Dividends on Federal Home Loan Bank stock
982
878
858
597
330
3,315
548
Other interest income
1,282
1,344
1,279
1,070
855
4,975
1,624
Total interest and dividend income
83,946
80,721
75,230
68,762
61,761
308,659
194,465
Interest expense:
Deposits
37,067
34,069
29,704
19,589
12,301
120,429
26,023
Federal Home Loan Bank advances
13,814
12,497
11,652
11,626
7,822
49,589
11,713
Junior subordinated debentures
411
404
374
354
296
1,543
739
Total interest expense
51,292
46,970
41,730
31,569
20,419
171,561
38,475
Net interest income
32,654
33,751
33,500
37,193
41,342
137,098
155,990
Provision for credit losses
1,200
500
700
800
800
3,200
(1,300)
Net interest income after provision for credit losses
31,454
33,251
32,800
36,393
40,542
133,898
157,290
Noninterest income:
Wealth management revenues
8,881
8,948
9,048
8,663
8,624
35,540
38,746
Mortgage banking revenues
1,554
2,108
1,753
1,245
1,103
6,660
8,733
Card interchange fees
1,254
1,267
1,268
1,132
1,242
4,921
4,996
Service charges on deposit accounts
688
674
667
777
942
2,806
3,192
Loan related derivative income
112
1,082
247
(51)
745
1,390
2,756
Income from bank-owned life insurance
734
710
879
1,165
691
3,488
2,591
Other income
83
437
463
352
441
1,335
1,588
Total noninterest income
13,306
15,226
14,325
13,283
13,788
56,140
62,602
Noninterest expense:
Salaries and employee benefits
18,464
21,622
20,588
21,784
20,812
82,458
83,804
Outsourced services
3,667
3,737
3,621
3,496
3,568
14,521
13,737
Net occupancy
2,396
2,387
2,416
2,437
2,418
9,636
9,126
Equipment
1,133
1,107
1,050
1,028
1,002
4,318
3,797
Legal, audit and professional fees
959
1,058
978
896
987
3,891
3,127
FDIC deposit insurance costs
1,239
1,185
1,371
872
489
4,667
1,687
Advertising and promotion
938
789
427
408
713
2,562
2,587
Amortization of intangibles
208
211
212
212
212
843
860
Other expenses
3,583
2,294
2,353
2,431
3,158
10,661
9,997
Total noninterest expense
32,587
34,390
33,016
33,564
33,359
133,557
128,722
Income before income taxes
12,173
14,087
14,109
16,112
20,971
56,481
91,170
Income tax (benefit) expense
(774)
2,926
2,853
3,300
4,398
8,305
19,489
Net income
$12,947
$11,161
$11,256
$12,812
$16,573
$48,176
$71,681
Net income available to common shareholders
$12,931
$11,140
$11,237
$12,783
$16,535
$48,091
$71,479
Weighted average common shares outstanding:
Basic
17,029
17,019
17,011
17,074
17,180
17,033
17,246
Diluted
17,070
17,041
17,030
17,170
17,319
17,062
17,381
Earnings per common share:
Basic
$0.76
$0.65
$0.66
$0.75
$0.96
$2.82
$4.14
Diluted
$0.76
$0.65
$0.66
$0.74
$0.95
$2.82
$4.11
Cash dividends declared per share
$0.56
$0.56
$0.56
$0.56
$0.56
$2.24
$2.18
Washington Trust Bancorp, Inc. and Subsidiaries
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited; Dollars and shares in thousands, except per share amounts)
Dec 31, 2023
Sep 30, 2023
Jun 30, 2023
Mar 31, 2023
Dec 31, 2022
Share and Equity Related Data:
Book value per share
$27.75
$25.35
$26.98
$27.37
$26.40
Tangible book value per share - Non-GAAP (1)
$23.78
$21.36
$22.98
$23.36
$22.42
Market value per share
$32.38
$26.33
$26.81
$34.66
$47.18
Shares issued at end of period
17,363
17,363
17,363
17,363
17,363
Shares outstanding at end of period
17,031
17,019
17,019
16,986
17,183
Capital Ratios (2):
Tier 1 risk-based capital
10.86 %
10.77 %
11.09 %
11.28 %
11.69 %
Total risk-based capital
11.58 %
11.48 %
11.81 %
12.01 %
12.37 %
Tier 1 leverage ratio
7.80 %
7.87 %
8.05 %
8.25 %
8.65 %
Common equity tier 1
10.44 %
10.35 %
10.66 %
10.84 %
11.24 %
Balance Sheet Ratios:
Equity to assets
6.56 %
6.01 %
6.55 %
6.78 %
6.81 %
Tangible equity to tangible assets - Non-GAAP (1)
5.68 %
5.11 %
5.63 %
5.84 %
5.84 %
Loans to deposits (3)
105.2 %
103.1 %
100.9 %
98.6 %
101.2 %
For the Twelve Months Ended
For the Three Months Ended
Dec 31, 2023
Sep 30, 2023
Jun 30, 2023
Mar 31, 2023
Dec 31, 2022
Dec 31, 2023
Dec 31, 2022
Performance Ratios (4):
Net interest margin (5)
1.88 %
1.97 %
2.03 %
2.33 %
2.65 %
2.05 %
2.69 %
Return on average assets (net income divided by average assets)
0.71 %
0.62 %
0.65 %
0.77 %
1.01 %
0.69 %
1.17 %
Return on average tangible assets - Non-GAAP (1)
0.72 %
0.63 %
0.66 %
0.78 %
1.03 %
0.70 %
1.19 %
Return on average equity (net income available for common shareholders divided by average equity)
11.77 %
9.65 %
9.67 %
11.27 %
14.96 %
10.57 %
14.49 %
Return on average tangible equity - Non-GAAP (1)
13.93 %
11.33 %
11.32 %
13.23 %
17.74 %
12.43 %
16.84 %
Efficiency ratio (6)
70.9 %
70.2 %
69.0 %
66.5 %
60.5 %
69.1 %
58.9 %
(1)
See the section labeled "Supplemental Information - Calculation of Non-GAAP Financial Measures" at the end of this document.
(2)
Estimated for December 31, 2023 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, 2023
Sep 30, 2023
Jun 30, 2023
Mar 31, 2023
Dec 31, 2022
Dec 31, 2023
Dec 31, 2022
Wealth Management Results
Wealth Management Revenues:
Asset-based revenues
$8,634
$8,683
$8,562
$8,429
$8,448
$34,308
$37,602
Transaction-based revenues
247
265
486
234
176
1,232
1,144
Total wealth management revenues
$8,881
$8,948
$9,048
$8,663
$8,624
$35,540
$38,746
Assets Under Administration (AUA):
Balance at beginning of period
$6,131,395
$6,350,260
$6,163,422
$5,961,990
$6,322,757
$5,961,990
$7,784,211
Net investment appreciation (depreciation) & income
503,209
(154,269)
259,788
286,262
312,407
894,990
(1,132,378)
Net client asset outflows
(46,198)
(64,596)
(72,950)
(84,830)
(673,174)
(268,574)
(689,843)
Balance at end of period
$6,588,406
$6,131,395
$6,350,260
$6,163,422
$5,961,990
$6,588,406
$5,961,990
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)
$1,133
$1,746
$827
$576
$992
$4,282
$7,954
Changes in fair value, net (2)
(65)
(171)
382
86
(426)
232
(1,224)
Loan servicing fee income, net (3)
486
533
544
583
537
2,146
2,003
Total mortgage banking revenues
$1,554
$2,108
$1,753
$1,245
$1,103
$6,660
$8,733
Residential Mortgage Loan Originations:
Originations for retention in portfolio (4)
$39,827
$161,603
$148,694
$109,768
$228,579
$459,892
$881,874
Originations for sale to secondary market (5)
76,495
78,339
77,995
27,763
39,087
260,592
309,407
Total mortgage loan originations
$116,322
$239,942
$226,689
$137,531
$267,666
$720,484
$1,191,281
Residential Mortgage Loans Sold:
Sold with servicing rights retained
$28,290
$34,046
$28,727
$17,114
$27,085
$108,177
$99,849
Sold with servicing rights released (5)
39,170
54,575
35,836
12,214
27,470
141,795
239,899
Total mortgage loans sold
$67,460
$88,621
$64,563
$29,328
$54,555
$249,972
$339,748
(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, 2023
Sep 30, 2023
Jun 30, 2023
Mar 31, 2023
Dec 31, 2022
Loans:
Commercial real estate (1)
$2,106,359
$2,063,383
$1,940,030
$1,909,136
$1,829,304
Commercial & industrial
605,072
611,565
611,472
609,720
656,397
Total commercial
2,711,431
2,674,948
2,551,502
2,518,856
2,485,701
Residential real estate (2)
2,604,478
2,611,100
2,510,125
2,403,255
2,323,002
Home equity
312,594
305,683
301,116
288,878
285,715
Other
19,203
19,384
18,370
16,980
15,721
Total consumer
331,797
325,067
319,486
305,858
301,436
Total loans
$5,647,706
$5,611,115
$5,381,113
$5,227,969
$5,110,139
(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, 2023
December 31, 2022
Balance
% of Total
Balance
% of Total
Commercial Real Estate Loans by Property Location:
Connecticut
$815,975
39 %
$691,780
38 %
Massachusetts
645,736
31
566,717
31
Rhode Island
430,899
20
387,759
21
Subtotal
1,892,610
90
1,646,256
90
All other states
213,749
10
183,048
10
Total commercial real estate loans
$2,106,359
100 %
$1,829,304
100 %
Residential Real Estate Loans by Property Location:
Massachusetts
$1,928,206
74 %
$1,698,240
73 %
Rhode Island
481,289
19
446,010
19
Connecticut
165,933
6
153,323
7
Subtotal
2,575,428
99
2,297,573
99
All other states
29,050
1
25,429
1
Total residential real estate loans
$2,604,478
100 %
$2,323,002
100 %
Washington Trust Bancorp, Inc. and Subsidiaries
END OF PERIOD LOAN COMPOSITION
(Unaudited; Dollars in thousands)
December 31, 2023
December 31, 2022
Balance
% of Total
Balance
% of Total
Commercial Real Estate Portfolio Segmentation:
Multi-family dwelling
$546,694
26 %
$469,233
26 %
Retail
434,913
21
421,617
23
Industrial and warehouse
307,987
15
192,717
11
Office
284,199
13
257,551
14
Hospitality
235,015
11
214,829
12
Healthcare
175,490
8
136,225
7
Commercial mixed use
49,079
2
54,976
3
Other
72,982
4
82,156
4
Total commercial real estate loans
$2,106,359
100 %
$1,829,304
100 %
Commercial & Industrial Portfolio Segmentation:
Healthcare and social assistance
$166,490
28 %
$193,052
29 %
Real estate rental and leasing
70,540
12
72,429
11
Transportation and warehousing
63,789
11
51,347
8
Manufacturing
54,905
9
60,601
9
Retail trade
43,746
7
56,012
9
Educational services
41,968
7
46,708
7
Finance and insurance
33,617
6
28,313
4
Information
22,674
4
23,948
4
Arts, entertainment and recreation
22,249
4
25,646
4
Accommodation and food services
13,502
2
17,167
3
Professional, scientific and technical services
7,998
1
6,451
1
Public administration
3,019
-
3,789
1
Other
60,575
9
70,934
10
Total commercial & industrial loans
$605,072
100 %
$656,397
100 %
Weighted Average
Asset Quality
December 31, 2023
Balance (2) (3)
Average
Loan
Size (4)
Loan to Value
Debt
Service Coverage
Pass
Special Mention
Classified
Nonaccrual (included in Classified)
Commercial Real Estate - Office by Class:
Class A
$113,129
$10,381
58 %
1.59x
$106,776
$6,353
$-
$-
Class B
94,702
4,376
68 %
1.50x
72,154
-
22,548
19,047
Class C
13,116
1,639
59 %
1.38x
13,116
-
-
-
Medical Office
40,760
6,405
61 %
1.40x
40,760
-
-
-
Lab Space
22,492
23,461
77 %
1.34x
4,062
-
18,430
-
Total office (1)
$284,199
$6,307
64 %
1.49x
$236,868
$6,353
$40,978
$19,047
(1)
Approximately 66% of the total commercial real estate office balance of $284 million is secured by income producing properties located in suburban areas. Additionally, approximately 33% of the total commercial real estate office balance is expected to mature in two years.
(2)
The balance of commercial real estate office consists of 50 loans.
(3)
Does not include $31.1 million of unfunded commitments.
(4)
Total commitment (outstanding loan balance plus unfunded commitments) divided by number of loans.
Washington Trust Bancorp, Inc. and Subsidiaries
END OF PERIOD DEPOSIT COMPOSITION & CONTINGENT LIQUIDITY
(Unaudited; Dollars in thousands)
Dec 31, 2023
Sep 30, 2023
Jun 30, 2023
Mar 31, 2023
Dec 31, 2022
Deposits:
Noninterest-bearing demand deposits
$693,746
$773,261
$758,242
$829,763
$858,953
Interest-bearing demand deposits (in-market)
504,959
490,217
428,306
318,365
302,044
NOW accounts
767,036
745,778
791,887
828,700
871,875
Money market accounts
1,096,959
1,111,797
1,164,557
1,214,014
1,255,805
Savings accounts
497,223
514,526
521,185
544,604
576,250
Time deposits (in-market)
1,134,187
1,111,942
1,048,820
924,506
795,838
In-market deposits
4,694,110
4,747,521
4,712,997
4,659,952
4,660,765
Wholesale brokered demand deposits
-
-
-
1,233
31,153
Wholesale brokered time deposits
654,050
668,042
601,481
607,329
327,044
Wholesale brokered deposits
654,050
668,042
601,481
608,562
358,197
Total deposits
$5,348,160
$5,415,563
$5,314,478
$5,268,514
$5,018,962
December 31, 2023
December 31, 2022
Balance
% of Total Deposits
Balance
% of Total Deposits
Uninsured Deposits:
Uninsured deposits (1)
$1,260,672
24 %
$1,514,900
30 %
Less: affiliate deposits (2)
92,645
2
210,444
4
Uninsured deposits, excluding affiliate deposits
1,168,027
22
1,304,456
26
Less: fully-collateralized preferred deposits (3)
204,327
4
329,868
7
Uninsured deposits, after exclusions
$963,700
18 %
$974,588
19 %
(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.
Dec 31, 2023
Dec 31, 2022
Contingent Liquidity:
Federal Home Loan Bank of Boston
$1,086,607
$668,295
Federal Reserve Bank of Boston
65,759
27,059
Noninterest-bearing cash
54,970
49,727
Unencumbered securities
680,857
691,893
Total
$1,888,193
$1,436,974
Percentage of total contingent liquidity to uninsured deposits
149.8 %
94.9 %
Percentage of total contingent liquidity to uninsured deposits, after exclusions
195.9 %
147.4 %
Washington Trust Bancorp, Inc. and Subsidiaries
CREDIT & ASSET QUALITY DATA
(Unaudited; Dollars in thousands)
Dec 31, 2023
Sep 30, 2023
Jun 30, 2023
Mar 31, 2023
Dec 31, 2022
Asset Quality Ratios:
Nonperforming assets to total assets
0.63 %
0.48 %
0.16 %
0.21 %
0.19 %
Nonaccrual loans to total loans
0.79 %
0.60 %
0.19 %
0.27 %
0.25 %
Total past due loans to total loans
0.20 %
0.17 %
0.12 %
0.15 %
0.23 %
Allowance for credit losses on loans to nonaccrual loans
92.02 %
119.50 %
378.04 %
277.40 %
296.02 %
Allowance for credit losses on loans to total loans
0.73 %
0.72 %
0.73 %
0.74 %
0.74 %
Nonperforming Assets:
Commercial real estate
$32,827
$22,609
$-
$1,601
$-
Commercial & industrial
682
696
899
920
-
Total commercial
33,509
23,305
899
2,521
-
Residential real estate
9,626
9,446
8,542
10,470
11,894
Home equity
1,483
901
966
989
952
Other consumer
-
-
-
-
-
Total consumer
1,483
901
966
989
952
Total nonaccrual loans
44,618
33,652
10,407
13,980
12,846
Other real estate owned
683
683
683
683
-
Total nonperforming assets
$45,301
$34,335
$11,090
$14,663
$12,846
Past Due Loans (30 days or more past due):
Commercial real estate
$-
$-
$-
$1,188
$1,187
Commercial & industrial
10
4
223
229
265
Total commercial
10
4
223
1,417
1,452
Residential real estate
8,116
7,785
4,384
5,730
8,875
Home equity
3,196
1,925
1,509
833
1,235
Other consumer
23
19
214
15
16
Total consumer
3,219
1,944
1,723
848
1,251
Total past due loans
$11,345
$9,733
$6,330
$7,995
$11,578
Accruing loans 90 days or more past due
$-
$-
$-
$-
$-
Nonaccrual loans included in past due loans
$6,877
$5,710
$3,672
$5,648
$7,196
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, 2023
Sep 30, 2023
Jun 30, 2023
Mar 31, 2023
Dec 31, 2022
Dec 31, 2023
Dec 31, 2022
Nonaccrual Loan Activity:
Balance at beginning of period
$33,652
$10,407
$13,980
$12,846
$12,122
$12,846
$14,203
Additions to nonaccrual status
12,018
25,088
600
2,570
2,485
40,276
3,591
Loans returned to accruing status
-
(197)
(1,329)
(110)
-
(1,636)
(699)
Loans charged-off
(420)
(44)
(52)
(61)
(62)
(577)
(184)
Loans transferred to other real estate owned
-
-
-
(683)
-
(683)
-
Payments, payoffs and other changes
(632)
(1,602)
(2,792)
(582)
(1,699)
(5,608)
(4,065)
Balance at end of period
$44,618
$33,652
$10,407
$13,980
$12,846
$44,618
$12,846
Allowance for Credit Losses on Loans:
Balance at beginning of period
$40,213
$39,343
$38,780
$38,027
$36,863
$38,027
$39,088
Provision for credit losses on loans (1)
1,250
900
600
800
900
3,550
(1,429)
Charge-offs
(420)
(44)
(52)
(61)
(62)
(577)
(184)
Recoveries
14
14
15
14
326
57
552
Balance at end of period
$41,057
$40,213
$39,343
$38,780
$38,027
$41,057
$38,027
Allowance for Credit Losses on Unfunded Commitments:
Balance at beginning of period
$1,990
$2,390
$2,290
$2,290
$2,390
$2,290
$2,161
Provision for credit losses on unfunded commitments (1)
(50)
(400)
100
-
(100)
(350)
129
Balance at end of period (2)
$1,940
$1,990
$2,390
$2,290
$2,290
$1,940
$2,290
(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, 2023
Sep 30, 2023
Jun 30, 2023
Mar 31, 2023
Dec 31, 2022
Dec 31, 2023
Dec 31, 2022
Net Loan Charge-Offs (Recoveries):
Commercial real estate
$373
$-
$-
$-
($300)
$373
($445)
Commercial & industrial
10
4
5
6
10
25
7
Total commercial
383
4
5
6
(290)
398
(438)
Residential real estate
(3)
-
-
-
-
(3)
(21)
Home equity
-
(7)
(2)
(1)
(8)
(10)
(12)
Other consumer
26
33
34
42
34
135
103
Total consumer
26
26
32
41
26
125
91
Total
$406
$30
$37
$47
($264)
$520
($368)
Net charge-offs (recoveries) to average loans - annualized
0.03 %
- %
- %
- %
(0.02 %)
0.01 %
(0.01 %)
The following tables present 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, 2023
September 30, 2023
Change
Average Balance
Interest
Yield/
Rate
Average Balance
Interest
Yield/
Rate
Average Balance
Interest
Yield/
Rate
Assets:
Cash, federal funds sold and short-term investments
$89,719
$1,282
5.67 %
$102,608
$1,344
5.20 %
($12,889)
($62)
0.47 %
Mortgage loans held for sale
14,620
255
6.92
23,057
332
5.71
(8,437)
(77)
1.21
Taxable debt securities
1,163,042
7,191
2.45
1,181,915
7,271
2.44
(18,873)
(80)
0.01
FHLB stock
50,662
982
7.69
46,889
878
7.43
3,773
104
0.26
Commercial real estate
2,087,447
33,260
6.32
2,004,204
31,526
6.24
83,243
1,734
0.08
Commercial & industrial
606,822
9,903
6.47
609,604
9,896
6.44
(2,782)
7
0.03
Total commercial
2,694,269
43,163
6.36
2,613,808
41,422
6.29
80,461
1,741
0.07
Residential real estate
2,606,432
26,303
4.00
2,552,602
24,976
3.88
53,830
1,327
0.12
Home equity
307,601
4,774
6.16
303,144
4,514
5.91
4,457
260
0.25
Other
19,275
238
4.90
18,813
225
4.74
462
13
0.16
Total consumer
326,876
5,012
6.08
321,957
4,739
5.84
4,919
273
0.24
Total loans
5,627,577
74,478
5.25
5,488,367
71,137
5.14
139,210
3,341
0.11
Total interest-earning assets
6,945,620
84,188
4.81
6,842,836
80,962
4.69
102,784
3,226
0.12
Noninterest-earning assets
245,955
272,321
(26,366)
Total assets
$7,191,575
$7,115,157
$76,418
Liabilities and Shareholders' Equity:
Interest-bearing demand deposits (in- market)
$506,365
$5,733
4.49 %
$461,760
$5,060
4.35 %
$44,605
$673
0.14 %
NOW accounts
721,820
417
0.23
742,690
419
0.22
(20,870)
(2)
0.01
Money market accounts
1,139,403
10,339
3.60
1,173,284
9,929
3.36
(33,881)
410
0.24
Savings accounts
501,027
622
0.49
516,342
429
0.33
(15,315)
193
0.16
Time deposits (in-market)
1,127,236
11,192
3.94
1,080,395
9,880
3.63
46,841
1,312
0.31
Interest-bearing in-market deposits
3,995,851
28,303
2.81
3,974,471
25,717
2.57
21,380
2,586
0.24
Wholesale brokered demand deposits
-
-
-
-
-
-
-
-
-
Wholesale brokered time deposits
669,342
8,764
5.19
659,624
8,352
5.02
9,718
412
0.17
Wholesale brokered deposits
669,342
8,764
5.19
659,624
8,352
5.02
9,718
412
0.17
Total interest-bearing deposits
4,665,193
37,067
3.15
4,634,095
34,069
2.92
31,098
2,998
0.23
FHLB advances
1,148,533
13,814
4.77
1,053,370
12,497
4.71
95,163
1,317
0.06
Junior subordinated debentures
22,681
411
7.19
22,681
404
7.07
-
7
0.12
Total interest-bearing liabilities
5,836,407
51,292
3.49
5,710,146
46,970
3.26
126,261
4,322
0.23
Noninterest-bearing demand deposits
734,966
773,424
(38,458)
Other liabilities
184,143
173,572
10,571
Shareholders' equity
436,059
458,015
(21,956)
Total liabilities and shareholders' equity
$7,191,575
$7,115,157
$76,418
Net interest income (FTE)
$32,896
$33,992
($1,096)
Interest rate spread
1.32 %
1.43 %
(0.11 %)
Net interest margin
1.88 %
1.97 %
(0.09 %)
Interest income amounts presented in the preceding table include the following adjustments for taxable equivalency:
For the Three Months Ended
Dec 31, 2023
Sep 30, 2023
Change
Commercial loans
$242
$241
$1
Total
$242
$241
$1
Washington Trust Bancorp, Inc. and Subsidiaries
CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)
(Unaudited; Dollars in thousands)
For the Twelve Months Ended
December 31, 2023
December 31, 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
$101,166
$4,975
4.92 %
$119,932
$1,624
1.35 %
($18,766)
$3,351
3.57 %
Mortgage loans for sale
17,384
980
5.64
29,539
1,165
3.94
(12,155)
(185)
1.70
Taxable debt securities
1,185,102
29,059
2.45
1,121,413
21,827
1.95
63,689
7,232
0.50
FHLB stock
46,880
3,315
7.07
20,721
548
2.64
26,159
2,767
4.43
Commercial real estate
1,970,580
118,887
6.03
1,679,300
65,660
3.91
291,280
53,227
2.12
Commercial & industrial
615,494
38,326
6.23
632,938
28,099
4.44
(17,444)
10,227
1.79
Total commercial
2,586,074
157,213
6.08
2,312,238
93,759
4.05
273,836
63,454
2.03
Residential real estate
2,490,991
96,080
3.86
1,960,629
65,866
3.36
530,362
30,214
0.50
Home equity
297,396
17,129
5.76
263,578
10,139
3.85
33,818
6,990
1.91
Other
18,085
854
4.72
15,799
724
4.58
2,286
130
0.14
Total consumer
315,481
17,983
5.70
279,377
10,863
3.89
36,104
7,120
1.81
Total loans
5,392,546
271,276
5.03
4,552,244
170,488
3.75
840,302
100,788
1.28
Total interest-earning assets
6,743,078
309,605
4.59
5,843,849
195,652
3.35
899,229
113,953
1.24
Noninterest-earning assets
255,962
258,906
(2,944)
Total assets
$6,999,040
$6,102,755
$896,285
Liabilities and Shareholders' Equity:
Interest-bearing demand deposits (in- market)
$415,725
$17,521
4.21 %
$263,154
$2,891
1.10 %
$152,571
$14,630
3.11 %
NOW accounts
766,492
1,594
0.21
864,084
862
0.10
(97,592)
732
0.11
Money market accounts
1,191,036
37,145
3.12
1,198,714
8,954
0.75
(7,678)
28,191
2.37
Savings accounts
526,275
1,687
0.32
574,349
473
0.08
(48,074)
1,214
0.24
Time deposits (in-market)
1,010,629
33,609
3.33
799,645
8,630
1.08
210,984
24,979
2.25
Interest-bearing in-market deposits
3,910,157
91,556
2.34
3,699,946
21,810
0.59
210,211
69,746
1.75
Wholesale brokered demand deposits
4,015
178
4.43
20,696
494
2.39
(16,681)
(316)
2.04
Wholesale brokered time deposits
602,423
28,695
4.76
386,170
3,719
0.96
216,253
24,976
3.80
Wholesale brokered deposits
606,438
28,873
4.76
406,866
4,213
1.04
199,572
24,660
3.72
Total interest-bearing deposits
4,516,595
120,429
2.67
4,106,812
26,023
0.63
409,783
94,406
2.04
FHLB advances
1,056,726
49,589
4.69
414,263
11,713
2.83
642,463
37,876
1.86
Junior subordinated debentures
22,681
1,543
6.80
22,681
739
3.26
-
804
3.54
Total interest-bearing liabilities
5,596,002
171,561
3.07
4,543,756
38,475
0.85
1,052,246
133,086
2.22
Noninterest-bearing demand deposits
778,152
923,423
(145,271)
Other liabilities
169,842
142,324
27,518
Shareholders' equity
455,044
493,252
(38,208)
Total liabilities and shareholders' equity
$6,999,040
$6,102,755
$896,285
Net interest income (FTE)
$138,044
$157,177
($19,133)
Interest rate spread
1.52 %
2.50 %
(0.98 %)
Net interest margin
2.05 %
2.69 %
(0.64 %)
Interest income amounts presented in the preceding table include the following adjustments for taxable equivalency:
For the Twelve Months Ended
Dec 31, 2023
Dec 31, 2022
Change
Commercial loans
$946
$1,187
($241)
Total
$946
$1,187
($241)
Washington Trust Bancorp, Inc. and Subsidiaries
SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures
(Unaudited; Dollars in thousands, except per share amounts)
Dec 31, 2023
Sep 30, 2023
Jun 30, 2023
Mar 31, 2023
Dec 31, 2022
Tangible Book Value per Share:
Total shareholders' equity, as reported
$472,686
$431,404
$459,161
$464,983
$453,669
Less:
Goodwill
63,909
63,909
63,909
63,909
63,909
Identifiable intangible assets, net
3,711
3,919
4,130
4,342
4,554
Total tangible shareholders' equity
$405,066
$363,576
$391,122
$396,732
$385,206
Shares outstanding, as reported
17,031
17,019
17,019
16,986
17,183
Book value per share - GAAP
$27.75
$25.35
$26.98
$27.37
$26.40
Tangible book value per share - Non-GAAP
$23.78
$21.36
$22.98
$23.36
$22.42
Tangible Equity to Tangible Assets:
Total tangible shareholders' equity
$405,066
$363,576
$391,122
$396,732
$385,206
Total assets, as reported
$7,202,847
$7,183,475
$7,011,760
$6,859,182
$6,660,051
Less:
Goodwill
63,909
63,909
63,909
63,909
63,909
Identifiable intangible assets, net
3,711
3,919
4,130
4,342
4,554
Total tangible assets
$7,135,227
$7,115,647
$6,943,721
$6,790,931
$6,591,588
Equity to assets - GAAP
6.56 %
6.01 %
6.55 %
6.78 %
6.81 %
Tangible equity to tangible assets - Non-GAAP
5.68 %
5.11 %
5.63 %
5.84 %
5.84 %
For the Three Months Ended
For the Twelve Months Ended
Dec 31, 2023
Sep 30, 2023
Jun 30, 2023
Mar 31, 2023
Dec 31, 2022
Dec 31, 2023
Dec 31, 2022
Return on Average Tangible Assets:
Net income, as reported
$12,947
$11,161
$11,256
$12,812
$16,573
$48,176
$71,681
Total average assets, as reported
$7,191,575
$7,115,157
$6,939,238
$6,743,996
$6,480,872
$6,999,040
$6,102,755
Less average balances of:
Goodwill
63,909
63,909
63,909
63,909
63,909
63,909
63,909
Identifiable intangible assets, net
3,812
4,021
4,233
4,445
4,657
4,126
4,977
Total average tangible assets
$7,123,854
$7,047,227
$6,871,096
$6,675,642
$6,412,306
$6,931,005
$6,033,869
Return on average assets - GAAP
0.71 %
0.62 %
0.65 %
0.77 %
1.01 %
0.69 %
1.17 %
Return on average tangible assets - Non- GAAP
0.72 %
0.63 %
0.66 %
0.78 %
1.03 %
0.70 %
1.19 %
Return on Average Tangible Equity:
Net income available to common shareholders, as reported