WESTERLY, R.I., April 22, 2019 (GLOBE NEWSWIRE) -- Washington Trust Bancorp, Inc. (Nasdaq:WASH), parent company of The Washington Trust Company, today announced first quarter 2019 net income of $17.5 million, or $1.00 per diluted share, compared to net income of $17.0 million, or $0.98 per diluted share, reported for the fourth quarter of 2018.
“Washington Trust posted solid first quarter earnings and earnings per share,” stated Edward O. Handy III, Chairman and Chief Executive Officer. “We had good activity across all business lines resulting from favorable market conditions, recent branch expansion, and continued marketing and business development efforts.”
Selected highlights for the first quarter of 2019 include:
- Profitability ratios remain strong with returns on average equity and average assets of 15.52% and 1.39%, respectively.
- Total revenues amounted to $50 million, up by 2% on a linked quarter basis.
- Wealth management assets under administration were $6.4 billion at March 31, 2019, up by $439 million, or 7%, from the balance at December 31, 2018, reflecting financial market appreciation during the quarter.
- Total loans were up by $58 million, or 2%, from the end of the prior quarter and up by $351 million, or 10%, from a year ago.
Net Interest Income
Net interest income was $34.6 million for the first quarter of 2019, up by $706 thousand, or 2%, from the fourth quarter of 2018. The net interest margin was 2.93% for the first quarter, down by 2 basis points from 2.95% reported in the preceding quarter. Excluding income associated with loan payoffs and prepayment penalties of $49 thousand in the first quarter and $144 thousand in the preceding quarter, the net interest margin was 2.93% for the first quarter, compared to 2.94% reported in the preceding quarter.
Significant linked quarter changes included:
- Average interest-earning assets increased by $227 million, including increases of $124 million in average investment securities and $97 million in average commercial loans. The yield on interest-earning assets for the first quarter was 4.24%, up by 11 basis points from the preceding quarter. Excluding the impact of income associated with loan payoffs and prepayment penalties, the yield on interest-earning assets was 4.24%, up by 13 basis points from the preceding quarter. The yield benefited from increased market interest rates.
- Average interest-bearing liabilities increased by $226 million, including increases of $172 million in average wholesale funding balances (wholesale brokered time deposits and Federal Home Loan Bank advances) and $53 million in average in-market deposits. The cost of interest-bearing liabilities for the first quarter was 1.60%, up by 15 basis points from the preceding quarter. This increase largely reflected higher rates paid on wholesale funding sources and promotional certificates of deposit.
Noninterest Income
Noninterest income totaled $15.4 million for the first quarter of 2019, up by $204 thousand, or 1%, from the fourth quarter of 2018. Significant linked quarter changes included:
• Wealth management revenues were $9.3 million for the first quarter of 2019, up by $240 thousand, or 3%, on a linked quarter basis, reflecting an increase in transaction-based revenues, largely due to tax reporting and preparation fees, which are generally concentrated in the first half of the year. Asset-based revenues were down modestly by $9 thousand, or 0.1%, on a linked quarter basis. While the March 31, 2019 end of period balances of wealth management assets under administration increased from the balance at December 31, 2018, the average balance of wealth management assets for the first quarter of 2019 was down slightly by $5 million, or 0.1%, from the fourth quarter of 2018.
- Mortgage banking revenues were $2.6 million for the first quarter of 2019, up by $668 thousand, or 34%, from the preceding quarter. First quarter results benefited from an increase in fair value adjustments on mortgage loan commitments and loans held for sale, as well as a relatively higher sales yield on mortgage loans sold in the secondary market. The increase in the fair value adjustments reflected an increase in the mortgage pipeline and corresponding loan commitment balances as of March 31, 2019.
- Loan related derivative income was $724 thousand for the first quarter of 2019, down by $650 thousand from the preceding quarter's above-average level of commercial borrower loan related derivative transaction volume.
- Income from bank-owned life insurance amounted to $649 thousand in the first quarter of 2019, up by $77 thousand, from the preceding quarter. Included in the first quarter was $91 thousand gain due to the receipt of tax-exempt life insurance proceeds.
Noninterest Expenses
Noninterest expenses totaled $27.0 million for the first quarter of 2019, up by $282 thousand, or 1%, from the fourth quarter of 2018. The linked quarter comparison of noninterest expenses was impacted by the following:
- In the fourth quarter of 2018, write-down valuation adjustments on other real estate owned amounting to $833 thousand were recognized and classified in other expenses. There were no such write-downs in the first quarter of 2019.
- In the fourth quarter of 2018, a reduction to noninterest expenses of $187 thousand was recognized, resulting from a nontaxable adjustment in the fair value of a contingent consideration liability that was initially recorded upon the completion of a 2015 acquisition. There was no such reduction in the first quarter of 2019.
Excluding the impact of the aforementioned items, noninterest expenses for the first quarter of 2019 increased by $928 thousand, or 4%, on a linked quarter basis, primarily due to increased salaries and employee benefits expense, which largely reflected a routine increase in payroll taxes associated with the start of the new calendar year.
Income tax expense totaled $4.8 million for the first quarter of 2019, up by $319 thousand from the preceding quarter. The effective tax rate for the first quarter of 2019 was 21.7%, compared to 21.0% for the preceding quarter. Based on current federal and applicable state income tax statutes, the Corporation currently expects its 2019 effective tax rate to be approximately 21.5%.
Investment Securities
The securities portfolio totaled $995 million at March 31, 2019, up by $57 million from the balance at December 31, 2018. The increase reflected first quarter purchases of $73 million in debt securities, with a weighted average yield of 3.69%, as well as an increase in the fair value of available for sale debt securities. These increases were partially offset by routine principal pay-downs on mortgage-backed securities and a called debt security. Investment securities represented 19% of total assets at both March 31, 2019 and December 31, 2018.
Loans
Total loans amounted to $3.7 billion at March 31, 2019, up by $58 million, or 2%, from the end of the preceding quarter, reflecting net growth in the commercial real estate portfolio. The residential real estate loan portfolio decreased by $1 million from the end of the fourth quarter of 2018 and consumer loan portfolio declined by $2 million from the balance at December 31, 2018. Total loans were up by $351 million, or 10%, from the balance a year ago.
Deposits and Borrowings
Total deposits amounted to $3.5 billion at March 31, 2019, down by $20 million, or 1%, from the end of the preceding quarter. Excluding the balances of wholesale brokered time deposits, total in-market deposits were down by $27 million, or 1%, reflecting a decline in demand account balances partially offset by growth in promotional certificates of deposit. Total deposits were up by $248 million, or 8%, from the balance a year ago.
Federal Home Loan Bank advances amounted to $1.1 billion at March 31, 2019, up by $105 million from the balance at December 31, 2018, to fund purchases of investment securities and loan growth.
Asset Quality
Total nonaccrual loans amounted to $12.4 million, or 0.33% of total loans, at March 31, 2019, compared to $11.7 million, or 0.32% of total loans, at December 31, 2018. Total past due loans amounted to $14.7 million, or 0.39% of total loans, at March 31, 2019, compared to $13.6 million, or 0.37% of total loans, at December 31, 2018.
A loan loss provision totaling $650 thousand was recognized in the first quarter of 2019, compared to a loan loss provision of $800 thousand recognized in the preceding quarter. These provisions were based on management's assessment of loss exposure, as well as loan loss allocations commensurate with growth and changes in the loan portfolio. Net charge-offs totaled $78 thousand in the first quarter compared to $237 thousand in the preceding quarter. The allowance for loan losses amounted to $27.6 million, or 0.74% of total loans, at March 31, 2019, compared to $27.1 million, or 0.74% of total loans, at December 31, 2018.
Capital and Dividends
Total shareholders' equity was $470 million at March 31, 2019, up by $21.7 million from December 31, 2018. This increase included net income of $17.5 million and an increase of $10.8 million in the accumulated other comprehensive income component of shareholders' equity primarily due to an increase in the fair value of available for sale debt securities, partially offset by $8.2 million in dividend declarations in the first quarter. The Board of Directors declared a quarterly dividend of 47 cents per share for the quarter ended March 31, 2019. The dividend was paid on April 12, 2019 to shareholders of record on April 1, 2019.
Capital levels at March 31, 2019 exceeded the regulatory minimum levels to be considered well capitalized, with a total risk-based capital ratio of 12.59% at March 31, 2019, compared to 12.56% at December 31, 2018. Book value per share amounted to $27.15 at March 31, 2019, compared to $25.90 at December 31, 2018.
Conference Call
Washington Trust will host a conference call to discuss its first quarter results, business highlights and outlook on Monday, April 22, 2019 at 8:30 a.m. (Eastern Time). Individuals may dial in to the call at 1-877-407-9208. An audio replay of the call will be available, shortly after the conclusion of the call, by dialing 1-844-512-2921 and entering the Replay PIN Number 13689272; the audio replay will be available through May 13, 2019. Also, a webcast of the call will be posted in the Investor Relations section of Washington Trust's web site, http://ir.washtrust.com, and will be available through June 30, 2019.
Background
Washington Trust Bancorp, Inc. is the parent of The Washington Trust Company. Founded in 1800, Washington Trust is the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast's premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Corporation’s common stock trades on NASDAQ under the symbol WASH. Investor information is available on the Corporation’s web site at http://ir.washtrust.com.
Forward-Looking Statements
This press release contains statements that are “forward-looking statements”. We may also make forward-looking statements in other documents we file with the SEC, in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward-looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters. You should not rely on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors, some of which are beyond our control. These risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from the anticipated future results, performance or achievements expressed or implied by the forward-looking statements.
Some of the factors that might cause these differences include the following: weakness in national, regional or international economic conditions or conditions affecting the banking or financial services industries or financial capital markets; volatility in national and international financial markets; reductions in net interest income resulting from interest rate volatility as well as changes in the balance and mix of loans and deposits; reductions in the market value or outflows of wealth management assets under administration; changes in the value of securities and other assets; reductions in loan demand; changes in loan collectibility, default and charge-off rates; changes in the size and nature of our competition; changes in legislation or regulation and accounting principles, policies and guidelines; occurrences of cyberattacks, hacking and identity theft; natural disasters; 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, 2018, 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) | |||||||||||||||
| Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||||||
| Assets: | |||||||||||||||
| Cash and due from banks | $88,242 | $89,923 | $72,934 | $132,068 | $85,680 | ||||||||||
| Short-term investments | 3,317 | 3,552 | 2,917 | 2,624 | 2,322 | ||||||||||
| Mortgage loans held for sale, at fair value | 14,608 | 20,996 | 22,571 | 35,207 | 19,269 | ||||||||||
| Securities: | |||||||||||||||
| Available for sale debt securities, at fair value | 994,881 | 927,810 | 812,647 | 776,693 | 787,842 | ||||||||||
| Held to maturity debt securities, at amortized cost | — | 10,415 | 10,863 | 11,412 | 11,973 | ||||||||||
| Total securities | 994,881 | 938,225 | 823,510 | 788,105 | 799,815 | ||||||||||
| Federal Home Loan Bank stock, at cost | 48,025 | 46,068 | 44,525 | 46,281 | 41,127 | ||||||||||
| Loans: | |||||||||||||||
| Total loans | 3,738,469 | 3,680,360 | 3,556,203 | 3,490,230 | 3,387,406 | ||||||||||
| Less allowance for loan losses | 27,644 | 27,072 | 26,509 | 26,174 | 25,864 | ||||||||||
| Net loans | 3,710,825 | 3,653,288 | 3,529,694 | 3,464,056 | 3,361,542 | ||||||||||
| Premises and equipment, net | 29,822 | 29,005 | 28,195 | 28,377 | 28,316 | ||||||||||
| Operating lease right-of-use assets | 28,249 | — | — | — | — | ||||||||||
| Investment in bank-owned life insurance | 80,786 | 80,463 | 79,891 | 79,319 | 73,782 | ||||||||||
| Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | ||||||||||
| Identifiable intangible assets, net | 7,923 | 8,162 | 8,400 | 8,645 | 8,893 | ||||||||||
| Other assets | 84,142 | 77,175 | 94,126 | 88,651 | 81,671 | ||||||||||
| Total assets | $5,154,729 | $5,010,766 | $4,770,672 | $4,737,242 | $4,566,326 | ||||||||||
| Liabilities: | |||||||||||||||
| Deposits: | |||||||||||||||
| Noninterest-bearing deposits | $577,319 | $603,216 | $611,829 | $577,656 | $601,478 | ||||||||||
| Interest-bearing deposits | 2,926,941 | 2,920,832 | 2,802,519 | 2,743,955 | 2,654,956 | ||||||||||
| Total deposits | 3,504,260 | 3,524,048 | 3,414,348 | 3,321,611 | 3,256,434 | ||||||||||
| Federal Home Loan Bank advances | 1,056,129 | 950,722 | 828,392 | 901,053 | 808,677 | ||||||||||
| Junior subordinated debentures | 22,681 | 22,681 | 22,681 | 22,681 | 22,681 | ||||||||||
| Operating lease liabilities | 30,187 | — | — | — | — | ||||||||||
| Other liabilities | 71,629 | 65,131 | 77,342 | 70,326 | 65,453 | ||||||||||
| Total liabilities | 4,684,886 | 4,562,582 | 4,342,763 | 4,315,671 | 4,153,245 | ||||||||||
| Shareholders’ Equity: | |||||||||||||||
| Common stock | 1,082 | 1,081 | 1,081 | 1,080 | 1,079 | ||||||||||
| Paid-in capital | 120,743 | 119,888 | 119,220 | 118,883 | 118,172 | ||||||||||
| Retained earnings | 365,521 | 355,524 | 346,685 | 336,670 | 326,505 | ||||||||||
| Accumulated other comprehensive loss | (17,503 | ) | (28,309 | ) | (39,077 | ) | (35,062 | ) | (32,675 | ) | |||||
| Total shareholders’ equity | 469,843 | 448,184 | 427,909 | 421,571 | 413,081 | ||||||||||
| Total liabilities and shareholders’ equity | $5,154,729 | $5,010,766 | $4,770,672 | $4,737,242 | $4,566,326 | ||||||||||
| Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| (Unaudited; Dollars and shares in thousands, except per share amounts) | |||||||||||||||
| For the Three Months Ended | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||||
| Interest income: | |||||||||||||||
| Interest and fees on loans | $41,744 | $40,299 | $38,493 | $36,788 | $34,352 | ||||||||||
| Interest on mortgage loans held for sale | 180 | 289 | 384 | 313 | 226 | ||||||||||
| Taxable interest on debt securities | 7,226 | 5,957 | 5,383 | 5,358 | 5,118 | ||||||||||
| Nontaxable interest on debt securities | 9 | 9 | 9 | 20 | 23 | ||||||||||
| Dividends on Federal Home Loan Bank stock | 695 | 669 | 634 | 550 | 516 | ||||||||||
| Other interest income | 340 | 294 | 261 | 257 | 205 | ||||||||||
| Total interest and dividend income | 50,194 | 47,517 | 45,164 | 43,286 | 40,440 | ||||||||||
| Interest expense: | |||||||||||||||
| Deposits | 8,696 | 7,953 | 6,546 | 5,254 | 4,422 | ||||||||||
| Federal Home Loan Bank advances | 6,661 | 5,446 | 4,937 | 4,707 | 3,983 | ||||||||||
| Junior subordinated debentures | 253 | 240 | 232 | 214 | 183 | ||||||||||
| Total interest expense | 15,610 | 13,639 | 11,715 | 10,175 | 8,588 | ||||||||||
| Net interest income | 34,584 | 33,878 | 33,449 | 33,111 | 31,852 | ||||||||||
| Provision for loan losses | 650 | 800 | 350 | 400 | — | ||||||||||
| Net interest income after provision for loan losses | 33,934 | 33,078 | 33,099 | 32,711 | 31,852 | ||||||||||
| Noninterest income: | |||||||||||||||
| Wealth management revenues | 9,252 | 9,012 | 9,454 | 9,602 | 10,273 | ||||||||||
| Mortgage banking revenues | 2,646 | 1,978 | 2,624 | 2,941 | 2,838 | ||||||||||
| Card interchange fees | 997 | 977 | 983 | 961 | 847 | ||||||||||
| Service charges on deposit accounts | 875 | 977 | 885 | 903 | 863 | ||||||||||
| Loan related derivative income | 724 | 1,374 | 278 | 668 | 141 | ||||||||||
| Income from bank-owned life insurance | 649 | 572 | 572 | 537 | 515 | ||||||||||
| Other income | 224 | 273 | 419 | 381 | 266 | ||||||||||
| Total noninterest income | 15,367 | 15,163 | 15,215 | 15,993 | 15,743 | ||||||||||
| Noninterest expense: | |||||||||||||||
| Salaries and employee benefits | 17,619 | 16,918 | 17,283 | 17,304 | 17,772 | ||||||||||
| Outsourced services | 2,606 | 2,510 | 1,951 | 2,350 | 1,873 | ||||||||||
| Net occupancy | 1,998 | 1,946 | 2,013 | 1,930 | 2,002 | ||||||||||
| Equipment | 1,011 | 983 | 1,080 | 1,069 | 1,180 | ||||||||||
| Legal, audit and professional fees | 534 | 587 | 559 | 555 | 726 | ||||||||||
| FDIC deposit insurance costs | 429 | 376 | 410 | 422 | 404 | ||||||||||
| Advertising and promotion | 239 | 460 | 440 | 329 | 177 | ||||||||||
| Amortization of intangibles | 239 | 239 | 245 | 247 | 248 | ||||||||||
| Change in fair value of contingent consideration | — | (187 | ) | — | — | — | |||||||||
| Other expenses | 2,289 | 2,850 | 2,081 | 2,082 | 2,748 | ||||||||||
| Total noninterest expense | 26,964 | 26,682 | 26,062 | 26,288 | 27,130 | ||||||||||
| Income before income taxes | 22,337 | 21,559 | 22,252 | 22,416 | 20,465 | ||||||||||
| Income tax expense | 4,842 | 4,523 | 4,741 | 4,742 | 4,254 | ||||||||||
| Net income | $17,495 | $17,036 | $17,511 | $17,674 | $16,211 | ||||||||||
| Net income available to common shareholders | $17,461 | $17,004 | $17,475 | $17,636 | $16,173 | ||||||||||
| Weighted average common shares outstanding: | |||||||||||||||
| Basic | 17,304 | 17,297 | 17,283 | 17,272 | 17,234 | ||||||||||
| Diluted | 17,401 | 17,385 | 17,382 | 17,387 | 17,345 | ||||||||||
| Earnings per common share: | |||||||||||||||
| Basic | $1.01 | $0.98 | $1.01 | $1.02 | $0.94 | ||||||||||
| Diluted | $1.00 | $0.98 | $1.01 | $1.01 | $0.93 | ||||||||||
| Cash dividends declared per share | $0.47 | $0.47 | $0.43 | $0.43 | $0.43 | ||||||||||
| Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||
| SELECTED FINANCIAL HIGHLIGHTS | |||||||||||||||
| (Unaudited; Dollars and shares in thousands, except per share amounts) | |||||||||||||||
| Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||||||
| Share and Equity Related Data: | |||||||||||||||
| Book value per share | $27.15 | $25.90 | $24.75 | $24.40 | $23.93 | ||||||||||
| Tangible book value per share - Non-GAAP (1) | $23.00 | $21.74 | $20.57 | $20.20 | $19.71 | ||||||||||
| Market value per share | $48.15 | $47.53 | $55.30 | $58.10 | $53.75 | ||||||||||
| Shares issued and outstanding at end of period | 17,305 | 17,302 | 17,290 | 17,278 | 17,262 | ||||||||||
| Capital Ratios (2): | |||||||||||||||
| Tier 1 risk-based capital | 11.84 | % | 11.81 | % | 12.00 | % | 11.84 | % | 11.78 | % | |||||
| Total risk-based capital | 12.59 | % | 12.56 | % | 12.77 | % | 12.61 | % | 12.56 | % | |||||
| Tier 1 leverage ratio | 8.69 | % | 8.89 | % | 8.91 | % | 8.87 | % | 8.84 | % | |||||
| Common equity tier 1 | 11.25 | % | 11.20 | % | 11.37 | % | 11.20 | % | 11.13 | % | |||||
| Balance Sheet Ratios: | |||||||||||||||
| Equity to assets | 9.11 | % | 8.94 | % | 8.97 | % | 8.90 | % | 9.05 | % | |||||
| Tangible equity to tangible assets - Non-GAAP (1) | 7.83 | % | 7.62 | % | 7.57 | % | 7.48 | % | 7.57 | % | |||||
| Loans to deposits (3) | 106.3 | % | 104.3 | % | 104.0 | % | 105.3 | % | 103.8 | % | |||||
| For the Three Months Ended | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||
| Performance Ratios (4): | ||||||||||
| Net interest margin (5) | 2.93 | % | 2.95 | % | 2.99 | % | 3.05 | % | 3.03 | % |
| Return on average assets (net income divided by average assets) | 1.39 | % | 1.40 | % | 1.47 | % | 1.53 | % | 1.45 | % |
| Return on average tangible assets - Non-GAAP (1) | 1.41 | % | 1.42 | % | 1.49 | % | 1.56 | % | 1.48 | % |
| Return on average equity (net income available for common shareholders divided by average equity) | 15.52 | % | 15.61 | % | 16.26 | % | 16.99 | % | 15.96 | % |
| Return on average tangible equity - Non-GAAP (1) | 18.43 | % | 18.75 | % | 19.59 | % | 20.58 | % | 19.40 | % |
| Efficiency ratio (6) | 54.0 | % | 54.4 | % | 53.6 | % | 53.5 | % | 57.0 | % |
- See the section labeled “SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures” at the end of this document.
- Estimated for March 31, 2019 and actuals for prior periods.
- Period-end balances of net loans and mortgage loans held for sale as a percentage of total deposits.
- Annualized based on the actual number of days in the period.
- Fully taxable equivalent (FTE) net interest income as a percentage of average-earnings assets.
- 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 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||||||||||
| Wealth Management Results | ||||||||||||||||||||
| Wealth Management Revenues: | ||||||||||||||||||||
| Asset-based revenues | $8,921 | $8,930 | $9,322 | $9,136 | $9,955 | |||||||||||||||
| Transaction-based revenues | 331 | 82 | 132 | 466 | 318 | |||||||||||||||
| Total wealth management revenues | $9,252 | $9,012 | $9,454 | $9,602 | $10,273 | |||||||||||||||
| Assets Under Administration (AUA): | ||||||||||||||||||||
| Balance at beginning of period | $5,910,814 | $6,462,340 | $6,220,155 | $6,343,720 | $6,714,637 | |||||||||||||||
| Net investment appreciation (depreciation) & income | 520,057 | (534,847 | ) | 232,245 | 133,450 | (32,024 | ) | |||||||||||||
| Net client asset flows | (80,743 | ) | (16,679 | ) | 9,940 | (257,015 | ) | (338,893 | ) | |||||||||||
| Balance at end of period | $6,350,128 | $5,910,814 | $6,462,340 | $6,220,155 | $6,343,720 | |||||||||||||||
| Percentage of AUA that are managed assets | 91 | % | 90 | % | 91 | % | 92 | % | 92 | % | ||||||||||
| Mortgage Banking Results | ||||||||||||||||||||
| Mortgage Banking Revenues: | ||||||||||||||||||||
| Gains & commissions on loan sales, net (1) | $2,474 | $1,798 | $2,485 | $2,786 | $2,679 | |||||||||||||||
| Loan servicing fee income, net (2) | 172 | 180 | 139 | 155 | 159 | |||||||||||||||
| Total mortgage banking revenues | $2,646 | $1,978 | $2,624 | $2,941 | $2,838 | |||||||||||||||
| Residential Mortgage Loan Originations: | ||||||||||||||||||||
| Originations for retention in portfolio | $51,697 | $58,515 | $80,751 | $128,479 | $67,840 | |||||||||||||||
| Originations for sale to secondary market (3) | 85,826 | 96,792 | 119,832 | 122,693 | 87,720 | |||||||||||||||
| Total mortgage loan originations | $137,523 | $155,307 | $200,583 | $251,172 | $155,560 | |||||||||||||||
| Residential Mortgage Loans Sold: | ||||||||||||||||||||
| Sold with servicing rights retained | $9,490 | $16,577 | $24,422 | $24,367 | $33,575 | |||||||||||||||
| Sold with servicing rights released (3) | 82,589 | 81,985 | 107,694 | 81,054 | 63,265 | |||||||||||||||
| Total mortgage loans sold | $92,079 | $98,562 | $132,116 | $105,421 | $96,840 | |||||||||||||||
- Includes gains on loan sales, commissions on loans originated for others, servicing right gains, fair value adjustments on mortgage loans held for sale, and fair value adjustments and gains on forward loan commitments.
- Represents loan servicing fee income, net of servicing right amortization and valuation adjustments.
- Includes loans originated in a broker capacity.
| Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||
| END OF PERIOD LOAN AND DEPOSIT COMPOSITION | |||||||||||||||
| (Unaudited; Dollars in thousands) | |||||||||||||||
| Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||||||
| Loans: | |||||||||||||||
| Commercial real estate (1) | $1,463,682 | $1,392,408 | $1,240,350 | $1,218,643 | $1,217,278 | ||||||||||
| Commercial & industrial | 610,608 | 620,704 | 656,882 | 632,029 | 603,830 | ||||||||||
| Total commercial | 2,074,290 | 2,013,112 | 1,897,232 | 1,850,672 | 1,821,108 | ||||||||||
| Residential real estate (2) | 1,359,072 | 1,360,387 | 1,349,340 | 1,327,418 | 1,249,890 | ||||||||||
| Home equity | 279,938 | 280,626 | 282,331 | 283,744 | 285,723 | ||||||||||
| Other | 25,169 | 26,235 | 27,300 | 28,396 | 30,685 | ||||||||||
| Total consumer | 305,107 | 306,861 | 309,631 | 312,140 | 316,408 | ||||||||||
| Total loans | $3,738,469 | $3,680,360 | $3,556,203 | $3,490,230 | $3,387,406 | ||||||||||
- Commercial real estate loans consist of commercial mortgages and construction and development loans. Commercial mortgages are loans secured by income producing property.
- Residential real estate loans consist of mortgage and homeowner construction loans secured by one- to four-family residential properties.
| March 31, 2019 | December 31, 2018 | ||||||||||
| Balance | % of Total | Balance | % of Total | ||||||||
| Commercial Real Estate Loans by Property Location: | |||||||||||
| Rhode Island | $386,990 | 26 | % | $377,249 | 27 | % | |||||
| Connecticut | 582,934 | 40 | 570,116 | 41 | |||||||
| Massachusetts | 402,276 | 28 | 356,615 | 26 | |||||||
| Subtotal | 1,372,200 | 94 | 1,303,980 | 94 | |||||||
| All other states | 91,482 | 6 | 88,428 | 6 | |||||||
| Total commercial real estate loans | $1,463,682 | 100 | % | $1,392,408 | 100 | % | |||||
| Residential Real Estate Loans by Property Location: | |||||||||||
| Rhode Island | $349,232 | 26 | % | $352,141 | 26 | % | |||||
| Connecticut | 142,472 | 10 | 141,775 | 10 | |||||||
| Massachusetts | 850,940 | 63 | 849,435 | 63 | |||||||
| Subtotal | 1,342,644 | 99 | 1,343,351 | 99 | |||||||
| All other states | 16,428 | 1 | 17,036 | 1 | |||||||
| Total residential real estate loans | $1,359,072 | 100 | % | $1,360,387 | 100 | % | |||||
| Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||||||
| Deposits: | |||||||||||||||
| Noninterest-bearing demand deposits | $577,319 | $603,216 | $611,829 | $577,656 | $601,478 | ||||||||||
| Interest-bearing demand deposits | 162,598 | 178,733 | 151,322 | 136,640 | 83,249 | ||||||||||
| NOW accounts | 471,682 | 466,568 | 468,578 | 481,905 | 470,112 | ||||||||||
| Money market accounts | 644,949 | 646,878 | 650,976 | 604,954 | 693,748 | ||||||||||
| Savings accounts | 371,248 | 373,545 | 372,425 | 375,983 | 376,608 | ||||||||||
| Time deposits (in-market) | 792,470 | 778,105 | 715,635 | 698,286 | 625,965 | ||||||||||
| In-market deposits | 3,020,266 | 3,047,045 | 2,970,765 | 2,875,424 | 2,851,160 | ||||||||||
| Wholesale brokered time deposits | 483,994 | 477,003 | 443,583 | 446,187 | 405,274 | ||||||||||
| Total deposits | $3,504,260 | $3,524,048 | $3,414,348 | $3,321,611 | $3,256,434 | ||||||||||
| Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||
| CREDIT & ASSET QUALITY DATA | |||||||||||||||
| (Unaudited; Dollars in thousands) | |||||||||||||||
| Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||||||
| Asset Quality Ratios: | |||||||||||||||
| Nonperforming assets to total assets | 0.28 | % | 0.28 | % | 0.29 | % | 0.32 | % | 0.30 | % | |||||
| Nonaccrual loans to total loans | 0.33 | % | 0.32 | % | 0.30 | % | 0.34 | % | 0.31 | % | |||||
| Total past due loans to total loans | 0.39 | % | 0.37 | % | 0.38 | % | 0.48 | % | 0.57 | % | |||||
| Allowance for loan losses to nonaccrual loans | 223.57 | % | 231.25 | % | 245.25 | % | 222.85 | % | 245.83 | % | |||||
| Allowance for loan losses to total loans | 0.74 | % | 0.74 | % | 0.75 | % | 0.75 | % | 0.76 | % | |||||
| Nonperforming Assets: | |||||||||||||||
| Commercial real estate | $926 | $925 | $— | $— | $— | ||||||||||
| Commercial & industrial | — | — | 122 | 397 | 397 | ||||||||||
| Total commercial | 926 | 925 | 122 | 397 | 397 | ||||||||||
| Residential real estate | 10,032 | 9,346 | 9,063 | 10,206 | 9,340 | ||||||||||
| Home equity | 1,407 | 1,436 | 1,624 | 1,133 | 771 | ||||||||||
| Other consumer | — | — | — | 9 | 13 | ||||||||||
| Total consumer | 1,407 | 1,436 | 1,624 | 1,142 | 784 | ||||||||||
| Total nonaccrual loans | 12,365 | 11,707 | 10,809 | 11,745 | 10,521 | ||||||||||
| Other real estate owned | 2,142 | 2,142 | 2,974 | 3,206 | 3,206 | ||||||||||
| Total nonperforming assets | $14,507 | $13,849 | $13,783 | $14,951 | $13,727 | ||||||||||
| Past Due Loans (30 days or more past due): | |||||||||||||||
| Commercial real estate | $926 | $1,080 | $931 | $— | $— | ||||||||||
| Commercial & industrial | 1 | — | 142 | 2,851 | 3,295 | ||||||||||
| Total commercial | 927 | 1,080 | 1,073 | 2,851 | 3,295 | ||||||||||
| Residential real estate | 10,849 | 10,520 | 9,398 | 11,243 | 11,806 | ||||||||||
| Home equity | 2,911 | 1,989 | 2,939 | 2,585 | 4,235 | ||||||||||
| Other consumer | 13 | 33 | 109 | 16 | 22 | ||||||||||
| Total consumer | 2,924 | 2,022 | 3,048 | 2,601 | 4,257 | ||||||||||
| Total past due loans | $14,700 | $13,622 | $13,519 | $16,695 | $19,358 | ||||||||||
| Accruing loans 90 days or more past due | $— | $— | $— | $— | $— | ||||||||||
| Nonaccrual loans included in past due loans | $8,563 | $8,613 | $6,425 | $8,575 | $7,066 | ||||||||||
| Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||
| CREDIT & ASSET QUALITY DATA | |||||||||||||||
| (Unaudited; Dollars in thousands) | |||||||||||||||
| For the Three Months Ended | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||||
| Nonaccrual Loan Activity: | |||||||||||||||
| Balance at beginning of period | $11,707 | $10,809 | $11,745 | $10,521 | $15,211 | ||||||||||
| Additions to nonaccrual status | 1,924 | 2,918 | 2,179 | 2,457 | 1,210 | ||||||||||
| Loans returned to accruing status | (855 | ) | (1,500 | ) | (361 | ) | (475 | ) | (344 | ) | |||||
| Loans charged-off | (103 | ) | (298 | ) | (96 | ) | (103 | ) | (690 | ) | |||||
| Loans transferred to other real estate owned | — | — | — | — | (3,074 | ) | |||||||||
| Payments, payoffs and other changes | (308 | ) | (222 | ) | (2,658 | ) | (655 | ) | (1,792 | ) | |||||
| Balance at end of period | $12,365 | $11,707 | $10,809 | $11,745 | $10,521 | ||||||||||
| Allowance for Loan Losses: | |||||||||||||||
| Balance at beginning of period | $27,072 | $26,509 | $26,174 | $25,864 | $26,488 | ||||||||||
| Provision charged to earnings | 650 | 800 | 350 | 400 | — | ||||||||||
| Charge-offs | (103 | ) | (298 | ) | (96 | ) | (103 | ) | (690 | ) | |||||
| Recoveries | 25 | 61 | 81 | 13 | 66 | ||||||||||
| Balance at end of period | $27,644 | $27,072 | $26,509 | $26,174 | $25,864 | ||||||||||
| Net Loan Charge-Offs (Recoveries): | |||||||||||||||
| Commercial real estate | $— | $— | $— | $— | $602 | ||||||||||
| Commercial & industrial | 6 | (13 | ) | (70 | ) | (3 | ) | (23 | ) | ||||||
| Total commercial | 6 | (13 | ) | (70 | ) | (3 | ) | 579 | |||||||
| Residential real estate | — | 156 | 68 | 5 | — | ||||||||||
| Home equity | 48 | 65 | (2 | ) | 73 | 28 | |||||||||
| Other consumer | 24 | 29 | 19 | 15 | 17 | ||||||||||
| Total consumer | 72 | 94 | 17 | 88 | 45 | ||||||||||
| Total | $78 | $237 | $15 | $90 | $624 | ||||||||||
| Net charge-offs to average loans (annualized) | 0.01 | % | 0.03 | % | — | % | 0.01 | % | 0.07 | % | |||||
The following table presents average balance and interest rate information. Tax-exempt income is converted to a fully taxable equivalent basis using the statutory federal income tax rate adjusted for applicable state income taxes net of the related federal tax benefit. Unrealized gains (losses) on available for sale securities and fair value adjustments 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 | March 31, 2019 | December 31, 2018 | Quarter 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 | $56,359 | $340 | 2.45 | % | $51,584 | $294 | 2.26 | % | $4,775 | $46 | 0.19 | % | ||||||||||||||
| Mortgage loans held for sale | 16,587 | 180 | 4.40 | 24,178 | 289 | 4.74 | (7,591 | ) | (109 | ) | (0.34 | ) | ||||||||||||||
| Taxable debt securities | 1,000,911 | 7,226 | 2.93 | 877,186 | 5,957 | 2.69 | 123,725 | 1,269 | 0.24 | |||||||||||||||||
| Nontaxable debt securities | 935 | 10 | 4.34 | 935 | 12 | 5.09 | — | (2 | ) | (0.75 | ) | |||||||||||||||
| Total securities | 1,001,846 | 7,236 | 2.93 | 878,121 | 5,969 | 2.70 | 123,725 | 1,267 | 0.23 | |||||||||||||||||
| FHLB stock | 46,988 | 695 | 6.00 | 44,662 | 669 | 5.94 | 2,326 | 26 | 0.06 | |||||||||||||||||
| Commercial real estate | 1,425,225 | 16,879 | 4.80 | 1,309,957 | 15,500 | 4.69 | 115,268 | 1,379 | 0.11 | |||||||||||||||||
| Commercial & industrial | 618,364 | 7,544 | 4.95 | 636,156 | 7,732 | 4.82 | (17,792 | ) | (188 | ) | 0.13 | |||||||||||||||
| Total commercial | 2,043,589 | 24,423 | 4.85 | 1,946,113 | 23,232 | 4.74 | 97,476 | 1,191 | 0.11 | |||||||||||||||||
| Residential real estate | 1,357,835 | 13,765 | 4.11 | 1,348,993 | 13,516 | 3.98 | 8,842 | 249 | 0.13 | |||||||||||||||||
| Home equity | 278,581 | 3,564 | 5.19 | 280,085 | 3,553 | 5.03 | (1,504 | ) | 11 | 0.16 | ||||||||||||||||
| Other | 25,629 | 316 | 5.00 | 26,679 | 329 | 4.89 | (1,050 | ) | (13 | ) | 0.11 | |||||||||||||||
| Total consumer | 304,210 | 3,880 | 5.17 | 306,764 | 3,882 | 5.02 | (2,554 | ) | (2 | ) | 0.15 | |||||||||||||||
| Total loans | 3,705,634 | 42,068 | 4.60 | 3,601,870 | 40,630 | 4.48 | 103,764 | 1,438 | 0.12 | |||||||||||||||||
| Total interest-earning assets | 4,827,414 | 50,519 | 4.24 | 4,600,415 | 47,851 | 4.13 | 226,999 | 2,668 | 0.11 | |||||||||||||||||
| Noninterest-earning assets | 268,689 | 239,743 | 28,946 | |||||||||||||||||||||||
| Total assets | $5,096,103 | $4,840,158 | $255,945 | |||||||||||||||||||||||
| Liabilities and Shareholders' Equity: | ||||||||||||||||||||||||||
| Interest-bearing demand deposits | $165,911 | $686 | 1.68 | % | $148,840 | $636 | 1.70 | % | $17,071 | $50 | (0.02 | )% | ||||||||||||||
| NOW accounts | 454,868 | 84 | 0.07 | 455,052 | 207 | 0.18 | (184 | ) | (123 | ) | (0.11 | ) | ||||||||||||||
| Money market accounts | 646,250 | 1,609 | 1.01 | 649,535 | 1,449 | 0.89 | (3,285 | ) | 160 | 0.12 | ||||||||||||||||
| Savings accounts | 369,219 | 61 | 0.07 | 369,787 | 60 | 0.06 | (568 | ) | 1 | 0.01 | ||||||||||||||||
| Time deposits (in-market) | 789,378 | 3,727 | 1.91 | 749,025 | 3,318 | 1.76 | 40,353 | 409 | 0.15 | |||||||||||||||||
| Total interest-bearing in-market deposits | 2,425,626 | 6,167 | 1.03 | 2,372,239 | 5,670 | 0.95 | 53,387 | 497 | 0.08 | |||||||||||||||||
| Wholesale brokered time deposits | 473,799 | 2,529 | 2.16 | 450,336 | 2,283 | 2.01 | 23,463 | 246 | 0.15 | |||||||||||||||||
| Total interest-bearing deposits | 2,899,425 | 8,696 | 1.22 | 2,822,575 | 7,953 | 1.12 | 76,850 | 743 | 0.10 | |||||||||||||||||
| FHLB advances | 1,027,285 | 6,661 | 2.63 | 878,250 | 5,446 | 2.46 | 149,035 | 1,215 | 0.17 | |||||||||||||||||
| Junior subordinated debentures | 22,681 | 253 | 4.52 | 22,681 | 240 | 4.20 | — | 13 | 0.32 | |||||||||||||||||
| Total interest-bearing liabilities | 3,949,391 | 15,610 | 1.60 | 3,723,506 | 13,639 | 1.45 | 225,885 | 1,971 | 0.15 | |||||||||||||||||
| Noninterest-bearing demand deposits | 607,033 | 615,392 | (8,359 | ) | ||||||||||||||||||||||
| Other liabilities | 83,438 | 69,217 | 14,221 | |||||||||||||||||||||||
| Shareholders' equity | 456,241 | 432,043 | 24,198 | |||||||||||||||||||||||
| Total liabilities and shareholders' equity | $5,096,103 | $4,840,158 | $255,945 | |||||||||||||||||||||||
| Net interest income (FTE) | $34,909 | $34,212 | $697 | |||||||||||||||||||||||
| Interest rate spread | 2.64 | % | 2.68 | % | (0.04 | )% | ||||||||||||||||||||
| Net interest margin | 2.93 | % | 2.95 | % | (0.02 | )% | ||||||||||||||||||||
Interest income amounts presented in the preceding table include the following adjustments for taxable equivalency:
| For the Three Months Ended | Mar 31, 2019 | Dec 31, 2018 | Quarter Change | ||||||
| Commercial loans | $324 | $331 | ($7 | ) | |||||
| Nontaxable debt securities | 1 | 3 | (2 | ) | |||||
| Total | $325 | $334 | ($9 | ) | |||||
| Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||
| SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures | |||||||||||||||
| (Unaudited; Dollars in thousands, except per share amounts) | |||||||||||||||
| Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||||||
| Tangible Book Value per Share: | |||||||||||||||
| Total shareholders' equity, as reported | $469,843 | $448,184 | $427,909 | $421,571 | $413,081 | ||||||||||
| Less: | |||||||||||||||
| Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | ||||||||||
| Identifiable intangible assets, net | 7,923 | 8,162 | 8,400 | 8,645 | 8,893 | ||||||||||
| Total tangible shareholders' equity | $398,011 | $376,113 | $355,600 | $349,017 | $340,279 | ||||||||||
| Shares outstanding, as reported | 17,305 | 17,302 | 17,290 | 17,278 | 17,262 | ||||||||||
| Book value per share - GAAP | $27.15 | $25.90 | $24.75 | $24.40 | $23.93 | ||||||||||
| Tangible book value per share - Non-GAAP | $23.00 | $21.74 | $20.57 | $20.20 | $19.71 | ||||||||||
| Tangible Equity to Tangible Assets: | |||||||||||||||
| Total tangible shareholders' equity | $398,011 | $376,113 | $355,600 | $349,017 | $340,279 | ||||||||||
| Total assets, as reported | $5,154,729 | $5,010,766 | $4,770,672 | $4,737,242 | $4,566,326 | ||||||||||
| Less: | |||||||||||||||
| Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | ||||||||||
| Identifiable intangible assets, net | 7,923 | 8,162 | 8,400 | 8,645 | 8,893 | ||||||||||
| Total tangible assets | $5,082,897 | $4,938,695 | $4,698,363 | $4,664,688 | $4,493,524 | ||||||||||
| Equity to assets - GAAP | 9.11 | % | 8.94 | % | 8.97 | % | 8.90 | % | 9.05 | % | |||||
| Tangible equity to tangible assets - Non-GAAP | 7.83 | % | 7.62 | % | 7.57 | % | 7.48 | % | 7.57 | % | |||||
| For the Three Months Ended | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||||
| Return on Average Tangible Assets: | |||||||||||||||
| Net income, as reported | $17,495 | $17,036 | $17,511 | $17,674 | $16,211 | ||||||||||
| Total average assets, as reported | $5,096,103 | $4,840,158 | $4,724,898 | $4,628,816 | $4,529,708 | ||||||||||
| Less average balances of: | |||||||||||||||
| Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | ||||||||||
| Identifiable intangible assets, net | 8,040 | 8,278 | 8,519 | 8,766 | 9,014 | ||||||||||
| Total average tangible assets | $5,024,154 | $4,767,971 | $4,652,470 | $4,556,141 | $4,456,785 | ||||||||||
| Return on average assets - GAAP | 1.39 | % | 1.40 | % | 1.47 | % | 1.53 | % | 1.45 | % | |||||
| Return on average tangible assets - Non-GAAP | 1.41 | % | 1.42 | % | 1.49 | % | 1.56 | % | 1.48 | % | |||||
| Return on Average Tangible Equity: | |||||||||||||||
| Net income available to common shareholders, as reported | $17,461 | $17,004 | $17,475 | $17,636 | $16,173 | ||||||||||
| Total average equity, as reported | $456,241 | $432,043 | $426,306 | $416,433 | $410,955 | ||||||||||
| Less average balances of: | |||||||||||||||
| Goodwill | 63,909 | 63,909 | 63,909 | 63,909 | 63,909 | ||||||||||
| Identifiable intangible assets, net | 8,040 | 8,278 | 8,519 | 8,766 | 9,014 | ||||||||||
| Total average tangible equity | $384,292 | $359,856 | $353,878 | $343,758 | $338,032 | ||||||||||
| Return on average equity - GAAP | 15.52 | % | 15.61 | % | 16.26 | % | 16.99 | % | 15.96 | % | |||||
| Return on average tangible equity - Non-GAAP | 18.43 | % | 18.75 | % | 19.59 | % | 20.58 | % | 19.40 | % | |||||