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Section 1: 10-Q (FORM 10-Q 6-30-19)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended
 
June 30, 2019
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ______ to ______.
Commission file number:  001-32991
WASHINGTON TRUST BANCORP, INC.
(Exact name of registrant as specified in its charter)
Rhode Island
 
05-0404671
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
23 Broad Street
 
 
Westerly,
Rhode Island
 
02891
(Address of principal executive offices)
 
(Zip Code)

(401) 348-1200
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Mark one)
 
Large accelerated filer
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
(Do not check if a smaller reporting company)
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes No
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
COMMON STOCK, $.0625 PAR VALUE PER SHARE
WASH
The NASDAQ Stock Market LLC
The number of shares of common stock of the registrant outstanding as of July 30, 2019 was 17,337,072.



FORM 10-Q
WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES
For the Quarter Ended June 30, 2019
 
 
TABLE OF CONTENTS
 
Page Number
 
 
 
 


- 2-


PART I.  Financial Information
Item 1.  Financial Statements
Washington Trust Bancorp, Inc. and Subsidiaries
 
Consolidated Balance Sheets (unaudited)
(Dollars in thousands, except par value)
 
June 30,
2019
 
December 31,
2018
Assets:
 
 
 
Cash and due from banks

$115,904

 

$89,923

Short-term investments
3,910

 
3,552

Mortgage loans held for sale, at fair value
39,996

 
20,996

Securities:
 
 
 
Available for sale debt securities, at fair value
969,168

 
927,810

Held to maturity debt securities, at amortized cost (fair value $10,316 at December 31, 2018)

 
10,415

Total securities
969,168

 
938,225

Federal Home Loan Bank stock, at cost
49,759

 
46,068

Loans:
 
 
 
Total loans
3,730,339

 
3,680,360

Less allowance for loan losses
27,398

 
27,072

Net loans
3,702,941

 
3,653,288

Premises and equipment, net
29,302

 
29,005

Operating lease right-of-use assets
28,174

 

Investment in bank-owned life insurance
81,351

 
80,463

Goodwill
63,909

 
63,909

Identifiable intangible assets, net
7,684

 
8,162

Other assets
97,574

 
77,175

Total assets

$5,189,672

 

$5,010,766

Liabilities:
 
 
 
Deposits:
 
 
 
Noninterest-bearing deposits

$587,326

 

$603,216

Interest-bearing deposits
2,917,296

 
2,920,832

Total deposits
3,504,622

 
3,524,048

Federal Home Loan Bank advances
1,060,960

 
950,722

Junior subordinated debentures
22,681

 
22,681

Operating lease liabilities
30,210

 

Other liabilities
86,994

 
65,131

Total liabilities
4,705,467

 
4,562,582

Commitments and contingencies (Note 18)


 


Shareholders’ Equity:
 
 
 
Common stock of $.0625 par value; authorized 60,000,000 shares; issued and outstanding 17,335,869 shares at June 30, 2019 and 17,302,037 at December 31, 2018
1,083

 
1,081

Paid-in capital
121,115

 
119,888

Retained earnings
373,873

 
355,524

Accumulated other comprehensive loss
(11,866
)
 
(28,309
)
Total shareholders’ equity
484,205

 
448,184

Total liabilities and shareholders’ equity

$5,189,672

 

$5,010,766


The accompanying notes are an integral part of these unaudited consolidated financial statements.
- 3-



Washington Trust Bancorp, Inc. and Subsidiaries


 
Consolidated Statements of Income (unaudited)
(Dollars and shares in thousands, except per share amounts)


 
 
Three Months
 
Six Months
Periods ended June 30,
2019
 
2018
 
2019
 
2018
Interest income:
 
 
 
 
 
 
 
Interest and fees on loans

$42,138

 

$36,788

 

$83,882

 

$71,140

Interest on mortgage loans held for sale
288

 
313

 
468

 
539

Taxable interest on debt securities
7,006

 
5,358

 
14,232

 
10,476

Nontaxable interest on debt securities
8

 
20

 
17

 
43

Dividends on Federal Home Loan Bank stock
720

 
550

 
1,415

 
1,066

Other interest income
399

 
257

 
739

 
462

Total interest and dividend income
50,559

 
43,286

 
100,753

 
83,726

Interest expense:
 

 
 

 
 
 
 
Deposits
9,469

 
5,254

 
18,165

 
9,676

Federal Home Loan Bank advances
6,980

 
4,707

 
13,641

 
8,690

Junior subordinated debentures
252

 
214

 
505

 
397

Total interest expense
16,701

 
10,175

 
32,311

 
18,763

Net interest income
33,858

 
33,111

 
68,442

 
64,963

Provision for loan losses
525

 
400

 
1,175

 
400

Net interest income after provision for loan losses
33,333

 
32,711

 
67,267

 
64,563

Noninterest income:
 
 
 
 
 
 
 
Wealth management revenues
9,549

 
9,602

 
18,801

 
19,875

Mortgage banking revenues
3,640

 
2,941

 
6,286

 
5,779

Card interchange fees
1,018

 
961

 
2,015

 
1,808

Service charges on deposit accounts
929

 
903

 
1,804

 
1,766

Loan related derivative income
746

 
668

 
1,470

 
809

Income from bank-owned life insurance
566

 
537

 
1,215

 
1,052

Net realized losses on securities
(80
)
 

 
(80
)
 

Other income
385

 
381

 
609

 
647

Total noninterest income
16,753

 
15,993

 
32,120

 
31,736

Noninterest expense:
 
 
 
 
 
 
 
Salaries and employee benefits
18,436

 
17,304

 
36,055

 
35,076

Outsourced services
2,518

 
2,350

 
5,124

 
4,223

Net occupancy
1,904

 
1,930

 
3,902

 
3,932

Equipment
1,028

 
1,069

 
2,039

 
2,249

Legal, audit and professional fees
664

 
555

 
1,198

 
1,281

FDIC deposit insurance costs
540

 
422

 
969

 
826

Advertising and promotion
525

 
329

 
764

 
506

Amortization of intangibles
239

 
247

 
478

 
495

Other expenses
2,297

 
2,082

 
4,586

 
4,830

Total noninterest expense
28,151

 
26,288

 
55,115

 
53,418

Income before income taxes
21,935

 
22,416

 
44,272

 
42,881

Income tax expense
4,662

 
4,742

 
9,504

 
8,996

Net income

$17,273

 

$17,674

 

$34,768

 

$33,885

 
 
 
 
 
 
 
 
Net income available to common shareholders

$17,238

 

$17,636

 

$34,699

 

$33,809

Weighted average common shares outstanding - basic
17,330

 
17,272

 
17,317

 
17,253

Weighted average common shares outstanding - diluted
17,405

 
17,387

 
17,403

 
17,384

Per share information:
Basic earnings per common share

$0.99

 

$1.02

 

$2.00

 

$1.96

 
Diluted earnings per common share

$0.99

 

$1.01

 

$1.99

 

$1.94

 
Cash dividends declared per share

$0.51

 

$0.43

 

$0.98

 

$0.86


The accompanying notes are an integral part of these unaudited consolidated financial statements.
- 4-



Washington Trust Bancorp, Inc. and Subsidiaries


 
Consolidated Statements of Comprehensive Income (unaudited)
(Dollars in thousands)


 
Three Months
 
Six Months
Periods ended June 30,
2019
 
2018
 
2019
 
2018
Net income

$17,273

 

$17,674

 

$34,768

 

$33,885

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Net change in fair value of available for sale debt securities
6,033

 
(3,112
)
 
17,054

 
(13,526
)
Net change in fair value of cash flow hedges
(622
)
 
365

 
(1,064
)
 
1,254

Net change in defined benefit plan obligations
226

 
360

 
453

 
720

Total other comprehensive income (loss), net of tax
5,637

 
(2,387
)
 
16,443

 
(11,552
)
Total comprehensive income

$22,910

 

$15,287

 

$51,211

 

$22,333




The accompanying notes are an integral part of these unaudited consolidated financial statements.
- 5-



Washington Trust Bancorp, Inc. and Subsidiaries


 
Consolidated Statements of Changes in Shareholders' Equity (unaudited)
(Dollars and shares in thousands)


For the three months ended June 30, 2019
Common
Shares Outstanding
 
Common
Stock
 
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
(Loss) Income
 
Total
Balance at April 1, 2019
17,305

 

$1,082

 

$120,743

 

$365,521

 

($17,503
)
 

$469,843

Net income

 

 

 
17,273

 

 
17,273

Total other comprehensive income, net of tax

 

 

 

 
5,637

 
5,637

Cash dividends declared ($0.51 per share)

 

 

 
(8,921
)
 

 
(8,921
)
Share-based compensation

 

 
764

 

 

 
764

Exercise of stock options, issuance of other compensation-related equity awards, net of awards surrendered
31

 
1

 
(392
)
 

 

 
(391
)
Balance at June 30, 2019
17,336

 

$1,083

 

$121,115

 

$373,873

 

($11,866
)
 

$484,205


For the six months ended June 30, 2019
Common
Shares Outstanding
 
Common
Stock
 
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
(Loss) Income
 
Total
Balance at January 1, 2019
17,302

 

$1,081

 

$119,888

 

$355,524

 

($28,309
)
 

$448,184

Net income

 

 

 
34,768

 

 
34,768

Total other comprehensive income, net of tax

 

 

 

 
16,443

 
16,443

Cash dividends declared ($0.98 per share)

 

 

 
(17,141
)
 

 
(17,141
)
Share-based compensation

 

 
1,503

 

 

 
1,503

Exercise of stock options, issuance of other compensation-related equity awards, net of awards surrendered
34

 
2

 
(276
)
 

 

 
(274
)
Cumulative effect of change in accounting principle

 

 

 
722

 

 
722

Balance at June 30, 2019
17,336

 

$1,083

 

$121,115

 

$373,873

 

($11,866
)
 

$484,205


The accompanying notes are an integral part of these unaudited consolidated financial statements.
- 6-



Washington Trust Bancorp, Inc. and Subsidiaries


 
Consolidated Statements of Changes in Shareholders' Equity (unaudited)
(Dollars and shares in thousands)



For the three months ended June 30, 2018
Common
Shares Outstanding
 
Common
Stock
 
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Total
Balance at April 1, 2018
17,262

 

$1,079

 

$118,172

 

$326,505

 

($32,675
)
 

$413,081

Net income

 

 

 
17,674

 

 
17,674

Total other comprehensive loss, net of tax

 

 

 

 
(2,387
)
 
(2,387
)
Cash dividends declared ($0.43 per share)

 

 

 
(7,509
)
 

 
(7,509
)
Share-based compensation

 

 
649

 

 

 
649

Exercise of stock options, issuance of other compensation-related equity awards, net of awards surrendered
16

 
1

 
62

 

 

 
63

Balance at June 30, 2018
17,278

 

$1,080

 

$118,883

 

$336,670

 

($35,062
)
 

$421,571


For the six months ended June 30, 2018
Common
Shares Outstanding
 
Common
Stock
 
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Total
Balance at January 1, 2018
17,227

 

$1,077

 

$117,961

 

$317,756

 

($23,510
)
 

$413,284

Net income

 

 

 
33,885

 

 
33,885

Total other comprehensive loss, net of tax

 

 

 

 
(11,552
)
 
(11,552
)
Cash dividends declared ($0.86 per share)

 

 

 
(14,971
)
 

 
(14,971
)
Share-based compensation

 

 
1,319

 

 

 
1,319

Exercise of stock options, issuance of other compensation-related equity awards, net of awards surrendered
51

 
3

 
(397
)
 

 

 
(394
)
Balance at June 30, 2018
17,278

 

$1,080

 

$118,883

 

$336,670

 

($35,062
)
 

$421,571



The accompanying notes are an integral part of these unaudited consolidated financial statements.
- 7-



Washington Trust Bancorp, Inc. and Subsidiaries


 
Consolidated Statement of Cash Flows (unaudited)
(Dollars in thousands)


Six months ended June 30,
2019

 
2018

Cash flows from operating activities:
 
 
 
Net income

$34,768

 

$33,885

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Provision for loan losses
1,175

 
400

Depreciation of premises and equipment
1,672

 
1,630

Net amortization of premiums and discounts on securities and loans
1,894

 
1,386

Amortization of intangibles
478

 
495

Share-based compensation
1,503

 
1,319

Tax benefit from stock option exercises and other equity awards
172

 
352

Income from bank-owned life insurance
(1,215
)
 
(1,052
)
Net gains on loan sales and commissions on loans originated for others, including fair value adjustments
(5,998
)
 
(5,465
)
Net realized losses on securities
80

 

Proceeds from sales of loans
199,897

 
182,964

Loans originated for sale
(213,247
)
 
(188,185
)
Decrease in operating lease right-of-use assets
748

 

Decrease in operating lease liabilities
(643
)
 

Increase in other assets
(26,368
)
 
(16,777
)
Increase in other liabilities
23,781

 
11,815

Net cash provided by operating activities
18,697

 
22,767

Cash flows from investing activities:
 
 
 
Purchases of:
Available for sale debt securities: Mortgage-backed
(72,262
)
 
(61,619
)
 
Available for sale debt securities: Other
(10,507
)
 
(1,064
)
Proceeds from sale of:
Other investment securities available for sale
9,920

 

Maturities, calls and principal payments of:
Available for sale debt securities: Mortgage-backed
51,590

 
41,270

 
Available for sale debt securities: Other
11,045

 
6,795

 
Held to maturity debt securities: Mortgage-backed

 
1,077

Purchases of Federal Home Loan Bank stock
(3,691
)
 
(5,764
)
Net increase in loans
(50,729
)
 
(115,986
)
Purchases of loans
(161
)
 
(1,676
)
Purchases of premises and equipment
(1,971
)
 
(1,675
)
Purchases of bank-owned life insurance

 
(5,000
)
Proceeds from surrender of bank-owned life insurance
326

 

Net cash used in investing activities
(66,440
)
 
(143,642
)
Cash flows from financing activities:
 
 
 
Net (decrease) increase in deposits
(19,426
)
 
78,904

Proceeds from Federal Home Loan Bank advances
1,022,000

 
1,135,000

Repayment of Federal Home Loan Bank advances
(911,762
)
 
(1,025,303
)
Payment of contingent consideration liability

 
(