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Section 1: 10-Q (FORM 10-Q 9-30-19)

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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
 
September 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)
 
(IRS 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)
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
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.
 
Large accelerated filer
 
Accelerated filer
Non-accelerated filer
 
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
The number of shares of common stock of the registrant outstanding as of October 31, 2019 was 17,350,703.



FORM 10-Q
WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES
For the Quarter Ended September 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)
 
September 30,
2019
 
December 31,
2018
Assets:
 
 
 
Cash and due from banks

$141,768

 

$89,923

Short-term investments
4,336

 
3,552

Mortgage loans held for sale, at fair value
44,657

 
20,996

Securities:
 
 
 
Available for sale debt securities, at fair value
887,020

 
927,810

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

 
10,415

Total securities
887,020

 
938,225

Federal Home Loan Bank stock, at cost
45,030

 
46,068

Loans:
 
 
 
Total loans
3,778,106

 
3,680,360

Less allowance for loan losses
26,997

 
27,072

Net loans
3,751,109

 
3,653,288

Premises and equipment, net
29,293

 
29,005

Operating lease right-of-use assets
27,500

 

Investment in bank-owned life insurance
81,920

 
80,463

Goodwill
63,909

 
63,909

Identifiable intangible assets, net
7,448

 
8,162

Other assets
114,888

 
77,175

Total assets

$5,198,878

 

$5,010,766

Liabilities:
 
 
 
Deposits:
 
 
 
Noninterest-bearing deposits

$619,839

 

$603,216

Interest-bearing deposits
2,966,314

 
2,920,832

Total deposits
3,586,153

 
3,524,048

Federal Home Loan Bank advances
956,786

 
950,722

Junior subordinated debentures
22,681

 
22,681

Operating lease liabilities
29,541

 

Other liabilities
105,892

 
65,131

Total liabilities
4,701,053

 
4,562,582

Commitments and contingencies (Note 18)


 


Shareholders’ Equity:
 
 
 
Common stock of $.0625 par value; authorized 60,000,000 shares; issued and outstanding 17,338,348 shares at September 30, 2019 and 17,302,037 at December 31, 2018
1,084

 
1,081

Paid-in capital
121,900

 
119,888

Retained earnings
383,765

 
355,524

Accumulated other comprehensive loss
(8,924
)
 
(28,309
)
Total shareholders’ equity
497,825

 
448,184

Total liabilities and shareholders’ equity

$5,198,878

 

$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
 
Nine Months
Periods ended September 30,
2019
 
2018
 
2019
 
2018
Interest income:
 
 
 
 
 
 
 
Interest and fees on loans

$41,558

 

$38,493

 

$125,440

 

$109,633

Interest on mortgage loans held for sale
410

 
384

 
878

 
923

Taxable interest on debt securities
6,318

 
5,383

 
20,550

 
15,859

Nontaxable interest on debt securities
1

 
9

 
18

 
52

Dividends on Federal Home Loan Bank stock
747

 
634

 
2,162

 
1,700

Other interest income
493

 
261

 
1,232

 
723

Total interest and dividend income
49,527

 
45,164

 
150,280

 
128,890

Interest expense:
 

 
 

 
 
 
 
Deposits
9,792

 
6,546

 
27,957

 
16,222

Federal Home Loan Bank advances
6,512

 
4,937

 
20,153

 
13,627

Junior subordinated debentures
245

 
232

 
750

 
629

Total interest expense
16,549

 
11,715

 
48,860

 
30,478

Net interest income
32,978

 
33,449

 
101,420

 
98,412

Provision for loan losses
400

 
350

 
1,575

 
750

Net interest income after provision for loan losses
32,578

 
33,099

 
99,845

 
97,662

Noninterest income:
 
 
 
 
 
 
 
Wealth management revenues
9,153

 
9,454

 
27,954

 
29,329

Mortgage banking revenues
4,840

 
2,624

 
11,126

 
8,403

Card interchange fees
1,099

 
983

 
3,114

 
2,791

Service charges on deposit accounts
939

 
885

 
2,743

 
2,651

Loan related derivative income
1,407

 
278

 
2,877

 
1,087

Income from bank-owned life insurance
569

 
572

 
1,784

 
1,624

Net realized losses on securities

 

 
(80
)
 

Other income
335

 
419

 
944

 
1,066

Total noninterest income
18,342

 
15,215

 
50,462

 
46,951

Noninterest expense:
 
 
 
 
 
 
 
Salaries and employee benefits
18,332

 
17,283

 
54,387

 
52,359

Outsourced services
2,722

 
1,951

 
7,846

 
6,174

Net occupancy
1,933

 
2,013

 
5,835

 
5,945

Equipment
1,046

 
1,080

 
3,085

 
3,329

Legal, audit and professional fees
645

 
559

 
1,843

 
1,840

FDIC deposit insurance costs
(460
)
 
410

 
509

 
1,236

Advertising and promotion
368

 
440

 
1,132

 
946

Amortization of intangibles
236

 
245

 
714

 
740

Other expenses
2,048

 
2,081

 
6,634

 
6,911

Total noninterest expense
26,870

 
26,062

 
81,985

 
79,480

Income before income taxes
24,050

 
22,252

 
68,322

 
65,133

Income tax expense
5,236

 
4,741

 
14,740

 
13,737

Net income

$18,814

 

$17,511

 

$53,582

 

$51,396

 
 
 
 
 
 
 
 
Net income available to common shareholders

$18,778

 

$17,475

 

$53,477

 

$51,284

Weighted average common shares outstanding - basic
17,338

 
17,283

 
17,324

 
17,263

Weighted average common shares outstanding - diluted
17,414

 
17,382

 
17,406

 
17,392

Per share information:
Basic earnings per common share

$1.08

 

$1.01

 

$3.09

 

$2.97

 
Diluted earnings per common share

$1.08

 

$1.01

 

$3.07

 

$2.95

 
Cash dividends declared per share

$0.51

 

$0.43

 

$1.49

 

$1.29


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
 
Nine Months
Periods ended September 30,
2019
 
2018
 
2019
 
2018
Net income

$18,814

 

$17,511

 

$53,582

 

$51,396

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Net change in fair value of available for sale debt securities
2,886

 
(4,531
)
 
19,940

 
(18,057
)
Net change in fair value of cash flow hedges
(171
)
 
155

 
(1,235
)
 
1,409

Net change in defined benefit plan obligations
227

 
361

 
680

 
1,081

Total other comprehensive income (loss), net of tax
2,942

 
(4,015
)
 
19,385

 
(15,567
)
Total comprehensive income

$21,756

 

$13,496

 

$72,967

 

$35,829




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 September 30, 2019
Common
Shares Outstanding
 
Common
Stock
 
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
(Loss) Income
 
Total
Balance at July 1, 2019
17,336

 

$1,083

 

$121,115

 

$373,873

 

($11,866
)
 

$484,205

Net income

 

 

 
18,814

 

 
18,814

Total other comprehensive income, net of tax

 

 

 

 
2,942

 
2,942

Cash dividends declared ($0.51 per share)

 

 

 
(8,922
)
 

 
(8,922
)
Share-based compensation

 

 
792

 

 

 
792

Exercise of stock options, issuance of other compensation-related equity awards, net of awards surrendered
2

 
1

 
(7
)
 

 

 
(6
)
Balance at September 30, 2019
17,338

 

$1,084

 

$121,900

 

$383,765

 

($8,924
)
 

$497,825


For the nine months ended September 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

 

 

 
53,582

 

 
53,582

Total other comprehensive income, net of tax

 

 

 

 
19,385

 
19,385

Cash dividends declared ($1.49 per share)

 

 

 
(26,063
)
 

 
(26,063
)
Share-based compensation

 

 
2,295

 

 

 
2,295

Exercise of stock options, issuance of other compensation-related equity awards, net of awards surrendered
36

 
3

 
(283
)
 

 

 
(280
)
Cumulative effect of change in accounting principle

 

 

 
722

 

 
722

Balance at September 30, 2019
17,338

 

$1,084

 

$121,900

 

$383,765

 

($8,924
)
 

$497,825


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 September 30, 2018
Common
Shares Outstanding
 
Common
Stock
 
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Total
Balance at July 1, 2018
17,278

 

$1,080

 

$118,883

 

$336,670

 

($35,062
)
 

$421,571

Net income

 

 

 
17,511

 

 
17,511

Total other comprehensive loss, net of tax

 

 

 

 
(4,015
)
 
(4,015
)
Cash dividends declared ($0.43 per share)

 

 

 
(7,496
)
 

 
(7,496
)
Share-based compensation

 

 
658

 

 

 
658

Exercise of stock options, issuance of other compensation-related equity awards, net of awards surrendered
12

 
1

 
(321
)
 

 

 
(320
)
Balance at September 30, 2018
17,290

 

$1,081

 

$119,220

 

$346,685

 

($39,077
)
 

$427,909


For the nine months ended September 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

 

 

 
51,396

 

 
51,396

Total other comprehensive loss, net of tax

 

 

 

 
(15,567
)
 
(15,567
)
Cash dividends declared ($1.29 per share)

 

 

 
(22,467
)
 

 
(22,467
)
Share-based compensation

 

 
1,977

 

 

 
1,977

Exercise of stock options, issuance of other compensation-related equity awards, net of awards surrendered
63

 
4

 
(718
)
 

 

 
(714
)
Balance at September 30, 2018
17,290

 

$1,081

 

$119,220

 

$346,685

 

($39,077
)
 

$427,909



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)


Nine months ended September 30,
2019

 
2018

Cash flows from operating activities:
 
 
 
Net income

$53,582

 

$51,396

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Provision for loan losses
1,575

 
750

Depreciation of premises and equipment
2,478

 
2,454

Net amortization of premiums and discounts on securities and loans
3,113

 
2,157

Amortization of intangibles
714

 
740

Share-based compensation
2,295

 
1,977

Tax benefit from stock option exercises and other equity awards
202

 
454

Income from bank-owned life insurance
(1,784
)
 
(1,624
)
Net gains on loan sales, including fair value adjustments
(10,749
)
 
(7,950
)
Net realized losses on securities
80

 

Proceeds from sales of loans, net
365,057

 
306,095

Loans originated for sale
(380,635
)
 
(296,367
)
Decrease in operating lease right-of-use assets
1,422

 

Decrease in operating lease liabilities
(1,312
)
 

Increase in other assets
(41,239
)
 
(20,903
)
Increase in other liabilities
42,575

 
19,256

Net cash provided by operating activities
37,374