Washington Trust Bancorp Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Washington Trust Bancorp Inc. has submitted its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial performance and operational status.</b>

AI Summary

WASHINGTON TRUST BANCORP INC (WASH) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Washington Trust Bancorp Inc. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's principal business address is 23 Broad St, Westerly, RI 02891. The filing was made on May 7, 2024. Washington Trust Bancorp Inc. operates within the Commercial Banks sector (SIC 6022).

Why It Matters

For investors and stakeholders tracking WASHINGTON TRUST BANCORP INC, this filing contains several important signals. This 10-Q filing provides investors and analysts with up-to-date financial information, including balance sheets, income statements, and cash flow statements, crucial for assessing the company's current health and future prospects. Understanding the details within this report allows stakeholders to evaluate the company's performance against its previous filings and industry benchmarks, informing investment decisions.

Risk Assessment

Risk Level: low — WASHINGTON TRUST BANCORP INC shows low risk based on this filing. The risk is low as this is a standard quarterly filing (10-Q) which is a routine disclosure for publicly traded companies and does not inherently signal significant new risks.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to identify any significant changes in revenue, expenses, or balance sheet items compared to the previous quarter.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed Period of Report)
• 2024-05-07 — Filing Date (Filed As Of Date)
• 6022 — Standard Industrial Classification (SIC Code for Commercial Banks)

Key Players & Entities

• WASHINGTON TRUST BANCORP INC (company) — Filer Name
• 0000737468 (company) — Central Index Key
• 23 BROAD ST (company) — Business Address
• WESTERLY (company) — Business Address City
• RI (company) — Business Address State
• 02891 (company) — Business Address Zip
• 4013481200 (company) — Business Phone
• 2024-03-31 (date) — Conformed Period of Report

FAQ

Industry Context

Washington Trust Bancorp Inc. operates in the Commercial Banks industry, a sector characterized by financial intermediation, lending, and deposit-taking services.

Regulatory Implications

As a publicly traded company, Washington Trust Bancorp Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the balance sheet for changes in assets, liabilities, and equity from the previous quarter.
2. Review the income statement to understand revenue generation, expense management, and profitability trends.
3. Examine the cash flow statement to assess the company's ability to generate cash from its operations, investments, and financing activities.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-07: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report for the fiscal year 2024, providing the latest financial data compared to the previous year's first quarter and the preceding fiscal year-end.

Filing Documents

• wash-20240331.htm (10-Q) — 2958KB
• exhibit31110q2024q1.htm (EX-31.1) — 12KB
• exhibit31210q2024q1.htm (EX-31.2) — 12KB
• exhibit32110q2024q1.htm (EX-32.1) — 9KB
• 0000737468-24-000028.txt (&nbsp;) — 14210KB
• wash-20240331.xsd (EX-101.SCH) — 59KB
• wash-20240331_cal.xml (EX-101.CAL) — 78KB
• wash-20240331_def.xml (EX-101.DEF) — 465KB
• wash-20240331_lab.xml (EX-101.LAB) — 840KB
• wash-20240331_pre.xml (EX-101.PRE) — 659KB
• wash-20240331_htm.xml (XML) — 3052KB

Financial Information

PART I. Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 4 Consolidated Statements of Income for the three months ended March 3 1 , 202 4 and 20 2 3 5 Consolidated Statements of Comprehensive Income for the three months ended March 3 1 , 202 4 and 20 23 6 Consolidated Statements of Changes in Shareholders' Equity for the three months ended March 3 1 , 202 4 and 202 3 7 Consolidated Statements of Cash Flows for the three months ended March 3 1 , 202 4 and 202 3 8 Condensed Notes to Unaudited Consolidated Financial Statements: 9 Note 1 - Basis of Presentation 9 Note 2 - Recently Issued Accounting Pronouncements 9 Note 3 - Securities 10 Note 4 - Loans 12 Note 5 - Allowance for Credit Losses on Loans 21 Note 6 - Derivative Financial Instruments 21 Note 7 - Fair Value Measurements 24 Note 8 - Deposits 28 Note 9 - Borrowings 29 Note 10 - Shareholders' Equity 29 Note 11 - Revenue from Contracts with Customers 31 Note 12 - Defined Benefit Pension Plans 32 Note 13 - Business Segments 33 Note 14 - Other Comprehensive Income (Loss) 34 Note 15 - Earnings Per Common Share 35 Note 16 - Commitments and Contingencies 35

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 37

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 64

Controls and Procedures

Item 4. Controls and Procedures 64

Other Information

PART II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 64

Risk Factors

Item 1A. Risk Factors 64

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 64

Other Information

Item 5. Other Information 64

Exhibits

Item 6. Exhibits 65

Signatures

Signatures 66 -2- Glossary of Acronyms and Terms The following is a list of acronyms and terms that are used throughout this Quarterly Report on Form 10-Q: 2023 Repurchase Program Washington Trust Bancorp, Inc.'s Stock Repurchase Program commencing January 1, 2023 2024 Repurchase Program Washington Trust Bancorp, Inc.'s Stock Repurchase Program commencing January 1, 2024 ACL Allowance for credit losses ALCO Asset/Liability Committee AOCL Accumulated other comprehensive loss ASC Accounting Standards Codification ASU Accounting Standards Update ATM Automated teller machine AUA Assets under administration Bancorp Washington Trust Bancorp, Inc. Bank The Washington Trust Company, of Westerly BOLI Bank-owned life insurance C&I Commercial and industrial CDARS Certificate of Deposit Account Registry Service Corporation The Bancorp and its subsidiaries CRE Commercial real estate DCF Discounted cash flow DDM Demand Deposit Marketplace EPS Earnings per common share ERM Enterprise risk management Exchange Act Securities Exchange Act of 1934, as amended FDIC Federal Deposit Insurance Corporation Federal Reserve Board of Governors of the Federal Reserve System FHLB Federal Home Loan Bank of Boston FRBB Federal Reserve Bank of Boston FTE Fully taxable equivalent GAAP Accounting principles generally accepted in the United States of America ICS Insured Cash Sweep LTV Loan to value NIM Net interest margin OREO Property acquired through foreclosure or repossession S&P Standard and Poors, Inc. SBA Small Business Administration SEC U.S. Securities and Exchange Commission TLM Troubled loan modification Washington Trust The Bancorp and its subsidiaries -3-

Financial Information

PART I. Financial Information

Financial Statements

Item 1. Financial Statements Washington Trust Bancorp, Inc. and Subsidiaries Consolidated Balance Sheets (unaudited) (Dollars in thousands, except par value) March 31, 2024 December 31, 2023 Assets: Cash and due from banks $ 102,136 $ 86,824 Short-term investments 3,452 3,360 Mortgage loans held for sale, at fair value 25,462 20,077 Available for sale debt securities, at fair value (amortized cost of $ 1,137,057 , net of allowance for credit losses on securities of $ 0 at March 31, 2024; and amortized cost of $ 1,152,629 ; net of allowance for credit losses on securities of $ 0 at December 31, 2023) 970,060 1,000,380 Federal Home Loan Bank stock, at cost 55,512 51,893 Loans: Total loans 5,685,232 5,647,706 Less: allowance for credit losses on loans 41,905 41,057 Net loans 5,643,327 5,606,649 Premises and equipment, net 31,914 32,291 Operating lease right-of-use assets 29,216 29,364 Investment in bank-owned life insurance 104,475 103,736 Goodwill 63,909 63,909 Identifiable intangible assets, net 3,503 3,711 Other assets 216,158 200,653 Total assets $ 7,249,124 $ 7,202,847 Liabilities: Deposits: Noninterest-bearing deposits $ 648,929 $ 693,746 Interest-bearing deposits 4,698,964 4,654,414 Total deposits 5,347,893 5,348,160 Federal Home Loan Bank advances 1,240,000 1,190,000 Junior subordinated debentures 22,681 22,681 Operating lease liabilities 31,837 32,027 Other liabilities 139,793 137,293 Total liabilities 6,782,204 6,730,161 Commitments and contingencies (Note 16) Shareholders' Equity: Common stock of $ .0625 par value; authorized 60,000,000 shares; 17,363,457 shares issued and 17,033,174 shares outstanding at March 31, 2024 and 17,363,457 shares issued and 17,030,987 shares outstanding at December 31, 2023 1,085 1,085 Paid-in capital 126,785 126,150 Retained earnings 503,175 501,917 Accumulated other comprehensive loss ( 148,913 ) ( 141,153 ) Treasury stock, at cost; 330,283 shares at March 31, 2024 and 332,470 share

View Full Filing

View this 10-Q filing on SEC EDGAR