Washington Trust Bancorp Files Q2 2024 10-Q

TL;DR

**WASH 10-Q filed: Q2 2024 financials are in. Check it out.**

AI Summary

Washington Trust Bancorp Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and disclosures relevant to investors and stakeholders are presented.

Why It Matters

This filing provides investors with crucial financial data and insights into Washington Trust Bancorp's performance and financial health during the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing (10-Q) and does not inherently indicate new or elevated risks.

Key Numbers

• 20240630 — Period End Date (Indicates the end of the reporting quarter.)
• 20240806 — Filing Date (Date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• WASHINGTON TRUST BANCORP INC (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240806 (date) — Filing date
• RI (location) — State of incorporation and business address
• 02891 (postal_code) — ZIP code for business address

FAQ

Filing Documents

• wash-20240630.htm (10-Q) — 3643KB
• exhibit10310q2024q2.htm (EX-10.3) — 28KB
• exhibit10410q2024q2.htm (EX-10.4) — 39KB
• exhibit10510q2024q2.htm (EX-10.5) — 21KB
• exhibit31110q2024q2.htm (EX-31.1) — 12KB
• exhibit31210q2024q2.htm (EX-31.2) — 12KB
• exhibit32110q2024q2.htm (EX-32.1) — 9KB
• 0000737468-24-000034.txt ( ) — 16206KB
• wash-20240630.xsd (EX-101.SCH) — 59KB
• wash-20240630_cal.xml (EX-101.CAL) — 75KB
• wash-20240630_def.xml (EX-101.DEF) — 471KB
• wash-20240630_lab.xml (EX-101.LAB) — 845KB
• wash-20240630_pre.xml (EX-101.PRE) — 666KB
• wash-20240630_htm.xml (XML) — 3674KB

Financial Information

PART I. Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Consolidated Balance Sheets as of June 3 0 , 2024 and December 31, 2023 4 Consolidated Statements of Income for the three and six months ended June 3 0 , 2024 and 2023 5 Consolidated Statements of Comprehensive Income for the three and six months ended June 30 , 2024 and 2023 6 Consolidated Statements of Changes in Shareholders' Equity for the three and six months ended June 30 , 2024 and 2023 7 Consolidated Statements of Cash Flows for the six months ended June 30 , 2024 and 2023 9 Condensed Notes to Unaudited Consolidated Financial Statements: 10 Note 1 - Basis of Presentation 10 Note 2 - Recently Issued Accounting Pronouncements 10 Note 3 - Securities 11 Note 4 - Loans 13 Note 5 - Allowance for Credit Losses on Loans 22 Note 6 - Derivative Financial Instruments 23 Note 7 - Fair Value Measurements 26 Note 8 - Deposits 30 Note 9 - Borrowings 31 Note 10 - Shareholders' Equity 31 Note 11 - Revenue from Contracts with Customers 33 Note 12 - Defined Benefit Pension Plans 34 Note 13 - Business Segments 36 Note 14 - Other Comprehensive Income (Loss) 37 Note 15 - Earnings Per Common Share 39 Note 16 - Commitments and Contingencies 39

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 42

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 71

Controls and Procedures

Item 4. Controls and Procedures 71

Other Information

PART II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 71

Risk Factors

Item 1A. Risk Factors 71

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 71

Other Information

Item 5. Other Information 71

Exhibits

Item 6. Exhibits 72

Signatures

Signatures 73 -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) June 30, 2024 December 31, 2023 Assets: Cash and due from banks $ 103,877 $ 86,824 Short-term investments 3,654 3,360 Mortgage loans held for sale, at fair value 26,116 20,077 Available for sale debt securities, at fair value (amortized cost of $ 1,117,819 , net of allowance for credit losses on securities of $ 0 at June 30, 2024; and amortized cost of $ 1,152,629 ; net of allowance for credit losses on securities of $ 0 at December 31, 2023) 951,828 1,000,380 Federal Home Loan Bank stock, at cost 66,166 51,893 Loans: Total loans 5,629,102 5,647,706 Less: allowance for credit losses on loans 42,378 41,057 Net loans 5,586,724 5,606,649 Premises and equipment, net 31,866 32,291 Operating lease right-of-use assets 28,387 29,364 Investment in bank-owned life insurance 105,228 103,736 Goodwill 63,909 63,909 Identifiable intangible assets, net 3,295 3,711 Other assets 213,310 200,653 Total assets $ 7,184,360 $ 7,202,847 Liabilities: Deposits: Noninterest-bearing deposits $ 645,661 $ 693,746 Interest-bearing deposits 4,330,465 4,654,414 Total deposits 4,976,126 5,348,160 Federal Home Loan Bank advances 1,550,000 1,190,000 Junior subordinated debentures 22,681 22,681 Operating lease liabilities 31,012 32,027 Other liabilities 133,584 137,293 Total liabilities 6,713,403 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 17,058,411 shares outstanding at June 30, 2024 and 17,363,457 shares issued and 17,030,987 shares outstanding at December 31, 2023 1,085 1,085 Paid-in capital 125,898 126,150 Retained earnings 504,350 501,917 Accumulated other comprehensive loss ( 146,326 ) ( 141,153 ) Treasury stock, at cost; 305,046 shares at June 30, 2024 and 332,470 shares at

View Full Filing

View this 10-Q filing on SEC EDGAR