Washington Trust Bancorp Q3 2024 10-Q Filed

TL;DR

WTBC Q3 2024 10-Q is in! Balance sheet details out.

AI Summary

Washington Trust Bancorp Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including balance sheet information as of September 30, 2024, and comparative data for previous periods. Key financial components like common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income are reported.

Why It Matters

This filing provides investors and analysts with the latest financial snapshot of Washington Trust Bancorp, crucial for understanding its performance and stability in the current economic climate.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing and does not inherently present new risks.

Key Numbers

• 2024-09-30 — Balance Sheet Date (As of this date, the company's financial position is reported.)
• 2024-01-01 to 2024-09-30 — Reporting Period (Covers the first nine months of fiscal year 2024.)
• 2023-12-31 — Prior Year End (Provides a comparison point to the end of the previous fiscal year.)

Key Players & Entities

• WASHINGTON TRUST BANCORP INC (company) — Filer
• 20240930 (date) — Period of Report
• 20241107 (date) — Filing Date
• RI (location) — State of Incorporation
• 02891 (postal_code) — Business Address Zip

FAQ

Filing Documents

• wash-20240930.htm (10-Q) — 3735KB
• exhibit31110q2024q3.htm (EX-31.1) — 12KB
• exhibit31210q2024q3.htm (EX-31.2) — 12KB
• exhibit32110q2024q3.htm (EX-32.1) — 9KB
• 0000737468-24-000041.txt ( ) — 16523KB
• wash-20240930.xsd (EX-101.SCH) — 59KB
• wash-20240930_cal.xml (EX-101.CAL) — 76KB
• wash-20240930_def.xml (EX-101.DEF) — 481KB
• wash-20240930_lab.xml (EX-101.LAB) — 848KB
• wash-20240930_pre.xml (EX-101.PRE) — 676KB
• wash-20240930_htm.xml (XML) — 3821KB

Financial Information

PART I. Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 4 Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023 5 Consolidated Statements of Comprehensive Income for the three and nine months ended September 30 , 2024 and 2023 6 Consolidated Statements of Changes in Shareholders' Equity for the three and nine months ended September 30 , 2024 and 2023 7 Consolidated Statements of Cash Flows for the nine months ended September 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 31 Note 9 - Borrowings 32 Note 10 - Shareholders' Equity 32 Note 11 - Revenue from Contracts with Customers 34 Note 12 - Defined Benefit Pension Plans 35 Note 13 - Business Segments 37 Note 14 - Other Comprehensive Income (Loss) 38 Note 15 - Earnings Per Common Share 40 Note 16 - Commitments and Contingencies 40

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 43

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 72

Controls and Procedures

Item 4. Controls and Procedures 72

Other Information

PART II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 72

Risk Factors

Item 1A. Risk Factors 72

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 72

Other Information

Item 5. Other Information 72

Exhibits

Item 6. Exhibits 73

Signatures

Signatures 74 -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) September 30, 2024 December 31, 2023 Assets: Cash and due from banks $ 206,971 $ 86,824 Short-term investments 3,772 3,360 Mortgage loans held for sale, at fair value 20,864 20,077 Available for sale debt securities, at fair value (amortized cost of $ 1,098,649 , net of allowance for credit losses on securities of $ 0 at September 30, 2024; and amortized cost of $ 1,152,629 ; net of allowance for credit losses on securities of $ 0 at December 31, 2023) 973,266 1,000,380 Federal Home Loan Bank stock, at cost 57,439 51,893 Loans: Total loans 5,514,870 5,647,706 Less: allowance for credit losses on loans 42,630 41,057 Net loans 5,472,240 5,606,649 Premises and equipment, net 32,145 32,291 Operating lease right-of-use assets 27,612 29,364 Investment in bank-owned life insurance 105,998 103,736 Goodwill 63,909 63,909 Identifiable intangible assets, net 3,089 3,711 Other assets 174,266 200,653 Total assets $ 7,141,571 $ 7,202,847 Liabilities: Deposits: Noninterest-bearing deposits $ 665,706 $ 693,746 Interest-bearing deposits 4,506,184 4,654,414 Total deposits 5,171,890 5,348,160 Federal Home Loan Bank advances 1,300,000 1,190,000 Junior subordinated debentures 22,681 22,681 Operating lease liabilities 30,237 32,027 Other liabilities 114,534 137,293 Total liabilities 6,639,342 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 17,058,413 shares outstanding at September 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 126,698 126,150 Retained earnings 505,654 501,917 Accumulated other comprehensive loss ( 117,158 ) ( 141,153 ) Treasury stock, at cost, 305,044 shares at September 30, 2024 a

View Full Filing

View this 10-Q filing on SEC EDGAR