x
|
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended MARCH 31, 2011 or
|
o
|
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ______ to ______.
|
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)
|
Large accelerated filer o
|
Accelerated filer x
|
Non-accelerated filer o
|
Smaller reporting company o
|
(Do not check if a smaller reporting company)
|
FORM 10-Q
|
||
WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES
|
||
For the Quarter Ended March 31, 2011
|
||
Page
|
||
Number
|
||
Exhibit 31.1 Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
Exhibit 31.2 Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
Exhibit 32.1 Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
(Dollars in thousands,
|
|
WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES
|
except par value)
|
March 31,
|
December 31,
|
|||||||
2011
|
2010
|
|||||||
Assets:
|
||||||||
Cash and due from banks
|
$ | 68,113 | $ | 85,971 | ||||
Other short-term investments
|
6,296 | 6,765 | ||||||
Mortgage loans held for sale
|
2,985 | 13,894 | ||||||
Securities available for sale, at fair value;
|
||||||||
amortized cost $560,752 in 2011 and $578,897 in 2010
|
576,158 | 594,100 | ||||||
Federal Home Loan Bank stock, at cost
|
42,008 | 42,008 | ||||||
Loans:
|
||||||||
Commercial and other
|
1,056,388 | 1,027,065 | ||||||
Residential real estate
|
649,157 | 645,020 | ||||||
Consumer
|
324,092 | 323,553 | ||||||
Total loans
|
2,029,637 | 1,995,638 | ||||||
Less allowance for loan losses
|
29,109 | 28,583 | ||||||
Net loans
|
2,000,528 | 1,967,055 | ||||||
Premises and equipment, net
|
26,010 | 26,069 | ||||||
Investment in bank-owned life insurance
|
52,320 | 51,844 | ||||||
Goodwill
|
58,114 | 58,114 | ||||||
Identifiable intangible assets, net
|
7,614 | 7,852 | ||||||
Other assets
|
52,126 | 55,853 | ||||||
Total assets
|
$ | 2,892,272 | $ | 2,909,525 | ||||
Liabilities:
|
||||||||
Deposits:
|
||||||||
Demand deposits
|
$ | 274,798 | $ | 228,437 | ||||
NOW accounts
|
228,502 | 241,974 | ||||||
Money market accounts
|
387,923 | 396,455 | ||||||
Savings accounts
|
223,599 | 220,888 | ||||||
Time deposits
|
934,024 | 948,576 | ||||||
Total deposits
|
2,048,846 | 2,036,330 | ||||||
Federal Home Loan Bank advances
|
469,235 | 498,722 | ||||||
Junior subordinated debentures
|
32,991 | 32,991 | ||||||
Other borrowings
|
21,467 | 23,359 | ||||||
Other liabilities
|
45,848 | 49,259 | ||||||
Total liabilities
|
2,618,387 | 2,640,661 | ||||||
Shareholders’ Equity:
|
||||||||
Common stock of $.0625 par value; authorized 30,000,000 shares;
|
||||||||
issued 16,233,587 shares in 2011 and 16,171,618 shares in 2010
|
1,015 | 1,011 | ||||||
Paid-in capital
|
86,348 | 84,889 | ||||||
Retained earnings
|
182,136 | 178,939 | ||||||
Accumulated other comprehensive income
|
4,386 | 4,025 | ||||||
Total shareholders’ equity
|
273,885 | 268,864 | ||||||
Total liabilities and shareholders’ equity
|
$ | 2,892,272 | $ | 2,909,525 |
The accompanying notes are an integral part of these unaudited consolidated financial statements.
|
WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES
|
(Dollars and shares in thousands,
|
except per share amounts)
|
Three months ended March 31,
|
2011
|
2010
|
|||||||
Interest income:
|
|||||||||
Interest and fees on loans
|
$ | 24,259 | $ | 23,968 | |||||
Interest on securities:
|
Taxable
|
4,773 | 6,051 | ||||||
Nontaxable
|
769 | 769 | |||||||
Dividends on corporate stock and Federal Home Loan Bank stock
|
67 | 55 | |||||||
Other interest income
|
24 | 21 | |||||||
Total interest income
|
29,892 | 30,864 | |||||||
Interest expense:
|
|||||||||
Deposits
|
4,202 | 5,769 | |||||||
Federal Home Loan Bank advances
|
4,732 | 6,219 | |||||||
Junior subordinated debentures
|
390 | 630 | |||||||
Other interest expense
|
241 | 242 | |||||||
Total interest expense
|
9,565 | 12,860 | |||||||
Net interest income
|
20,327 | 18,004 | |||||||
Provision for loan losses
|
1,500 | 1,500 | |||||||
Net interest income after provision for loan losses
|
18,827 | 16,504 | |||||||
Noninterest income:
|
|||||||||
Wealth management services:
|
|||||||||
Trust and investment advisory fees
|
5,676 | 5,017 | |||||||
Mutual fund fees
|
1,123 | 1,110 | |||||||
Financial planning, commissions and other service fees
|
281 | 179 | |||||||
Wealth management services
|
7,080 | 6,306 | |||||||
Service charges on deposit accounts
|
932 | 849 | |||||||
Merchant processing fees
|
1,944 | 1,606 | |||||||
Card interchange fees
|
487 | 389 | |||||||
Income from bank-owned life insurance
|
476 | 439 | |||||||
Net gains on loan sales and commissions on loans originated for others
|
525 | 560 | |||||||
Net realized loss on securities
|
(29 | ) | – | ||||||
Net gains on interest rate swap contracts
|
76 | 68 | |||||||
Equity in losses of unconsolidated subsidiaries
|
(144 | ) | (52 | ) | |||||
Other income
|
383 | 365 | |||||||
Noninterest income, excluding other-than-temporary impairment losses
|
11,730 | 10,530 | |||||||
Total other-than-temporary impairment losses on securities
|
(54 | ) | (2 | ) | |||||
Portion of loss recognized in other comprehensive income (before tax)
|
21 | (61 | ) | ||||||
Net impairment losses recognized in earnings
|
(33 | ) | (63 | ) | |||||
Total noninterest income
|
11,697 | 10,467 | |||||||
Noninterest expense:
|
|||||||||
Salaries and employee benefits
|
11,828 | 11,501 | |||||||
Net occupancy
|
1,321 | 1,224 | |||||||
Equipment
|
1,049 | 997 | |||||||
Merchant processing costs
|
1,669 | 1,357 | |||||||
Outsourced services
|
872 | 840 | |||||||
FDIC deposit insurance costs
|
723 | 794 | |||||||
Legal, audit and professional fees
|
492 | 518 | |||||||
Advertising and promotion
|
353 | 364 | |||||||
Amortization of intangibles
|
238 | 291 | |||||||
Foreclosed property costs
|
166 | 36 | |||||||
Other expenses
|
2,029 | 1,755 | |||||||
Total noninterest expense
|
20,740 | 19,677 | |||||||
Income before income taxes
|
9,784 | 7,294 | |||||||
Income tax expense
|
2,984 | 2,122 | |||||||
Net income
|
$ | 6,800 | $ | 5,172 | |||||
Weighted average common shares outstanding - basic
|
16,197.2 | 16,057.7 | |||||||
Weighted average common shares outstanding - diluted
|
16,229.8 | 16,063.9 | |||||||
Per share information:
|
Basic earnings per common share
|
$ | 0.42 | $ | 0.32 | ||||
Diluted earnings per common share
|
$ | 0.42 | $ | 0.32 | |||||
Cash dividends declared per share
|
$ | 0.22 | $ | 0.21 |
The accompanying notes are an integral part of these unaudited consolidated financial statements.
|
WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES
|
(Dollars in thousands)
|
||||||||
Three months ended March 31,
|
2011
|
2010
|
|||||||
Cash Flows from Operating Activities:
|
|||||||||
Net income
|
$ | 6,800 | $ | 5,172 | |||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
|||||||||
Provision for loan losses
|
1,500 | 1,500 | |||||||
Depreciation of premises and equipment
|
767 | 772 | |||||||
Net amortization of premium and discount
|
373 | 102 | |||||||
Net amortization of intangibles
|
238 | 291 | |||||||
Share-based compensation
|
328 | 177 | |||||||
Earnings from bank-owned life insurance
|
(476 | ) | (439 | ) | |||||
Net gains on loan sales and commissions on loans originated for others
|
(525 | ) | (560 | ) | |||||
Net realized losses on securities
|
29 | – | |||||||
Net impairment losses recognized in earnings
|
33 | 63 | |||||||
Net gains on interest rate swap contracts
|
(76 | ) | (68 | ) | |||||
Equity in losses of unconsolidated subsidiaries
|
144 | 52 | |||||||
Proceeds from sales of loans
|
32,066 | 36,113 | |||||||
Loans originated for sale
|
(20,267 | ) | (30,336 | ) | |||||
Decrease in other assets
|
3,073 | 2,267 | |||||||
Decrease in other liabilities
|
(3,103 | ) | (708 | ) | |||||
Other, net
|
5 | 6 | |||||||
Net cash provided by operating activities
|
20,909 | 14,404 | |||||||
Cash Flows from Investing Activities:
|
|||||||||
Purchases of:
|
Mortgage-backed securities available for sale
|
(49,675 | ) | (44,479 | ) | ||||
Other investment securities available for sale
|
- | (15,000 | ) | ||||||
Proceeds from sale of:
|
Mortgage-backed securities available for sale
|
36,838 | - | ||||||
Other investment securities available for sale
|
- | 711 | |||||||
Maturities and principal payments of mortgage-backed securities available for sale
|
30,519 | 36,184 | |||||||
Net increase in loans
|
(33,606 | ) | (18,887 | ) | |||||
Purchases of loans, including purchased interest
|
(1,710 | ) | (75 | ) | |||||
Proceeds from the sale of property acquired through foreclosure or repossession
|
251 | – | |||||||
Purchases of premises and equipment
|
(713 | ) | (621 | ) | |||||
Net cash used in investing activities
|
(18,096 | ) | (42,167 | ) | |||||
Cash Flows from Financing Activities:
|
|||||||||
Net increase in deposits
|
12,517 | 38,178 | |||||||
Net decrease in other borrowings
|
(1,892 | ) | (698 | ) | |||||
Proceeds from Federal Home Loan Bank advances
|
43,578 | 15,000 | |||||||
Repayment of Federal Home Loan Bank advances
|
(73,065 | ) | (44,360 | ) | |||||
Issuance of treasury stock, including deferred compensation plan activity
|
- | 35 | |||||||
Net proceeds from the issuance of common stock under dividend reinvestment plan
|
236 | 256 | |||||||
Net proceeds from the exercise of stock options and issuance of other
|
|||||||||
compensation-related equity instruments
|
819 | 214 | |||||||
Tax benefit from stock option exercises and issuance of other compensation-related equity instruments
|
81 | 24 | |||||||
Cash dividends paid
|
(3,414 | ) | (3,369 | ) | |||||
Net cash (used in) provided by financing activities
|
(21,140 | ) | 5,280 | ||||||
Net decrease in cash and cash equivalents
|
(18,327 | ) | (22,483 | ) | |||||
Cash and cash equivalents at beginning of period
|
92,736 | 57,260 | |||||||
Cash and cash equivalents at end of period
|
$ | 74,409 | $ | 34,777 | |||||
Noncash Investing and Financing Activities:
|
Loans charged off
|
$ | 1,052 | $ | 1,275 | ||||
Net transfer from loans to property acquired through
|
|||||||||
foreclosure or repossession
|
129 | – | |||||||
Proceeds due from sale of property acquired
|
|||||||||
through foreclosure or repossession
|
1,267 | – | |||||||
Supplemental Disclosures:
|
Interest payments
|
9,190 | 12,064 | ||||||
Income tax (refunds) payments
|
(584 | ) | 3 | ||||||
The accompanying notes are an integral part of these unaudited consolidated financial statements.
|
WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES
|
|
|
WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES
|
(Continued)
|
|
(Dollars in thousands)
|
||||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
March 31, 2011
|
Cost (1)
|
Gains
|
Losses
|
Value
|
||||||||||||
Securities Available for Sale:
|
||||||||||||||||
Obligations of U.S. government-sponsored enterprises
|
$ | 29,408 | $ | 3,495 | $ | − | $ | 32,903 | ||||||||
Mortgage-backed securities issued by U.S. government
|
||||||||||||||||
agencies and U.S. government-sponsored enterprises
|
400,471 | 17,870 | (753 | ) | 417,588 | |||||||||||
States and political subdivisions
|
79,450 | 2,420 | (227 | ) | 81,643 | |||||||||||
Trust preferred securities:
|
||||||||||||||||
Individual name issuers
|
30,610 | − | (5,533 | ) | 25,077 | |||||||||||
Collateralized debt obligations
|
4,428 | − | (3,676 | ) | 752 | |||||||||||
Corporate bonds
|
13,872 | 1,206 | (3 | ) | 15,075 | |||||||||||
Common stocks
|
659 | 147 | − | 806 | ||||||||||||
Perpetual preferred stocks (2)
|
1,854 | 460 | − | 2,314 | ||||||||||||
Total securities available for sale
|
$ | 560,752 | $ | 25,598 | $ | (10,192 | ) | $ | 576,158 |
(Dollars in thousands)
|
||||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
December 31, 2010
|
Cost (1)
|
Gains
|
Losses
|
Value
|
||||||||||||
Securities Available for Sale:
|
||||||||||||||||
Obligations of U.S. government-sponsored enterprises
|
$ | 36,900 | $ | 4,094 | $ | − | $ | 40,994 | ||||||||
Mortgage-backed securities issued by U.S. government
|
||||||||||||||||
agencies and U.S. government-sponsored enterprises
|
411,087 | 19,068 | (384 | ) | 429,771 | |||||||||||
States and political subdivisions
|
79,455 | 1,975 | (375 | ) | 81,055 | |||||||||||
Trust preferred securities:
|
||||||||||||||||
Individual name issuers
|
30,601 | − | (7,326 | ) | 23,275 | |||||||||||
Collateralized debt obligations
|
4,466 | − | (3,660 | ) | 806 | |||||||||||
Corporate bonds
|
13,874 | 1,338 | − | 15,212 | ||||||||||||
Common stocks
|
660 | 149 | − | 809 | ||||||||||||
Perpetual preferred stocks (2)
|
1,854 | 324 | − | 2,178 | ||||||||||||
Total securities available for sale
|
$ | 578,897 | $ | 26,948 | $ | (11,745 | ) | $ | 594,100 |
WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES
|
(Continued)
|
|
(Dollars in thousands)
|
||||||||
Three months ended March 31,
|
2011
|
2010
|
||||||
Balance at beginning of period
|
$ | 2,913 | $ | 2,496 | ||||
Credit-related impairment loss on debt securities for which an other-than-temporary
|
||||||||
impairment was not previously recognized
|
– | – | ||||||
Additional increases to the amount of credit-related impairment loss on debt securities
|
||||||||
for which an other-than-temporary impairment was previously recognized
|
33 | 63 | ||||||
Balance at end of period
|
$ | 2,946 | $ | 2,559 |
WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES
|
(Continued)
|
|
(Dollars in thousands)
|
Less than 12 Months
|
12 Months or Longer
|
Total
|
|||||||||||||||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||||||||||||||
March 31, 2011
|
# |
Value
|
Losses
|
# |
Value
|
Losses
|
# |
Value
|
Losses
|
|||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S.
government agencies and U.S.
government-sponsored enterprises
|
7 | $ | 101,688 | $ | 753 | – | $ | – | $ | – | 7 | $ | 101,688 | $ | 753 | |||||||||||||||||||||
States and
|
||||||||||||||||||||||||||||||||||||
political subdivisions
|
6 | 5,706 | 122 | 2 | 1,225 | 105 | 8 | 6,931 | 227 | |||||||||||||||||||||||||||
Trust preferred securities:
|
||||||||||||||||||||||||||||||||||||
Individual name issuers
|
– | – | – | 11 | 25,077 | 5,533 | 11 | 25,077 | 5,533 | |||||||||||||||||||||||||||
Collateralized debt obligations
|
– | – | – | 2 | 752 | 3,676 | 2 | 752 | 3,676 | |||||||||||||||||||||||||||
Corporate bonds
|
1 | 604 | 3 | – | – | – | 1 | 604 | 3 | |||||||||||||||||||||||||||
Total temporarily impaired securities
|
14 | $ | 107,998 | $ | 878 | 15 | $ | 27,054 | $ | 9,314 | 29 | $ | 135,052 | $ | 10,192 |
(Dollars in thousands)
|
Less than 12 Months
|
12 Months or Longer
|
Total
|
|||||||||||||||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||||||||||||||
December 31, 2010
|
# |
Value
|
Losses
|
# |
Value
|
Losses
|
# |
Value
|
Losses
|
|||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S.
government agencies and U.S.
government-sponsored enterprises
|
6 | $ | 76,382 | $ | 369 | 3 | $ | 5,208 | $ | 15 | 9 | $ | 81,590 | $ | 384 | |||||||||||||||||||||
States and
|
||||||||||||||||||||||||||||||||||||
political subdivisions
|
15 | 14,209 | 273 | 2 | 1,228 | 102 | 17 | 15,437 | 375 | |||||||||||||||||||||||||||
Trust preferred securities:
|
||||||||||||||||||||||||||||||||||||
Individual name issuers
|
– | – | – | 11 | 23,275 | 7,326 | 11 | 23,275 | 7,326 | |||||||||||||||||||||||||||
Collateralized debt obligations
|
– | – | – | 2 | 806 | 3,660 | 2 | 806 | 3,660 | |||||||||||||||||||||||||||
Total temporarily impaired securities
|
21 | $ | 90,591 | $ | 642 | 18 | $ | 30,517 | $ | 11,103 | 39 | $ | 121,108 | $ | 11,745 |
WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES
|
(Continued)
|
|
WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES
|
(Continued)
|
|
WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES
|
(Continued)
|
|
(Dollars in thousands)
|
Due in
|
After 1 Year
|
After 5 Years
|
|||||||||||||||||
1 Year
|
but within
|
but within
|
After
|
|||||||||||||||||
or Less
|
5 Years
|
10 Years
|
10 Years
|
Totals
|
||||||||||||||||
Securities Available for Sale:
|
||||||||||||||||||||
Obligations of U.S. government-sponsored
|
||||||||||||||||||||
enterprises:
|
||||||||||||||||||||
Amortized cost
|
$ | – | $ | 29,408 | $ | – | $ | – | $ | 29,408 | ||||||||||
Weighted average yield
|
– | % | 5.41 | % | – | % | – | % | 5.41 | % | ||||||||||
Mortgage-backed securities issued by U.S.
|
||||||||||||||||||||
government agencies & U.S.
|
||||||||||||||||||||
government-sponsored enterprises:
|
||||||||||||||||||||
Amortized cost
|
93,731 | 200,991 | 82,852 | 22,897 | 400,471 | |||||||||||||||
Weighted average yield
|
4.59 | % | 4.28 | % | 2.78 | % | 2.61 | % | 3.95 | % | ||||||||||
State and political subdivisions:
|
||||||||||||||||||||
Amortized cost
|
8,094 | 42,862 | 28,494 | – | 79,450 | |||||||||||||||
Weighted average yield
|
3.90 | % | 3.84 | % | 3.96 | % | – | % | 3.89 | % | ||||||||||
Trust preferred securities:
|
||||||||||||||||||||
Amortized cost (1)
|
– | – | – | 35,038 | 35,038 | |||||||||||||||
Weighted average yield
|
– | % | – | % | – | % | 1.53 | % | 1.53 | % | ||||||||||
Corporate bonds:
|
||||||||||||||||||||
Amortized cost
|
4,990 | 8,882 | – | – | 13,872 | |||||||||||||||
Weighted average yield
|
6.50 | % | 6.30 | % | – | % | – | % | 6.37 | % | ||||||||||
Total debt securities:
|
||||||||||||||||||||
Amortized cost
|
$ | 106,815 | $ | 282,143 | $ | 111,346 | $ | 57,935 | $ | 558,239 | ||||||||||
Weighted average yield
|
4.63 | % | 4.39 | % | 3.08 | % | 1.95 | % | 3.92 | % | ||||||||||
Fair value
|
$ | 108,165 | $ | 290,285 | $ | 115,674 | $ | 58,914 | $ | 573,038 |
(1)
|
Net of other-than-temporary impairment losses.
|
WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES
|
(Continued)
|
|
(Dollars in thousands)
|
March 31, 2011
|
December 31, 2010
|
||||||||||||||
Amount
|
%
|
Amount
|
%
|
|||||||||||||
Commercial:
|
||||||||||||||||
Mortgages (1)
|
$ | 551,069 | 27 | % | $ | 518,623 | 26 | % | ||||||||
Construction and development (2)
|
34,615 | 2 | 47,335 | 2 | ||||||||||||
Other (3)
|
470,704 | 23 | 461,107 | 23 | ||||||||||||
Total commercial
|
1,056,388 | 52 | 1,027,065 | 51 | ||||||||||||
Residential real estate:
|
||||||||||||||||
Mortgages (4)
|
636,916 | 31 | 634,739 | 31 | ||||||||||||
Homeowner construction
|
12,241 | 1 | 10,281 | 1 | ||||||||||||
Total residential real estate
|
649,157 | 32 | 645,020 | 32 | ||||||||||||
Consumer:
|
||||||||||||||||
Home equity lines (5)
|
221,003 | 11 | 218,288 | 11 | ||||||||||||
Home equity loans (5)
|
48,337 | 2 | 50,624 | 3 | ||||||||||||
Other (6)
|
54,752 | 3 | 54,641 | 3 | ||||||||||||
Total consumer
|
324,092 | 16 | 323,553 | 17 | ||||||||||||
Total loans (7)
|
$ | 2,029,637 | 100 | % | $ | 1,995,638 | 100 | % |
(1)
|
Amortizing mortgages and lines of credit, primarily secured by income producing property. As of March 31, 2011 and December 31, 2010, $118 million and $122 million, respectively, of these loans were pledged as collateral for FHLBB borrowings (see Note 7).
|
(2)
|
Loans for construction of residential and commercial properties and for land development.
|
(3)
|
Loans to businesses and individuals, a substantial portion of which are fully or partially collateralized by real estate. As of March 31, 2011, $29 million and $59 million, respectively, of these loans were pledged as collateral for FHLBB borrowings and were collateralized for the discount window at the Federal Reserve Bank. Comparable amounts for December 31, 2010 were $30 million and $61 million, respectively (see Note 7).
|
(4)
|
A substantial portion of these loans was pledged as collateral for FHLBB borrowings (see Note 7).
|
(5)
|
A significant portion of these loans was pledged as collateral for FHLBB borrowings (see Note 7).
|
(6)
|
Fixed rate consumer installment loans.
|
(7)
|
Includes unamortized loan origination costs, net of fees, totaling $293 thousand and $271 thousand at March 31, 2011 and December 31, 2010, respectively. Also includes $15 thousand and $39 thousand of net premiums on purchased loans at March 31, 2011 and December 31, 2010, respectively.
|
WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES
|
(Continued)
|
|
(Dollars in thousands)
|
March 31,
2011
|
December 31,
2010
|
||||||
Commercial:
|
||||||||
Mortgages
|
$ | 6,068 | $ | 6,624 | ||||
Construction and development
|
– | – | ||||||
Other
|
4,445 | 5,259 | ||||||
Residential real estate:
|
||||||||
Mortgages
|
8,265 | 6,414 | ||||||
Homeowner construction
|
– | – | ||||||
Consumer:
|
||||||||
Home equity lines
|
272 | 152 | ||||||
Home equity loans
|
294 | 53 | ||||||
Other
|
35 | 8 | ||||||
Total nonaccrual loans
|
$ | 19,379 | $ | 18,510 | ||||
Accruing loans 90 days or more past due
|
$ | – | $ | – |
WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES
|
(Continued)
|
|
(Dollars in thousands)
|
Days Past Due
|
|||||||||||||||||||||||
March 31, 2011
|
30-59 | 60-89 |
Over 90
|
Total Past
Due
|
Current
|
Total Loans
|
||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Mortgages
|
$ | 3,223 | $ | 1,626 | $ | 5,242 | $ | 10,091 | $ | 540,978 | $ | 551,069 | ||||||||||||
Construction and development
|
− | − | − | − | 34,615 | 34,615 | ||||||||||||||||||
Other
|
2,474 | 315 | 2,524 | 5,313 | 465,391 | 470,704 | ||||||||||||||||||
Residential real estate:
|
||||||||||||||||||||||||
Mortgages
|
2,986 | 1,345 | 5,165 | 9,496 | 627,420 | 636,916 | ||||||||||||||||||
Homeowner construction
|
− | − | − | − | 12,241 | 12,241 | ||||||||||||||||||
Consumer:
|
||||||||||||||||||||||||
Home equity lines
|
1,062 | 238 | 120 | 1,420 | 219,583 | 221,003 | ||||||||||||||||||
Home equity loans
|
598 | – | 170 | 768 | 47,569 | 48,337 | ||||||||||||||||||
Other
|
75 | 97 | 27 | 199 | 54,553 | 54,752 | ||||||||||||||||||
Total loans
|
$ | 10,418 | $ | 3,621 | $ | 13,248 | $ | 27,287 | $ | 2,002,350 | $ | 2,029,637 |
(Dollars in thousands)
|
Days Past Due
|
|||||||||||||||||||||||
December 31, 2010
|
30-59 | 60-89 |
Over 90
|
Total Past
Due
|
Current
|
Total Loans
|
||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Mortgages
|
$ | 2,185 | $ | 514 | $ | 5,322 | $ | 8,021 | $ | 510,602 | $ | 518,623 | ||||||||||||
Construction and development
|
− | − | − | − | 47,335 | 47,335 | ||||||||||||||||||
Other
|
1,862 | 953 | 3,376 | 6,191 | 454,916 | 461,107 | ||||||||||||||||||
Residential real estate:
|
||||||||||||||||||||||||
Mortgages
|
3,073 | 1,477 | 4,041 | 8,591 | 626,148 | 634,739 | ||||||||||||||||||
Homeowner construction
|
− | − | − | − | 10,281 | 10,281 | ||||||||||||||||||
Consumer:
|
||||||||||||||||||||||||
Home equity lines
|
1,255 | 170 | − | 1,425 | 216,863 | 218,288 | ||||||||||||||||||
Home equity loans
|
529 | 180 | 11 | 720 | 49,904 | 50,624 | ||||||||||||||||||
Other
|
221 | 98 | − | 319 | 54,322 | 54,641 | ||||||||||||||||||
Total loans
|
$ | 9,125 | $ | 3,392 | $ | 12,750 | $ | 25,267 | $ | 1,970,371 | $ | 1,995,638 |
WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES
|
(Continued)
|
|
(Dollars in thousands)
|
Recorded
|
Unpaid
|
Related
|
|||||||||||||||||||||
Investment (1)
|
Principal
|
Allowance
|
||||||||||||||||||||||
Mar. 31,
2011
|
Dec. 31,
2010
|
Mar. 31,
2011
|
Dec. 31,
2010
|
Mar. 31,
2011
|
Dec. 31,
2010
|
|||||||||||||||||||
No Related Allowance Recorded:
|
||||||||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Mortgages
|
$ | 1,772 | $ | 3,113 | $ | 1,768 | $ | 3,128 | $ | − | $ | − | ||||||||||||
Construction and development
|
− | − | − | − | − | − | ||||||||||||||||||
Other
|
2,453 | 3,237 | 2,579 | 3,834 | − | − | ||||||||||||||||||
Residential real estate:
|
||||||||||||||||||||||||
Mortgages
|
2,149 | 928 | 2,230 | 937 | − | − | ||||||||||||||||||
Homeowner construction
|
− | − | − | − | − | − | ||||||||||||||||||
Consumer:
|
||||||||||||||||||||||||
Home equity lines
|
− | − | − | − | − | − | ||||||||||||||||||
Home equity loans
|
159 | 163 | 159 | 159 | − | − | ||||||||||||||||||
Other
|
− | − | − | − | − | − | ||||||||||||||||||
Subtotal
|
$ | 6,533 | $ | 7,441 | $ | 6,736 | $ | 8,058 | $ | − | $ | − | ||||||||||||
With Related Allowance Recorded:
|
||||||||||||||||||||||||
Commercial:
|
||||||||||||||||||||||||
Mortgages
|
$ | 14,418 | $ | 15,287 | $ | 15,422 | $ | 15,930 | $ | 546 | $ | 629 | ||||||||||||
Construction and development
|
− | − | − | − | − | − | ||||||||||||||||||
Other
|
6,636 | 6,632 | 9,119 | 9,311 | 774 | 1,245 | ||||||||||||||||||
Residential real estate:
|
||||||||||||||||||||||||
Mortgages
|
3,742 | 3,773 | 4,004 | 3,971 | 337 | 258 | ||||||||||||||||||
Homeowner construction
|
− | − | − | − | − | − | ||||||||||||||||||
Consumer:
|
||||||||||||||||||||||||
Home equity lines
|
105 | 105 | 172 | 172 | 1 | 1 | ||||||||||||||||||
Home equity loans
|
260 | 307 | 281 | 330 | 1 | 4 | ||||||||||||||||||
Other
|
258 | 145 | 259 | 143 | 2 | − | ||||||||||||||||||
Subtotal
|
$ | 25,419 | $ | 26,249 | $ | 29,257 | $ | 29,857 | $ | 1,661 | $ | 2,137 | ||||||||||||
Total impaired loans
|
$ | 31,952 | $ | 33,690 | $ | 35,993 | $ | 37,915 | $ | 1,661 | $ | 2,137 | ||||||||||||
Total:
|
||||||||||||||||||||||||
Commercial
|
$ | 25,279 | $ | 28,269 | $ | 28,888 | $ | 32,203 | $ | 1,320 | $ | 1,874 | ||||||||||||
Residential real estate
|
5,891 | 4,701 | 6,234 | 4,908 | 337 | 258 | ||||||||||||||||||
Consumer
|
782 | 720 | 871 | 804 | 4 | 5 | ||||||||||||||||||
Total impaired loans
|
$ | 31,952 | $ | 33,690 | $ | 35,993 | $ | 37,915 | $ | 1,661 | $ | 2,137 |
(1)
|
The recorded investment in impaired loans consists of unpaid principal balance, net of charge-offs, interest payments received applied to principal and unamortized deferred loan origination fees and costs. For impaired accruing loans (those troubled debt restructurings for which management has concluded that the collectibility of the loan is not in doubt), the recorded investment also includes accrued interest. As of March 31, 2011 and December 31, 2010, recorded investment in impaired loans included accrued interest of $58 thousand and $62 thousand, respectively.
|
WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES
|
(Continued)
|
|
(Dollars in thousands)
|
Average Recorded
|
Interest Income
|
||||||||||||||
Investment
|
Recognized
|
|||||||||||||||
Three months ended March 31,
|
2011
|
2010
|
2011
|
2010
|
||||||||||||
Commercial:
|
||||||||||||||||
Mortgages
|
$ | 18,150 | $ | 16,653 | $ | 173 | $ | 169 | ||||||||
Construction and development
|
– | – | – | – | ||||||||||||
Other
|
11,480 | 9,796 | 94 | 66 | ||||||||||||
Residential real estate:
|
||||||||||||||||
Mortgages
|
5,028 | 4,369 | 44 | 52 | ||||||||||||
Homeowner construction
|
– | – | – | – | ||||||||||||
Consumer:
|
||||||||||||||||
Home equity lines
|
105 | 303 | 1 | 3 | ||||||||||||