Washington Trust Reports Second Quarter 2022 Earnings

Published: Jul. 25, 2022 at 4:05 PM EDT

WESTERLY, R.I., July 25, 2022 /PRNewswire/ -- Washington Trust Bancorp, Inc. (Nasdaq: WASH), parent company of The Washington Trust Company, today announced second quarter 2022 net income of $20.0 million, or $1.14 per diluted share, compared to net income of $16.5 million, or $0.94 per diluted share, for the first quarter of 2022.

(PRNewsfoto/Washington Trust Bancorp, Inc.)
(PRNewsfoto/Washington Trust Bancorp, Inc.)(PRNewswire)

"Washington Trust posted good second quarter results, reflecting the strength of our business model which has provided a consistent and diverse stream of earnings over time," stated Edward O. Handy III, Washington Trust Chairman and Chief Executive Officer.  "Our continued commitment to our customers, who value our trusted advice and personal service, has been key to our continued success during these uncertain economic times."

Selected financial highlights for the second quarter include:

  • Returns on average equity and average assets for the second quarter were 16.11% and 1.37%, respectively, compared to 12.04% and 1.14%, respectively, for the preceding quarter.
  • Net interest income totaled $37.5 million in the second quarter, up by $2.4 million, or 7%, from the preceding quarter, reflecting the impact of rising market interest rates.
  • Asset and credit quality metrics continue to remain strong. In the second quarter a negative $3.0 million provision for credit losses (or a benefit) was recognized. Net recoveries in the second quarter were $10 thousand.
  • Total residential real estate loan originations amounted to $350 million in the second quarter, up by $79 million, or 29%, from the preceding quarter.
  • Total loans excluding Paycheck Protection Program ("PPP") loans amounted to an all-time high of $4.5 billion, up by $207 million, or 5%, from the end of the preceding quarter and up by $325 million, or 8%, from the balance at June 30, 2021.
  • In-market deposits (total deposits less wholesale brokered deposits) amounted to $4.5 billion at June 30, 2022, down by $178 million, or 4%, from the end of the preceding quarter and up by $555 million, or 14%, from the balance at June 30, 2021.

Net Interest Income

Net interest income was $37.5 million for the second quarter of 2022, up by $2.4 million, or 7%, from the first quarter of 2022.  The net interest margin was 2.71% for the second quarter, up by 14 basis points from the preceding quarter.  Net interest income and the net interest margin were impacted by accelerated net deferred fee amortization associated with PPP loans that were forgiven by the Small Business Administration.  In the second quarter of 2022, accelerated net deferred fee amortization on PPP loans amounted to $323 thousand, or 2 basis points, compared to $819 thousand, or 6 basis points, in the preceding quarter.  Excluding the impact of this item for both periods, the net interest margin was 2.69% in the second quarter of 2022, up by 18 basis points, from 2.51% in the preceding quarter.  Linked quarter changes included:

  • Average interest-earning assets increased by $25 million. The yield on interest-earning assets for the second quarter was 3.03%, up by 20 basis points from the preceding quarter. Excluding the impact of accelerated net deferred fee amortization on PPP loans for both periods, the yield on interest-earning assets was 3.01%, up by 24 basis points from the preceding quarter, reflecting the impact of higher market interest rates.
  • Average interest-bearing liabilities increased by $69 million, due to an increase of $151 million in average in-market deposits, partially offset by a decrease of $82 million in average wholesale funding balances. The cost of interest-bearing liabilities for the second quarter of 2022 was 0.42%, up by 9 basis points from the preceding quarter.

Noninterest Income

Noninterest income totaled $15.9 million for the second quarter of 2022, down by $1.3 million, or 8%, from the first quarter of 2022.  Linked quarter changes included:

  • Wealth management revenues amounted to $10.1 million in the second quarter of 2022, down by $465 thousand, or 4%, on a linked quarter basis.  This included a decrease in asset-based revenues, which declined by $570 thousand, or 6%, from the preceding quarter. This decrease was partially offset by an increase in transaction-based revenues of $105 thousand, or 33%, from the preceding quarter, concentrated in tax servicing fee income.

    Wealth management assets under administration ("AUA") amounted to $6.7 billion at June 30, 2022, down by $843 million, or 11%, from March 31, 2022.  The decrease reflected net investment depreciation of $816 million and net client asset outflows of $27 million in the second quarter of 2022.  The average balance of AUA for the second quarter of 2022 decreased by approximately $490 million, or 7%, from the average balance for the preceding quarter.
  • Mortgage banking revenues totaled $2.1 million for the second quarter of 2022, down by $1.4 million, or 41%, from the first quarter of 2022, largely reflecting a lower volume of loans sold to the secondary market and a shift to a higher proportion of loans originated for retention in portfolio. Realized gains on sales of loans decreased by $1.4 million, or 42%. Mortgage loans sold to the secondary market amounted to $80 million in the second quarter of 2022, down by $50 million, or 39%, from the preceding quarter.
  • Loan related derivative income was $669 thousand in the second quarter of 2022, up by $368 thousand from the preceding quarter, reflecting an increase in commercial borrower interest rate swap transactions.

Noninterest Expense

Noninterest expense totaled $31.1 million for the second quarter of 2022, down by $142 thousand, or 0.5%, from the first quarter of 2022.  Linked quarter changes included:

  • Salaries and employee benefits expense, the largest component of noninterest expense, amounted to $20.4 million for the second quarter of 2022, down by $621 thousand, or 3%, from the preceding quarter, reflecting lower payroll taxes and a reduction in share-based compensation expense. In addition, the benefit of higher deferred labor (a contra expense) largely associated with the higher proportion of residential real estate loan originations for retention in portfolio, was partially offset by volume-related increases in mortgage originator compensation expense.
  • Advertising and promotion expense was up by $373 thousand, or 106%, from the preceding quarter, largely due to the timing of such activities.

Income Tax

Income tax expense totaled $5.3 million for the second quarter of 2022, up by $885 thousand from the preceding quarter, largely due to a higher level of pre-tax income.  The effective tax rate for the second quarter of 2022 was 21.1%, compared to 21.3% in the preceding quarter.  Based on current federal and applicable state income statutes, the Corporation currently expects its full-year 2022 effective tax rate to be approximately 21.5%.

Investment Securities

The securities portfolio totaled $1.0 billion at June 30, 2022, up by $12 million, or 1%, from March 31, 2022, reflecting purchases of U.S. government agency and U.S. government-sponsored debt securities, including mortgage-backed securities, which were partially offset by a temporary decline in fair value of available for sale securities and routine pay-downs on mortgage-backed securities.  Purchases of debt securities in the second quarter 2022 totaled $92 million, with a weighted average yield of 3.88%.  The securities portfolio represented 17% of total assets at both June 30, 2022 and March 31, 2022.

Loans

Total loans amounted to $4.5 billion at June 30, 2022, up by $196 million, or 5%, from the end of the preceding quarter.  Linked quarter changes included:

  • Commercial loans decreased by $14 million, or 1%, from March 31, 2022, which included a net reduction in PPP loans of $11 million.  Excluding PPP loans, commercial loans decreased by $3 million, or 0.1%, from March 31, 2022, reflecting payoffs and pay-downs of approximately $133 million, partially offset by originations and advances of approximately $130 million.

    As of June 30, 2022, the carrying value of PPP loans was $2 million and included net unamortized loan origination fee balances of $83 thousand.
  • Residential real estate loans increased by $188 million, or 11%, from March 31, 2022. In the second quarter of 2022, residential real estate loans originated for portfolio amounted to $264 million, an increase of $99 million, or 60%, from the preceding quarter.
  • The consumer loan portfolio increased by $21 million, or 8%, from the balance at March 31, 2022, reflecting growth in home equity lines and loans.

Deposits and Borrowings

At June 30, 2022, in-market deposits, which exclude wholesale brokered deposits, amounted to $4.5 billion, down by $178 million, or 4%, from the end of the preceding quarter, concentrated in institutional money market accounts.  Wholesale brokered deposits amounted to $459 million, up by $57 million, or 14%, from March 31, 2022.  Total deposits amounted to $5.0 billion at June 30, 2022, down by $121 million, or 2%, from the end of the preceding quarter.

FHLB advances totaled $328 million at June 30, 2022, up by $273 million, or 496%, from March 31, 2022, as higher levels of wholesale funding were utilized to fund balance sheet growth.

Asset Quality

Total nonaccrual loans amounted to $12.4 million, or 0.28% of total loans, at June 30, 2022, compared to $12.6 million, or 0.29% of total loans, at March 31, 2022.  Total past due loans amounted to $8.6 million, or 0.19% of total loans, at June 30, 2022, compared to $7.0 million, or 0.16% of total loans, at March 31, 2022.

The allowance for credit losses ("ACL") on loans amounted to $36.3 million, or 0.81% of total loans, at June 30, 2022, compared to $39.2 million, or 0.92% of total loans, at March 31, 2022.  The ACL on unfunded commitments, included in other liabilities on the Consolidated Balance Sheets, amounted to $2.2 million at June 30, 2022, compared to $2.3 million at March 31, 2022.

There was a negative $3.0 million provision for credit losses (or a benefit) recognized in the second quarter of 2022, compared to a positive $100 thousand provision for credit losses (or a charge) recognized in the preceding quarter.  The negative provision in the second quarter of 2022 reflected a continuation of low loss rates, strong asset and credit quality metrics, as well as our current estimate of forecasted economic conditions.  In the second quarter of 2022, net recoveries of $10 thousand were recognized, compared to net recoveries of $148 thousand in the preceding quarter.

Capital and Dividends

Total shareholders' equity was $476.6 million at June 30, 2022, down by $36.6 million, or 7%, from March 31, 2022.  The decline was largely due to a decrease of $38.6 million in the accumulated other comprehensive income component of shareholders' equity, reflecting a temporary decrease in the fair value of available for sale securities.  In addition, the change in shareholders' equity also included $9.4 million in dividend declarations and a net increase in treasury stock of $7.3 million, partially offset by net income of $20.0 million.

In the second quarter of 2022, Washington Trust repurchased 175,408 shares, at an average price of $48.93 and a total cost of  $8.6 million, under its stock repurchase program.

Capital levels at June 30, 2022 exceeded the regulatory minimum levels to be considered well capitalized, with a total risk-based capital ratio of 13.51% at June 30, 2022, compared to 14.15% at March 31, 2022.  Book value per share was $27.73 at June 30, 2022, compared to $29.61 at March 31, 2022.

The Board of Directors declared a quarterly dividend of 54 cents per share for the quarter ended June 30, 2022.  The dividend was paid on July 8, 2022 to shareholders of record on July 1, 2022.

Conference Call

Washington Trust will host a conference call to discuss its second quarter results, business highlights and outlook on Tuesday, July 26, 2022 at 8:30 a.m. (Eastern Time).  Individuals may dial in to the call at 1-844-200-6205 and enter Access Code 790165.  An audio replay of the call will be available, shortly after the conclusion of the call, by dialing 1-866-813-9403 and entering the Replay Access Code 914070.  The audio replay will be available through August 9, 2022.  Also, a webcast of the call will be posted in the Investor Relations section of Washington Trust's website, https://ir.washtrust.com, and will be available through September 30, 2022.

Background

Washington Trust Bancorp, Inc. is the parent of The Washington Trust Company.  Founded in 1800, Washington Trust is the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast's premier financial services companies.  Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts.  The Corporation's common stock trades on NASDAQ under the symbol WASH.  Investor information is available on the Corporation's website at https://ir.washtrust.com.

Forward-Looking Statements

This press release contains statements that are "forward-looking statements."  We may also make forward-looking statements in other documents we file with the U.S. Securities and Exchange Commission ("SEC"), in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees.  You can identify forward-looking statements by the use of the words "believe," "expect," "anticipate," "intend," "estimate," "assume," "outlook," "will," "should," and other expressions that predict or indicate future events and trends and which do not relate to historical matters.  You should not rely on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors, some of which are beyond our control.  These risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from the anticipated future results, performance or achievements expressed or implied by the forward-looking statements.

Some of the factors that might cause these differences include the following:

  • ongoing disruptions in our business and operations, and changes in consumer behavior due to the COVID-19 pandemic;
  • changes in political, business and economic conditions, including inflation, or legislative or regulatory initiatives;
  • the possibility that future credit losses are higher than currently expected due to changes in economic assumptions or adverse economic developments;
  • ongoing volatility in national and international financial markets;
  • interest rate changes or volatility, as well as changes in the balance and mix of loans and deposits;
  • reductions in the market value or outflows of wealth management AUA;
  • decreases in the value of securities and other assets;
  • changes in loan demand and collectability;
  • increases in defaults and charge-off rates;
  • changes in the size and nature of our competition;
  • changes in legislation or regulation and accounting principles, policies and guidelines;
  • operational risks including, but not limited to, changes in information technology, cybersecurity incidents, fraud, natural disasters, war, terrorism, civil unrest and future pandemics;
  • reputational risks; and
  • changes in the assumptions used in making such forward-looking statements.

In addition, the factors described under "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as updated by our Quarterly Reports on Form 10-Q and other filings submitted to the SEC, may result in these differences. You should carefully review all of these factors and you should be aware that there may be other factors that could cause these differences. These forward-looking statements were based on information, plans and estimates at the date of this report, and we assume no obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes.

Supplemental Information - Explanation of Non-GAAP Financial Measures

In addition to results presented in accordance with generally accepted accounting principles ("GAAP"), this press release contains certain non-GAAP financial measures.  Washington Trust's management believes that the supplemental non-GAAP information, which consists of measurements and ratios based on tangible equity and tangible assets, is utilized by regulators and market analysts to evaluate a company's financial condition and therefore, such information is useful to investors.  These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies.  Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.

Washington Trust Bancorp, Inc. and Subsidiaries

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited; Dollars in thousands)








Jun 30,
2022

Mar 31,
2022

Dec 31,
2021

Sep 30,
2021

Jun 30,
2021

Assets:






Cash and due from banks

$95,544

$224,807

$175,259

$297,039

$127,743

Short-term investments

3,079

3,289

3,234

3,349

4,463

Mortgage loans held for sale, at fair value

22,656

15,612

40,196

48,705

31,492

Available for sale debt securities, at fair value

1,020,469

1,008,184

1,042,859

1,045,833

1,052,577

Federal Home Loan Bank stock, at cost

16,300

8,452

13,031

15,094

22,757

Loans:






Total loans

4,479,822

4,283,852

4,272,925

4,286,404

4,299,800

Less: allowance for credit losses on loans

36,317

39,236

39,088

41,711

41,879

Net loans

4,443,505

4,244,616

4,233,837

4,244,693

4,257,921

Premises and equipment, net

29,694

28,878

28,908

28,488

29,031

Operating lease right-of-use assets

28,098

28,816

26,692

27,518

28,329

Investment in bank-owned life insurance

100,807

93,192

92,592

92,974

92,355

Goodwill

63,909

63,909

63,909

63,909

63,909

Identifiable intangible assets, net

4,981

5,198

5,414

5,631

5,853

Other assets

153,849

123,046

125,196

129,410

135,550

Total assets

$5,982,891

$5,847,999

$5,851,127

$6,002,643

$5,851,980

Liabilities:






Deposits:






Noninterest-bearing deposits

$888,981

$911,990

$945,229

$950,974

$901,801

Interest-bearing deposits

4,117,648

4,215,960

4,034,822

4,107,168

3,823,858

Total deposits

5,006,629

5,127,950

4,980,051

5,058,142

4,725,659

Federal Home Loan Bank advances

328,000

55,000

145,000

222,592

408,592

Junior subordinated debentures

22,681

22,681

22,681

22,681

22,681

Operating lease liabilities

30,491

31,169

29,010

29,810

30,558

Other liabilities

118,456

98,007

109,577

114,100

116,634

Total liabilities

5,506,257

5,334,807

5,286,319

5,447,325

5,304,124

Shareholders' Equity:






Common stock

1,085

1,085

1,085

1,085

1,085

Paid-in capital

126,079

127,355

126,511

126,265

125,442

Retained earnings

475,889

465,295

458,310

447,566

437,927

Accumulated other comprehensive (loss) income

(118,041)

(79,451)

(19,981)

(18,128)

(15,128)

Treasury stock, at cost

(8,378)

(1,092)

(1,117)

(1,470)

(1,470)

Total shareholders' equity

476,634

513,192

564,808

555,318

547,856

Total liabilities and shareholders' equity

$5,982,891

$5,847,999

$5,851,127

$6,002,643

$5,851,980

Washington Trust Bancorp, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited; Dollars and shares in thousands, except per share amounts)



For the Three Months Ended


For the Six Months
Ended


Jun 30,
2022

Mar 31,
2022

Dec 31,
2021

Sep 30,
2021

Jun 30,
2021


Jun 30,
2022

Jun 30,
2021

Interest income:









Interest and fees on loans

$36,602

$33,930

$36,882

$35,691

$34,820


$70,532

$68,979

Interest on mortgage loans held for sale

258

232

387

298

405


490

846

Taxable interest on debt securities

4,918

4,230

3,929

3,683

3,441


9,148

6,683

Dividends on Federal Home Loan Bank stock

63

67

98

95

110


130

243

Other interest income

188

78

60

56

32


266

65

Total interest and dividend income

42,029

38,537

41,356

39,823

38,808


80,566

76,816

Interest expense:









Deposits

3,963

3,103

2,977

2,789

2,961


7,066

6,624

Federal Home Loan Bank advances

413

244

547

872

1,001


657

2,381

Junior subordinated debentures

138

99

92

92

92


237

186

Total interest expense

4,514

3,446

3,616

3,753

4,054


7,960

9,191

Net interest income

37,515

35,091

37,740

36,070

34,754


72,606

67,625

Provision for credit losses

(3,000)

100

(2,822)


(2,900)

(2,000)

Net interest income after provision for credit losses

40,515

34,991

40,562

36,070

34,754


75,506

69,625

Noninterest income:









Wealth management revenues

10,066

10,531

10,504

10,455

10,428


20,597

20,323

Mortgage banking revenues

2,082

3,501

4,332

6,373

5,994


5,583

17,921

Card interchange fees

1,303

1,164

1,282

1,265

1,316


2,467

2,449

Service charges on deposit accounts

763

668

766

673

635


1,431

1,244

Loan related derivative income

669

301

1,972

728

1,175


970

1,642

Income from bank-owned life insurance

615

601

1,144

618

607


1,216

1,163

Other income

354

393

307

408

438


747

1,825

Total noninterest income

15,852

17,159

20,307

20,520

20,593


33,011

46,567

Noninterest expense:









Salaries and employee benefits

20,381

21,002

21,524

22,162

22,082


41,383

43,609

Outsourced services

3,375

3,242

3,585

3,294

3,217


6,617

6,417

Net occupancy

2,174

2,300

2,145

2,134

2,042


4,474

4,170

Equipment

938

918

959

977

975


1,856

1,969

Legal, audit and professional fees

677

770

817

767

678


1,447

1,275

FDIC deposit insurance costs

402

366

391

482

374


768

719

Advertising and promotion

724

351

502

559

560


1,075

782

Amortization of intangibles

216

217

216

223

225


433

451

Debt prepayment penalties

2,700

895


4,230

Other expenses

2,190

2,053

2,380

1,922

1,964


4,243

4,103

Total noninterest expense

31,077

31,219

35,219

32,520

33,012


62,296

67,725

Income before income taxes

25,290

20,931

25,650

24,070

22,335


46,221

48,467

Income tax expense

5,333

4,448

5,462

5,319

4,875


9,781

10,536

Net income

$19,957

$16,483

$20,188

$18,751

$17,460


$36,440

$37,931










Net income available to common shareholders

$19,900

$16,429

$20,128

$18,697

$17,408


$36,329

$37,823










Weighted average common shares outstanding:









  Basic

17,303

17,331

17,328

17,320

17,314


17,317

17,295

  Diluted

17,414

17,482

17,469

17,444

17,436


17,451

17,445

Earnings per common share:









  Basic

$1.15

$0.95

$1.16

$1.08

$1.01


$2.10

$2.19

  Diluted

$1.14

$0.94

$1.15

$1.07

$1.00


$2.08

$2.17










Cash dividends declared per share

$0.54

$0.54

$0.54

$0.52

$0.52


$1.08

$1.04

Washington Trust Bancorp, Inc. and Subsidiaries

SELECTED FINANCIAL HIGHLIGHTS

(Unaudited; Dollars and shares in thousands, except per share amounts)




Jun 30,
2022

Mar 31,
2022

Dec 31,
2021

Sep 30,
2021

Jun 30,
2021

Share and Equity Related Data:






Book value per share

$27.73

$29.61

$32.59

$32.06

$31.63

Tangible book value per share - Non-GAAP (1)

$23.72

$25.62

$28.59

$28.05

$27.60

Market value per share

$48.37

$52.50

$56.37

$52.98

$51.35

Shares issued at end of period

17,363

17,363

17,363

17,363

17,363

Shares outstanding at end of period

17,190

17,332

17,331

17,320

17,320







Capital Ratios (2):






Tier 1 risk-based capital

12.78 %

13.32 %

13.24 %

13.01 %

12.82 %

Total risk-based capital

13.51 %

14.15 %

14.01 %

13.83 %

13.65 %

Tier 1 leverage ratio

9.42 %

9.46 %

9.36 %

9.12 %

9.07 %

Common equity tier 1

12.28 %

12.79 %

12.71 %

12.47 %

12.28 %







Balance Sheet Ratios:






Equity to assets

7.97 %

8.78 %

9.65 %

9.25 %

9.36 %

Tangible equity to tangible assets - Non-GAAP (1)

6.89 %

7.68 %

8.57 %

8.19 %

8.27 %

Loans to deposits (3)

89.2 %

83.1 %

85.8 %

84.9 %

90.8 %




For the Six Months
Ended


For the Three Months Ended



Jun 30,
2022

Mar 31,
2022

Dec 31,
2021

Sep 30,
2021

Jun 30,
2021


Jun 30,
2022

Jun 30,
2021

Performance Ratios (4):









Net interest margin (5)

2.71 %

2.57 %

2.71 %

2.58 %

2.55 %


2.64 %

2.53 %

Return on average assets (net income divided by average assets)

1.37 %

1.14 %

1.36 %

1.26 %

1.20 %


1.26 %

1.32 %

Return on average tangible assets - Non-GAAP (1)

1.39 %

1.15 %

1.38 %

1.27 %

1.22 %


1.27 %

1.34 %

Return on average equity (net income available for common shareholders divided by average equity)

16.11 %

12.04 %

14.34 %

13.37 %

12.92 %


13.98 %

14.22 %

Return on average tangible equity - Non-GAAP (1)

18.71 %

13.77 %

16.39 %

15.29 %

14.84 %


16.10 %

16.35 %

Efficiency ratio (6)

58.2 %

59.7 %

60.7 %

57.5 %

59.6 %


59.0 %

59.3 %



(1)

See the section labeled "Supplemental Information - Calculation of Non-GAAP Financial Measures" at the end of this document.

(2)

Estimated for June 30, 2022 and actuals for prior periods.

(3)

Period-end balances of net loans and mortgage loans held for sale as a percentage of total deposits.

(4)

Annualized based on the actual number of days in the period.

(5)

Fully taxable equivalent (FTE) net interest income as a percentage of average-earnings assets.

(6)

Total noninterest expense as percentage of total revenues (net interest income and noninterest income).

Washington Trust Bancorp, Inc. and Subsidiaries

SELECTED FINANCIAL HIGHLIGHTS

(Unaudited; Dollars in thousands)







For the Three Months Ended


For the Six Months Ended


Jun 30,
2022

Mar 31,
2022

Dec 31,
2021

Sep 30,
2021

Jun 30,
2021


Jun 30,
2022

Jun 30,
2021

Wealth Management Results









Wealth Management Revenues:









Asset-based revenues

$9,641

$10,211

$10,417

$10,224

$9,991


$19,852

$19,574

Transaction-based revenues

425

320

87

231

437


745

749

Total wealth management revenues

$10,066

$10,531

$10,504

$10,455

$10,428


$20,597

$20,323










Assets Under Administration (AUA):









Balance at beginning of period

$7,492,893

$7,784,211

$7,443,396

$7,441,519

$7,049,226


$7,784,211

$6,866,737

Net investment (depreciation) appreciation & income

(816,290)

(388,733)

358,796

(4,830)

368,383


(1,205,023)

577,336

Net client asset inflows (outflows)

(26,506)

97,415

(17,981)

6,707

23,910


70,909

(2,554)

Balance at end of period

$6,650,097

$7,492,893

$7,784,211

$7,443,396

$7,441,519


$6,650,097

$7,441,519










Percentage of AUA that are managed assets

91 %

92 %

92 %

91 %

92 %


91 %

92 %










Mortgage Banking Results









Mortgage Banking Revenues:









Realized gains on loan sales, net (1)

$1,917

$3,327

$5,695

$5,750

$8,562


$5,244

$22,307

Changes in fair value, net (2)

(330)

(242)

(1,594)

467

(2,543)


(572)

(4,431)

Loan servicing fee income, net (3)

495

416

231

156

(25)


911

45

Total mortgage banking revenues

$2,082

$3,501

$4,332

$6,373

$5,994


$5,583

$17,921










Residential Mortgage Loan Originations:









Originations for retention in portfolio (4)

$263,762

$164,401

$174,438

$205,293

$244,821


$428,163

$376,612

Originations for sale to secondary market (5)

86,459

106,619

188,735

190,702

244,562


193,078

553,887

Total mortgage loan originations

$350,221

$271,020

$363,173

$395,995

$489,383


$621,241

$930,499










Residential Mortgage Loans Sold:









Sold with servicing rights retained

$23,478

$14,627

$21,180

$108,445

$235,280


$38,105

$461,925

Sold with servicing rights released (5)

56,263

115,501

175,818

65,416

55,278


171,764

120,652

Total mortgage loans sold

$79,741

$130,128

$196,998

$173,861

$290,558


$209,869

$582,577



(1)

Includes gains on loan sales, commission income on loans originated for others, servicing right gains, and gains (losses) on forward loan commitments.

(2)

Represents fair value changes on mortgage loans held for sale and forward loan commitments.

(3)

Represents loan servicing fee income, net of servicing right amortization and valuation adjustments.

(4)

Includes the full commitment amount of homeowner construction loans.

(5)

Includes brokered loans (loans originated for others).

Washington Trust Bancorp, Inc. and Subsidiaries

END OF PERIOD LOAN COMPOSITION

(Unaudited; Dollars in thousands)






Jun 30,
2022

Mar 31,
2022

Dec 31,
2021

Sep 30,
2021

Jun 30,
2021

Loans:







Commercial real estate (1)


$1,609,618

$1,628,620

$1,639,062

$1,661,785

$1,669,624

Commercial & industrial


620,270

614,892

641,555

682,774

764,509

Total commercial


2,229,888

2,243,512

2,280,617

2,344,559

2,434,133








Residential real estate (2)


1,966,341

1,777,974

1,726,975

1,672,364

1,590,389








Home equity


267,785

246,097

247,697

249,874

254,802

Other


15,808

16,269

17,636

19,607

20,476

Total consumer


283,593

262,366

265,333

269,481

275,278

Total loans


$4,479,822

$4,283,852

$4,272,925

$4,286,404

$4,299,800



(1)

Commercial real estate loans consist of commercial mortgages and construction and development loans.  Commercial mortgages are loans secured by income producing property.

(2)

Residential real estate loans consist of mortgage and homeowner construction loans secured by one- to four-family residential properties.


June 30, 2022



December 31, 2021



Count

Balance

% of Total



Count

Balance

% of Total


Commercial Real Estate Portfolio Segmentation:










Multi-family dwelling

125

$428,883

27

%


127

$474,229

29

%

Retail

112

352,688

22



121

389,487

24


Office

58

226,788

14



57

216,602

13


Hospitality

32

193,194

12



31

184,990

11


Industrial and warehouse

38

162,196

10



35

137,254

8


Healthcare

15

130,761

8



13

128,189

8


Commercial mixed use

19

38,974

2



20

38,978

2


Other

35

76,134

5



36

69,333

5


Commercial real estate loans

434

$1,609,618

100

%


440

$1,639,062

100

%











Commercial & Industrial Portfolio Segmentation:










Healthcare and social assistance

64

$171,946

28

%


101

$174,376

27

%

Owner occupied and other real estate

165

73,366

12



185

72,957

11


Manufacturing

54

56,345

9



65

55,341

9


Educational services

19

50,769

8



28

52,211

8


Retail

62

47,670

8



79

47,290

7


Transportation and warehousing

24

33,709

5



31

35,064

5


Finance and insurance

62

38,320

6



59

31,279

5


Entertainment and recreation

27

27,696

4



37

32,087

5


Information

8

22,464

4



14

25,045

4


Accommodation and food services

49

17,062

3



114

28,320

4


Professional, scientific and technical

35

5,972

1



69

8,912

1


Public administration

14

4,777

1



16

5,441

1


Other

182

70,174

11



281

73,232

13


Commercial & industrial loans

765

$620,270

100

%


1,079

$641,555

100

%

Washington Trust Bancorp, Inc. and Subsidiaries


END OF PERIOD LOAN AND DEPOSIT COMPOSITION


(Unaudited; Dollars in thousands)











June 30, 2022



December 31, 2021



Balance

% of
Total



Balance

% of
Total


Commercial Real Estate Loans by Property Location:








Connecticut

$601,405

37

%


$643,182

39

%

Massachusetts

461,005

29



464,018

28


Rhode Island

387,498

24



408,496

25


Subtotal

1,449,908

90



1,515,696

92


All other states

159,710

10



123,366

8


Total commercial real estate loans

$1,609,618

100

%


$1,639,062

100

%









Residential Real Estate Loans by Property Location:








Massachusetts

$1,404,149

71

%


$1,207,789

70

%

Rhode Island

402,015

20



365,831

21


Connecticut

136,874

7



132,430

8


Subtotal

1,943,038

99



1,706,050

99


All other states

23,303

1



20,925

1


Total residential real estate loans

$1,966,341

100

%


$1,726,975

100

%


Jun 30,
2022

Mar 31,
2022

Dec 31,
2021

Sep 30,
2021

Jun 30,
2021

Deposits:






Noninterest-bearing demand deposits

$888,981

$911,990

$945,229

$950,974

$901,801

Interest-bearing demand deposits (in-market)

258,451

248,914

251,032

238,317

174,165

NOW accounts

887,678

893,603

867,138

817,937

774,693

Money market accounts

1,139,676

1,295,339

1,072,864

1,046,324

941,511

Savings accounts

572,251

566,461

555,177

540,306

524,155

Time deposits (in-market)

800,898

809,858

773,383

709,288

677,061

In-market deposits

4,547,935

4,726,165

4,464,823

4,303,146

3,993,386

Wholesale brokered demand deposits

31,003

Wholesale brokered time deposits

427,691

401,785

515,228

754,996

732,273

Wholesale brokered deposits

458,694

401,785

515,228

754,996

732,273

Total deposits

$5,006,629

$5,127,950

$4,980,051

$5,058,142

$4,725,659

Washington Trust Bancorp, Inc. and Subsidiaries

CREDIT & ASSET QUALITY DATA

(Unaudited; Dollars in thousands)




Jun 30,
2022

Mar 31,
2022

Dec 31,
2021

Sep 30,
2021

Jun 30,
2021

Asset Quality Ratios:






Nonperforming assets to total assets

0.21 %

0.22 %

0.24 %

0.18 %

0.18 %

Nonaccrual loans to total loans

0.28 %

0.29 %

0.33 %

0.26 %

0.24 %

Total past due loans to total loans

0.19 %

0.16 %

0.24 %

0.22 %

0.20 %

Allowance for credit losses on loans to nonaccrual loans

292.55 %

311.67 %

275.21 %

380.02 %

399.57 %

Allowance for credit losses on loans to total loans

0.81 %

0.92 %

0.91 %

0.97 %

0.97 %







Nonperforming Assets:






Commercial real estate

$—

$—

$—

$—

$—

Commercial & industrial

539

Total commercial

539

Residential real estate

11,815

11,916

13,576

10,321

8,926

Home equity

599

673

627

655

1,016

Other consumer

Total consumer

599

673

627

655

1,016

Total nonaccrual loans

12,414

12,589

14,203

10,976

10,481

Other real estate owned

Total nonperforming assets

$12,414

$12,589

$14,203

$10,976

$10,481







Past Due Loans (30 days or more past due):






Commercial real estate

$—

$—

$—

$—

$—

Commercial & industrial

7

108

3

2

540

Total commercial

7

108

3

2

540

Residential real estate

7,794

6,467

9,622

8,698

6,656

Home equity

728

431

765

824

1,231

Other consumer

28

30

21

24

28

Total consumer

756

461

786

848

1,259

Total past due loans

$8,557

$7,036

$10,411

$9,548

$8,455







Accruing loans 90 days or more past due

$—

$—

$—

$—

$—

Nonaccrual loans included in past due loans

$6,817

$5,707

$9,359

$6,930

$5,773







Troubled Debt Restructurings ("TDR"):






Accruing TDRs

$9,607

$16,303

$16,328

$7,979

$8,541

Nonaccrual TDRs

2,906

2,789

2,819

1,732

2,278

Total TDRs

$12,513

$19,092

$19,147

$9,711

$10,819

Washington Trust Bancorp, Inc. and Subsidiaries

CREDIT & ASSET QUALITY DATA

(Unaudited; Dollars in thousands)


For the Three Months Ended


For the Six Months
Ended


Jun 30,
2022

Mar 31,
2022

Dec 31,
2021

Sep 30,
2021

Jun 30,
2021


Jun 30,
2022

Jun 30,
2021

Nonaccrual Loan Activity:









Balance at beginning of period

$12,589

$14,203

$10,976

$10,481

$12,983


$14,203

$13,197

Additions to nonaccrual status

158

427

3,959

2,583

537


585

1,271

Loans returned to accruing status

(236)

(63)

(339)

(874)


(299)

(877)

Loans charged-off

(23)

(36)

(31)

(249)

(317)


(59)

(381)

Payments, payoffs and other changes

(74)

(1,942)

(362)

(1,839)

(1,848)


(2,016)

(2,729)

Balance at end of period

$12,414

$12,589

$14,203

$10,976

$10,481


$12,414

$10,481










Allowance for Credit Losses on Loans:









Balance at beginning of period

$39,236

$39,088

$41,711

$41,879

$42,137


$39,088

$44,106

Provision for credit losses on loans (1)

(2,929)

(2,650)


(2,929)

(1,951)

Charge-offs

(23)

(36)

(33)

(249)

(317)


(59)

(381)

Recoveries

33

184

60

81

59


217

105

Balance at end of period

$36,317

$39,236

$39,088

$41,711

$41,879


$36,317

$41,879










Allowance for Credit Losses on Unfunded Commitments:








Balance at beginning of period

$2,261

$2,161

$2,333

$2,333

$2,333


$2,161

$2,382

Provision for credit losses on unfunded commitments (1)

(71)

100

(172)


29

(49)

Balance at end of period (2)

$2,190

$2,261

$2,161

$2,333

$2,333


$2,190

$2,333



(1)

Included in provision for credit losses in the Consolidated Statements of Income.

(2)

Included in other liabilities in the Consolidated Balance Sheets.


For the Three Months Ended



For the Six Months
Ended



Jun 30,
2022


Mar 31,
2022


Dec 31,
2021


Sep 30,
2021


Jun 30,
2021



Jun 30,
2022


Jun 30,
2021


Net Loan Charge-Offs (Recoveries):
















Commercial real estate

$—


($145)


$—


$—


$—



($145)


$—


Commercial & industrial

(11)


(1)


(35)


(2)


302



(12)


303


Total commercial

(11)


(146)


(35)


(2)


302



(157)


303


Residential real estate


(21)


(4)


52


(47)



(21)


(30)


Home equity

(2)


(2)


(12)


110


(4)



(4)


(6)


Other consumer

3


21


24


8


7



24


9


Total consumer

1


19


12


118


3



20


3


Total

($10)


($148)


($27)


$168


$258



($158)


$276


















Net charge-offs (recoveries) to average loans - annualized

%

(0.01)

%

%

0.02

%

0.02

%


(0.01)

%

0.01

%

The following table presents average balance and interest rate information.  Tax-exempt income is converted to a fully taxable equivalent ("FTE") basis using the statutory federal income tax rate adjusted for applicable state income taxes net of the related federal tax benefit.  Unrealized gains (losses) on available for sale securities and changes in fair value on mortgage loans held for sale are excluded from the average balance and yield calculations.  Nonaccrual loans, as well as interest recognized on these loans, are included in amounts presented for loans.

Washington Trust Bancorp, Inc. and Subsidiaries


CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)


(Unaudited; Dollars in thousands)


For the Three Months Ended

June 30, 2022



March 31, 2022



Change



Average
Balance

Interest

Yield/

Rate



Average
Balance

Interest

Yield/

Rate



Average
Balance

Interest

Yield/

Rate



Assets:















Cash, federal funds sold and short-term investments

$110,424

$188

0.68

%


$183,684

$78

0.17

%


($73,260)

$110

0.51

%

Mortgage loans held for sale

26,914

258

3.84



28,471

232

3.30



(1,557)

26

0.54


Taxable debt securities

1,096,611

4,918

1.80



1,071,745

4,230

1.60



24,866

688

0.20


FHLB stock

9,420

63

2.68



12,294

67

2.21



(2,874)

(4)

0.47


Commercial real estate

1,619,325

13,495

3.34



1,631,819

11,891

2.96



(12,494)

1,604

0.38


Commercial & industrial

620,543

6,115

3.95



634,869

6,226

3.98



(14,326)

(111)

(0.03)


Total commercial

2,239,868

19,610

3.51



2,266,688

18,117

3.24



(26,820)

1,493

0.27


Residential real estate

1,836,245

15,010

3.28



1,740,087

13,987

3.26



96,158

1,023

0.02


Home equity

256,771

2,075

3.24



246,766

1,875

3.08



10,005

200

0.16


Other

15,770

183

4.65



16,933

195

4.67



(1,163)

(12)

(0.02)


Total consumer

272,541

2,258

3.32



263,699

2,070

3.18



8,842

188

0.14


Total loans

4,348,654

36,878

3.40



4,270,474

34,174

3.25



78,180

2,704

0.15


Total interest-earning assets

5,592,023

42,305

3.03



5,566,668

38,781

2.83



25,355

3,524

0.20


Noninterest-earning assets

249,309





298,000





(48,691)




Total assets

$5,841,332





$5,864,668





($23,336)




Liabilities and Shareholders' Equity:















Interest-bearing demand deposits (in-market)

$248,764

$222

0.36

%


$248,395

$70

0.11

%


$369

$152

0.25

%

NOW accounts

883,251

151

0.07



847,848

130

0.06



35,403

21

0.01


Money market accounts

1,268,496

1,139

0.36



1,174,833

615

0.21



93,663

524

0.15


Savings accounts

566,307

119

0.08



561,339

71

0.05



4,968

48

0.03


Time deposits (in-market)

809,697

1,951

0.97



793,169

2,017

1.03



16,528

(66)

(0.06)


Interest-bearing in-market deposits

3,776,515

3,582

0.38



3,625,584

2,903

0.32



150,931

679

0.06


Wholesale brokered demand deposits

20,233

46

0.91





20,233

46

0.91


Wholesale brokered time deposits

352,438

335

0.38



455,785

200

0.18



(103,347)

135

0.20


Wholesale brokered deposits

372,671

381

0.41



455,785

200

0.18



(83,114)

181

0.23


Total interest-bearing deposits

4,149,186

3,963

0.38



4,081,369

3,103

0.31



67,817

860

0.07


FHLB advances

151,736

413

1.09



150,922

244

0.66



814

169

0.43


Junior subordinated debentures

22,681

138

2.44



22,681

99

1.77



39

0.67


Total interest-bearing liabilities

4,323,603

4,514

0.42



4,254,972

3,446

0.33



68,631

1,068

0.09


Noninterest-bearing demand deposits

891,883





940,220





(48,337)




Other liabilities

130,273





116,291





13,982




Shareholders' equity

495,573





553,185





(57,612)




Total liabilities and shareholders' equity

$5,841,332





$5,864,668





($23,336)




Net interest income (FTE)


$37,791





$35,335





$2,456



Interest rate spread



2.61

%




2.50

%




0.11

%

Net interest margin



2.71

%




2.57

%




0.14

%

Interest income amounts presented in the preceding table include the following adjustments for taxable equivalency:

For the Three Months Ended

Jun 30, 2022

Mar 31, 2022

Change

Commercial loans

$276

$244

$32

Total

$276

$244

$32














Washington Trust Bancorp, Inc. and Subsidiaries


CONSOLIDATED AVERAGE BALANCE SHEETS (FTE Basis)


(Unaudited; Dollars in thousands)


For the Six Months Ended

June 30, 2022


June 30, 2021


Change



Average
Balance

Interest

Yield/

Rate


Average
Balance

Interest

Yield/

 Rate


Average
Balance

Interest

Yield/

 Rate



Assets:













Cash, federal funds sold and short-term investments

$146,852

$266

0.37

%

$150,580

$65

0.09

%

($3,728)

$201

0.28

%

Mortgage loans for sale

27,688

490

3.57


59,429

846

2.87


(31,741)

(356)

0.70


Taxable debt securities

1,084,246

9,148

1.70


973,214

6,683

1.38


111,032

2,465

0.32


FHLB stock

10,849

130

2.42


26,987

243

1.82


(16,138)

(113)

0.60


Commercial real estate

1,625,537

25,386

3.15


1,632,725

23,060

2.85


(7,188)

2,326

0.30


Commercial & industrial

627,667

12,342

3.97


823,580

15,979

3.91


(195,913)

(3,637)

0.06


Total commercial

2,253,204

37,728

3.38


2,456,305

39,039

3.21


(203,101)

(1,311)

0.17


Residential real estate

1,788,431

28,997

3.27


1,484,571

25,737

3.50


303,860

3,260

(0.23)


Home equity

251,796

3,950

3.16


257,494

4,177

3.27


(5,698)

(227)

(0.11)


Other

16,349

378

4.66


20,545

495

4.86


(4,196)

(117)

(0.20)


Total consumer

268,145

4,328

3.25


278,039

4,672

3.39


(9,894)

(344)

(0.14)


Total loans

4,309,780

71,053

3.32


4,218,915

69,448

3.32


90,865

1,605


Total interest-earning assets

5,579,415

81,087

2.93


5,429,125

77,285

2.87


150,290

3,802

0.06


Noninterest-earning assets

273,521




343,889




(70,368)




Total assets

$5,852,936




$5,773,014




$79,922




Liabilities and Shareholders' Equity:













Interest-bearing demand deposits (in-market)

$248,580

$292

0.24

%

$183,223

$145

0.16

%

$615,357

$147

0.08

%

NOW accounts

865,647

281

0.07


729,301

221

0.06


136,346

60

0.01


Money market accounts

1,221,923

1,753

0.29


930,656

1,266

0.27


291,267

487

0.02


Savings accounts

563,837

191

0.07


504,040

141

0.06


59,797

50

0.01


Time deposits (in-market)

801,479

3,968

1.00


695,038

4,127

1.20


106,441

(159)

(0.20)


Interest-bearing in-market deposits

3,701,466

6,485

0.35


3,042,258

5,900

0.39


659,208

585

(0.04)


Wholesale brokered demand deposits

10,173

45

0.89



10,173

45

0.89


Wholesale brokered time deposits

403,826

536

0.27


621,075

724

0.24


(217,249)

(188)

0.03


Wholesale brokered deposits

413,999

581

0.28


621,075

724

0.24


(207,076)

(143)

0.04


Total interest-bearing deposits

4,115,465

7,066

0.35


3,663,333

6,624

0.36


452,132

442

(0.01)


FHLB advances

151,331

657

0.88


499,435

2,381

0.96


(348,104)

(1,724)

(0.08)


Junior subordinated debentures

22,681

237

2.11


22,681

186

1.65


51

0.46


Total interest-bearing liabilities

4,289,477

7,960

0.37


4,185,449

9,191

0.44


104,028

(1,231)

(0.07)


Noninterest-bearing demand deposits

915,918




901,522




14,396




Other liabilities

123,321




149,622




(26,301)




Shareholders' equity

524,220




536,421




(12,201)




Total liabilities and shareholders' equity

$5,852,936




$5,773,014




$79,922




Net interest income (FTE)


$73,127




$68,094




$5,033



Interest rate spread



2.56

%



2.43

%



0.13

%

Net interest margin



2.64

%



2.53

%



0.11

%

Interest income amounts presented in the preceding table include the following adjustments for taxable equivalency:





For the Six Months Ended

Jun 30,
2022

Jun 30,
2021

Change

Commercial loans

$521

$469

$52

Total

$521

$469

$52

Washington Trust Bancorp, Inc. and Subsidiaries


SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures


(Unaudited; Dollars in thousands, except per share amounts)






Jun 30,
2022


Mar 31,
2022


Dec 31,
2021


Sep 30,
2021


Jun 30,
2021


Tangible Book Value per Share:











Total shareholders' equity, as reported

$476,634


$513,192


$564,808


$555,318


$547,856


Less:











Goodwill

63,909


63,909


63,909


63,909


63,909


Identifiable intangible assets, net

4,981


5,198


5,414


5,631


5,853


Total tangible shareholders' equity

$407,744


$444,085


$495,485


$485,778


$478,094













Shares outstanding, as reported

17,190


17,332


17,331


17,320


17,320













Book value per share - GAAP

$27.73


$29.61


$32.59


$32.06


$31.63


Tangible book value per share - Non-GAAP

$23.72


$25.62


$28.59


$28.05


$27.60













Tangible Equity to Tangible Assets:











Total tangible shareholders' equity

$407,744


$444,085


$495,485


$485,778


$478,094













Total assets, as reported

$5,982,891


$5,847,999


$5,851,127


$6,002,643


$5,851,980


Less:











Goodwill

63,909


63,909


63,909


63,909


63,909


Identifiable intangible assets, net

4,981


5,198


5,414


5,631


5,853


Total tangible assets

$5,914,001


$5,778,892


$5,781,804


$5,933,103


$5,782,218













Equity to assets - GAAP

7.97

%

8.78

%

9.65

%

9.25

%

9.36

%

Tangible equity to tangible assets - Non-GAAP

6.89

%

7.68

%

8.57

%

8.19

%

8.27

%


For the Three Months Ended



For the Six Months Ended



Jun 30,
2022


Mar 31,
2022


Dec 31,
2021


Sep 30,
2021


Jun 30,
2021



Jun 30,
2022



Jun 30,
2021


Return on Average Tangible Assets:

















Net income, as reported

$19,957


$16,483


$20,188


$18,751


$17,460



$36,440



$37,931



















Total average assets, as reported

$5,841,332


$5,864,668


$5,884,581


$5,919,137


$5,833,425



$5,852,936



$5,773,014


Less average balances of:

















Goodwill

63,909


63,909


63,909


63,909


63,909



63,909



63,909


Identifiable intangible assets, net

5,086


5,303


5,526


5,739


5,963



5,194



6,076


Total average tangible assets

$5,772,337


$5,795,456


$5,815,146


$5,849,489


$5,763,553



$5,783,833



$5,703,029



















Return on average assets - GAAP

1.37

%

1.14

%

1.36

%

1.26

%

1.20

%


1.26

%


1.32

%

Return on average tangible assets - Non-GAAP

1.39

%

1.15

%

1.38

%

1.27

%

1.22

%


1.27

%


1.34

%


















Return on Average Tangible Equity:

















Net income available to common shareholders, as reported

$19,900


$16,429


$20,128


$18,697


$17,408



$36,329



$37,823



















Total average equity, as reported

$495,573


$553,185


$556,765


$554,847


$540,524



$524,220



$536,421


Less average balances of:

















Goodwill

63,909


63,909


63,909


63,909


63,909



63,909



63,909


Identifiable intangible assets, net

5,086


5,303


5,526


5,739


5,963



5,194



6,076


Total average tangible equity

$426,578


$483,973


$487,330


$485,199


$470,652



$455,117



$466,436



















Return on average equity - GAAP

16.11

%

12.04

%

14.34

%

13.37

%

12.92

%


13.98

%


14.22

%

Return on average tangible equity - Non-GAAP

18.71

%

13.77

%

16.39

%

15.29

%

14.84

%


16.10

%


16.35

%

Category: Earnings

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SOURCE Washington Trust Bancorp, Inc.

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