Washington Trust Bancorp Inc WASH Income Statement

Washington trust bancorp inc (WASH)

Income statement / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09
Interest income:
Interest and fees on loans
165,519	149,932	126,940	118,198	114,229	107,842	102,481	102,656	99,319	98,070	96,796
Interest on mortgage loans held for sale
1,237	1,212	1,022	1,293	-	-	-	-	-	-	-
Taxable interest on debt securities
26,367	21,816	18,927	11,584	8,875	10,437	11,008	15,359	18,704	21,824	29,423
Nontaxable interest on debt securities
18	61	249	982	1,555	2,149	2,553	2,699	3,001	3,077	3,116
Dividends on Federal Home Loan Bank stock
2,855	2,369	1,774	1,091	953	561	148	256	253	198	245
Other interest income
1,667	1,017	674	322	138	128	158	91	69	85	50
Total interest and dividend income
197,663	176,407	149,586	133,470	125,750	121,117	116,348	121,061	121,346	123,254	129,630
Interest expense:
Deposits
37,101	24,175	15,064	12,504	13,142	12,937	12,420	13,590	15,692	20,312	32,638
Federal Home Loan Bank advances
26,168	19,073	14,377	9,992	7,746	7,698	10,643	14,957	18,158	22,786	28,172
Junior subordinated debentures
980	869	613	491	871	964	1,484	1,570	1,568	1,989	1,947
Other interest expense
0	0	1	5	9	13	16	248	973	976	981
Total interest expense
64,249	44,117	30,055	22,992	21,768	21,612	24,563	30,365	36,391	46,063	63,738
Interest Income (Expense), Net
133,414	132,290	119,531	110,478	103,982	99,505	91,785	90,696	84,955	77,191	65,892
Provision for credit losses
1,575	1,550	2,600	5,650	1,050	1,850	2,400	2,700	4,700	6,000	8,500
Net interest income after provision for loan losses
131,839	130,740	116,931	104,828	102,932	97,655	89,385	87,996	80,255	71,191	57,392
Noninterest income:
Wealth management revenues
36,848	38,341	39,346	37,569	35,416	33,378	31,825	29,641	28,306	26,392	23,786
Trust and investment advisory fees
-	-	-	-	-	-	-	-	-	20,670	18,128
Mutual Funds Fees
-	-	-	-	-	-	-	-	-	4,423	4,140
Financial planning, commissions and other service fees
-	-	-	-	-	-	-	-	-	1,299	1,518
Merchant processing fees
-	-	-	-	-	1,291	10,220	10,159	9,905	9,156	7,844
Mortgage banking revenues
14,795	10,381	11,392	13,183	9,901	7,152	13,293	-	-	-	-
Net gains on loan sales and commissions on loans originated for others
-	-	-	-	-	-	-	14,092	5,074	4,052	4,352
Card interchange fees
4,214	3,768	3,502	3,385	3,199	3,057	2,788	2,480	2,249	1,975	1,628
Service charges on deposit accounts
3,684	3,628	3,672	3,702	3,865	3,395	3,256	3,193	3,455	3,587	3,667
Net realized gains on securities
-	-	-	-	-	-	-	1,223	698	729	314
Loan related derivative income
3,993	2,461	3,214	3,243	2,441	1,136	951	255	6	-36	697
Income from bank-owned life insurance
2,354	2,196	2,161	2,659	1,982	1,846	1,850	2,448	1,939	1,887	1,794
Net realized losses on securities
-53	0	0	-	-	-	-	-	-	-	-
Equity in earnings (losses) of unconsolidated subsidiaries
-	-	-	-	-	-276	-107	196	-213	-337	0
Net gain on sale of business line
-	-	-	-	-	6,265	0	0	-	-	-
Other income
1,245	1,339	1,522	1,388	1,536	1,771	1,493	1,748	1,536	1,485	1,708
Noninterest income, excluding other-than-temporary impairment losses
-	-	-	-	-	-	65,569	65,435	52,955	48,890	45,790
Total other-than-temporary impairment losses on securities
-	-	-	-	-	-	294	28	54	245	6,650
Portion of loss recognized in other comprehensive income (before tax)
-	-	-	-	-	-	3,195	193	137	172	-3,513
Net impairment losses recognized in earnings
-	-	-	-	-	-	3,489	221	191	417	3,137
Noninterest Income
67,080	62,114	64,809	65,129	58,340	59,015	62,080	65,214	52,764	48,473	42,653
Noninterest expense:
Salaries and employee benefits
72,761	69,277	68,891	67,795	63,024	58,530	60,052	59,786	51,095	47,429	41,917
Merchant processing costs
-	-	-	-	-	1,050	8,682	8,593	8,560	7,822	6,652
Outsourced services
10,598	8,684	6,920	5,222	5,111	4,483	3,662	3,560	3,530	3,304	3,169
Net occupancy
7,821	7,891	7,521	7,151	7,000	6,312	5,769	6,039	5,295	4,851	4,790
Equipment
4,081	4,312	5,358	6,208	5,533	4,903	4,847	4,640	4,344	4,099	3,917
Legal, audit and professional fees
2,535	2,427	2,294	2,579	2,741	2,336	2,330	2,240	1,927	1,813	2,443
FDIC deposit insurance costs
618	1,612	1,647	1,878	1,846	1,762	1,761	1,730	2,043	3,163	4,397
Advertising and promotion
1,534	1,406	1,481	1,458	1,526	1,546	1,464	1,730	1,819	1,633	1,687
Amortization of intangibles
943	979	1,000	1,284	904	644	680	728	951	1,091	1,209
Foreclosed property costs
-	-	-	-	-	-	-	762	878	841	72
Debt prepayment penalties
-	-	-	431	0	6,294	1,125	3,908	694	752	0
Acquisition related expenses
-	-	-	-	989	0	0	-	-	-	-
Change in fair value of contingent consideration
0	-187	-643	-898	41	0	-	-	-	-	-
Other expenses
9,849	9,761	9,596	7,995	8,214	8,987	8,413	8,622	9,237	8,513	7,350
Total noninterest expense
110,740	106,162	104,100	101,103	96,929	96,847	98,785	102,338	90,373	85,311	77,603
Income before income taxes
88,179	86,692	77,640	68,854	64,343	59,823	52,680	50,872	42,646	34,353	22,442
Income tax expense
19,061	18,260	31,715	22,373	20,878	18,999	16,527	15,798	12,922	10,302	6,346
Net income
69,118	68,432	45,925	46,481	43,465	40,824	36,153	35,074	29,724	24,051	16,096
Net income applicable to common shareholders
68,979	68,288	45,817	46,384	-	-	-	-	-	-	-
Weighted average common shares outstanding - basic
17,331	17,272	17,207	17,081	16,879	16,689	16,506	16,358	16,254	16,114	15,995
Weighted average common shares outstanding - diluted
17,414	17,391	17,338	17,208	17,067	16,872	16,664	16,401	16,284	16,123	16,041
Per share information:
Basic earnings per common share
3.98	3.95	2.66	2.72	2.57	2.44	2.18	2.13	1.82	1.49	1.01
Diluted earnings per common share
3.96	3.93	2.64	2.70	2.54	2.41	2.16	2.13	1.82	1.49	1.00
Cash dividends declared per share
-	-	-	1.46	1.36	1.22	1.03	0.94	0.88	0.84	0.84