Washington Trust Bancorp Inc WASH Income Statement

Washington trust bancorp inc (WASH)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
Interest income:
Interest and fees on loans
40,008	40,079	41,558	42,138	41,744	40,299	38,493	36,788	34,352	32,437	32,509	31,642	30,352	29,445	29,633	29,122	29,998	28,511	28,626	28,739	28,353	28,845	27,239	26,169	25,589	25,649	26,096	25,513	25,223	26,109	25,840	25,344	25,363	25,284	25,069	24,707	24,259	25,076	24,180
Interest on mortgage loans held for sale
285	-	-	-	180	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest on mortgage loans held for sale
-	-	410	288	-	289	384	313	226	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Taxable interest on debt securities
5,834	5,817	6,318	7,006	7,226	5,957	5,383	5,358	5,118	4,719	4,655	4,844	4,709	3,703	3,024	2,487	2,370	2,262	2,178	2,176	2,259	2,399	2,397	2,699	2,942	3,005	2,582	2,576	2,845	3,241	3,672	4,069	4,377	4,422	4,640	4,869	4,773	5,227	5,837
Nontaxable interest on debt securities
0	0	1	8	9	9	9	20	23	24	41	72	112	157	218	280	327	352	366	402	435	491	519	557	582	618	629	647	659	664	660	682	693	728	746	758	769	769	770
Dividends on Federal Home Loan Bank stock
640	693	747	720	695	669	634	550	516	481	467	439	387	362	288	231	210	315	309	164	165	141	140	138	142	35	36	39	38	49	52	78	77	56	64	66	67	55	54
Other interest income
349	435	493	399	340	294	261	257	205	217	197	156	104	95	93	70	64	37	47	29	25	29	36	28	35	59	47	24	28	27	27	17	20	17	15	13	24	25	13
Total interest and dividend income
47,116	47,383	49,527	50,559	50,194	47,517	45,164	43,286	40,440	38,900	37,869	37,153	35,664	35,055	33,256	32,190	32,969	31,477	31,526	31,510	31,237	31,905	30,331	29,591	29,290	29,366	29,390	28,799	28,793	30,090	30,251	30,190	30,530	30,507	30,534	30,413	29,892	31,152	30,854
Interest expense:
Deposits
8,536	9,144	9,792	9,469	8,696	7,953	6,546	5,254	4,422	4,136	3,835	3,591	3,502	3,445	3,110	2,981	2,968	3,097	3,308	3,348	3,389	3,531	3,317	3,120	2,969	3,066	3,064	3,096	3,194	3,380	3,391	3,385	3,434	3,652	3,808	4,030	4,202	4,747	5,331
Federal Home Loan Bank advances
5,765	6,015	6,512	6,980	6,661	5,446	4,937	4,707	3,983	3,708	3,816	3,509	3,344	2,886	2,641	2,313	2,152	1,966	1,987	1,891	1,902	1,867	1,832	1,758	2,241	2,534	2,693	2,679	2,737	3,148	3,726	3,998	4,085	4,202	4,539	4,685	4,732	5,574	6,000
Junior subordinated debentures
213	230	245	252	253	240	232	214	183	167	159	149	138	135	125	119	112	157	232	241	241	241	241	241	241	241	241	612	390	394	393	391	392	393	393	392	390	484	447
Other interest expense
-	-	-	-	-	-	-	-	-	0	0	0	1	1	1	1	2	2	2	2	3	3	3	4	3	4	4	3	5	4	5	5	234	245	245	242	241	246	243
Total interest expense
14,514	15,389	16,549	16,701	15,610	13,639	11,715	10,175	8,588	8,011	7,810	7,249	6,985	6,467	5,877	5,414	5,234	5,222	5,529	5,482	5,535	5,642	5,393	5,123	5,454	5,845	6,002	6,390	6,326	6,926	7,515	7,779	8,145	8,492	8,985	9,349	9,565	11,051	12,021
Interest Income (Expense), Net
32,602	31,994	32,978	33,858	34,584	33,878	33,449	33,111	31,852	30,889	30,059	29,904	28,679	28,588	27,379	26,776	27,735	26,255	25,997	26,028	25,702	26,263	24,938	24,468	23,836	23,521	23,388	22,409	22,467	23,164	22,736	22,411	22,385	22,015	21,549	21,064	20,327	20,101	18,833
Provision for credit losses
7,036	0	400	525	650	800	350	400	0	200	1,300	700	400	2,900	1,800	450	500	750	200	100	0	500	600	450	300	400	700	700	600	600	600	600	900	1,000	1,000	1,200	1,500	1,500	1,500
Net interest income after provision for loan losses
25,566	31,994	32,578	33,333	33,934	33,078	33,099	32,711	31,852	30,689	28,759	29,204	28,279	25,688	25,579	26,326	27,235	25,505	25,797	25,928	25,702	25,763	24,338	24,018	23,536	23,121	22,688	21,709	21,867	22,564	22,136	21,811	21,485	21,015	20,549	19,864	18,827	18,601	17,333
Noninterest income:
Wealth management revenues
8,689	8,894	9,153	9,549	9,252	9,012	9,454	9,602	10,273	9,914	10,013	9,942	9,477	9,291	9,623	9,481	9,174	9,167	8,902	8,912	8,435	8,409	8,374	8,530	8,065	8,810	7,629	7,912	7,474	7,790	7,193	7,473	7,185	6,925	6,791	7,510	7,080	6,485	6,763
Trust and investment advisory fees
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,877	5,819	5,778	-	5,547	5,822	5,676	5,052	5,153
Mutual Funds Fees
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,024	1,002	1,025	-	1,035	1,135	1,123	1,084	1,105
Financial planning, commissions and other service fees
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	292	652	382	-	209	553	281	349	505
Merchant processing fees
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	1,291	2,271	3,359	2,613	1,977	2,232	3,207	2,732	1,988	2,056	3,223	2,682	1,944	3,050	2,406
Mortgage banking revenues
6,096	3,669	4,840	3,640	2,646	1,978	2,624	2,941	2,838	3,097	3,036	2,919	2,340	4,541	3,734	2,710	2,198	2,585	1,990	2,741	2,585	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net gains on loan sales and commissions on loans originated for others
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,742	1,707	1,239	-	3,883	3,485	4,166	4,476	3,504	3,015	3,097	2,935	1,077	537	525	1,011	318
Card interchange fees
947	1,100	1,099	1,018	997	977	983	961	847	904	894	902	802	858	870	860	797	810	849	826	714	793	804	779	681	775	731	683	599	636	675	626	543	584	597	581	487	507	487
Service charges on deposit accounts
860	941	939	929	875	977	885	903	863	946	942	901	883	945	915	935	907	971	986	973	935	936	881	824	754	820	855	790	791	837	833	764	759	793	821	909	932	904	913
Net realized gains on securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	299	-	501	0	226	-29	737	0
Loan related derivative income
2,455	1,116	1,407	746	724	1,374	278	668	141	470	1,452	1,144	148	912	1,178	508	645	752	327	717	645	574	339	-37	260	726	54	152	19	168	63	-4	28	12	-47	-35	76	-60	-
Income from bank-owned life insurance
564	570	569	566	649	572	572	537	515	537	546	542	536	549	521	1,090	499	502	498	492	490	492	468	441	445	458	464	461	467	479	1,006	477	486	493	488	482	476	486	474
Net realized losses on securities
-	-	0	-80	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net (losses) gains on interest rate swap contracts
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-121
Equity in earnings (losses) of unconsolidated subsidiaries
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-88	-89	-88	-	-69	-69	-86	-63	-63	-107	-43	-42	-47	-57	39	82	27	124	-37	220	-144	-145	-144	-95	-50
Net gain on sale of business line
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	6,265	0	0	0	0	-	-	-	-	-	-	-	-	-	-
Other income
316	301	335	385	224	273	419	381	266	342	400	456	324	-41	508	419	502	135	430	669	302	101	580	677	413	260	472	355	406	275	413	668	392	307	308	538	383	414	323
Noninterest income, excluding other-than-temporary impairment losses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	15,837	17,400	16,394	15,938	17,899	16,921	16,174	14,441	14,826	13,114	13,285	11,730	13,439	11,513
Total other-than-temporary impairment losses on securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-319	0	0	613	-57	0	0	85	0	0	0	54	0	-243
Portion of loss recognized in other comprehensive income (before tax)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,036	0	0	2,159	69	0	0	124	0	158	0	-21	0	111
Net impairment losses recognized in earnings
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	717	0	0	2,772	12	0	0	209	0	158	0	33	0	354
Noninterest Income
19,927	16,618	18,342	16,753	15,367	15,163	15,215	15,993	15,743	16,210	17,283	16,806	14,510	17,320	17,261	15,914	14,634	15,146	13,913	15,261	14,020	13,706	13,125	12,814	19,370	15,120	17,400	16,394	13,166	17,887	16,921	16,174	14,232	14,826	12,956	13,285	11,697	13,439	11,159
Noninterest expense:
Salaries and employee benefits
19,468	18,374	18,332	18,436	17,619	16,918	17,283	17,304	17,772	17,194	17,362	17,418	16,917	17,102	16,908	17,405	16,380	16,053	15,971	15,506	15,494	14,685	14,516	14,771	14,558	14,428	14,640	15,542	15,442	15,661	15,214	14,451	14,460	13,957	12,912	12,398	11,828	12,067	11,726
Merchant processing costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	1,050	1,936	2,862	2,211	1,673	1,903	2,707	2,320	1,663	1,765	2,781	2,345	1,669	2,606	2,057
Outsourced services
3,000	2,752	2,722	2,518	2,606	2,510	1,951	2,350	1,873	1,960	1,793	1,710	1,457	1,311	1,254	1,294	1,363	1,337	1,250	1,277	1,247	1,286	1,138	1,015	1,044	1,072	878	871	841	900	845	895	920	920	863	875	872	769	855
Net occupancy
2,019	1,986	1,933	1,904	1,998	1,946	2,013	1,930	2,002	1,859	1,928	1,767	1,967	1,775	1,766	1,803	1,807	1,724	1,721	1,669	1,886	1,640	1,557	1,475	1,640	1,487	1,404	1,364	1,514	1,518	1,468	1,527	1,526	1,376	1,362	1,236	1,321	1,202	1,237
Equipment
977	996	1,046	1,028	1,011	983	1,080	1,069	1,180	1,198	1,380	1,313	1,467	1,556	1,648	1,503	1,501	1,393	1,424	1,376	1,340	1,221	1,211	1,235	1,236	1,189	1,222	1,192	1,244	1,222	1,168	1,143	1,107	1,133	1,092	1,070	1,049	1,037	1,014
Legal, audit and professional fees
822	692	645	664	534	587	559	555	726	562	534	582	616	597	691	662	629	825	630	610	676	626	494	598	618	639	529	554	608	641	598	519	482	538	430	467	492	438	408
FDIC deposit insurance costs
422	109	-460	540	429	376	410	422	404	389	308	469	481	390	504	491	493	470	467	436	473	467	442	413	440	431	448	451	431	419	427	426	458	429	427	464	723	861	784
Advertising and promotion
259	402	368	525	239	460	440	329	177	466	416	362	237	403	370	420	265	325	356	578	267	406	368	540	232	321	312	476	355	435	445	478	372	478	561	427	353	467	419
Amortization of intangibles
230	229	236	239	239	239	245	247	248	213	253	257	277	318	321	322	323	333	260	156	155	155	161	164	164	164	170	173	173	173	182	186	187	246	230	237	238	273	290
Foreclosed property costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	38	137	47	158	136	170	298	329	45	338	166	203	87
Debt prepayment penalties
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	431	0	0	0	0	0	0	0	6,294	0	1,125	0	0	-	1,173	961	-	-	0	221	-	752	0
Acquisition related expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	504	433	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in fair value of contingent consideration
-	-	-	-	-	-	-	-	-	-333	0	0	-310	0	-939	16	25	-	16	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other expenses
3,256	3,215	2,048	2,297	2,289	2,850	2,081	2,082	2,748	2,211	2,780	2,428	2,177	1,521	2,127	2,114	2,233	2,024	1,939	2,258	1,993	2,574	2,160	2,237	2,016	2,603	1,920	2,034	1,856	2,617	1,927	2,152	1,926	3,130	1,892	2,186	2,029	2,180	2,106
Total noninterest expense
30,453	28,755	26,870	28,151	26,964	26,682	26,062	26,288	27,130	25,754	26,754	26,306	25,286	24,973	24,650	26,030	25,450	24,561	24,538	24,299	23,531	23,060	22,047	22,448	29,292	24,048	25,548	25,005	24,184	27,421	26,290	25,228	23,399	24,774	22,595	22,264	20,740	22,855	20,983
Income before income taxes
15,040	19,857	24,050	21,935	22,337	21,559	22,252	22,416	20,465	21,145	19,288	19,704	17,503	18,035	18,190	16,210	16,419	16,090	15,172	16,890	16,191	16,409	15,416	14,384	13,614	14,193	14,540	13,098	10,849	13,030	12,767	12,757	12,318	11,067	10,910	10,885	9,784	9,185	7,509
Income tax expense
3,139	4,321	5,236	4,662	4,842	4,523	4,741	4,742	4,254	13,163	6,326	6,505	5,721	5,873	5,863	5,153	5,484	5,346	4,964	5,387	5,181	5,218	4,878	4,587	4,316	4,404	4,580	4,115	3,428	4,007	3,867	4,044	3,880	3,290	3,328	3,320	2,984	2,815	2,211
Net income
11,901	15,536	18,814	17,273	17,495	17,036	17,511	17,674	16,211	7,982	12,962	13,199	11,782	12,162	12,327	11,057	10,935	10,744	10,208	11,503	11,010	11,191	10,538	9,797	9,298	9,789	9,960	8,983	7,421	9,023	8,900	8,713	8,438	7,777	7,582	7,565	6,800	6,370	5,298
Net income applicable to common shareholders
11,869	15,502	18,778	17,238	17,461	17,004	17,475	17,636	16,173	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Weighted average common shares outstanding - basic
17,345	17,352	17,338	17,330	17,304	17,299	17,283	17,272	17,234	17,224	17,212	17,206	17,186	17,144	17,090	17,067	17,023	17,007	16,939	16,811	16,759	16,738	16,714	16,678	16,626	16,606	16,563	16,454	16,401	16,378	16,366	16,358	16,330	16,289	16,278	16,252	16,197	16,131	16
Weighted average common shares outstanding - diluted
17,441	17,436	17,414	17,405	17,401	17,450	17,382	17,387	17,345	17,425	17,318	17,316	17,293	17,278	17,203	17,194	17,157	17,238	17,102	16,989	16,939	17,002	16,855	16,831	16,800	16,930	16,696	16,581	16,449	16,428	16,414	16,392	16,370	16,328	16,294	16,284	16,230	16,136	16
Per share information:
Basic earnings per common share
0.68	0.90	1.08	0.99	1.01	0.98	1.01	1.02	0.94	0.46	0.75	0.77	0.68	0.71	0.72	0.65	0.64	0.64	0.60	0.68	0.65	0.66	0.63	0.59	0.56	0.59	0.60	0.54	0.45	0.55	0.54	0.53	0.51	0.48	0.46	0.46	0.42	0.39	0.33
Diluted earnings per common share
0.68	0.89	1.08	0.99	1.00	0.98	1.01	1.01	0.93	0.45	0.75	0.76	0.68	0.70	0.72	0.64	0.64	0.61	0.60	0.68	0.65	0.66	0.62	0.58	0.55	0.58	0.59	0.54	0.45	0.55	0.54	0.53	0.51	0.48	0.46	0.46	0.42	0.39	0.33
Cash dividends declared per share
-	-	0.51	0.51	-	-	0.43	0.43	0.43	-	0.39	0.38	0.38	0.37	0.37	0.36	0.36	0.34	0.34	0.34	0.34	0.32	0.32	0.29	0.29	0.27	0.26	0.25	0.25	0.24	0.24	0.23	0.23	0.22	0.22	0.22	0.22	0.21	0.21