Washington Trust Bancorp Inc WASH Income Statement

Washington trust bancorp inc (WASH)

Income statement / TTM

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
163,783	165,519	165,739	162,674	157,324	149,932	142,070	136,086	130,940	126,940	123,948	121,072	118,552	118,198	117,264	116,257	115,874	114,229	114,563	113,176	110,606	107,842	104,646	103,503	102,847	102,481	102,941	102,685	102,516	102,656	101,831	101,060	100,423	99,319	99,111	98,222	0	0	0
Interest on mortgage loans held for sale
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest on mortgage loans held for sale
-	-	1,167	1,141	-	1,212	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Taxable interest on debt securities
24,975	26,367	26,507	25,572	23,924	21,816	20,578	19,850	19,336	18,927	17,911	16,280	13,923	11,584	10,143	9,297	8,986	8,875	9,012	9,231	9,754	10,437	11,043	11,228	11,105	11,008	11,244	12,334	13,827	15,359	16,540	17,508	18,308	18,704	19,509	20,706	0	0	0
Nontaxable interest on debt securities
9	18	27	35	47	61	76	108	160	249	382	559	767	982	1,177	1,325	1,447	1,555	1,694	1,847	2,002	2,149	2,276	2,386	2,476	2,553	2,599	2,630	2,665	2,699	2,763	2,849	2,925	3,001	3,042	3,066	0	0	0
Dividends on Federal Home Loan Bank stock
2,800	2,855	2,831	2,718	2,548	2,369	2,181	2,014	1,903	1,774	1,655	1,476	1,268	1,091	1,044	1,065	998	953	779	610	584	561	455	351	252	148	162	178	217	256	263	275	263	253	252	242	0	0	0
Other interest income
1,676	1,667	1,526	1,294	1,152	1,017	940	876	775	674	552	448	362	322	264	218	177	138	130	119	118	128	158	169	165	158	126	106	99	91	81	69	65	69	77	75	0	0	0
Total interest and dividend income
194,585	197,663	197,797	193,434	186,161	176,407	167,790	160,495	154,362	149,586	145,741	141,128	136,165	133,470	129,892	128,162	127,482	125,750	126,178	124,983	123,064	121,117	118,578	117,637	116,845	116,348	117,072	117,933	119,324	121,061	121,478	121,761	121,984	121,346	121,991	122,311	0	0	0
Interest expense:
Deposits
36,941	37,101	35,910	32,664	28,449	24,175	20,358	17,647	15,984	15,064	14,373	13,648	13,038	12,504	12,156	12,354	12,721	13,142	13,576	13,585	13,357	12,937	12,472	12,219	12,195	12,420	12,734	13,061	13,350	13,590	13,862	14,279	14,924	15,692	16,787	18,310	0	0	0
Federal Home Loan Bank advances
25,272	26,168	25,599	24,024	21,751	19,073	17,335	16,214	15,016	14,377	13,555	12,380	11,184	9,992	9,072	8,418	7,996	7,746	7,647	7,492	7,359	7,698	8,365	9,226	10,147	10,643	11,257	12,290	13,609	14,957	16,011	16,824	17,511	18,158	19,530	20,991	0	0	0
Junior subordinated debentures
940	980	990	977	939	869	796	723	658	613	581	547	517	491	513	620	742	871	955	964	964	964	964	964	1,335	1,484	1,637	1,789	1,568	1,570	1,569	1,569	1,570	1,568	1,659	1,713	0	0	0
Other interest expense
-	-	-	-	-	-	-	-	-	1	2	3	4	5	6	7	8	9	10	11	13	13	14	15	14	16	16	17	19	248	489	729	966	973	974	972	0	0	0
Total interest expense
63,153	64,249	62,499	57,665	51,139	44,117	38,489	34,584	31,658	30,055	28,511	26,578	24,743	22,992	21,747	21,399	21,467	21,768	22,188	22,052	21,693	21,612	21,815	22,424	23,691	24,563	25,644	27,157	28,546	30,365	31,931	33,401	34,971	36,391	38,950	41,986	0	0	0
Interest Income (Expense), Net
131,432	133,414	135,298	135,769	135,022	132,290	129,301	125,911	122,704	119,531	117,230	114,550	111,422	110,478	108,145	106,763	106,015	103,982	103,990	102,931	101,371	99,505	96,763	95,213	93,154	91,785	91,428	90,776	90,778	90,696	89,547	88,360	87,013	84,955	83,041	80,325	0	0	0
Provision for credit losses
7,961	1,575	2,375	2,325	2,200	1,550	950	1,900	2,200	2,600	5,300	5,800	5,550	5,650	3,500	1,900	1,550	1,050	800	1,200	1,550	1,850	1,750	1,850	2,100	2,400	2,600	2,500	2,400	2,700	3,100	3,500	4,100	4,700	5,200	5,700	0	0	0
Net interest income after provision for loan losses
123,471	131,839	132,923	133,444	132,822	130,740	128,351	124,011	120,504	116,931	111,930	108,750	105,872	104,828	104,645	104,863	104,465	102,932	103,190	101,731	99,821	97,655	95,013	93,363	91,054	89,385	88,828	88,276	88,378	87,996	86,447	84,860	82,913	80,255	77,841	74,625	0	0	0
Noninterest income:
Wealth management revenues
36,285	36,848	36,966	37,267	37,320	38,341	39,243	39,802	40,142	39,346	38,723	38,333	37,872	37,569	37,445	36,724	36,155	35,416	34,658	34,130	33,748	33,378	33,779	33,034	32,416	31,825	30,805	30,369	29,930	29,641	28,776	28,374	28,411	28,306	27,866	27,838	0	0	0
Trust and investment advisory fees
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	22,097	21,703	0	0	0
Mutual Funds Fees
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	4,377	4,447	0	0	0
Financial planning, commissions and other service fees
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	1,392	1,688	0	0	0
Merchant processing fees
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,291	3,562	6,921	9,534	10,220	10,181	10,029	10,148	10,159	9,983	9,999	9,949	9,905	10,899	10,082	0	0	0
Mortgage banking revenues
18,245	14,795	13,104	10,888	10,189	10,381	11,500	11,912	11,890	11,392	12,836	13,534	13,325	13,183	11,227	9,483	9,514	9,901	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net gains on loan sales and commissions on loans originated for others
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	16,010	15,631	15,161	14,092	12,551	10,124	7,646	5,074	3,150	2,391	0	0	0
Card interchange fees
4,164	4,214	4,091	3,975	3,918	3,768	3,695	3,606	3,547	3,502	3,456	3,432	3,390	3,385	3,337	3,316	3,282	3,199	3,182	3,137	3,090	3,057	3,039	2,966	2,870	2,788	2,649	2,593	2,536	2,480	2,428	2,350	2,305	2,249	2,172	2,062	0	0	0
Service charges on deposit accounts
3,669	3,684	3,720	3,666	3,640	3,628	3,597	3,654	3,652	3,672	3,671	3,644	3,678	3,702	3,728	3,799	3,837	3,865	3,830	3,725	3,576	3,395	3,279	3,253	3,219	3,256	3,273	3,251	3,225	3,193	3,149	3,137	3,282	3,455	3,566	3,658	0	0	0
Net realized gains on securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	698	934	934	0	0	0
Loan related derivative income
5,724	3,993	4,251	3,122	3,044	2,461	1,557	2,731	3,207	3,214	3,656	3,382	2,746	3,243	3,083	2,232	2,441	2,441	2,263	2,275	1,521	1,136	1,288	1,003	1,192	951	393	402	246	255	99	-11	-42	6	-66	0	0	0	-
Income from bank-owned life insurance
2,269	2,354	2,356	2,359	2,330	2,196	2,161	2,135	2,140	2,161	2,173	2,148	2,696	2,659	2,612	2,589	1,991	1,982	1,972	1,942	1,891	1,846	1,812	1,808	1,828	1,850	1,871	2,413	2,429	2,448	2,462	1,944	1,949	1,939	1,932	1,918	0	0	0
Net realized losses on securities
-	-	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net (losses) gains on interest rate swap contracts
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Equity in earnings (losses) of unconsolidated subsidiaries
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-334	-315	-295	-	-287	-281	-319	-276	-255	-239	-189	-107	17	91	272	196	334	163	-106	-213	-528	-434	0	0	0
Net gain on sale of business line
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6,265	6,265	6,265	6,265	0	0	0	0	-	-	-	-	-	-	-	-	-	-
Other income
1,337	1,245	1,217	1,301	1,297	1,339	1,408	1,389	1,464	1,522	1,139	1,247	1,210	1,388	1,564	1,486	1,736	1,536	1,502	1,652	1,660	1,771	1,930	1,822	1,500	1,493	1,508	1,449	1,762	1,748	1,780	1,675	1,545	1,536	1,643	1,658	0	0	0
Noninterest income, excluding other-than-temporary impairment losses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	65,569	67,631	67,152	66,932	65,435	62,362	58,555	55,666	52,955	51,568	49,967	0	0	0
Total other-than-temporary impairment losses on securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	294	556	556	556	28	85	85	85	54	54	-189	0	0	0
Portion of loss recognized in other comprehensive income (before tax)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,195	2,228	2,228	2,228	193	124	282	282	137	137	90	0	0	0
Net impairment losses recognized in earnings
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,489	2,784	2,784	2,784	221	209	367	367	191	191	387	0	0	0
Noninterest Income
71,640	67,080	65,625	62,498	61,738	62,114	63,161	65,229	66,042	64,809	65,919	65,897	65,005	65,129	62,955	59,607	58,954	58,340	56,900	56,112	53,665	59,015	60,429	64,704	68,284	62,080	64,847	64,368	64,148	65,214	62,153	58,188	55,299	52,764	51,377	49,580	0	0	0
Noninterest expense:
Salaries and employee benefits
74,610	72,761	71,305	70,256	69,124	69,277	69,553	69,632	69,746	68,891	68,799	68,345	68,332	67,795	66,746	65,809	63,910	63,024	61,656	60,201	59,466	58,530	58,273	58,397	59,168	60,052	61,285	61,859	60,768	59,786	58,082	55,780	53,727	51,095	49,205	48,019	0	0	0
Merchant processing costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,050	2,986	5,848	8,059	8,682	8,649	8,494	8,603	8,593	8,455	8,529	8,554	8,560	9,401	8,677	0	0	0
Outsourced services
10,992	10,598	10,356	9,585	9,417	8,684	8,134	7,976	7,336	6,920	6,271	5,732	5,316	5,222	5,248	5,244	5,227	5,111	5,060	4,948	4,686	4,483	4,269	4,009	3,865	3,662	3,490	3,457	3,481	3,560	3,580	3,598	3,578	3,530	3,379	3,371	0	0	0
Net occupancy
7,842	7,821	7,781	7,861	7,887	7,891	7,804	7,719	7,556	7,521	7,437	7,275	7,311	7,151	7,100	7,055	6,921	7,000	6,916	6,752	6,558	6,312	6,159	6,006	5,895	5,769	5,800	5,864	6,027	6,039	5,897	5,791	5,500	5,295	5,121	4,996	0	0	0
Equipment
4,047	4,081	4,068	4,102	4,143	4,312	4,527	4,827	5,071	5,358	5,716	5,984	6,174	6,208	6,045	5,821	5,694	5,533	5,361	5,148	5,007	4,903	4,871	4,882	4,839	4,847	4,880	4,826	4,777	4,640	4,551	4,475	4,402	4,344	4,248	4,170	0	0	0
Legal, audit and professional fees
2,823	2,535	2,430	2,344	2,235	2,427	2,402	2,377	2,404	2,294	2,329	2,486	2,566	2,579	2,807	2,746	2,694	2,741	2,542	2,406	2,394	2,336	2,349	2,384	2,340	2,330	2,332	2,401	2,366	2,240	2,137	1,969	1,917	1,927	1,827	1,805	0	0	0
FDIC deposit insurance costs
611	618	885	1,755	1,637	1,612	1,625	1,523	1,570	1,647	1,648	1,844	1,866	1,878	1,958	1,921	1,866	1,846	1,843	1,818	1,795	1,762	1,726	1,732	1,770	1,761	1,749	1,728	1,703	1,730	1,740	1,740	1,778	2,043	2,475	2,832	0	0	0
Advertising and promotion
1,554	1,534	1,592	1,664	1,468	1,406	1,412	1,388	1,421	1,481	1,418	1,372	1,430	1,458	1,380	1,366	1,524	1,526	1,607	1,619	1,581	1,546	1,461	1,405	1,341	1,464	1,578	1,711	1,713	1,730	1,773	1,889	1,838	1,819	1,808	1,666	0	0	0
Amortization of intangibles
934	943	953	962	970	979	953	961	971	1,000	1,105	1,173	1,238	1,284	1,299	1,238	1,072	904	726	627	635	644	653	662	671	680	689	701	714	728	801	849	900	951	978	1,038	0	0	0
Foreclosed property costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	380	478	511	762	933	842	1,010	878	752	794	0	0	0
Debt prepayment penalties
-	-	-	-	-	-	-	-	-	-	-	-	-	431	431	431	431	0	0	0	0	6,294	6,294	7,419	7,419	1,125	2,298	2,134	0	-	0	0	-	-	0	0	-	0	0
Acquisition related expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in fair value of contingent consideration
-	-	-	-	-	-	-	-	-	-643	-310	-1,249	-1,233	-898	-882	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other expenses
10,816	9,849	9,484	9,517	9,302	9,761	9,122	9,821	10,167	9,596	8,906	8,253	7,939	7,995	8,498	8,310	8,454	8,214	8,764	8,985	8,964	8,987	9,016	8,776	8,573	8,413	8,427	8,434	8,552	8,622	9,135	9,100	9,134	9,237	8,287	8,501	0	0	0
Total noninterest expense
114,229	110,740	108,667	107,859	105,996	106,162	105,234	105,926	105,944	104,100	103,319	101,215	100,939	101,103	100,691	100,579	98,848	96,929	95,428	92,937	91,086	96,847	97,835	101,336	103,893	98,785	102,158	102,900	103,123	102,338	99,691	95,996	93,032	90,373	88,454	86,842	0	0	0
Income before income taxes
80,882	88,179	89,881	88,083	88,564	86,692	86,278	83,314	80,602	77,640	74,530	73,432	69,938	68,854	66,909	63,891	64,571	64,343	64,662	64,906	62,400	59,823	57,607	56,731	55,445	52,680	51,517	49,744	49,403	50,872	48,909	47,052	45,180	42,646	40,764	37,363	0	0	0
Income tax expense
17,358	19,061	19,263	18,768	18,848	18,260	26,900	28,485	30,248	31,715	24,425	23,962	22,610	22,373	21,846	20,947	21,181	20,878	20,750	20,664	19,864	18,999	18,185	17,887	17,415	16,527	16,130	15,417	15,346	15,798	15,081	14,542	13,818	12,922	12,447	11,330	0	0	0
Net income
63,524	69,118	70,618	69,315	69,716	68,432	59,378	54,829	50,354	45,925	50,105	49,470	47,328	46,481	45,063	42,944	43,390	43,465	43,912	44,242	42,536	40,824	39,422	38,844	38,030	36,153	35,387	34,327	34,057	35,074	33,828	32,510	31,362	29,724	28,317	26,033	0	0	0
Net income applicable to common shareholders
63,387	68,979	70,481	69,178	69,576	68,288	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
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