Attached files
| file | filename |
|---|---|
| 8-K - WASHINGTON TRUST BANCORP, INC. FORM 8-K - WASHINGTON TRUST BANCORP INC | form8-k20120423.htm |
Exhibit 99.1
NASDAQ: WASH
Contact: Elizabeth B. Eckel
Senior Vice President, Marketing
Telephone: (401) 348-1309
E-mail: ebeckel@washtrust.com
Date: April 23, 2012
FOR IMMEDIATE RELEASE
Washington Trust Announces Record Net Income and Diluted Earnings Per Share for First Quarter 2012
Westerly, Rhode Island…Washington Trust Bancorp, Inc. (NASDAQ Global Select; symbol: WASH), parent company of The Washington Trust Company, today announced first quarter 2012 net income of $8.4 million, or 51 cents per diluted share, compared to fourth quarter 2011 net income of $7.8 million, or 47 cents per diluted share, and first quarter 2011 net income of $6.8 million, or 42 cents per diluted share. First quarter 2012 diluted earnings per share represented a 9% increase over the fourth quarter 2011 and a 21% increase over the first quarter of 2011. The returns on average equity and average assets for the first quarter of 2012 were 11.85% and 1.11%, respectively, compared to 10.04% and 0.94%, respectively, for the same period in 2011.
“Washington Trust posted solid first quarter results, with net income up 24 percent over a year ago,” stated Joseph J. MarcAurele, Washington Trust Chairman, President and Chief Executive Office. “We are pleased with our performance, as we’ve been able to strategically grow the Corporation, despite continued economic challenges.”
Selected financial highlights for the first quarter included:
• | Net interest margin increased to 3.27%, up five basis points from the fourth quarter of 2011, primarily due to reductions in the cost of time deposits and borrowings. |
• | Mortgage banking revenues (net gains on loan sales and commissions on loans originated for others) reached an all time high at $3.1 million for the quarter. These results reflected continued origination volume growth in our residential mortgage lending offices. |
• | Asset quality indicators showed noticeable improvement in the first quarter of 2012. The balances of nonperforming assets (nonaccrual loans, nonaccrual investment securities and property acquired through foreclosure or repossession), loan delinquencies and troubled debt restructurings all declined from December 31, 2011 to March 31, 2012. |
• | The loan loss provision charged to earnings in the first quarter of 2012 was $900 thousand, the lowest quarterly provision since the first quarter of 2008. |
-M O R E-
Washington Trust
Page 2, April 23, 2012
• | Wealth management revenues were up 4% on a linked quarter basis. Wealth management assets under administration amounted to $4.2 billion at March 31, 2012. |
Net Interest Income
Net interest income increased by 2% from the fourth quarter of 2011 due to the continued reduction in wholesale funding and time deposit costs. Compared to the first quarter of 2011, net interest income rose by $2.1 million, or 10%, reflecting the benefit of lower funding costs as well as a 7% increase in average loan balances. The net interest margin for the first quarter of 2012 was 3.27%, compared to 3.22% for the fourth quarter of 2011 and 3.16% for the first quarter of 2011.
Noninterest Income
Mortgage banking revenues, fueled by continued strong mortgage origination activity, totaled $3.1 million, up by $162 thousand from the previous quarter and up by $2.6 million from the first quarter of 2011. Washington Trust currently operates four mortgage lending offices in addition to its full-service branch locations.
Wealth management revenues for the first quarter of 2012 were $7.2 million, an increase of $260 thousand on a linked quarter basis and $105 thousand compared to the first quarter of 2011. Wealth management assets under administration totaled $4.2 billion at March 31, 2012, up by $296.4 million, or 8%, from December 31, 2011.
First quarter 2012 noninterest income included other-than-temporary impairment ("OTTI") losses on investment securities of $209 thousand, compared to OTTI losses of $33 thousand recorded in the first quarter of 2011. There were no OTTI losses recorded in the previous quarter.
There were no net realized gains on sales of securities in the first quarter of 2012, compared to $501 thousand recorded in the fourth quarter of 2011 and net realized losses of $29 thousand recorded in the first quarter of 2011.
Noninterest Expenses
Noninterest expenses totaled $23.4 million for the first quarter of 2012. Fourth quarter 2011 noninterest expenses included a $990 thousand charitable contribution and debt prepayment charges of $473 thousand. Excluding the contribution and debt prepayment charges, noninterest expenses increased by $88 thousand from the fourth quarter of 2011. Compared to the first quarter of 2011, noninterest expenses increased by $2.7 million, including a $2.6 million increase in salaries and employee benefit costs. This increase reflected higher amounts of commissions paid to mortgage originators, higher staffing levels in support of mortgage origination and other business lines and higher defined benefit plan cost primarily due to a lower discount rate.
-M O R E-
Washington Trust
Page 3, April 23, 2012
Income tax expense amounted to $3.9 million for the first quarter of 2012, compared to $3.3 million for the fourth quarter of 2011 and $3.0 million for the first quarter of 2011. The effective tax rate for the first quarter of 2012 was 31.5%.
Asset Quality
Nonperforming assets decreased to $23.6 million, or 0.78% of total assets, at March 31, 2012, from $24.8 million, or 0.81% of total assets, at December 31, 2011. At March 31, 2012, total past due loans amounted to $21.1 million, or 0.98% of total loans, down by $5.2 million from December 31, 2011. Loans classified as troubled debt restructurings totaled $14.1 million at March 31, 2012, down by $5.5 million from the balance at December 31, 2011.
The loan loss provision charged to earnings amounted to $900 thousand for the first quarter of 2012, down by $100 thousand from the fourth quarter of 2011 and down by $600 thousand from the first quarter of 2011. Net charge-offs amounted to $657 thousand in the first quarter of 2012, as compared to net charge-offs of $839 thousand in the fourth quarter of 2011 and $974 thousand in the first quarter of 2011.
Loans
Total loans rose by $8.2 million in the first quarter of 2012, led by a $17.2 million increase in commercial real estate loans. Total loans are up by $125.7 million, or 6%, from March 31, 2011, including an 8% increase in total commercial loans.
Investment Securities
The investment securities portfolio amounted to $558.3 million at March 31, 2012, a decline of $35.1 million from the balance at December 31, 2011, primarily due to principal payments received on mortgage-backed securities. At March 31, 2012, the net unrealized gain position on investment securities was $18.2 million.
Deposits and Borrowings
Total deposits rose by approximately 1% in the first quarter of 2012 and amounted to $2.1 billion at March 31, 2012. In the last twelve months, total deposits grew by $96.7 million, or 5%. The mix of deposits also improved with total demand and NOW deposits representing 28% of total deposits at March 31, 2012, up from 25% a year earlier.
FHLBB advances totaled $504.9 million at March 31, 2012, down by $35.5 million from December 31, 2011. Other borrowings decreased $18.9 million during the quarter reflecting the maturity of securities sold under repurchase agreements.
-M O R E-
Washington Trust
Page 4, April 23, 2012
Capital Management
Capital levels continued to exceed the regulatory minimum levels to be considered well capitalized, with a total risk-based capital ratio of 13.22% at March 31, 2012, compared to 12.86% at December 31, 2011. Total shareholder's equity was $287.9 million at March 31, 2012, up by $6.6 million from the balance at December 31, 2011.
Dividends Declared
The Board of Directors declared a quarterly dividend of 23 cents per share for the quarter ended March 31, 2012. This represented a one cent per share increase over the quarterly rate paid throughout 2011. The dividend was paid on April 13, 2012 to shareholders of record on March 30, 2012.
Conference Call
Washington Trust will host a conference call on Monday, April 23, 2012 at 10:30 a.m. Eastern Time to discuss first quarter results and business outlook. This call is being webcast and can be accessed through the Investor Relations section of the Washington Trust web site, www.washtrust.com. Individuals may dial in to the call at 1-877-317-6789. The international dial-in number is 1-412-317-6789 and the Canada dial-in number is 1-866-605-3852. A replay of the call will be posted in this same location on the web site shortly after the conclusion of the call. To listen to a replay of the conference call, dial 1-877-344-7529. For international access, dial 1-412-317-0088. The Conference Number for replay is 10012200. The replay will be available until 9:00 a.m. on May 4, 2012.
-M O R E-
Washington Trust
Page 5, April 23, 2012
Background
Washington Trust Bancorp, Inc. is the parent of The Washington Trust Company, a Rhode Island state-chartered bank founded in 1800. Washington Trust offers personal banking, business banking and wealth management services through its offices in Rhode Island, eastern Massachusetts and southeastern Connecticut. Washington Trust Bancorp, Inc.'s common stock trades on the NASDAQ Global Select Market under the symbol “WASH.” Investor information is available on the Corporation's web site: www.washtrust.com.
Forward-Looking Statements
This press release contains certain statements that are “forward-looking statements”. We may also make written or oral forward-looking statements in other documents we file with the 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 the control of Washington Trust. These risks, uncertainties and other factors may cause the actual results, performance or achievements of Washington Trust 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: changes in general national, regional or international economic conditions or conditions affecting the banking or financial services industries or financial capital markets, volatility and disruption in national and international financial markets, government intervention in the U.S. financial system, reductions in net interest income resulting from interest rate volatility as well as changes in the balance and mix of loans and deposits, reductions in the market value of wealth management assets under administration, changes in the value of securities and other assets, reductions in loan demand, changes in loan collectibility, default and charge-off rates, changes in the size and nature of Washington Trust's competition, changes in legislation or regulation and accounting principles, policies and guidelines such as the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, 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, 2011, as filed with the Securities and Exchange Commission and as updated by our Quarterly Reports on Form 10-Q, 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 press release, and Washington Trust assumes 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 | ||||||||
CONSOLIDATED BALANCE SHEETS (unaudited) | ||||||||
(Dollars in thousands, except par value) | Mar 31, 2012 | Dec 31, 2011 | ||||||
Assets: | ||||||||
Cash and due from banks | $79,677 | $82,238 | ||||||
Short-term investments | 4,334 | 4,782 | ||||||
Mortgage loans held for sale, at fair value; amortized cost $16,099 in 2012 and $19,624 in 2011 | 16,583 | 20,340 | ||||||
Securities: | ||||||||
Available for sale, at fair value; amortized cost $491,145 in 2012 and $524,036 in 2011 | 508,812 | 541,253 | ||||||
Held to maturity, at cost; fair value $50,042 in 2012 and $52,499 in 2011 | 49,472 | 52,139 | ||||||
Total securities | 558,284 | 593,392 | ||||||
Federal Home Loan Bank stock, at cost | 40,418 | 42,008 | ||||||
Loans: | ||||||||
Commercial and other | 1,139,400 | 1,124,628 | ||||||
Residential real estate | 696,957 | 700,414 | ||||||
Consumer | 319,002 | 322,117 | ||||||
Total loans | 2,155,359 | 2,147,159 | ||||||
Less allowance for loan losses | 30,045 | 29,802 | ||||||
Net loans | 2,125,314 | 2,117,357 | ||||||
Premises and equipment, net | 26,897 | 26,028 | ||||||
Investment in bank-owned life insurance | 54,268 | 53,783 | ||||||
Goodwill | 58,114 | 58,114 | ||||||
Identifiable intangible assets, net | 6,714 | 6,901 | ||||||
Other assets | 58,087 | 59,155 | ||||||
Total assets | $3,028,690 | $3,064,098 | ||||||
Liabilities: | ||||||||
Deposits: | ||||||||
Demand deposits | $333,833 | $339,809 | ||||||
NOW accounts | 258,986 | 257,031 | ||||||
Money market accounts | 400,396 | 406,777 | ||||||
Savings accounts | 257,495 | 243,904 | ||||||
Time deposits | 894,852 | 878,794 | ||||||
Total deposits | 2,145,562 | 2,126,315 | ||||||
Federal Home Loan Bank advances | 504,933 | 540,450 | ||||||
Junior subordinated debentures | 32,991 | 32,991 | ||||||
Other borrowings | 819 | 19,758 | ||||||
Other liabilities | 56,450 | 63,233 | ||||||
Total liabilities | 2,740,755 | 2,782,747 | ||||||
Shareholders’ Equity: | ||||||||
Common stock of $.0625 par value; authorized 30,000,000 shares; issued 16,354,155 shares in 2012 and 16,292,471 shares in 2011 | 1,022 | 1,018 | ||||||
Paid-in capital | 89,484 | 88,030 | ||||||
Retained earnings | 198,827 | 194,198 | ||||||
Accumulated other comprehensive loss | (1,398 | ) | (1,895 | ) | ||||
Total shareholders’ equity | 287,935 | 281,351 | ||||||
Total liabilities and shareholders’ equity | $3,028,690 | $3,064,098 | ||||||
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||
CONSOLIDATED STATEMENTS OF INCOME (unaudited) | ||||||||
(Dollars and shares in thousands, except per share amounts) | Three Months | |||||||
Periods ended March 31, | 2012 | 2011 | ||||||
Interest income: | ||||||||
Interest and fees on loans | $25,363 | $24,259 | ||||||
Interest on securities: | Taxable | 4,377 | 4,773 | |||||
Nontaxable | 693 | 769 | ||||||
Dividends on corporate stock and Federal Home Loan Bank stock | 77 | 67 | ||||||
Other interest income | 20 | 24 | ||||||
Total interest income | 30,530 | 29,892 | ||||||
Interest expense: | ||||||||
Deposits | 3,434 | 4,202 | ||||||
Federal Home Loan Bank advances | 4,085 | 4,732 | ||||||
Junior subordinated debentures | 392 | 390 | ||||||
Other interest expense | 234 | 241 | ||||||
Total interest expense | 8,145 | 9,565 | ||||||
Net interest income | 22,385 | 20,327 | ||||||
Provision for loan losses | 900 | 1,500 | ||||||
Net interest income after provision for loan losses | 21,485 | 18,827 | ||||||
Noninterest income: | ||||||||
Wealth management services: | ||||||||
Trust and investment advisory fees | 5,778 | 5,676 | ||||||
Mutual fund fees | 1,025 | 1,123 | ||||||
Financial planning, commissions and other service fees | 382 | 281 | ||||||
Wealth management services | 7,185 | 7,080 | ||||||
Service charges on deposit accounts | 759 | 932 | ||||||
Merchant processing fees | 1,988 | 1,944 | ||||||
Card interchange fees | 543 | 487 | ||||||
Income from bank-owned life insurance | 486 | 476 | ||||||
Net gains on loan sales and commissions on loans originated for others | 3,097 | 525 | ||||||
Net realized losses on securities | — | (29 | ) | |||||
Net gains on interest rate swap contracts | 28 | 76 | ||||||
Equity in losses of unconsolidated subsidiaries | (37 | ) | (144 | ) | ||||
Other income | 392 | 383 | ||||||
Noninterest income, excluding other-than-temporary impairment losses | 14,441 | 11,730 | ||||||
Total other-than-temporary impairment losses on securities | (85 | ) | (54 | ) | ||||
Portion of loss recognized in other comprehensive income (before tax) | (124 | ) | 21 | |||||
Net impairment losses recognized in earnings | (209 | ) | (33 | ) | ||||
Total noninterest income | 14,232 | 11,697 | ||||||
Noninterest expense: | ||||||||
Salaries and employee benefits | 14,460 | 11,828 | ||||||
Net occupancy | 1,526 | 1,321 | ||||||
Equipment | 1,107 | 1,049 | ||||||
Merchant processing costs | 1,663 | 1,669 | ||||||
Outsourced services | 920 | 872 | ||||||
FDIC deposit insurance costs | 458 | 723 | ||||||
Legal, audit and professional fees | 482 | 492 | ||||||
Advertising and promotion | 372 | 353 | ||||||
Amortization of intangibles | 187 | 238 | ||||||
Foreclosed property costs | 298 | 166 | ||||||
Other expenses | 1,926 | 2,029 | ||||||
Total noninterest expense | 23,399 | 20,740 | ||||||
Income before income taxes | 12,318 | 9,784 | ||||||
Income tax expense | 3,880 | 2,984 | ||||||
Net income | $8,438 | $6,800 | ||||||
Weighted average common shares outstanding - basic | 16,330 | 16,197 | ||||||
Weighted average common shares outstanding - diluted | 16,370 | 16,230 | ||||||
Per share information: | Basic earnings per common share | $0.51 | $0.42 | |||||
Diluted earnings per common share | $0.51 | $0.42 | ||||||
Cash dividends declared per share | $0.23 | $0.22 | ||||||
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | |||||||||||||||
At or for the Quarters Ended | |||||||||||||||
(Dollars and shares in thousands, except per share amounts) | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | ||||||||||
Financial Data: | |||||||||||||||
Total assets | $3,028,690 | $3,064,098 | $2,969,613 | $2,936,306 | $2,892,272 | ||||||||||
Total loans | 2,155,359 | 2,147,159 | 2,087,759 | 2,057,152 | 2,029,637 | ||||||||||
Total securities | 558,284 | 593,392 | 581,543 | 591,580 | 576,158 | ||||||||||
Total deposits | 2,145,562 | 2,126,315 | 2,086,150 | 1,996,043 | 2,048,846 | ||||||||||
Total shareholders' equity | 287,935 | 281,351 | 285,494 | 281,425 | 273,885 | ||||||||||
Net interest income | 22,385 | 22,015 | 21,549 | 21,064 | 20,327 | ||||||||||
Provision for loan losses | 900 | 1,000 | 1,000 | 1,200 | 1,500 | ||||||||||
Noninterest income, excluding OTTI losses | 14,441 | 14,826 | 13,114 | 13,285 | 11,730 | ||||||||||
Net OTTI losses recognized in earnings | (209 | ) | — | (158 | ) | — | (33 | ) | |||||||
Noninterest expenses | 23,399 | 24,774 | 22,595 | 22,264 | 20,740 | ||||||||||
Income tax expense | 3,880 | 3,290 | 3,328 | 3,320 | 2,984 | ||||||||||
Net income | 8,438 | 7,777 | 7,582 | 7,565 | 6,800 | ||||||||||
Share Data: | |||||||||||||||
Basic earnings per common share | $0.51 | $0.48 | $0.46 | $0.46 | $0.42 | ||||||||||
Diluted earnings per common share | $0.51 | $0.47 | $0.46 | $0.46 | $0.42 | ||||||||||
Dividends declared per share | $0.23 | $0.22 | $0.22 | $0.22 | $0.22 | ||||||||||
Book value per share | $17.61 | $17.27 | $17.54 | $17.30 | $16.87 | ||||||||||
Tangible book value per share - Non-GAAP (1) | $13.64 | $13.28 | $13.53 | $13.27 | $12.82 | ||||||||||
Market value per share | $24.14 | $23.86 | $19.78 | $22.97 | $23.74 | ||||||||||
Shares outstanding at end of period | 16,354.2 | 16,292.5 | 16,279.5 | 16,266.5 | 16,233.6 | ||||||||||
Weighted average common shares outstanding-basic | 16,329.8 | 16,288.1 | 16,277.8 | 16,251.6 | 16,197.2 | ||||||||||
Weighted average common shares outstanding-diluted | 16,370.2 | 16,326.5 | 16,293.7 | 16,284.3 | 16,229.8 | ||||||||||
Key Ratios: | |||||||||||||||
Return on average assets | 1.11 | % | 1.04 | % | 1.03 | % | 1.04 | % | 0.94 | % | |||||
Return on average tangible assets - Non-GAAP (1) | 1.14 | % | 1.07 | % | 1.06 | % | 1.07 | % | 0.96 | % | |||||
Return on average equity | 11.85 | % | 10.89 | % | 10.67 | % | 10.83 | % | 10.04 | % | |||||
Return on average tangible equity - Non-GAAP (1) | 15.35 | % | 14.10 | % | 13.86 | % | 14.16 | % | 13.26 | % | |||||
Capital Ratios: | |||||||||||||||
Tier 1 risk-based capital | 11.96% (i) | 11.61 | % | 11.73 | % | 11.72 | % | 11.65 | % | ||||||
Total risk-based capital | 13.22% (i) | 12.86 | % | 12.99 | % | 12.98 | % | 12.92 | % | ||||||
Tier 1 leverage ratio | 8.75% (i) | 8.70 | % | 8.69 | % | 8.61 | % | 8.49 | % | ||||||
Equity to assets | 9.51 | % | 9.18 | % | 9.61 | % | 9.58 | % | 9.47 | % | |||||
Tangible equity to tangible assets - Non-GAAP (1) | 7.53 | % | 7.21 | % | 7.58 | % | 7.52 | % | 7.36 | % | |||||
(i) - estimated | |||||||||||||||
Wealth Management Assets under | |||||||||||||||
Administration: | |||||||||||||||
Balance at beginning of period | $3,900,061 | $3,728,837 | $4,148,433 | $4,119,207 | $3,967,207 | ||||||||||
Net investment appreciation (depreciation) & income | 298,155 | 215,449 | (374,961 | ) | 1,625 | 145,563 | |||||||||
Net client cash flows | (1,769 | ) | (36,815 | ) | (44,635 | ) | 27,601 | 6,437 | |||||||
Other (2) | — | (7,410 | ) | — | — | — | |||||||||
Balance at end of period | $4,196,447 | $3,900,061 | $3,728,837 | $4,148,433 | $4,119,207 | ||||||||||
(1) | See the section labeled “Supplemental Information - Non-GAAP Financial Measures” at the end of this document. |
(2) | Represents declassifications of largely low fee-paying assets from assets under administration due to a change in the scope and/or frequency of services provided by Washington Trust. The impact of this change on wealth management revenues was minimal. |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | ||||||||||||||
For the Quarters Ended | ||||||||||||||
Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | ||||||||||
Average Yield / Rate (taxable equivalent basis): | ||||||||||||||
Assets: | ||||||||||||||
Commercial and other loans | 5.13 | % | 5.19 | % | 5.22 | % | 5.23 | % | 5.28 | % | ||||
Residential real estate loans, including mortgage loans held for sale | 4.51 | % | 4.46 | % | 4.58 | % | 4.72 | % | 4.79 | % | ||||
Consumer loans | 3.89 | % | 3.87 | % | 3.90 | % | 3.91 | % | 3.93 | % | ||||
Total loans | 4.74 | % | 4.74 | % | 4.80 | % | 4.86 | % | 4.91 | % | ||||
Cash, federal funds sold and other short-term investments | 0.15 | % | 0.19 | % | 0.20 | % | 0.15 | % | 0.22 | % | ||||
FHLBB stock | 0.50 | % | 0.30 | % | 0.26 | % | 0.31 | % | 0.31 | % | ||||
Taxable debt securities | 3.62 | % | 3.58 | % | 3.78 | % | 4.01 | % | 3.93 | % | ||||
Nontaxable debt securities | 5.92 | % | 5.82 | % | 5.82 | % | 5.88 | % | 5.95 | % | ||||
Corporate stocks | 7.16 | % | 5.89 | % | 7.58 | % | 7.50 | % | 8.07 | % | ||||
Total securities | 3.93 | % | 3.88 | % | 4.07 | % | 4.28 | % | 4.23 | % | ||||
Total interest-earning assets | 4.43 | % | 4.44 | % | 4.53 | % | 4.61 | % | 4.61 | % | ||||
Liabilities: | ||||||||||||||
NOW accounts | 0.08 | % | 0.10 | % | 0.10 | % | 0.10 | % | 0.10 | % | ||||
Money market accounts | 0.22 | % | 0.24 | % | 0.25 | % | 0.25 | % | 0.33 | % | ||||
Savings accounts | 0.11 | % | 0.12 | % | 0.12 | % | 0.12 | % | 0.14 | % | ||||
Time deposits | 1.41 | % | 1.45 | % | 1.48 | % | 1.57 | % | 1.61 | % | ||||
FHLBB advances | 3.14 | % | 3.44 | % | 3.49 | % | 3.80 | % | 4.04 | % | ||||
Junior subordinated debentures | 4.78 | % | 4.73 | % | 4.73 | % | 4.77 | % | 4.79 | % | ||||
Other | 4.98 | % | 4.59 | % | 4.50 | % | 4.48 | % | 4.23 | % | ||||
Total interest-bearing liabilities | 1.38 | % | 1.45 | % | 1.53 | % | 1.61 | % | 1.67 | % | ||||
Interest rate spread (taxable equivalent basis) | 3.05 | % | 2.99 | % | 3.00 | % | 3.00 | % | 2.94 | % | ||||
Net interest margin (taxable equivalent basis) | 3.27 | % | 3.22 | % | 3.22 | % | 3.21 | % | 3.16 | % | ||||
At March 31, 2012 | ||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
(Dollars in thousands) | Cost (1) | Gains | Losses | Value | ||||||||||||
Securities Available for Sale: | ||||||||||||||||
Obligations of U.S. government-sponsored enterprises | $29,437 | $3,182 | $— | $32,619 | ||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 339,934 | 19,290 | — | 359,224 | ||||||||||||
States and political subdivisions | 71,344 | 5,011 | — | 76,355 | ||||||||||||
Trust preferred securities: | ||||||||||||||||
Individual name issuers | 30,648 | — | (7,476 | ) | 23,172 | |||||||||||
Collateralized debt obligations | 4,047 | — | (3,298 | ) | 749 | |||||||||||
Corporate bonds | 13,880 | 784 | (28 | ) | 14,636 | |||||||||||
Perpetual preferred stocks | 1,855 | 202 | — | 2,057 | ||||||||||||
Total securities available for sale | 491,145 | 28,469 | (10,802 | ) | 508,812 | |||||||||||
Held to Maturity: | ||||||||||||||||
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises | 49,472 | 570 | — | 50,042 | ||||||||||||
Total securities held to maturity | 49,472 | 570 | — | 50,042 | ||||||||||||
Total securities | $540,617 | $29,039 | ($10,802 | ) | $558,854 | |||||||||||
(1) | Net of other-than-temporary impairment losses recognized in earnings. |
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | ||||||||||||||||
Period End Balances At | ||||||||||||||||
(Dollars in thousands) | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | |||||||||||
Loans: | ||||||||||||||||
Commercial: | Mortgages | $642,012 | $624,813 | $573,355 | $562,976 | $551,069 | ||||||||||
Construction & development | 11,130 | 10,955 | 18,518 | 19,448 | 34,615 | |||||||||||
Other | 486,258 | 488,860 | 478,652 | 491,071 | 470,704 | |||||||||||
Total commercial | 1,139,400 | 1,124,628 | 1,070,525 | 1,073,495 | 1,056,388 | |||||||||||
Residential real estate: | Mortgages | 675,249 | 678,582 | 674,242 | 644,210 | 636,916 | ||||||||||
Homeowner construction | 21,708 | 21,832 | 17,226 | 14,137 | 12,241 | |||||||||||
Total residential real estate | 696,957 | 700,414 | 691,468 | 658,347 | 649,157 | |||||||||||
Consumer: | Home equity lines | 223,311 | 223,430 | 222,886 | 223,284 | 221,003 | ||||||||||
Home equity loans | 40,793 | 43,121 | 45,354 | 46,797 | 48,337 | |||||||||||
Other | 54,898 | 55,566 | 57,526 | 55,229 | 54,752 | |||||||||||
Total consumer | 319,002 | 322,117 | 325,766 | 325,310 | 324,092 | |||||||||||
Total loans | $2,155,359 | $2,147,159 | $2,087,759 | $2,057,152 | $2,029,637 | |||||||||||
At March 31, 2012 | |||||
(Dollars in thousands) | Balance | % of Total | |||
Commercial Real Estate Loans by Property Location: | |||||
Rhode Island, Connecticut, Massachusetts | $614,669 | 94.1 | % | ||
New York, New Jersey, Pennsylvania | 25,154 | 3.9 | % | ||
New Hampshire | 11,621 | 1.8 | % | ||
Other | 1,698 | 0.2 | % | ||
Total commercial real estate loans (1) | $653,142 | 100.0 | % | ||
(1) | Commercial real estate loans consist of commercial mortgages and construction and development loans. Commercial mortgages are loans secured by income producing property. |
At March 31, 2012 | |||||
(Dollars in thousands) | Balance | % of Total | |||
Residential Mortgages by Property Location: | |||||
Rhode Island, Connecticut, Massachusetts | $673,048 | 96.4 | % | ||
New York, Virginia, New Jersey, Maryland, Pennsylvania, District of Columbia | 9,820 | 1.4 | % | ||
Ohio | 5,487 | 0.8 | % | ||
Washington, Oregon | 1,395 | 0.2 | % | ||
Colorado, New Mexico | 1,075 | 0.2 | % | ||
Georgia | 1,114 | 0.2 | % | ||
New Hampshire | 4,548 | 0.7 | % | ||
Other | 470 | 0.1 | % | ||
Total residential mortgages | $696,957 | 100.0 | % | ||
Period End Balances At | ||||||||||||||||
(Dollars in thousands) | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | |||||||||||
Deposits: | ||||||||||||||||
Demand deposits | $333,833 | $339,809 | $319,203 | $261,016 | $274,798 | |||||||||||
NOW accounts | 258,986 | 257,031 | 242,372 | 236,162 | 228,502 | |||||||||||
Money market accounts | 400,396 | 406,777 | 374,324 | 355,096 | 387,923 | |||||||||||
Savings accounts | 257,495 | 243,904 | 239,356 | 227,014 | 223,599 | |||||||||||
Time deposits | 894,852 | 878,794 | 910,895 | 916,755 | 934,024 | |||||||||||
Total deposits | $2,145,562 | $2,126,315 | $2,086,150 | $1,996,043 | $2,048,846 | |||||||||||
Out-of-market brokered certificates of deposits included in time deposits | $95,989 | $90,073 | $85,250 | $85,659 | $51,778 | |||||||||||
In-market deposits, excluding out-of-market brokered certificates of deposit | $2,049,573 | $2,036,242 | $2,000,900 | $1,910,384 | $1,997,068 | |||||||||||
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | |||||||||||||||||||
Period End Balances At | |||||||||||||||||||
(Dollars in thousands) | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | ||||||||||||||
Asset Quality Data: | |||||||||||||||||||
Nonperforming Assets: | |||||||||||||||||||
Commercial mortgages | $5,099 | $5,709 | $6,367 | $7,476 | $6,068 | ||||||||||||||
Commercial construction and development | — | — | — | — | — | ||||||||||||||
Other commercial | 4,200 | 3,708 | 2,745 | 3,152 | 4,445 | ||||||||||||||
Residential real estate mortgages | 9,031 | 10,614 | 11,352 | 9,570 | 8,265 | ||||||||||||||
Consumer | 1,069 | 1,206 | 1,126 | 780 | 601 | ||||||||||||||
Total nonaccrual loans | $19,399 | $21,237 | $21,590 | $20,978 | $19,379 | ||||||||||||||
Nonaccrual investment securities | 750 | 887 | 796 | 934 | 752 | ||||||||||||||
Property acquired through foreclosure or repossession | 3,478 | 2,647 | 2,201 | 2,189 | 2,163 | ||||||||||||||
Total nonperforming assets | $23,627 | $24,771 | $24,587 | $24,101 | $22,294 | ||||||||||||||
Total past due loans to total loans | 0.98 | % | 1.22 | % | 1.05 | % | 1.19 | % | 1.34 | % | |||||||||
Nonperforming assets to total assets | 0.78 | % | 0.81 | % | 0.83 | % | 0.82 | % | 0.77 | % | |||||||||
Nonaccrual loans to total loans | 0.90 | % | 0.99 | % | 1.03 | % | 1.02 | % | 0.95 | % | |||||||||
Allowance for loan losses to nonaccrual loans | 154.88 | % | 140.33 | % | 137.29 | % | 139.92 | % | 150.21 | % | |||||||||
Allowance for loan losses to total loans | 1.39 | % | 1.39 | % | 1.42 | % | 1.43 | % | 1.43 | % | |||||||||
Troubled Debt Restructured Loans: | |||||||||||||||||||
Accruing troubled debt restructured loans | |||||||||||||||||||
Commercial mortgages | $1,059 | $6,389 | $5,861 | $6,552 | $10,071 | ||||||||||||||
Other commercial | 7,329 | 6,625 | 4,059 | 4,026 | 4,554 | ||||||||||||||
Residential real estate mortgages | 935 | 1,481 | 1,158 | 2,279 | 2,724 | ||||||||||||||
Consumer | 174 | 171 | 174 | 317 | 417 | ||||||||||||||
Accruing troubled debt restructured loans | 9,497 | 14,666 | 11,252 | 13,174 | 17,766 | ||||||||||||||
Nonaccrual troubled debt restructured loans | |||||||||||||||||||
Commercial mortgages | 348 | 91 | 1,209 | 2,555 | 826 | ||||||||||||||
Other commercial | 2,361 | 2,154 | 292 | 455 | 526 | ||||||||||||||
Residential real estate mortgages | 1,904 | 2,615 | 2,686 | 2,303 | 1,785 | ||||||||||||||
Consumer | 35 | 106 | 129 | 131 | 199 | ||||||||||||||
Nonaccrual troubled debt restructured loans | 4,648 | 4,966 | 4,316 | 5,444 | 3,336 | ||||||||||||||
Total troubled debt restructured loans | $14,145 | $19,632 | $15,568 | $18,618 | $21,102 | ||||||||||||||
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (unaudited) | |||||||||||||||||||
Period End Balances At | |||||||||||||||||||
(Dollars in thousands) | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | ||||||||||||||
Past Due Loans: | |||||||||||||||||||
Loans 30-59 Days Past Due | |||||||||||||||||||
Commercial mortgages | $104 | $1,621 | $874 | $1,507 | $3,223 | ||||||||||||||
Other commercial loans | 1,031 | 3,760 | 1,629 | 1,783 | 2,474 | ||||||||||||||
Residential real estate mortgages | 4,468 | 3,969 | 2,145 | 3,355 | 2,986 | ||||||||||||||
Consumer loans | 2,404 | 1,073 | 1,100 | 1,979 | 1,735 | ||||||||||||||
Loans 30-59 days past due | $8,007 | $10,423 | $5,748 | $8,624 | $10,418 | ||||||||||||||
Loans 60-89 Days Past Due | |||||||||||||||||||
Commercial mortgages | $— | $315 | $328 | $1,013 | $1,626 | ||||||||||||||
Other commercial loans | 33 | 982 | 103 | 80 | 315 | ||||||||||||||
Residential real estate mortgages | 488 | 1,505 | 206 | 992 | 1,345 | ||||||||||||||
Consumer loans | 219 | 263 | 420 | 120 | 335 | ||||||||||||||
Loans 60-89 days past due | $740 | $3,065 | $1,057 | $2,205 | $3,621 | ||||||||||||||
Loans 90 Days or more Past Due | |||||||||||||||||||
Commercial mortgages | $4,676 | $4,995 | $5,510 | $5,553 | $5,242 | ||||||||||||||
Other commercial loans | 2,521 | 633 | 1,209 | 1,378 | 2,524 | ||||||||||||||
Residential real estate mortgages | 4,843 | 6,283 | 7,826 | 6,549 | 5,165 | ||||||||||||||
Consumer loans | 326 | 874 | 649 | 245 | 317 | ||||||||||||||
Loans 90 days or more past due | $12,366 | $12,785 | $15,194 | $13,725 | $13,248 | ||||||||||||||
Total Past Due Loans | |||||||||||||||||||
Commercial mortgages | $4,780 | $6,931 | $6,712 | $8,073 | $10,091 | ||||||||||||||
Other commercial loans | 3,585 | 5,375 | 2,941 | 3,241 | 5,313 | ||||||||||||||
Residential real estate mortgages | 9,799 | 11,757 | 10,177 | 10,896 | 9,496 | ||||||||||||||
Consumer loans | 2,949 | 2,210 | 2,169 | 2,344 | 2,387 | ||||||||||||||
Total past due loans | $21,113 | $26,273 | $21,999 | $24,554 | $27,287 | ||||||||||||||
Nonaccrual loans included in past due loans | $14,747 | $17,588 | $16,585 | $16,705 | $16,456 | ||||||||||||||
For the Quarters Ended | |||||||||||||||||||
(Dollars in thousands) | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | ||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||
Balance at beginning of period | $29,802 | $29,641 | $29,353 | $29,109 | $28,583 | ||||||||||||||
Provision charged to earnings | 900 | 1,000 | 1,000 | 1,200 | 1,500 | ||||||||||||||
Charge-offs | (681 | ) | (920 | ) | (818 | ) | (1,044 | ) | (1,052 | ) | |||||||||
Recoveries | 24 | 81 | 106 | 88 | 78 | ||||||||||||||
Balance at end of period | $30,045 | $29,802 | $29,641 | $29,353 | $29,109 | ||||||||||||||
Net Loan Charge-Offs (Recoveries): | |||||||||||||||||||
Commercial mortgages | $7 | $249 | $249 | $122 | $333 | ||||||||||||||
Other commercial | 324 | 39 | 286 | 541 | 508 | ||||||||||||||
Residential real estate mortgages | 224 | 273 | 100 | 146 | 118 | ||||||||||||||
Consumer | 102 | 278 | 77 | 147 | 15 | ||||||||||||||
Total | $657 | $839 | $712 | $956 | $974 | ||||||||||||||
The following tables present average balance and interest rate information. Tax-exempt income is converted to a fully taxable equivalent basis using the statutory federal income tax rate adjusted for applicable state income taxes, net of the related federal tax benefit. For dividends on corporate stocks, the 70% federal dividends received deduction is also used in the calculation of tax equivalency. Unrealized gains (losses) on available for sale securities are excluded from the average balance and yield calculations. Nonaccrual and renegotiated loans, as well as interest earned on these loans (to the extent recognized in the Consolidated Statements of Income) are included in amounts presented for loans.
Washington Trust Bancorp, Inc. and Subsidiaries | ||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited) | ||||||||||||||||||
Three months ended March 31, | 2012 | 2011 | ||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Assets: | ||||||||||||||||||
Commercial and other loans | $1,121,684 | $14,298 | 5.13 | % | $1,037,379 | $13,505 | 5.28 | % | ||||||||||
Residential real estate loans, including mortgage loans held for sale | 720,706 | 8,075 | 4.51 | % | 651,277 | 7,700 | 4.79 | % | ||||||||||
Consumer loans | 319,948 | 3,097 | 3.89 | % | 324,046 | 3,144 | 3.93 | % | ||||||||||
Total loans | 2,162,338 | 25,470 | 4.74 | % | 2,012,702 | 24,349 | 4.91 | % | ||||||||||
Cash, federal funds sold and short-term investments | 52,313 | 20 | 0.15 | % | 43,945 | 24 | 0.22 | % | ||||||||||
FHLBB stock | 41,606 | 52 | 0.50 | % | 42,008 | 32 | 0.31 | % | ||||||||||
Taxable debt securities | 486,448 | 4,377 | 3.62 | % | 492,213 | 4,773 | 3.93 | % | ||||||||||
Nontaxable debt securities | 71,908 | 1,059 | 5.92 | % | 79,452 | 1,166 | 5.95 | % | ||||||||||
Corporate stocks | 1,854 | 33 | 7.16 | % | 2,513 | 50 | 8.07 | % | ||||||||||
Total securities | 560,210 | 5,469 | 3.93 | % | 574,178 | 5,989 | 4.23 | % | ||||||||||
Total interest-earning assets | 2,816,467 | 31,011 | 4.43 | % | 2,672,833 | 30,394 | 4.61 | % | ||||||||||
Noninterest-earning assets | 220,803 | 211,785 | ||||||||||||||||
Total assets | $3,037,270 | $2,884,618 | ||||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||||
NOW accounts | $246,251 | $46 | 0.08 | % | $224,977 | $58 | 0.10 | % | ||||||||||
Money market accounts | 412,053 | 225 | 0.22 | % | 399,312 | 323 | 0.33 | % | ||||||||||
Savings accounts | 248,853 | 70 | 0.11 | % | 220,352 | 75 | 0.14 | % | ||||||||||
Time deposits | 885,344 | 3,093 | 1.41 | % | 946,431 | 3,746 | 1.61 | % | ||||||||||
FHLBB advances | 523,766 | 4,085 | 3.14 | % | 475,370 | 4,732 | 4.04 | % | ||||||||||
Junior subordinated debentures | 32,991 | 392 | 4.78 | % | 32,991 | 390 | 4.79 | % | ||||||||||
Other | 18,903 | 234 | 4.98 | % | 23,123 | 241 | 4.23 | % | ||||||||||
Total interest-bearing liabilities | 2,368,161 | 8,145 | 1.38 | % | 2,322,556 | 9,565 | 1.67 | % | ||||||||||
Demand deposits | 331,224 | 249,503 | ||||||||||||||||
Other liabilities | 53,084 | 41,568 | ||||||||||||||||
Shareholders' equity | 284,801 | 270,991 | ||||||||||||||||
Total liabilities and shareholders' equity | $3,037,270 | $2,884,618 | ||||||||||||||||
Net interest income (FTE) | $22,866 | $20,829 | ||||||||||||||||
Interest rate spread | 3.05 | % | 2.94 | % | ||||||||||||||
Net interest margin | 3.27 | % | 3.16 | % | ||||||||||||||
Interest income amounts presented in the preceding table include the following adjustments for taxable equivalency:
(Dollars in thousands) | |||||||
Three months ended March 31, | 2012 | 2011 | |||||
Commercial and other loans | $107 | $90 | |||||
Nontaxable debt securities | 366 | 397 | |||||
Corporate stocks | 8 | 15 | |||||
Total | $481 | $502 | |||||
Washington Trust Bancorp, Inc. and Subsidiaries | |||||||||||||||
SUPPLEMENTAL INFORMATION - Non-GAAP Financial Measures (unaudited) | |||||||||||||||
At or for the Quarters Ended | |||||||||||||||
(Dollars in thousands, except per share amounts) | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | ||||||||||
Calculation of Tangible Book Value per Share: | |||||||||||||||
Total shareholders' equity at end of period | $287,935 | $281,351 | $285,494 | $281,425 | $273,885 | ||||||||||
Less: | |||||||||||||||
Goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||
Identifiable intangible assets, net | 6,714 | 6,901 | 7,147 | 7,377 | 7,614 | ||||||||||
Total tangible shareholders' equity at end of period | $223,107 | $216,336 | $220,233 | $215,934 | $208,157 | ||||||||||
Shares outstanding at end of period | 16,354.2 | 16,292.5 | 16,279.5 | 16,266.5 | 16,233.6 | ||||||||||
Book value per share - GAAP | $17.61 | $17.27 | $17.54 | $17.30 | $16.87 | ||||||||||
Tangible book value per share - Non-GAAP | $13.64 | $13.28 | $13.53 | $13.27 | $12.82 | ||||||||||
Calculation of Tangible Equity to Tangible Assets: | |||||||||||||||
Total tangible shareholders' equity at end of period | $223,107 | $216,336 | $220,233 | $215,934 | $208,157 | ||||||||||
Total assets at end of period | $3,028,690 | $3,064,098 | $2,969,613 | $2,936,306 | $2,892,272 | ||||||||||
Less: | |||||||||||||||
Goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||
Identifiable intangible assets, net | 6,714 | 6,901 | 7,147 | 7,377 | 7,614 | ||||||||||
Total tangible assets at end of period | $2,963,862 | $2,999,083 | $2,904,352 | $2,870,815 | $2,826,544 | ||||||||||
Equity to assets - GAAP | 9.51 | % | 9.18 | % | 9.61 | % | 9.58 | % | 9.47 | % | |||||
Tangible equity to tangible assets - Non-GAAP | 7.53 | % | 7.21 | % | 7.58 | % | 7.52 | % | 7.36 | % | |||||
Calculation of Return on Average Tangible Assets: | |||||||||||||||
Net income | $8,438 | $7,777 | $7,582 | $7,564 | $6,800 | ||||||||||
Total average assets | $3,037,270 | $2,983,648 | $2,935,146 | $2,904,086 | $2,884,618 | ||||||||||
Less: | |||||||||||||||
Average goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||
Average identifiable intangible assets, net | 6,805 | 7,025 | 7,257 | 7,493 | 7,730 | ||||||||||
Total average tangible assets | $2,972,351 | $2,918,509 | $2,869,775 | $2,838,479 | $2,818,774 | ||||||||||
Return on average assets - GAAP | 1.11 | % | 1.04 | % | 1.03 | % | 1.04 | % | 0.94 | % | |||||
Return on average tangible assets - Non-GAAP | 1.14 | % | 1.07 | % | 1.06 | % | 1.07 | % | 0.96 | % | |||||
Calculation of Return on Average Tangible Equity: | |||||||||||||||
Net income | $8,438 | $7,777 | $7,582 | $7,564 | $6,800 | ||||||||||
Total average shareholders' equity | $284,801 | $285,707 | $284,244 | $279,281 | $270,991 | ||||||||||
Less: | |||||||||||||||
Average goodwill | 58,114 | 58,114 | 58,114 | 58,114 | 58,114 | ||||||||||
Average identifiable intangible assets, net | 6,805 | 7,025 | 7,257 | 7,493 | 7,730 | ||||||||||
Total average tangible shareholders' equity | $219,882 | $220,568 | $218,873 | $213,674 | $205,147 | ||||||||||
Return on average shareholders' equity - GAAP | 11.85 | % | 10.89 | % | 10.67 | % | 10.83 | % | 10.04 | % | |||||
Return on average tangible shareholders' equity - Non-GAAP | 15.35 | % | 14.10 | % | 13.86 | % | 14.16 | % | 13.26 | % | |||||