WASHINGTON TRUST BANCORP, INC. "Washington Trust's fourth quarter and full-year 2022 results were solid, yet reflect the challenges of operating in an inflationary environment. Total loans reached a record high and asset quality remained strong. We enter 2023 poised to face continued economic headwinds with our time-tested business model and strong capital position."
- Edward O. Handy III, Chairman & CEO
2022 Highlights
- Full-yearreturns on average equity and average assets for 2022 were 14.49% and 1.17%, respectively, compared to 14.03% and 1.32%, respectively, for the prior year.
- Total loans amounted to an all-time high of $5.1 billion at December 31, 2022, up by $261 million, or 5%, from the end of the preceding quarter. Total loans were up by $837 million, or 20%, from the balance at December 31, 2021.
- In-marketdeposits (total deposits less wholesale brokered deposits) amounted to $4.7 billion at December 31, 2022, up by $34 million, or 1%, from the end of the preceding quarter and up by $196 million, or 4%, from the balance at December 31, 2021.
- Asset and credit quality metrics continue to remain strong.
- Cash dividend of $0.56 per share, an increase of 2 cents per share from the previous quarter.
Washington Trust Announces Leadership Changes
Washington Trust recently announced Mark Gim will retire as President and Chief Operating Officer, in April 2023. Mary Noons who currently serves Senior Executive Vice President, will be appointed President and Chief Operating Officer upon Mark's retirement. Mary will be the first woman president in the Bank's 222 year history.
"Mary has played a key role in the Washington Trust's record mortgage origination, revenue growth and regional expansion, which has contributed significantly to the Corporation's continued growth, profitability, and success," stated
Ned Handy, Washington Trust Chairman and Chief Executive Officer. "Mary is a proven leader and a strategic thinker with a passion for service excellence, process improvement, operational efficiency, and enhancing the customer experience. I look forward to working alongside her."
Market Summary
Trading Symbol | WASH | |||||
Exchange | NASDAQ | |||||
Market Value ($M) | 811 | |||||
Stock Price | $47.18 | |||||
As of December 31, 2022 | ||||||
Deposit & Loan Mix | ||||||
$5.0 | $5.1 | $5.0 | ||||
$4.4 | ||||||
$4.2 | $4.3 | |||||
$3.7 | $3.5 | $3.9 $3.5 |
2018 | 2019 | 2020 | 2021 | 2022 |
Loans | Deposits |
$ billions; at December 31st unless otherwise noted
Top Line Revenues
Deposit Fees | All Other |
5% | |
1% | |
Mortgage | |
Banking | Net |
4% | |
Interest | |
Wealth | Income |
71% | |
Management | |
19% |
For the 12 months ended December 31, 2022
Wealth Management Revenues
$38.3 $36.8 $35.5 $41.3 $38.7
2018 | 2019 | 2020 | 2021 | 2022 |
$ millions
Cash Dividends
$2.00 $2.05 $2.10 $2.18
$1.76
2018 | 2019 | 2020 | 2021 | 2022 |
Declared per share
23 Broad Street, Westerly, RI 02891 | 1-800-475-2265, x1566 | ir.washtrust.com | Member FDIC |
WASHINGTON TRUST BANCORP, INC. | Nasdaq: WASH |
Financial Highlights | C&I Loans By Industry |
At or for the Years Ended
($ and shares in thousands, except per share amounts) | 12/31/2022 | 12/31/2021 |
Balance Sheet ($000) | ||
Total assets | $6,660,051 | $5,851,127 |
Total loans | 5,110,139 | 4,272,925 |
Total securities | 993,928 | 1,042,859 |
Total deposits | 5,018,962 | 4,980,051 |
Total shareholders' equity | 453,669 | 564,808 |
Income Statement ($000) and Profitability | ||
Net interest income | 155,990 | 141,435 |
Provision for credit losses | (1,300) | (4,822) |
Wealth management revenues | 38,746 | 41,282 |
Mortgage banking revenues | 8,733 | 28,626 |
Other noninterest income | 15,123 | 17,486 |
Noninterest expenses | 128,722 | 135,464 |
Net income | 71,681 | 76,870 |
Return on average assets | 1.17% | 1.32% |
Return on average equity | 14.49% | 14.03% |
Net interest margin (taxable equivalent basis) | 2.69% | 2.59% |
Balance Sheet Ratios/Capital | ||
Total risk based capital | 12.37% | 14.01% |
Tier 1 leverage ratio | 8.65% | 9.36% |
Equity to assets | 6.81% | 9.65% |
Tangible equity / tangible assets; non-GAAP(1) | 5.84% | 8.57% |
Asset Quality | ||
Total past due loans to total loans | 0.23% | 0.24% |
Nonperforming assets to total assets | 0.19% | 0.24% |
Nonaccrual loans to total loans | 0.25% | 0.33% |
Allowance for loan losses to total loans | 0.74% | 0.91% |
Share Data: | ||
Diluted earnings per share | $4.11 | $4.39 |
Dividends declared per share | $2.18 | $2.10 |
Book value per share | $26.40 | $32.59 |
Tangible book value per share; non-GAAP(2) | $22.42 | $28.59 |
Market value per share | $47.18 | $56.37 |
Shares outstanding at end of period | 17,183 | 17,331 |
Weighted average shares outstanding - diluted | 17,381 | 17,455 |
- GAAP shareholders' equity less goodwill & intangible assets divided by GAAP assets less goodwill & intangible assets
- GAAP shareholders' equity less goodwill & intangible assets divided by shares outstanding
About Washington Trust
$6.7 billion in assets
- Publicly-ownedholding company of The Washington Trust Company
- RI state-chartered commercial bank
- Founded in 1800; oldest community bank in the United States
- Personal banking, commercial banking, and wealth management services
- Market area of Rhode Island, eastern Massachusetts, and Connecticut
- 25 branches
- 5 wealth management offices
- 7 residential mortgage loan offices
- 4 commercial lending offices
Total portfolio: $656.4 million | At 12/31/22 |
Percent of total loans: 13% | |
Health care & social assistance | 29% |
11% | |
9% | |
9% | |
8% | |
7% | |
4% | |
4% | |
4% | |
3% | |
1% | |
1% | |
10% |
Commercial Real Estate
Total portfolio: $1.8 billion | At 12/31/22 |
Percent of total loans: 36% | |
Multi‐Family Dwelling | 26% |
23% | |
14% | |
12% | |
11% | |
7% | |
3% | |
4% |
Analyst Coverage
- American Capital Partners, LLC Nicole Gulino
- Compass Pt Rch & Trading LLC Laurie Hunsicker
- Keefe Bruyette & Woods Inc. Damon Delmonte
- Sandler O'Neill & Partners LP Mark Fitzgibbon
The financial information contained herein is unaudited, and qualified in its entirety by reference to Washington Trust's Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission and as updated by its Quarterly Reports on Form 10-Q.
23 Broad Street, Westerly, RI 02891 | 1-800-475-2265, x1566 | ir.washtrust.com | Member FDIC |
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Washington Trust Bancorp Inc. published this content on 26 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 January 2023 21:22:14 UTC.
