WASHINGTON TRUST BANCORP, INC. "Washington Trust reported strong fourth quarter and full-year 2021 results. We achieved record wealth management revenues, originated an all-time high volume of residential mortgages, reached a record level of in-market deposits and maintained healthy commercial loan activity. Solid business line performances and a strong balance sheet have positioned us well as we enter 2022."
- Edward O. Handy III, Chairman & CEO
2021 Highlights
- Full-yearreturns on average equity and average assets for 2021 were 14.03% and 1.32%, respectively, compared to 13.51% and 1.22%, respectively, for the prior year.
- Wealth management assets under administration amounted to an all- time high $7.8 billion at December 31, 2021. Full-year wealth management revenues reached a record high of $41.3 million.
- Full-year2021 residential real estate loan originations reached an all- time high of $1.69 billion.
- Total in-market deposits (total deposits less out-of-market wholesale brokered deposits) amounted to a record $4.5 billion at December 31, 2021, up by $678 million, or 18%, from a year ago.
- Total loans excluding Paycheck Protection Program loans amounted to $4.2 billion, up by $256 million, or 6%, from a year ago.
- Cash dividend of $0.54 per share, up 2 cents from the previous quarter.
Washington Trust in the News
The Washington Trust Company was recently named one of the nation's Best Banks to Work For by American Banker magazine as part of its annual list organized by the Best Companies Group. Washington Trust is the largest
bankk in the Northeast and the only Rhode Island-based institution named.
"We are proud to receive recognition as one of the Nation's 'Best Banks to Work For' for the third year in a row," said Edward O. Handy III, Chairman and Chief Executive Officer. "At Washington Trust, we recognize our employees are truly our best assets, so we are committed to fostering an inclusive, supportive and collaborative culture where people are valued and empowered to achieve their goals."
The Best Banks to Work For program identifies, recognizes, and honors U.S. banks for outstanding employee satisfaction. The recognition is based on a review of workplace policies and practices, as well as a survey of employees regarding life at Washington Trust - work environment, morale, benefits, and growth opportunities.
Market Summary
Trading Symbol | WASH |
Exchange | NASDAQ |
Market Value ($M) | 977 |
Stock Price | $56.37 |
As of December 31, 2021
Deposit & Loan Mix
$5.0 | ||||||
$3.7 | $3.9 | $4.2 | $4.4 | $4.3 | ||
$3.4 | $3.5 | $3.5 | ||||
$3.2 |
2017 | 2018 | 2019 | 2020 | 2021 |
Loans Deposits
$ billions; at December 31st unless otherwise noted
Top Line Revenues
All Other
Deposit Fees 6%
1%
Mortgage | Net | |
Banking | Wealth | |
13% | Interest | |
Management | Income | |
18% | 62% |
Wealth Management Revenues
$39.3 $38.3 $36.8 $35.5 $41.3
2017 | 2018 | 2019 | 2020 | 2021 |
$ millions
Cash Dividends
$2.00 $2.05 $2.10
$1.76
$1.54
2017 2018 2019 2020 2021
Declared per share
23 Broad Street, Westerly, RI 02891 | 1-800-475-2265, x1566 | ir.washtrust.com | Member FDIC |
WASHINGTON TRUST BANCORP, INC. | Nasdaq: WASH |
Financial Highlights | C&I Loans By Industry |
At or for the Years Ended
($ and shares in thousands, except per share amounts) | 12/31/2021 | 12/31/2020 |
Balance Sheet ($000) | ||
Total assets | $5,851,127 | $5,713,169 |
Total loans | 4,272,925 | 4,195,990 |
Total securities | 1,042,859 | 894,571 |
Total deposits | 4,980,051 | 4,378,353 |
Total shareholders' equity | 564,808 | 534,195 |
Income Statement ($000) and Profitability | ||
Net interest income | 141,435 | 127,444 |
Provision for loan losses | (4,822) | 12,342 |
Wealth management revenues | 41,282 | 35,454 |
Mortgage banking revenues | 28,626 | 47,377 |
Other noninterest income | 17,486 | 16,611 |
Noninterest expenses | 135,464 | 125,384 |
Net income | 76,870 | 69,829 |
Return on average assets | 1.32% | 1.22% |
Return on average equity | 14.03% | 13.51% |
Net interest margin (taxable equivalent basis) | 2.59% | 2.40% |
Balance Sheet Ratios/Capital | ||
Total risk based capital | 14.01% | 13.51% |
Tier 1 leverage ratio | 9.36% | 8.95% |
Equity to assets | 9.65% | 9.35% |
Tangible equity / tangible assets; non-GAAP(1) | 8.57% | 8.22% |
Asset Quality | ||
Total past due loans to total loans | 0.24% | 0.30% |
Nonperforming assets to total assets | 0.24% | 0.23% |
Nonaccrual loans to total loans | 0.33% | 0.31% |
Allowance for loan losses to total loans | 0.91% | 1.05% |
Share Data: | ||
Diluted earnings per share | $4.39 | $4.00 |
Dividends declared per share | $2.10 | $2.05 |
Book value per share | $32.59 | $30.94 |
Tangible book value per share; non-GAAP(2) | $28.59 | $26.87 |
Market value per share | $56.37 | $44.80 |
Shares outstanding at end of period | 17,331 | 17,265 |
Weighted average shares outstanding - diluted | 17,455 | 17,402 |
- 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
$5.9 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
- 24 branches
- 5 wealth management offices
- 7 residential mortgage loan offices
- 3 commercial lending offices
Total portfolio: $641.6 million | At 12/31/21 |
Percent of total loans: 15% | |
Health care & social assistance | 27% |
11% | |
9% | |
8% | |
7% | |
5% | |
5% | |
5% | |
4% | |
4% | |
1% | |
1% | |
13% |
Commercial Real Estate
Total portfolio: $1.6 billion | At 12/31/21 |
Percent of total loans: 38% | |
Multi‐Family Dwelling | |
29% | |
24% | |
13% | |
11% | |
8% | |
8% | |
2% | |
5% |
Analyst Coverage
- American Capital Partners, LLC Nicole Gulino
- Boenning & Scattergood, Inc. Erik Zwick
- 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, 2020, 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 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2022 21:34:59 UTC.
