WESTERLY, R.I., April 24, 2017 (GLOBE NEWSWIRE) -- Washington Trust Bancorp, Inc. (Nasdaq:WASH), parent company of The Washington Trust Company, today announced net income of $11.8 million, or $0.68 per diluted share, for the first quarter of 2017, compared to net income of $12.2 million, or $0.70 per diluted share, reported for the fourth quarter of 2016.
“Washington Trust posted solid first quarter results with very good contributions from our core business lines,” stated Joseph J. MarcAurele, Washington Trust Chairman and Chief Executive Officer. “We continue to benefit from a solid level of business activity and production throughout our market area.”
Selected highlights for the first quarter of 2017 include:
- Returns on average equity and average assets were 11.87% and 1.08%, respectively. Comparable amounts for the fourth quarter of 2016 were 12.26% and 1.14%, respectively.
- Wealth management revenues amounted to $9.5 million for the first quarter of 2017, up by 2% on a linked quarter basis. Wealth management assets of $6.2 billion reached an all-time high for the Corporation at March 31, 2017.
- Total loans amounted to $3.2 billion at March 31, 2017, down slightly from the preceding quarter and up by 6% from a year ago.
- Deposit balances experienced good growth, rising by 2% in the quarter and have increased by 8% from a year ago.
- In March, Washington Trust declared a quarterly dividend of 38 cents per share, a 1 cent per share increase over the preceding quarter; representing the seventh consecutive year of dividend increases.
Net Interest Income
Net interest income totaled $28.7 million for the first quarter of 2017, up modestly from the fourth quarter. Included in net interest income was loan prepayment fee income of $135 thousand for the first quarter, compared to $816 thousand in the fourth quarter. Excluding the impact of loan prepayment fee income in both periods, net interest income was up by $727 thousand, or 3%, on a linked quarter basis. The net interest margin was 2.87% for the first quarter of 2017, down by 2 basis points from the preceding quarter. Excluding the impact of the loan prepayment fee income in each period, the net interest margin was 2.86%, up by 5 basis points from the fourth quarter of 2016. Significant linked quarter changes included:
- Average interest-earning assets increased by $112 million from the preceding quarter, due to an increase in the average balance of investment securities, which was largely due to portfolio purchases during the fourth quarter of 2016. The yield on interest-earning assets was 3.56%, up by 3 basis points from the preceding quarter. Excluding the impact of loan prepayment fee income in each period, the yield on interest-earning assets was 3.54% for the first quarter of 2017, compared to 3.45% in the preceding quarter, due in part to the increase in the Federal Reserve target interest rate in December 2016.
- Average interest-bearing liabilities increased by $132 million from the fourth quarter, reflecting increases of $114 million in the average balance of wholesale funding balances (FHLBB advances and wholesale brokered time deposits). The cost of interest-bearing funds was 0.83%, up by 4 basis points from the preceding quarter.
Loans
Total loans amounted to $3.2 billion at March 31, 2017, down by $10 million from the balance at the end of the fourth quarter. Residential loan portfolio balances increased by $8 million, or 1%. The commercial loan portfolio decreased by $9 million, or 0.5%. Among the reasons for the decline were a lower line of credit utilization in the commercial and industrial portfolio and payoffs in the commercial real estate portfolio. The consumer loan portfolio decreased by $9 million, or 3%, largely due to a reduction in home equity line and home equity loan balances.
Investment Securities
The investment securities portfolio amounted to $769 million at March 31, 2017, up by $14 million, or 2%, from the balance at December 31, 2016. During the quarter, government agency mortgage-backed securities and agency debt securities totaling $40 million and with a weighted average rate of 2.40% were purchased. These purchases were partially offset by calls, maturities and routine principal pay-downs. Investment securities represented 18% of total assets as of March 31, 2017.
Deposits and Borrowings
Total deposits amounted to $3.1 billion at March 31, 2017, up by $52 million, or 2%, from the balance at December 31, 2016. Included in total deposits were wholesale brokered time deposit balances of $382 million, which decreased by $30 million from the balance at December 31, 2016. Excluding wholesale brokered time deposits, in-market deposits increased by $82 million, or 3%, in the quarter, reflecting growth in both new and existing depositor relationships.
FHLBB advances amounted to $799 million at March 31, 2017, down by $50 million from the balance at December 31, 2016.
Noninterest Income
Noninterest income totaled $14.5 million for the first quarter of 2017, down by $2.8 million from the preceding quarter. Significant linked quarter changes included:
- Wealth management revenues totaled $9.5 million for the first quarter, up by $186 thousand, or 2%, on a linked quarter basis, driven by an increase of $193 thousand in asset-based revenues. Wealth management assets under administration amounted to $6.2 billion at March 31, 2017, up by $180 million on a linked quarter basis, reflecting financial market appreciation in the first quarter of 2017. Managed assets represented 93% of total wealth management assets at March 31, 2017.
- Mortgage banking revenues totaled $2.3 million for the first quarter, down by $2.2 million, or 48%, from the very strong results in the fourth quarter of 2016. These results reflect a decrease in the volume of residential mortgage loans sold and a lower overall yield on sales in the secondary market. Residential mortgage loans sold to the secondary market amounted to $107 million in the first quarter, compared to $200 million in the preceding quarter.
- Loan related derivative income amounted to $148 thousand in the first quarter, down by $764 thousand from the preceding quarter. The number of commercial borrower loan related derivative transactions occurring in the quarter were relatively modest compared to activity in recent quarters.
Noninterest Expenses
Noninterest expenses totaled $25.3 million for the first quarter of 2017, up by $313 thousand, or 1%, from the fourth quarter. Included in the first quarter was a $310 thousand reduction in noninterest expenses, resulting from a downward adjustment in the fair value of the contingent consideration liability recognized upon the completion of a 2015 acquisition. Excluding this adjustment, noninterest expenses were up by $623 thousand, or 2%, on a linked quarter basis, with the largest increase in salaries and benefit costs. Salaries and benefits cost increased by $267 thousand, or 2%, from the preceding quarter. This increase reflected an increase in payroll taxes associated with the start of the new calendar year and the impact of merit increases, net of a decline in commissions expense due to a decrease in mortgage banking activities.
Income tax expense amounted to $5.7 million for the first quarter of 2017, down by $152 thousand from the preceding quarter. The effective tax rate for the first quarter of 2017 was 32.7%, compared to 32.6% for the fourth quarter of 2016. During the first quarter of 2017, the Corporation recognized excess tax benefits on the settlement of share-based awards totaling $195 thousand, which were recorded as a reduction to income tax expense. Excluding the impact of the excess tax benefits recognized, the effective tax rate for the first quarter of 2017 was 33.8%. Effective January 1, 2017, Washington Trust adopted Accounting Standards Update No. 2016-09, "Improvements to Employee Share-Based Payment Accounting" ("ASU"). Under this ASU, excess tax benefits and tax deficiencies on the settlement of share-based awards are recognized as income tax benefit or expense in the period that they occur. Prior to 2017, excess tax benefits on the settlement of share-based awards were recognized as additional paid in capital in shareholders' equity and did not impact income tax expense or the effective tax rate. Average annual excess tax benefits recognized as additional paid in capital in the 3-year period from 2014 through 2016 amounted to approximately $760 thousand.
Asset Quality
Total past due loans amounted to $20.9 million, or 0.65% of total loans, at March 31, 2017, down from $24.4 million, or 0.76% of total loans, at December 31, 2016. Total nonaccrual loans amounted to $22.1 million, or 0.69% of total loans, at March 31, 2017, compared to $22.1 million, or 0.68% of total loans, at December 31, 2016.
Based on the assessment of loss exposure, including loan loss allocations commensurate with changes in the loan portfolio during the quarter, a loan loss provision totaling $400 thousand was charged to earnings in the first quarter of 2017. In the fourth quarter of 2016, a loan loss provision of $2.9 million was charged to earnings, a substantial portion of which was due to loss exposure recognized on one nonaccrual commercial real estate relationship. The allowance for loan losses was $26.4 million, or 0.82% of total loans, at March 31, 2017, compared to $26.0 million, or 0.80% of total loans, at December 31, 2016.
Capital and Dividends
Total shareholders' equity was $398 million at March 31, 2017, up by $7 million from December 31, 2016. Capital levels at March 31, 2017 exceeded the regulatory minimum levels to be considered well capitalized, with a total risk-based capital ratio of 12.38% at March 31, 2017, compared to 12.26% at December 31, 2016. Book value per share amounted to $23.14 at March 31, 2017, up from $22.76 at December 31, 2016.
The Board of Directors declared a quarterly dividend of 38 cents per share for the quarter ended March 31, 2017. The dividend was paid on April 13, 2017 to shareholders of record on April 3, 2017.
Conference Call
Washington Trust will host a conference call to discuss its first quarter results, business highlights and outlook on Monday, April 24, 2017 at 10:00 a.m. (Eastern Time). Individuals may dial in to the call at 1-877-407-0784. An audio replay of the call will be available, shortly after the conclusion of the call, by dialing 1-844-512-2921 and entering the Replay PIN Number 13658778; the audio replay will be available through May 5, 2017. Also, a webcast of the call will be posted in the Investor Relations section of Washington Trust's web site, www.washtrustbancorp.com, and will be available through June 30, 2017.
Background
Washington Trust Bancorp, Inc. is the parent of The Washington Trust Company. Founded in 1800, Washington Trust is the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast's premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Corporation’s common stock trades on NASDAQ under the symbol WASH. Investor information is available on the Corporation’s web site at www.washtrustbancorp.com.
Forward-Looking Statements
This press release contains statements that are “forward-looking statements”. We may also make forward-looking statements in other documents we file with the SEC, 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: weakness in national, regional or international economic conditions or conditions affecting the banking or financial services industries or financial capital markets; volatility in national and international financial markets; 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 the our competition; changes in legislation or regulation and accounting principles, policies and guidelines; increasing occurrences of cyberattacks, hacking and identity theft; 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, 2016, as updated by our Quarterly Reports on Form 10-Q and other filings submitted to the SEC, 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 report, and we assume 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) | ||||||||||||||||||||||||||||||
| Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | ||||||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||||||||
| Cash and due from banks | $ | 111,941 | $ | 106,185 | $ | 126,752 | $ | 116,658 | $ | 89,966 | ||||||||||||||||||||
| Short-term investments | 2,039 | 1,612 | 2,420 | 3,255 | 4,931 | |||||||||||||||||||||||||
| Mortgage loans held for sale | 25,414 | 29,434 | 45,162 | 38,554 | 22,895 | |||||||||||||||||||||||||
| Securities: | ||||||||||||||||||||||||||||||
| Available for sale, at fair value | 754,720 | 739,912 | 564,256 | 401,749 | 411,352 | |||||||||||||||||||||||||
| Held to maturity, at amortized cost | 14,721 | 15,633 | 16,848 | 17,917 | 19,040 | |||||||||||||||||||||||||
| Total securities | 769,441 | 755,545 | 581,104 | 419,666 | 430,392 | |||||||||||||||||||||||||
| Federal Home Loan Bank stock, at cost | 43,714 | 43,129 | 37,249 | 34,303 | 26,515 | |||||||||||||||||||||||||
| Loans: | ||||||||||||||||||||||||||||||
| Commercial | 1,762,499 | 1,771,666 | 1,757,215 | 1,732,220 | 1,698,811 | |||||||||||||||||||||||||
| Residential real estate | 1,131,210 | 1,122,748 | 1,079,887 | 1,005,036 | 1,004,349 | |||||||||||||||||||||||||
| Consumer | 331,151 | 339,957 | 344,253 | 343,628 | 343,833 | |||||||||||||||||||||||||
| Total loans | 3,224,860 | 3,234,371 | 3,181,355 | 3,080,884 | 3,046,993 | |||||||||||||||||||||||||
| Less allowance for loan losses | 26,446 | 26,004 | 25,649 | 25,826 | 26,137 | |||||||||||||||||||||||||
| Net loans | 3,198,414 | 3,208,367 | 3,155,706 | 3,055,058 | 3,020,856 | |||||||||||||||||||||||||
| Premises and equipment, net | 28,853 | 29,020 | 29,433 | 29,590 | 29,882 | |||||||||||||||||||||||||
| Investment in bank-owned life insurance | 71,642 | 71,105 | 70,557 | 65,036 | 66,000 | |||||||||||||||||||||||||
| Goodwill | 64,059 | 64,059 | 64,059 | 64,059 | 64,059 | |||||||||||||||||||||||||
| Identifiable intangible assets, net | 9,898 | 10,175 | 10,493 | 10,814 | 11,137 | |||||||||||||||||||||||||
| Other assets | 63,348 | 62,484 | 81,099 | 80,088 | 71,577 | |||||||||||||||||||||||||
| Total assets | $ | 4,388,763 | $ | 4,381,115 | $ | 4,204,034 | $ | 3,917,081 | $ | 3,838,210 | ||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||
| Deposits: | ||||||||||||||||||||||||||||||
| Demand deposits | $ | 596,974 | $ | 585,960 | $ | 566,027 | $ | 512,307 | $ | 539,119 | ||||||||||||||||||||
| NOW accounts | 454,344 | 427,707 | 404,827 | 414,532 | 394,873 | |||||||||||||||||||||||||
| Money market accounts | 762,233 | 730,075 | 794,905 | 675,896 | 763,565 | |||||||||||||||||||||||||
| Savings accounts | 362,281 | 358,397 | 357,966 | 342,579 | 331,800 | |||||||||||||||||||||||||
| Time deposits | 939,739 | 961,613 | 913,649 | 844,036 | 850,294 | |||||||||||||||||||||||||
| Total deposits | 3,115,571 | 3,063,752 | 3,037,374 | 2,789,350 | 2,879,651 | |||||||||||||||||||||||||
| Federal Home Loan Bank advances | 798,741 | 848,930 | 671,615 | 640,010 | 487,189 | |||||||||||||||||||||||||
| Junior subordinated debentures | 22,681 | 22,681 | 22,681 | 22,681 | 22,681 | |||||||||||||||||||||||||
| Other liabilities | 53,985 | 54,948 | 77,037 | 76,708 | 67,409 | |||||||||||||||||||||||||
| Total liabilities | 3,990,978 | 3,990,311 | 3,808,707 | 3,528,749 | 3,456,930 | |||||||||||||||||||||||||
| Shareholders’ Equity: | ||||||||||||||||||||||||||||||
| Common stock | 1,075 | 1,073 | 1,069 | 1,068 | 1,064 | |||||||||||||||||||||||||
| Paid-in capital | 116,200 | 115,123 | 113,290 | 112,314 | 111,641 | |||||||||||||||||||||||||
| Retained earnings | 299,555 | 294,365 | 288,613 | 282,666 | 277,810 | |||||||||||||||||||||||||
| Accumulated other comprehensive loss | (19,045 | ) | (19,757 | ) | (7,645 | ) | (7,716 | ) | (9,235 | ) | ||||||||||||||||||||
| Total shareholders’ equity | 397,785 | 390,804 | 395,327 | 388,332 | 381,280 | |||||||||||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 4,388,763 | $ | 4,381,115 | $ | 4,204,034 | $ | 3,917,081 | $ | 3,838,210 | ||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||||||||||||||
| (Unaudited; Dollars in thousands, except per share amounts) | ||||||||||||||||||||||||||||||
| For the Three Months Ended | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | |||||||||||||||||||||||||
| Interest income: | ||||||||||||||||||||||||||||||
| Interest and fees on loans | $ | 30,352 | $ | 30,738 | $ | 29,633 | $ | 29,122 | $ | 29,998 | ||||||||||||||||||||
| Taxable interest on securities | 4,709 | 3,703 | 3,024 | 2,487 | 2,370 | |||||||||||||||||||||||||
| Nontaxable interest on securities | 112 | 157 | 218 | 280 | 327 | |||||||||||||||||||||||||
| Dividends on Federal Home Loan Bank stock | 387 | 362 | 288 | 231 | 210 | |||||||||||||||||||||||||
| Other interest income | 104 | 95 | 93 | 70 | 64 | |||||||||||||||||||||||||
| Total interest and dividend income | 35,664 | 35,055 | 33,256 | 32,190 | 32,969 | |||||||||||||||||||||||||
| Interest expense: | ||||||||||||||||||||||||||||||
| Deposits | 3,502 | 3,445 | 3,110 | 2,981 | 2,968 | |||||||||||||||||||||||||
| Federal Home Loan Bank advances | 3,344 | 2,886 | 2,641 | 2,313 | 2,152 | |||||||||||||||||||||||||
| Junior subordinated debentures | 138 | 135 | 125 | 119 | 112 | |||||||||||||||||||||||||
| Other interest expense | 1 | 1 | 1 | 1 | 2 | |||||||||||||||||||||||||
| Total interest expense | 6,985 | 6,467 | 5,877 | 5,414 | 5,234 | |||||||||||||||||||||||||
| Net interest income | 28,679 | 28,588 | 27,379 | 26,776 | 27,735 | |||||||||||||||||||||||||
| Provision for loan losses | 400 | 2,900 | 1,800 | 450 | 500 | |||||||||||||||||||||||||
| Net interest income after provision for loan losses | 28,279 | 25,688 | 25,579 | 26,326 | 27,235 | |||||||||||||||||||||||||
| Noninterest income: | ||||||||||||||||||||||||||||||
| Wealth management revenues | 9,477 | 9,291 | 9,623 | 9,481 | 9,174 | |||||||||||||||||||||||||
| Mortgage banking revenues | 2,340 | 4,541 | 3,734 | 2,710 | 2,198 | |||||||||||||||||||||||||
| Service charges on deposit accounts | 883 | 945 | 915 | 935 | 907 | |||||||||||||||||||||||||
| Card interchange fees | 802 | 858 | 870 | 860 | 797 | |||||||||||||||||||||||||
| Income from bank-owned life insurance | 536 | 549 | 521 | 1,090 | 499 | |||||||||||||||||||||||||
| Loan related derivative income | 148 | 912 | 1,178 | 508 | 645 | |||||||||||||||||||||||||
| Equity in losses of unconsolidated subsidiaries | (88 | ) | (89 | ) | (88 | ) | (89 | ) | (88 | ) | ||||||||||||||||||||
| Other income | 412 | 313 | 508 | 419 | 502 | |||||||||||||||||||||||||
| Total noninterest income | 14,510 | 17,320 | 17,261 | 15,914 | 14,634 | |||||||||||||||||||||||||
| Noninterest expense: | ||||||||||||||||||||||||||||||
| Salaries and employee benefits | 16,795 | 16,528 | 16,908 | 17,405 | 16,380 | |||||||||||||||||||||||||
| Net occupancy | 1,967 | 1,775 | 1,766 | 1,803 | 1,807 | |||||||||||||||||||||||||
| Equipment | 1,467 | 1,556 | 1,648 | 1,503 | 1,501 | |||||||||||||||||||||||||
| Outsourced services | 1,457 | 1,311 | 1,254 | 1,294 | 1,363 | |||||||||||||||||||||||||
| Legal, audit and professional fees | 616 | 597 | 691 | 662 | 629 | |||||||||||||||||||||||||
| FDIC deposit insurance costs | 481 | 390 | 504 | 491 | 493 | |||||||||||||||||||||||||
| Advertising and promotion | 237 | 403 | 370 | 420 | 265 | |||||||||||||||||||||||||
| Amortization of intangibles | 277 | 318 | 321 | 322 | 323 | |||||||||||||||||||||||||
| Debt prepayment penalties | — | — | — | — | 431 | |||||||||||||||||||||||||
| Change in fair value of contingent consideration | (310 | ) | — | (939 | ) | 16 | 25 | |||||||||||||||||||||||
| Other expenses | 2,299 | 2,095 | 2,127 | 2,114 | 2,233 | |||||||||||||||||||||||||
| Total noninterest expense | 25,286 | 24,973 | 24,650 | 26,030 | 25,450 | |||||||||||||||||||||||||
| Income before income taxes | 17,503 | 18,035 | 18,190 | 16,210 | 16,419 | |||||||||||||||||||||||||
| Income tax expense | 5,721 | 5,873 | 5,863 | 5,153 | 5,484 | |||||||||||||||||||||||||
| Net income | $ | 11,782 | $ | 12,162 | $ | 12,327 | $ | 11,057 | $ | 10,935 | ||||||||||||||||||||
| Net income available to common shareholders: | ||||||||||||||||||||||||||||||
| Basic | $ | 11,755 | $ | 12,137 | $ | 12,302 | $ | 11,035 | $ | 10,910 | ||||||||||||||||||||
| Diluted | $ | 11,755 | $ | 12,137 | $ | 12,302 | $ | 11,035 | $ | 10,910 | ||||||||||||||||||||
| Weighted average common shares outstanding: | ||||||||||||||||||||||||||||||
| Basic | 17,186 | 17,142 | 17,090 | 17,067 | 17,023 | |||||||||||||||||||||||||
| Diluted | 17,293 | 17,245 | 17,203 | 17,194 | 17,157 | |||||||||||||||||||||||||
| Earnings per common share: | ||||||||||||||||||||||||||||||
| Basic | $ | 0.68 | $ | 0.71 | $ | 0.72 | $ | 0.65 | $ | 0.64 | ||||||||||||||||||||
| Diluted | $ | 0.68 | $ | 0.70 | $ | 0.72 | $ | 0.64 | $ | 0.64 | ||||||||||||||||||||
| Cash dividends declared per share | $ | 0.38 | $ | 0.37 | $ | 0.37 | $ | 0.36 | $ | 0.36 | ||||||||||||||||||||
| SELECTED FINANCIAL HIGHLIGHTS | |||||||||||||||
| (Unaudited; Dollars in thousands, except per share amounts) | |||||||||||||||
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | |||||||||||
| 2017 | 2016 | 2016 | 2016 | 2016 | |||||||||||
| Share and Equity Related Data: | |||||||||||||||
| Book value per share | $ | 23.14 | $ | 22.76 | $ | 23.11 | $ | 22.73 | $ | 22.40 | |||||
| Tangible book value per share - Non-GAAP (1) | $ | 18.83 | $ | 18.44 | $ | 18.75 | $ | 18.35 | $ | 17.98 | |||||
| Market value per share | $ | 49.30 | $ | 56.05 | $ | 40.22 | $ | 37.92 | $ | 37.32 | |||||
| Shares issued and outstanding at end of period | 17,193 | 17,171 | 17,107 | 17,081 | 17,024 | ||||||||||
| Capital Ratios: | |||||||||||||||
| Tier 1 risk-based capital | 11.54% (i) | 11.44 | % | 11.48 | % | 11.57 | % | 11.56 | % | ||||||
| Total risk-based capital | 12.38% (i) | 12.26 | % | 12.31 | % | 12.43 | % | 12.45 | % | ||||||
| Tier 1 leverage ratio | 8.58% (i) | 8.67 | % | 8.95 | % | 9.21 | % | 9.31 | % | ||||||
| Common equity tier 1 | 10.86% (i) | 10.75 | % | 10.77 | % | 10.84 | % | 10.82 | % | ||||||
| Equity to assets | 9.06 | % | 8.92 | % | 9.40 | % | 9.91 | % | 9.93 | % | |||||
| Tangible equity to tangible assets - Non-GAAP (1) | 7.51 | % | 7.35 | % | 7.77 | % | 8.16 | % | 8.13 | % | |||||
| (i) - estimated | |||||||||||||||
| For the Three Months Ended | Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | ||||||||||
| 2017 | 2016 | 2016 | 2016 | 2016 | |||||||||||
| Performance Ratios: | |||||||||||||||
| Net interest margin (FTE) | 2.87 | % | 2.89 | % | 2.94 | % | 3.05 | % | 3.24 | % | |||||
| Return on average assets | 1.08 | % | 1.14 | % | 1.21 | % | 1.14 | % | 1.16 | % | |||||
| Return on average tangible assets - Non-GAAP (1) | 1.10 | % | 1.16 | % | 1.24 | % | 1.17 | % | 1.18 | % | |||||
| Return on average equity | 11.87 | % | 12.26 | % | 12.57 | % | 11.50 | % | 11.50 | % | |||||
| Return on average tangible equity - Non-GAAP (1) | 14.59 | % | 15.09 | % | 15.53 | % | 14.28 | % | 14.34 | % | |||||
(1) See the section labeled “SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures” at the end of this document.
| SELECTED FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||||||||
| (Unaudited; Dollars in thousands) | ||||||||||||||||||||||||||||||
| For the Three Months Ended | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | |||||||||||||||||||||||||
| Wealth Management Results | ||||||||||||||||||||||||||||||
| Wealth Management Revenues: | ||||||||||||||||||||||||||||||
| Trust and investment management fees | $ | 8,518 | $ | 8,283 | $ | 8,358 | $ | 8,195 | $ | 8,065 | ||||||||||||||||||||
| Mutual fund fees | 729 | 771 | 812 | 812 | 843 | |||||||||||||||||||||||||
| Asset-based revenues | 9,247 | 9,054 | 9,170 | 9,007 | 8,908 | |||||||||||||||||||||||||
| Transaction-based revenues | 230 | 237 | 453 | 474 | 266 | |||||||||||||||||||||||||
| Total wealth management revenues | $ | 9,477 | $ | 9,291 | $ | 9,623 | $ | 9,481 | $ | 9,174 | ||||||||||||||||||||
| Assets Under Administration: | ||||||||||||||||||||||||||||||
| Balance at beginning of period | $ | 6,063,293 | $ | 6,056,859 | $ | 5,905,019 | $ | 5,878,967 | $ | 5,844,636 | ||||||||||||||||||||
| Net investment appreciation (depreciation) & income | 220,423 | (8,506 | ) | 192,518 | 71,447 | 22,389 | ||||||||||||||||||||||||
| Net client asset flows | (40,415 | ) | 14,940 | (40,678 | ) | (45,395 | ) | 11,942 | ||||||||||||||||||||||
| Balance at end of period | $ | 6,243,301 | $ | 6,063,293 | $ | 6,056,859 | $ | 5,905,019 | $ | 5,878,967 | ||||||||||||||||||||
| Mortgage Banking Results | ||||||||||||||||||||||||||||||
| Mortgage Banking Revenues: | ||||||||||||||||||||||||||||||
| Gains & commissions on loan sales, net | $ | 2,268 | $ | 4,455 | $ | 3,744 | $ | 2,804 | $ | 2,134 | ||||||||||||||||||||
| Residential mortgage servicing fee income, net | 72 | 86 | (10 | ) | (94 | ) | 64 | |||||||||||||||||||||||
| Total mortgage banking revenues | $ | 2,340 | $ | 4,541 | $ | 3,734 | $ | 2,710 | $ | 2,198 | ||||||||||||||||||||
| Residential Mortgage Loan Originations: | ||||||||||||||||||||||||||||||
| Originations for retention in portfolio | $ | 57,907 | $ | 72,533 | $ | 90,308 | $ | 54,080 | $ | 47,545 | ||||||||||||||||||||
| Originations for sale to secondary market (1) | 102,441 | 185,626 | 170,673 | 154,043 | 90,458 | |||||||||||||||||||||||||
| Total mortgage loan originations | $ | 160,348 | $ | 258,159 | $ | 260,981 | $ | 208,123 | $ | 138,003 | ||||||||||||||||||||
| Residential Mortgage Loans Sold: | ||||||||||||||||||||||||||||||
| Sold with servicing rights retained | $ | 22,567 | $ | 48,545 | $ | 44,611 | $ | 45,804 | $ | 26,454 | ||||||||||||||||||||
| Sold with servicing rights released (1) | 84,345 | 151,506 | 119,572 | 93,239 | 79,507 | |||||||||||||||||||||||||
| Total mortgage loans sold | $ | 106,912 | $ | 200,051 | $ | 164,183 | $ | 139,043 | $ | 105,961 | ||||||||||||||||||||
(1) Also includes loans originated in a broker capacity.
| END OF PERIOD LOAN AND DEPOSIT COMPOSITION | ||||||||||||||||||||||||||||||||||||||
| (Unaudited; Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||
| Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | ||||||||||||||||||||||||||||||||||
| Commercial: | ||||||||||||||||||||||||||||||||||||||
| Mortgages | $ | 1,076,648 | $ | 1,074,186 | $ | 1,086,175 | $ | 1,074,747 | $ | 976,931 | ||||||||||||||||||||||||||||
| Construction & development | 123,841 | 121,371 | 98,735 | 81,812 | 123,032 | |||||||||||||||||||||||||||||||||
| Commercial & industrial | 562,010 | 576,109 | 572,305 | 575,661 | 598,848 | |||||||||||||||||||||||||||||||||
| Total commercial | 1,762,499 | 1,771,666 | 1,757,215 | 1,732,220 | 1,698,811 | |||||||||||||||||||||||||||||||||
| Residential real estate: | ||||||||||||||||||||||||||||||||||||||
| Mortgages | 1,100,435 | 1,094,824 | 1,052,829 | 978,399 | 980,274 | |||||||||||||||||||||||||||||||||
| Homeowner construction | 30,775 | 27,924 | 27,058 | 26,637 | 24,075 | |||||||||||||||||||||||||||||||||
| Total residential real estate | 1,131,210 | 1,122,748 | 1,079,887 | 1,005,036 | 1,004,349 | |||||||||||||||||||||||||||||||||
| Consumer: | ||||||||||||||||||||||||||||||||||||||
| Home equity lines | 258,695 | 264,200 | 265,238 | 260,541 | 258,513 | |||||||||||||||||||||||||||||||||
| Home equity loans | 36,050 | 37,272 | 38,264 | 39,572 | 45,499 | |||||||||||||||||||||||||||||||||
| Other | 36,406 | 38,485 | 40,751 | 43,515 | 39,821 | |||||||||||||||||||||||||||||||||
| Total consumer | 331,151 | 339,957 | 344,253 | 343,628 | 343,833 | |||||||||||||||||||||||||||||||||
| Total loans | $ | 3,224,860 | $ | 3,234,371 | $ | 3,181,355 | $ | 3,080,884 | $ | 3,046,993 | ||||||||||||||||||||||||||||
| March 31, 2017 | December 31, 2016 | ||||||||||||||||||
| Balance | % of Total | Balance | % of Total | ||||||||||||||||
| Commercial Real Estate Loans by Property Location: | |||||||||||||||||||
| Rhode Island, Connecticut, Massachusetts | $ | 1,110,934 | 92.5 | % | $ | 1,105,539 | 92.5 | % | |||||||||||
| New York, New Jersey, Pennsylvania | 76,678 | 6.4 | % | 77,038 | 6.4 | % | |||||||||||||
| New Hampshire | 12,877 | 1.1 | % | 12,980 | 1.1 | % | |||||||||||||
| Total commercial real estate loans (1) | $ | 1,200,489 | 100.0 | % | $ | 1,195,557 | 100.0 | % | |||||||||||
| Residential Mortgages by Property Location: | |||||||||||||||||||
| Rhode Island, Connecticut, Massachusetts | $ | 1,115,205 | 98.6 | % | $ | 1,106,366 | 98.6 | % | |||||||||||
| New Hampshire, Vermont, Maine | 11,570 | 1.0 | % | 11,445 | 1.0 | % | |||||||||||||
| New York, Virginia, New Jersey, Maryland, Pennsylvania | 2,228 | 0.2 | % | 2,648 | 0.2 | % | |||||||||||||
| Ohio | 922 | 0.1 | % | 997 | 0.1 | % | |||||||||||||
| Other | 1,285 | 0.1 | % | 1,292 | 0.1 | % | |||||||||||||
| Total residential mortgages | $ | 1,131,210 | 100.0 | % | $ | 1,122,748 | 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.
| Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | ||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Non-interest bearing demand deposits | $ | 534,792 | $ | 521,165 | $ | 520,860 | $ | 476,848 | $ | 474,477 | ||||||||||
| Interest-bearing demand deposits | 62,182 | 64,795 | 45,167 | 35,459 | 64,642 | |||||||||||||||
| NOW accounts | 454,344 | 427,707 | 404,827 | 414,532 | 394,873 | |||||||||||||||
| Money market accounts | 762,233 | 730,075 | 794,905 | 675,896 | 763,565 | |||||||||||||||
| Savings accounts | 362,281 | 358,397 | 357,966 | 342,579 | 331,800 | |||||||||||||||
| Time deposits (in-market) | 557,312 | 549,376 | 554,669 | 549,935 | 540,815 | |||||||||||||||
| Wholesale brokered time deposits | 382,427 | 412,237 | 358,980 | 294,101 | 309,479 | |||||||||||||||
| Total deposits | $ | 3,115,571 | $ | 3,063,752 | $ | 3,037,374 | $ | 2,789,350 | $ | 2,879,651 | ||||||||||
| CREDIT & ASSET QUALITY DATA | |||||||||||||||
| (Unaudited; Dollars in thousands) | |||||||||||||||
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | |||||||||||
| 2017 | 2016 | 2016 | 2016 | 2016 | |||||||||||
| Asset Quality Ratios: | |||||||||||||||
| Nonperforming assets to total assets | 0.54 | % | 0.53 | % | 0.59 | % | 0.48 | % | 0.49 | % | |||||
| Nonaccrual loans to total loans | 0.69 | % | 0.68 | % | 0.75 | % | 0.56 | % | 0.57 | % | |||||
| Allowance for loan losses to nonaccrual loans | 119.52 | % | 117.89 | % | 107.09 | % | 149.73 | % | 150.00 | % | |||||
| Allowance for loan losses to total loans | 0.82 | % | 0.80 | % | 0.81 | % | 0.84 | % | 0.86 | % | |||||
| Nonperforming Assets: | |||||||||||||||
| Commercial mortgages | $ | 7,809 | $ | 7,811 | $ | 10,357 | $ | 4,054 | $ | 4,054 | |||||
| Commercial construction & development | — | — | — | — | — | ||||||||||
| Commercial & industrial | 1,129 | 1,337 | 1,744 | 1,204 | 2,659 | ||||||||||
| Residential real estate mortgages | 12,253 | 11,736 | 10,140 | 10,409 | 9,367 | ||||||||||
| Consumer | 936 | 1,174 | 1,709 | 1,581 | 1,345 | ||||||||||
| Total nonaccrual loans | 22,127 | 22,058 | 23,950 | 17,248 | 17,425 | ||||||||||
| Other real estate owned | 1,410 | 1,075 | 1,045 | 1,515 | 1,326 | ||||||||||
| Total nonperforming assets | $ | 23,537 | $ | 23,133 | $ | 24,995 | $ | 18,763 | $ | 18,751 | |||||
| Past Due Loans: | |||||||||||||||
| Commercial mortgages | $ | 7,806 | $ | 8,708 | $ | 10,352 | $ | 4,062 | $ | 4,564 | |||||
| Commercial & industrial | 1,046 | 1,154 | 1,047 | 1,978 | 2,906 | ||||||||||
| Residential real estate mortgages | 10,533 | 12,226 | 8,291 | 8,893 | 8,703 | ||||||||||
| Consumer loans | 1,547 | 2,334 | 1,565 | 2,201 | 2,122 | ||||||||||
| Total past due loans | $ | 20,932 | $ | 24,422 | $ | 21,255 | $ | 17,134 | $ | 18,295 | |||||
| Total past due loans to total loans | 0.65 | % | 0.76 | % | 0.67 | % | 0.56 | % | 0.60 | % | |||||
| Accruing loans 90 days or more past due | $ | — | $ | — | $ | — | $ | — | $ | — | |||||
| Nonaccrual loans included in past due loans | $ | 18,081 | $ | 18,602 | $ | 18,796 | $ | 13,211 | $ | 14,030 | |||||
| For the Three Months Ended | Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | ||||||||||
| 2017 | 2016 | 2016 | 2016 | 2016 | |||||||||||
| Nonaccrual Loan Activity: | |||||||||||||||
| Balance at beginning of period | $ | 22,058 | $ | 23,950 | $ | 17,248 | $ | 17,425 | $ | 21,047 | |||||
| Additions to nonaccrual status | 2,138 | 2,105 | 9,750 | 2,072 | 1,352 | ||||||||||
| Loans returned to accruing status | (547 | ) | (718 | ) | (592 | ) | — | (206 | ) | ||||||
| Loans charged-off | (79 | ) | (2,622 | ) | (2,055 | ) | (860 | ) | (1,475 | ) | |||||
| Loans transferred to other real estate owned | (478 | ) | (30 | ) | — | (435 | ) | (610 | ) | ||||||
| Payments, payoffs and other changes | (965 | ) | (627 | ) | (401 | ) | (954 | ) | (2,683 | ) | |||||
| Balance at end of period | $ | 22,127 | $ | 22,058 | $ | 23,950 | $ | 17,248 | $ | 17,425 | |||||
| Allowance for Loan Losses: | |||||||||||||||
| Balance at beginning of period | $ | 26,004 | $ | 25,649 | $ | 25,826 | $ | 26,137 | $ | 27,069 | |||||
| Provision charged to earnings | 400 | 2,900 | 1,800 | 450 | 500 | ||||||||||
| Charge-offs | (79 | ) | (2,622 | ) | (2,055 | ) | (860 | ) | (1,475 | ) | |||||
| Recoveries | 121 | 77 | 78 | 99 | 43 | ||||||||||
| Balance at end of period | $ | 26,446 | $ | 26,004 | $ | 25,649 | $ | 25,826 | $ | 26,137 | |||||
| Net Loan Charge-Offs (Recoveries): | |||||||||||||||
| Commercial mortgages | $ | — | $ | 2,510 | $ | 1,936 | $ | 65 | $ | 1,249 | |||||
| Commercial & industrial | (105 | ) | (20 | ) | (43 | ) | 684 | (18 | ) | ||||||
| Residential real estate mortgages | (4 | ) | 6 | 47 | 2 | 134 | |||||||||
| Consumer | 67 | 49 | 37 | 10 | 67 | ||||||||||
| Total | $ | (42 | ) | $ | 2,545 | $ | 1,977 | $ | 761 | $ | 1,432 | ||||
| Net charge-offs to average loans (annualized) | (0.01 | %) | 0.31 | % | 0.25 | % | 0.10 | % | 0.19 | % | |||||
The following table presents 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. Unrealized gains (losses) on available for sale securities and fair value adjustments on mortgage loans held for sale are excluded from the average balance and yield calculations. Nonaccrual and renegotiated loans, as well as interest recognized on these loans are included in amounts presented for loans.
| CONSOLIDATED AVERAGE BALANCE SHEETS | |||||||||||||||||||||||||||||||||||
| (Unaudited; Dollars in thousands) | |||||||||||||||||||||||||||||||||||
| For the Three Months Ended | March 31, 2017 | December 31, 2016 | March 31, 2016 | ||||||||||||||||||||||||||||||||
| Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||||||||||||||
| Commercial mortgages | $ | 1,079,171 | $ | 9,444 | 3.55 | $ | 1,086,772 | $ | 9,520 | 3.48 | $ | 933,939 | $ | 8,215 | 3.54 | ||||||||||||||||||||
| Construction & development | 127,861 | 1,113 | 3.53 | 110,342 | 927 | 3.34 | 129,217 | 1,108 | 3.45 | ||||||||||||||||||||||||||
| Commercial & industrial | 573,801 | 6,157 | 4.35 | 575,983 | 6,927 | 4.78 | 604,519 | 7,681 | 5.11 | ||||||||||||||||||||||||||
| Total commercial loans | 1,780,833 | $ | 16,714 | 3.81 | 1,773,097 | $ | 17,374 | 3.90 | 1,667,675 | $ | 17,004 | 4.10 | |||||||||||||||||||||||
| Residential real estate loans, including loans held for sale | 1,152,468 | 10,868 | 3.82 | 1,140,492 | 10,652 | 3.72 | 1,031,260 | 10,155 | 3.96 | ||||||||||||||||||||||||||
| Consumer loans | 335,054 | 3,323 | 4.02 | 341,528 | 3,284 | 3.83 | 343,519 | 3,393 | 3.97 | ||||||||||||||||||||||||||
| Total loans | 3,268,355 | 30,905 | 3.83 | 3,255,117 | 31,310 | 3.83 | 3,042,454 | 30,552 | 4.04 | ||||||||||||||||||||||||||
| Cash, federal funds sold and short-term investments | 56,195 | 104 | 0.75 | 77,092 | 95 | 0.49 | 68,488 | 64 | 0.38 | ||||||||||||||||||||||||||
| FHLBB stock | 43,622 | 387 | 3.60 | 39,212 | 362 | 3.67 | 25,597 | 210 | 3.30 | ||||||||||||||||||||||||||
| Taxable debt securities | 755,955 | 4,709 | 2.53 | 636,277 | 3,703 | 2.32 | 359,060 | 2,370 | 2.65 | ||||||||||||||||||||||||||
| Nontaxable debt securities | 11,521 | 173 | 6.09 | 16,003 | 244 | 6.07 | 33,313 | 507 | 6.12 | ||||||||||||||||||||||||||
| Total securities | 767,476 | 4,882 | 2.58 | 652,280 | 3,947 | 2.41 | 392,373 | 2,877 | 2.95 | ||||||||||||||||||||||||||
| Total interest-earning assets | 4,135,648 | 36,278 | 3.56 | 4,023,701 | 35,714 | 3.53 | 3,528,912 | 33,703 | 3.84 | ||||||||||||||||||||||||||
| Noninterest-earning assets | 229,823 | 249,182 | 240,113 | ||||||||||||||||||||||||||||||||
| Total assets | $ | 4,365,471 | $ | 4,272,883 | $ | 3,769,025 | |||||||||||||||||||||||||||||
| Liabilities and Shareholders' Equity: | |||||||||||||||||||||||||||||||||||
| Interest-bearing demand deposits | $ | 56,782 | $ | 15 | 0.11 | $ | 46,668 | $ | 16 | 0.14 | $ | 50,704 | $ | 13 | 0.10 | ||||||||||||||||||||
| NOW accounts | 420,622 | 50 | 0.05 | 408,788 | 51 | 0.05 | 386,488 | 56 | 0.06 | ||||||||||||||||||||||||||
| Money market accounts | 754,501 | 599 | 0.32 | 761,582 | 574 | 0.30 | 786,633 | 515 | 0.26 | ||||||||||||||||||||||||||
| Savings accounts | 357,894 | 51 | 0.06 | 356,837 | 51 | 0.06 | 328,174 | 49 | 0.06 | ||||||||||||||||||||||||||
| Time deposits (in-market) | 554,855 | 1,418 | 1.04 | 552,474 | 1,419 | 1.02 | 538,035 | 1,315 | 0.98 | ||||||||||||||||||||||||||
| Wholesale brokered time deposits | 397,274 | 1,369 | 1.40 | 382,798 | 1,334 | 1.39 | 296,801 | 1,020 | 1.38 | ||||||||||||||||||||||||||
| FHLBB advances | 831,614 | 3,344 | 1.63 | 732,269 | 2,886 | 1.57 | 453,019 | 2,152 | 1.91 | ||||||||||||||||||||||||||
| Junior subordinated debentures | 22,681 | 138 | 2.47 | 22,681 | 135 | 2.37 | 22,681 | 112 | 1.99 | ||||||||||||||||||||||||||
| Other | 27 | 1 | 15.02 | 40 | 1 | 9.95 | 79 | 2 | 10.18 | ||||||||||||||||||||||||||
| Total interest-bearing liabilities | 3,396,250 | 6,985 | 0.83 | 3,264,137 | 6,467 | 0.79 | 2,862,614 | 5,234 | 0.74 | ||||||||||||||||||||||||||
| Demand deposits | 527,215 | 548,595 | 471,782 | ||||||||||||||||||||||||||||||||
| Other liabilities | 44,889 | 63,410 | 54,287 | ||||||||||||||||||||||||||||||||
| Shareholders' equity | 397,117 | 396,741 | 380,342 | ||||||||||||||||||||||||||||||||
| Total liabilities and shareholders' equity | $ | 4,365,471 | $ | 4,272,883 | $ | 3,769,025 | |||||||||||||||||||||||||||||
| Net interest income (FTE) | $ | 29,293 | $ | 29,247 | $ | 28,469 | |||||||||||||||||||||||||||||
| Interest rate spread | 2.73 | 2.74 | 3.10 | ||||||||||||||||||||||||||||||||
| Net interest margin | 2.87 | 2.89 | 3.24 | ||||||||||||||||||||||||||||||||
Interest income amounts presented in the preceding table include the following adjustments for taxable equivalency:
| For the Three Months Ended | Mar 31, 2017 | Dec 31, 2016 | Mar 31, 2016 | |||||||||
| Commercial loans | $ | 553 | $ | 572 | $ | 554 | ||||||
| Nontaxable debt securities | 61 | 87 | 180 | |||||||||
| Total | $ | 614 | $ | 659 | $ | 734 | ||||||
| SUPPLEMENTAL INFORMATION - Calculation of Non-GAAP Financial Measures | |||||||||||||||
| (Unaudited; Dollars in thousands, except per share amounts) | |||||||||||||||
| Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | |||||||||||
| 2017 | 2016 | 2016 | 2016 | 2016 | |||||||||||
| Tangible Book Value per Share: | |||||||||||||||
| Total shareholders' equity, as reported | $ | 397,785 | $ | 390,804 | $ | 395,327 | $ | 388,332 | $ | 381,280 | |||||
| Less: | |||||||||||||||
| Goodwill | 64,059 | 64,059 | 64,059 | 64,059 | 64,059 | ||||||||||
| Identifiable intangible assets, net | 9,898 | 10,175 | 10,493 | 10,814 | 11,137 | ||||||||||
| Total tangible shareholders' equity | $ | 323,828 | $ | 316,570 | $ | 320,775 | $ | 313,459 | $ | 306,084 | |||||
| Shares outstanding, as reported | 17,193 | 17,171 | 17,107 | 17,081 | 17,024 | ||||||||||
| Book value per share - GAAP | $ | 23.14 | $ | 22.76 | $ | 23.11 | $ | 22.73 | $ | 22.40 | |||||
| Tangible book value per share - Non-GAAP | $ | 18.83 | $ | 18.44 | $ | 18.75 | $ | 18.35 | $ | 17.98 | |||||
| Tangible Equity to Tangible Assets: | |||||||||||||||
| Total tangible shareholders' equity | $ | 323,828 | $ | 316,570 | $ | 320,775 | $ | 313,459 | $ | 306,084 | |||||
| Total assets, as reported | $ | 4,388,763 | $ | 4,381,115 | $ | 4,204,034 | $ | 3,917,081 | $ | 3,838,210 | |||||
| Less: | |||||||||||||||
| Goodwill | 64,059 | 64,059 | 64,059 | 64,059 | 64,059 | ||||||||||
| Identifiable intangible assets, net | 9,898 | 10,175 | 10,493 | 10,814 | 11,137 | ||||||||||
| Total tangible assets | $ | 4,314,806 | $ | 4,306,881 | $ | 4,129,482 | $ | 3,842,208 | $ | 3,763,014 | |||||
| Equity to assets - GAAP | 9.06 | % | 8.92 | % | 9.40 | % | 9.91 | % | 9.93 | % | |||||
| Tangible equity to tangible assets - Non-GAAP | 7.51 | % | 7.35 | % | 7.77 | % | 8.16 | % | 8.13 | % | |||||
| For the Three Months Ended | Mar 31, | Dec 31, | Sep 30, | Jun 30, | Mar 31, | ||||||||||
| 2017 | 2016 | 2016 | 2016 | 2016 | |||||||||||
| Return on Average Tangible Assets: | |||||||||||||||
| Net income, as reported | $ | 11,782 | $ | 12,162 | $ | 12,327 | $ | 11,057 | $ | 10,935 | |||||
| Total average assets, as reported | $ | 4,365,471 | $ | 4,272,883 | $ | 4,062,688 | $ | 3,869,508 | $ | 3,769,025 | |||||
| Less average balances of: | |||||||||||||||
| Goodwill | 64,059 | 64,059 | 64,059 | 64,059 | 64,059 | ||||||||||
| Identifiable intangible assets, net | 10,027 | 10,330 | 10,650 | 10,972 | 11,294 | ||||||||||
| Total average tangible assets | $ | 4,291,385 | $ | 4,198,494 | $ | 3,987,979 | $ | 3,794,477 | $ | 3,693,672 | |||||
| Return on average assets - GAAP | 1.08 | % | 1.14 | % | 1.21 | % | 1.14 | % | 1.16 | % | |||||
| Return on average tangible assets - Non-GAAP | 1.10 | % | 1.16 | % | 1.24 | % | 1.17 | % | 1.18 | % | |||||
| Return on Average Tangible Equity: | |||||||||||||||
| Net income, as reported | $ | 11,782 | $ | 12,162 | $ | 12,327 | $ | 11,057 | $ | 10,935 | |||||
| Total average equity, as reported | $ | 397,117 | $ | 396,741 | $ | 392,233 | $ | 384,717 | $ | 380,342 | |||||
| Less average balances of: | |||||||||||||||
| Goodwill | 64,059 | 64,059 | 64,059 | 64,059 | 64,059 | ||||||||||
| Identifiable intangible assets, net | 10,027 | 10,330 | 10,650 | 10,972 | 11,294 | ||||||||||
| Total average tangible equity | $ | 323,031 | $ | 322,352 | $ | 317,524 | $ | 309,686 | $ | 304,989 | |||||
| Return on average equity - GAAP | 11.87 | % | 12.26 | % | 12.57 | % | 11.50 | % | 11.50 | % | |||||
| Return on average tangible equity - Non-GAAP | 14.59 | % | 15.09 | % | 15.53 | % | 14.28 | % | 14.34 | % | |||||