x
|
Quarterly
Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of
1934 for the quarterly period ended JUNE 30, 2007
or
|
o
|
Transition
Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of
1934 for the transition period from ______ to
______.
|
RHODE
ISLAND
|
05-0404671
|
|
(State
or other jurisdiction of
|
(I.R.S.
Employer
|
|
incorporation
or organization)
|
Identification
No.)
|
23
BROAD STREET
|
||
WESTERLY,
RHODE ISLAND
|
02891
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
(401)
348-1200
|
(Registrant’s
telephone number, including area
code)
|
FORM
10-Q
|
||
WASHINGTON
TRUST BANCORP, INC. AND SUBSIDIARIES
|
||
For
the Quarter Ended June 30, 2007
|
||
Page
|
||
Number
|
||
Exhibit 15.1 Letter Re: Unaudited Interim Financial Statements | ||
Exhibit 31.1 Certification of Chief Executive Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002 | ||
Exhibit 31.2 Certification of Chief Financial Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002 | ||
Exhibit 32.1 Certification pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
WASHINGTON
TRUST BANCORP, INC. AND SUBSIDIARIES
|
(Dollars
in thousands)
|
Unaudited
|
||||||||
June 30,
|
December 31,
|
|||||||
2007
|
2006
|
|||||||
Assets:
|
||||||||
Cash
and due from banks
|
$ |
36,942
|
$ |
54,337
|
||||
Federal
funds sold
|
19,175
|
16,425
|
||||||
Other
short term investments
|
1,899
|
1,147
|
||||||
Mortgage
loans held for sale
|
4,132
|
2,148
|
||||||
Securities:
|
||||||||
Available
for sale, at fair value; amortized cost $530,142 in 2007 and $525,966
in
2006
|
525,688
|
526,396
|
||||||
Held
to maturity, at cost; fair value $150,515 in 2007 and $175,369 in
2006
|
154,171
|
177,455
|
||||||
Total
securities
|
679,859
|
703,851
|
||||||
Federal
Home Loan Bank stock, at cost
|
28,727
|
28,727
|
||||||
Loans:
|
||||||||
Commercial
and other
|
622,988
|
587,397
|
||||||
Residential
real estate
|
583,392
|
588,671
|
||||||
Consumer
|
282,794
|
283,918
|
||||||
Total
loans
|
1,489,174
|
1,459,986
|
||||||
Less
allowance for loan losses
|
19,327
|
18,894
|
||||||
Net
loans
|
1,469,847
|
1,441,092
|
||||||
Premises
and equipment, net
|
26,293
|
24,307
|
||||||
Accrued
interest receivable
|
11,145
|
11,268
|
||||||
Investment
in bank-owned life insurance
|
40,560
|
39,770
|
||||||
Goodwill
|
44,558
|
44,558
|
||||||
Identifiable
intangible assets, net
|
12,100
|
12,816
|
||||||
Other
assets
|
21,063
|
18,719
|
||||||
Total
assets
|
$ |
2,396,300
|
$ |
2,399,165
|
||||
Liabilities:
|
||||||||
Deposits:
|
||||||||
Demand
deposits
|
$ |
177,210
|
$ |
186,533
|
||||
NOW
accounts
|
174,715
|
175,479
|
||||||
Money
market accounts
|
290,046
|
286,998
|
||||||
Savings
accounts
|
196,105
|
205,998
|
||||||
Time
deposits
|
831,013
|
822,989
|
||||||
Total
deposits
|
1,669,089
|
1,677,997
|
||||||
Dividends
payable
|
2,667
|
2,556
|
||||||
Federal
Home Loan Bank advances
|
468,827
|
474,561
|
||||||
Junior
subordinated debentures
|
22,681
|
22,681
|
||||||
Other
borrowings
|
27,574
|
14,684
|
||||||
Accrued
expenses and other liabilities
|
31,856
|
33,630
|
||||||
Total
liabilities
|
2,222,694
|
2,226,109
|
||||||
Shareholders’
Equity:
|
||||||||
Common
stock of $.0625 par value; authorized 30,000,000 shares;
|
||||||||
issued
13,492,110 in 2007 and 2006
|
843
|
843
|
||||||
Paid-in
capital
|
35,734
|
35,893
|
||||||
Retained
earnings
|
148,485
|
141,548
|
||||||
Accumulated
other comprehensive loss
|
(6,519 | ) | (3,515 | ) | ||||
Treasury
stock, at cost; 186,972 shares in 2007 and 62,432 shares in
2006
|
(4,937 | ) | (1,713 | ) | ||||
Total
shareholders’ equity
|
173,606
|
173,056
|
||||||
Total
liabilities and shareholders’ equity
|
$ |
2,396,300
|
$ |
2,399,165
|
||||
The
accompanying notes are an integral part of these consolidated financial
statements.
|
WASHINGTON
TRUST BANCORP, INC. AND SUBSIDIARIES
|
(Dollars
and shares in thousands,
|
|||||||||||||||
except
per share amounts)
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three
Months
|
Six
Months
|
|||||||||||||||
Periods
ended June 30,
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
Interest
income:
|
||||||||||||||||
Interest
and fees on loans
|
$ |
24,414
|
$ |
23,130
|
$ |
48,348
|
$ |
45,027
|
||||||||
Interest
on securities:
|
||||||||||||||||
Taxable
|
7,709
|
8,648
|
15,501
|
17,060
|
||||||||||||
Nontaxable
|
759
|
371
|
1,427
|
699
|
||||||||||||
Dividends
on corporate stock and Federal Home Loan Bank stock
|
685
|
249
|
1,403
|
926
|
||||||||||||
Interest
on federal funds sold and other short-term investments
|
184
|
150
|
375
|
265
|
||||||||||||
Total
interest income
|
33,751
|
32,548
|
67,054
|
63,977
|
||||||||||||
Interest
expense:
|
||||||||||||||||
Deposits
|
13,215
|
11,161
|
26,192
|
21,399
|
||||||||||||
Federal
Home Loan Bank advances
|
5,063
|
5,745
|
10,031
|
11,104
|
||||||||||||
Junior
subordinated debentures
|
338
|
338
|
676
|
676
|
||||||||||||
Other
|
289
|
87
|
439
|
166
|
||||||||||||
Total
interest expense
|
18,905
|
17,331
|
37,338
|
33,345
|
||||||||||||
Net
interest income
|
14,846
|
15,217
|
29,716
|
30,632
|
||||||||||||
Provision
for loan losses
|
300
|
300
|
600
|
600
|
||||||||||||
Net
interest income after provision for loan losses
|
14,546
|
14,917
|
29,116
|
30,032
|
||||||||||||
Noninterest
income:
|
||||||||||||||||
Wealth
management services
|
||||||||||||||||
Trust
and investment advisory fees
|
5,252
|
4,682
|
10,290
|
9,309
|
||||||||||||
Mutual
fund fees
|
1,352
|
1,214
|
2,614
|
2,344
|
||||||||||||
Financial
planning, commissions and other service fees
|
889
|
841
|
1,459
|
1,524
|
||||||||||||
Wealth
management services
|
7,493
|
6,737
|
14,363
|
13,177
|
||||||||||||
Service
charges on deposit accounts
|
1,220
|
1,236
|
2,345
|
2,355
|
||||||||||||
Merchant
processing fees
|
1,829
|
1,656
|
3,033
|
2,703
|
||||||||||||
Income
from bank-owned life insurance
|
399
|
346
|
790
|
625
|
||||||||||||
Net
gains on loan sales and commissions on loans originated for
others
|
510
|
336
|
774
|
612
|
||||||||||||
Net
realized gains on securities
|
705
|
765
|
1,741
|
824
|
||||||||||||
Other
income
|
372
|
371
|
730
|
671
|
||||||||||||
Total
noninterest income
|
12,528
|
11,447
|
23,776
|
20,967
|
||||||||||||
Noninterest
expense:
|
||||||||||||||||
Salaries
and employee benefits
|
10,285
|
9,830
|
20,097
|
19,449
|
||||||||||||
Net
occupancy
|
1,038
|
1,018
|
2,055
|
1,972
|
||||||||||||
Equipment
|
861
|
881
|
1,693
|
1,680
|
||||||||||||
Merchant
processing costs
|
1,558
|
1,407
|
2,577
|
2,294
|
||||||||||||
Outsourced
services
|
535
|
496
|
1,054
|
1,014
|
||||||||||||
Advertising
and promotion
|
572
|
681
|
1,001
|
1,118
|
||||||||||||
Legal,
audit and professional fees
|
404
|
403
|
854
|
779
|
||||||||||||
Amortization
of intangibles
|
348
|
406
|
716
|
811
|
||||||||||||
Debt
prepayment penalties
|
-
|
–
|
1,067
|
–
|
||||||||||||
Other
|
2,274
|
2,158
|
3,870
|
3,867
|
||||||||||||
Total
noninterest expense
|
17,875
|
17,280
|
34,984
|
32,984
|
||||||||||||
Income
before income taxes
|
9,199
|
9,084
|
17,908
|
18,015
|
||||||||||||
Income
tax expense
|
2,889
|
2,907
|
5,623
|
5,765
|
||||||||||||
Net
income
|
$ |
6,310
|
$ |
6,177
|
$ |
12,285
|
$ |
12,250
|
||||||||
Weighted
average shares outstanding - basic
|
13,339.6
|
13,419.9
|
13,375.7
|
13,403.4
|
||||||||||||
Weighted
average shares outstanding - diluted
|
13,616.4
|
13,703.2
|
13,667.6
|
13,699.6
|
||||||||||||
Per
share information:
|
||||||||||||||||
Basic
earnings per share
|
$ |
0.47
|
$ |
0.46
|
$ |
0.92
|
$ |
0.91
|
||||||||
Diluted
earnings per share
|
$ |
0.46
|
$ |
0.45
|
$ |
0.90
|
$ |
0.89
|
||||||||
Cash
dividends declared per share
|
$ |
0.20
|
$ |
0.19
|
$ |
0.40
|
$ |
0.38
|
||||||||
The
accompanying notes are an integral part of these consolidated financial
statements.
|
WASHINGTON
TRUST BANCORP, INC. AND SUBSIDIARIES
|
(Dollars
in thousands)
|
||||||||||
(Unaudited)
|
|||||||||||
Six
months ended June 30,
|
2007
|
2006
|
|||||||||
Cash
flows from operating activities:
|
|||||||||||
Net
income
|
$ |
12,285
|
$ |
12,250
|
|||||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
|||||||||||
Provision
for loan losses
|
600
|
600
|
|||||||||
Depreciation
of premises and equipment
|
1,464
|
1,513
|
|||||||||
Loss
on disposal of premises and equipment
|
23
|
–
|
|||||||||
Net
amortization of premium and discount
|
433
|
791
|
|||||||||
Net
amortization of intangibles
|
716
|
811
|
|||||||||
Share-based
compensation
|
323
|
360
|
|||||||||
Non-cash
charitable contribution
|
520
|
513
|
|||||||||
Earnings
from bank-owned life insurance
|
(790 | ) | (625 | ) | |||||||
Net
gains on loan sales
|
(774 | ) | (612 | ) | |||||||
Net
realized gains on sales of securities
|
(1,741 | ) | (824 | ) | |||||||
Proceeds
from sales of loans
|
28,293
|
18,208
|
|||||||||
Loans
originated for sale
|
(29,811 | ) | (18,646 | ) | |||||||
Decrease
(increase) in accrued interest receivable, excluding purchased
interest
|
137
|
(51 | ) | ||||||||
Increase
in other assets
|
(607 | ) | (1,562 | ) | |||||||
(Decrease)
increase in accrued expenses and other liabilities
|
(1,635 | ) |
42
|
||||||||
Other,
net
|
(2 | ) |
8
|
||||||||
Net
cash provided by operating activities
|
9,434
|
12,776
|
|||||||||
Cash
flows from investing activities:
|
|||||||||||
Purchases
of:
|
Mortgage-backed securities available for sale | (29,065 | ) | (23,854 | ) | ||||||
Other investment securities available for sale | (18,865 | ) | (41,868 | ) | |||||||
Other investment securities held to maturity | (16,011 | ) | (12,526 | ) | |||||||
Proceeds
from sale of:
|
Other
investment securities available for sale
|
9,438
|
706
|
||||||||
Mortgage-backed
securities held to maturity
|
1,954
|
–
|
|||||||||
Other
investment securities held to maturity
|
9,815
|
–
|
|||||||||
Maturities
and principal payments of:
|
|
Mortgage-backed securities available for sale |
29,542
|
49,168
|
|||||||
|
Other investment securities available for sale |
5,982
|
–
|
||||||||
|
Mortgage-backed securities held to maturity |
6,232
|
8,965
|
||||||||
|
Other investment securities held to maturity |
20,940
|
7,685
|
||||||||
Remittance
of Federal Home Loan Bank stock
|
–
|
1,051
|
|||||||||
Net
increase in loans
|
(24,880 | ) | (8,016 | ) | |||||||
Purchases
of loans, including purchased interest
|
(4,265 | ) | (21,592 | ) | |||||||
Purchases
of premises and equipment
|
(3,473 | ) | (2,037 | ) | |||||||
Purchases
of bank-owned life insurance
|
–
|
(8,000 | ) | ||||||||
Payment
of deferred acquisition obligation
|
(6,720 | ) |
–
|
||||||||
Net
cash used in investing activities
|
(19,376 | ) | (50,318 | ) | |||||||
Cash
flows from financing activities:
|
|||||||||||
Net
(decrease) increase in deposits
|
(8,908 | ) |
31,541
|
||||||||
Net
increase (decrease) in other borrowings
|
19,610
|
(2,601 | ) | ||||||||
Proceeds
from Federal Home Loan Bank advances
|
344,719
|
338,104
|
|||||||||
Repayment
of Federal Home Loan Bank advances
|
(350,433 | ) | (339,814 | ) | |||||||
Purchases
of treasury stock, including deferred compensation plan
activity
|
(4,264 | ) | (91 | ) | |||||||
Proceeds
from the issuance of common stock under dividend reinvestment
plan
|
–
|
610
|
|||||||||
Proceeds
from the exercise of share options
|
320
|
523
|
|||||||||
Tax
benefit from share option exercises
|
242
|
241
|
|||||||||
Cash
dividends paid
|
(5,237 | ) | (4,959 | ) | |||||||
Net
cash (used in) provided by financing activities
|
(3,951 | ) |
23,554
|
||||||||
Net
(decrease) increase in cash and cash equivalents
|
(13,893 | ) | (13,988 | ) | |||||||
Cash
and cash equivalents at beginning of year
|
71,909
|
66,163
|
|||||||||
Cash
and cash equivalents at end of period
|
$ |
58,016
|
$ |
52,175
|
|||||||
The
accompanying notes are an integral part of these consolidated financial
statements.
|
WASHINGTON
TRUST BANCORP, INC. AND SUBSIDIARIES
|
(Dollars
in thousands)
|
||||||||
CONSOLIDATED
STATEMENTS OF CASH FLOWS (continued)
|
|||||||||
(Unaudited)
|
|||||||||
Six
months ended June 30,
|
2007
|
2006
|
|||||||
Noncash
Investing and Financing Activities: Loans charged
off
|
$ |
370
|
$ |
151
|
|||||
Supplemental
Disclosures:
|
Interest
payments
|
37,539
|
32,588
|
||||||
Income
tax payments
|
6,309
|
6,400
|
|||||||
The
accompanying notes are an integral part of these consolidated financial
statements.
|
WASHINGTON
TRUST BANCORP INC. AND SUBSIDIARIES
|
|
(Dollars
in thousands)
|
||||||||||||
Three
Months ended March 31, 2007
|
As
Reported
|
Reclass
|
As
Adjusted
|
|||||||||
Net
cash used in investing activities
|
$ | (11,849 | ) | $ | (6,720 | ) | $ | (18,569 | ) | |||
Net
cash (used in) provided by financing activities
|
(4,886 | ) |
6,720
|
1,834
|
WASHINGTON
TRUST BANCORP INC. AND SUBSIDIARIES
|
(Continued)
|
CONDENSED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
|
WASHINGTON
TRUST BANCORP INC. AND SUBSIDIARIES
|
(Continued)
|
CONDENSED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
|
(Dollars
in thousands)
|
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
June
30, 2007
|
||||||||||||||||
U.S.
Treasury obligations and obligations
|
||||||||||||||||
of
U.S. government-sponsored agencies
|
$ |
161,415
|
$ |
19
|
$ | (1,114 | ) | $ |
160,320
|
|||||||
Mortgage-backed
securities issued by
|
||||||||||||||||
U.S.
government-sponsored agencies
|
297,302
|
720
|
(6,724 | ) |
291,298
|
|||||||||||
Trust
preferred securities
|
33,317
|
206
|
(192 | ) |
33,331
|
|||||||||||
Corporate
bonds
|
24,968
|
33
|
(142 | ) |
24,859
|
|||||||||||
Corporate
stocks
|
13,140
|
3,063
|
(323 | ) |
15,880
|
|||||||||||
Total
|
530,142
|
4,041
|
(8,495 | ) |
525,688
|
|||||||||||
December
31, 2006
|
||||||||||||||||
U.S.
Treasury obligations and obligations
|
||||||||||||||||
of
U.S. government-sponsored agencies
|
157,383
|
778
|
(876 | ) |
157,285
|
|||||||||||
Mortgage-backed
securities issued by
|
||||||||||||||||
U.S.
government-sponsored agencies
|
298,038
|
923
|
(5,174 | ) |
293,787
|
|||||||||||
Trust
preferred securities
|
30,571
|
208
|
(205 | ) |
30,574
|
|||||||||||
Corporate
bonds
|
24,998
|
83
|
(47 | ) |
25,034
|
|||||||||||
Corporate
stocks
|
14,976
|
4,915
|
(175 | ) |
19,716
|
|||||||||||
Total
|
$ |
525,966
|
$ |
6,907
|
$ | (6,477 | ) | $ |
526,396
|
(Dollars
in thousands)
|
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
June
30, 2007
|
||||||||||||||||
U.S.
Treasury obligations and obligations
|
||||||||||||||||
of
U.S. government-sponsored agencies
|
$ |
12,000
|
$ |
–
|
$ | (83 | ) | $ |
11,917
|
|||||||
Mortgage-backed
securities issued by
|
||||||||||||||||
U.S.
government-sponsored agencies
|
60,998
|
331
|
(1,944 | ) |
59,385
|
|||||||||||
States
and political subdivisions
|
81,173
|
6
|
(1,966 | ) |
79,213
|
|||||||||||
Total
|
154,171
|
337
|
(3,993 | ) |
150,515
|
|||||||||||
December
31, 2006
|
||||||||||||||||
U.S.
Treasury obligations and obligations
|
||||||||||||||||
of
U.S. government-sponsored agencies
|
42,000
|
–
|
(422 | ) |
41,578
|
|||||||||||
Mortgage-backed
securities issued by
|
||||||||||||||||
U.S.
government-sponsored agencies
|
69,340
|
440
|
(1,604 | ) |
68,176
|
|||||||||||
States
and political subdivisions
|
66,115
|
88
|
(588 | ) |
65,615
|
|||||||||||
Total
|
$ |
177,455
|
$ |
528
|
$ | (2,614 | ) | $ |
175,369
|
WASHINGTON
TRUST BANCORP INC. AND SUBSIDIARIES
|
(Continued)
|
CONDENSED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
|
(Dollars
in thousands)
|
Less
than 12 Months
|
12
Months or Longer
|
Total
|
|||||||||||||||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||||||||||||||
At
June 30, 2007
|
#
|
Value
|
Losses
|
#
|
Value
|
Losses
|
#
|
Value
|
Losses
|
|||||||||||||||||||||||||||
U.S.
Treasury obligations
|
||||||||||||||||||||||||||||||||||||
and
obligations of U.S. government-
|
||||||||||||||||||||||||||||||||||||
sponsored
agencies
|
10
|
$ |
91,357
|
$ |
378
|
12
|
$ |
72,661
|
$ |
819
|
22
|
$ |
164,018
|
$ |
1,197
|
|||||||||||||||||||||
Mortgage-backed
securities
|
||||||||||||||||||||||||||||||||||||
issued
by U.S. government-sponsored agencies
|
20
|
75,349
|
740
|
65
|
200,024
|
7,928
|
85
|
275,373
|
8,668
|
|||||||||||||||||||||||||||
States
and
|
||||||||||||||||||||||||||||||||||||
political
subdivisions
|
91
|
70,674
|
1705
|
12
|
6,648
|
260
|
103
|
77,322
|
1,965
|
|||||||||||||||||||||||||||
Trust
preferred securities
|
3
|
10,477
|
63
|
5
|
11,927
|
129
|
8
|
22,404
|
192
|
|||||||||||||||||||||||||||
Corporate
bonds
|
4
|
14,092
|
133
|
1
|
3,000
|
9
|
5
|
17,092
|
142
|
|||||||||||||||||||||||||||
Subtotal,
debt securities
|
128
|
261,949
|
3,019
|
95
|
294,260
|
9,145
|
223
|
556,209
|
12,164
|
|||||||||||||||||||||||||||
Corporate
stocks
|
6
|
7,027
|
226
|
4
|
1,462
|
97
|
10
|
8,489
|
323
|
|||||||||||||||||||||||||||
Total
temporarily
|
||||||||||||||||||||||||||||||||||||
impaired
securities
|
134
|
$ |
268,976
|
$ |
3,245
|
99
|
$ |
295,722
|
$ |
9,242
|
233
|
$ |
564,698
|
$ |
12,487
|
WASHINGTON
TRUST BANCORP INC. AND SUBSIDIARIES
|
(Continued)
|
CONDENSED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
|
(Dollars
in thousands)
|
Less
than 12 Months
|
12
Months or Longer
|
Total
|
|||||||||||||||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||||||||||||||
At
December 31, 2006
|
#
|
Value
|
Losses
|
#
|
Value
|
Losses
|
#
|
Value
|
Losses
|
|||||||||||||||||||||||||||
U.S.
Treasury obligations
|
||||||||||||||||||||||||||||||||||||
and
obligations of U.S. government-
|
||||||||||||||||||||||||||||||||||||
sponsored
agencies
|
8
|
$ |
52,751
|
$ |
211
|
14
|
$ |
94,393
|
$ |
1,087
|
22
|
$ |
147,144
|
$ |
1,298
|
|||||||||||||||||||||
Mortgage-backed
securities
|
||||||||||||||||||||||||||||||||||||
issued
by U.S. government-sponsored agencies
|
7
|
20,620
|
122
|
69
|
240,457
|
6,656
|
76
|
261,077
|
6,778
|
|||||||||||||||||||||||||||
States
and
|
||||||||||||||||||||||||||||||||||||
political
subdivisions
|
61
|
45,948
|
419
|
12
|
6,747
|
169
|
73
|
52,695
|
588
|
|||||||||||||||||||||||||||
Trust
preferred securities
|
–
|
–
|
–
|
7
|
14,840
|
205
|
7
|
14,840
|
205
|
|||||||||||||||||||||||||||
Corporate
bonds
|
2
|
6,130
|
34
|
1
|
3,006
|
13
|
3
|
9,136
|
47
|
|||||||||||||||||||||||||||
Subtotal,
debt securities
|
78
|
125,449
|
786
|
103
|
359,443
|
8,130
|
181
|
484,892
|
8,916
|
|||||||||||||||||||||||||||
Corporate
stocks
|
5
|
5,823
|
110
|
4
|
1,494
|
65
|
9
|
7,317
|
175
|
|||||||||||||||||||||||||||
Total
temporarily
|
||||||||||||||||||||||||||||||||||||
impaired
securities
|
83
|
$ |
131,272
|
$ |
896
|
107
|
$ |
360,937
|
$ |
8,195
|
190
|
$ |
492,209
|
$ |
9,091
|
WASHINGTON
TRUST BANCORP INC. AND SUBSIDIARIES
|
(Continued)
|
CONDENSED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
|
(Dollars
in thousands)
|
June
30, 2007
|
December
31, 2006
|
||||||||||||||
Amount
|
%
|
Amount
|
%
|
|||||||||||||
Commercial:
|
||||||||||||||||
Mortgages
(1)
|
$ |
265,560
|
18 | % | $ |
282,019
|
19 | % | ||||||||
Construction
and development (2)
|
43,755
|
3 | % |
32,233
|
2 | % | ||||||||||
Other
(3)
|
313,673
|
21 | % |
273,145
|
19 | % | ||||||||||
Total
commercial
|
622,988
|
42 | % |
587,397
|
40 | % | ||||||||||
Residential
real estate:
|
||||||||||||||||
Mortgages
(4)
|
572,321
|
38 | % |
577,522
|
39 | % | ||||||||||
Homeowner
construction
|
11,071
|
1 | % |
11,149
|
1 | % | ||||||||||
Total
residential real estate
|
583,392
|
39 | % |
588,671
|
40 | % | ||||||||||
Consumer:
|
||||||||||||||||
Home
equity lines
|
139,256
|
9 | % |
145,676
|
10 | % | ||||||||||
Home
equity loans
|
97,253
|
7 | % |
93,947
|
6 | % | ||||||||||
Other
|
46,285
|
3 | % |
44,295
|
4 | % | ||||||||||
Total
consumer
|
282,794
|
19 | % |
283,918
|
20 | % | ||||||||||
Total
loans (5)
|
$ |
1,489,174
|
100 | % | $ |
1,459,986
|
100 | % |
|
(1)
Amortizing mortgages, primarily secured by income producing
property.
|
|
(2)
Loans for construction of residential and commercial properties and
for
land development.
|
|
(3)
Loans to businesses and individuals, a substantial portion of which
are
fully or partially collateralized by real
estate.
|
|
(4)
A substantial portion of these loans is used as qualified collateral
for
FHLB borrowings (See Note 8 for additional discussion of FHLB
borrowings).
|
|
(5)
Net of unamortized loan origination fees, net of costs, totaling
$65 thousand and $277 thousand at June 30, 2007 and
December 31, 2006, respectively. Also includes
$112 thousand and $342 thousand of premium, net of discount, on
purchased loans at June 30, 2007 and December 31, 2006,
respectively.
|
(Dollars
in thousands)
|
||||||||||||||||
Three
Months
|
Six
Months
|
|||||||||||||||
Periods
ended June 30,
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
Balance
at beginning of period
|
$ |
19,360
|
$ |
18,247
|
$ |
18,894
|
$ |
17,918
|
||||||||
Provision
charged to expense
|
300
|
300
|
600
|
600
|
||||||||||||
Recoveries
of loans previously charged off
|
13
|
46
|
203
|
113
|
||||||||||||
Loans
charged off
|
(346 | ) | (113 | ) | (370 | ) | (151 | ) | ||||||||
Balance
at end of period
|
$ |
19,327
|
$ |
18,480
|
$ |
19,327
|
$ |
18,480
|
WASHINGTON
TRUST BANCORP INC. AND SUBSIDIARIES
|
(Continued)
|
CONDENSED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
|
Wealth
|
||||||||||||
(Dollars
in thousands)
|
Commercial
|
Management
|
||||||||||
Banking
|
Service
|
|||||||||||
Segment
|
Segment
|
Total
|
||||||||||
Balance
at December 31, 2006
|
$ |
22,591
|
$ |
21,967
|
$ |
44,558
|
||||||
Additions
to goodwill during the period
|
–
|
–
|
–
|
|||||||||
Impairment
recognized
|
–
|
–
|
–
|
|||||||||
Balance
at June 30, 2007
|
$ |
22,591
|
$ |
21,967
|
$ |
44,558
|
Core
Deposit
|
Advisory
|
Non-compete
|
||||||||||||||
Intangible
|
Contracts
|
Agreements
|
Total
|
|||||||||||||
Balance
at December 31, 2006
|
$ |
650
|
$ |
11,937
|
$ |
229
|
$ |
12,816
|
||||||||
Amortization
|
80
|
612
|
24
|
716
|
||||||||||||
Balance
at June 30, 2007
|
$ |
570
|
$ |
11,325
|
$ |
205
|
$ |
12,100
|
(Dollars
in thousands)
|
||||||||||||||||
Core
|
Advisory
|
Non-compete
|
||||||||||||||
Estimated
amortization expense:
|
Deposits
|
Contracts
|
Agreements
|
Total
|
||||||||||||
2007
(full year)
|
$ |
140
|
$ |
1,194
|
$ |
49
|
$ |
1,383
|
||||||||
2008
|
120
|
1,111
|
49
|
1,280
|
||||||||||||
2009
|
120
|
1,040
|
49
|
1,209
|
||||||||||||
2010
|
120
|
922
|
49
|
1,091
|
||||||||||||
2011
|
120
|
768
|
33
|
921
|
(Dollars
in thousands)
|
||||||||||||||||
Core
|
Advisory
|
Non-compete
|
||||||||||||||
Deposits
|
Contracts
|
Agreements
|
Total
|
|||||||||||||
Gross
carrying amount
|
$ |
2,997
|
$ |
13,657
|
$ |
1,147
|
$ |
17,801
|
||||||||
Accumulated
amortization
|
2,427
|
2,332
|
942
|
5,701
|
||||||||||||
Net
amount
|
$ |
570
|
$ |
11,325
|
$ |
205
|
$ |
12,100
|
WASHINGTON
TRUST BANCORP INC. AND SUBSIDIARIES
|
(Continued)
|
CONDENSED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
|
(Dollars
in thousands)
|
June 30,
|
December 31,
|
||||||
2007
|
2006
|
|||||||
FHLB
advances
|
$ |
468,827
|
$ |
474,561
|
(Dollars
in thousands)
|
June 30,
|
December
31,
|
||||||
2007
|
2006
|
|||||||
Treasury,
Tax and Loan demand note balance
|
$ |
3,868
|
$ |
3,863
|
||||
Deferred
acquisition obligations
|
3,810
|
10,372
|
||||||
Securities
sold under repurchase agreements
|
19,500
|
–
|
||||||
Other
|
396
|
449
|
||||||
Other
borrowings
|
$ |
27,574
|
$ |
14,684
|
WASHINGTON
TRUST BANCORP INC. AND SUBSIDIARIES
|
(Continued)
|
CONDENSED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
|
(Dollars
in thousands)
|
Actual
|
For
Capital Adequacy Purposes
|
To
Be Well Capitalized Under Prompt Corrective Action
Provisions
|
|||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
As
of June 30, 2007:
|
||||||||||||||||||||||||
Total
Capital (to Risk-Weighted Assets):
|
||||||||||||||||||||||||
Corporation
|
$ |
165,216
|
10.79 | % | $ |
122,467
|
8.00 | % | $ |
153,083
|
10.00 | % | ||||||||||||
Bank
|
$ |
166,697
|
10.90 | % | $ |
122,391
|
8.00 | % | $ |
152,988
|
10.00 | % | ||||||||||||
Tier
1 Capital (to Risk-Weighted Assets):
|
||||||||||||||||||||||||
Corporation
|
$ |
144,842
|
9.46 | % | $ |
61,233
|
4.00 | % | $ |
91,850
|
6.00 | % | ||||||||||||
Bank
|
$ |
146,334
|
9.57 | % | $ |
61,195
|
4.00 | % | $ |
91,793
|
6.00 | % | ||||||||||||
Tier
1 Capital (to Average Assets): (1)
|
||||||||||||||||||||||||
Corporation
|
$ |
144,842
|
6.20 | % | $ |
93,433
|
4.00 | % | $ |
116,791
|
5.00 | % | ||||||||||||
Bank
|
$ |
146,334
|
6.27 | % | $ |
93,391
|
4.00 | % | $ |
116,739
|
5.00 | % | ||||||||||||
As
of December 31, 2006:
|
||||||||||||||||||||||||
Total
Capital (to Risk-Weighted Assets):
|
||||||||||||||||||||||||
Corporation
|
$ |
161,076
|
10.96 | % | $ |
117,538
|
8.00 | % | $ |
146,922
|
10.00 | % | ||||||||||||
Bank
|
$ |
168,235
|
11.46 | % | $ |
117,465
|
8.00 | % | $ |
146,832
|
10.00 | % | ||||||||||||
Tier
1 Capital (to Risk-Weighted Assets):
|
||||||||||||||||||||||||
Corporation
|
$ |
140,568
|
9.57 | % | $ |
58,769
|
4.00 | % | $ |
88,153
|
6.00 | % | ||||||||||||
Bank
|
$ |
147,738
|
10.06 | % | $ |
58,733
|
4.00 | % | $ |
88,099
|
6.00 | % | ||||||||||||
Tier
1 Capital (to Average Assets): (1)
|
||||||||||||||||||||||||
Corporation
|
$ |
140,568
|
6.01 | % | $ |
93,487
|
4.00 | % | $ |
116,858
|
5.00 | % | ||||||||||||
Bank
|
$ |
147,738
|
6.32 | % | $ |
93,437
|
4.00 | % | $ |
116,797
|
5.00 | % |
(1)
|
Leverage
ratio
|
WASHINGTON
TRUST BANCORP INC. AND SUBSIDIARIES
|
(Continued)
|
CONDENSED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
|
(Dollars
in thousands)
|
June 30,
2007
|
December 31,
2006
|
||||||
Financial
instruments whose contract amounts represent credit risk:
|
||||||||
Commitments
to extend credit:
|
||||||||
Commercial
loans
|
$ |
149,090
|
$ |
122,376
|
||||
Home
equity lines
|
181,477
|
185,483
|
||||||
Other
loans
|
11,542
|
10,671
|
||||||
Standby
letters of credit
|
9,210
|
9,401
|
||||||
Financial
instruments whose notional amounts exceed the amount of credit
risk:
|
||||||||
Forward
loan commitments:
|
||||||||
Commitments
to originate fixed rate mortgage loans to be sold
|
3,544
|
2,924
|
||||||
Commitments
to sell fixed rate mortgage loans
|
7,498
|
5,066
|
WASHINGTON
TRUST BANCORP INC. AND SUBSIDIARIES
|
(Continued)
|
CONDENSED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
|
(Dollars
in thousands)
|
Qualified
|
Non-Qualified
|
||||||||||||||
Pension
Plan
|
Retirement
Plans
|
|||||||||||||||
Six
months ended June 30,
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
Service
cost
|
$ |
1,005
|
$ |
1,034
|
$ |
172
|
$ |
176
|
||||||||
Interest
cost
|
924
|
825
|
260
|
233
|
||||||||||||
Expected
return on plan assets
|
(992 | ) | (900 | ) |
-
|
-
|
||||||||||
Amortization
of transition asset
|
(3 | ) | (3 | ) |
-
|
-
|
||||||||||
Amortization
of prior service cost
|
(17 | ) | (17 | ) |
31
|
32
|
||||||||||
Recognized
net actuarial loss
|
94
|
159
|
109
|
107
|
||||||||||||
Net
periodic benefit cost
|
$ |
1,011
|
$ |
1,098
|
$ |
572
|
$ |
548
|
Qualified
|
Non-Qualified
|
|||||||||||||||
Pension
Plan
|
Retirement
Plans
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Measurement
date
|
Sept. 30,
2006
|
Sept. 30,
2005
|
Sept. 30,
2006
|
Sept. 30,
2005
|
||||||||||||
Discount
rate
|
5.90 | % | 5.50 | % | 5.90 | % | 5.50 | % | ||||||||
Expected
long-term return on plan assets
|
8.25 | % | 8.25 | % |
-
|
-
|
||||||||||
Rate
of compensation increase
|
4.25 | % | 4.25 | % | 4.25 | % | 4.25 | % |
WASHINGTON
TRUST BANCORP INC. AND SUBSIDIARIES
|
(Continued)
|
CONDENSED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
|
(Dollars
in thousands)
|
||||||||||||||||||||||||||||||||
Commercial
Banking
|
Wealth
Management Services
|
Corporate
|
Consolidated
Total
|
|||||||||||||||||||||||||||||
Three
months ended June 30,
|
2007
|
2006
|
2007
|
2006
|
2007
|
2006
|
2007
|
2006
|
||||||||||||||||||||||||
Net
interest income (expense)
|
$ |
13,239
|
$ |
13,614
|
$ | (20 | ) | $ | (27 | ) | $ |
1,627
|
$ |
1,630
|
$ |
14,846
|
$ |
15,217
|
||||||||||||||
Noninterest
income
|
3,874
|
3,575
|
7,493
|
6,737
|
1,161
|
1,135
|
12,528
|
11,447
|
||||||||||||||||||||||||
Total
income
|
17,113
|
17,189
|
7,473
|
6,710
|
2,788
|
2,765
|
27,374
|
26,664
|
||||||||||||||||||||||||
Provision
for loan losses
|
300
|
300
|
-
|
-
|
-
|
-
|
300
|
300
|
||||||||||||||||||||||||
Depreciation
and
amortization
expense
|
607
|
574
|
433
|
425
|
44
|
191
|
1,084
|
1,190
|
||||||||||||||||||||||||
Other
noninterest expenses
|
9,644
|
9,371
|
4,614
|
4,442
|
2,533
|
2,277
|
16,791
|
16,090
|
||||||||||||||||||||||||
Total
noninterest expenses
|
10,551
|
10,245
|
5,047
|
4,867
|
2,577
|
2,468
|
18,175
|
17,580
|
||||||||||||||||||||||||
Income
before income taxes
|
6,562
|
6,944
|
2,426
|
1,843
|
211
|
297
|
9,199
|
9,084
|
||||||||||||||||||||||||
Income
tax expense (benefit)
|
2,302
|
2,419
|
937
|
720
|
(350 | ) | (232 | ) |
2,889
|
2,907
|
||||||||||||||||||||||
Net
income
|
$ |
4,260
|
$ |
4,525
|
$ |
1,489
|
$ |
1,123
|
$ |
561
|
$ |
529
|
$ |
6,310
|
$ |
6,177
|
||||||||||||||||
Total
assets at period end
|
1,570,917
|
1,514,253
|
37,418
|
33,585
|
787,965
|
884,439
|
2,396,300
|
2,432,277
|
||||||||||||||||||||||||
Expenditures
for
long-lived
assets
|
2,317
|
726
|
93
|
106
|
18
|
107
|
2,428
|
939
|
(Dollars
in thousands)
|
||||||||||||||||||||||||||||||||
Commercial
Banking
|
Wealth
Management Services
|
Corporate
|
Consolidated
Total
|
|||||||||||||||||||||||||||||
Six
months ended June 30,
|
2007
|
2006
|
2007
|
2006
|
2007
|
2006
|
2007
|
2006
|
||||||||||||||||||||||||
Net
interest income (expense)
|
$ |
26,614
|
$ |
27,010
|
$ | (28 | ) | $ | (51 | ) |
3,130
|
3,673
|
$ |
29,716
|
30,632
|
|||||||||||||||||
Noninterest
income
|
6,763
|
6,324
|
14,363
|
13,177
|
2,650
|
1,466
|
23,776
|
20,967
|
||||||||||||||||||||||||
Total
income
|
33,377
|
33,334
|
14,335
|
13,126
|
5,780
|
5,139
|
53,492
|
51,599
|
||||||||||||||||||||||||
Provision
for loan losses
|
600
|
600
|
-
|
-
|
-
|
-
|
600
|
600
|
||||||||||||||||||||||||
Depreciation
and
amortization
expense
|
1,223
|
1,132
|
869
|
844
|
88
|
348
|
2,180
|
2,324
|
||||||||||||||||||||||||
Other
noninterest expenses
|
18,287
|
17,686
|
8,912
|
8,784
|
5,605
|
4,190
|
32,804
|
30,660
|
||||||||||||||||||||||||
Total
noninterest expenses
|
20,110
|
19,418
|
9,781
|
9,628
|
5,693
|
4,538
|
35,584
|
33,584
|
||||||||||||||||||||||||
Income
before income taxes
|
13,267
|
13,916
|
4,554
|
3,498
|
87
|
601
|
17,908
|
18,015
|
||||||||||||||||||||||||
Income
tax expense (benefit)
|
4,663
|
4,844
|
1,763
|
1,378
|
(803 | ) | (457 | ) |
5,623
|
5,765
|
||||||||||||||||||||||
Net
income
|
$ |
8,604
|
$ |
9,072
|
$ |
2,791
|
$ |
2,120
|
$ |
890
|
$ |
1,058
|
$ |
12,285
|
$ |
12,250
|
||||||||||||||||
Total
assets at period end
|
1,570,917
|
1,514,253
|
37,418
|
33,585
|
787,965
|
884,439
|
2,396,300
|
2,432,277
|
||||||||||||||||||||||||
Expenditures
for
long-lived
assets
|
3,203
|
1,514
|
162
|
360
|
108
|
163
|
3,473
|
2,037
|
WASHINGTON
TRUST BANCORP INC. AND SUBSIDIARIES
|
(Continued)
|
CONDENSED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
|
(Dollars
in thousands)
|
||||||||
Six
months ended June 30,
|
2007
|
2006
|
||||||
Net
income
|
$ |
12,285
|
$ |
12,250
|
||||
Unrealized
holding losses on securities available for sale, net of $1,100
income
|
||||||||
tax
benefit in 2007 and $3,521 income tax benefit in 2006
|
(2,043 | ) | (5,421 | ) | ||||
Reclassification
adjustments for gains arising during the period, net of $640 income
tax
|
||||||||
expense
in 2007 and $333 income tax expense in 2006
|
(1,101 | ) | (491 | ) | ||||
Change
in funded status of defined benefit plans related to the amortization
of
net
|
||||||||
actuarial
losses, net prior service credit and net transition asset, net of
$75
income
|
||||||||
tax
expense in 2007
|
139
|
-
|
||||||
Total
comprehensive income
|
$ |
9,281
|
$ |
6,337
|
WASHINGTON
TRUST BANCORP INC. AND SUBSIDIARIES
|
(Continued)
|
CONDENSED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
|
(Dollars
and shares in thousands, except per share amounts)
|
||||||||||||||||
Three
Months
|
Six
Months
|
|||||||||||||||
Periods
ended June 30,
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
Net
income
|
$ |
6,310
|
$ |
6,177
|
$ |
12,285
|
$ |
12,250
|
||||||||
Weighted
average basic shares
|
13,339.6
|
13,419.9
|
13,375.7
|
13,403.4
|
||||||||||||
Dilutive
effect of:
|
||||||||||||||||
Options
|
200.4
|
242.4
|
221.8
|
258.3
|
||||||||||||
Other
|
76.4
|
40.9
|
70.1
|
37.9
|
||||||||||||
Weighted
average diluted shares
|
13,616.4
|
13,703.2
|
13,667.6
|
13,699.6
|
||||||||||||
Earnings
per share:
|
||||||||||||||||
Basic
|
$ |
0.47
|
$ |
0.46
|
$ |
0.92
|
$ |
0.91
|
||||||||
Diluted
|
$ |
0.46
|
$ |
0.45
|
$ |
0.90
|
$ |
0.89
|
(Dollars
in thousands, except per share amounts)
|
||||||||||||||||
Three
Months
|
Six
Months
|
|||||||||||||||
Periods
ended June 30,
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
Earnings:
|
||||||||||||||||
Net
income
|
$ |
6,310
|
$ |
6,177
|
$ |
12,285
|
$ |
12,250
|
||||||||
Diluted
earnings per share
|
0.46
|
0.45
|
0.90
|
0.89
|
||||||||||||
Dividends
declared per common share
|
0.20
|
0.19
|
0.40
|
0.38
|
||||||||||||
Select
Ratios:
|
||||||||||||||||
Return
on average assets
|
1.06 | % | 1.02 | % | 1.03 | % | 1.02 | % | ||||||||
Return
on average shareholders equity
|
14.37 | % | 15.28 | % | 14.01 | % | 15.19 | % | ||||||||
Interest
rate spread (taxable equivalent basis)
|
2.38 | % | 2.43 | % | 2.42 | % | 2.49 | % | ||||||||
Net
interest margin (taxable equivalent basis)
|
2.75 | % | 2.75 | % | 2.78 | % | 2.79 | % |
Three
months ended June 30,
|
2007
|
2006
|
||||||||||||||||||||||
Average
|
Yield/
|
Average
|
Yield/
|
|||||||||||||||||||||
(Dollars
in thousands)
|
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
||||||||||||||||||
Assets:
|
||||||||||||||||||||||||
Residential
real estate loans
|
$ |
590,226
|
$ |
7,812
|
5.31 | % | $ |
590,595
|
$ |
7,505
|
5.10 | % | ||||||||||||
Commercial
and other loans
|
615,606
|
11,730
|
7.64 | % |
568,937
|
11,049
|
7.79 | % | ||||||||||||||||
Consumer
loans
|
282,408
|
4,911
|
6.98 | % |
272,819
|
4,633
|
6.81 | % | ||||||||||||||||
Total
loans
|
1,488,240
|
24,453
|
6.59 | % |
1,432,351
|
23,187
|
6.49 | % | ||||||||||||||||
Federal
funds sold and
|
||||||||||||||||||||||||
other
short-term investments
|
17,028
|
184
|
4.34 | % |
12,827
|
150
|
4.69 | % | ||||||||||||||||
Taxable
debt securities
|
605,538
|
7,709
|
5.11 | % |
737,987
|
8,648
|
4.70 | % | ||||||||||||||||
Nontaxable
debt securities
|
78,964
|
1,112
|
5.65 | % |
39,659
|
570
|
5.76 | % | ||||||||||||||||
Corporate
stocks and FHLB stock
|
42,806
|
763
|
7.15 | % |
51,128
|
343
|
2.69 | % | ||||||||||||||||
Total
securities
|
744,336
|
9,768
|
5.26 | % |
841,601
|
9,711
|
4.63 | % | ||||||||||||||||
Total
interest-earning assets
|
2,232,576
|
34,221
|
6.15 | % |
2,273,952
|
32,898
|
5.80 | % | ||||||||||||||||
Non
interest-earning assets
|
159,111
|
154,648
|
||||||||||||||||||||||
Total
assets
|
$ |
2,391,687
|
$ |
2,428,600
|
||||||||||||||||||||
Liabilities
and Shareholders’ Equity:
|
||||||||||||||||||||||||
NOW
accounts
|
$ |
168,742
|
$ |
64
|
0.15 | % | $ |
177,260
|
$ |
80
|
0.18 | % | ||||||||||||
Money
market accounts
|
293,245
|
2,869
|
3.92 | % |
233,489
|
1,835
|
3.15 | % | ||||||||||||||||
Savings
deposits
|
196,647
|
661
|
1.35 | % |
195,251
|
274
|
0.56 | % | ||||||||||||||||
Time
deposits
|
837,223
|
9,621
|
4.61 | % |
871,519
|
8,972
|
4.13 | % | ||||||||||||||||
FHLB
advances
|
467,411
|
5,063
|
4.34 | % |
554,639
|
5,745
|
4.15 | % | ||||||||||||||||
Junior
subordinated debentures
|
22,681
|
338
|
5.98 | % |
22,681
|
338
|
5.98 | % | ||||||||||||||||
Other
borrowed funds
|
25,764
|
289
|
4.51 | % |
7,346
|
87
|
4.75 | % | ||||||||||||||||
Total
interest-bearing liabilities
|
2,011,713
|
18,905
|
3.77 | % |
2,062,185
|
17,331
|
3.37 | % | ||||||||||||||||
Demand
deposits
|
173,473
|
182,546
|
||||||||||||||||||||||
Other
liabilities
|
30,863
|
22,184
|
||||||||||||||||||||||
Shareholders’
equity
|
175,638
|
161,685
|
||||||||||||||||||||||
Total
liabilities and shareholders’ equity
|
$ |
2,391,687
|
$ |
2,428,600
|
||||||||||||||||||||
Net
interest income (FTE)
|
$ |
15,316
|
$ |
15,567
|
||||||||||||||||||||
Interest
rate spread
|
2.38 | % | 2.43 | % | ||||||||||||||||||||
Net
interest margin
|
2.75 | % | 2.75 | % |
(Dollars
in thousands)
|
||||||||
Three
months ended June 30,
|
2007
|
2006
|
||||||
Commercial
and other loans
|
$ |
39
|
$ |
57
|
||||
Nontaxable
debt securities
|
353
|
199
|
||||||
Corporate
stocks
|
78
|
94
|
Six
months ended June 30,
|
2007
|
2006
|
||||||||||||||||||||||
Average
|
Yield/
|
Average
|
Yield/
|
|||||||||||||||||||||
(Dollars
in thousands)
|
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
||||||||||||||||||
Assets:
|
||||||||||||||||||||||||
Residential
real estate loans
|
$ |
591,138
|
$ |
15,585
|
5.32 | % | $ |
590,217
|
$ |
14,909
|
5.09 | % | ||||||||||||
Commercial
and other loans
|
601,425
|
23,102
|
7.75 | % |
562,511
|
21,303
|
7.64 | % | ||||||||||||||||
Consumer
loans
|
281,992
|
9,736
|
6.96 | % |
269,960
|
8,922
|
6.66 | % | ||||||||||||||||
Total
loans
|
1,474,555
|
48,423
|
6.62 | % |
1,422,688
|
45,134
|
6.40 | % | ||||||||||||||||
Federal
funds sold and
|
||||||||||||||||||||||||
other
short-term investments
|
15,271
|
375
|
4.96 | % |
11,510
|
265
|
4.64 | % | ||||||||||||||||
Taxable
debt securities
|
614,211
|
15,501
|
5.09 | % |
737,776
|
17,060
|
4.66 | % | ||||||||||||||||
Nontaxable
debt securities
|
74,332
|
2,090
|
5.67 | % |
37,430
|
1,074
|
5.79 | % | ||||||||||||||||
Corporate
stocks and FHLB stock
|
43,136
|
1,563
|
7.30 | % |
50,241
|
1,104
|
4.43 | % | ||||||||||||||||
Total
securities
|
746,950
|
19,529
|
5.27 | % |
836,957
|
19,503
|
4.70 | % | ||||||||||||||||
Total
interest-earning assets
|
2,221,505
|
67,952
|
6.17 | % |
2,259,645
|
64,637
|
5.77 | % | ||||||||||||||||
Non
interest-earning assets
|
165,038
|
152,019
|
||||||||||||||||||||||
Total
assets
|
$ |
2,386,543
|
$ |
2,411,664
|
||||||||||||||||||||
Liabilities
and Shareholders’ Equity:
|
||||||||||||||||||||||||
NOW
accounts
|
$ |
169,206
|
$ |
132
|
0.16 | % | $ |
173,859
|
$ |
147
|
0.17 | % | ||||||||||||
Money
market accounts
|
293,613
|
5,680
|
3.90 | % |
230,911
|
3,442
|
3.01 | % | ||||||||||||||||
Savings
deposits
|
201,086
|
1,371
|
1.38 | % |
199,984
|
561
|
0.57 | % | ||||||||||||||||
Time
deposits
|
834,870
|
19,009
|
4.59 | % |
861,464
|
17,249
|
4.04 | % | ||||||||||||||||
FHLB
advances
|
467,429
|
10,031
|
4.33 | % |
551,035
|
11,104
|
4.06 | % | ||||||||||||||||
Junior
subordinated debentures
|
22,681
|
676
|
6.01 | % |
22,681
|
676
|
6.01 | % | ||||||||||||||||
Other
borrowed funds
|
19,316
|
439
|
4.58 | % |
7,183
|
166
|
4.67 | % | ||||||||||||||||
Total
interest-bearing liabilities
|
2,008,201
|
37,338
|
3.75 | % |
2,047,117
|
33,345
|
3.28 | % | ||||||||||||||||
Demand
deposits
|
172,232
|
181,257
|
||||||||||||||||||||||
Other
liabilities
|
30,791
|
21,972
|
||||||||||||||||||||||
Shareholders’
equity
|
175,319
|
161,318
|
||||||||||||||||||||||
Total
liabilities and shareholders’ equity
|
$ |
2,386,543
|
$ |
2,411,664
|
||||||||||||||||||||
Net
interest income (FTE)
|
$ |
30,614
|
$ |
31,292
|
||||||||||||||||||||
Interest
rate spread
|
2.42 | % | 2.49 | % | ||||||||||||||||||||
Net
interest margin
|
2.78 | % | 2.79 | % |
(Dollars
in thousands)
|
||||||||
Six
months ended June 30,
|
2007
|
2006
|
||||||
Commercial
and other loans
|
$ |
75
|
$ |
107
|
||||
Nontaxable
debt securities
|
663
|
375
|
||||||
Corporate
stocks
|
160
|
178
|
Three
months ended
|
Six
months ended
|
|||||||||||||||||||||||
June 30,
2007 vs. 2006
|
June 30,
2007 vs. 2006
|
|||||||||||||||||||||||
Increase
(decrease) due to
|
Increase
(decrease) due to
|
|||||||||||||||||||||||
(Dollars
in thousands)
|
Volume
|
Rate
|
Net
Chg
|
Volume
|
Rate
|
Net
Chg
|
||||||||||||||||||
Interest
on interest-earning assets:
|
||||||||||||||||||||||||
Residential
real estate loans
|
$ | (5 | ) | $ |
312
|
$ |
307
|
$ |
23
|
$ |
653
|
$ |
676
|
|||||||||||
Commercial
and other loans
|
895
|
(215 | ) |
680
|
1,489
|
309
|
1,798
|
|||||||||||||||||
Consumer
loans
|
163
|
116
|
279
|
405
|
410
|
815
|
||||||||||||||||||
Federal
funds sold and other short-term investments
|
46
|
(11 | ) |
35
|
91
|
19
|
110
|
|||||||||||||||||
Taxable
debt securities
|
(1,647 | ) |
708
|
(939 | ) | (3,033 | ) |
1,474
|
(1,559 | ) | ||||||||||||||
Nontaxable
debt securities
|
554
|
(13 | ) |
541
|
1,038
|
(23 | ) |
1,015
|
||||||||||||||||
Corporate
stocks and FHLB stock
|
(63 | ) |
483
|
420
|
(175 | ) |
634
|
459
|
||||||||||||||||
Total
interest income
|
(57 | ) |
1,380
|
1,323
|
(162 | ) |
3,476
|
3,314
|
||||||||||||||||
Interest
on interest-bearing liabilities:
|
||||||||||||||||||||||||
NOW
accounts
|
(4 | ) | (12 | ) | (16 | ) | (5 | ) | (10 | ) | (15 | ) | ||||||||||||
Money
market accounts
|
529
|
505
|
1,034
|
1,071
|
1,167
|
2,238
|
||||||||||||||||||
Savings
deposits
|
2
|
385
|
387
|
4
|
806
|
810
|
||||||||||||||||||
Time
deposits
|
(364 | ) |
1,013
|
649
|
(543 | ) |
2,303
|
1,760
|
||||||||||||||||
FHLB
advances
|
(935 | ) |
253
|
(682 | ) | (1,772 | ) |
699
|
(1,073 | ) | ||||||||||||||
Junior
subordinated debentures
|
–
|
–
|
–
|
–
|
–
|
–
|
||||||||||||||||||
Other
borrowed funds
|
207
|
(5 | ) |
202
|
275
|
(3 | ) |
272
|
||||||||||||||||
Total
interest expense
|
(565 | ) |
2,139
|
1,574
|
(970 | ) |
4,962
|
3,992
|
||||||||||||||||
Net
interest income
|
$ |
508
|
$ | (759 | ) | $ | (251 | ) | $ |
808
|
$ | (1,486 | ) | $ | (678 | ) |
(Dollars
in thousands)
|
Three
Months
|
Six
Months
|
||||||||||||||||||||||||||||||
$ |
%
|
$
|
%
|
|||||||||||||||||||||||||||||
Periods
ended June 30
|
2007
|
2006
|
Chg
|
Chg
|
2007
|
2006
|
Chg
|
Chg
|
||||||||||||||||||||||||
Noninterest
income:
|
||||||||||||||||||||||||||||||||
Wealth
management services:
|
,
|
|||||||||||||||||||||||||||||||
Trust
and investment advisory fees
|
5,252
|
4,682
|
570
|
12 | % |
10,290
|
9,309
|
981
|
11 | % | ||||||||||||||||||||||
Mutual
fund fees
|
1,352
|
1,214
|
138
|
11 | % |
2,614
|
2,344
|
270
|
12 | % | ||||||||||||||||||||||
Financial
planning, commissions and other service fees
|
889
|
841
|
48
|
6 | % |
1,459
|
1,524
|
(65 | ) | (4 | )% | |||||||||||||||||||||
Wealth
management services
|
7,493
|
6,737
|
756
|
11 | % |
14,363
|
13,177
|
1,186
|
9 | % | ||||||||||||||||||||||
Service
charges on deposit accounts
|
1,220
|
1,236
|
(16 | ) | (1 | )% |
2,345
|
2,355
|
(10 | ) | – | % | ||||||||||||||||||||
Merchant
processing fees
|
1,829
|
1,656
|
173
|
10 | % |
3,033
|
2,703
|
330
|
12 | % | ||||||||||||||||||||||
Income
from BOLI
|
399
|
346
|
53
|
15 | % |
790
|
625
|
165
|
26 | % | ||||||||||||||||||||||
Net
gains on loan sales and commissions
|
||||||||||||||||||||||||||||||||
on
loans originated for others
|
510
|
336
|
174
|
52 | % |
774
|
612
|
162
|
26 | % | ||||||||||||||||||||||
Other
income
|
372
|
371
|
1
|
– | % |
730
|
671
|
59
|
9 | % | ||||||||||||||||||||||
Subtotal
|
11,823
|
10,682
|
1,141
|
11 | % |
22,035
|
20,143
|
1,892
|
9 | % | ||||||||||||||||||||||
Net
realized gains on securities
|
705
|
765
|
(60 | ) | (8 | )% |
1,741
|
824
|
917
|
111 | % | |||||||||||||||||||||
Total
noninterest income
|
$ |
12,528
|
$ |
11,447
|
1,081
|
9 | % | $ |
23,776
|
$ |
20,967
|
$ |
2,809
|
13 | % |
(Dollars
in thousands)
|
Three
Months
|
Six
Months
|
||||||
Periods
ended June 30,
|
2007
|
2007
|
||||||
Balance
at the beginning of period
|
$ |
3,806,274
|
$ |
3,694,813
|
||||
Net
market appreciation and income
|
113,656
|
161,725
|
||||||
Net
customer cash flows
|
28,460
|
91,852
|
||||||
Balance
at the end of period
|
$ |
3,948,390
|
$ |
3,948,390
|
(Dollars
in thousands)
|
Three
Months
|
Six
Months
|
||||||||||||||||||||||||||||||
$ | % |
$
|
% | |||||||||||||||||||||||||||||
Periods
ended September 30
|
2007
|
2006
|
Chg
|
Chg
|
2007
|
2006
|
Chg
|
Chg
|
||||||||||||||||||||||||
Noninterest
expense:
|
||||||||||||||||||||||||||||||||
Salaries
and employee benefits
|
$ |
10,285
|
$ |
9,830
|
$ |
455
|
5 | % | $ |
20,097
|
$ |
19,449
|
$ |
648
|
3 | % | ||||||||||||||||
Net
occupancy
|
1,038
|
1,018
|
20
|
2 | % |
2,055
|
1,972
|
83
|
4 | % | ||||||||||||||||||||||
Equipment
|
861
|
881
|
(20 | ) | (2 | %) |
1,693
|
1,680
|
13
|
1 | % | |||||||||||||||||||||
Merchant
processing costs
|
1,558
|
1,407
|
151
|
11 | % |
2,577
|
2,294
|
283
|
12 | % | ||||||||||||||||||||||
Outsourced
services
|
535
|
496
|
39
|
8 | % |
1,054
|
1,014
|
40
|
4 | % | ||||||||||||||||||||||
Advertising
and promotion
|
572
|
681
|
(109 | ) | (16 | %) |
1,001
|
1,118
|
(117 | ) | (11 | %) | ||||||||||||||||||||
Legal,
audit and professional fees
|
404
|
403
|
1
|
– | % |
854
|
779
|
75
|
10 | % | ||||||||||||||||||||||
Amortization
of intangibles
|
348
|
406
|
(58 | ) | (14 | %) |
716
|
811
|
(95 | ) | (12 | %) | ||||||||||||||||||||
Debt
prepayment penalties
|
–
|
–
|
–
|
– | % |
1,067
|
–
|
1,067
|
100 | % | ||||||||||||||||||||||
Other
|
2,274
|
2,158
|
116
|
5 | % |
3,870
|
3,867
|
3
|
– | % | ||||||||||||||||||||||
Total
noninterest expense
|
$ |
17,875
|
$ |
17,280
|
$ |
595
|
3 | % | $ |
34,984
|
$ |
32,984
|
$ |
2,000
|
6 | % |
(Dollars
in thousands)
|
June 30,
|
December
31,
|
||||||
2007
|
2006
|
|||||||
Nonaccrual
loans 90 days or more past due
|
$ |
2,013
|
$ |
1,470
|
||||
Nonaccrual
loans less than 90 days past due
|
956
|
1,253
|
||||||
Total
nonaccrual loans
|
2,969
|
2,723
|
||||||
Other
real estate owned, net
|
–
|
–
|
||||||
Total
nonperforming assets
|
$ |
2,969
|
$ |
2,723
|
||||
Nonaccrual
loans as a percentage of total loans
|
0.20 | % | 0.19 | % | ||||
Nonperforming
assets as a percentage of total assets
|
0.12 | % | 0.11 | % | ||||
Allowance
for loan losses to nonaccrual loans
|
650.96 | % | 693.87 | % | ||||
Allowance
for loan losses to total loans
|
1.30 | % | 1.29 | % |
(Dollars
in thousands)
|
June 30,
|
December
31,
|
||||||
2007
|
2006
|
|||||||
Residential
real estate
|
$ |
698
|
$ |
721
|
||||
Commercial:
|
||||||||
Mortgages
|
1,385
|
981
|
||||||
Construction
and development
|
–
|
–
|
||||||
Other
|
645
|
831
|
||||||
Consumer
|
241
|
190
|
||||||
Total
nonaccrual loans
|
$ |
2,969
|
$ |
2,723
|
(Dollars
in thousands)
|
Payments
Due by Period
|
|||||||||||||||||||
Total
|
Less
Than
1
Year
|
1-3
Years
|
4-5
Years
|
After
5
Years
|
||||||||||||||||
Contractual
Obligations:
|
||||||||||||||||||||
FHLB
advances (1)
|
$ |
468,827
|
$ |
168,995
|
$ |
177,108
|
$ |
58,895
|
$ |
63,829
|
||||||||||
Junior
subordinated debentures
|
22,681
|
–
|
–
|
–
|
22,681
|
|||||||||||||||
Operating
lease obligations
|
4,243
|
869
|
1,246
|
801
|
1,327
|
|||||||||||||||
Software
licensing arrangements
|
1,201
|
671
|
406
|
124
|
–
|
|||||||||||||||
Treasury,
tax and loan demand note
|
3,868
|
3,868
|
–
|
–
|
–
|
|||||||||||||||
Deferred
acquisition obligations
|
3,810
|
1,945
|
1,865
|
–
|
–
|
|||||||||||||||
Other
borrowed funds
|
19,896
|
27
|
60
|
19,570
|
239
|
|||||||||||||||
Total
contractual obligations
|
$ |
524,526
|
$ |
176,375
|
$ |
180,685
|
$ |
79,390
|
$ |
88,076
|
(1)
|
All
FHLB advances are shown in the period corresponding to their scheduled
maturity.
|
(Dollars
in thousands)
|
Amount
of Commitment Expiration – Per Period
|
|||||||||||||||||||
Total
|
Less
Than
1
Year
|
1-3
Years
|
4-5
Years
|
After
5
Years
|
||||||||||||||||
Other
Commitments:
|
||||||||||||||||||||
Commercial
loans
|
$ |
149,090
|
$ |
97,898
|
$ |
11,716
|
$ |
10,200
|
$ |
29,276
|
||||||||||
Home
equity lines
|
181,477
|
339
|
3,721
|
7,829
|
169,588
|
|||||||||||||||
Other
loans
|
11,542
|
9,068
|
1,782
|
692
|
–
|
|||||||||||||||
Standby
letters of credit
|
9,210
|
9,210
|
–
|
–
|
–
|
|||||||||||||||
Forward
loan commitments to:
|
||||||||||||||||||||
Originate
loans
|
3,544
|
3,544
|
–
|
–
|
–
|
|||||||||||||||
Sell
loans
|
7,498
|
7,498
|
–
|
–
|
–
|
|||||||||||||||
Total
commitments
|
$ |
362,361
|
$ |
127,557
|
$ |
17,219
|
$ |
18,721
|
$ |
198,864
|
June 30,
2007
|
December 31,
2006
|
|||||||||||||||
Months
1 - 12
|
Months
13 - 24
|
Months
1 - 12
|
Months
13 - 24
|
|||||||||||||
100
basis point rate decrease
|
-2.23 | % | -1.69 | % | -1.63 | % | -2.47 | % | ||||||||
100
basis point rate increase
|
-1.33 | % | -5.97 | % | -1.18 | % | -5.03 | % | ||||||||
200
basis point rate increase
|
-0.60 | % | -9.15 | % | -0.78 | % | -8.01 | % |
(Dollars
in thousands)
|
Down
100
|
Up
200
|
||||||
Basis
|
Basis
|
|||||||
Security
Type
|
Points
|
Points
|
||||||
U.S.
Treasury and government-sponsored agency securities
(noncallable)
|
2,512
|
(4,622 | ) | |||||
U.S.
government-sponsored agency securities (callable)
|
1,197
|
(5,808 | ) | |||||
Mortgage-backed
securities
|
7,002
|
(17,076 | ) | |||||
Corporate
securities
|
361
|
(694 | ) | |||||
Total
change in market value as of June 30, 2007
|
$ |
11,072
|
$ | (28,200 | ) | |||
Total
change in market value as of December 31, 2006
|
$ |
11,567
|
$ | (29,447 | ) |
Total
number of shares purchased
|
Average
price paid per share
|
Total
number of shares purchased as part of publicly announced
plan(s)
|
Maximum
number of shares that may yet be purchased under the
plan(s)
|
|||||||||||||
Deferred
Compensation Plan (1)
|
||||||||||||||||
Balance
at beginning of period
|
N/A
|
|||||||||||||||
4/1/2007
to 4/30/2007
|
458
|
$ |
26.01
|
458
|
N/A
|
|||||||||||
5/1/2007
to 5/31/2007
|
1,859
|
24.80
|
1,859
|
N/A
|
||||||||||||
6/1/2007
to 6/30/2007
|
220
|
24.98
|
220
|
N/A
|
||||||||||||
Total
Deferred Compensation Plan
|
2,537
|
$ |
25.04
|
2,537
|
N/A
|
|||||||||||
2006
Stock Repurchase Plan (2)
|
||||||||||||||||
Balance
at beginning of period
|
338,900
|
|||||||||||||||
4/1/2007
to 4/30/2007
|
–
|
–
|
–
|
338,900
|
||||||||||||
5/1/2007
to 5/31/2007
|
78,600
|
$ |
25.76
|
78,600
|
260,300
|
|||||||||||
6/1/2007
to 6/30/2007
|
10,000
|
24.54
|
10,000
|
250,300
|
||||||||||||
Total
2006 Stock Repurchase Plan
|
88,600
|
$ |
25.62
|
88,600
|
250,300
|
|||||||||||
Other
(3)
|
||||||||||||||||
Balance
at beginning of period
|
N/A
|
|||||||||||||||
4/1/2007
to 4/30/2007
|
499
|
$ |
12.95
|
499
|
N/A
|
|||||||||||
5/1/2007
to 5/31/2007
|
921
|
11.56
|
921
|
N/A
|
||||||||||||
6/1/2007
to 6/30/2007
|
–
|
–
|
–
|
N/A
|
||||||||||||
Total
Other
|
1,420
|
$ |
12.05
|
1,420
|
N/A
|
|||||||||||
Total
Purchases of Equity Securities
|
186,462
|
$ |
24.87
|
186,462
|
(1)
|
The
Deferred Compensation Plan was established on January 1,
1999. This plan allows directors and officers to defer a
portion of their compensation. The deferred compensation is
contributed to a rabbi trust that invests the assets of the trust
into
selected mutual funds as well as shares of the Bancorp’s common stock
pursuant to the direction of the plan participants. The Plan
authorizes Bancorp to acquire shares of Bancorp’s common stock to satisfy
its obligation under this plan. All shares are purchased in the
open market.
|
(2)
|
The
2006 Stock Repurchase Plan was established in December 2006. A
maximum of 400,000 shares were authorized under the plan. The
Bancorp plans to hold the repurchased shares as treasury stock for
general
corporate purchases.
|
(3)
|
Pursuant
to the Corporation’s share-based compensation plans, employees may deliver
back shares of stock previously issued in payment of the exercise
price of
stock options. While required to be reported in this table,
such transactions are not reported as share repurchases in the
Corporation’s Consolidated Financial Statements. The
Corporation’s share-based compensation plans (the 1988 Plan, the 1997 Plan
and the 2003 Plan) have expiration dates of December 31, 1997,
April 29 2007 and April 29, 2013,
respectively.
|
(a)
|
The
Annual Meeting of Shareholders was held on April 24,
2007. On the record date of February 23, 2007 there were
13,441,534 shares issued, outstanding and eligible to vote, of which
11,605,794 shares, or 86.239%, were represented at the meeting either
in
person or by proxy.
|
(b)
|
The
results of matters voted upon are presented
below:
|
i.
|
Election
of Directors to Serve Until 2010 Annual Meeting: Barry G. Hittner,
Esq,
Katherine W. Hoxsie, Edward M. Mazze, Ph.D., Kathleen McKeough, and
John
C. Warren were nominated and duly elected to hold office as Directors
of
Washington Trust Bancorp, Inc., each to serve a term of three years
and
until their successors are duly elected and qualified, by the number
of
votes set forth opposite each person’s name as
follows:
|
Term
|
Votes
In
Favor
|
Votes
Withheld
|
|||||||
Barry
G. Hittner, Esq
|
3
years
|
11,025,016
|
580,777
|
||||||
Katherine
W. Hoxsie
|
3
years
|
10,024,185
|
581,609
|
||||||
Edward
M. Mazze, Ph.D.
|
3
years
|
11,013,714
|
592,080
|
||||||
Kathleen
McKeough
|
3
years
|
11,019,923
|
585,871
|
||||||
John
C. Warren
|
3
years
|
10,968,199
|
637,595
|
Gary
P. Bennett
|
Steven
J. Crandall
|
Larry
J. Hirsch, Esq.
|
Mary
E. Kennard, Esq.
|
Vicotr
J. Orsinger II, Esq.
|
H.
Douglas Randall, III
|
Patrick
J. Shanahan, Jr.
|
James
P. Sullivan
|
Neil
H. Thorpe
|
John
F. Treanor
|
ii.
|
A
proposal for the ratification of KPMG LLP to serve as independent
registered public accounting firm of the Corporation for the current
fiscal year ending December 31, 2007 was passed by a vote of
11,453,573 shares in favor, 141,119 shares against, with 11,101
abstentions and broker non-votes.
|
Exhibit
Number
|
|
15.1
|
Letter
re: Unaudited Interim Financial Information - Filed
herewith.
|
31.1
|
Certification
of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002. – Filed herewith.
|
31.2
|
Certification
of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002. – Filed herewith.
|
32.1
|
Certification
of Chief Executive Officer and Chief Financial Officer pursuant to
18
U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002 – Filed herewith. (1)
|
(1)
|
These
certifications are not “filed” for purposes of Section 18 of the Exchange
Act or incorporated by reference into any filing under the Securities
Act
or the Exchange Act.
|
WASHINGTON
TRUST BANCORP, INC.
|
|||
(Registrant)
|
|||
Date: August 3,
2007
|
By:
|
/s/
John C.
Warren
|
|
John
C. Warren
|
|||
Chairman
and Chief Executive Officer
|
|||
(principal
executive officer)
|
|||
Date: August 3,
2007
|
By:
|
/s/
David V.
Devault
|
|
David
V. Devault
|
|||
Executive
Vice President, Secretary, Treasurer and Chief Financial
Officer
|
|||
(principal
financial and accounting officer)
|
|||
Exhibit
Number
|
|
15.1
|
Letter
re: Unaudited Interim Financial Information - Filed
herewith.
|
31.1
|
Certification
of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002. – Filed herewith.
|
31.2
|
Certification
of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002. – Filed herewith.
|
32.1
|
Certification
of Chief Executive Officer and Chief Financial Officer pursuant to
18
U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002 – Filed herewith. (1)
|
(1)
|
These
certifications are not “filed” for purposes of Section 18 of the Exchange
Act or incorporated by reference into any filing under the Securities
Act
or the Exchange Act.
|