5 unchanged sentences
Management believes that the Bank will continue to generate adequate earnings to continue to pay dividends on a quarterly basis.
−Removed: See additional disclosures on Equity Compensation Plan Information in Part III, Item 12 “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.” The Bancorp did not repurchase any shares during the fourth quarter of 2019 .
+Added: See additional disclosures on Equity Compensation Plan Information in Part III, Item 12 “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.” The Bancorp did not repurchase any shares during the fourth quarter of December 31, 2020.
Stock Performance Graph
6 unchanged sentences
Washington Trust Bancorp, Inc.
+Added: $100.00 $146.88 $143.62 $132.49 $155.96 $137.56
NASDAQ Bank Stocks $100.00 $137.97 $145.50 $121.96 $151.69 $140.31
2 unchanged sentences
The selected consolidated financial data set forth below does not purport to be complete and should be read in conjunction with, and is qualified in its entirety by, the more detailed information including the Consolidated Financial Statements and related Notes, and the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” appearing elsewhere in this Annual Report on Form 10-K.
−Removed: Selected Financial Data
−Removed: (Dollars in thousands, except per share amounts)
+Added: Selected Financial Data (Dollars in thousands, except per share amounts)
At or for the years ended December 31, 2020 2019 2018 2017 2016
3 unchanged sentences
Net interest income 127,444 133,414 132,290 119,531 110,478
−Removed: Provision for loan losses
−Removed: Net interest income after provision for loan losses
+Added: Provision for credit losses (1)
+Added: 12,342 1,575 1,550 2,600 5,650
+Added: Net interest income after provision for credit losses 115,102 131,839 130,740 116,931 104,828
Noninterest income 99,442 67,080 62,114 64,809 65,129
2 unchanged sentences
Income tax expense 19,331 19,061 18,260 31,715 22,373
+Added: Net income $69,829 $69,118 $68,432 $45,925 $46,481
Net income available to common shareholders $69,678 $68,979 $68,288 $45,817 $46,384
1 unchanged sentence
Earnings per common share:
+Added: Basic 4.03 3.98 3.95 2.66 2.72
+Added: Diluted 4.00 3.96 3.93 2.64 2.70
Cash dividends declared (2)
+Added: 2.05 2.00 1.76 1.54 1.46
+Added: Book value 30.94 29.00 25.90 23.99 22.76
Market value - closing stock price 44.80 53.79 47.53 53.25 56.05
2 unchanged sentences
Return on average equity (3)
+Added: 13.51 14.34 16.20 11.23 11.94
Net interest margin (4)
+Added: 2.40 2.77 3.01 2.93 3.02
Equity to assets 9.35 9.51 8.94 9.12 8.92
Dividend payout ratio (5)
+Added: 51.25 50.51 44.78 58.33 54.07
Asset Quality Ratios (%):
2 unchanged sentences
Nonperforming assets to total assets 0.23 0.35 0.28 0.34 0.53
−Removed: Allowance for loan losses to nonaccrual loans
−Removed: Allowance for loan losses to total loans
+Added: Allowance for credit losses on loans to nonaccrual loans (1)
+Added: 334.21 155.18 231.25 174.14 117.89
+Added: Allowance for credit losses on loans to total loans (1)
+Added: 1.05 0.69 0.74 0.79 0.80
Net charge-offs to average loans 0.03 0.04 0.03 0.06 0.21
4 unchanged sentences
Tier 1 leverage capital ratio 8.95 9.04 8.89 8.79 8.67
+Added: (1) Based on the current expected credit losses (“CECL”) accounting methodology in 2020 and the incurred loss methodology in prior years.
(2) Represents historical per share dividends declared by the Bancorp.
2 unchanged sentences
(5) Represents the ratio of historical per share dividends declared by the Bancorp to diluted earnings per share.
−Removed: Selected Financial Data
−Removed: (Dollars in thousands)
+Added: Selected Financial Data (Dollars in thousands)
+Added: December 31, 2020 2019 2018 2017 2016
Cash and cash equivalents $202,268 $138,455 $93,475 $82,923 $107,797
2 unchanged sentences
Federal Home Loan Bank stock, at cost 30,285 50,853 46,068 40,517 43,129
−Removed: Less allowance for loan losses
+Added: Total loans 4,195,990 3,892,999 3,680,360 3,374,071 3,234,371
+Added: allowance for credit losses on loans (1)
+Added: 44,106 27,014 27,072 26,488 26,004
+Added: Net loans 4,151,884 3,865,985 3,653,288 3,347,583 3,208,367
Investment in bank-owned life insurance 84,193 82,490 80,463 73,267 71,105
Goodwill and identifiable intangible assets 70,214 71,127 72,071 73,049 74,234
+Added: Other assets 218,140 156,426 106,180 92,073 91,504
+Added: Total assets $5,713,169 $5,292,659 $5,010,766 $4,529,850 $4,381,115
Noninterest-bearing deposits $832,287 $609,924 $603,216 $578,410 $521,165
12 unchanged sentences
Market value of assets under administration $6,866,737 $6,235,801 $5,910,814 $6,714,637 $6,063,293
+Added: (1) Based on the CECL accounting methodology in 2020 and the incurred loss methodology in prior years.
Management's Discussion and Analysis
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.