WASHINGTON TRUST BANCORP INC
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
WASH$39.30-0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows for the
Washington Trust Bancorp, Inc. and Subsidiaries
Consolidated Statement of Cash Flows (unaudited)
(Dollars in thousands)
| Nine months ended September 30, · 2024 · 2023 | ||||
|---|---|---|---|---|
| Cash flows from operating activities: | ||||
| Net income | $32,732 | $35,229 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||
| Provision for credit losses | 1,400 | 2,000 | ||
| Net gain on sale of bank-owned property | (988) | — | ||
| Depreciation of premises and equipment | 2,975 | 3,006 | ||
| Net amortization of premiums and discounts on debt securities and loans | 878 | 1,033 | ||
| Amortization of intangibles | 622 | 635 | ||
| Share-based compensation | 2,078 | 1,569 | ||
| Tax expense from stock option exercises and other equity awards | (134) | — | ||
| Income from bank-owned life insurance | (2,262) | (2,754) | ||
| Net gains on loan sales, including changes in fair value | (6,599) | (3,446) | ||
| Proceeds from sales of loans, net | 296,376 | 169,392 | ||
| Loans originated for sale | (291,647) | (168,892) | ||
| Decrease (increase) in operating lease right-of-use assets | 1,752 | (726) | ||
| (Decrease) increase in operating lease liabilities | (1,790) | 996 | ||
| Decrease (increase) in other assets | 4,616 | (38,002) | ||
| (Decrease) increase in other liabilities | (1,161) | 19,913 | ||
| Net cash provided by operating activities | 38,848 | 19,953 | ||
| Cash flows from investing activities: | ||||
| Purchases of: | Available for sale debt securities: Mortgage-backed | — | (39,967) | |
| Available for sale debt securities: Other | (1,050) | (20,221) | ||
| Maturities, calls, and principal payments of: | Available for sale debt securities: Mortgage-backed | 53,553 | 55,088 | |
| Available for sale debt securities: Other | 500 | 250 | ||
| Net purchases of Federal Home Loan Bank stock | (5,546) | (9,205) | ||
| Net decrease (increase) in loans | 134,633 | (494,909) | ||
| Purchases of loans | (743) | (5,428) | ||
| Proceeds from the sale of property acquired through foreclosure or repossession | 680 | — | ||
| Purchases of premises and equipment | (3,519) | (3,524) | ||
| Net proceeds from the sale of bank-owned property | 1,669 | — | ||
| Proceeds from bank-owned life insurance | — | 1,932 | ||
| Equity investments in real estate limited partnerships | (2,841) | (7,167) | ||
| Purchases of other equity investments | (250) | (375) | ||
| Net cash provided by (used in) investing activities | 177,086 | (523,526) | ||
| Cash flows from financing activities: | ||||
| Net (decrease) increase in deposits | (176,270) | 396,601 | ||
| Proceeds from Federal Home Loan Bank advances | 1,970,000 | 2,895,000 | ||
| Repayments of Federal Home Loan Bank advances | (1,860,000) | (2,755,000) | ||
| Treasury stock purchased | — | (8,741) | ||
| Net proceeds from stock option exercises and issuance of other equity awards, net of awards surrendered | (267) | (637) | ||
| Cash dividends paid | (28,838) | (29,063) | ||
| Net cash (used in) provided by financing activities | (95,375) | 498,160 | ||
| Net increase (decrease) in cash and cash equivalents | 120,559 | (5,413) | ||
| Cash and cash equivalents at beginning of period | 90,184 | 118,422 | ||
| Cash and cash equivalents at end of period | $210,743 | $113,009 | ||
| Noncash Activities: | ||||
| Loans charged-off | $182 | $157 | ||
| Loans transferred to property acquired through foreclosure or repossession | — | 683 | ||
| Commitment for equity investments in real estate limited partnerships | 178 | 3,967 | ||
| Supplemental Disclosures: | ||||
| Interest payments | $168,036 | $107,270 | ||
| Income tax payments | 6,976 | 6,826 | ||
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