10-Q 1 wash-20240331.htm FORM 10-Q 3-31-2024 wash-20240331
Washington Trust Bancorp 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 10-Q
(Mark One)
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended
March 31, 2024or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ______ to ______.
Commission file number:  001-32991
WASHINGTON TRUST BANCORP, INC.
(Exact name of registrant as specified in its charter)
Rhode Island
05-0404671
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.)
23 Broad Street
Westerly,Rhode Island02891
(Address of principal executive offices)(Zip Code)

(401) 348-1200
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
COMMON STOCK, $.0625 PAR VALUE PER SHAREWASHThe NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes No
The number of shares of common stock of the registrant outstanding as of April 30, 2024 was 17,054,366.



FORM 10-Q
WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES
For the Quarter Ended March 31, 2024
TABLE OF CONTENTS
Page Number

-2-



Glossary of Acronyms and Terms
The following is a list of acronyms and terms that are used throughout this Quarterly Report on Form 10-Q:

2023 Repurchase ProgramWashington Trust Bancorp, Inc.'s Stock Repurchase Program commencing January 1, 2023
2024 Repurchase ProgramWashington Trust Bancorp, Inc.'s Stock Repurchase Program commencing January 1, 2024
ACLAllowance for credit losses
ALCOAsset/Liability Committee
AOCLAccumulated other comprehensive loss
ASCAccounting Standards Codification
ASUAccounting Standards Update
ATMAutomated teller machine
AUAAssets under administration
BancorpWashington Trust Bancorp, Inc.
BankThe Washington Trust Company, of Westerly
BOLIBank-owned life insurance
C&ICommercial and industrial
CDARSCertificate of Deposit Account Registry Service
CorporationThe Bancorp and its subsidiaries
CRECommercial real estate
DCFDiscounted cash flow
DDMDemand Deposit Marketplace
EPSEarnings per common share
ERMEnterprise risk management
Exchange ActSecurities Exchange Act of 1934, as amended
FDICFederal Deposit Insurance Corporation
Federal ReserveBoard of Governors of the Federal Reserve System
FHLBFederal Home Loan Bank of Boston
FRBBFederal Reserve Bank of Boston
FTEFully taxable equivalent
GAAPAccounting principles generally accepted in the United States of America
ICSInsured Cash Sweep
LTVLoan to value
NIMNet interest margin
OREOProperty acquired through foreclosure or repossession
S&PStandard and Poors, Inc.
SBASmall Business Administration
SECU.S. Securities and Exchange Commission
TLMTroubled loan modification
Washington TrustThe Bancorp and its subsidiaries

-3-


PART I.  Financial Information
Item 1.  Financial Statements
Washington Trust Bancorp, Inc. and Subsidiaries
Consolidated Balance Sheets (unaudited)
(Dollars in thousands, except par value)
March 31,
2024
December 31,
2023
Assets:
Cash and due from banks$102,136 $86,824 
Short-term investments3,452 3,360 
Mortgage loans held for sale, at fair value25,462 20,077 
Available for sale debt securities, at fair value (amortized cost of $1,137,057, net of allowance for credit losses on securities of $0 at March 31, 2024; and amortized cost of $1,152,629; net of allowance for credit losses on securities of $0 at December 31, 2023)
970,060 1,000,380 
Federal Home Loan Bank stock, at cost55,512 51,893 
Loans:
Total loans5,685,232 5,647,706 
Less: allowance for credit losses on loans41,905 41,057 
Net loans5,643,327 5,606,649 
Premises and equipment, net31,914 32,291 
Operating lease right-of-use assets29,216 29,364 
Investment in bank-owned life insurance104,475 103,736 
Goodwill63,909 63,909 
Identifiable intangible assets, net3,503 3,711 
Other assets216,158 200,653 
Total assets$7,249,124 $7,202,847 
Liabilities:
Deposits:
Noninterest-bearing deposits$648,929 $693,746 
Interest-bearing deposits4,698,964 4,654,414 
Total deposits5,347,893 5,348,160 
Federal Home Loan Bank advances1,240,000 1,190,000 
Junior subordinated debentures22,681 22,681 
Operating lease liabilities31,837 32,027 
Other liabilities139,793 137,293 
Total liabilities6,782,204 6,730,161 
Commitments and contingencies (Note 16)
Shareholders’ Equity:
Common stock of $.0625 par value; authorized 60,000,000 shares; 17,363,457 shares issued and 17,033,174 shares outstanding at March 31, 2024 and 17,363,457 shares issued and 17,030,987 shares outstanding at December 31, 2023
1,085 1,085 
Paid-in capital126,785 126,150 
Retained earnings503,175 501,917 
Accumulated other comprehensive loss(148,913)(141,153)
Treasury stock, at cost; 330,283 shares at March 31, 2024 and 332,470 shares at December 31, 2023
(15,212)(15,313)
Total shareholders’ equity466,920 472,686 
Total liabilities and shareholders’ equity$7,249,124 $7,202,847 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
-4-


Washington Trust Bancorp, Inc. and Subsidiaries
Consolidated Statements of Income (unaudited)
(Dollars and shares in thousands, except per share amounts)

Three months ended March 31,20242023
Interest income:
Interest and fees on loans$75,636 $59,749 
Interest on mortgage loans held for sale255 152 
Taxable interest on debt securities7,096 7,194 
Dividends on Federal Home Loan Bank stock1,073 597 
Other interest income1,196 1,070 
Total interest and dividend income85,256 68,762 
Interest expense:  
Deposits38,047 19,589 
Federal Home Loan Bank advances15,138 11,626 
Junior subordinated debentures406 354 
Total interest expense53,591 31,569 
Net interest income31,665 37,193 
Provision for credit losses700 800 
Net interest income after provision for credit losses30,965 36,393 
Noninterest income:
Wealth management revenues9,338 8,663 
Mortgage banking revenues2,506 1,245 
Card interchange fees1,145 1,132 
Service charges on deposit accounts685 777 
Loan related derivative income284 (51)
Income from bank-owned life insurance739 1,165 
Other income2,466 352 
Total noninterest income17,163 13,283 
Noninterest expense:
Salaries and employee benefits21,775 21,784 
Outsourced services3,780 3,496 
Net occupancy2,561 2,437 
Equipment1,020 1,028 
Legal, audit, and professional fees706 896 
FDIC deposit insurance costs
1,441 872 
Advertising and promotion548 408 
Amortization of intangibles208 212 
Other expenses2,324 2,431 
Total noninterest expense34,363 33,564 
Income before income taxes13,765 16,112 
Income tax expense2,829 3,300 
Net income$10,936 $12,812 
Net income available to common shareholders$10,924 $12,783 
Weighted average common shares outstanding - basic17,033 17,074 
Weighted average common shares outstanding - diluted17,074 17,170 
Per share information:Basic earnings per common share$0.64 $0.75 
Diluted earnings per common share$0.64 $0.74 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
-5-


Washington Trust Bancorp, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income (unaudited)
(Dollars in thousands)

Three months ended March 31,20242023
Net income$10,936 $12,812 
Other comprehensive income (loss), net of tax:
Net change in fair value of available for sale debt securities(10,988)13,198 
Net change in fair value of cash flow hedges3,205 2,797 
Net change in defined benefit plan obligations23 45 
Total other comprehensive (loss) income, net of tax(7,760)16,040 
Total comprehensive income$3,176 $28,852 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
-6-


Washington Trust Bancorp, Inc. and Subsidiaries
Consolidated Statements of Changes in Shareholders' Equity (unaudited)
(Dollars and shares in thousands, except per share amounts)

For the three months ended March 31, 2024Common
Shares Outstanding
Common
Stock
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury StockTotal
Balance at December 31, 202317,031 $1,085 $126,150 $501,917 ($141,153)($15,313)$472,686 
Net income
— — — 10,936 — — 10,936 
Total other comprehensive loss, net of tax— — — — (7,760)— (7,760)
Cash dividends declared ($0.56 per share)
— — — (9,678)— — (9,678)
Share-based compensation— — 753 — — — 753 
Exercise of stock options, issuance of other compensation-related equity awards, net of awards surrendered
2  (118)— — 101 (17)
Balance at March 31, 202417,033 $1,085 $126,785 $503,175 ($148,913)($15,212)$466,920 

For the three months ended March 31, 2023Common
Shares Outstanding
Common
Stock
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury StockTotal
Balance at December 31, 202217,183 $1,085 $127,056 $492,043 ($157,800)($8,715)$453,669 
Net income
— — — 12,812 — — 12,812 
Total other comprehensive income, net of tax— — — — 16,040 — 16,040 
Cash dividends declared ($0.56 per share)
— — — (9,624)— — (9,624)
Share-based compensation— — 858 — — — 858 
Exercise of stock options, issuance of other compensation-related equity awards, net of awards surrendered
3  (180)— — 149 (31)
Treasury stock purchased under 2023 Repurchase Program
(200)— — — — (8,741)(8,741)
Balance at March 31, 202316,986 $1,085 $127,734 $495,231 ($141,760)($17,307)$464,983 


The accompanying notes are an integral part of these unaudited consolidated financial statements.
-7-


Washington Trust Bancorp, Inc. and Subsidiaries
Consolidated Statement of Cash Flows (unaudited)
(Dollars in thousands)

Three months ended March 31, 20242023
Cash flows from operating activities:
Net income
$10,936 $12,812 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses
700 800 
Depreciation of premises and equipment
1,001 975 
Net amortization of premiums and discounts on debt securities and loans
265 324 
Amortization of intangibles
208 212 
Share-based compensation
753 858 
Tax expense from stock option exercises and other equity awards(7)(1)
Income from bank-owned life insurance
(739)(1,165)
Net gains on loan sales, including changes in fair value(1,910)(662)
Proceeds from sales of loans, net
70,480 25,378 
Loans originated for sale
(74,643)(23,394)
Decrease in operating lease right-of-use assets148 986 
Decrease in operating lease liabilities(190)(936)
Increase in other assets(5,806)(4,917)
Increase (decrease) in other liabilities752 (176)
Net cash provided by operating activities1,948 11,094 
Cash flows from investing activities:
Purchases of:
Available for sale debt securities: Mortgage-backed (39,966)
Available for sale debt securities: Other (20,221)
Maturities, calls, and principal payments of:Available for sale debt securities: Mortgage-backed15,265 16,136 
Available for sale debt securities: Other 250 
Net (purchases) redemptions of Federal Home Loan Bank stock(3,619)962 
Net increase in loans(36,251)(116,609)
Purchases of loans
(597)(1,709)
Purchases of premises and equipment
(626)(1,144)
Proceeds from bank-owned life insurance 1,566 
Equity investments in real estate limited partnerships(758)(6,632)
Purchases of other equity investments(125) 
Net cash used in investing activities
(26,711)(167,367)
Cash flows from financing activities:
Net (decrease) increase in deposits(267)249,552 
Proceeds from Federal Home Loan Bank advances
860,000 1,005,000 
Repayments of Federal Home Loan Bank advances(810,000)(1,060,000)
Treasury stock purchased (8,741)
Net proceeds from stock option exercises and issuance of other equity awards, net of awards surrendered
(17)(31)
Cash dividends paid
(9,549)(9,649)
Net cash provided by financing activities
40,167 176,131 
Net increase in cash and cash equivalents15,404 19,858 
Cash and cash equivalents at beginning of period
90,184 118,422 
Cash and cash equivalents at end of period
$105,588 $138,280 
Noncash Activities:
Loans charged-off$70 $61 
Loans transferred to property acquired through foreclosure or repossession 683 
Commitment for equity investments in real estate limited partnerships2,240 1,728 
Supplemental Disclosures:
Interest payments$54,584 $27,585 
Income tax payments3,416 936 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
-8-



Condensed Notes to Unaudited Consolidated Financial Statements

Note 1 - Basis of Presentation
Nature of Operations
The Bancorp is a publicly-owned registered bank holding company that has elected to be a financial holding company.  The Bancorp’s principal subsidiary is the Bank, a Rhode Island chartered financial institution founded in 1800. The Bank is the oldest community bank in the nation and the largest state-chartered bank headquartered in Rhode Island.

Washington Trust offers a full range of financial services, including commercial, residential, and consumer lending, retail and commercial deposit products, and wealth management and trust services through its offices in Rhode Island, Massachusetts, and Connecticut.

Basis of Presentation
The accounting and reporting policies of the Washington Trust conform to GAAP and to general practices of the banking industry.

The Unaudited Consolidated Financial Statements include the accounts of the Bancorp and its wholly-owned subsidiaries, except subsidiaries that are not deemed necessary to be consolidated.  Through consolidation, intercompany balances and transactions have been eliminated.

The Unaudited Consolidated Financial Statements of the Corporation presented herein have been prepared pursuant to the rules of the SEC for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures considered necessary for the fair presentation of the accompanying Unaudited Consolidated Financial Statements have been included. Interim results are not necessarily indicative of the results of the entire year. The accompanying Unaudited Consolidated Financial Statements should be read in conjunction with the Audited Consolidated Financial Statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Use of Estimates
In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period.  Actual results could differ from those estimates. Management considers the ACL on loans to be a material estimate that is particularly susceptible to change.

Note 2 - Recently Issued Accounting Pronouncements
Accounting Standards Pending Adoption
Segment Reporting - Topic 280
Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), was issued in November 2023 to enhance and provide additional transparency on segment disclosures, including disclosure of significant segment expense provided to the chief operating decision maker (“CODM”), as well as disclosing the title and position of the CODM and how they use reported results in assessing segment performance and allocation of resources. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The provisions under ASU 2023-07 should be applied on a retrospective basis. ASU 2023-07 is not expected to have a material impact on the Corporation’s financial statements.

Income Taxes - Topic 740
Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures” (“ASU 2023-09”), was issued in December 2023 to enhance and provide additional transparency on income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The provisions under ASU 2023-09 should be applied on a prospective basis; however, retrospective application is also permitted. ASU 2023-09 is not expected to have a material impact on the Corporation’s financial statements.

-9-



Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
Note 3 - Securities
Available for Sale Debt Securities
The following tables present the amortized cost, gross unrealized holding gains, gross unrealized holding losses, ACL on securities, and fair value of securities by major security type and class of security:
(Dollars in thousands)
March 31, 2024Amortized CostUnrealized GainsUnrealized Losses
ACL
Fair Value
Available for Sale Debt Securities:
Obligations of U.S. government-sponsored enterprises
$250,450 $ ($26,540)$ $223,910 
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises
864,017 158 (139,405) 724,770 
Individual name issuer trust preferred debt securities
9,404  (429) 8,975 
Corporate bonds
13,186  (781) 12,405 
Total available for sale debt securities$1,137,057 $158 ($167,155)$ $970,060 

(Dollars in thousands)
December 31, 2023Amortized CostUnrealized GainsUnrealized Losses
ACL
Fair Value
Available for Sale Debt Securities:
Obligations of U.S. government-sponsored enterprises
$250,450 $15 ($24,723)$ $225,742 
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises
879,597 246 (125,887) 753,956 
Individual name issuer trust preferred debt securities
9,400  (607) 8,793 
Corporate bonds
13,182  (1,293) 11,889 
Total available for sale debt securities$1,152,629 $261 ($152,510)$ $1,000,380 

Available for sale debt securities balances exclude accrued interest receivable of $3.0 million and $3.7 million, respectively, as of March 31, 2024 and December 31, 2023.

At March 31, 2024 and December 31, 2023, securities with a fair value of $292.9 million and $311.9 million, respectively, were pledged as collateral for FHLB borrowings, potential borrowings with the FRBB, certain public deposits, and for other purposes. See Note 9 for additional disclosure on FHLB borrowings.

The schedule of maturities of available for sale debt securities is presented below. Mortgage-backed securities are included based on weighted average maturities, adjusted for anticipated prepayments.  All other debt securities are included based on contractual maturities.  Actual maturities may differ from amounts presented because certain issuers have the right to call or prepay obligations with or without call or prepayment penalties.
(Dollars in thousands)
March 31, 2024Amortized CostFair Value
Due in one year or less$86,697 $72,753 
Due after one year to five years
514,848 445,618 
Due after five years to ten years
265,420 224,319 
Due after ten years
270,092 227,370 
Total debt securities
$1,137,057 $970,060 

-10-



Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
Included in the above table are debt securities with an amortized cost balance of $253.0 million and a fair value of $225.5 million at March 31, 2024 that are callable at the discretion of the issuers.  Final maturities of the callable securities range from 3 months to 13 years, with call features ranging from 1 month to 4 months.
Assessment of Available for Sale Debt Securities for Impairment
Management assesses the decline in fair value of investment securities on a regular basis. Unrealized losses on debt securities may occur from current market conditions, increases in interest rates since the time of purchase, a structural change in an investment, volatility of earnings of a specific issuer, or deterioration in credit quality of the issuer.  Management evaluates both qualitative and quantitative factors to assess whether an impairment exists.

The following tables summarize available for sale debt securities in an unrealized loss position, for which an ACL on securities has not been recorded, segregated by length of time that the securities have been in a continuous unrealized loss position:
(Dollars in thousands)Less than 12 Months12 Months or LongerTotal
March 31, 2024#Fair
Value
Unrealized
Losses
#Fair
Value
Unrealized
Losses
#Fair
Value
Unrealized
Losses
Obligations of U.S. government-sponsored enterprises1 $9,959 ($41)21 $213,951 ($26,499)22 $223,910 ($26,540)
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises
6 810 (2)161 712,684 (139,403)167 713,494 (139,405)
Individual name issuer trust preferred debt securities
   3 8,975 (429)3 8,975 (429)
Corporate bonds   4 12,405 (781)4 12,405 (781)
Total
7 $10,769 ($43)189 $948,015 ($167,112)196 $958,784 ($167,155)


(Dollars in thousands)Less than 12 Months12 Months or LongerTotal
December 31, 2023#Fair
Value
Unrealized
Losses
#Fair
Value
Unrealized
Losses
#Fair
Value
Unrealized
Losses
Obligations of U.S. government-sponsored enterprises
1 $19,824 ($176)20 $195,903 ($24,547)21 $215,727 ($24,723)
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises
8 43,887 (262)154 698,115 (125,625)162 742,002 (125,887)
Individual name issuer trust preferred debt securities
   3 8,793 (607)3 8,793 (607)
Corporate bonds   4 11,889 (1,293)4 11,889 (1,293)
Total
9 $63,711 ($438)181 $914,700 ($152,072)190 $978,411 ($152,510)

There were no debt securities on nonaccrual status at March 31, 2024 and 2023 and, therefore there was no accrued interest related to debt securities reversed against interest income for the three months ended March 31, 2024 and 2023.

As of March 31, 2024, the Corporation does not intend to sell the debt securities in an unrealized loss position and has determined that it is more-likely-than-not that the Corporation will not be required to sell each security before the recovery of its amortized cost basis. In addition, management does not believe that any of the securities are impaired due to reasons of credit quality. As further described below, management believes the unrealized losses on these debt securities are primarily attributable to changes in the investment spreads and interest rates. Therefore, no ACL was recorded at both March 31, 2024 and December 31, 2023.

Obligations of U.S. Government Agency and U.S. Government-Sponsored Enterprise Securities, including Mortgage-Backed Securities
The contractual cash flows for these securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major credit rating agencies, and have a long history of no credit losses. The issuers of these securities
-11-



Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
continue to make timely principal and interest payments, and none of these securities were past due at March 31, 2024. Additionally, the Corporation utilizes a zero credit loss estimate for these securities.

Individual Name Issuer Trust Preferred Debt Securities
These securities in an unrealized loss position at March 31, 2024 included three trust preferred securities issued by three individual companies in the banking sector. Management reviewed the collectability of these securities taking into consideration such factors as the financial condition of the issuers, reported regulatory capital ratios of the issuers, credit ratings, including ratings in effect as of the reporting period date, as well as credit rating changes between the reporting period date and the filing date of this report, and other information.  As of March 31, 2024, there was one individual name issuer trust preferred debt security with an amortized cost of $2.0 million and unrealized losses of $192 thousand that was rated below investment grade by S&P. We noted no downgrades to below investment grade between March 31, 2024 and the filing date of this report.  Based on the information available through the filing date of this report, all individual name issuer trust preferred debt securities continue to accrue interest and make payments as expected with no payment deferrals or defaults on the part of the issuers.

Corporate Bonds
These securities in an unrealized loss position at March 31, 2024 included four corporate bond holdings issued by three individual companies in the financial services industry. Management reviewed the collectability of these securities taking into consideration such factors as the financial condition of the issuers, reported regulatory capital ratios of the issuers, credit ratings, including ratings in effect as of the reporting period date, as well as credit rating changes between the reporting period date and the filing date of this report, and other information. As of March 31, 2024, there was one corporate bond debt security with an amortized cost of $2.0 million and unrealized losses of $46 thousand that was rated below investment grade by S&P. We noted no downgrades to below investment grade between March 31, 2024 and the filing date of this report. Based on the information available through the filing date of this report, all corporate bond debt securities continue to accrue interest and make payments as expected with no payment deferrals or defaults on the part of the issuers.

Note 4 - Loans
The following table presents a summary of loans:
(Dollars in thousands)March 31,
2024
December 31, 2023
Commercial:
Commercial real estate (1)
$2,158,518 $2,106,359 
Commercial & industrial (2)
613,376 605,072 
Total commercial2,771,894 2,711,431 
Residential Real Estate:
Residential real estate (3)
2,585,524 2,604,478 
Consumer:
Home equity
309,302 312,594 
Other (4)
18,512 19,203 
Total consumer327,814 331,797 
Total loans (5)
$5,685,232 $5,647,706 
(1)CRE consists of commercial mortgages primarily secured by income-producing property, as well as construction and development loans. Construction and development loans are made to businesses for land development or the on-site construction of industrial, commercial, or residential buildings.
(2)C&I consists of loans to businesses and individuals, a portion of which are fully or partially collateralized by real estate.
(3)Residential real estate consists of mortgage and homeowner construction loans secured by one- to four-family residential properties.
(4)Other consists of loans to individuals secured by general aviation aircraft and other personal installment loans.
(5)Includes net unamortized loan origination costs of $13.1 million and $13.0 million, respectively, at March 31, 2024 and December 31, 2023 and net unamortized premiums on loans purchased from and serviced by other financial institutions of $273 thousand and $286 thousand, respectively, at March 31, 2024 and December 31, 2023.

Loan balances exclude accrued interest receivable of $23.8 million and $22.9 million, respectively, as of March 31, 2024 and December 31, 2023.

-12-



Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
As of both March 31, 2024 and December 31, 2023, loans amounting to $3.4 billion, were pledged as collateral to the FHLB under a blanket pledge agreement and to the FRBB for the discount window. See Note 9 for additional disclosure regarding borrowings.

Concentrations of Credit Risk
A significant portion of our loan portfolio is concentrated among borrowers in southern New England, and a substantial portion of the portfolio is collateralized by real estate in this area. The ability of single family residential and consumer borrowers to honor their repayment commitments is generally dependent on the level of overall economic activity within the market area and real estate values. The ability of commercial borrowers to honor their repayment commitments is dependent on the general economy, as well as the health of the real estate economic sector in the Corporation’s market area.

Past Due Loans
Past due status is based on the contractual payment terms of the loan. The following tables present an aging analysis of past due loans, segregated by class of loans:
(Dollars in thousands)Days Past Due
March 31, 2024Current30-5960-8990 or MoreTotal Past DueTotal Loans
Commercial:
Commercial real estate
$2,158,518 $ $ $ $ $2,158,518 
Commercial & industrial
613,106 270   270 613,376 
Total commercial2,771,624 270   270 2,771,894 
Residential Real Estate:
Residential real estate
2,578,666 2,988 817 3,053 6,858 2,585,524 
Consumer:
Home equity
306,423 1,969 113 797 2,879 309,302 
Other
18,480 32   32 18,512 
Total consumer324,903 2,001 113 797 2,911 327,814 
Total loans$5,675,193 $5,259 $930 $3,850 $10,039 $5,685,232 

(Dollars in thousands)Days Past Due
December 31, 2023Current30-5960-8990 or MoreTotal Past DueTotal Loans
Commercial:
Commercial real estate
$2,106,359 $ $ $ $ $2,106,359 
Commercial & industrial
605,062 10   10 605,072 
Total commercial2,711,421 10   10 2,711,431 
Residential Real Estate:
Residential real estate
2,596,362 4,369 1,738 2,009 8,116 2,604,478 
Consumer:
Home equity
309,398 2,349 112 735 3,196 312,594 
Other
19,180 20 3  23 19,203 
Total consumer328,578 2,369 115 735 3,219 331,797 
Total loans$5,636,361 $6,748 $1,853 $2,744 $11,345 $5,647,706 

Included in past due loans as of March 31, 2024 and December 31, 2023, were nonaccrual loans of $5.1 million and $6.9 million, respectively. In addition, all loans 90 days or more past due at March 31, 2024 and December 31, 2023 were classified as nonaccrual.

-13-



Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
Nonaccrual Loans
Loans, with the exception of certain well-secured loans that are in the process of collection, are placed on nonaccrual status and interest recognition is suspended when such loans are 90 days or more overdue with respect to principal and/or interest, or sooner if considered appropriate by management. Well-secured loans are permitted to remain on accrual status provided that full collection of principal and interest is assured and the loan is in the process of collection. Loans are also placed on nonaccrual status when, in the opinion of management, full collection of principal and interest is doubtful. When loans are placed on nonaccrual status, interest previously accrued but not collected is reversed against current period income.  Subsequent interest payments received on nonaccrual loans are applied to the outstanding principal balance of the loan or recognized as interest income depending on management’s assessment of the ultimate collectability of the loan. Loans are removed from nonaccrual status when they have been current as to principal and interest (generally for six months), the borrower has demonstrated an ability to comply with repayment terms, and when, in management’s opinion, the loans are considered to be fully collectible.

The following table is a summary of nonaccrual loans, segregated by class of loans:
(Dollars in thousands)March 31, 2024December 31, 2023
Nonaccrual LoansNonaccrual Loans
With an ACL
Without an ACL
Total
With an ACL
Without an ACL
Total
Commercial:
Commercial real estate$ $18,729 $18,729 $10,997 $21,830 $32,827 
Commercial & industrial 668 668  682 682 
Total commercial 19,397 19,397 10,997 22,512 33,509 
Residential Real Estate:
Residential real estate8,590 1,132 9,722 8,495 1,131 9,626 
Consumer:
Home equity1,591  1,591 1,483  1,483 
Other      
Total consumer1,591  1,591 1,483  1,483 
Total nonaccrual loans$10,181 $20,529 $30,710 $20,975 $23,643 $44,618 
Accruing loans 90 days or more past due$ $ 

Nonaccrual loans of $25.6 million and $37.7 million, respectively, at March 31, 2024 and December 31, 2023 were current as to the payment of principal and interest.

As of March 31, 2024 and December 31, 2023, nonaccrual loans secured by one- to four-family residential property amounting to $3.2 million and $960 thousand, respectively, were in process of foreclosure.

There were no significant commitments to lend additional funds to borrowers whose loans were on nonaccrual status at March 31, 2024.

-14-



Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
The following table presents interest income recognized on nonaccrual loans:
(Dollars in thousands)
Three months ended March 31,20242023
Commercial:
Commercial real estate
$305 $27 
Commercial & industrial
14 13 
Total commercial319 40 
Residential Real Estate:
Residential real estate
116 173 
Consumer:
Home equity
35 22 
Other
 1 
Total consumer35 23 
Total$470 $236 

Troubled Loan Modifications
In the course of resolving problem loans, the Corporation may choose to modify the contractual terms of certain loans. A loan that has been modified is considered a TLM when the modification is made to a borrower experiencing financial difficulty and the modification has a direct impact to the contractual cash flows. The decision to modify a loan, versus aggressively enforcing the collection of the loan, may benefit the Corporation by increasing the ultimate probability of collection.

Modifications to borrowers experiencing financial difficulty may include modified contractual terms that have a direct impact to contractual cash flows, including principal forgiveness, interest rate reductions, maturity extensions, other-than-insignificant payment delays, or any combination thereof.

Nonaccrual loans that become TLMs generally remain on nonaccrual status for six months, subsequent to being modified, before management considers their return to accrual status. If a TLM is on accrual status prior to being modified, it is reviewed to determine if the modified loan should remain on accrual status.

TLMs are reported as such for at least one year from the date of the modification. If the TLM performs in accordance with the modified contractual terms for that period of time, it would be removed from this classification.

The following table presents the carrying value at March 31, 2024, of TLMs made during the period indicated, segregated by class of loans and type of concession granted:
(Dollars in thousands)
Three months ended March 31, 2024
Maturity ExtensionTotal
% of Loan Class (1)
Commercial:
Commercial real estate$$ %
Commercial & industrial668668 
Total commercial668668 
Total$668$668 %
(1)Percentage of TLMs to the total loans outstanding within the respective loan class.
During the three months ended March 31, 2023, there were no TLMs.

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Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
The following table presents the financial effect of TLMs made during the period indicated, segregated by class of loans:
Three months ended March 31, 2024
Weighted Average Maturity Extension
(in months)
Commercial:
Commercial real estate
Commercial & industrial120
Total commercial120
Total120
Management closely monitors the performance of TLMs to understand the effectiveness of the modifications. The following tables present an aging analysis, as of the date indicated, of TLMs that have been modified in the past 12 months:
(Dollars in thousands)Days Past Due
March 31, 2024Current30-5960-8990 or MoreTotal Past DueTotal Loans
Commercial:
Commercial real estate
$21,692 $ $ $ $ $21,692 
Commercial & industrial
668     668 
Total commercial22,360     22,360 
Total loans$22,360 $ $ $ $ $22,360 
(Dollars in thousands)Days Past Due
December 31, 2023Current30-5960-8990 or MoreTotal Past DueTotal Loans
Commercial:
Commercial real estate
$21,830 $ $ $ $ $21,830 
Commercial & industrial
      
Total commercial21,830     21,830 
Total loans$21,830 $ $ $ $ $21,830 

There were no TLMs made in the previous 12 months for which there was a subsequent payment default.

There were no significant commitments to lend additional funds to borrowers experiencing financial difficulty whose loans were TLMs at March 31, 2024.

Individually Analyzed Loans
Individually analyzed loans are individually assessed for credit impairment and include nonaccrual commercial loans, TLMs, as well as certain other loans based on the underlying risk characteristics and the discretion of management to individually analyze such loans.

As of March 31, 2024 and December 31, 2023, individually analyzed loans amounted to $34.2 million and $34.6 million, respectively, all of which were considered collateral dependent. For collateral dependent loans where management has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and repayment of the loan is to be provided substantially through the operation or sale of the collateral, the ACL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the loan as of the measurement date. See Note 7 for additional disclosure regarding fair value of individually analyzed collateral dependent loans.

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Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
The following table presents the carrying value of collateral dependent individually analyzed loans:
(Dollars in thousands)March 31, 2024December 31, 2023
Carrying ValueRelated AllowanceCarrying ValueRelated Allowance
Commercial:
Commercial real estate (1)
$32,446 $ $32,827 $97 
Commercial & industrial (2)
668  682  
Total commercial33,114  33,509 97 
Residential Real Estate:
Residential real estate (3)
1,131  1,131  
Total$34,245 $ $34,640 $97 
(1)    Secured by income-producing property.
(2)    Secured by business assets.
(3)    Secured by one- to four-family residential properties.

Credit Quality Indicators
Commercial
The Corporation utilizes an internal rating system to assign a risk to each of its commercial loans. Loans are rated on a scale of 1 to 10. This scale can be assigned to three broad categories including “pass” for ratings 1 through 6, “special mention” for 7-rated loans, and “classified” for loans rated 8, 9 or 10. The loan risk rating system takes into consideration parameters including the borrower’s financial condition, the borrower’s performance with respect to loan terms, the adequacy of collateral, the adequacy of guarantees, and other credit quality characteristics. The Corporation takes the risk rating into consideration along with other credit attributes in the establishment of an appropriate ACL on loans. See Note 5 for additional information.

A description of the commercial loan categories is as follows:

Pass - Loans with acceptable credit quality, defined as ranging from superior or very strong to a status of lesser stature. Superior or very strong credit quality is characterized by a high degree of cash collateralization or strong balance sheet liquidity. Lesser stature loans have an acceptable level of credit quality, but may exhibit some weakness in various credit metrics such as collateral adequacy, cash flow, performance or may be in an industry or of a loan type known to have a higher degree of risk. These weaknesses may be mitigated by secondary sources of repayment, including SBA guarantees.

Special Mention - Loans with potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Bank’s position as creditor at some future date. Special Mention assets are not adversely classified and do not expose the Bank to sufficient risk to warrant adverse classification. Examples of these conditions include but are not limited to outdated or poor quality financial data, strains on liquidity and leverage, losses or negative trends in operating results, marginal cash flow, weaknesses in occupancy rates or trends in the case of commercial real estate, and frequent delinquencies.

Classified - Loans identified as “substandard,” “doubtful” or “loss” based on criteria consistent with guidelines provided by banking regulators. A “substandard” loan has defined weaknesses which make payment default or principal exposure likely, but not yet certain. Such loans are apt to be dependent upon collateral liquidation, a secondary source of repayment or an event outside of the normal course of business. The loans are closely watched and are either already on nonaccrual status or may be placed on nonaccrual status when management determines there is uncertainty of collectability. A “doubtful” loan is placed on nonaccrual status and has a high probability of loss, but the extent of the loss is difficult to quantify due to dependency upon collateral having a value that is difficult to determine or upon some near-term event which lacks certainty. A loan in the “loss” category is considered generally uncollectible or the timing or amount of payments cannot be determined. “Loss” is not intended to imply that the loan has no recovery value, but rather, it is not practical or desirable to continue to carry the asset.

The Corporation’s procedures call for loan risk ratings and classifications to be revised whenever information becomes available that indicates a change is warranted. On a quarterly basis, management reviews a watched asset list, which generally consists of commercial loans that are risk-rated 6 or worse, highly leveraged transaction loans, high-volatility
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Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
commercial real estate, and other selected loans. Management’s review focuses on the current status of the loans, the appropriateness of risk ratings and strategies to improve the credit.

An annual credit review program is conducted by a third party to provide an independent evaluation of the creditworthiness of the commercial loan portfolio, the quality of the underwriting and credit risk management practices, and the appropriateness of the risk rating classifications. This review is supplemented with selected targeted internal reviews of the commercial loan portfolio.

Residential and Consumer
Management monitors the relatively homogeneous residential real estate and consumer loan portfolios on an ongoing basis using delinquency information by loan type.

In addition, other techniques are utilized to monitor indicators of credit deterioration in the residential real estate loans and home equity consumer loans. Among these techniques is the periodic tracking of loans with an updated Fair Isaac Corporation (commonly known as “FICO”) score and an updated estimated LTV ratio. LTV is estimated based on such factors as geographic location, the original appraised value, and changes in median home prices, and takes into consideration the age of the loan. The results of these analyses and other credit review procedures, including selected targeted internal reviews, are taken into account in the determination of qualitative loss factors for residential real estate and home equity consumer credits.

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Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
The following table includes information on credit quality indicators and gross charge-offs for the Corporation’s loan portfolio, segregated by class of loans as of March 31, 2024:
(Dollars in thousands)Term Loans Amortized Cost by Origination Year
20242023202220212020PriorRevolving Loans Amortized CostRevolving Loans Converted to Term LoansTotal
Commercial:
CRE:
Pass
$39,504 $337,357 $606,664 $396,089 $167,540 $494,029 $44,510 $1,022 $2,086,715 
Special Mention
 13,716    16,536   30,252 
Classified
 7,975  19,346 &