10-Q 1 wash-20230930.htm FORM 10-Q 9-30-2023 wash-20230930
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
September 30, 2023or
☐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 filer☒Accelerated filer☐
Non-accelerated filer☐Smaller 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 October 31, 2023 was 17,030,985.


FORM 10-Q
WASHINGTON TRUST BANCORP, INC. AND SUBSIDIARIES
For the Quarter Ended September 30, 2023
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:

2021 Repurchase ProgramWashington Trust Bancorp, Inc.'s Stock Repurchase Program adopted on November 10, 2021
2023 Repurchase ProgramWashington Trust Bancorp, Inc.'s Stock Repurchase Program commencing January 1, 2023
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
DOJU.S. Department of Justice
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
PPPPaycheck Protection Program
S&PStandard and Poors, Inc.
SBASmall Business Administration
SECU.S. Securities and Exchange Commission
TDRTroubled debt restructuring
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)
September 30,
2023		December 31,
2022
Assets:
Cash and due from banks$109,432 $115,492 
Short-term investments3,577 2,930 
Mortgage loans held for sale, at fair value10,550 8,987 
Available for sale debt securities, at fair value (amortized cost of $1,170,105, net of allowance for credit losses on securities of $0 at September 30, 2023; and amortized cost of $1,166,340; net of allowance for credit losses on securities of $0 at December 31, 2022)
958,990 993,928 
Federal Home Loan Bank stock, at cost52,668 43,463 
Loans:
Total loans5,611,115 5,110,139 
Less: allowance for credit losses on loans40,213 38,027 
Net loans5,570,902 5,072,112 
Premises and equipment, net31,976 31,550 
Operating lease right-of-use assets27,882 27,156 
Investment in bank-owned life insurance103,003 102,182 
Goodwill63,909 63,909 
Identifiable intangible assets, net3,919 4,554 
Other assets246,667 193,788 
Total assets$7,183,475 $6,660,051 
Liabilities:
Deposits:
Noninterest-bearing deposits$773,261 $858,953 
Interest-bearing deposits4,642,302 4,160,009 
Total deposits5,415,563 5,018,962 
Federal Home Loan Bank advances1,120,000 980,000 
Junior subordinated debentures22,681 22,681 
Operating lease liabilities30,554 29,558 
Other liabilities163,273 155,181 
Total liabilities6,752,071 6,206,382 
Commitments and contingencies (Note 16)
Shareholders’ Equity:
Common stock of $.0625 par value; authorized 60,000,000 shares; 17,363,457 shares issued and 17,019,239 shares outstanding at September 30, 2023 and 17,363,457 shares issued and 17,182,753 shares outstanding at December 31, 2022
1,085 1,085 
Paid-in capital126,310 127,056 
Retained earnings498,521 492,043 
Accumulated other comprehensive loss(178,734)(157,800)
Treasury stock, at cost; 344,218 shares at September 30, 2023 and 180,704 shares at December 31, 2022
(15,778)(8,715)
Total shareholders’ equity431,404 453,669 
Total liabilities and shareholders’ equity$7,183,475 $6,660,051 
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 MonthsNine Months
Periods ended September 30, 2023202220232022
Interest income:
Interest and fees on loans$70,896 $45,125 $196,094 $115,657 
Interest on mortgage loans held for sale332 361 725 851 
Taxable interest on debt securities7,271 6,061 21,868 15,209 
Dividends on Federal Home Loan Bank stock878 88 2,333 218 
Other interest income1,344 503 3,693 769 
Total interest and dividend income80,721 52,138 224,713 132,704 
Interest expense:  
Deposits34,069 6,656 83,362 13,722 
Federal Home Loan Bank advances12,497 3,234 35,775 3,891 
Junior subordinated debentures404 206 1,132 443 
Total interest expense46,970 10,096 120,269 18,056 
Net interest income33,751 42,042 104,444 114,648 
Provision for credit losses500 800 2,000 (2,100)
Net interest income after provision for credit losses33,251 41,242 102,444 116,748 
Noninterest income:
Wealth management revenues8,948 9,525 26,659 30,122 
Mortgage banking revenues2,108 2,047 5,106 7,630 
Card interchange fees1,267 1,287 3,667 3,754 
Service charges on deposit accounts674 819 2,118 2,250 
Loan related derivative income1,082 1,041 1,278 2,011 
Income from bank-owned life insurance710 684 2,754 1,900 
Other income437 400 1,252 1,147 
Total noninterest income15,226 15,803 42,834 48,814 
Noninterest expense:
Salaries and employee benefits21,622 21,609 63,994 62,992 
Outsourced services3,737 3,552 10,854 10,169 
Net occupancy2,387 2,234 7,240 6,708 
Equipment1,107 939 3,185 2,795 
Legal, audit and professional fees1,058 693 2,932 2,140 
FDIC deposit insurance costs1,185 430 3,428 1,198 
Advertising and promotion789 799 1,624 1,874 
Amortization of intangibles211 215 635 648 
Other expenses2,294 2,596 7,078 6,839 
Total noninterest expense34,390 33,067 100,970 95,363 
Income before income taxes14,087 23,978 44,308 70,199 
Income tax expense2,926 5,310 9,079 15,091 
Net income$11,161 $18,668 $35,229 $55,108 
Net income available to common shareholders$11,140 $18,615 $35,160 $54,944 
Weighted average common shares outstanding - basic17,019 17,174 17,034 17,269 
Weighted average common shares outstanding - diluted17,041 17,298 17,063 17,389 
Per share information:Basic earnings per common share$0.65 $1.08 $2.06 $3.18 
Diluted earnings per common share$0.65 $1.08 $2.06 $3.16 
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 (Loss) (unaudited)
(Dollars in thousands)

Three MonthsNine Months
Periods ended September 30, 2023202220232022
Net income$11,161 $18,668 $35,229 $55,108 
Other comprehensive income (loss), net of tax:
Net change in fair value of available for sale debt securities(32,785)(47,067)(29,414)(132,469)
Net change in fair value of cash flow hedges2,833 (6,973)8,345 (20,281)
Net change in defined benefit plan obligations45 326 135 976 
Total other comprehensive loss, net of tax(29,907)(53,714)(20,934)(151,774)
Total comprehensive (loss) income($18,746)($35,046)$14,295 ($96,666)

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 September 30, 2023Common
Shares Outstanding		Common
Stock		Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Treasury StockTotal
Balance at June 30, 202317,019 $1,085 $125,685 $496,996 ($148,827)($15,778)$459,161 
Net income
— — — 11,161 — — 11,161 
Total other comprehensive loss, net of tax— — — — (29,907)— (29,907)
Cash dividends declared ($0.56 per share)
— — — (9,636)— — (9,636)
Share-based compensation— — 624 — — — 624 
Exercise of stock options, issuance of other compensation-related equity awards, net of awards surrendered
— — 1 — — — 1 
Balance at September 30, 202317,019 $1,085 $126,310 $498,521 ($178,734)($15,778)$431,404 

For the nine months ended September 30, 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
— — — 35,229 — — 35,229 
Total other comprehensive loss, net of tax— — — — (20,934)— (20,934)
Cash dividends declared ($1.68 per share)
— — — (28,751)— — (28,751)
Share-based compensation— — 1,569 — — — 1,569 
Exercise of stock options, issuance of other compensation-related equity awards, net of awards surrendered
36 — (2,315)— — 1,678 (637)
Treasury stock purchased under 2023 Repurchase Program
(200)— — — — (8,741)(8,741)
Balance at September 30, 202317,019 $1,085 $126,310 $498,521 ($178,734)($15,778)$431,404 

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

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 September 30, 2022Common
Shares Outstanding		Common
Stock		Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Treasury StockTotal
Balance at June 30, 202217,190 $1,085 $126,079 $475,889 ($118,041)($8,378)$476,634 
Net income
— — — 18,668 — — 18,668 
Total other comprehensive loss, net of tax— — — — (53,714)— (53,714)
Cash dividends declared ($0.54 per share)
— — — (9,394)— — (9,394)
Share-based compensation— — 976 — — — 976 
Treasury stock purchased under 2021 Repurchase Program
(19)— — — — (896)(896)
Balance at September 30, 202217,171 $1,085 $127,055 $485,163 ($171,755)($9,274)$432,274 

For the nine months ended September 30, 2022Common
Shares Outstanding		Common
Stock		Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Treasury StockTotal
Balance at December 31, 202117,331 $1,085 $126,511 $458,310 ($19,981)($1,117)$564,808 
Net income
— — — 55,108 — — 55,108 
Total other comprehensive loss, net of tax— — — — (151,774)— (151,774)
Cash dividends declared ($1.62 per share)
— — — (28,255)— — (28,255)
Share-based compensation— — 2,589 — — — 2,589 
Exercise of stock options, issuance of other compensation-related equity awards, net of awards surrendered
34 — (2,045)— — 1,322 (723)
Treasury stock purchased under 2021 Repurchase Program
(194)— — — — (9,479)(9,479)
Balance at September 30, 202217,171 $1,085 $127,055 $485,163 ($171,755)($9,274)$432,274 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
-8-

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

Nine months ended September 30, 20232022
Cash flows from operating activities:
Net income
$35,229 $55,108 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses
2,000 (2,100)
Depreciation of premises and equipment
3,006 2,554 
Net amortization of premiums and discounts on debt securities and loans
1,033 2,485 
Amortization of intangibles
635 648 
Share-based compensation
1,569 2,589 
Tax benefit from stock option exercises and other equity awards— 71 
Income from bank-owned life insurance
(2,754)(1,900)
Net gains on loan sales, including changes in fair value(3,446)(6,164)
Proceeds from sales of loans, net
169,392 262,907 
Loans originated for sale
(168,892)(242,153)
Increase in operating lease right-of-use assets(726)(1,096)
Increase in operating lease liabilities996 1,179 
Increase in other assets(38,002)(27,734)
Increase in other liabilities19,913 25,451 
Net cash provided by operating activities19,953 71,845 
Cash flows from investing activities:
Purchases of:
Available for sale debt securities: Mortgage-backed(39,967)(203,826)
Available for sale debt securities: Other(20,221)(10,747)
Maturities, calls and principal payments of:
Available for sale debt securities: Mortgage-backed55,088 97,495 
Available for sale debt securities: Other250 — 
Net purchases of Federal Home Loan Bank stock(9,205)(19,909)
Purchases of other equity investments, net(375)(375)
Net increase in loans(494,909)(571,950)
Purchases of loans
(5,428)(1,764)
Purchases of premises and equipment
(3,524)(3,824)
Purchases of bank-owned life insurance
— (7,000)
Proceeds from bank-owned life insurance1,932 — 
Equity investments in real estate limited partnerships(7,167)(1,861)
Net cash used in investing activities
(523,526)(723,761)
Cash flows from financing activities:
Net increase in deposits396,601 89,806 
Proceeds from Federal Home Loan Bank advances
2,895,000 1,946,112 
Repayments of Federal Home Loan Bank advances(2,755,000)(1,391,112)
Purchases of treasury stock(8,741)(9,479)
Net proceeds from stock option exercises and issuance of other equity awards, net of awards surrendered
(637)(723)
Cash dividends paid
(29,063)(28,342)
Net cash provided by financing activities
498,160 606,262 
Net decrease in cash and cash equivalents(5,413)(45,654)
Cash and cash equivalents at beginning of period
118,422 178,493 
Cash and cash equivalents at end of period
$113,009 $132,839 
Noncash Activities:
Loans charged-off$157 $122 
Loans transferred to property acquired through foreclosure or repossession683 — 
Commitment for equity investments in real estate limited partnerships3,967 8,360 
Supplemental Disclosures:
Interest payments$107,270 $15,677 
Income tax payments6,826 13,021 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
-9-


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 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, 2022.

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 Bancorp owns the common stock of two capital trusts, which have issued trust preferred securities. These capital trusts are variable interest entities in which the Bancorp is not the primary beneficiary and, therefore, are not consolidated. The capital trusts’ only assets are junior subordinated debentures issued by the Bancorp, which were acquired by the capital trusts using the proceeds from the issuance of the trust preferred securities and common stock. The Bancorp’s equity interest in the capital trusts, which is classified in other assets, and the junior subordinated debentures are included in the Unaudited Consolidated Balance Sheets. Interest expense on the junior subordinated debentures is included in the Unaudited Consolidated Statements of Income.

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 Adopted in 2023
Financial Instruments - Credit Losses - ASC 326
ASU No. 2022-02, “Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”), was issued in March 2022 to provide updates on the accounting treatment for TDRs and related disclosures requirements, as well as modifying the disclosure requirement associated with the existing credit quality indicators “vintage” disclosure. With respect to TDRs, ASU 2022-02 eliminates the recognition and measurement guidance for TDRs under current GAAP and instead requires that the Corporation evaluate whether the modification represents a new loan or a continuation of an existing loan, consistent with the current GAAP treatment for other loan modifications. In addition, ASU 2022-02 eliminates existing disclosure requirements on TDRs and replaces with enhanced disclosure requirements related to certain loan modifications made to borrowers experiencing financial difficulty. ASU 2022-02 also provides an update to the existing credit quality indicators “vintage” tabular disclosure requiring current period gross write-offs to be disclosed by year of origination for each loan segment. The Corporation adopted the provisions of ASU 2022-02 on January 1, 2023 on a prospective basis. Historical disclosures on TDRs were removed from this report in accordance with the provisions of this ASU. The adoption of this ASU did not have a material impact on the consolidated financial statements. See Note 4 for additional information regarding modifications to borrowers experiencing financial difficulty.
-10-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)

Business Combinations - ASC 805
ASU No. 2021-08, “Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (“ASU 2021-08”), was issued in October 2021 to clarify the accounting for contract cost assets and contract liabilities acquired in a business combination. Under current GAAP, an acquirer generally recognizes assets acquired and liabilities assumed in a business combination at fair value on the acquisition date. The provisions of ASU 2021-08 clarify that contract cost assets and contract liabilities acquired in a business combination should be accounted for in accordance with ASC 606, as if the acquirer had originated the contracts. The Corporation adopted the provisions of ASU 2021-08 on January 1, 2023 on a prospective basis. The adoption of ASU 2021-08 did not have a material impact on the Corporation’s consolidated financial statements.

Accounting Standards Pending Adoption
There were no new accounting standards issued in 2023 that are applicable to the Corporation and pending adoption.

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)
September 30, 2023Amortized CostUnrealized GainsUnrealized Losses
ACL
Fair Value
Available for Sale Debt Securities:
Obligations of U.S. government-sponsored enterprises
$250,950 $— ($34,388)$— $216,562 
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises
896,579 16 (174,896)— 721,699 
Individual name issuer trust preferred debt securities
9,397 — (632)— 8,765 
Corporate bonds
13,179 — (1,215)— 11,964 
Total available for sale debt securities$1,170,105 $16 ($211,131)$— $958,990 

(Dollars in thousands)
December 31, 2022Amortized CostUnrealized GainsUnrealized Losses
ACL
Fair Value
Available for Sale Debt Securities:
Obligations of U.S. government-sponsored enterprises
$231,203 $1 ($31,622)$— $199,582 
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises
912,581 269 (138,748)— 774,102 
Individual name issuer trust preferred debt securities
9,387 — (627)— 8,760 
Corporate bonds
13,169 — (1,685)— 11,484 
Total available for sale debt securities$1,166,340 $270 ($172,682)$— $993,928 

Accrued interest receivable on available for sale debt securities totaled $3.1 million as of both September 30, 2023 and December 31, 2022.

As of September 30, 2023 and December 31, 2022, securities with a fair value of $291.7 million and $294.8 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.
-11-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
(Dollars in thousands)
September 30, 2023Amortized CostFair Value
Due in one year or less$103,283 $83,196 
Due after one year to five years
509,654 422,408 
Due after five years to ten years
312,960 255,998 
Due after ten years
244,208 197,388 
Total debt securities
$1,170,105 $958,990 

Included in the above table are debt securities with an amortized cost balance of $253.0 million and a fair value of $217.2 million at September 30, 2023 that are callable at the discretion of the issuers.  Final maturities of the callable securities range from 9 months to 13 years, with call features ranging from 1 month to 10 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
September 30, 2023#Fair
Value		Unrealized
Losses		#Fair
Value		Unrealized
Losses		#Fair
Value		Unrealized
Losses
Obligations of U.S. government-sponsored enterprises2 $29,326 ($674)21 $187,236 ($33,715)23 $216,562 ($34,389)
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises
30 61,703 (2,968)154 658,490 (171,927)184 720,193 (174,895)
Individual name issuer trust preferred debt securities
— — — 3 8,765 (632)3 8,765 (632)
Corporate bonds— — — 4 11,964 (1,215)4 11,964 (1,215)
Total
32 $91,029 ($3,642)182 $866,455 ($207,489)214 $957,484 ($211,131)


(Dollars in thousands)Less than 12 Months12 Months or LongerTotal
December 31, 2022#Fair
Value		Unrealized
Losses		#Fair
Value		Unrealized
Losses		#Fair
Value		Unrealized
Losses
Obligations of U.S. government-sponsored enterprises
4 $20,115 ($638)18 $169,466 ($30,984)22 $189,581 ($31,622)
Mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises
95 288,777 (24,960)66 471,355 (113,788)161 760,132 (138,748)
Individual name issuer trust preferred debt securities
— — — 3 8,760 (627)3 8,760 (627)
Corporate bonds— — — 4 11,484 (1,685)4 11,484 (1,685)
Total
99 $308,892 ($25,598)91 $661,065 ($147,084)190 $969,957 ($172,682)

There were no debt securities on nonaccrual status at September 30, 2023 and 2022 and, therefore there was no accrued interest related to debt securities reversed against interest income for the three and nine months ended September 30, 2023 and 2022.
-12-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)

As of September 30, 2023, 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 would not be required to sell each security before the recovery of its amortized cost basis. In addition, management does not believe that any of these debt 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. As a result, there was no ACL recorded at both September 30, 2023 and December 31, 2022.

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 continue to make timely principal and interest payments and none of these securities were past due at September 30, 2023. 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 September 30, 2023 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 September 30, 2023, there was one individual name issuer trust preferred debt security with an amortized cost of $2.0 million and unrealized losses of $216 thousand that was rated below investment grade by S&P. We noted no downgrades to below investment grade between September 30, 2023 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 September 30, 2023 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 September 30, 2023, there was one corporate bond debt security with an amortized cost of $2.0 million and unrealized losses of $98 thousand that was rated below investment grade by S&P. We noted no downgrades to below investment grade between September 30, 2023 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.
-13-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
Note 4 - Loans
The following table presents a summary of loans:
(Dollars in thousands)September 30,
2023		December 31, 2022
Commercial:
Commercial real estate (1)
$2,063,383 $1,829,304 
Commercial & industrial (2)
611,565 656,397 
Total commercial2,674,948 2,485,701 
Residential Real Estate:
Residential real estate (3)
2,611,100 2,323,002 
Consumer:
Home equity
305,683 285,715 
Other (4)
19,384 15,721 
Total consumer325,067 301,436 
Total loans (5)
$5,611,115 $5,110,139 
(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 $12.8 million and $11.6 million, respectively, at September 30, 2023 and December 31, 2022 and net unamortized premiums on loans purchased from and serviced by other financial institutions of $296 thousand and $318 thousand, respectively, at September 30, 2023 and December 31, 2022.

Loan balances exclude accrued interest receivable of $22.0 million and $17.6 million, respectively, as of September 30, 2023 and December 31, 2022.

As of September 30, 2023 and December 31, 2022, loans amounting to $3.0 billion and $2.4 billion, respectively, 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.

-14-


Condensed Notes to Unaudited Consolidated Financial Statements – (continued)
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
September 30, 202330-5960-89Over 90Total Past DueCurrentTotal Loans
Commercial:
Commercial real estate
$— $— $— $— $2,063,383 $2,063,383 
Commercial & industrial
3 1 — 4 611,561 611,565 
Total commercial3 1 — 4 2,674,944 2,674,948 
Residential Real Estate:
Residential real estate
3,789 2,562 1,434 7,785 2,603,315 2,611,100 
Consumer:
Home equity
1,823 62 40 1,925 303,758 305,683 
Other
16 3 — 19 19,365 19,384 
Total consumer1,839 65 40 1,944 323,123 325,067 
Total loans$5,631 $2,628 $1,474 $9,733 $5,601,382 $5,611,115 

(Dollars in thousands)Days Past Due
December 31, 202230-5960-89Over 90Total Past DueCurrentTotal Loans
Commercial:
Commercial real estate
$1,187 $— $— $1,187 $1,828,117 $1,829,304 
Commercial & industrial
265 — — 265 656,132 656,397 
Total commercial1,452 — — 1,452 2,484,249 2,485,701 
Residential Real Estate:
Residential real estate
4,793 303 3,779 8,875 2,314,127 2,323,002 
Consumer:
Home equity
1,103 132 — 1,235 284,480 285,715 
Other
16 — — 16 15,705 15,721