Washington Trust Reports Second Quarter 2025 Results
WESTERLY, R.I., July 21, 2025 /PRNewswire/ -- Washington Trust Bancorp, Inc. (the "Corporation") (NASDAQ:WASH), parent company of The Washington Trust Company (the "Bank"), today reported second quarter 2025 net income of $13.2 million, or $0.68 per diluted share, up from $12.2 million, or $0.63 per diluted share, reported for the first quarter of 2025. In the preceding quarter there were two infrequent transactions that are described further below. Excluding these two items, adjusted net income (non-GAAP) totaled $11.8 million, or $0.61 per diluted share for the first quarter of 2025.
"Washington Trust's second quarter results reflect our diversified business model performing positively. We realized growth in net interest income, wealth management revenue, and mortgage banking revenue, and we remained well-capitalized. We are pleased with these results," said Washington Trust Chairman and Chief Executive Officer Edward O. Handy III. "As we reach our milestone 225th birthday next month, we remain focused on providing exceptional full-service banking to our customers for years to come."
Selected financial highlights for the second quarter of 2025 include:
The net interest margin was 2.36% in the second quarter, up by 7 basis points from the 2.29% reported in the preceding quarter.
A provision for credit losses of $600 thousand was recognized for the second quarter, compared to $1.2 million in the first quarter.
Wealth management revenues in the second quarter increased by 2% from the preceding quarter, reflecting a seasonal increase in transaction-based revenues.
Mortgage banking revenues in the second quarter increased by 32% from the preceding quarter, reflecting a higher volume of loans sold to the secondary market.
Total loans amounted to $5.1 billion, up by 1% from March 31, 2025.
In-market deposits (total deposits less wholesale brokered deposits) amounted to $5.0 billion, up by 1% from March 31, 2025 and up by 9% from June 30, 2024.
Net Interest IncomeNet interest income was $37.2 million for the second quarter of 2025, up by $763 thousand, or 2%, from the first quarter of 2025. The net interest margin was 2.36% for the second quarter, an increase of 7 basis points from the preceding quarter. Linked quarter changes included:
Average interest-earning assets decreased by $134 million, largely reflecting declines in the average balance of deposits at correspondent banks and mortgage loans held for sale. The yield on interest-earning assets for the second quarter was 4.99%, up by 1 basis point from the preceding quarter.
Average interest-bearing liabilities decreased by $117 million, as an increase of $89 million in the average balance of in-market deposits was offset by a decrease of $206 million in wholesale funding balances. The cost of interest-bearing liabilities for the second quarter of 2025 was 3.12%, down by 7 basis points from the preceding quarter.
Noninterest IncomeNoninterest income was $17.1 million for the second quarter of 2025, down by $5.6 million, or 24.6%, from the first quarter of 2025. In the preceding quarter, a sales leaseback pre-tax net gain of $7.0 million was recognized. Excluding this item, adjusted noninterest income (non-GAAP) was up by $1.4 million, or 9%. Linked quarter changes included:
Wealth management revenues amounted to $10.1 million in the second quarter of 2025, up by $229 thousand, or 2%, from the preceding quarter. This included an increase of $253 thousand, or 207%, in transaction-based revenues, which was concentrated in seasonal tax servicing fee income. Asset-based revenues were down modestly by $24 thousand, or 0.2%, reflecting a decline in the average balance of wealth management AUA. The end of period AUA balance at June 30, 2025 amounted to $7.2 billion, up by $363 million, or 5%, from March 31, 2025.
Mortgage banking revenues totaled $3.0 million for the second quarter of 2025, up by $730 thousand, or 32%, from the preceding quarter, reflecting a higher volume of loans sold to the secondary market. Loans sold amounted to $116.8 million in the second quarter of 2025, up by $41.3 million, or 55%, from the first quarter of 2025.
Loan related derivative income from interest rate swap transactions with commercial borrowers totaled $676 thousand in the second quarter of 2025, up by $575 thousand, or 569%, from the preceding quarter.
Noninterest ExpenseNoninterest expense totaled $36.5 million for the second quarter of 2025, down by $5.7 million, or 13%, from the first quarter of 2025. A pre-tax non-cash pension plan settlement charge of $6.4 million associated with the termination of the Corporation's qualified pension plan was recognized in the first quarter of 2025. Excluding this item, adjusted noninterest expense (non-GAAP) was up by $770 thousand, or 2%. Linked quarter changes included:
Salaries and employee benefits expense, our largest component of noninterest expense, amounted to $23.0 million, up by $603 thousand, or 3%, from the preceding quarter, largely reflecting volume-related increases in mortgage originator compensation expense.
Advertising and promotion expense totaled $717 thousand, up by $307 thousand, or 75%, from the preceding quarter, reflecting the timing of such activities.
The remaining linked quarter change in noninterest expense reflected modest decreases across a variety of other noninterest expense categories.
Income TaxFor the second quarter of 2025, income tax expense of $3.9 million was recognized, reflecting an effective tax rate of 22.7%. This compares to income tax expense of $3.5 million and an effective tax rate of 22.3% in the first quarter of 2025. Based on current federal and applicable state income tax statutes, the Corporation currently expects its full-year 2025 effective tax rate to be approximately 22.4%.
Investment SecuritiesThe securities portfolio totaled $971 million at June 30, 2025, up by $54 million, or 6%, from March 31, 2025, largely reflecting purchases of securities totaling $73 million, at a weighted average yield of 5.49%, which were partially offset by routine pay-downs on mortgage-backed debt securities in the quarter. The securities portfolio represented 14% of total assets at both June 30, 2025 and March 31, 2025.
LoansTotal loans amounted to $5.1 billion at June 30, 2025, up by $44 million, or 1%, from the end of the preceding quarter. These changes included:
Commercial loans increased by $57 million, or 2%, from March 31, 2025.
Residential real estate loans decreased by $17 million, or 1%, from March 31, 2025.
Consumer loans increased by $4 million, or 1%, from March 31, 2025.
Deposits and BorrowingsTotal deposits amounted to $5.0 billion at June 30, 2025, up by $5 million, or 0.1%, from the end of the preceding quarter.
In-market deposits, which exclude wholesale brokered deposits, amounted to $5.0 billion at June 30, 2025, up by $30 million, or 1%, from March 31, 2025.
Wholesale brokered deposits amounted to $2 million and were down by $25 million, or 93%, from March 31, 2025. FHLB advances totaled $1.0 billion at June 30, 2025, up by $151 million, or 18%, from March 31, 2025.
As of June 30, 2025, contingent liquidity amounted to $1.8 billion and consisted of available cash, unencumbered securities, and unused collateralized borrowing capacity.
Asset QualityNonaccrual loans were $26.1 million, or 0.51% of total loans, at June 30, 2025, compared to $21.6 million, or 0.42% of total loans, at March 31, 2025. The composition of nonaccrual loans at June 30, 2025 was 54% commercial and 46% residential and consumer. The change in nonaccrual loans in the second quarter was largely attributable to one commercial & industrial relationship totaling $9.4 million that was placed on nonaccrual status, partially offset by the resolution of one commercial real estate loan totaling $3.2 million.
Past due loans were $14.0 million, or 0.27% of total loans, at June 30, 2025, compared to $10.2 million, or 0.20% of total loans, at March 31, 2025. The composition of past due loans at June 30, 2025 was 13% commercial and 87% residential and consumer.
The allowance for credit losses ("ACL") on loans amounted to $41.1 million, or 0.80% of total loans, at June 30, 2025, compared to $41.1 million, or 0.81% of total loans, at March 31, 2025. The ACL on unfunded commitments, included in other liabilities on the Consolidated Balance Sheets, was $1.2 million at both June 30, 2025 and March 31, 2025.
The provision for credit losses totaled $600 thousand in the second quarter of 2025, compared to $1.2 million in the preceding quarter. Net charge-offs amounted to $647 thousand in the second quarter of 2025, compared to $2.3 million in the preceding quarter.
Capital and DividendsTotal shareholders' equity was $527.5 million at June 30, 2025, up by $5.8 million, or 1%, from March 31, 2025. Net income of $13.2 million and improvement of $3.2 million in the accumulated other comprehensive loss component of shareholders' equity were partially offset by quarterly dividend declarations of $11.0 million.
The Board of Directors declared a quarterly dividend of 56 cents per share for the quarter ended June 30, 2025. The dividend was paid on July 11, 2025 to shareholders of record on July 1, 2025.
Capital levels at June 30, 2025 exceeded the regulatory minimum levels to be considered well capitalized, with a total risk-based capital ratio of 13.06% at June 30, 2025, compared to 13.13% at March 31, 2025. Book value per share was $27.36 at June 30, 2025, compared to $27.06 at March 31, 2025.
Conference CallWashington Trust will host a conference call to discuss its second quarter results, business highlights, and outlook on Tuesday, July 22, 2025 at 8:30 a.m. (Eastern Time). Individuals may dial in to the call at 1-833-470-1428 and enter Access Code 177395. An audio replay of the call will be available, shortly after the conclusion of the call, by dialing 1-866-813-9403 and entering the Replay Access Code 643659. The audio replay will be available through August 5, 2025. Also, a webcast of the call will be posted in the Investor Relations section of Washington Trust's website, https://ir.washtrust.com, and will be available through September 30, 2025.
BackgroundWashington Trust Bancorp, Inc. is the parent of The Washington Trust Company. Founded in 1800, Washington Trust is the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast's premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking, and wealth management and trust services through its offices located in Rhode Island, Connecticut, and Massachusetts. The Corporation's common stock trades on NASDAQ under the symbol WASH. Investor information is available on the Corporation's website at https://ir.washtrust.com.
Forward-Looking StatementsThis press release contains statements that are "forward-looking statements." We may also make forward-looking statements in other documents we file with the U.S. Securities and Exchange Commission ("SEC"), in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors, or employees. You can identify forward-looking statements by the use of the words "believe," "expect," "anticipate," "intend," "estimate," "assume," "outlook," "will," "should," and other expressions that predict or indicate future events and trends and which do not relate to historical matters. You should not rely on forward-looking statements, because they involve known and unknown risks, uncertainties, and other factors, some of which are beyond our control. These risks, uncertainties, and other factors may cause our actual results, performance, or achievements to be materially different from the anticipated future results, performance, or achievements expressed or implied by the forward-looking statements.
Some of the factors that might cause these differences include the following:
changes in general business and economic conditions (including the impact of actual or threatened tariffs imposed by the U.S. and foreign governments, inflation and concerns about liquidity) on a national basis and in the local markets in which we operate;
interest rate changes or volatility, as well as changes in the balance and mix of loans and deposits;
changes in customer behavior due to political, business and economic conditions;
changes in loan demand and collectability;
the possibility that future credit losses are higher than currently expected due to changes in economic assumptions or adverse economic developments;
ongoing volatility in national and international financial markets;
reductions in the market value or outflows of wealth management AUA;
decreases in the value of securities and other assets;
increases in defaults and charge-off rates;
changes in the size and nature of our competition;
changes in, and evolving interpretations of, existing and future laws, rules and regulations;
changes in accounting principles, policies and guidelines;
operational risks including, but not limited to, changes in information technology, cybersecurity incidents, fraud, natural disasters, war, terrorism, civil unrest and future pandemics;
regulatory, litigation and reputational risks; and
changes in the assumptions used in making such forward-looking statements.
In addition, the factors described under "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as updated by our Quarterly Reports on Form 10-Q and other filings submitted to the SEC, may result in these differences. You should carefully review all of these factors, and you should be aware that there may be other factors that could cause these differences. These forward-looking statements were based on information, plans, and estimates at the date of this report, and we assume no obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes.
Supplemental Information - Explanation of Non-GAAP Financial MeasuresIn addition to results presented in accordance with generally accepted accounting principles ("GAAP"), this press release contains certain non-GAAP financial measures. Washington Trust's management believes that the supplemental non-GAAP information, such as adjusted noninterest income, adjusted noninterest expense, adjusted income before income taxes, adjusted income tax expense, adjusted effective tax rate, adjusted net income, adjusted net income available to common shareholders, adjusted diluted earnings per common share, adjusted return on average assets, adjusted return on average equity, and adjusted efficiency ratio, as well as measurements and ratios based on tangible equity and tangible assets, is utilized by regulators and market analysts to evaluate a company's financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures, which may be presented by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.
Washington Trust Bancorp, Inc. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; Dollars in thousands)
Jun 30,2025
Mar 31,2025
Dec 31,2024
Sep 30,2024
Jun 30,2024
Assets:
Cash and due from banks
$43,997
$33,394
$21,534
$33,694
$28,211
Interest-earning deposits with correspondent banks
119,582
82,804
88,368
173,277
75,666
Short-term investments
4,145
4,041
3,987
3,772
3,654
Mortgage loans held for sale, at fair value
35,681
21,953
21,708
20,864
26,116
Mortgage loans held for sale, at lower of cost or market
—
—
281,706
—
—
Premises and equipment held for sale, lower of cost or market
—
—
4,788
—
—
Available for sale debt securities, at fair value
971,341
917,545
916,305
973,266
951,828
Federal Home Loan Bank stock, at cost
45,273
38,899
49,817
57,439
66,166
Loans:
Total loans
5,140,260
5,096,210
5,137,838
5,514,870
5,629,102
Less: allowance for credit losses on loans
41,059
41,056
41,960
42,630
42,378
Net loans
5,099,201
5,055,154
5,095,878
5,472,240
5,586,724
Premises and equipment, net
25,574
26,068
26,873
32,145
31,866
Operating lease right-of-use assets
35,578
36,048
26,943
27,612
28,387
Investment in bank-owned life insurance
113,372
107,546
106,777
105,998
105,228
Goodwill
63,909
63,909
63,909
63,909
63,909
Identifiable intangible assets, net
2,478
2,682
2,885
3,089
3,295
Other assets
185,036
195,972
219,169
174,266
213,310
Total assets
$6,745,167
$6,586,015
$6,930,647
$7,141,571
$7,184,360
Liabilities:
Deposits:
Noninterest-bearing deposits
$646,584
$625,590
$661,776
$665,706
$645,661
Interest-bearing deposits
4,398,664
4,414,991
4,454,024
4,506,184
4,330,465
Total deposits
5,045,248
5,040,581
5,115,800
5,171,890
4,976,126
Federal Home Loan Bank advances
1,001,000
850,000
1,125,000
1,300,000
1,550,000
Junior subordinated debentures
22,681
22,681
22,681
22,681
22,681
Operating lease liabilities
38,299
38,716
29,578
30,237
31,012
Other liabilities
110,420
112,357
137,860
114,534
133,584
Total liabilities
6,217,648
6,064,335
6,430,919
6,639,342
6,713,403
Shareholders' Equity:
Common stock
1,223
1,223
1,223
1,085
1,085
Paid-in capital
197,392
197,570
196,947
126,698
125,898
Retained earnings
437,520
435,233
434,014
505,654
504,350
Accumulated other comprehensive loss
(95,949)
(99,179)
(119,171)
(117,158)
(146,326)
Treasury stock, at cost
(12,667)
(13,167)
(13,285)
(14,050)
(14,050)
Total shareholders' equity
527,519
521,680
499,728
502,229
470,957
Total liabilities and shareholders' equity
$6,745,167
$6,586,015
$6,930,647
$7,141,571
$7,184,360
Washington Trust Bancorp, Inc. and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited; Dollars and shares in thousands, except per share amounts)
For the Three Months Ended
For the Six Months Ended
Jun 30,2025
Mar 31,2025
Dec 31,2024
Sep 30,2024
Jun 30,2024
Jun 30,2025
Jun 30,2024
Interest income:
Interest and fees on loans
$67,345
$66,656
$71,432
$75,989
$76,240
$134,001
$151,876
Interest on mortgage loans held for sale
442
958
762
366
392
1,400
647
Taxable interest on debt securities
9,230
8,827
7,015
6,795
6,944
18,057
14,040
Nontaxable interest on debt securities
8
7
8
—
—
15
—
Dividends on Federal Home Loan Bank stock
792
1,022
1,312
1,262
1,124
1,814
2,197
Other interest income
1,029
1,993
1,310
3,174
1,297
3,022
2,493
Total interest and dividend income
78,846
79,463
81,839
87,586
85,997
158,309
171,253
Interest expense:
Deposits
30,864
31,748
34,135
37,203
36,713
62,612
74,760
Federal Home Loan Bank advances
10,451
10,946
14,388
17,717
17,296
21,397
32,434
Junior subordinated debentures
346
347
380
404
403
693
809
Total interest expense
41,661
43,041
48,903
55,324
54,412
84,702
108,003
Net interest income
37,185
36,422
32,936
32,262
31,585
73,607
63,250
Provision for credit losses
600
1,200
1,000
200
500
1,800
1,200
Net interest income after provision for credit losses
36,585
35,222
31,936
32,062
31,085
71,807
62,050
Noninterest income (loss):
Wealth management revenues
10,120
9,891
10,049
9,989
9,678
20,011
19,016
Mortgage banking revenues
3,034
2,304
2,848
2,866
2,761
5,338
5,267
Card interchange fees
1,247
1,509
1,255
1,321
1,275
2,756
2,420
Service charges on deposit accounts
808
744
794
784
769
1,552
1,454
Loan related derivative income
676
101
8
126
49
777
333
Income from bank-owned life insurance
826
769
779
770
753
1,595
1,492
Realized losses on securities, net
—
—
(31,047)
—
—
—
—
Losses on sale of portfolio loans, net
—
—
(62,888)
—
—
—
—
Gain on sale of bank-owned properties, net
—
6,994
—
—
988
6,994
988
Other income
367
331
310
416
387
698
2,853
Total noninterest income (loss)
17,078
22,643
(77,892)
16,272
16,660
39,721
33,823
Noninterest expense:
Salaries and employee benefits
23,025
22,422
21,875
21,350
21,260
45,447
43,035
Outsourced services
4,404
4,346
4,197
4,185
4,096
8,750
7,876
Net occupancy
2,662
2,741
2,428
2,399
2,397
5,403
4,958
Equipment
930
891
936
924
958
1,821
1,978
Legal, audit, and professional fees
726
750
845
836
741
1,476
1,447
FDIC deposit insurance costs
1,235
1,262
1,266
1,402
1,404
2,497
2,845
Advertising and promotion
717
410
560
857
661
1,127
1,209
Amortization of intangibles
203
204
204
206
208
407
416
Pension plan settlement charge
—
6,436
—
—
—
6,436
—
Other expenses
2,628
2,734
1,981
2,345
2,185
5,362
4,509
Total noninterest expense
36,530
42,196
34,292
34,504
33,910
78,726
68,273
Income (loss) before income taxes
17,133
15,669
(80,248)
13,830
13,835
32,802
27,600
Income tax expense (benefit)
3,888
3,490
(19,457)
2,849
3,020
7,378
5,849
Net income (loss)
$13,245
$12,179
($60,791)
$10,981
$10,815
$25,424
$21,751
Net income (loss) available to common shareholders
$13,245
$12,179
($60,776)
$10,973
$10,807
$25,424
$21,731
Weighted average common shares outstanding - basic
19,285
19,276
17,452
17,058
17,052
19,280
17,042
Weighted average common shares outstanding - diluted
19,374
19,370
17,565
17,140
17,110
19,372
17,082
Per share information:
Basic earnings per common share
$0.69
$0.63
($3.48)
$0.64
$0.63
$1.32
$1.28
Diluted earnings per common share
$0.68
$0.63
($3.46)
$0.64
$0.63
$1.31
$1.27
Cash dividends declared
$0.56
$0.56
$0.56
$0.56
$0.56
$1.12
$1.12
Washington Trust Bancorp, Inc. and Subsidiaries
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited; Dollars and shares in thousands, except per share amounts)
Jun 30,2025
Mar 31,2025
Dec 31,2024
Sep 30,2024
Jun 30,2024
Share and Equity Related Data:
Book value per share
$27.36
$27.06
$25.93
$29.44
$27.61
Tangible book value per share (non-GAAP) (1)
$23.91
$23.61
$22.46
$25.51
$23.67
Market value per share
$28.28
$30.86
$31.35
$32.21
$27.41
Shares issued at end of period
19,562
19,562
19,562
17,363
17,363
Shares outstanding at end of period
19,283
19,276
19,274
17,058
17,058
Capital Ratios (2):
Tier 1 risk-based capital
12.17 %
12.23 %
11.64 %
11.39 %
11.01 %
Total risk-based capital
13.06 %
13.13 %
12.47 %
12.21 %
11.81 %
Tier 1 leverage ratio
8.66 %
8.45 %
8.13 %
7.85 %
7.82 %
Common equity tier 1
11.71 %
11.76 %
11.20 %
10.95 %
10.59 %
Balance Sheet Ratios:
Equity to assets
7.82 %
7.92 %
7.21 %
7.03 %
6.56 %
Tangible equity to tangible assets (non-GAAP) (1)
6.90 %
6.98 %
6.31 %
6.15 %
5.67 %
Loans to deposits (3)
101.8 %
100.7 %
105.5 %
106.2 %
112.8 %
For the Three Months Ended
For the Six Months Ended
Jun 30,2025
Mar 31,2025
Dec 31,2024
Sep 30,2024
Jun 30,2024
Jun 30,2025
Jun 30,2024
Performance Ratios (4):
Net interest margin (5)
2.36 %
2.29 %
1.95 %
1.85 %
1.83 %
2.32 %
1.84 %
Return on average assets (6)
0.80 %
0.73 %
(3.45 %)
0.60 %
0.60 %
0.76 %
0.61 %
Adjusted return on average assets (non-GAAP) (1)
0.80 %
0.71 %
0.59 %
0.60 %
0.56 %
0.75 %
0.54 %
Return on average tangible assets (non-GAAP) (1)
0.81 %
0.71 %
0.60 %
0.61 %
0.57 %
0.76 %
0.55 %
Return on average equity (7)
10.14 %
9.63 %
(48.25 %)
8.99 %
9.43 %
9.89 %
9.38 %
Adjusted return on average equity (non-GAAP) (1)
10.14 %
9.30 %
8.29 %
8.99 %
8.79 %
9.73 %
8.38 %
Return on average tangible equity (non-GAAP) (1)
11.62 %
10.69 %
9.57 %
10.43 %
10.29 %
11.16 %
9.80 %
Efficiency ratio (8)
67.3 %
71.4 %
(76.3 %)
71.1 %
70.3 %
69.5 %
70.3 %
Adjusted efficiency ratio (non-GAAP) (1)
67.3 %
68.7 %
70.0 %
71.1 %
71.8 %
68.0 %
72.6 %
(1)
See the section labeled "Supplemental Information - Calculation of Non-GAAP Financial Measures" at the end of this document.
(2)
Estimated for June 30, 2025 and actuals for prior periods.
(3)
Period-end balances of net loans and mortgage loans held for sale as a percentage of total deposits.
(4)
Annualized based on the actual number of days in the period.
(5)
Fully taxable equivalent (FTE) net interest income as a percentage of average-earnings assets.
(6)
Net income divided by average assets.
(7)
Net income available for common shareholders divided by average equity.
(8)
Total noninterest expense as percentage of total revenues (net interest income and noninterest income).
Washington Trust Bancorp, Inc. and Subsidiaries
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited; Dollars in thousands)
For the Three Months Ended
For the Six Months Ended
Jun 30,2025
Mar 31,2025
Dec 31,2024
Sep 30,2024
Jun 30,2024
Jun 30,2025
Jun 30,2024
Wealth Management Results
Wealth Management Revenues:
Asset-based revenues
$9,745
$9,769
$9,910
$9,770
$9,239
$19,514
$18,328
Transaction-based revenues
375
122
139
219
439
497
688
Total wealth management revenues
$10,120
$9,891
$10,049
$9,989
$9,678
$20,011
$19,016
Assets Under Administration (AUA):
Balance at beginning of period
$6,818,390
$7,077,802
$7,052,408
$6,803,491
$6,858,322
$7,077,802
$6,588,406
Net investment appreciation (depreciation) & income
466,541
(148,748)
57,706
372,027
108,529
317,793
472,773
Net client asset outflows
(103,216)
(110,664)
(32,312)
(123,110)
(163,360)
(213,880)
(257,688)
Balance at end of period
$7,181,715
$6,818,390
$7,077,802
$7,052,408
$6,803,491
$7,181,715
$6,803,491
Percentage of AUA that are managed assets
91 %
91 %
91 %
91 %
91 %
91 %
91 %
Mortgage Banking Results
Mortgage Banking Revenues:
Realized gains on loan sales, net (1)
$2,460
$1,575
$2,493
$2,492
$2,205
