Westamerica Bancorporation Reports Third Quarter 2022 Financial Results
20 Octubre 2022 - 10:00AM
Westamerica Bancorporation (Nasdaq: WABC), parent company of
Westamerica Bank, generated net income for the third quarter 2022
of $34.8 million and diluted earnings per common share ("EPS") of
$1.29, including a life insurance gain equivalent to EPS of $0.03.
Third quarter 2022 net income was 37 percent higher than second
quarter 2022 net income of $25.3 million and EPS of $0.94.
"Westamerica’s third quarter 2022 results benefited from the
Company’s variable-rate bonds, cash and loans, as well as our
valuable deposit base. With 47 percent of average deposits
represented by non-interest bearing checking accounts and limited
reliance on time deposits, the cost of funding our loan and bond
portfolios was 0.03 percent in the third quarter 2022, unchanged
from the prior quarter. Operating expenses were well controlled and
credit quality remained solid,” said Chairman, President and CEO
David Payne. “Third quarter 2022 results generated an annualized
17.1 percent return on average common equity. Shareholders were
paid a $0.42 per common share dividend during the third quarter
2022,” concluded Payne.
Net interest income on a fully-taxable equivalent (FTE) basis
was $60.8 million for the third quarter 2022, compared to $48.0
million for the second quarter 2022. The yield earned on loans and
bonds for the third quarter 2022 was 3.47 percent, up from 2.77
percent for the second quarter 2022. The cost of funding the loan
and bond portfolios was 0.03 percent for both the third quarter and
second quarter of 2022. Variable rate assets at September 30, 2022
included $1.6 billion in collateralized loan obligations for which
interest rates reset quarterly, and $304.1 million in
interest-bearing cash balances for which the interest rate changes
concurrently with Federal Open Market Committee adjustments to the
federal funds rate.
Noninterest income for the third quarter 2022 totaled $11.8
million, including a $923 thousand life insurance gain. Noninterest
income for the second quarter 2022 was $11.3 million.
Noninterest expenses for the third quarter 2022 were $24.8
million compared to $24.6 million for the second quarter 2022.
Westamerica Bancorporation’s wholly owned subsidiary Westamerica
Bank, operates commercial banking and trust offices throughout
Northern and Central California.
Westamerica Bancorporation Web Address:
www.westamerica.com
For additional information contact: |
Westamerica Bancorporation1108 Fifth Avenue, San Rafael, CA
94901Robert A. Thorson – SVP &
Treasurer707-863-6840investments@westamerica.com |
FORWARD-LOOKING INFORMATION:
The following appears in accordance with the Private Securities
Litigation Reform Act of 1995:
This press release may contain forward-looking statements about
the Company, including descriptions of plans or objectives of its
management for future operations, products or services, and
forecasts of its revenues, earnings or other measures of economic
performance. Forward-looking statements can be identified by the
fact that they do not relate strictly to historical or current
facts. They often include the words "believe," "expect,"
"anticipate," "intend," "plan," "estimate," or words of similar
meaning, or future or conditional verbs such as "will," "would,"
"should," "could," or "may."
Forward-looking statements, by their nature, are subject to
risks and uncertainties. A number of factors — many of which are
beyond the Company's control — could cause actual conditions,
events or results to differ significantly from those described in
the forward-looking statements. The Company's most recent reports
filed with the Securities and Exchange Commission, including the
annual report for the year ended December 31, 2021 filed on Form
10-K and quarterly report for the quarter ended June 30, 2022 filed
on Form 10-Q, describe some of these factors, including certain
credit, interest rate, operational, liquidity and market risks
associated with the Company's business and operations. Other
factors described in these reports include changes in business and
economic conditions, competition, fiscal and monetary policies,
disintermediation, cyber security risks, legislation including the
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2011,
the Sarbanes-Oxley Act of 2002 and the Gramm-Leach-Bliley Act of
1999, and mergers and acquisitions.
Forward-looking statements speak only as of the date they are
made. The Company does not undertake to update forward-looking
statements to reflect circumstances or events that occur after the
date forward looking statements are made.
WESTAMERICA BANCORPORATIONFINANCIAL HIGHLIGHTSSeptember
30, 2022
1. Net
Income Summary. |
|
|
|
|
|
|
(in thousands except per-share amounts) |
|
|
|
|
% |
|
|
|
Q3'2022 |
Q3'2021 |
Change |
Q2'2022 |
|
|
|
|
|
|
|
Net Interest and Fee Income (FTE) |
$ |
60,780 |
|
$ |
43,952 |
|
38.3 |
% |
$ |
48,033 |
|
|
Provision for Credit
Losses |
|
- |
|
|
- |
|
n/m |
|
|
- |
|
|
Noninterest
Income |
|
11,818 |
|
|
11,282 |
|
4.8 |
% |
|
11,264 |
|
|
Noninterest
Expense |
|
24,767 |
|
|
24,697 |
|
0.3 |
% |
|
24,629 |
|
|
Income Before Taxes
(FTE) |
|
47,831 |
|
|
30,537 |
|
56.6 |
% |
|
34,668 |
|
|
Income Tax Provision
(FTE) |
|
13,071 |
|
|
8,474 |
|
54.2 |
% |
|
9,354 |
|
|
Net
Income |
$ |
34,760 |
|
$ |
22,063 |
|
57.5 |
% |
$ |
25,314 |
|
|
|
|
|
|
|
|
Average Common Shares
Outstanding |
|
26,906 |
|
|
26,866 |
|
0.1 |
% |
|
26,889 |
|
|
Diluted Average Common
Shares |
|
26,916 |
|
|
26,875 |
|
0.2 |
% |
|
26,901 |
|
|
|
|
|
|
|
|
Operating
Ratios: |
|
|
|
|
|
Basic Earnings Per Common Share |
$ |
1.29 |
|
$ |
0.82 |
|
57.3 |
% |
$ |
0.94 |
|
|
Diluted Earnings Per Common Share |
|
1.29 |
|
|
0.82 |
|
57.3 |
% |
|
0.94 |
|
|
Return On Assets (a) |
|
1.85 |
% |
|
1.22 |
% |
|
|
1.37 |
% |
|
Return On Common Equity (a) |
|
17.1 |
% |
|
11.6 |
% |
|
|
12.9 |
% |
|
Net Interest Margin (FTE) (a) |
|
3.44 |
% |
|
2.60 |
% |
|
|
2.74 |
% |
|
Efficiency Ratio (FTE) |
|
34.1 |
% |
|
44.7 |
% |
|
|
41.5 |
% |
|
|
|
|
|
|
|
Dividends Paid Per
Common Share |
$ |
0.42 |
|
$ |
0.41 |
|
2.4 |
% |
$ |
0.42 |
|
|
Common Dividend Payout
Ratio |
|
33 |
% |
|
50 |
% |
|
|
45 |
% |
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
9/30'22YTD |
9/30'21YTD |
Change |
|
|
|
|
|
|
|
|
Net Interest and Fee
Income (FTE) |
$ |
152,620 |
|
$ |
131,034 |
|
16.5 |
% |
|
|
Provision for Credit
Losses |
|
- |
|
|
- |
|
n/m |
|
|
|
Noninterest Income
(1) |
|
34,658 |
|
|
32,503 |
|
6.6 |
% |
|
|
Noninterest
Expense |
|
74,271 |
|
|
73,894 |
|
0.5 |
% |
|
|
Income Before Taxes
(FTE) |
|
113,007 |
|
|
89,643 |
|
26.1 |
% |
|
|
Income Tax Provision
(FTE) |
|
30,317 |
|
|
24,854 |
|
22.0 |
% |
|
|
Net
Income |
$ |
82,690 |
|
$ |
64,789 |
|
27.6 |
% |
|
|
|
|
|
|
|
|
Average Common Shares
Outstanding |
|
26,889 |
|
|
26,851 |
|
0.1 |
% |
|
|
Diluted Average Common
Shares |
|
26,901 |
|
|
26,868 |
|
0.1 |
% |
|
|
|
|
|
|
|
|
Operating
Ratios: |
|
|
|
|
|
Basic Earnings Per Common Share |
$ |
3.08 |
|
$ |
2.41 |
|
27.8 |
% |
|
|
Diluted Earnings Per Common Share |
|
3.07 |
|
|
2.41 |
|
27.4 |
% |
|
|
Return On Assets (a) |
|
1.49 |
% |
|
1.25 |
% |
|
|
|
Return On Common Equity (a) |
|
14.0 |
% |
|
11.6 |
% |
|
|
|
Net Interest Margin (FTE) (a) |
|
2.90 |
% |
|
2.67 |
% |
|
|
|
Efficiency Ratio (FTE) |
|
39.7 |
% |
|
45.2 |
% |
|
|
|
|
|
|
|
|
|
Dividends Paid Per
Common Share |
$ |
1.26 |
|
$ |
1.23 |
|
2.4 |
% |
|
|
Common Dividend Payout
Ratio |
|
41 |
% |
|
51 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
2. Net
Interest Income. |
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
% |
|
|
|
Q3'2022 |
Q3'2021 |
Change |
Q2'2022 |
|
|
|
|
|
|
|
Interest and Fee Income (FTE) |
$ |
61,267 |
|
$ |
44,444 |
|
37.9 |
% |
$ |
48,516 |
|
|
Interest
Expense |
|
487 |
|
|
492 |
|
-1.0 |
% |
|
483 |
|
|
Net Interest and Fee
Income (FTE) |
$ |
60,780 |
|
$ |
43,952 |
|
38.3 |
% |
$ |
48,033 |
|
|
|
|
|
|
|
|
Average Earning
Assets |
$ |
7,041,313 |
|
$ |
6,754,281 |
|
4.2 |
% |
$ |
7,000,862 |
|
|
Average
Interest-Bearing Liabilities |
|
3,520,083 |
|
|
3,370,840 |
|
4.4 |
% |
|
3,549,140 |
|
|
|
|
|
|
|
|
Yield on Earning
Assets (FTE) (a) |
|
3.47 |
% |
|
2.63 |
% |
|
|
2.77 |
% |
|
Cost of Funds
(a) |
|
0.03 |
% |
|
0.03 |
% |
|
|
0.03 |
% |
|
Net Interest Margin
(FTE) (a) |
|
3.44 |
% |
|
2.60 |
% |
|
|
2.74 |
% |
|
Interest
Expense/Interest-Bearing Liabilities (a) |
|
0.05 |
% |
|
0.06 |
% |
|
|
0.05 |
% |
|
Net Interest Spread
(FTE) (a) |
|
3.42 |
% |
|
2.57 |
% |
|
|
2.72 |
% |
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
9/30'22YTD |
9/30'21YTD |
Change |
|
|
|
|
|
|
|
|
Interest and Fee
Income (FTE) |
$ |
154,070 |
|
$ |
132,485 |
|
16.3 |
% |
|
|
Interest
Expense |
|
1,450 |
|
|
1,451 |
|
-0.1 |
% |
|
|
Net Interest and Fee
Income (FTE) |
$ |
152,620 |
|
$ |
131,034 |
|
16.5 |
% |
|
|
|
|
|
|
|
|
Average Earning
Assets |
$ |
7,013,627 |
|
$ |
6,535,949 |
|
7.3 |
% |
|
|
Average
Interest-Bearing Liabilities |
|
3,538,361 |
|
|
3,267,311 |
|
8.3 |
% |
|
|
|
|
|
|
|
|
Yield on Earning
Assets (FTE) (a) |
|
2.93 |
% |
|
2.70 |
% |
|
|
|
Cost of Funds
(a) |
|
0.03 |
% |
|
0.03 |
% |
|
|
|
Net Interest Margin
(FTE) (a) |
|
2.90 |
% |
|
2.67 |
% |
|
|
|
Interest
Expense/Interest-Bearing Liabilities (a) |
|
0.05 |
% |
|
0.06 |
% |
|
|
|
Net Interest Spread
(FTE) (a) |
|
2.88 |
% |
|
2.64 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
3. Loans
& Other Earning Assets. |
|
|
|
|
|
|
(average volume, dollars in thousands) |
|
|
|
|
% |
|
|
|
Q3'2022 |
Q3'2021 |
Change |
Q2'2022 |
|
|
|
|
|
|
|
Total Assets |
$ |
7,472,304 |
|
$ |
7,158,462 |
|
4.4 |
% |
$ |
7,420,069 |
|
|
Total Earning
Assets |
|
7,041,313 |
|
|
6,754,281 |
|
4.2 |
% |
|
7,000,862 |
|
|
Total
Loans |
|
989,033 |
|
|
1,176,114 |
|
-15.9 |
% |
|
1,009,633 |
|
|
Total Commercial Loans |
|
190,325 |
|
|
333,327 |
|
-42.9 |
% |
|
202,585 |
|
|
Paycheck Protection Program (PPP) Loans |
|
10,453 |
|
|
144,641 |
|
-92.8 |
% |
|
20,997 |
|
|
Commercial Loans |
|
179,872 |
|
|
188,686 |
|
-4.7 |
% |
|
181,588 |
|
|
Commercial RE Loans |
|
494,717 |
|
|
543,429 |
|
-9.0 |
% |
|
508,003 |
|
|
Consumer Loans |
|
303,991 |
|
|
299,358 |
|
1.5 |
% |
|
299,045 |
|
|
Total Investment
Securities |
|
5,552,588 |
|
|
4,615,540 |
|
20.3 |
% |
|
5,008,929 |
|
|
Debt Securities Available For Sale |
|
4,845,055 |
|
|
4,235,141 |
|
14.4 |
% |
|
4,721,083 |
|
|
Debt Securities Held To Maturity |
|
707,533 |
|
|
380,399 |
|
86.0 |
% |
|
287,846 |
|
|
Total Interest-Bearing
Cash |
|
499,692 |
|
|
962,627 |
|
-48.1 |
% |
|
982,300 |
|
|
|
|
|
|
|
|
Loans/Deposits |
|
15.2 |
% |
|
18.9 |
% |
|
|
15.7 |
% |
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
9/30'22YTD |
9/30'21YTD |
Change |
|
|
|
|
|
|
|
|
Total
Assets |
$ |
7,433,140 |
|
$ |
6,939,636 |
|
7.1 |
% |
|
|
Total Earning
Assets |
|
7,013,627 |
|
|
6,535,949 |
|
7.3 |
% |
|
|
Total
Loans |
|
1,009,314 |
|
|
1,227,971 |
|
-17.8 |
% |
|
|
Total Commercial Loans |
|
200,206 |
|
|
380,638 |
|
-47.4 |
% |
|
|
PPP Loans |
|
22,347 |
|
|
180,214 |
|
-87.6 |
% |
|
|
Commercial Loans |
|
177,859 |
|
|
200,424 |
|
-11.3 |
% |
|
|
Commercial RE Loans |
|
508,812 |
|
|
549,639 |
|
-7.4 |
% |
|
|
Consumer Loans |
|
300,296 |
|
|
297,694 |
|
0.9 |
% |
|
|
Total Investment
Securities |
|
5,172,003 |
|
|
4,484,084 |
|
15.3 |
% |
|
|
Debt Securities Available For Sale |
|
4,741,400 |
|
|
4,046,289 |
|
17.2 |
% |
|
|
Debt Securities Held To Maturity |
|
430,603 |
|
|
437,795 |
|
-1.6 |
% |
|
|
Total Interest-Bearing
Cash |
|
832,310 |
|
|
823,894 |
|
1.0 |
% |
|
|
|
|
|
|
|
|
Loans/Deposits |
|
15.7 |
% |
|
20.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
4.
Deposits, Other Interest-Bearing Liabilities &
Equity. |
|
|
|
|
(average volume, dollars in thousands) |
|
|
|
|
% |
|
|
|
Q3'2022 |
Q3'2021 |
Change |
Q2'2022 |
|
|
|
|
|
|
|
Total Deposits |
$ |
6,495,051 |
|
$ |
6,223,500 |
|
4.4 |
% |
$ |
6,424,202 |
|
|
Noninterest Demand |
|
3,058,662 |
|
|
2,960,207 |
|
3.3 |
% |
|
2,998,360 |
|
|
Interest-Bearing Transaction |
|
1,308,310 |
|
|
1,246,667 |
|
4.9 |
% |
|
1,298,665 |
|
|
Savings |
|
1,989,275 |
|
|
1,864,401 |
|
6.7 |
% |
|
1,985,325 |
|
|
Time greater than $100K |
|
62,014 |
|
|
68,811 |
|
-9.9 |
% |
|
63,790 |
|
|
Time less than $100K |
|
76,790 |
|
|
83,414 |
|
-7.9 |
% |
|
78,062 |
|
|
Total Short-Term
Borrowings |
|
83,694 |
|
|
107,547 |
|
-22.2 |
% |
|
123,298 |
|
|
Shareholders'
Equity |
|
807,428 |
|
|
755,682 |
|
6.8 |
% |
|
788,078 |
|
|
|
|
|
|
|
|
Demand
Deposits/ |
|
|
|
|
|
Total Deposits |
|
47.1 |
% |
|
47.6 |
% |
|
|
46.7 |
% |
|
Transaction &
Savings |
|
|
|
|
|
Deposits / Total Deposits |
|
97.9 |
% |
|
97.6 |
% |
|
|
97.8 |
% |
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
9/30'22YTD |
9/30'21YTD |
Change |
|
|
|
|
|
|
|
|
Total
Deposits |
$ |
6,437,943 |
|
$ |
6,017,175 |
|
7.0 |
% |
|
|
Noninterest Demand |
|
3,020,892 |
|
|
2,854,936 |
|
5.8 |
% |
|
|
Interest-Bearing Transaction |
|
1,290,850 |
|
|
1,195,762 |
|
8.0 |
% |
|
|
Savings |
|
1,984,931 |
|
|
1,811,711 |
|
9.6 |
% |
|
|
Time greater than $100K |
|
63,318 |
|
|
70,258 |
|
-9.9 |
% |
|
|
Time less than $100K |
|
77,952 |
|
|
84,508 |
|
-7.8 |
% |
|
|
Total Short-Term
Borrowings |
|
121,310 |
|
|
105,001 |
|
15.5 |
% |
|
|
Other Borrowed
Funds |
|
- |
|
|
71 |
|
n/m |
|
|
|
Shareholders'
Equity |
|
790,691 |
|
|
745,382 |
|
6.1 |
% |
|
|
|
|
|
|
|
|
Demand
Deposits/ |
|
|
|
|
|
Total Deposits |
|
46.9 |
% |
|
47.4 |
% |
|
|
|
Transaction &
Savings |
|
|
|
|
|
Deposits / Total Deposits |
|
97.8 |
% |
|
97.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
5.
Interest Yields Earned & Rates Paid. |
|
|
|
|
|
(dollars in thousands) |
|
|
Q3'2022 |
|
|
Average |
Income/ |
Yield (a) / |
|
|
Volume |
Expense |
Rate (a) |
|
Interest & Fee
Income Earned |
|
|
|
|
Total Earning Assets (FTE) |
$ |
7,041,313 |
$ |
61,267 |
3.47 |
% |
|
Total Loans (FTE) |
|
989,033 |
|
12,298 |
4.93 |
% |
|
Total Commercial Loans (FTE) |
|
190,325 |
|
2,843 |
5.93 |
% |
|
PPP Loans |
|
10,453 |
|
533 |
20.24 |
% |
|
Commercial Loans (FTE) |
|
179,872 |
|
2,310 |
5.10 |
% |
|
Commercial RE Loans |
|
494,717 |
|
5,821 |
4.67 |
% |
|
Consumer Loans |
|
303,991 |
|
3,634 |
4.74 |
% |
|
Total Investments (FTE) |
|
5,552,588 |
|
46,227 |
3.33 |
% |
|
Total Debt Securities Available For Sale
(FTE) |
|
4,845,055 |
|
39,388 |
3.22 |
% |
|
Corporate Securities |
|
2,518,870 |
|
17,404 |
2.76 |
% |
|
Collateralized Loan Obligations |
|
1,600,611 |
|
16,355 |
4.00 |
% |
|
Agency Mortgage Backed Securities |
|
336,392 |
|
2,001 |
2.38 |
% |
|
Securities of U.S. Government
sponsored entities |
|
288,538 |
|
2,604 |
3.61 |
% |
|
Obligations of States and
Political Subdivisions (FTE) |
|
86,357 |
|
660 |
3.06 |
% |
|
Other Debt Securities Available For Sale
(FTE) |
|
14,287 |
|
364 |
10.18 |
% |
|
Total Debt Securities Held To Maturity (FTE) |
|
707,533 |
|
6,839 |
3.87 |
% |
|
Agency Mortgage Backed Securities |
|
117,606 |
|
586 |
1.99 |
% |
|
Corporate Securities |
|
477,881 |
|
5,230 |
4.38 |
% |
|
Obligations of States and
Political Subdivisions (FTE) |
|
112,046 |
|
1,023 |
3.65 |
% |
|
Total Interest-Bearing Cash |
|
499,692 |
|
2,742 |
2.15 |
% |
|
|
|
|
|
|
Interest Expense
Paid |
|
|
|
|
Total Earning Assets |
|
7,041,313 |
|
487 |
0.03 |
% |
|
Total Interest-Bearing Liabilities |
|
3,520,083 |
|
487 |
0.05 |
% |
|
Total Interest-Bearing Deposits |
|
3,436,389 |
|
470 |
0.05 |
% |
|
Interest-Bearing Transaction |
|
1,308,310 |
|
94 |
0.03 |
% |
|
Savings |
|
1,989,275 |
|
290 |
0.06 |
% |
|
Time less than $100K |
|
76,790 |
|
47 |
0.24 |
% |
|
Time greater than $100K |
|
62,014 |
|
39 |
0.25 |
% |
|
Total Short-Term Borrowings |
|
83,694 |
|
17 |
0.08 |
% |
|
|
|
|
|
|
Net Interest Income
and Margin (FTE) |
|
$ |
60,780 |
3.44 |
% |
|
|
|
|
|
|
|
Q3'2021 |
|
|
Average |
Income/ |
Yield (a) / |
|
|
Volume |
Expense |
Rate (a) |
|
Interest & Fee
Income Earned |
|
|
|
|
Total Earning Assets (FTE) |
$ |
6,754,281 |
$ |
44,444 |
2.63 |
% |
|
Total Loans (FTE) |
|
1,176,114 |
|
14,893 |
5.02 |
% |
|
Total Commercial Loans (FTE) |
|
333,327 |
|
3,866 |
4.60 |
% |
|
PPP Loans |
|
144,641 |
|
1,865 |
5.12 |
% |
|
Commercial Loans (FTE) |
|
188,686 |
|
2,001 |
4.21 |
% |
|
Commercial RE Loans |
|
543,429 |
|
7,457 |
5.44 |
% |
|
Consumer Loans |
|
299,358 |
|
3,570 |
4.73 |
% |
|
Total Investments (FTE) |
|
4,615,540 |
|
29,182 |
2.53 |
% |
|
Total Debt Securities Available For Sale
(FTE) |
|
4,235,141 |
|
26,736 |
2.51 |
% |
|
Corporate Securities |
|
2,506,856 |
|
17,974 |
2.87 |
% |
|
Collateralized Loan Obligations |
|
1,148,445 |
|
5,631 |
1.92 |
% |
|
Agency Mortgage Backed Securities |
|
470,250 |
|
2,022 |
1.72 |
% |
|
Obligations of States and
Political Subdivisions (FTE) |
|
95,229 |
|
747 |
3.14 |
% |
|
Other Debt Securities Available For Sale
(FTE) |
|
14,361 |
|
362 |
10.09 |
% |
|
Total Debt Securities Held To Maturity (FTE) |
|
380,399 |
|
2,446 |
2.57 |
% |
|
Agency Mortgage Backed Securities |
|
178,381 |
|
753 |
1.69 |
% |
|
Obligations of States and
Political Subdivisions (FTE) |
|
202,018 |
|
1,693 |
3.35 |
% |
|
Total Interest-Bearing Cash |
|
962,627 |
|
369 |
0.15 |
% |
|
|
|
|
|
|
Interest Expense
Paid |
|
|
|
|
Total Earning Assets |
|
6,754,281 |
|
492 |
0.03 |
% |
|
Total Interest-Bearing Liabilities |
|
3,370,840 |
|
492 |
0.06 |
% |
|
Total Interest-Bearing Deposits |
|
3,263,293 |
|
473 |
0.06 |
% |
|
Interest-Bearing Transaction |
|
1,246,667 |
|
101 |
0.03 |
% |
|
Savings |
|
1,864,401 |
|
272 |
0.06 |
% |
|
Time less than $100K |
|
83,414 |
|
42 |
0.20 |
% |
|
Time greater than $100K |
|
68,811 |
|
58 |
0.33 |
% |
|
Total Short-Term Borrowings |
|
107,547 |
|
19 |
0.07 |
% |
|
|
|
|
|
|
Net Interest Income
and Margin (FTE) |
|
$ |
43,952 |
2.60 |
% |
|
|
|
|
|
|
|
6.
Noninterest Income. |
|
|
|
|
|
|
(dollars in thousands except per-share
amounts) |
|
|
|
|
% |
|
|
|
Q3'2022 |
Q3'2021 |
Change |
Q2'2022 |
|
|
|
|
|
|
|
Service Charges on Deposits |
$ |
3,737 |
|
$ |
3,578 |
|
4.4 |
% |
$ |
3,687 |
|
|
Merchant Processing
Services |
|
2,925 |
|
|
3,159 |
|
-7.4 |
% |
|
3,374 |
|
|
Debit Card
Fees |
|
1,594 |
|
|
1,740 |
|
-8.4 |
% |
|
1,709 |
|
|
Trust
Fees |
|
810 |
|
|
839 |
|
-3.5 |
% |
|
809 |
|
|
ATM Processing
Fees |
|
594 |
|
|
573 |
|
3.7 |
% |
|
469 |
|
|
Other Service
Fees |
|
463 |
|
|
475 |
|
-2.6 |
% |
|
480 |
|
|
Financial Services
Commissions |
|
79 |
|
|
95 |
|
-16.8 |
% |
|
118 |
|
|
Life Insurance
Gains |
|
923 |
|
|
- |
|
n/m |
|
|
- |
|
|
Other Noninterest
Income |
|
693 |
|
|
823 |
|
-15.8 |
% |
|
618 |
|
|
Total Noninterest
Income |
$ |
11,818 |
|
$ |
11,282 |
|
4.8 |
% |
$ |
11,264 |
|
|
|
|
|
|
|
|
Total Revenue (FTE) |
$ |
72,598 |
|
$ |
55,234 |
|
31.4 |
% |
$ |
59,297 |
|
|
Noninterest Income/Revenue (FTE) |
|
16.3 |
% |
|
20.4 |
% |
|
|
19.0 |
% |
|
Service Charges/Avg. Deposits (a) |
|
0.23 |
% |
|
0.23 |
% |
|
|
0.23 |
% |
|
Total Revenue (FTE) Per Avg. Common Share
(a) |
$ |
10.70 |
|
$ |
8.16 |
|
31.2 |
% |
$ |
8.85 |
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
9/30'22YTD |
9/30'21YTD |
Change |
|
|
|
|
|
|
|
|
Service Charges on
Deposits |
$ |
11,006 |
|
$ |
10,117 |
|
8.8 |
% |
|
|
Merchant Processing
Services |
|
8,922 |
|
|
8,998 |
|
-0.8 |
% |
|
|
Debit Card Fees
(1) |
|
6,175 |
|
|
5,132 |
|
20.3 |
% |
|
|
Trust
Fees |
|
2,462 |
|
|
2,467 |
|
-0.2 |
% |
|
|
ATM Processing
Fees |
|
1,514 |
|
|
1,792 |
|
-15.5 |
% |
|
|
Other Service
Fees |
|
1,392 |
|
|
1,435 |
|
-3.0 |
% |
|
|
Financial Services
Commissions |
|
314 |
|
|
260 |
|
20.8 |
% |
|
|
Life Insurance
Gains |
|
923 |
|
|
- |
|
n/m |
|
|
|
Securities
Gains |
|
- |
|
|
34 |
|
n/m |
|
|
|
Other Noninterest
Income |
|
1,950 |
|
|
2,268 |
|
-14.0 |
% |
|
|
Total Noninterest
Income |
$ |
34,658 |
|
$ |
32,503 |
|
6.6 |
% |
|
|
|
|
|
|
|
|
Total Revenue (FTE) |
$ |
187,278 |
|
$ |
163,537 |
|
14.5 |
% |
|
|
Noninterest Income/Revenue (FTE) |
|
18.5 |
% |
|
19.9 |
% |
|
|
|
Service Charges/Avg. Deposits (a) |
|
0.23 |
% |
|
0.22 |
% |
|
|
|
Total Revenue (FTE) Per Avg./Common Share (a) |
$ |
9.31 |
|
$ |
8.14 |
|
14.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
7.
Noninterest Expense. |
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
% |
|
|
|
Q3'2022 |
Q3'2021 |
Change |
Q2'2022 |
|
|
|
|
|
|
|
Salaries & Benefits |
$ |
11,311 |
|
$ |
11,813 |
|
-4.2 |
% |
$ |
11,412 |
|
|
Occupancy and
Equipment |
|
5,064 |
|
|
4,759 |
|
6.4 |
% |
|
4,856 |
|
|
Outsourced Data
Processing |
|
2,434 |
|
|
2,429 |
|
0.2 |
% |
|
2,423 |
|
|
Limited Partnership
Operating Losses |
|
1,431 |
|
|
620 |
|
130.8 |
% |
|
1,431 |
|
|
Professional
Fees |
|
582 |
|
|
724 |
|
-19.6 |
% |
|
736 |
|
|
Courier
Service |
|
671 |
|
|
534 |
|
25.7 |
% |
|
661 |
|
|
Other Noninterest
Expense |
|
3,274 |
|
|
3,818 |
|
-14.2 |
% |
|
3,110 |
|
|
Total Noninterest
Expense |
$ |
24,767 |
|
$ |
24,697 |
|
0.3 |
% |
$ |
24,629 |
|
|
|
|
|
|
|
|
Noninterest
Expense/Avg. Earning Assets (a) |
|
1.40 |
% |
|
1.45 |
% |
|
|
1.41 |
% |
|
Noninterest
Expense/Revenues (FTE) |
|
34.1 |
% |
|
44.7 |
% |
|
|
41.5 |
% |
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
9/30'22YTD |
9/30'21YTD |
Change |
|
|
|
|
|
|
|
|
Salaries &
Benefits |
$ |
34,643 |
|
$ |
36,575 |
|
-5.3 |
% |
|
|
Occupancy and
Equipment |
|
14,666 |
|
|
14,447 |
|
1.5 |
% |
|
|
Outsourced Data
Processing |
|
7,294 |
|
|
7,244 |
|
0.7 |
% |
|
|
Limited Partnership
Operating Losses |
|
4,293 |
|
|
1,820 |
|
135.9 |
% |
|
|
Professional
Fees |
|
2,054 |
|
|
2,496 |
|
-17.7 |
% |
|
|
Courier
Service |
|
1,914 |
|
|
1,605 |
|
19.3 |
% |
|
|
Other Noninterest
Expense |
|
9,407 |
|
|
9,707 |
|
-3.1 |
% |
|
|
Total Noninterest
Expense |
$ |
74,271 |
|
$ |
73,894 |
|
0.5 |
% |
|
|
|
|
|
|
|
|
Noninterest
Expense/Avg. Earning Assets (a) |
|
1.42 |
% |
|
1.51 |
% |
|
|
|
Noninterest
Expense/Revenues (FTE) |
|
39.7 |
% |
|
45.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
8.
Allowance for Credit Losses. |
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
% |
|
|
|
Q3'2022 |
Q3'2021 |
Change |
Q2'2022 |
|
|
|
|
|
|
|
Average Total Loans |
$ |
989,033 |
|
$ |
1,176,114 |
|
-15.9 |
% |
$ |
1,009,633 |
|
|
|
|
|
|
|
|
Beginning of Period
Allowance for Credit Losses on Loans (ACLL) |
$ |
22,313 |
|
$ |
23,737 |
|
-6.0 |
% |
$ |
22,925 |
|
|
Provision for Credit
Losses |
|
- |
|
|
2 |
|
n/m |
|
|
- |
|
|
Net ACLL (Losses)
Recoveries |
|
(1,095 |
) |
|
143 |
|
n/m |
|
|
(612 |
) |
|
End of Period
ACLL |
$ |
21,218 |
|
$ |
23,882 |
|
-11.2 |
% |
$ |
22,313 |
|
|
Gross ACLL Recoveries
/ Gross ACLL Losses |
|
43 |
% |
|
115 |
% |
|
|
57 |
% |
|
Net ACLL Losses
(Recoveries) / Avg. Total Loans (a)
|
|
0.44 |
% |
|
(0.05 |
%) |
|
|
0.24 |
% |
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
9/30'22YTD |
9/30'21YTD |
Change |
|
|
|
|
|
|
|
|
Average Total
Loans |
$ |
1,009,314 |
|
$ |
1,227,971 |
|
-17.8 |
% |
|
|
|
|
|
|
|
|
Beginning of Period
ACLL |
$ |
23,514 |
|
$ |
23,854 |
|
-1.4 |
% |
|
|
Provision for Credit
Losses |
|
- |
|
|
2 |
|
n/m |
|
|
|
Net ACLL (Losses)
Recoveries |
|
(2,296 |
) |
|
26 |
|
n/m |
|
|
|
End of Period
ACLL |
$ |
21,218 |
|
$ |
23,882 |
|
-11.2 |
% |
|
|
Gross ACLL Recoveries
/ Gross ACLL Losses |
|
49 |
% |
|
101 |
% |
|
|
|
Net ACLL Losses
(Recoveries) / Avg. Total Loans (a)
|
|
0.30 |
% |
|
0.00 |
% |
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
% |
|
|
|
9/30/22 |
9/30/21 |
Change |
6/30/22 |
|
Allowance for Credit
Losses on Loans |
$ |
21,218 |
|
$ |
23,882 |
|
-11.2 |
% |
$ |
22,313 |
|
|
Allowance for Credit
Losses on HTM Securities |
|
7 |
|
|
7 |
|
0.0 |
% |
|
7 |
|
|
Total Allowance for Credit Losses |
$ |
21,225 |
|
$ |
23,889 |
|
-11.2 |
% |
$ |
22,320 |
|
|
|
|
|
|
|
|
Allowance for Unfunded
Credit Commitments |
$ |
201 |
|
$ |
101 |
|
99.3 |
% |
$ |
201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9. Credit
Quality. |
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
% |
|
|
|
9/30/22 |
9/30/21 |
Change |
6/30/22 |
|
Nonperforming
Loans: |
|
|
|
|
|
Nonperforming Nonaccrual |
$ |
131 |
|
$ |
801 |
|
-83.6 |
% |
$ |
12 |
|
|
Performing Nonaccrual |
|
66 |
|
|
436 |
|
-84.9 |
% |
|
235 |
|
|
Total Nonaccrual Loans |
|
197 |
|
|
1,237 |
|
-84.1 |
% |
|
247 |
|
|
90+ Days Past Due Accruing Loans |
|
769 |
|
|
537 |
|
43.2 |
% |
|
614 |
|
|
Total Nonperforming Loans |
$ |
966 |
|
$ |
1,774 |
|
-45.5 |
% |
$ |
861 |
|
|
|
|
|
|
|
|
Total Loans
Outstanding |
$ |
979,033 |
|
$ |
1,132,472 |
|
-13.5 |
% |
$ |
999,768 |
|
|
|
|
|
|
|
|
Total
Assets |
|
7,177,025 |
|
|
7,403,573 |
|
-3.1 |
% |
|
7,222,405 |
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
Allowance for Credit Losses on Loans |
$ |
21,218 |
|
$ |
23,882 |
|
-11.2 |
% |
$ |
22,313 |
|
|
Allowance for Credit Losses on Loans / Loans |
|
2.17 |
% |
|
2.11 |
% |
|
|
2.23 |
% |
|
Nonperforming
Loans/Total Loans |
|
0.10 |
% |
|
0.16 |
% |
|
|
0.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
10.
Capital. |
|
|
|
|
|
|
(in thousands, except per-share amounts) |
|
|
|
|
% |
|
|
|
9/30/22 |
9/30/21 |
Change |
6/30/22 |
|
|
|
|
|
|
|
Shareholders' Equity |
$ |
538,988 |
|
$ |
837,953 |
|
-35.7 |
% |
$ |
617,126 |
|
|
Total
Assets |
|
7,177,025 |
|
|
7,403,573 |
|
-3.1 |
% |
|
7,222,405 |
|
|
Shareholders'
Equity/Total Assets |
|
7.51 |
% |
|
11.32 |
% |
|
|
8.54 |
% |
|
Shareholders'
Equity/Total Loans |
|
55.05 |
% |
|
73.99 |
% |
|
|
61.73 |
% |
|
Tangible Common Equity
Ratio |
|
5.91 |
% |
|
9.83 |
% |
|
|
6.97 |
% |
|
Common Shares
Outstanding |
|
26,911 |
|
|
26,866 |
|
0.2 |
% |
|
26,896 |
|
|
Common Equity Per
Share |
$ |
20.03 |
|
$ |
31.19 |
|
-35.8 |
% |
$ |
22.94 |
|
|
Market Value Per
Common Share |
|
52.29 |
|
|
56.26 |
|
-7.1 |
% |
|
55.66 |
|
|
|
|
|
|
|
|
|
(shares in thousands) |
|
|
|
|
% |
|
|
|
Q3'2022 |
Q3'2021 |
Change |
Q2'2022 |
|
Share Repurchase
Programs: |
|
|
|
|
|
Total Shares Repurchased |
|
- |
|
|
- |
|
n/m |
|
|
- |
|
|
Average Repurchase Price |
$ |
- |
|
$ |
- |
|
n/m |
|
$ |
- |
|
|
Net Shares Issued |
|
(15 |
) |
|
(1 |
) |
n/m |
|
|
(13 |
) |
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
9/30'22YTD |
9/30'21YTD |
Change |
|
|
|
|
|
|
|
|
Total Shares Repurchased |
|
3 |
|
|
4 |
|
n/m |
|
|
|
Average Repurchase Price |
$ |
58.66 |
|
$ |
61.09 |
|
n/m |
|
|
|
Net Shares Issued |
|
(45 |
) |
|
(59 |
) |
n/m |
|
|
|
|
|
|
|
|
|
|
|
|
11.
Period-End Balance Sheets. |
|
|
|
|
|
|
(unaudited, dollars in thousands) |
|
|
|
|
% |
|
|
|
9/30/22 |
9/30/21 |
Change |
6/30/22 |
|
Assets: |
|
|
|
|
|
Cash and Due from Banks |
$ |
413,665 |
|
$ |
1,011,048 |
|
-59.1 |
% |
$ |
753,293 |
|
|
|
|
|
|
|
|
Debt Securities Available For Sale: |
|
|
|
|
|
Corporate Securities |
|
2,138,508 |
|
|
2,668,389 |
|
-19.9 |
% |
|
2,296,853 |
|
|
Collateralized Loan Obligations |
|
1,587,622 |
|
|
1,379,533 |
|
15.1 |
% |
|
1,601,333 |
|
|
Agency Mortgage Backed Securities |
|
296,689 |
|
|
458,053 |
|
-35.2 |
% |
|
331,425 |
|
|
Securities of U.S. Government
sponsored entities |
|
272,525 |
|
|
- |
|
n/m |
|
|
290,725 |
|
|
Obligations of States and
Political Subdivisions |
|
80,987 |
|
|
96,603 |
|
-16.2 |
% |
|
86,676 |
|
|
Other Debt Securities Available For Sale |
|
- |
|
|
128 |
|
n/m |
|
|
102 |
|
|
Total Debt Securities Available For Sale |
|
4,376,331 |
|
|
4,602,706 |
|
-4.9 |
% |
|
4,607,114 |
|
|
|
|
|
|
|
|
Debt Securities Held To Maturity: |
|
|
|
|
|
Agency Mortgage Backed Securities |
|
112,371 |
|
|
166,955 |
|
-32.7 |
% |
|
121,810 |
|
|
Corporate Securities |
|
720,154 |
|
|
- |
|
n/m |
|
|
181,316 |
|
|
Obligations of States and
Political Subdivisions (2) |
|
103,742 |
|
|
189,151 |
|
-45.2 |
% |
|
139,228 |
|
|
Total Debt Securities Held To Maturity (2) |
|
936,267 |
|
|
356,106 |
|
162.9 |
% |
|
442,354 |
|
|
|
|
|
|
|
|
Loans |
|
979,033 |
|
|
1,132,472 |
|
-13.5 |
% |
|
999,768 |
|
|
Allowance For Credit Losses on Loans |
|
(21,218 |
) |
|
(23,882 |
) |
-11.2 |
% |
|
(22,313 |
) |
|
Total Loans, net |
|
957,815 |
|
|
1,108,590 |
|
-13.6 |
% |
|
977,455 |
|
|
|
|
|
|
|
|
Premises and Equipment, net |
|
29,756 |
|
|
31,603 |
|
-5.8 |
% |
|
30,309 |
|
|
Identifiable Intangibles, net |
|
644 |
|
|
900 |
|
-28.4 |
% |
|
707 |
|
|
Goodwill |
|
121,673 |
|
|
121,673 |
|
0.0 |
% |
|
121,673 |
|
|
Other Assets |
|
340,874 |
|
|
170,947 |
|
99.4 |
% |
|
289,500 |
|
|
|
|
|
|
|
|
Total
Assets |
$ |
7,177,025 |
|
$ |
7,403,573 |
|
-3.1 |
% |
$ |
7,222,405 |
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity: |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Noninterest-Bearing |
$ |
3,069,907 |
|
$ |
2,988,329 |
|
2.7 |
% |
$ |
2,987,725 |
|
|
Interest-Bearing Transaction |
|
1,338,855 |
|
|
1,257,460 |
|
6.5 |
% |
|
1,303,700 |
|
|
Savings |
|
1,949,711 |
|
|
1,894,290 |
|
2.9 |
% |
|
1,983,713 |
|
|
Time |
|
136,783 |
|
|
148,882 |
|
-8.1 |
% |
|
140,453 |
|
|
Total Deposits |
|
6,495,256 |
|
|
6,288,961 |
|
3.3 |
% |
|
6,415,591 |
|
|
|
|
|
|
|
|
Short-Term Borrowed Funds |
|
76,886 |
|
|
119,102 |
|
-35.4 |
% |
|
118,167 |
|
|
Other Liabilities |
|
65,895 |
|
|
157,557 |
|
-58.2 |
% |
|
71,521 |
|
|
Total
Liabilities |
|
6,638,037 |
|
|
6,565,620 |
|
1.1 |
% |
|
6,605,279 |
|
|
|
|
|
|
|
|
Shareholders'
Equity: |
|
|
|
|
|
Common Equity: |
|
|
|
|
|
Paid-In Capital |
|
474,732 |
|
|
470,711 |
|
0.9 |
% |
|
473,555 |
|
|
Accumulated Other Comprehensive (Loss)
Income |
|
(290,797 |
) |
|
71,284 |
|
n/m |
|
|
(188,025 |
) |
|
Retained Earnings |
|
355,053 |
|
|
295,958 |
|
20.0 |
% |
|
331,596 |
|
|
Total Shareholders'
Equity |
|
538,988 |
|
|
837,953 |
|
-35.7 |
% |
|
617,126 |
|
|
|
|
|
|
|
|
Total Liabilities and
Shareholders' Equity |
$ |
7,177,025 |
|
$ |
7,403,573 |
|
-3.1 |
% |
$ |
7,222,405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12. Income
Statements. |
|
|
|
|
|
|
(unaudited, in thousands except per-share
amounts) |
|
|
|
|
% |
|
|
|
Q3'2022 |
Q3'2021 |
Change |
Q2'2022 |
|
Interest & Fee
Income: |
|
|
|
|
|
Loans |
$ |
12,208 |
$ |
14,789 |
-17.5 |
% |
$ |
12,331 |
|
Equity Securities |
|
127 |
|
109 |
16.5 |
% |
|
129 |
|
Debt Securities Available For Sale |
|
39,100 |
|
26,452 |
47.8 |
% |
|
31,764 |
|
Debt Securities Held To Maturity |
|
6,625 |
|
2,091 |
216.9 |
% |
|
1,771 |
|
Interest-Bearing Cash |
|
2,742 |
|
369 |
643.1 |
% |
|
2,002 |
|
Total Interest &
Fee Income |
|
60,802 |
|
43,810 |
38.8 |
% |
|
47,997 |
|
|
|
|
|
|
|
Interest
Expense: |
|
|
|
|
|
Transaction Deposits |
|
94 |
|
101 |
-6.9 |
% |
|
91 |
|
Savings Deposits |
|
290 |
|
272 |
6.6 |
% |
|
288 |
|
Time Deposits |
|
86 |
|
100 |
-14.0 |
% |
|
82 |
|
Short-Term Borrowed Funds |
|
17 |
|
19 |
-10.5 |
% |
|
22 |
|
Total Interest
Expense |
|
487 |
|
492 |
-1.0 |
% |
|
483 |
|
|
|
|
|
|
|
Net Interest
Income |
|
60,315 |
|
43,318 |
39.2 |
% |
|
47,514 |
|
|
|
|
|
|
|
Provision for Credit
Losses |
|
- |
|
- |
n/m |
|
|
- |
|
|
|
|
|
|
|
Noninterest
Income: |
|
|
|
|
|
Service Charges |
|
3,737 |
|
3,578 |
4.4 |
% |
|
3,687 |
|
Merchant Processing Services |
|
2,925 |
|
3,159 |
-7.4 |
% |
|
3,374 |
|
Debit Card Fees |
|
1,594 |
|
1,740 |
-8.4 |
% |
|
1,709 |
|
Trust Fees |
|
810 |
|
839 |
-3.5 |
% |
|
809 |
|
ATM Processing Fees |
|
594 |
|
573 |
3.7 |
% |
|
469 |
|
Other Service Fees |
|
463 |
|
475 |
-2.6 |
% |
|
480 |
|
Financial Services Commissions |
|
79 |
|
95 |
-16.8 |
% |
|
118 |
|
Life Insurance Gains |
|
923 |
|
- |
n/m |
|
|
- |
|
Other Noninterest Income |
|
693 |
|
823 |
-15.8 |
% |
|
618 |
|
Total Noninterest
Income |
|
11,818 |
|
11,282 |
4.8 |
% |
|
11,264 |
|
|
|
|
|
|
|
Noninterest
Expense: |
|
|
|
|
|
Salaries and Benefits |
|
11,311 |
|
11,813 |
-4.2 |
% |
|
11,412 |
|
Occupancy and Equipment |
|
5,064 |
|
4,759 |
6.4 |
% |
|
4,856 |
|
Outsourced Data Processing |
|
2,434 |
|
2,429 |
0.2 |
% |
|
2,423 |
|
Limited Partnership Operating Losses |
|
1,431 |
|
620 |
130.8 |
% |
|
1,431 |
|
Professional Fees |
|
582 |
|
724 |
-19.6 |
% |
|
736 |
|
Courier Service |
|
671 |
|
534 |
25.7 |
% |
|
661 |
|
Other Noninterest Expense |
|
3,274 |
|
3,818 |
-14.2 |
% |
|
3,110 |
|
Total Noninterest
Expense |
|
24,767 |
|
24,697 |
0.3 |
% |
|
24,629 |
|
|
|
|
|
|
|
Income Before Income
Taxes |
|
47,366 |
|
29,903 |
58.4 |
% |
|
34,149 |
|
Income Tax
Provision |
|
12,606 |
|
7,840 |
60.8 |
% |
|
8,835 |
|
Net
Income |
$ |
34,760 |
$ |
22,063 |
57.5 |
% |
$ |
25,314 |
|
|
|
|
|
|
|
Average Common Shares
Outstanding |
|
26,906 |
|
26,866 |
0.1 |
% |
|
26,889 |
|
Diluted Common Shares
Outstanding |
|
26,916 |
|
26,875 |
0.2 |
% |
|
26,901 |
|
|
|
|
|
|
|
Per Common Share
Data: |
|
|
|
|
|
Basic Earnings |
$ |
1.29 |
$ |
0.82 |
57.3 |
% |
$ |
0.94 |
|
Diluted Earnings |
|
1.29 |
|
0.82 |
57.3 |
% |
|
0.94 |
|
Dividends Paid |
|
0.42 |
|
0.41 |
2.4 |
% |
|
0.42 |
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
9/30'22YTD |
9/30'21YTD |
Change |
|
|
Interest & Fee
Income: |
|
|
|
|
|
Loans |
$ |
37,481 |
$ |
44,434 |
-15.6 |
% |
|
|
Equity Securities |
|
384 |
|
329 |
16.7 |
% |
|
|
Debt Securities Available For Sale |
|
99,430 |
|
77,822 |
27.8 |
% |
|
|
Debt Securities Held To Maturity |
|
10,040 |
|
7,051 |
42.4 |
% |
|
|
Interest-Bearing Cash |
|
5,223 |
|
766 |
581.9 |
% |
|
|
Total Interest &
Fee Income |
|
152,558 |
|
130,402 |
17.0 |
% |
|
|
|
|
|
|
|
|
Interest
Expense: |
|
|
|
|
|
Transaction Deposits |
|
273 |
|
283 |
-3.5 |
% |
|
|
Savings Deposits |
|
861 |
|
785 |
9.7 |
% |
|
|
Time Deposits |
|
249 |
|
330 |
-24.5 |
% |
|
|
Short-Term Borrowed Funds |
|
67 |
|
53 |
26.4 |
% |
|
|
Total Interest
Expense |
|
1,450 |
|
1,451 |
-0.1 |
% |
|
|
|
|
|
|
|
|
Net Interest
Income |
|
151,108 |
|
128,951 |
17.2 |
% |
|
|
|
|
|
|
|
|
Provision for Credit
Losses |
|
- |
|
- |
n/m |
|
|
|
|
|
|
|
|
|
Noninterest
Income: |
|
|
|
|
|
Service Charges |
|
11,006 |
|
10,117 |
8.8 |
% |
|
|
Merchant Processing Services |
|
8,922 |
|
8,998 |
-0.8 |
% |
|
|
Debit Card Fees (1) |
|
6,175 |
|
5,132 |
20.3 |
% |
|
|
Trust Fees |
|
2,462 |
|
2,467 |
-0.2 |
% |
|
|
ATM Processing Fees |
|
1,514 |
|
1,792 |
-15.5 |
% |
|
|
Other Service Fees |
|
1,392 |
|
1,435 |
-3.0 |
% |
|
|
Financial Services Commissions |
|
314 |
|
260 |
20.8 |
% |
|
|
Life Insurance Gains |
|
923 |
|
- |
n/m |
|
|
|
Securities Gains |
|
- |
|
34 |
n/m |
|
|
|
Other Operating |
|
1,950 |
|
2,268 |
-14.0 |
% |
|
|
Total Noninterest
Income |
|
34,658 |
|
32,503 |
6.6 |
% |
|
|
|
|
|
|
|
|
Noninterest
Expense: |
|
|
|
|
|
Salaries and Benefits |
|
34,643 |
|
36,575 |
-5.3 |
% |
|
|
Occupancy and Equipment |
|
14,666 |
|
14,447 |
1.5 |
% |
|
|
Outsourced Data Processing |
|
7,294 |
|
7,244 |
0.7 |
% |
|
|
Limited Partnership Operating Losses |
|
4,293 |
|
1,820 |
135.9 |
% |
|
|
Professional Fees |
|
2,054 |
|
2,496 |
-17.7 |
% |
|
|
Courier Service |
|
1,914 |
|
1,605 |
19.3 |
% |
|
|
Other Operating |
|
9,407 |
|
9,707 |
-3.1 |
% |
|
|
Total Noninterest
Expense |
|
74,271 |
|
73,894 |
0.5 |
% |
|
|
|
|
|
|
|
|
Income Before Income
Taxes |
|
111,495 |
|
87,560 |
27.3 |
% |
|
|
Income Tax
Provision |
|
28,805 |
|
22,771 |
26.5 |
% |
|
|
Net
Income |
$ |
82,690 |
$ |
64,789 |
27.6 |
% |
|
|
|
|
|
|
|
|
Average Common Shares
Outstanding |
|
26,889 |
|
26,851 |
0.1 |
% |
|
|
Diluted Common Shares
Outstanding |
|
26,901 |
|
26,868 |
0.1 |
% |
|
|
|
|
|
|
|
|
Per Common Share
Data: |
|
|
|
|
|
Basic Earnings |
$ |
3.08 |
$ |
2.41 |
27.8 |
% |
|
|
Diluted Earnings |
|
3.07 |
|
2.41 |
27.4 |
% |
|
|
Dividends Paid |
|
1.26 |
|
1.23 |
2.4 |
% |
|
|
|
|
|
|
|
|
|
|
Footnotes and Abbreviations:
(1) The Company received a $1.2 million reconciling payment
from a payments network in the first quarter 2022. |
|
(2) Debt Securities Held To Maturity and Obligations of
States and Political Subdivisions are net of related reserve for
expected credit losses of $7 thousand at September 30, 2022, June
30, 2022 and September 30, 2021. |
|
(FTE) Fully Taxable Equivalent. The Company presents its
net interest margin and net interest income on a FTE basis using
the current statutory federal tax rate. Management believes the FTE
basis is valuable to the reader because the Company’s loan and
investment securities portfolios contain a relatively large portion
of municipal loans and securities that are federally tax exempt.
The Company’s tax exempt loans and securities composition may not
be similar to that of other banks, therefore in order to reflect
the impact of the federally tax exempt loans and securities on the
net interest margin and net interest income for comparability with
other banks, the Company presents its net interest margin and net
interest income on a FTE basis. |
|
(a) Annualized |
|
Certain amounts in prior periods have been reclassified to
conform to the current presentation. |
Westamerica Bancorporation (NASDAQ:WABC)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Westamerica Bancorporation (NASDAQ:WABC)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024