Westamerica Bancorporation (Nasdaq: WABC), parent company of
Westamerica Bank, generated net income for the fourth quarter 2022
of $39.3 million and diluted earnings per common share ("EPS") of
$1.46. Fourth quarter 2022 results compare to net income for third
quarter 2022 of $34.8 million and EPS of $1.29, which included a
life insurance gain equivalent to EPS of $0.03.
"Westamerica’s fourth quarter 2022 results benefited from the
Company’s valuable low-cost deposit base; the cost of funding our
loan and bond portfolios was 0.03 percent in the fourth quarter
2022, unchanged from the prior quarter. Non-interest bearing
deposits represented 47 percent of average deposits in the fourth
quarter 2022. The fourth quarter also benefited from higher yields
on variable-rate bonds, loans and cash. Operating expenses were
well controlled and credit quality remained solid with
nonperforming assets of $774 thousand at December 31, 2022,” said
Chairman, President and CEO David Payne. “Fourth quarter 2022
results generated an annualized 18.6 percent return on average
common equity. Shareholders were paid a $0.42 per common share
dividend during the fourth quarter 2022,” concluded Payne.
Net interest income on a fully-taxable equivalent (FTE) basis
was $69.2 million for the fourth quarter 2022, compared to $60.8
million for the third quarter 2022. The yield earned on loans,
bonds, and cash for the fourth quarter 2022 was 3.98 percent, up
from 3.47 percent for the third quarter 2022. The cost of
funding the loan, bond, and cash portfolios was 0.03 percent for
both the fourth quarter and third quarter of 2022. Variable rate
assets at December 31, 2022 included $1.6 billion in collateralized
loan obligations for which interest rates reset quarterly, and $192
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 fourth quarter 2022 totaled $10.5
million compared to $11.8 million for the third quarter 2022, which
included a $923 thousand life insurance gain.
Noninterest expenses for the fourth quarter 2022 were $25.1
million compared to $24.8 million for the third quarter 2022.
Westamerica Bancorporation’s wholly owned subsidiary Westamerica
Bank, operates commercial banking and trust offices throughout
Northern and Central California.
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 September 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.
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WESTAMERICA BANCORPORATION |
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FINANCIAL HIGHLIGHTS |
|
|
|
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|
December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
1. Net Income Summary. |
|
|
|
|
|
|
|
(in
thousands except per-share amounts) |
|
|
|
|
|
% |
|
|
|
|
Q4'2022 |
Q4'2021 |
Change |
Q3'2022 |
|
|
|
|
|
|
|
|
|
Net Interest and Fee Income (FTE) |
$ |
69,155 |
|
$ |
43,117 |
|
60.4 |
% |
$ |
60,780 |
|
|
|
Provision for Credit Losses |
|
- |
|
|
- |
|
n/m |
|
|
- |
|
|
|
Noninterest Income |
|
10,463 |
|
|
10,842 |
|
-3.5 |
% |
|
11,818 |
|
|
|
Noninterest Expense |
|
25,090 |
|
|
23,912 |
|
4.9 |
% |
|
24,767 |
|
|
|
Income Before Taxes (FTE) |
|
54,528 |
|
|
30,047 |
|
81.5 |
% |
|
47,831 |
|
|
|
Income Tax Provision (FTE) |
|
15,184 |
|
|
8,327 |
|
82.3 |
% |
|
13,071 |
|
|
|
Net
Income |
$ |
39,344 |
|
$ |
21,720 |
|
81.1 |
% |
$ |
34,760 |
|
|
|
|
|
|
|
|
|
|
Average Common Shares Outstanding |
|
26,912 |
|
|
26,866 |
|
0.2 |
% |
|
26,906 |
|
|
|
Diluted Average Common Shares |
|
26,924 |
|
|
26,875 |
|
0.2 |
% |
|
26,916 |
|
|
|
|
|
|
|
|
|
|
Operating Ratios: |
|
|
|
|
|
|
Basic Earnings Per Common Share |
$ |
1.46 |
|
$ |
0.81 |
|
80.2 |
% |
$ |
1.29 |
|
|
|
Diluted Earnings Per Common Share |
|
1.46 |
|
|
0.81 |
|
80.2 |
% |
|
1.29 |
|
|
|
Return On Assets (a) |
|
2.12 |
% |
|
1.17 |
% |
|
|
1.85 |
% |
|
|
Return On Common Equity (a) |
|
18.6 |
% |
|
11.2 |
% |
|
|
17.1 |
% |
|
|
Net Interest Margin (FTE) (a) |
|
3.95 |
% |
|
2.49 |
% |
|
|
3.44 |
% |
|
|
Efficiency Ratio (FTE) |
|
31.5 |
% |
|
44.3 |
% |
|
|
34.1 |
% |
|
|
|
|
|
|
|
|
|
Dividends Paid Per Common Share |
$ |
0.42 |
|
$ |
0.42 |
|
0.0 |
% |
$ |
0.42 |
|
|
|
Common Dividend Payout Ratio |
|
29 |
% |
|
52 |
% |
|
|
33 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
|
12/31'22YTD |
12/31'21YTD |
Change |
|
|
|
|
|
|
|
|
|
|
Net
Interest and Fee Income (FTE) |
$ |
221,775 |
|
$ |
174,151 |
|
27.3 |
% |
|
|
|
Provision for Credit Losses |
|
- |
|
|
- |
|
n/m |
|
|
|
|
Noninterest Income (1) |
|
45,121 |
|
|
43,345 |
|
4.1 |
% |
|
|
|
Noninterest Expense |
|
99,361 |
|
|
97,806 |
|
1.6 |
% |
|
|
|
Income Before Taxes (FTE) |
|
167,535 |
|
|
119,690 |
|
40.0 |
% |
|
|
|
Income Tax Provision (FTE) |
|
45,501 |
|
|
33,181 |
|
37.1 |
% |
|
|
|
Net
Income |
$ |
122,034 |
|
$ |
86,509 |
|
41.1 |
% |
|
|
|
|
|
|
|
|
|
|
Average Common Shares Outstanding |
|
26,895 |
|
|
26,855 |
|
0.1 |
% |
|
|
|
Diluted Average Common Shares |
|
26,907 |
|
|
26,870 |
|
0.1 |
% |
|
|
|
|
|
|
|
|
|
|
Operating Ratios: |
|
|
|
|
|
|
Basic Earnings Per Common Share |
$ |
4.54 |
|
$ |
3.22 |
|
41.0 |
% |
|
|
|
Diluted Earnings Per Common Share |
|
4.54 |
|
|
3.22 |
|
41.0 |
% |
|
|
|
Return On Assets |
|
1.65 |
% |
|
1.23 |
% |
|
|
|
|
Return On Common Equity |
|
15.2 |
% |
|
11.5 |
% |
|
|
|
|
Net Interest Margin (FTE) |
|
3.17 |
% |
|
2.62 |
% |
|
|
|
|
Efficiency Ratio (FTE) |
|
37.2 |
% |
|
45.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
Dividends Paid Per Common Share |
$ |
1.68 |
|
$ |
1.65 |
|
1.8 |
% |
|
|
|
Common Dividend Payout Ratio |
|
37 |
% |
|
51 |
% |
|
|
|
|
|
|
|
|
|
|
2. Net Interest Income. |
|
|
|
|
|
|
|
(dollars in
thousands) |
|
|
|
|
|
% |
|
|
|
|
Q4'2022 |
Q4'2021 |
Change |
Q3'2022 |
|
|
|
|
|
|
|
|
|
Interest and Fee Income (FTE) |
$ |
69,630 |
|
$ |
43,621 |
|
59.6 |
% |
$ |
61,267 |
|
|
|
Interest Expense |
|
475 |
|
|
504 |
|
-5.8 |
% |
|
487 |
|
|
|
Net
Interest and Fee Income (FTE) |
$ |
69,155 |
|
$ |
43,117 |
|
60.4 |
% |
$ |
60,780 |
|
|
|
|
|
|
|
|
|
|
Average Earning Assets |
$ |
6,930,584 |
|
$ |
6,919,528 |
|
0.2 |
% |
$ |
7,041,313 |
|
|
|
Average Interest- |
|
|
|
|
|
|
Bearing Liabilities |
|
3,412,189 |
|
|
3,468,111 |
|
-1.6 |
% |
|
3,520,083 |
|
|
|
|
|
|
|
|
|
|
Yield on Earning Assets (FTE) (a) |
|
3.98 |
% |
|
2.52 |
% |
|
|
3.47 |
% |
|
|
Cost
of Funds (a) |
|
0.03 |
% |
|
0.03 |
% |
|
|
0.03 |
% |
|
|
Net
Interest Margin (FTE) (a) |
|
3.95 |
% |
|
2.49 |
% |
|
|
3.44 |
% |
|
|
Interest Expense/ |
|
|
|
|
|
|
Interest-Bearing Liabilities
(a) |
|
0.06 |
% |
|
0.06 |
% |
|
|
0.05 |
% |
|
|
Net
Interest Spread (FTE) (a) |
|
3.92 |
% |
|
2.46 |
% |
|
|
3.42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
|
12/31'22YTD |
12/31'21YTD |
Change |
|
|
|
|
|
|
|
|
|
|
Interest and Fee Income (FTE) |
$ |
223,700 |
|
$ |
176,106 |
|
27.0 |
% |
|
|
|
Interest Expense |
|
1,925 |
|
|
1,955 |
|
-1.5 |
% |
|
|
|
Net
Interest and Fee Income (FTE) |
$ |
221,775 |
|
$ |
174,151 |
|
27.3 |
% |
|
|
|
|
|
|
|
|
|
|
Average Earning Assets |
$ |
6,992,696 |
|
$ |
6,632,632 |
|
5.4 |
% |
|
|
|
Average Interest- |
|
|
|
|
|
|
Bearing Liabilities |
|
3,506,559 |
|
|
3,317,924 |
|
5.7 |
% |
|
|
|
|
|
|
|
|
|
|
Yield on Earning Assets (FTE) |
|
3.20 |
% |
|
2.65 |
% |
|
|
|
|
Cost
of Funds |
|
0.03 |
% |
|
0.03 |
% |
|
|
|
|
Net
Interest Margin (FTE) |
|
3.17 |
% |
|
2.62 |
% |
|
|
|
|
Interest Expense/ |
|
|
|
|
|
|
Interest-Bearing
Liabilities |
|
0.05 |
% |
|
0.06 |
% |
|
|
|
|
Net
Interest Spread (FTE) |
|
3.15 |
% |
|
2.59 |
% |
|
|
|
|
|
|
|
|
|
|
3. Loans & Other Earning Assets. |
|
|
|
|
|
|
|
(average
volume, dollars in thousands) |
|
|
|
|
|
% |
|
|
|
|
Q4'2022 |
Q4'2021 |
Change |
Q3'2022 |
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
7,353,270 |
|
$ |
7,334,977 |
|
0.2 |
% |
$ |
7,472,304 |
|
|
|
Total Earning Assets |
|
6,930,584 |
|
|
6,919,528 |
|
0.2 |
% |
|
7,041,313 |
|
|
|
Total Loans |
|
964,287 |
|
|
1,097,698 |
|
-12.2 |
% |
|
989,033 |
|
|
|
Total Commercial Loans |
|
173,527 |
|
|
259,007 |
|
-33.0 |
% |
|
190,325 |
|
|
|
Paycheck Protection Program (PPP)
Loans |
|
3,529 |
|
|
68,870 |
|
-94.9 |
% |
|
10,453 |
|
|
|
Commercial Loans |
|
169,998 |
|
|
190,137 |
|
-10.6 |
% |
|
179,872 |
|
|
|
Commercial RE Loans |
|
492,549 |
|
|
538,177 |
|
-8.5 |
% |
|
494,717 |
|
|
|
Consumer Loans |
|
298,211 |
|
|
300,514 |
|
-0.8 |
% |
|
303,991 |
|
|
|
Total Investment Securities |
|
5,694,280 |
|
|
4,866,476 |
|
17.0 |
% |
|
5,552,588 |
|
|
|
Debt Securities Available for
Sale |
|
4,767,459 |
|
|
4,533,494 |
|
5.2 |
% |
|
4,845,055 |
|
|
|
Debt Securities Held to Maturity |
|
926,821 |
|
|
332,982 |
|
178.3 |
% |
|
707,533 |
|
|
|
Total Interest-Bearing Cash |
|
272,017 |
|
|
955,354 |
|
-71.5 |
% |
|
499,692 |
|
|
|
|
|
|
|
|
|
|
Loans/Deposits |
|
15.2 |
% |
|
17.3 |
% |
|
|
15.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
|
12/31'22YTD |
12/31'21YTD |
Change |
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
7,413,008 |
|
$ |
7,039,284 |
|
5.3 |
% |
|
|
|
Total Earning Assets |
|
6,992,696 |
|
|
6,632,632 |
|
5.4 |
% |
|
|
|
Total Loans |
|
997,964 |
|
|
1,195,135 |
|
-16.5 |
% |
|
|
|
Total Commercial Loans |
|
193,481 |
|
|
349,981 |
|
-44.7 |
% |
|
|
|
PPP Loans |
|
17,604 |
|
|
152,149 |
|
-88.4 |
% |
|
|
|
Commercial Loans |
|
175,877 |
|
|
197,832 |
|
-11.1 |
% |
|
|
|
Commercial RE Loans |
|
504,713 |
|
|
546,750 |
|
-7.7 |
% |
|
|
|
Consumer Loans |
|
299,770 |
|
|
298,404 |
|
0.5 |
% |
|
|
|
Total Investment Securities |
|
5,303,646 |
|
|
4,580,468 |
|
15.8 |
% |
|
|
|
Debt Securities Available for
Sale |
|
4,747,969 |
|
|
4,169,091 |
|
13.9 |
% |
|
|
|
Debt Securities Held to Maturity |
|
555,677 |
|
|
411,377 |
|
35.1 |
% |
|
|
|
Total Interest-Bearing Cash |
|
691,086 |
|
|
857,029 |
|
-19.4 |
% |
|
|
|
|
|
|
|
|
|
|
Loans/Deposits |
|
15.6 |
% |
|
19.6 |
% |
|
|
|
|
|
|
|
|
|
|
4. Deposits, Other Interest-Bearing Liabilities &
Equity. |
|
|
|
|
|
(average
volume, dollars in thousands) |
|
|
|
|
|
% |
|
|
|
|
Q4'2022 |
Q4'2021 |
Change |
Q3'2022 |
|
|
|
|
|
|
|
|
|
Total Deposits |
$ |
6,349,401 |
|
$ |
6,349,137 |
|
0.0 |
% |
$ |
6,495,051 |
|
|
|
Noninterest Demand |
|
3,010,806 |
|
|
3,022,787 |
|
-0.4 |
% |
|
3,058,662 |
|
|
|
Interest-Bearing Transaction |
|
1,287,304 |
|
|
1,245,385 |
|
3.4 |
% |
|
1,308,310 |
|
|
|
Savings |
|
1,917,370 |
|
|
1,934,220 |
|
-0.9 |
% |
|
1,989,275 |
|
|
|
Time greater than $100K |
|
59,720 |
|
|
65,920 |
|
-9.4 |
% |
|
62,014 |
|
|
|
Time less than $100K |
|
74,201 |
|
|
80,825 |
|
-8.2 |
% |
|
76,790 |
|
|
|
Total Short-Term Borrowings |
|
73,594 |
|
|
141,761 |
|
-48.1 |
% |
|
83,694 |
|
|
|
Shareholders' Equity |
|
837,499 |
|
|
766,358 |
|
9.3 |
% |
|
807,428 |
|
|
|
|
|
|
|
|
|
|
Demand Deposits/ |
|
|
|
|
|
|
Total Deposits |
|
47.4 |
% |
|
47.6 |
% |
|
|
47.1 |
% |
|
|
Transaction & Savings |
|
|
|
|
|
|
Deposits / Total Deposits |
|
97.9 |
% |
|
97.7 |
% |
|
|
97.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
|
12/31'22YTD |
12/31'21YTD |
Change |
|
|
|
|
|
|
|
|
|
|
Total Deposits |
$ |
6,415,626 |
|
$ |
6,100,848 |
|
5.2 |
% |
|
|
|
Noninterest Demand |
|
3,018,350 |
|
|
2,897,244 |
|
4.2 |
% |
|
|
|
Interest-Bearing Transaction |
|
1,289,956 |
|
|
1,208,269 |
|
6.8 |
% |
|
|
|
Savings |
|
1,967,902 |
|
|
1,842,590 |
|
6.8 |
% |
|
|
|
Time greater than $100K |
|
62,411 |
|
|
69,165 |
|
-9.8 |
% |
|
|
|
Time less than $100K |
|
77,007 |
|
|
83,580 |
|
-7.9 |
% |
|
|
|
Total Short-Term Borrowings |
|
109,283 |
|
|
114,267 |
|
-4.4 |
% |
|
|
|
Other Borrowed Funds |
|
- |
|
|
53 |
|
n/m |
|
|
|
|
Shareholders' Equity |
|
802,489 |
|
|
750,669 |
|
6.9 |
% |
|
|
|
|
|
|
|
|
|
|
Demand Deposits/ |
|
|
|
|
|
|
Total Deposits |
|
47.0 |
% |
|
47.5 |
% |
|
|
|
|
Transaction & Savings |
|
|
|
|
|
|
Deposits / Total Deposits |
|
97.8 |
% |
|
97.5 |
% |
|
|
|
|
|
|
|
|
|
|
5. Interest Yields Earned & Rates Paid. |
|
|
|
|
|
|
|
(dollars in
thousands) |
|
|
|
|
Q4'2022 |
|
|
|
|
Average |
Income/ |
Yield (a)
/ |
|
|
|
|
Volume |
Expense |
Rate (a) |
|
|
|
|
|
|
|
|
|
|
Interest & Fee Income Earned |
|
|
|
|
|
|
Total Earning Assets (FTE) |
$ |
6,930,584 |
|
$ |
69,630 |
|
3.98 |
% |
|
|
|
Total Loans (FTE) |
|
964,287 |
|
|
12,293 |
|
5.06 |
% |
|
|
|
Total Commercial Loans
(FTE) |
|
173,527 |
|
|
2,896 |
|
6.62 |
% |
|
|
|
PPP Loans |
|
3,529 |
|
|
408 |
|
45.89 |
% |
|
|
|
Commercial Loans
(FTE) |
|
169,998 |
|
|
2,488 |
|
5.81 |
% |
|
|
|
Commercial RE Loans |
|
492,549 |
|
|
5,812 |
|
4.68 |
% |
|
|
|
Consumer Loans |
|
298,211 |
|
|
3,585 |
|
4.77 |
% |
|
|
|
Total Investments (FTE) |
|
5,694,280 |
|
|
54,770 |
|
3.81 |
% |
|
|
|
Total Debt Securities Available for
Sale (FTE) |
|
4,767,459 |
|
|
45,531 |
|
3.78 |
% |
|
|
|
Corporate
Securities |
|
2,462,131 |
|
|
17,102 |
|
2.78 |
% |
|
|
|
Collateralized Loan
Obligations |
|
1,590,164 |
|
|
22,801 |
|
5.61 |
% |
|
|
|
Agency Mortgage Backed
Securities |
|
319,843 |
|
|
1,921 |
|
2.40 |
% |
|
|
|
Securities of U.S.
Government sponsored entities |
|
297,710 |
|
|
2,690 |
|
3.61 |
% |
|
|
|
Obligations of States
and Political Subdivisions (FTE) |
|
84,774 |
|
|
644 |
|
3.04 |
% |
|
|
|
Other Debt Securities
Available for Sale (FTE) |
|
12,837 |
|
|
373 |
|
11.63 |
% |
|
|
|
Total Debt Securities Held to
Maturity (FTE) |
|
926,821 |
|
|
9,239 |
|
3.99 |
% |
|
|
|
Agency Mortgage Backed
Securities |
|
109,100 |
|
|
575 |
|
2.11 |
% |
|
|
|
Corporate
Securities |
|
720,752 |
|
|
7,815 |
|
4.34 |
% |
|
|
|
Obligations of States
and Political Subdivisions (FTE) |
|
96,969 |
|
|
849 |
|
3.50 |
% |
|
|
|
Total Interest-Bearing Cash |
|
272,017 |
|
|
2,567 |
|
3.69 |
% |
|
|
|
|
|
|
|
|
|
|
Interest Expense Paid |
|
|
|
|
|
|
Total Earning Assets |
|
6,930,584 |
|
|
475 |
|
0.03 |
% |
|
|
|
Total Interest-Bearing
Liabilities |
|
3,412,189 |
|
|
475 |
|
0.06 |
% |
|
|
|
Total Interest-Bearing Deposits |
|
3,338,595 |
|
|
463 |
|
0.05 |
% |
|
|
|
Interest-Bearing
Transaction |
|
1,287,304 |
|
|
96 |
|
0.03 |
% |
|
|
|
Savings |
|
1,917,370 |
|
|
280 |
|
0.06 |
% |
|
|
|
Time less than $100K |
|
74,201 |
|
|
51 |
|
0.27 |
% |
|
|
|
Time greater than
$100K |
|
59,720 |
|
|
36 |
|
0.24 |
% |
|
|
|
Total Short-Term Borrowings |
|
73,594 |
|
|
12 |
|
0.06 |
% |
|
|
|
|
|
|
|
|
|
|
Net
Interest Income and |
|
|
|
|
|
|
Margin (FTE) |
|
$ |
69,155 |
|
3.95 |
% |
|
|
|
|
|
|
|
|
|
|
|
Q4'2021 |
|
|
|
|
Average |
Income/ |
Yield (a)
/ |
|
|
|
|
Volume |
Expense |
Rate (a) |
|
|
|
|
|
|
|
|
|
|
Interest & Fee Income Earned |
|
|
|
|
|
|
Total Earning Assets (FTE) |
$ |
6,919,528 |
|
$ |
43,621 |
|
2.52 |
% |
|
|
|
Total Loans (FTE) |
|
1,097,698 |
|
|
13,223 |
|
4.78 |
% |
|
|
|
Total Commercial Loans
(FTE) |
|
259,007 |
|
|
3,187 |
|
4.88 |
% |
|
|
|
PPP Loans |
|
68,870 |
|
|
1,208 |
|
6.96 |
% |
|
|
|
Commercial Loans
(FTE) |
|
190,137 |
|
|
1,979 |
|
4.13 |
% |
|
|
|
Commercial RE Loans |
|
538,177 |
|
|
6,492 |
|
4.79 |
% |
|
|
|
Consumer Loans |
|
300,514 |
|
|
3,544 |
|
4.68 |
% |
|
|
|
Total Investments (FTE) |
|
4,866,476 |
|
|
30,032 |
|
2.47 |
% |
|
|
|
Total Debt Securities Available for
Sale (FTE) |
|
4,533,494 |
|
|
27,900 |
|
2.45 |
% |
|
|
|
Corporate
Securities |
|
2,652,661 |
|
|
18,385 |
|
2.77 |
% |
|
|
|
Collateralized Loan
Obligations |
|
1,352,348 |
|
|
6,309 |
|
1.83 |
% |
|
|
|
Agency Mortgage Backed
Securities |
|
422,721 |
|
|
2,123 |
|
2.01 |
% |
|
|
|
Obligations of States
and Political Subdivisions (FTE) |
|
91,412 |
|
|
717 |
|
3.14 |
% |
|
|
|
Other Debt Securities
Available for Sale (FTE) |
|
14,352 |
|
|
366 |
|
10.20 |
% |
|
|
|
Total Debt Securities Held to
Maturity (FTE) |
|
332,982 |
|
|
2,132 |
|
2.56 |
% |
|
|
|
Agency Mortgage Backed
Securities |
|
158,537 |
|
|
664 |
|
1.68 |
% |
|
|
|
Obligations of States
and Political Subdivisions (FTE) |
|
174,445 |
|
|
1,468 |
|
3.36 |
% |
|
|
|
Total Interest-Bearing Cash |
|
955,354 |
|
|
366 |
|
0.15 |
% |
|
|
|
|
|
|
|
|
|
|
Interest Expense Paid |
|
|
|
|
|
|
Total Earning Assets |
|
6,919,528 |
|
|
504 |
|
0.03 |
% |
|
|
|
Total Interest-Bearing
Liabilities |
|
3,468,111 |
|
|
504 |
|
0.06 |
% |
|
|
|
Total Interest-Bearing Deposits |
|
3,326,350 |
|
|
479 |
|
0.06 |
% |
|
|
|
Interest-Bearing
Transaction |
|
1,245,385 |
|
|
95 |
|
0.03 |
% |
|
|
|
Savings |
|
1,934,220 |
|
|
282 |
|
0.06 |
% |
|
|
|
Time less than $100K |
|
80,825 |
|
|
41 |
|
0.20 |
% |
|
|
|
Time greater than
$100K |
|
65,920 |
|
|
61 |
|
0.37 |
% |
|
|
|
Total Short-Term Borrowings |
|
141,761 |
|
|
25 |
|
0.07 |
% |
|
|
|
|
|
|
|
|
|
|
Net
Interest Income and |
|
|
|
|
|
|
Margin (FTE) |
|
$ |
43,117 |
|
2.49 |
% |
|
|
|
|
|
|
|
|
|
6. Noninterest Income. |
|
|
|
|
|
|
|
(dollars in
thousands except per-share amounts) |
|
|
|
|
|
% |
|
|
|
|
Q4'2022 |
Q4'2021 |
Change |
Q3'2022 |
|
|
|
|
|
|
|
|
|
Service Charges on Deposits |
$ |
3,484 |
|
$ |
3,580 |
|
-2.7 |
% |
$ |
3,737 |
|
|
|
Merchant Processing Services |
|
2,701 |
|
|
3,000 |
|
-10.0 |
% |
|
2,925 |
|
|
|
Debit Card Fees |
|
1,704 |
|
|
1,727 |
|
-1.4 |
% |
|
1,594 |
|
|
|
Trust Fees |
|
754 |
|
|
844 |
|
-10.7 |
% |
|
810 |
|
|
|
ATM
Processing Fees |
|
646 |
|
|
488 |
|
32.4 |
% |
|
594 |
|
|
|
Other Service Fees |
|
416 |
|
|
449 |
|
-7.3 |
% |
|
463 |
|
|
|
Financial Services Commissions |
|
103 |
|
|
96 |
|
7.3 |
% |
|
79 |
|
|
|
Life
Insurance Gains |
|
7 |
|
|
- |
|
n/m |
|
|
923 |
|
|
|
Other Noninterest Income |
|
648 |
|
|
658 |
|
-1.5 |
% |
|
693 |
|
|
|
Total Noninterest Income |
$ |
10,463 |
|
$ |
10,842 |
|
-3.5 |
% |
$ |
11,818 |
|
|
|
|
|
|
|
|
|
|
Total Revenue (FTE) |
$ |
79,618 |
|
$ |
53,959 |
|
47.6 |
% |
$ |
72,598 |
|
|
|
Noninterest Income/Revenue (FTE) |
|
13.1 |
% |
|
20.1 |
% |
|
|
16.3 |
% |
|
|
Service Charges/Avg. Deposits (a) |
|
0.22 |
% |
|
0.22 |
% |
|
|
0.23 |
% |
|
|
Total Revenue (FTE) Per Avg. |
|
|
|
|
|
|
Common Share (a) |
$ |
11.74 |
|
$ |
7.97 |
|
47.3 |
% |
$ |
10.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
|
12/31'22YTD |
12/31'21YTD |
Change |
|
|
|
|
|
|
|
|
|
|
Service Charges on Deposits |
$ |
14,490 |
|
$ |
13,697 |
|
5.8 |
% |
|
|
|
Merchant Processing Services |
|
11,623 |
|
|
11,998 |
|
-3.1 |
% |
|
|
|
Debit Card Fees (1) |
|
7,879 |
|
|
6,859 |
|
14.9 |
% |
|
|
|
Trust Fees |
|
3,216 |
|
|
3,311 |
|
-2.9 |
% |
|
|
|
ATM
Processing Fees |
|
2,160 |
|
|
2,280 |
|
-5.3 |
% |
|
|
|
Other Service Fees |
|
1,808 |
|
|
1,884 |
|
-4.0 |
% |
|
|
|
Financial Services Commissions |
|
417 |
|
|
356 |
|
17.1 |
% |
|
|
|
Life
Insurance Gains |
|
930 |
|
|
- |
|
n/m |
|
|
|
|
Securities Gains |
|
- |
|
|
34 |
|
n/m |
|
|
|
|
Other Noninterest Income |
|
2,598 |
|
|
2,926 |
|
-11.2 |
% |
|
|
|
Total Noninterest Income |
$ |
45,121 |
|
$ |
43,345 |
|
4.1 |
% |
|
|
|
|
|
|
|
|
|
|
Total Revenue (FTE) |
$ |
266,896 |
|
$ |
217,496 |
|
22.7 |
% |
|
|
|
Noninterest Income/Revenue (FTE) |
|
16.9 |
% |
|
19.9 |
% |
|
|
|
|
Service Charges/Avg. Deposits |
|
0.23 |
% |
|
0.22 |
% |
|
|
|
|
Total Revenue (FTE) Per Avg./ |
|
|
|
|
|
|
Common Share |
$ |
9.92 |
|
$ |
8.10 |
|
22.5 |
% |
|
|
|
|
|
|
|
|
|
7. Noninterest Expense. |
|
|
|
|
|
|
|
(dollars in
thousands) |
|
|
|
|
|
% |
|
|
|
|
Q4'2022 |
Q4'2021 |
Change |
Q3'2022 |
|
|
|
|
|
|
|
|
|
Salaries & Benefits |
$ |
11,482 |
|
$ |
11,436 |
|
0.4 |
% |
$ |
11,311 |
|
|
|
Occupancy and Equipment |
|
5,218 |
|
|
4,692 |
|
11.2 |
% |
|
5,064 |
|
|
|
Outsourced Data Processing |
|
2,390 |
|
|
2,357 |
|
1.4 |
% |
|
2,434 |
|
|
|
Limited Partnership Operating Losses |
|
1,431 |
|
|
800 |
|
78.9 |
% |
|
1,431 |
|
|
|
Professional Fees |
|
574 |
|
|
757 |
|
-24.2 |
% |
|
582 |
|
|
|
Courier Service |
|
700 |
|
|
572 |
|
22.4 |
% |
|
671 |
|
|
|
Other Noninterest Expense |
|
3,295 |
|
|
3,298 |
|
-0.1 |
% |
|
3,274 |
|
|
|
Total Noninterest Expense |
$ |
25,090 |
|
$ |
23,912 |
|
4.9 |
% |
$ |
24,767 |
|
|
|
|
|
|
|
|
|
|
Noninterest Expense/ |
|
|
|
|
|
|
Avg. Earning Assets (a) |
|
1.44 |
% |
|
1.37 |
% |
|
|
1.40 |
% |
|
|
Noninterest Expense/Revenues (FTE) |
|
31.5 |
% |
|
44.3 |
% |
|
|
34.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
|
12/31'22YTD |
12/31'21YTD |
Change |
|
|
|
|
|
|
|
|
|
|
Salaries & Benefits |
$ |
46,125 |
|
$ |
48,011 |
|
-3.9 |
% |
|
|
|
Occupancy and Equipment |
|
19,884 |
|
|
19,139 |
|
3.9 |
% |
|
|
|
Outsourced Data Processing |
|
9,684 |
|
|
9,601 |
|
0.9 |
% |
|
|
|
Limited Partnership Operating Losses |
|
5,724 |
|
|
2,620 |
|
118.5 |
% |
|
|
|
Professional Fees |
|
2,628 |
|
|
3,253 |
|
-19.2 |
% |
|
|
|
Courier Service |
|
2,614 |
|
|
2,177 |
|
20.1 |
% |
|
|
|
Other Noninterest Expense |
|
12,702 |
|
|
13,005 |
|
-2.3 |
% |
|
|
|
Total Noninterest Expense |
$ |
99,361 |
|
$ |
97,806 |
|
1.6 |
% |
|
|
|
|
|
|
|
|
|
|
Noninterest Expense/ |
|
|
|
|
|
|
Avg. Earning Assets |
|
1.42 |
% |
|
1.47 |
% |
|
|
|
|
Noninterest Expense/Revenues (FTE) |
|
37.2 |
% |
|
45.0 |
% |
|
|
|
|
|
|
|
|
|
|
8. Allowance for Credit Losses. |
|
|
|
|
|
|
|
(dollars in
thousands) |
|
|
|
|
|
% |
|
|
|
|
Q4'2022 |
Q4'2021 |
Change |
Q3'2022 |
|
|
|
|
|
|
|
|
|
Average Total Loans |
$ |
964,287 |
|
$ |
1,097,698 |
|
-12.2 |
% |
$ |
989,033 |
|
|
|
|
|
|
|
|
|
|
Beginning of Period Allowance for |
|
|
|
|
|
|
Credit Losses on Loans (ACLL) |
$ |
21,218 |
|
$ |
23,882 |
|
-11.2 |
% |
$ |
22,313 |
|
|
|
Provision for Credit Losses |
|
6 |
|
|
- |
|
n/m |
|
|
- |
|
|
|
Net
ACLL Losses |
|
(940 |
) |
|
(368 |
) |
n/m |
|
|
(1,095 |
) |
|
|
End
of Period ACLL |
$ |
20,284 |
|
$ |
23,514 |
|
-13.7 |
% |
$ |
21,218 |
|
|
|
Gross ACLL Recoveries / |
|
|
|
|
|
|
Gross ACLL Losses |
|
44 |
% |
|
64 |
% |
|
|
43 |
% |
|
|
|
|
|
|
|
|
|
Net
ACLL Losses / Avg. Total Loans (a) |
|
0.39 |
% |
|
0.13 |
% |
|
|
0.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
|
12/31'22YTD |
12/31'21YTD |
Change |
|
|
|
|
|
|
|
|
|
|
Average Total Loans |
$ |
997,964 |
|
$ |
1,195,135 |
|
-16.5 |
% |
|
|
|
|
|
|
|
|
|
|
Beginning of Period ACLL |
$ |
23,514 |
|
$ |
23,854 |
|
-1.4 |
% |
|
|
|
Provision for Credit Losses |
|
6 |
|
|
2 |
|
n/m |
|
|
|
|
Net
ACLL Losses |
|
(3,236 |
) |
|
(342 |
) |
n/m |
|
|
|
|
End
of Period ACLL |
$ |
20,284 |
|
$ |
23,514 |
|
-13.7 |
% |
|
|
|
Gross ACLL Recoveries / |
|
|
|
|
|
|
Gross ACLL Losses |
|
48 |
% |
|
89 |
% |
|
|
|
|
|
|
|
|
|
|
|
Net
ACLL Losses / Avg. Total Loans |
|
0.32 |
% |
|
0.03 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in
thousands) |
|
|
|
|
|
% |
|
|
|
|
12/31/22 |
12/31/21 |
Change |
9/30/22 |
|
|
Allowance for Credit Losses on Loans |
$ |
20,284 |
|
$ |
23,514 |
|
-13.7 |
% |
$ |
21,218 |
|
|
|
Allowance for Credit Losses on |
|
|
|
|
|
|
Held to Maturity Securities |
|
1 |
|
|
7 |
|
-78.4 |
% |
|
7 |
|
|
|
Total Allowance for Credit Losses |
$ |
20,285 |
|
$ |
23,521 |
|
-13.8 |
% |
$ |
21,225 |
|
|
|
|
|
|
|
|
|
|
Allowance for Unfunded |
|
|
|
|
|
|
Credit Commitments |
$ |
201 |
|
$ |
201 |
|
0.0 |
% |
$ |
201 |
|
|
|
|
|
|
|
|
|
9. Credit Quality. |
|
|
|
|
|
|
|
(dollars in
thousands) |
|
|
|
|
|
% |
|
|
|
|
12/31/22 |
12/31/21 |
Change |
9/30/22 |
|
|
|
|
|
|
|
|
|
Nonperforming Loans: |
|
|
|
|
|
|
Nonperforming Nonaccrual |
$ |
146 |
|
$ |
265 |
|
-44.9 |
% |
$ |
131 |
|
|
|
Performing Nonaccrual |
|
- |
|
|
427 |
|
n/m |
|
|
66 |
|
|
|
Total Nonaccrual Loans |
|
146 |
|
|
692 |
|
-78.9 |
% |
|
197 |
|
|
|
90+ Days Past Due Accruing Loans |
|
628 |
|
|
339 |
|
85.3 |
% |
|
769 |
|
|
|
Total Nonperforming Loans |
$ |
774 |
|
$ |
1,031 |
|
-24.9 |
% |
$ |
966 |
|
|
|
|
|
|
|
|
|
|
Total Loans Outstanding |
$ |
958,488 |
|
$ |
1,068,126 |
|
-10.3 |
% |
$ |
979,033 |
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
6,950,317 |
|
|
7,461,026 |
|
-6.8 |
% |
|
7,177,025 |
|
|
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
Allowance for Credit Losses on Loans |
$ |
20,284 |
|
$ |
23,514 |
|
-13.7 |
% |
$ |
21,218 |
|
|
|
Allowance for Credit Losses on Loans / |
|
|
|
|
|
|
Loans |
|
2.12 |
% |
|
2.20 |
% |
|
|
2.17 |
% |
|
|
Nonperforming Loans/Total Loans |
|
0.08 |
% |
|
0.10 |
% |
|
|
0.10 |
% |
|
|
|
|
|
|
|
|
10. Capital. |
|
|
|
|
|
|
|
(in
thousands, except per-share amounts) |
|
|
|
|
|
% |
|
|
|
|
12/31/22 |
12/31/21 |
Change |
9/30/22 |
|
|
|
|
|
|
|
|
|
Shareholders' Equity |
$ |
602,110 |
|
$ |
827,102 |
|
-27.2 |
% |
$ |
538,988 |
|
|
|
Total Assets |
|
6,950,317 |
|
|
7,461,026 |
|
-6.8 |
% |
|
7,177,025 |
|
|
|
Shareholders' Equity/ |
|
|
|
|
|
|
Total Assets |
|
8.66 |
% |
|
11.09 |
% |
|
|
7.51 |
% |
|
|
Shareholders' Equity/ |
|
|
|
|
|
|
Total Loans |
|
62.82 |
% |
|
77.43 |
% |
|
|
55.05 |
% |
|
|
Tangible Common Equity Ratio |
|
7.03 |
% |
|
9.60 |
% |
|
|
5.91 |
% |
|
|
Common Shares Outstanding |
|
26,913 |
|
|
26,866 |
|
0.2 |
% |
|
26,911 |
|
|
|
Common Equity Per Share |
$ |
22.37 |
|
$ |
30.79 |
|
-27.3 |
% |
$ |
20.03 |
|
|
|
Market Value Per Common Share |
|
59.01 |
|
|
57.73 |
|
2.2 |
% |
|
52.29 |
|
|
|
|
|
|
|
|
|
|
|
(shares in
thousands) |
|
|
|
|
|
% |
|
|
|
|
Q4'2022 |
Q4'2021 |
Change |
Q3'2022 |
|
|
Share Repurchase Programs: |
|
|
|
|
|
|
Total Shares Repurchased |
|
- |
|
|
- |
|
n/m |
|
|
- |
|
|
|
Average Repurchase Price |
|
- |
|
|
- |
|
n/m |
|
|
- |
|
|
|
Net Shares Issued |
|
(2 |
) |
|
- |
|
n/m |
|
|
(15 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
|
12/31'22YTD |
12/31'21YTD |
Change |
|
|
|
|
|
|
|
|
|
|
Total Shares Repurchased |
|
3 |
|
|
4 |
|
n/m |
|
|
|
|
Average Repurchase Price |
$ |
58.66 |
|
$ |
61.09 |
|
n/m |
|
|
|
|
Net Shares Issued |
|
(47 |
) |
|
(59 |
) |
n/m |
|
|
|
|
|
|
|
|
|
|
11. Period-End Balance Sheets. |
|
|
|
|
|
|
|
(unaudited,
dollars in thousands) |
|
|
|
|
|
% |
|
|
|
|
12/31/22 |
12/31/21 |
Change |
9/30/22 |
|
|
Assets: |
|
|
|
|
|
|
Cash and Due from Banks |
$ |
294,236 |
|
$ |
1,132,085 |
|
-74.0 |
% |
$ |
413,665 |
|
|
|
|
|
|
|
|
|
|
Debt Securities Available for
Sale |
|
|
|
|
|
|
Corporate Securities |
|
2,099,955 |
|
|
2,746,735 |
|
-23.5 |
% |
|
2,138,508 |
|
|
|
Collateralized Loan
Obligations |
|
1,572,883 |
|
|
1,386,355 |
|
13.5 |
% |
|
1,587,622 |
|
|
|
Agency Mortgage Backed
Securities |
|
286,048 |
|
|
411,726 |
|
-30.5 |
% |
|
296,689 |
|
|
|
Securities of U.S. Government
sponsored entities |
|
290,853 |
|
|
- |
|
n/m |
|
|
272,525 |
|
|
|
Obligations of States and Political
Subdivisions |
|
82,004 |
|
|
93,920 |
|
-12.7 |
% |
|
80,987 |
|
|
|
Other Debt Securities Available for
Sale |
|
- |
|
|
119 |
|
n/m |
|
|
- |
|
|
|
Total Debt Securities Available for
Sale |
|
4,331,743 |
|
|
4,638,855 |
|
-6.6 |
% |
|
4,376,331 |
|
|
|
|
|
|
|
|
|
|
Debt Securities Held to Maturity |
|
|
|
|
|
|
Agency Mortgage Backed
Securities |
|
104,852 |
|
|
148,390 |
|
-29.3 |
% |
|
112,371 |
|
|
|
Corporate Securities |
|
721,854 |
|
|
- |
|
n/m |
|
|
720,154 |
|
|
|
Obligations of States and Political
Subdivisions (2) |
|
89,207 |
|
|
158,006 |
|
-43.5 |
% |
|
103,742 |
|
|
|
Total Debt Securities Held to Maturity
(2) |
|
915,913 |
|
|
306,396 |
|
198.9 |
% |
|
936,267 |
|
|
|
|
|
|
|
|
|
|
Loans |
|
958,488 |
|
|
1,068,126 |
|
-10.3 |
% |
|
979,033 |
|
|
|
Allowance For Credit Losses on
Loans |
|
(20,284 |
) |
|
(23,514 |
) |
-13.7 |
% |
|
(21,218 |
) |
|
|
Total Loans, net |
|
938,204 |
|
|
1,044,612 |
|
-10.2 |
% |
|
957,815 |
|
|
|
|
|
|
|
|
|
|
Premises and Equipment, net |
|
28,819 |
|
|
31,155 |
|
-7.5 |
% |
|
29,756 |
|
|
|
Identifiable Intangibles, net |
|
583 |
|
|
835 |
|
-30.2 |
% |
|
644 |
|
|
|
Goodwill |
|
121,673 |
|
|
121,673 |
|
0.0 |
% |
|
121,673 |
|
|
|
Other Assets |
|
319,146 |
|
|
185,415 |
|
72.1 |
% |
|
340,874 |
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
6,950,317 |
|
$ |
7,461,026 |
|
-6.8 |
% |
$ |
7,177,025 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity: |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Noninterest-Bearing |
$ |
2,947,277 |
|
$ |
3,069,080 |
|
-4.0 |
% |
$ |
3,069,907 |
|
|
|
Interest-Bearing
Transaction |
|
1,273,143 |
|
|
1,260,869 |
|
1.0 |
% |
|
1,338,855 |
|
|
|
Savings |
|
1,874,115 |
|
|
1,940,395 |
|
-3.4 |
% |
|
1,949,711 |
|
|
|
Time |
|
130,755 |
|
|
143,612 |
|
-9.0 |
% |
|
136,783 |
|
|
|
Total Deposits |
|
6,225,290 |
|
|
6,413,956 |
|
-2.9 |
% |
|
6,495,256 |
|
|
|
|
|
|
|
|
|
|
Short-Term Borrowed Funds |
|
57,792 |
|
|
146,246 |
|
-60.5 |
% |
|
76,886 |
|
|
|
Other Liabilities |
|
65,125 |
|
|
73,722 |
|
-11.7 |
% |
|
65,895 |
|
|
|
Total Liabilities |
|
6,348,207 |
|
|
6,633,924 |
|
-4.3 |
% |
|
6,638,037 |
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity: |
|
|
|
|
|
|
Common Equity: |
|
|
|
|
|
|
Paid-In Capital |
|
475,121 |
|
|
471,043 |
|
0.9 |
% |
|
474,732 |
|
|
|
Accumulated Other |
|
|
|
|
|
|
Comprehensive (Loss)
Income |
|
(256,105 |
) |
|
49,664 |
|
n/m |
|
|
(290,797 |
) |
|
|
Retained Earnings |
|
383,094 |
|
|
306,395 |
|
25.0 |
% |
|
355,053 |
|
|
|
Total Shareholders' Equity |
|
602,110 |
|
|
827,102 |
|
-27.2 |
% |
|
538,988 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities and |
|
|
|
|
|
|
Shareholders' Equity |
$ |
6,950,317 |
|
$ |
7,461,026 |
|
-6.8 |
% |
$ |
7,177,025 |
|
|
|
|
|
|
|
|
|
12. Income Statements. |
|
|
|
|
|
|
|
(unaudited,
in thousands except per-share amounts) |
|
|
|
|
|
% |
|
|
|
|
Q4'2022 |
Q4'2021 |
Change |
Q3'2022 |
|
|
Interest & Fee Income: |
|
|
|
|
|
|
Loans |
$ |
12,201 |
|
$ |
13,124 |
|
-7.0 |
% |
$ |
12,208 |
|
|
|
Equity Securities |
|
153 |
|
|
129 |
|
18.6 |
% |
|
127 |
|
|
|
Debt Securities Available for Sale |
|
45,216 |
|
|
27,598 |
|
63.8 |
% |
|
39,100 |
|
|
|
Debt Securities Held to Maturity |
|
9,061 |
|
|
1,824 |
|
396.8 |
% |
|
6,625 |
|
|
|
Interest-Bearing Cash |
|
2,567 |
|
|
366 |
|
601.4 |
% |
|
2,742 |
|
|
|
Total Interest & Fee Income |
|
69,198 |
|
|
43,041 |
|
60.8 |
% |
|
60,802 |
|
|
|
|
|
|
|
|
|
|
Interest Expense: |
|
|
|
|
|
|
Transaction Deposits |
|
96 |
|
|
95 |
|
1.1 |
% |
|
94 |
|
|
|
Savings Deposits |
|
280 |
|
|
282 |
|
-0.7 |
% |
|
290 |
|
|
|
Time Deposits |
|
87 |
|
|
102 |
|
-14.7 |
% |
|
86 |
|
|
|
Short-Term Borrowed Funds |
|
12 |
|
|
25 |
|
-52.0 |
% |
|
17 |
|
|
|
Total Interest Expense |
|
475 |
|
|
504 |
|
-5.8 |
% |
|
487 |
|
|
|
|
|
|
|
|
|
|
Net
Interest Income |
|
68,723 |
|
|
42,537 |
|
61.6 |
% |
|
60,315 |
|
|
|
|
|
|
|
|
|
|
Provision for Credit Losses |
|
- |
|
|
- |
|
n/m |
|
|
- |
|
|
|
|
|
|
|
|
|
|
Noninterest Income: |
|
|
|
|
|
|
Service Charges |
|
3,484 |
|
|
3,580 |
|
-2.7 |
% |
|
3,737 |
|
|
|
Merchant Processing Services |
|
2,701 |
|
|
3,000 |
|
-10.0 |
% |
|
2,925 |
|
|
|
Debit Card Fees |
|
1,704 |
|
|
1,727 |
|
-1.4 |
% |
|
1,594 |
|
|
|
Trust Fees |
|
754 |
|
|
844 |
|
-10.7 |
% |
|
810 |
|
|
|
ATM Processing Fees |
|
646 |
|
|
488 |
|
32.4 |
% |
|
594 |
|
|
|
Other Service Fees |
|
416 |
|
|
449 |
|
-7.3 |
% |
|
463 |
|
|
|
Financial Services Commissions |
|
103 |
|
|
96 |
|
7.3 |
% |
|
79 |
|
|
|
Life Insurance Gains |
|
7 |
|
|
- |
|
n/m |
|
|
923 |
|
|
|
Other Noninterest Income |
|
648 |
|
|
658 |
|
-1.5 |
% |
|
693 |
|
|
|
Total Noninterest Income |
|
10,463 |
|
|
10,842 |
|
-3.5 |
% |
|
11,818 |
|
|
|
|
|
|
|
|
|
|
Noninterest Expense: |
|
|
|
|
|
|
Salaries and Benefits |
|
11,482 |
|
|
11,436 |
|
0.4 |
% |
|
11,311 |
|
|
|
Occupancy and Equipment |
|
5,218 |
|
|
4,692 |
|
11.2 |
% |
|
5,064 |
|
|
|
Outsourced Data Processing |
|
2,390 |
|
|
2,357 |
|
1.4 |
% |
|
2,434 |
|
|
|
Limited Partnership Operating
Losses |
|
1,431 |
|
|
800 |
|
78.9 |
% |
|
1,431 |
|
|
|
Professional Fees |
|
574 |
|
|
757 |
|
-24.2 |
% |
|
582 |
|
|
|
Courier Service |
|
700 |
|
|
572 |
|
22.4 |
% |
|
671 |
|
|
|
Other Noninterest Expense |
|
3,295 |
|
|
3,298 |
|
-0.1 |
% |
|
3,274 |
|
|
|
Total Noninterest Expense |
|
25,090 |
|
|
23,912 |
|
4.9 |
% |
|
24,767 |
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes |
|
54,096 |
|
|
29,467 |
|
83.6 |
% |
|
47,366 |
|
|
|
Income Tax Provision |
|
14,752 |
|
|
7,747 |
|
90.4 |
% |
|
12,606 |
|
|
|
Net
Income |
$ |
39,344 |
|
$ |
21,720 |
|
81.1 |
% |
$ |
34,760 |
|
|
|
|
|
|
|
|
|
|
Average Common Shares Outstanding |
|
26,912 |
|
|
26,866 |
|
0.2 |
% |
|
26,906 |
|
|
|
Diluted Common Shares Outstanding |
|
26,924 |
|
|
26,875 |
|
0.2 |
% |
|
26,916 |
|
|
|
|
|
|
|
|
|
|
Per
Common Share Data: |
|
|
|
|
|
|
Basic Earnings |
$ |
1.46 |
|
$ |
0.81 |
|
80.2 |
% |
$ |
1.29 |
|
|
|
Diluted Earnings |
|
1.46 |
|
|
0.81 |
|
80.2 |
% |
|
1.29 |
|
|
|
Dividends Paid |
|
0.42 |
|
|
0.42 |
|
0.0 |
% |
|
0.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
|
12/31'22YTD |
12/31'21YTD |
Change |
|
|
|
Interest & Fee Income: |
|
|
|
|
|
|
Loans |
$ |
49,682 |
|
$ |
57,558 |
|
-13.7 |
% |
|
|
|
Equity Securities |
|
537 |
|
|
458 |
|
17.2 |
% |
|
|
|
Debt Securities Available for Sale |
|
144,646 |
|
|
105,420 |
|
37.2 |
% |
|
|
|
Debt Securities Held to Maturity |
|
19,101 |
|
|
8,875 |
|
115.2 |
% |
|
|
|
Interest-Bearing Cash |
|
7,790 |
|
|
1,132 |
|
588.2 |
% |
|
|
|
Total Interest & Fee Income |
|
221,756 |
|
|
173,443 |
|
27.9 |
% |
|
|
|
|
|
|
|
|
|
|
Interest Expense: |
|
|
|
|
|
|
Transaction Deposits |
|
369 |
|
|
378 |
|
-2.4 |
% |
|
|
|
Savings Deposits |
|
1,141 |
|
|
1,067 |
|
6.9 |
% |
|
|
|
Time Deposits |
|
336 |
|
|
432 |
|
-22.2 |
% |
|
|
|
Short-Term Borrowed Funds |
|
79 |
|
|
78 |
|
1.3 |
% |
|
|
|
Total Interest Expense |
|
1,925 |
|
|
1,955 |
|
-1.5 |
% |
|
|
|
|
|
|
|
|
|
|
Net
Interest Income |
|
219,831 |
|
|
171,488 |
|
28.2 |
% |
|
|
|
|
|
|
|
|
|
|
Provision for Credit Losses |
|
- |
|
|
- |
|
n/m |
|
|
|
|
|
|
|
|
|
|
|
Noninterest Income: |
|
|
|
|
|
|
Service Charges |
|
14,490 |
|
|
13,697 |
|
5.8 |
% |
|
|
|
Merchant Processing Services |
|
11,623 |
|
|
11,998 |
|
-3.1 |
% |
|
|
|
Debit Card Fees (1) |
|
7,879 |
|
|
6,859 |
|
14.9 |
% |
|
|
|
Trust Fees |
|
3,216 |
|
|
3,311 |
|
-2.9 |
% |
|
|
|
ATM Processing Fees |
|
2,160 |
|
|
2,280 |
|
-5.3 |
% |
|
|
|
Other Service Fees |
|
1,808 |
|
|
1,884 |
|
-4.0 |
% |
|
|
|
Financial Services Commissions |
|
417 |
|
|
356 |
|
17.1 |
% |
|
|
|
Life Insurance Gains |
|
930 |
|
|
- |
|
n/m |
|
|
|
|
Securities Gains |
|
- |
|
|
34 |
|
n/m |
|
|
|
|
Other Operating |
|
2,598 |
|
|
2,926 |
|
-11.2 |
% |
|
|
|
Total Noninterest Income |
|
45,121 |
|
|
43,345 |
|
4.1 |
% |
|
|
|
|
|
|
|
|
|
|
Noninterest Expense: |
|
|
|
|
|
|
Salaries and Benefits |
|
46,125 |
|
|
48,011 |
|
-3.9 |
% |
|
|
|
Occupancy and Equipment |
|
19,884 |
|
|
19,139 |
|
3.9 |
% |
|
|
|
Outsourced Data Processing |
|
9,684 |
|
|
9,601 |
|
0.9 |
% |
|
|
|
Limited Partnership Operating
Losses |
|
5,724 |
|
|
2,620 |
|
118.5 |
% |
|
|
|
Professional Fees |
|
2,628 |
|
|
3,253 |
|
-19.2 |
% |
|
|
|
Courier Service |
|
2,614 |
|
|
2,177 |
|
20.1 |
% |
|
|
|
Other Operating |
|
12,702 |
|
|
13,005 |
|
-2.3 |
% |
|
|
|
Total Noninterest Expense |
|
99,361 |
|
|
97,806 |
|
1.6 |
% |
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes |
|
165,591 |
|
|
117,027 |
|
41.5 |
% |
|
|
|
Income Tax Provision |
|
43,557 |
|
|
30,518 |
|
42.7 |
% |
|
|
|
Net
Income |
$ |
122,034 |
|
$ |
86,509 |
|
41.1 |
% |
|
|
|
|
|
|
|
|
|
|
Average Common Shares Outstanding |
|
26,895 |
|
|
26,855 |
|
0.1 |
% |
|
|
|
Diluted Common Shares Outstanding |
|
26,907 |
|
|
26,870 |
|
0.1 |
% |
|
|
|
|
|
|
|
|
|
|
Per
Common Share Data: |
|
|
|
|
|
|
Basic Earnings |
$ |
4.54 |
|
$ |
3.22 |
|
41.0 |
% |
|
|
|
Diluted Earnings |
|
4.54 |
|
|
3.22 |
|
41.0 |
% |
|
|
|
Dividends Paid |
|
1.68 |
|
|
1.65 |
|
1.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 $1 thousand at December 31, 2022, $7
thousand at September 30, 2022 and December 31, 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. |
|
|