Westamerica Bancorporation Reports Second Quarter 2024 Financial Results
Westamerica Bancorporation (Nasdaq: WABC) reported second quarter 2024 financial results, with net income of $35.5 million and diluted EPS of $1.33. This compares to Q1 2024 net income of $36.4 million and EPS of $1.37. Key highlights include:
- Annualized cost of funding interest-earning assets: 0.35%
- No provision for credit losses due to net loan recoveries
- Efficiency ratio: 35%
- Annualized return on average common equity: 14.4%
- Quarterly dividend: $0.44 per share
- Net interest income (FTE): $64.1 million, down from $66.1 million in Q1
- Noninterest income: $10.5 million, up from $10.1 million in Q1
- Noninterest expenses: $26.1 million, unchanged from Q1
- Low cost of funding at 0.35% for interest-earning assets
- No provision for credit losses due to $73,000 net loan recoveries
- Efficient operations with 35% efficiency ratio
- Strong 14.4% annualized return on average common equity
- Increase in noninterest income to $10.5 million
- Decrease in net income from $36.4 million in Q1 to $35.5 million in Q2
- Decline in diluted EPS from $1.37 in Q1 to $1.33 in Q2
- Decrease in net interest income from $66.1 million in Q1 to $64.1 million in Q2
- Increase in cost of funding from 0.20% in Q1 to 0.35% in Q2
Insights
Westamerica Bancorporation's second quarter financial results show a slight decrease in both net income and EPS compared to the first quarter of 2024. Net income fell from
One notable aspect is the efficiency of the company's operations. With operating costs at only
The absence of provisions for credit losses this quarter due to net loan recoveries and a minimal amount of nonperforming loans points to sound credit risk management. However, the slight increase in the cost of funding, from
From a return on equity (ROE) perspective, an annualized
Overall, while the quarter's results are slightly down from the previous quarter, the company's operational efficiency and solid ROE are positive indicators. Investors should keep an eye on funding costs and any signs of changes in credit risk metrics moving forward.
Analyzing the market dynamics and competitive positioning of Westamerica Bancorporation, it’s clear that its operational efficiency is a key strength. The bank's ability to maintain a low-cost funding strategy, with a funding cost of
The unchanged yield on loans, bonds and cash at
For retail investors, it’s important to consider these dynamics in conjunction with the broader economic environment. The efficiency ratio and noninterest income growth are positive, yet the rising funding costs could be a concern if the trend persists, potentially putting pressure on margins.
SAN RAFAEL, Calif., July 18, 2024 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the second quarter 2024 of
"Westamerica’s second quarter 2024 results benefited from the Company’s low-cost operating principles. The annualized cost of funding our interest-earning loans, bonds and cash was 0.35 percent for the second quarter 2024. The Company recognized no provision for credit losses due to
Net interest income on a fully-taxable equivalent (FTE) basis was
The Company provided no provision for credit losses in the second quarter 2024 compared to
Noninterest income for the second quarter 2024 totaled
Noninterest expenses were
The income tax rate on a fully-taxable equivalent basis was 26.8 percent for the second quarter 2024 compared to 26.9 percent for the first quarter 2024.
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 Bancorporation
1108 Fifth Avenue, San Rafael, CA 94901
Robert A. Thorson – SVP & Treasurer
707-863-6840
investments@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, 2023 filed on Form 10-K and quarterly report for the quarter ended March 31, 2024 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 2010, 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.
Public Information July 18, 2024 | ||||||||||||
WESTAMERICA BANCORPORATION | ||||||||||||
FINANCIAL HIGHLIGHTS | ||||||||||||
June 30, 2024 | ||||||||||||
1. Net Income Summary. | ||||||||||||
(in thousands except per-share amounts) | ||||||||||||
% | ||||||||||||
Q2'2024 | Q2'2023 | Change | Q1'2024 | |||||||||
Net Interest and Loan Fee | ||||||||||||
Income (FTE) | $ | 64,100 | $ | 70,281 | -8.8 | % | $ | 66,094 | ||||
Provision for | ||||||||||||
Credit Losses | - | - | n/m | 300 | ||||||||
Noninterest Income | 10,500 | 10,700 | -1.9 | % | 10,097 | |||||||
Noninterest Expense | 26,130 | 25,839 | 1.1 | % | 26,099 | |||||||
Income Before Taxes (FTE) | 48,470 | 55,142 | -12.1 | % | 49,792 | |||||||
Income Tax Provision (FTE) | 13,008 | 14,894 | -12.7 | % | 13,375 | |||||||
Net Income | $ | 35,462 | $ | 40,248 | -11.9 | % | $ | 36,417 | ||||
Average Common Shares | ||||||||||||
Outstanding | 26,680 | 26,648 | 0.1 | % | 26,674 | |||||||
Diluted Average Common | ||||||||||||
Shares Outstanding | 26,681 | 26,648 | 0.1 | % | 26,675 | |||||||
Operating Ratios: | ||||||||||||
Basic Earnings Per Common | ||||||||||||
Share | $ | 1.33 | $ | 1.51 | -11.9 | % | $ | 1.37 | ||||
Diluted Earnings Per | ||||||||||||
Common Share | 1.33 | 1.51 | -11.9 | % | 1.37 | |||||||
Return On Assets (a) | 2.18 | % | 2.35 | % | 2.24 | % | ||||||
Return On Common | ||||||||||||
Equity (a) | 14.4 | % | 18.4 | % | 15.2 | % | ||||||
Net Interest Margin (FTE) (a) | 4.15 | % | 4.34 | % | 4.30 | % | ||||||
Efficiency Ratio (FTE) | 35.0 | % | 31.9 | % | 34.3 | % | ||||||
Dividends Paid Per Common | ||||||||||||
Share | $ | 0.44 | $ | 0.42 | 4.8 | % | $ | 0.44 | ||||
Common Dividend Payout | ||||||||||||
Ratio | 33 | % | 28 | % | 32 | % | ||||||
% | ||||||||||||
6/30'24YTD | 6/30'23YTD | Change | ||||||||||
Net Interest and Loan Fee | ||||||||||||
Income (FTE) | $ | 130,194 | $ | 139,843 | -6.9 | % | ||||||
Provision (Reversal | ||||||||||||
of Provision) for | ||||||||||||
Credit Losses (1) | 300 | (1,550 | ) | n/m | ||||||||
Noninterest Income | 20,597 | 21,249 | -3.1 | % | ||||||||
Noninterest Expense | 52,229 | 52,049 | 0.3 | % | ||||||||
Income Before Taxes (FTE) | 98,262 | 110,593 | -11.1 | % | ||||||||
Income Tax Provision (FTE) | 26,383 | 29,894 | -11.7 | % | ||||||||
Net Income | $ | 71,879 | $ | 80,699 | -10.9 | % | ||||||
Average Common Shares | ||||||||||||
Outstanding | 26,677 | 26,753 | -0.3 | % | ||||||||
Diluted Average Common | ||||||||||||
Shares Outstanding | 26,678 | 26,756 | -0.3 | % | ||||||||
Operating Ratios: | ||||||||||||
Basic Earnings Per Common | ||||||||||||
Share | $ | 2.69 | $ | 3.02 | -10.9 | % | ||||||
Diluted Earnings Per | ||||||||||||
Common Share | 2.69 | 3.02 | -10.9 | % | ||||||||
Return On Assets (a) | 2.21 | % | 2.33 | % | ||||||||
Return On Common | ||||||||||||
Equity (a) | 14.8 | % | 18.7 | % | ||||||||
Net Interest Margin (FTE) (a) | 4.23 | % | 4.26 | % | ||||||||
Efficiency Ratio (FTE) | 34.6 | % | 32.3 | % | ||||||||
Dividends Paid Per Common | ||||||||||||
Share | $ | 0.88 | $ | 0.84 | 4.8 | % | ||||||
Common Dividend Payout | ||||||||||||
Ratio | 33 | % | 28 | % | ||||||||
2. Net Interest and Loan Fee Income (FTE). | ||||||||||||
(dollars in thousands) | ||||||||||||
% | ||||||||||||
Q2'2024 | Q2'2023 | Change | Q1'2024 | |||||||||
Interest and Loan Fee | ||||||||||||
Income (FTE) | $ | 69,407 | $ | 70,888 | -2.1 | % | $ | 69,095 | ||||
Interest Expense | 5,307 | 607 | 774.3 | % | 3,001 | |||||||
Net Interest and Loan Fee | ||||||||||||
Income (FTE) | $ | 64,100 | $ | 70,281 | -8.8 | % | $ | 66,094 | ||||
Average Earning Assets | $ | 6,145,626 | $ | 6,457,270 | -4.8 | % | $ | 6,119,368 | ||||
Average Interest-Bearing | ||||||||||||
Liabilities | 3,001,786 | 3,144,264 | -4.5 | % | 2,955,565 | |||||||
Yield on Earning Assets | ||||||||||||
(FTE) (a) | 4.50 | % | 4.38 | % | 4.50 | % | ||||||
Cost of Funds (a) | 0.35 | % | 0.04 | % | 0.20 | % | ||||||
Net Interest Margin (FTE) (a) | 4.15 | % | 4.34 | % | 4.30 | % | ||||||
Interest Expense / | ||||||||||||
Interest-Bearing | ||||||||||||
Liabilities (a) | 0.71 | % | 0.08 | % | 0.41 | % | ||||||
Net Interest Spread (FTE) (a) | 3.79 | % | 4.30 | % | 4.09 | % | ||||||
% | ||||||||||||
6/30'24YTD | 6/30'23YTD | Change | ||||||||||
Interest and Loan Fee | ||||||||||||
Income (FTE) | $ | 138,502 | $ | 140,921 | -1.7 | % | ||||||
Interest Expense | 8,308 | 1,078 | 670.7 | % | ||||||||
Net Interest and Loan Fee | ||||||||||||
Income (FTE) | $ | 130,194 | $ | 139,843 | -6.9 | % | ||||||
Average Earning Assets | $ | 6,132,497 | $ | 6,560,639 | -6.5 | % | ||||||
Average Interest-Bearing | ||||||||||||
Liabilities | 2,978,676 | 3,215,316 | -7.4 | % | ||||||||
Yield on Earning Assets | ||||||||||||
(FTE) (a) | 4.50 | % | 4.29 | % | ||||||||
Cost of Funds (a) | 0.27 | % | 0.03 | % | ||||||||
Net Interest Margin (FTE) (a) | 4.23 | % | 4.26 | % | ||||||||
Interest Expense / | ||||||||||||
Interest-Bearing | ||||||||||||
Liabilities (a) | 0.56 | % | 0.07 | % | ||||||||
Net Interest Spread (FTE) (a) | 3.94 | % | 4.22 | % | ||||||||
3. Loans & Other Earning Assets. | ||||||||||||
(average volume, dollars in thousands) | ||||||||||||
% | ||||||||||||
Q2'2024 | Q2'2023 | Change | Q1'2024 | |||||||||
Total Assets | $ | 6,549,203 | $ | 6,865,591 | -4.6 | % | $ | 6,525,921 | ||||
Total Earning Assets | 6,145,626 | 6,457,270 | -4.8 | % | 6,119,368 | |||||||
Total Loans | 838,016 | 926,795 | -9.6 | % | 853,553 | |||||||
Commercial Loans | 133,605 | 157,975 | -15.4 | % | 133,422 | |||||||
Commercial Real Estate | ||||||||||||
Loans | 487,209 | 491,902 | -1.0 | % | 488,989 | |||||||
Consumer Loans | 217,202 | 276,918 | -21.6 | % | 231,142 | |||||||
Total Investment Securities | 4,944,191 | 5,365,377 | -7.9 | % | 5,098,539 | |||||||
Debt Securities Available for | ||||||||||||
Sale | 4,079,896 | 4,460,339 | -8.5 | % | 4,224,474 | |||||||
Debt Securities Held to | ||||||||||||
Maturity | 864,295 | 905,038 | -4.5 | % | 874,065 | |||||||
Total Interest-Bearing Cash | 363,419 | 165,098 | 120.1 | % | 167,276 | |||||||
Loans / Deposits | 16.1 | % | 16.0 | % | 15.9 | % | ||||||
% | ||||||||||||
6/30'24YTD | 6/30'23YTD | Change | ||||||||||
Total Assets | $ | 6,537,562 | $ | 6,988,272 | -6.4 | % | ||||||
Total Earning Assets | 6,132,497 | 6,560,639 | -6.5 | % | ||||||||
Total Loans | 845,785 | 936,277 | -9.7 | % | ||||||||
Commercial Loans | 133,514 | 161,647 | -17.4 | % | ||||||||
Commercial Real Estate | ||||||||||||
Loans | 488,099 | 492,514 | -0.9 | % | ||||||||
Consumer Loans | 224,172 | 282,116 | -20.5 | % | ||||||||
Total Investment Securities | 5,021,365 | 5,456,572 | -8.0 | % | ||||||||
Debt Securities Available for | ||||||||||||
Sale | 4,152,185 | 4,547,733 | -8.7 | % | ||||||||
Debt Securities Held to | ||||||||||||
Maturity | 869,180 | 908,839 | -4.4 | % | ||||||||
Total Interest-Bearing Cash | 265,347 | 167,790 | 58.1 | % | ||||||||
Loans / Deposits | 16.0 | % | 15.8 | % | ||||||||
4. Deposits, Other Interest-Bearing Liabilities & Equity. | ||||||||||||
(average volume, dollars in thousands) | ||||||||||||
% | ||||||||||||
Q2'2024 | Q2'2023 | Change | Q1'2024 | |||||||||
Total Deposits | $ | 5,202,620 | $ | 5,797,504 | -10.3 | % | $ | 5,379,060 | ||||
Noninterest Demand | 2,485,023 | 2,751,319 | -9.7 | % | 2,532,381 | |||||||
Interest-Bearing Transaction | 981,703 | 1,159,653 | -15.3 | % | 1,058,292 | |||||||
Savings | 1,642,806 | 1,763,410 | -6.8 | % | 1,691,716 | |||||||
Time greater than | 34,721 | 53,901 | -35.6 | % | 36,135 | |||||||
Time less than | 58,367 | 69,221 | -15.7 | % | 60,536 | |||||||
Total Short-Term Borrowings | 284,189 | 98,079 | -14.2 | % | 108,886 | |||||||
Bank Term Funding Program | ||||||||||||
Borrowings | 200,000 | - | 0.0 | % | 62,582 | |||||||
Securities Sold under | ||||||||||||
Repurchase Agreements | 84,189 | 98,079 | 0.0 | % | 46,304 | |||||||
Shareholders' Equity | 990,927 | 877,964 | 12.9 | % | 965,840 | |||||||
Demand Deposits / | ||||||||||||
Total Deposits | 47.8 | % | 47.5 | % | 47.1 | % | ||||||
Transaction & Savings | ||||||||||||
Deposits / Total Deposits | 98.2 | % | 97.9 | % | 98.2 | % | ||||||
% | ||||||||||||
6/30'24YTD | 6/30'23YTD | Change | ||||||||||
Total Deposits | $ | 5,290,840 | $ | 5,928,983 | -10.8 | % | ||||||
Noninterest Demand | 2,508,702 | 2,801,183 | -10.4 | % | ||||||||
Interest-Bearing Transaction | 1,019,998 | 1,196,342 | -14.7 | % | ||||||||
Savings | 1,667,261 | 1,805,187 | -7.6 | % | ||||||||
Time greater than | 35,427 | 55,755 | -36.5 | % | ||||||||
Time less than | 59,452 | 70,516 | -15.7 | % | ||||||||
Total Short-Term Borrowings | 196,538 | 87,516 | 124.6 | % | ||||||||
Bank Term Funding Program | ||||||||||||
Borrowings | 131,291 | - | n/m | |||||||||
Securities Sold under | ||||||||||||
Repurchase Agreements | 65,247 | 87,516 | -25.4 | % | ||||||||
Shareholders' Equity | 978,384 | 868,272 | 12.7 | % | ||||||||
Demand Deposits / | ||||||||||||
Total Deposits | 47.4 | % | 47.2 | % | ||||||||
Transaction & Savings | ||||||||||||
Deposits / Total Deposits | 98.2 | % | 97.9 | % | ||||||||
5. Interest Yields Earned & Rates Paid. | ||||||||||||
(dollars in thousands) | ||||||||||||
Q2'2024 | ||||||||||||
Average | Income/ | Yield (a) / | ||||||||||
Volume | Expense | Rate (a) | ||||||||||
Interest & Loan Fee Income Earned: | ||||||||||||
Total Earning Assets (FTE) | $ | 6,145,626 | $ | 69,407 | 4.50 | % | ||||||
Total Loans (FTE) | 838,016 | 11,441 | 5.49 | % | ||||||||
Commercial Loans (FTE) | 133,605 | 2,418 | 7.28 | % | ||||||||
Commercial Real Estate | ||||||||||||
Loans | 487,209 | 6,014 | 4.96 | % | ||||||||
Consumer Loans | 217,202 | 3,009 | 5.57 | % | ||||||||
Total Investments (FTE) | 4,944,191 | 53,005 | 4.27 | % | ||||||||
Total Debt Securities | ||||||||||||
Available for Sale (FTE) | 4,079,896 | 44,236 | 4.31 | % | ||||||||
Corporate Securities | 2,090,829 | 14,366 | 2.75 | % | ||||||||
Collateralized Loan | ||||||||||||
Obligations | 1,347,475 | 24,620 | 7.23 | % | ||||||||
Agency Mortgage Backed | ||||||||||||
Securities | 241,391 | 1,465 | 2.43 | % | ||||||||
Securities of U.S. | ||||||||||||
Government sponsored | ||||||||||||
entities | 309,395 | 2,777 | 3.59 | % | ||||||||
Obligations of States and | ||||||||||||
Political Subdivisions | ||||||||||||
(FTE) | 72,319 | 543 | 3.01 | % | ||||||||
U.S. Treasury Securities | 4,260 | 54 | 5.08 | % | ||||||||
Other Debt Securities | ||||||||||||
Available for Sale (FTE) | 14,227 | 411 | 11.55 | % | ||||||||
Total Debt Securities Held to | ||||||||||||
Maturity (FTE) | 864,295 | 8,769 | 4.06 | % | ||||||||
Agency Mortgage Backed | ||||||||||||
Securities | 70,804 | 401 | 2.27 | % | ||||||||
Corporate Securities | 730,978 | 7,815 | 4.28 | % | ||||||||
Obligations of States and | ||||||||||||
Political Subdivisions | ||||||||||||
(FTE) | 62,513 | 553 | 3.54 | % | ||||||||
Total Interest-Bearing Cash | 363,419 | 4,961 | 5.40 | % | ||||||||
Interest Expense Paid: | ||||||||||||
Total Earning Assets | 6,145,626 | 5,307 | 0.35 | % | ||||||||
Total Interest-Bearing | ||||||||||||
Liabilities | 3,001,786 | 5,307 | 0.71 | % | ||||||||
Total Interest-Bearing | ||||||||||||
Deposits | 2,717,597 | 2,460 | 0.36 | % | ||||||||
Interest-Bearing Transaction | 981,703 | 69 | 0.03 | % | ||||||||
Savings | 1,642,806 | 2,322 | 0.57 | % | ||||||||
Time less than | 58,367 | 49 | 0.34 | % | ||||||||
Time greater than | 34,721 | 20 | 0.23 | % | ||||||||
Total Short-Term Borrowings | 284,189 | 2,847 | 4.02 | % | ||||||||
Bank Term Funding Program | ||||||||||||
Borrowings | 200,000 | 2,692 | 5.40 | % | ||||||||
Securities Sold under | ||||||||||||
Repurchase Agreements | 84,189 | 155 | 0.74 | % | ||||||||
Net Interest Income and | ||||||||||||
Margin (FTE) | $ | 64,100 | 4.15 | % | ||||||||
Q2'2023 | ||||||||||||
Average | Income/ | Yield (a) / | ||||||||||
Volume | Expense | Rate (a) | ||||||||||
Interest & Loan Fee Income Earned: | ||||||||||||
Total Earning Assets (FTE) | $ | 6,457,270 | $ | 70,888 | 4.38 | % | ||||||
Total Loans (FTE) | 926,795 | 11,937 | 5.17 | % | ||||||||
Commercial Loans (FTE) | 157,975 | 2,777 | 7.05 | % | ||||||||
Commercial Real Estate | ||||||||||||
Loans | 491,902 | 5,732 | 4.67 | % | ||||||||
Consumer Loans | 276,918 | 3,428 | 4.97 | % | ||||||||
Total Investments (FTE) | 5,365,377 | 56,841 | 4.22 | % | ||||||||
Total Debt Securities | ||||||||||||
Available for Sale (FTE) | 4,460,339 | 47,752 | 4.26 | % | ||||||||
Corporate Securities | 2,210,511 | 15,456 | 2.80 | % | ||||||||
Collateralized Loan | ||||||||||||
Obligations | 1,555,328 | 26,754 | 6.81 | % | ||||||||
Agency Mortgage Backed | ||||||||||||
Securities | 291,270 | 1,765 | 2.42 | % | ||||||||
Securities of U.S. | ||||||||||||
Government sponsored | ||||||||||||
entities | 306,983 | 2,776 | 3.62 | % | ||||||||
Obligations of States and | ||||||||||||
Political Subdivisions | ||||||||||||
(FTE) | 82,074 | 617 | 3.00 | % | ||||||||
Other Debt Securities | ||||||||||||
Available for Sale (FTE) | 14,173 | 384 | 10.84 | % | ||||||||
Total Debt Securities Held to | ||||||||||||
Maturity (FTE) | 905,038 | 9,089 | 4.02 | % | ||||||||
Agency Mortgage Backed | ||||||||||||
Securities | 94,960 | 510 | 2.15 | % | ||||||||
Corporate Securities | 724,157 | 7,816 | 4.32 | % | ||||||||
Obligations of States and | ||||||||||||
Political Subdivisions | ||||||||||||
(FTE) | 85,921 | 763 | 3.56 | % | ||||||||
Total Interest-Bearing Cash | 165,098 | 2,110 | 5.06 | % | ||||||||
Interest Expense Paid: | ||||||||||||
Total Earning Assets | 6,457,270 | 607 | 0.04 | % | ||||||||
Total Interest-Bearing | ||||||||||||
Liabilities | 3,144,264 | 607 | 0.08 | % | ||||||||
Total Interest-Bearing | ||||||||||||
Deposits | 3,046,185 | 582 | 0.08 | % | ||||||||
Interest-Bearing Transaction | 1,159,653 | 104 | 0.04 | % | ||||||||
Savings | 1,763,410 | 396 | 0.09 | % | ||||||||
Time less than | 69,221 | 51 | 0.30 | % | ||||||||
Time greater than | 53,901 | 31 | 0.23 | % | ||||||||
Total Short-Term Borrowings | 98,079 | 25 | 0.10 | % | ||||||||
Securities Sold under | ||||||||||||
Repurchase Agreements | 98,079 | 25 | 0.10 | % | ||||||||
Net Interest Income and | ||||||||||||
Margin (FTE) | $ | 70,281 | 4.34 | % | ||||||||
6. Noninterest Income. | ||||||||||||
(dollars in thousands except per-share amounts) | ||||||||||||
% | ||||||||||||
Q2'2024 | Q2'2023 | Change | Q1'2024 | |||||||||
Service Charges on Deposit | ||||||||||||
Accounts | $ | 3,469 | $ | 3,459 | 0.3 | % | $ | 3,470 | ||||
Merchant Processing | ||||||||||||
Services | 2,733 | 2,869 | -4.7 | % | 2,507 | |||||||
Debit Card Fees | 1,706 | 1,759 | -3.0 | % | 1,543 | |||||||
Trust Fees | 811 | 810 | 0.1 | % | 794 | |||||||
ATM Processing Fees | 540 | 702 | -23.1 | % | 591 | |||||||
Other Service Fees | 450 | 458 | -1.7 | % | 438 | |||||||
Securities Losses | - | (125 | ) | n/m | - | |||||||
Other Noninterest Income | 791 | 768 | 3.0 | % | 754 | |||||||
Total Noninterest Income | $ | 10,500 | $ | 10,700 | -1.9 | % | $ | 10,097 | ||||
Operating Ratios: | ||||||||||||
Total Revenue (FTE) | $ | 74,600 | $ | 80,981 | -7.9 | % | $ | 76,191 | ||||
Noninterest Income / | ||||||||||||
Revenue (FTE) | 14.1 | % | 13.2 | % | 13.3 | % | ||||||
Service Charges / | ||||||||||||
Avg. Deposits (a) | 0.27 | % | 0.24 | % | 0.26 | % | ||||||
Total Revenue (FTE) Per | ||||||||||||
Avg. Common Share (a) | $ | 11.25 | $ | 12.19 | -7.7 | % | $ | 11.49 | ||||
% | ||||||||||||
6/30'24YTD | 6/30'23YTD | Change | ||||||||||
Service Charges on Deposit | ||||||||||||
Accounts | $ | 6,939 | $ | 6,924 | 0.2 | % | ||||||
Merchant Processing | ||||||||||||
Services | 5,240 | 5,506 | -4.8 | % | ||||||||
Debit Card Fees | 3,249 | 3,401 | -4.5 | % | ||||||||
Trust Fees | 1,605 | 1,575 | 1.9 | % | ||||||||
ATM Processing Fees | 1,131 | 1,356 | -16.6 | % | ||||||||
Other Service Fees | 888 | 857 | 3.6 | % | ||||||||
Securities Losses | - | (125 | ) | n/m | ||||||||
Other Noninterest Income | 1,545 | 1,755 | -12.0 | % | ||||||||
Total Noninterest Income | $ | 20,597 | $ | 21,249 | -3.1 | % | ||||||
Operating Ratios: | ||||||||||||
Total Revenue (FTE) | $ | 150,791 | $ | 161,092 | -6.4 | % | ||||||
Noninterest Income / | ||||||||||||
Revenue (FTE) | 13.7 | % | 13.2 | % | ||||||||
Service Charges / | ||||||||||||
Avg. Deposits (a) | 0.26 | % | 0.24 | % | ||||||||
Total Revenue (FTE) Per | ||||||||||||
Avg. Common Share (a) | $ | 11.37 | $ | 12.14 | -6.4 | % | ||||||
7. Noninterest Expense. | ||||||||||||
(dollars in thousands) | ||||||||||||
% | ||||||||||||
Q2'2024 | Q2'2023 | Change | Q1'2024 | |||||||||
Salaries and Related Benefits | $ | 12,483 | $ | 11,828 | 5.5 | % | $ | 12,586 | ||||
Occupancy and Equipment | 5,158 | 5,012 | 2.9 | % | 5,040 | |||||||
Outsourced Data Processing | 2,511 | 2,488 | 0.9 | % | 2,536 | |||||||
Limited Partnership | ||||||||||||
Operating Losses | 1,440 | 1,440 | 0.0 | % | 1,440 | |||||||
Professional Fees | 362 | 485 | -25.4 | % | 402 | |||||||
Courier Service | 686 | 611 | 12.3 | % | 649 | |||||||
Other Noninterest Expense | 3,490 | 3,975 | -12.2 | % | 3,446 | |||||||
Total Noninterest Expense | $ | 26,130 | $ | 25,839 | 1.1 | % | $ | 26,099 | ||||
Operating Ratios: | ||||||||||||
Noninterest Expense / | ||||||||||||
Avg. Earning Assets (a) | 1.71 | % | 1.60 | % | 1.72 | % | ||||||
Noninterest Expense / | ||||||||||||
Revenues (FTE) | 35.0 | % | 31.9 | % | 34.3 | % | ||||||
% | ||||||||||||
6/30'24YTD | 6/30'23YTD | Change | ||||||||||
Salaries and Related Benefits | $ | 25,069 | $ | 23,895 | 4.9 | % | ||||||
Occupancy and Equipment | 10,198 | 10,497 | -2.8 | % | ||||||||
Outsourced Data Processing | 5,047 | 4,932 | 2.3 | % | ||||||||
Limited Partnership | ||||||||||||
Operating Losses | 2,880 | 2,874 | 0.2 | % | ||||||||
Professional Fees | 764 | 961 | -20.5 | % | ||||||||
Courier Service | 1,335 | 1,226 | 8.9 | % | ||||||||
Other Noninterest Expense | 6,936 | 7,664 | -9.5 | % | ||||||||
Total Noninterest Expense | $ | 52,229 | $ | 52,049 | 0.3 | % | ||||||
Operating Ratios: | ||||||||||||
Noninterest Expense / | ||||||||||||
Avg. Earning Assets (a) | 1.71 | % | 1.60 | % | ||||||||
Noninterest Expense / | ||||||||||||
Revenues (FTE) | 34.6 | % | 32.3 | % | ||||||||
8. Allowance for Credit Losses. | ||||||||||||
(dollars in thousands) | ||||||||||||
% | ||||||||||||
Q2'2024 | Q2'2023 | Change | Q1'2024 | |||||||||
Average Total Loans | $ | 838,016 | $ | 926,795 | -9.6 | % | $ | 853,553 | ||||
Beginning of Period | ||||||||||||
Allowance for Credit | ||||||||||||
Losses on Loans (ACLL) | $ | 15,879 | $ | 19,509 | -18.6 | % | $ | 16,867 | ||||
Provision for | ||||||||||||
Credit Losses | - | - | n/m | 300 | ||||||||
Net ACLL Recoveries | ||||||||||||
(Losses) | 73 | (1,029 | ) | -107.1 | % | (1,288 | ) | |||||
End of Period ACLL | $ | 15,952 | $ | 18,480 | -13.7 | % | $ | 15,879 | ||||
Gross ACLL Recoveries / | ||||||||||||
Gross ACLL Losses | 105 | % | 38 | % | 36 | % | ||||||
Net ACLL (Recoveries) | ||||||||||||
Losses / | ||||||||||||
Avg. Total Loans (a) | -0.04 | % | 0.45 | % | 0.61 | % | ||||||
% | ||||||||||||
6/30'24YTD | 6/30'23YTD | Change | ||||||||||
Average Total Loans | $ | 845,785 | $ | 936,277 | -9.7 | % | ||||||
Beginning of Period ACLL | $ | 16,867 | $ | 20,284 | -16.8 | % | ||||||
Provision (Reversal | ||||||||||||
of Provision) for | ||||||||||||
Credit Losses (1) | 300 | (1,550 | ) | n/m | ||||||||
Net ACLL Losses | (1,215 | ) | (254 | ) | 378.3 | % | ||||||
End of Period ACLL | $ | 15,952 | $ | 18,480 | -13.7 | % | ||||||
Gross ACLL Recoveries / | ||||||||||||
Gross ACLL Losses | 66 | % | 93 | % | ||||||||
Net ACLL Losses / | ||||||||||||
Avg. Total Loans (a) | 0.29 | % | 0.05 | % | ||||||||
(dollars in thousands) | ||||||||||||
% | ||||||||||||
6/30/24 | 6/30/23 | Change | 3/31/24 | |||||||||
Allowance for Credit Losses | ||||||||||||
on Loans | $ | 15,952 | $ | 18,480 | -13.7 | % | $ | 15,879 | ||||
Allowance for Credit Losses | ||||||||||||
on Held to Maturity | ||||||||||||
Securities | 1 | 1 | 0.0 | % | 1 | |||||||
Total Allowance for Credit | ||||||||||||
Losses | $ | 15,953 | $ | 18,481 | -13.7 | % | $ | 15,880 | ||||
Allowance for Unfunded | ||||||||||||
Credit Commitments | $ | 201 | $ | 201 | 0.0 | % | $ | 201 | ||||
9. Credit Quality. | ||||||||||||
(dollars in thousands) | ||||||||||||
% | ||||||||||||
6/30/24 | 6/30/23 | Change | 3/31/24 | |||||||||
Nonperforming Loans: | ||||||||||||
Nonperforming Nonaccrual | ||||||||||||
Loans | $ | 971 | $ | 192 | 405.7 | % | $ | 957 | ||||
Performing Nonaccrual | ||||||||||||
Loans | - | 5 | n/m | 1 | ||||||||
Total Nonaccrual Loans | 971 | 197 | 392.9 | % | 958 | |||||||
Accruing Loans 90+ Days | ||||||||||||
Past Due | 580 | 656 | -11.6 | % | 525 | |||||||
Total Nonperforming Loans | $ | 1,551 | $ | 853 | 81.8 | % | $ | 1,483 | ||||
Total Loans Outstanding | $ | 831,842 | $ | 919,583 | -9.5 | % | $ | 844,677 | ||||
Total Assets | 6,312,145 | 6,582,740 | -4.1 | % | 6,464,685 | |||||||
Loans: | ||||||||||||
Allowance for Credit Losses | ||||||||||||
on Loans | $ | 15,952 | $ | 18,480 | -13.7 | % | $ | 15,879 | ||||
Allowance for Credit Losses | ||||||||||||
on Loans / Loans | 1.92 | % | 2.01 | % | 1.88 | % | ||||||
Nonperforming Loans / | ||||||||||||
Total Loans | 0.19 | % | 0.09 | % | 0.18 | % | ||||||
10. Liquidity. | ||||||||||||
At June 30, 2024, the Company had | ||||||||||||
(in thousands) | ||||||||||||
6/30/24 | ||||||||||||
Debt Securities Eligible as | ||||||||||||
Collateral: | ||||||||||||
Corporate Securities | $ | 2,549,866 | ||||||||||
Collateralized Loan | ||||||||||||
Obligations rated AAA | 405,308 | |||||||||||
Obligations of States and | ||||||||||||
Political Subdivisions | 130,006 | |||||||||||
Agency Mortgage Backed | ||||||||||||
Securities | 286,771 | |||||||||||
Securities of U.S. Government | ||||||||||||
Sponsored Entities | 116,688 | |||||||||||
Securities of U.S. Government | ||||||||||||
Sponsored Entities (Par Value) | 200,000 | |||||||||||
U.S. Treasury Securities | 4,820 | |||||||||||
Total Debt Securities Eligible | ||||||||||||
as Collateral | $ | 3,693,459 | ||||||||||
Debt Securities Pledged | ||||||||||||
as Collateral: | ||||||||||||
Deposits by Public Entities | ($759,338 | ) | ||||||||||
Securities Sold under | ||||||||||||
Repurchase Agreements | (394,283 | ) | ||||||||||
Debt Securities Pledged | ||||||||||||
at the Federal Reserve Bank | ($1,067,510 | ) | ||||||||||
Other | (9,362 | ) | ||||||||||
Total Debt Securities Pledged | ||||||||||||
as Collateral | ( | ) | ||||||||||
Estimated Debt Securities | ||||||||||||
Available to Pledge | $ | 1,462,966 | ||||||||||
11. Capital. | ||||||||||||
(in thousands, except per-share amounts) | ||||||||||||
% | ||||||||||||
6/30/24 | 6/30/23 | Change | 3/31/24 | |||||||||
Shareholders' Equity | $ | 815,600 | $ | 651,862 | 25.1 | % | $ | 791,691 | ||||
Total Assets | 6,312,145 | 6,582,740 | -4.1 | % | 6,464,685 | |||||||
Shareholders' Equity/ | ||||||||||||
Total Assets | 12.92 | % | 9.90 | % | 12.25 | % | ||||||
Shareholders' Equity/ | ||||||||||||
Total Loans | 98.05 | % | 70.89 | % | 93.73 | % | ||||||
Tangible Common Equity | ||||||||||||
Ratio | 11.21 | % | 8.20 | % | 10.56 | % | ||||||
Common Shares Outstanding | 26,683 | 26,648 | 0.1 | % | 26,678 | |||||||
Common Equity Per Share | $ | 30.57 | $ | 24.46 | 25.0 | % | $ | 29.68 | ||||
Market Value Per Common | ||||||||||||
Share | 48.53 | 38.30 | 26.7 | % | 48.88 | |||||||
(shares in thousands) | ||||||||||||
% | ||||||||||||
Q2'2024 | Q2'2023 | Change | Q1'2024 | |||||||||
Share Repurchase Programs: | ||||||||||||
Total Shares Repurchased / | ||||||||||||
Canceled | - | - | n/m | 4 | ||||||||
Average Repurchase Price | $ | - | $ | - | n/m | $ | 45.58 | |||||
Net Shares Issued | (5 | ) | - | n/m | (7 | ) | ||||||
% | ||||||||||||
6/30'24YTD | 6/30'23YTD | Change | ||||||||||
Total Shares Repurchased / | ||||||||||||
Canceled | 4 | 274 | n/m | |||||||||
Average Repurchase Price | $ | 45.58 | $ | 50.11 | n/m | |||||||
Net Shares (Issued) | ||||||||||||
Repurchased | (12 | ) | 265 | n/m | ||||||||
12. Period-End Balance Sheets. | ||||||||||||
(unaudited, dollars in thousands) | ||||||||||||
% | ||||||||||||
6/30/24 | 6/30/23 | Change | 3/31/24 | |||||||||
Assets: | ||||||||||||
Cash and Due from Banks | $ | 486,124 | $ | 266,187 | 82.6 | % | $ | 434,250 | ||||
Debt Securities Available for | ||||||||||||
Sale: | ||||||||||||
Corporate Securities | 1,855,618 | 1,901,504 | -2.4 | % | 1,879,980 | |||||||
Collateralized Loan | ||||||||||||
Obligations | 1,255,110 | 1,514,962 | -17.2 | % | 1,420,584 | |||||||
Agency Mortgage Backed | ||||||||||||
Securities | 222,806 | 259,190 | -14.0 | % | 225,564 | |||||||
Securities of U.S. | ||||||||||||
Government sponsored | ||||||||||||
entities | 291,206 | 291,402 | -0.1 | % | 292,583 | |||||||
Obligations of States and | ||||||||||||
Political Subdivisions | 69,758 | 79,400 | -12.1 | % | 70,466 | |||||||
U.S. Treasury Securities | 4,820 | - | n/m | - | ||||||||
Total Debt Securities | ||||||||||||
Available for Sale | 3,699,318 | 4,046,458 | -8.6 | % | 3,889,177 | |||||||
Debt Securities Held to | ||||||||||||
Maturity: | ||||||||||||
Agency Mortgage Backed | ||||||||||||
Securities | 67,777 | 91,141 | -25.6 | % | 73,023 | |||||||
Corporate Securities | 732,049 | 725,252 | 0.9 | % | 730,350 | |||||||
Obligations of States and | ||||||||||||
Political Subdivisions (2) | 61,042 | 83,963 | -27.3 | % | 65,352 | |||||||
Total Debt Securities | ||||||||||||
Held to Maturity (2) | 860,868 | 900,356 | -4.4 | % | 868,725 | |||||||
Loans | 831,842 | 919,583 | -9.5 | % | 844,677 | |||||||
Allowance For Credit Losses | ||||||||||||
on Loans | (15,952 | ) | (18,480 | ) | -13.7 | % | (15,879 | ) | ||||
Total Loans, net | 815,890 | 901,103 | -9.5 | % | 828,798 | |||||||
Premises and Equipment, net | 26,275 | 27,908 | -5.9 | % | 26,458 | |||||||
Identifiable Intangibles, net | 234 | 463 | -49.5 | % | 291 | |||||||
Goodwill | 121,673 | 121,673 | 0.0 | % | 121,673 | |||||||
Other Assets | 301,763 | 318,592 | -5.3 | % | 295,313 | |||||||
Total Assets | $ | 6,312,145 | $ | 6,582,740 | -4.1 | % | $ | 6,464,685 | ||||
Liabilities and Shareholders' | ||||||||||||
Equity: | ||||||||||||
Deposits: | ||||||||||||
Noninterest-Bearing | $ | 2,459,467 | $ | 2,721,046 | -9.6 | % | $ | 2,514,161 | ||||
Interest-Bearing Transaction | 936,186 | 1,133,006 | -17.4 | % | 1,066,038 | |||||||
Savings | 1,646,781 | 1,735,083 | -5.1 | % | 1,681,921 | |||||||
Time | 89,006 | 116,792 | -23.8 | % | 92,805 | |||||||
Total Deposits | 5,131,440 | 5,705,927 | -10.1 | % | 5,354,925 | |||||||
Bank Term Funding | ||||||||||||
Program Borrowings | 200,000 | - | -27.4 | % | 200,000 | |||||||
Securities Sold under | ||||||||||||
Repurchase Agreements | 100,167 | 138,005 | n/m | 50,334 | ||||||||
Total Short-Term | ||||||||||||
Borrowed Funds | 300,167 | 138,005 | 117.5 | % | 250,334 | |||||||
Other Liabilities | 64,938 | 86,946 | -25.3 | % | 67,735 | |||||||
Total Liabilities | 5,496,545 | 5,930,878 | -7.3 | % | 5,672,994 | |||||||
Shareholders' Equity: | ||||||||||||
Common Equity: | ||||||||||||
Paid-In Capital | 474,618 | 471,510 | 0.7 | % | 473,989 | |||||||
Accumulated Other | ||||||||||||
Comprehensive Loss | (197,300 | ) | (252,043 | ) | -21.7 | % | (196,857 | ) | ||||
Retained Earnings | 538,282 | 432,395 | 24.5 | % | 514,559 | |||||||
Total Shareholders' Equity | 815,600 | 651,862 | 25.1 | % | 791,691 | |||||||
Total Liabilities and | ||||||||||||
Shareholders' Equity | $ | 6,312,145 | $ | 6,582,740 | -4.1 | % | $ | 6,464,685 | ||||
13. Income Statements. | ||||||||||||
(unaudited, in thousands except per-share amounts) | ||||||||||||
% | ||||||||||||
Q2'2024 | Q2'2023 | Change | Q1'2024 | |||||||||
Interest and Loan Fee Income: | ||||||||||||
Loans | $ | 11,354 | $ | 11,845 | -4.1 | % | $ | 11,324 | ||||
Equity Securities | 175 | 152 | 15.1 | % | 174 | |||||||
Debt Securities Available | ||||||||||||
for Sale | 43,927 | 47,452 | -7.4 | % | 46,243 | |||||||
Debt Securities Held to | ||||||||||||
Maturity | 8,655 | 8,930 | -3.1 | % | 8,722 | |||||||
Interest-Bearing Cash | 4,961 | 2,110 | 135.1 | % | 2,283 | |||||||
Total Interest and Loan | ||||||||||||
Fee Income | 69,072 | 70,489 | -2.0 | % | 68,746 | |||||||
Interest Expense: | ||||||||||||
Transaction Deposits | 69 | 104 | -33.7 | % | 119 | |||||||
Savings Deposits | 2,322 | 396 | 486.4 | % | 1,917 | |||||||
Time Deposits | 69 | 82 | -15.9 | % | 70 | |||||||
Bank Term Funding Program | ||||||||||||
Borrowings | 2,692 | - | n/m | 843 | ||||||||
Securities Sold under | ||||||||||||
Repurchase Agreements | 155 | 25 | 509.0 | % | 52 | |||||||
Total Interest Expense | 5,307 | 607 | 774.3 | % | 3,001 | |||||||
Net Interest and Loan | ||||||||||||
Fee Income | 63,765 | 69,882 | -8.8 | % | 65,745 | |||||||
Provision for Credit Losses | - | - | n/m | 300 | ||||||||
Noninterest Income: | ||||||||||||
Service Charges on Deposit | ||||||||||||
Accounts | 3,469 | 3,459 | 0.3 | % | 3,470 | |||||||
Merchant Processing | ||||||||||||
Services | 2,733 | 2,869 | -4.7 | % | 2,507 | |||||||
Debit Card Fees | 1,706 | 1,759 | -3.0 | % | 1,543 | |||||||
Trust Fees | 811 | 810 | 0.1 | % | 794 | |||||||
ATM Processing Fees | 540 | 702 | -23.1 | % | 591 | |||||||
Other Service Fees | 450 | 458 | -1.7 | % | 438 | |||||||
Securities Losses | - | (125 | ) | n/m | - | |||||||
Other Noninterest Income | 791 | 768 | 3.0 | % | 754 | |||||||
Total Noninterest Income | 10,500 | 10,700 | -1.9 | % | 10,097 | |||||||
Noninterest Expense: | ||||||||||||
Salaries and Related Benefits | 12,483 | 11,828 | 5.5 | % | 12,586 | |||||||
Occupancy and Equipment | 5,158 | 5,012 | 2.9 | % | 5,040 | |||||||
Outsourced Data Processing | 2,511 | 2,488 | 0.9 | % | 2,536 | |||||||
Limited Partnership | ||||||||||||
Operating Losses | 1,440 | 1,440 | 0.0 | % | 1,440 | |||||||
Professional Fees | 362 | 485 | -25.4 | % | 402 | |||||||
Courier Service | 686 | 611 | 12.3 | % | 649 | |||||||
Other Noninterest Expense | 3,490 | 3,975 | -12.2 | % | 3,446 | |||||||
Total Noninterest Expense | 26,130 | 25,839 | 1.1 | % | 26,099 | |||||||
Income Before Income Taxes | 48,135 | 54,743 | -12.1 | % | 49,443 | |||||||
Income Tax Provision | 12,673 | 14,495 | -12.6 | % | 13,026 | |||||||
Net Income | $ | 35,462 | $ | 40,248 | -11.9 | % | $ | 36,417 | ||||
Average Common Shares | ||||||||||||
Outstanding | 26,680 | 26,648 | 0.1 | % | 26,674 | |||||||
Diluted Average Common | ||||||||||||
Shares Outstanding | 26,681 | 26,648 | 0.1 | % | 26,675 | |||||||
Per Common Share Data: | ||||||||||||
Basic Earnings | $ | 1.33 | $ | 1.51 | -11.9 | % | $ | 1.37 | ||||
Diluted Earnings | 1.33 | 1.51 | -11.9 | % | 1.37 | |||||||
Dividends Paid | 0.44 | 0.42 | 4.8 | % | 0.44 | |||||||
% | ||||||||||||
6/30'24YTD | 6/30'23YTD | Change | ||||||||||
Interest and Loan Fee Income: | ||||||||||||
Loans | $ | 22,678 | $ | 23,585 | -3.8 | % | ||||||
Equity Securities | 349 | 304 | 14.8 | % | ||||||||
Debt Securities Available | ||||||||||||
for sale | 90,170 | 94,262 | -4.3 | % | ||||||||
Debt Securities Held to | ||||||||||||
Maturity | 17,377 | 17,910 | -3.0 | % | ||||||||
Interest-Bearing Cash | 7,244 | 4,052 | 78.8 | % | ||||||||
Total Interest and Loan | ||||||||||||
Fee Income | 137,818 | 140,113 | -1.6 | % | ||||||||
Interest Expense: | ||||||||||||
Transaction Deposits | 188 | 198 | -5.1 | % | ||||||||
Savings Deposits | 4,239 | 676 | 527.1 | % | ||||||||
Time Deposits | 139 | 166 | -16.3 | % | ||||||||
Bank Term Funding Program | ||||||||||||
Borrowings | 3,535 | - | n/m | |||||||||
Securities Sold under | ||||||||||||
Repurchase Agreements | 207 | 38 | 444.7 | % | ||||||||
Total Interest Expense | 8,308 | 1,078 | 670.7 | % | ||||||||
Net Interest and Loan | ||||||||||||
Fee Income | 129,510 | 139,035 | -6.9 | % | ||||||||
Provision (Reversal | ||||||||||||
of Provision) for | ||||||||||||
Credit Losses (1) | 300 | (1,550 | ) | n/m | ||||||||
Noninterest Income: | ||||||||||||
Service Charges on Deposit | 6,939 | 6,924 | 0.2 | % | ||||||||
Accounts | ||||||||||||
Merchant Processing | ||||||||||||
Services | 5,240 | 5,506 | -4.8 | % | ||||||||
Debit Card Fees | 3,249 | 3,401 | -4.5 | % | ||||||||
Trust Fees | 1,605 | 1,575 | 1.9 | % | ||||||||
ATM Processing Fees | 1,131 | 1,356 | -16.6 | % | ||||||||
Other Service Fees | 888 | 857 | 3.6 | % | ||||||||
Securities Losses | - | (125 | ) | n/m | ||||||||
Other Noninterest Income | 1,545 | 1,755 | -12.0 | % | ||||||||
Total Noninterest Income | 20,597 | 21,249 | -3.1 | % | ||||||||
Noninterest Expense: | ||||||||||||
Salaries and Related Benefits | 25,069 | 23,895 | 4.9 | % | ||||||||
Occupancy and Equipment | 10,198 | 10,497 | -2.8 | % | ||||||||
Outsourced Data Processing | 5,047 | 4,932 | 2.3 | % | ||||||||
Limited Partnership | ||||||||||||
Operating Losses | 2,880 | 2,874 | 0.2 | % | ||||||||
Professional Fees | 764 | 961 | -20.5 | % | ||||||||
Courier Service | 1,335 | 1,226 | 8.9 | % | ||||||||
Other Noninterest Expense | 6,936 | 7,664 | -9.5 | % | ||||||||
Total Noninterest Expense | 52,229 | 52,049 | 0.3 | % | ||||||||
Income Before Income Taxes | 97,578 | 109,785 | -11.1 | % | ||||||||
Income Tax Provision | 25,699 | 29,086 | -11.6 | % | ||||||||
Net Income | $ | 71,879 | $ | 80,699 | -10.9 | % | ||||||
Average Common Shares | ||||||||||||
Outstanding | 26,677 | 26,753 | -0.3 | % | ||||||||
Diluted Average Common | ||||||||||||
Shares Outstanding | 26,678 | 26,756 | -0.3 | % | ||||||||
Per Common Share Data: | ||||||||||||
Basic Earnings | $ | 2.69 | $ | 3.02 | -10.9 | % | ||||||
Diluted Earnings | 2.69 | 3.02 | -10.9 | % | ||||||||
Dividends Paid | 0.88 | 0.84 | 4.8 | % | ||||||||
Footnotes and Abbreviations: | ||||||||||||
(1) A recovery of a previously charged off loan in the first quarter 2023 resulted in a | ||||||||||||
(2) Debt Securities Held To Maturity and Obligations of States and Political Subdivisions are net of related reserve for expected credit losses of | ||||||||||||
(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 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 | ||||||||||||
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