Westamerica Bancorporation Reports Second Quarter 2025 Financial Results
Westamerica Bancorporation (Nasdaq: WABC) reported Q2 2025 financial results with net income of $29.1 million and diluted EPS of $1.12, compared to Q1 2025's $31.0 million and $1.16 EPS. The bank maintained strong operational efficiency with a 39% efficiency ratio and generated an 11.2% return on equity.
Key financial metrics include net interest income (FTE) of $54.6 million, down from $56.4 million in Q1 2025, with an annualized yield of 4.07% on loans, bonds and cash. The bank's cost of funding remained low at 0.22%. The company maintained strong asset quality with nonperforming assets of $5.0 million and an allowance for credit losses of $13.8 million.
During Q2, Westamerica paid a $0.46 dividend per share and repurchased 773,000 common shares while maintaining capital ratios above regulatory guidelines.
Westamerica Bancorporation (Nasdaq: WABC) ha comunicato i risultati finanziari del secondo trimestre 2025 con un utile netto di 29,1 milioni di dollari e un utile diluito per azione (EPS) di 1,12 dollari, rispetto ai 31,0 milioni di dollari e all'EPS di 1,16 del primo trimestre 2025. La banca ha mantenuto un'elevata efficienza operativa con un rapporto di efficienza del 39% e ha generato un rendimento sul capitale proprio dell'11,2%.
I principali indicatori finanziari includono un reddito netto da interessi (FTE) di 54,6 milioni di dollari, in calo rispetto ai 56,4 milioni del primo trimestre 2025, con un rendimento annualizzato del 4,07% su prestiti, obbligazioni e liquidità. Il costo del finanziamento della banca è rimasto basso, allo 0,22%. L'azienda ha mantenuto un'elevata qualità degli attivi con attività non performanti pari a 5,0 milioni di dollari e un accantonamento per perdite su crediti di 13,8 milioni di dollari.
Nel secondo trimestre, Westamerica ha distribuito un dividendo di 0,46 dollari per azione e ha riacquistato 773.000 azioni ordinarie, mantenendo al contempo i coefficienti patrimoniali al di sopra delle normative vigenti.
Westamerica Bancorporation (Nasdaq: WABC) informó los resultados financieros del segundo trimestre de 2025 con un ingreso neto de 29,1 millones de dólares y ganancias diluidas por acción (EPS) de 1,12 dólares, en comparación con los 31,0 millones y un EPS de 1,16 del primer trimestre de 2025. El banco mantuvo una fuerte eficiencia operativa con una relación de eficiencia del 39% y generó un retorno sobre el capital del 11,2%.
Los principales indicadores financieros incluyen un ingreso neto por intereses (FTE) de 54,6 millones de dólares, inferior a los 56,4 millones del primer trimestre de 2025, con un rendimiento anualizado del 4,07% sobre préstamos, bonos y efectivo. El costo de financiamiento del banco se mantuvo bajo en 0,22%. La compañía mantuvo una sólida calidad de activos con activos no productivos por 5,0 millones de dólares y una provisión para pérdidas crediticias de 13,8 millones de dólares.
Durante el segundo trimestre, Westamerica pagó un dividendo de 0,46 dólares por acción y recompró 773,000 acciones comunes, manteniendo al mismo tiempo ratios de capital por encima de las directrices regulatorias.
Westamerica Bancorporation (나스�: WABC)� 2025� 2분기 재무 실적� 발표하며 순이� 2,910� 달러와 희석 주당순이�(EPS) 1.12달러� 기록했으�, 이는 2025� 1분기� 3,100� 달러와 EPS 1.16달러� 비해 다소 감소� 수치입니�. 은행은 39%� 효율� 비율� 강력� 운영 효율성을 유지했으�, 자기자본이익� 11.2%� 달성했습니다.
주요 재무 지표로� 1분기 5,640� 달러에서 감소� 순이자수�(FTE) 5,460� 달러가 있으�, 대�, 채권 � 현금� 대� 연환� 수익률은 4.07%입니�. 은행의 자금 조달 비용은 0.22%� 낮게 유지되었습니�. 회사� 5백만 달러� 부� 자산� 1,380� 달러� 대손충당금� 통해 우수� 자산 건전성을 유지했습니다.
2분기 동안 Westamerica� 주당 0.46달러� 배당�� 지급하� 77� 3� 주의 보통주를 재매입했으며, 규제 기준� 상회하는 자본 비율� 유지했습니다.
Westamerica Bancorporation (Nasdaq : WABC) a publié ses résultats financiers du deuxième trimestre 2025 avec un revenu net de 29,1 millions de dollars et un bénéfice par action dilué (BPA) de 1,12 dollar, comparé aux 31,0 millions de dollars et au BPA de 1,16 du premier trimestre 2025. La banque a maintenu une forte efficience opérationnelle avec un ratio d'efficacité de 39% et a généré un rendement des capitaux propres de 11,2%.
Les principaux indicateurs financiers incluent un revenu net d'intérêts (FTE) de 54,6 millions de dollars, en baisse par rapport à 56,4 millions au premier trimestre 2025, avec un rendement annualisé de 4,07% sur les prêts, obligations et liquidités. Le coût du financement de la banque est resté faible à 0,22%. La société a maintenu une solide qualité d'actifs avec des actifs non performants de 5,0 millions de dollars et une provision pour pertes sur crédits de 13,8 millions de dollars.
Au cours du deuxième trimestre, Westamerica a versé un dividende de 0,46 dollar par action et a racheté 773 000 actions ordinaires tout en maintenant des ratios de capital supérieurs aux exigences réglementaires.
Westamerica Bancorporation (Nasdaq: WABC) meldete die Finanzergebnisse für das zweite Quartal 2025 mit einem Nettoeinkommen von 29,1 Millionen US-Dollar und einem verwässerten Ergebnis je Aktie (EPS) von 1,12 US-Dollar, verglichen mit 31,0 Millionen US-Dollar und einem EPS von 1,16 im ersten Quartal 2025. Die Bank behielt eine starke operative Effizienz mit einer Effizienzquote von 39% bei und erzielte eine Eigenkapitalrendite von 11,2%.
Zu den wichtigsten finanziellen Kennzahlen gehören ein Nettozinsertrag (FTE) von 54,6 Millionen US-Dollar, der gegenüber 56,4 Millionen im ersten Quartal 2025 zurückging, mit einer annualisierten Rendite von 4,07% auf Kredite, Anleihen und Bargeld. Die Finanzierungskosten der Bank blieben mit 0,22% niedrig. Das Unternehmen hielt eine starke Vermögensqualität mit notleidenden Vermögenswerten von 5,0 Millionen US-Dollar und einer Rückstellung für Kreditverluste von 13,8 Millionen US-Dollar aufrecht.
Im zweiten Quartal zahlte Westamerica eine Dividende von 0,46 US-Dollar pro Aktie und kaufte 773.000 Stammaktien zurück, während es die Kapitalquoten über den regulatorischen Vorgaben hielt.
- Low cost of funding at 0.22% for Q2 2025
- Strong efficiency ratio of 39%
- No provision for credit losses required in Q2 2025
- Low nonperforming assets of $5.0 million
- Active capital return through $0.46 dividend and 773,000 share repurchase
- Capital ratios remain above highest regulatory guidelines
- Net income declined to $29.1M in Q2 from $31.0M in Q1 2025
- Net interest income (FTE) decreased to $54.6M from $56.4M quarter-over-quarter
- Return on equity declined to 11.2% from 11.9% in previous quarter
- Total loans decreased 9.0% year-over-year
- Net interest margin contracted to 3.85% from 3.90% in Q1 2025
Insights
Westamerica delivered solid Q2 results with strong efficiency metrics despite net income declining from both Q1 2025 and year-over-year.
Westamerica Bancorporation reported Q2 2025 net income of
The bank's performance reflects both strengths and challenges. On the positive side, Westamerica maintained exceptional cost efficiency with an efficiency ratio of
However, the bank faced pressure on interest income. Net interest income (FTE) decreased to
Asset quality remains extremely strong with nonperforming assets of just
Westamerica's capital management is noteworthy. The bank maintained a
The bank's loan portfolio decreased by
SAN RAFAEL, Calif., July 17, 2025 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the second quarter 2025 of
"Westamerica’s second quarter 2025 results benefited from the Company’s low-cost operating principles. The annualized cost of funding interest-earning loans, bonds and cash was 0.22 percent for the second quarter 2025. The Company recognized no provision for credit losses in the second quarter 2025. At June 30, 2025, nonperforming assets were
Net interest income on a fully-taxable equivalent (FTE) basis was
The Company provided no provision for credit losses in the second quarter 2025 compared to a
Noninterest income for the second quarter 2025 totaled
Noninterest expenses were
The income tax provision (FTE) for the second quarter 2025 was
Westamerica Bancorporation’s wholly owned subsidiary Westamerica Bank, operates commercial banking and trust offices throughout Northern and Central California.
Westamerica Bancorporation Web Address:
For additional information contact:
Westamerica Bancorporation
1108 Fifth Avenue, San Rafael, CA 94901
Robert A. Thorson � Investor Relations Contact
707-863-6090
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, 2024 filed on Form 10-K and quarterly report for the quarter ended March 31, 2025 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 17, 2025 | ||||||||||||
WESTAMERICA BANCORPORATION | ||||||||||||
FINANCIAL HIGHLIGHTS | ||||||||||||
June 30, 2025 | ||||||||||||
1. Net Income Summary. | ||||||||||||
(in thousands except per-share amounts) | ||||||||||||
% | ||||||||||||
Q2'2025 | Q2'2024 | Change | Q1'2025 | |||||||||
Net Interest and Loan Fee | ||||||||||||
Income (FTE) | $ | 54,562 | $ | 64,100 | -14.9 | % | $ | 56,390 | ||||
Reversal of Provision | ||||||||||||
for Credit Losses | - | - | n/m | (550 | ) | |||||||
Noninterest Income | 10,315 | 10,500 | -1.8 | % | 10,321 | |||||||
Noninterest Expense | 25,529 | 26,130 | -2.3 | % | 25,127 | |||||||
Income Before Taxes (FTE) | 39,348 | 48,470 | -18.8 | % | 42,134 | |||||||
Income Tax Provision (FTE) | 10,282 | 13,008 | -21.0 | % | 11,097 | |||||||
Net Income | $ | 29,066 | $ | 35,462 | -18.0 | % | $ | 31,037 | ||||
Average Common Shares | ||||||||||||
Outstanding | 25,889 | 26,680 | -3.0 | % | 26,642 | |||||||
Diluted Average Common | ||||||||||||
Shares Outstanding | 25,889 | 26,681 | -3.0 | % | 26,642 | |||||||
Operating Ratios: | ||||||||||||
Basic Earnings Per Common | ||||||||||||
Share | $ | 1.12 | $ | 1.33 | -15.8 | % | $ | 1.16 | ||||
Diluted Earnings Per | ||||||||||||
Common Share | 1.12 | 1.33 | -15.8 | % | 1.16 | |||||||
Return On Assets (a) | 1.93 | % | 2.18 | % | 2.03 | % | ||||||
Return On Common | ||||||||||||
Equity (a) | 11.2 | % | 14.4 | % | 11.9 | % | ||||||
Net Interest Margin (FTE) (a) | 3.85 | % | 4.15 | % | 3.90 | % | ||||||
Efficiency Ratio (FTE) | 39.3 | % | 35.0 | % | 37.7 | % | ||||||
Dividends Paid Per Common | ||||||||||||
Share | $ | 0.46 | $ | 0.44 | 4.5 | % | $ | 0.44 | ||||
Common Dividend Payout | ||||||||||||
Ratio | 41 | % | 33 | % | 38 | % | ||||||
% | ||||||||||||
6/30'25YTD | 6/30'24YTD | Change | ||||||||||
Net Interest and Loan Fee | ||||||||||||
Income (FTE) | $ | 110,952 | $ | 130,194 | -14.8 | % | ||||||
(Reversal of) Provision | ||||||||||||
for Credit Losses | (550 | ) | 300 | n/m | ||||||||
Noninterest Income | 20,636 | 20,597 | 0.2 | % | ||||||||
Noninterest Expense | 50,656 | 52,229 | -3.0 | % | ||||||||
Income Before Taxes (FTE) | 81,482 | 98,262 | -17.1 | % | ||||||||
Income Tax Provision (FTE) | 21,379 | 26,383 | -19.0 | % | ||||||||
Net Income | $ | 60,103 | $ | 71,879 | -16.4 | % | ||||||
Average Common Shares | ||||||||||||
Outstanding | 26,263 | 26,677 | -1.6 | % | ||||||||
Diluted Average Common | ||||||||||||
Shares Outstanding | 26,263 | 26,678 | -1.6 | % | ||||||||
Operating Ratios: | ||||||||||||
Basic Earnings Per Common | ||||||||||||
Share | $ | 2.29 | $ | 2.69 | -14.9 | % | ||||||
Diluted Earnings Per | ||||||||||||
Common Share | 2.29 | 2.69 | -14.9 | % | ||||||||
Return On Assets (a) | 1.98 | % | 2.21 | % | ||||||||
Return On Common | ||||||||||||
Equity (a) | 11.6 | % | 14.8 | % | ||||||||
Net Interest Margin (FTE) (a) | 3.87 | % | 4.23 | % | ||||||||
Efficiency Ratio (FTE) | 38.5 | % | 34.6 | % | ||||||||
Dividends Paid Per Common | ||||||||||||
Share | $ | 0.90 | $ | 0.88 | 2.3 | % | ||||||
Common Dividend Payout | ||||||||||||
Ratio | 39 | % | 33 | % | ||||||||
2. Net Interest Income. | ||||||||||||
(dollars in thousands) | ||||||||||||
% | ||||||||||||
Q2'2025 | Q2'2024 | Change | Q1'2025 | |||||||||
Interest and Loan Fee | ||||||||||||
Income (FTE) | $ | 57,751 | $ | 69,407 | -16.8 | % | $ | 59,786 | ||||
Interest Expense | 3,189 | 5,307 | -39.9 | % | 3,396 | |||||||
Net Interest and Loan Fee | ||||||||||||
Income (FTE) | $ | 54,562 | $ | 64,100 | -14.9 | % | $ | 56,390 | ||||
Average Earning Assets | $ | 5,652,443 | $ | 6,145,626 | -8.0 | % | $ | 5,794,836 | ||||
Average Interest-Bearing | ||||||||||||
Liabilities | 2,693,505 | 3,001,786 | -10.3 | % | 2,770,099 | |||||||
Yield on Earning Assets | ||||||||||||
(FTE) (a) | 4.07 | % | 4.50 | % | 4.14 | % | ||||||
Cost of Funds (a) | 0.22 | % | 0.35 | % | 0.24 | % | ||||||
Net Interest Margin (FTE) (a) | 3.85 | % | 4.15 | % | 3.90 | % | ||||||
Interest Expense / | ||||||||||||
Interest-Bearing | ||||||||||||
Liabilities (a) | 0.48 | % | 0.71 | % | 0.50 | % | ||||||
Net Interest Spread (FTE) (a) | 3.59 | % | 3.79 | % | 3.64 | % | ||||||
% | ||||||||||||
6/30'25YTD | 6/30'24YTD | Change | ||||||||||
Interest and Loan Fee | ||||||||||||
Income (FTE) | $ | 117,537 | $ | 138,502 | -15.1 | % | ||||||
Interest Expense | 6,585 | 8,308 | -20.7 | % | ||||||||
Net Interest and Loan Fee | ||||||||||||
Income (FTE) | $ | 110,952 | $ | 130,194 | -14.8 | % | ||||||
Average Earning Assets | $ | 5,723,246 | $ | 6,132,497 | -6.7 | % | ||||||
Average Interest-Bearing | ||||||||||||
Liabilities | 2,731,590 | 2,978,676 | -8.3 | % | ||||||||
Yield on Earning Assets | ||||||||||||
(FTE) (a) | 4.11 | % | 4.50 | % | ||||||||
Cost of Funds (a) | 0.24 | % | 0.27 | % | ||||||||
Net Interest Margin (FTE) (a) | 3.87 | % | 4.23 | % | ||||||||
Interest Expense / | ||||||||||||
Interest-Bearing | ||||||||||||
Liabilities (a) | 0.49 | % | 0.56 | % | ||||||||
Net Interest Spread (FTE) (a) | 3.62 | % | 3.94 | % | ||||||||
3. Loans & Other Earning Assets. | ||||||||||||
(average volume, dollars in thousands) | ||||||||||||
% | ||||||||||||
Q2'2025 | Q2'2024 | Change | Q1'2025 | |||||||||
Total Assets | $ | 6,042,100 | $ | 6,549,203 | -7.7 | % | $ | 6,187,321 | ||||
Total Earning Assets | 5,652,443 | 6,145,626 | -8.0 | % | 5,794,836 | |||||||
Total Loans | 762,216 | 838,016 | -9.0 | % | 789,935 | |||||||
Commercial Loans | 115,943 | 133,605 | -13.2 | % | 120,189 | |||||||
Commercial AG˹ٷ Estate | ||||||||||||
Loans | 488,960 | 487,209 | 0.4 | % | 497,379 | |||||||
Consumer Loans | 157,313 | 217,202 | -27.6 | % | 172,367 | |||||||
Total Investment Securities | 4,236,303 | 4,944,191 | -14.3 | % | 4,395,565 | |||||||
Debt Securities Available for | ||||||||||||
Sale | 3,400,199 | 4,079,896 | -16.7 | % | 3,553,755 | |||||||
Debt Securities Held to | ||||||||||||
Maturity | 836,104 | 864,295 | -3.3 | % | 841,810 | |||||||
Total Interest-Bearing Cash | 653,924 | 363,419 | 79.9 | % | 609,336 | |||||||
Loans / Deposits | 15.7 | % | 16.1 | % | 15.9 | % | ||||||
% | ||||||||||||
6/30'25YTD | 6/30'24YTD | Change | ||||||||||
Total Assets | $ | 6,114,310 | $ | 6,537,562 | -6.5 | % | ||||||
Total Earning Assets | 5,723,246 | 6,132,497 | -6.7 | % | ||||||||
Total Loans | 775,999 | 845,785 | -8.3 | % | ||||||||
Commercial Loans | 118,054 | 133,514 | -11.6 | % | ||||||||
Commercial AG˹ٷ Estate | ||||||||||||
Loans | 493,146 | 488,099 | 1.0 | % | ||||||||
Consumer Loans | 164,799 | 224,172 | -26.5 | % | ||||||||
Total Investment Securities | 4,315,494 | 5,021,365 | -14.1 | % | ||||||||
Debt Securities Available for | ||||||||||||
Sale | 3,476,553 | 4,152,185 | -16.3 | % | ||||||||
Debt Securities Held to | ||||||||||||
Maturity | 838,941 | 869,180 | -3.5 | % | ||||||||
Total Interest-Bearing Cash | 631,753 | 265,347 | 138.1 | % | ||||||||
Loans / Deposits | 15.8 | % | 16.0 | % | ||||||||
4. Deposits, Other Interest-Bearing Liabilities & Equity. | ||||||||||||
(average volume, dollars in thousands) | ||||||||||||
% | ||||||||||||
Q2'2025 | Q2'2024 | Change | Q1'2025 | |||||||||
Total Deposits | $ | 4,841,803 | $ | 5,202,620 | -6.9 | % | $ | 4,958,554 | ||||
Noninterest Demand | 2,245,077 | 2,485,023 | -9.7 | % | 2,293,059 | |||||||
Interest-Bearing Transaction | 908,367 | 981,703 | -7.5 | % | 935,054 | |||||||
Savings | 1,611,845 | 1,642,806 | -1.9 | % | 1,649,631 | |||||||
Time greater than | 27,306 | 34,721 | -21.4 | % | 29,460 | |||||||
Time less than | 49,208 | 58,367 | -15.7 | % | 51,350 | |||||||
Total Short-Term Borrowings | 96,779 | 284,189 | -65.9 | % | 104,604 | |||||||
Bank Term Funding Program | ||||||||||||
Borrowings | - | 200,000 | n/m | - | ||||||||
Securities Sold under | ||||||||||||
Repurchase Agreements | 96,779 | 84,189 | 15.0 | % | 104,604 | |||||||
Shareholders' Equity | 1,037,185 | 990,927 | 4.7 | % | 1,055,925 | |||||||
Demand Deposits / | ||||||||||||
Total Deposits | 46.4 | % | 47.8 | % | 46.2 | % | ||||||
Transaction & Savings | ||||||||||||
Deposits / Total Deposits | 98.4 | % | 98.2 | % | 98.4 | % | ||||||
% | ||||||||||||
6/30'25YTD | 6/30'24YTD | Change | ||||||||||
Total Deposits | $ | 4,899,856 | $ | 5,290,840 | -7.4 | % | ||||||
Noninterest Demand | 2,268,936 | 2,508,702 | -9.6 | % | ||||||||
Interest-Bearing Transaction | 921,637 | 1,019,998 | -9.6 | % | ||||||||
Savings | 1,630,633 | 1,667,261 | -2.2 | % | ||||||||
Time greater than | 28,377 | 35,427 | -19.9 | % | ||||||||
Time less than | 50,273 | 59,452 | -15.4 | % | ||||||||
Total Short-Term Borrowings | 100,670 | 196,538 | -48.8 | % | ||||||||
Bank Term Funding Program | ||||||||||||
Borrowings | - | 131,291 | n/m | |||||||||
Securities Sold under | ||||||||||||
Repurchase Agreements | 100,670 | 65,247 | 54.3 | % | ||||||||
Shareholders' Equity | 1,046,504 | 978,384 | 7.0 | % | ||||||||
Demand Deposits / | ||||||||||||
Total Deposits | 46.3 | % | 47.4 | % | ||||||||
Transaction & Savings | ||||||||||||
Deposits / Total Deposits | 98.4 | % | 98.2 | % | ||||||||
5. Interest Yields Earned & Rates Paid. | ||||||||||||
(dollars in thousands) | ||||||||||||
Q2'2025 | ||||||||||||
Average | Income/ | Yield (a) / | ||||||||||
Volume | Expense | Rate (a) | ||||||||||
Interest & Loan Fee Income Earned: | ||||||||||||
Total Earning Assets (FTE) | $ | 5,652,443 | $ | 57,751 | 4.07 | % | ||||||
Total Loans (FTE) | 762,216 | 10,591 | 5.57 | % | ||||||||
Commercial Loans (FTE) | 115,943 | 1,833 | 6.34 | % | ||||||||
Commercial AG˹ٷ Estate | ||||||||||||
Loans | 488,960 | 6,452 | 5.29 | % | ||||||||
Consumer Loans | 157,313 | 2,306 | 5.88 | % | ||||||||
Total Investments (FTE) | 4,236,303 | 39,887 | 3.75 | % | ||||||||
Total Debt Securities | ||||||||||||
Available for Sale (FTE) | 3,400,199 | 31,354 | 3.67 | % | ||||||||
Corporate Securities | 1,945,959 | 12,898 | 2.65 | % | ||||||||
Collateralized Loan | ||||||||||||
Obligations | 792,914 | 12,405 | 6.19 | % | ||||||||
Agency Mortgage Backed | ||||||||||||
Securities | 273,083 | 2,334 | 3.42 | % | ||||||||
Securities of U.S. | ||||||||||||
Government Sponsored | ||||||||||||
Entities | 311,923 | 2,777 | 3.56 | % | ||||||||
Obligations of States and | ||||||||||||
Political Subdivisions | ||||||||||||
(FTE) | 62,093 | 506 | 3.26 | % | ||||||||
Other Debt Securities | ||||||||||||
Available for Sale (FTE) | 14,227 | 434 | 12.21 | % | ||||||||
Total Debt Securities Held to | ||||||||||||
Maturity (FTE) | 836,104 | 8,533 | 4.08 | % | ||||||||
Agency Mortgage Backed | ||||||||||||
Securities | 51,839 | 304 | 2.35 | % | ||||||||
Corporate Securities | 737,787 | 7,816 | 4.24 | % | ||||||||
Obligations of States and | ||||||||||||
Political Subdivisions | ||||||||||||
(FTE) | 46,478 | 413 | 3.56 | % | ||||||||
Total Interest-Bearing Cash | 653,924 | 7,273 | 4.40 | % | ||||||||
Interest Expense Paid: | ||||||||||||
Total Earning Assets | 5,652,443 | 3,189 | 0.22 | % | ||||||||
Total Interest-Bearing | ||||||||||||
Liabilities | 2,693,505 | 3,189 | 0.48 | % | ||||||||
Total Interest-Bearing | ||||||||||||
Deposits | 2,596,726 | 3,045 | 0.47 | % | ||||||||
Interest-Bearing Transaction | 908,367 | 44 | 0.02 | % | ||||||||
Savings | 1,611,845 | 2,950 | 0.73 | % | ||||||||
Time less than | 49,208 | 37 | 0.30 | % | ||||||||
Time greater than | 27,306 | 14 | 0.21 | % | ||||||||
Total Short-Term Borrowings | 96,779 | 144 | 0.60 | % | ||||||||
Securities Sold under | ||||||||||||
Repurchase Agreements | 96,779 | 144 | 0.60 | % | ||||||||
Net Interest Income and | ||||||||||||
Margin (FTE) | $ | 54,562 | 3.85 | % | ||||||||
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 AG˹ٷ 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 | % | ||||||||
6. Noninterest Income. | ||||||||||||
(dollars in thousands except per-share amounts) | ||||||||||||
% | ||||||||||||
Q2'2025 | Q2'2024 | Change | Q1'2025 | |||||||||
Service Charges on Deposit | ||||||||||||
Accounts | $ | 3,368 | $ | 3,469 | -2.9 | % | $ | 3,381 | ||||
Merchant Processing | ||||||||||||
Services | 2,687 | 2,733 | -1.7 | % | 2,733 | |||||||
Debit Card Fees | 1,664 | 1,706 | -2.5 | % | 1,581 | |||||||
Trust Fees | 867 | 811 | 6.9 | % | 899 | |||||||
ATM Processing Fees | 482 | 540 | -10.7 | % | 463 | |||||||
Other Service Fees | 450 | 450 | 0.0 | % | 429 | |||||||
Life Insurance Gains | 106 | - | n/m | 102 | ||||||||
Other Noninterest Income | 691 | 791 | -12.6 | % | 733 | |||||||
Total Noninterest Income | $ | 10,315 | $ | 10,500 | -1.8 | % | $ | 10,321 | ||||
Operating Ratios: | ||||||||||||
Total Revenue (FTE) | $ | 64,877 | $ | 74,600 | -13.0 | % | $ | 66,711 | ||||
Noninterest Income / | ||||||||||||
Revenue (FTE) | 15.9 | % | 14.1 | % | 15.5 | % | ||||||
Service Charges / | ||||||||||||
Avg. Deposits (a) | 0.28 | % | 0.27 | % | 0.28 | % | ||||||
Total Revenue (FTE) Per | ||||||||||||
Avg. Common Share (a) | $ | 10.05 | $ | 11.25 | -10.6 | % | $ | 10.16 | ||||
% | ||||||||||||
6/30'25YTD | 6/30'24YTD | Change | ||||||||||
Service Charges on Deposit | ||||||||||||
Accounts | $ | 6,749 | $ | 6,939 | -2.7 | % | ||||||
Merchant Processing | ||||||||||||
Services | 5,420 | 5,240 | 3.4 | % | ||||||||
Debit Card Fees | 3,245 | 3,249 | -0.1 | % | ||||||||
Trust Fees | 1,766 | 1,605 | 10.0 | % | ||||||||
ATM Processing Fees | 945 | 1,131 | -16.4 | % | ||||||||
Other Service Fees | 879 | 888 | -1.0 | % | ||||||||
Life Insurance Gains | 208 | - | n/m | |||||||||
Other Noninterest Income | 1,424 | 1,545 | -7.8 | % | ||||||||
Total Noninterest Income | $ | 20,636 | $ | 20,597 | 0.2 | % | ||||||
Operating Ratios: | ||||||||||||
Total Revenue (FTE) | $ | 131,588 | $ | 150,791 | -12.7 | % | ||||||
Noninterest Income / | ||||||||||||
Revenue (FTE) | 15.7 | % | 13.7 | % | ||||||||
Service Charges / | ||||||||||||
Avg. Deposits (a) | 0.28 | % | 0.26 | % | ||||||||
Total Revenue (FTE) Per | ||||||||||||
Avg. Common Share (a) | $ | 10.10 | $ | 11.37 | -11.1 | % | ||||||
7. Noninterest Expense. | ||||||||||||
(dollars in thousands) | ||||||||||||
% | ||||||||||||
Q2'2025 | Q2'2024 | Change | Q1'2025 | |||||||||
Salaries and Related Benefits | $ | 12,303 | $ | 12,483 | -1.4 | % | $ | 12,126 | ||||
Occupancy and Equipment | 5,154 | 5,158 | -0.1 | % | 5,038 | |||||||
Outsourced Data Processing | 2,709 | 2,511 | 7.9 | % | 2,697 | |||||||
Limited Partnership | ||||||||||||
Operating Losses | 915 | 1,440 | -36.5 | % | 915 | |||||||
Professional Fees | 386 | 362 | 6.6 | % | 395 | |||||||
Courier Service | 687 | 686 | 0.1 | % | 688 | |||||||
Other Noninterest Expense | 3,375 | 3,490 | -3.3 | % | 3,268 | |||||||
Total Noninterest Expense | $ | 25,529 | $ | 26,130 | -2.3 | % | $ | 25,127 | ||||
Operating Ratios: | ||||||||||||
Noninterest Expense / | ||||||||||||
Avg. Earning Assets (a) | 1.81 | % | 1.71 | % | 1.76 | % | ||||||
Noninterest Expense / | ||||||||||||
Revenues (FTE) | 39.3 | % | 35.0 | % | 37.7 | % | ||||||
% | ||||||||||||
6/30'25YTD | 6/30'24YTD | Change | ||||||||||
Salaries and Related Benefits | $ | 24,429 | $ | 25,069 | -2.6 | % | ||||||
Occupancy and Equipment | 10,192 | 10,198 | -0.1 | % | ||||||||
Outsourced Data Processing | 5,406 | 5,047 | 7.1 | % | ||||||||
Limited Partnership | ||||||||||||
Operating Losses | 1,830 | 2,880 | -36.5 | % | ||||||||
Professional Fees | 781 | 764 | 2.2 | % | ||||||||
Courier Service | 1,375 | 1,335 | 3.0 | % | ||||||||
Other Noninterest Expense | 6,643 | 6,936 | -4.2 | % | ||||||||
Total Noninterest Expense | $ | 50,656 | $ | 52,229 | -3.0 | % | ||||||
Operating Ratios: | ||||||||||||
Noninterest Expense / | ||||||||||||
Avg. Earning Assets (a) | 1.78 | % | 1.71 | % | ||||||||
Noninterest Expense / | ||||||||||||
Revenues (FTE) | 38.5 | % | 34.6 | % | ||||||||
8. Allowance for Credit Losses. | ||||||||||||
(dollars in thousands) | ||||||||||||
% | ||||||||||||
Q2'2025 | Q2'2024 | Change | Q1'2025 | |||||||||
Average Total Loans | $ | 762,216 | $ | 838,016 | -9.0 | % | $ | 789,935 | ||||
Beginning of Period | ||||||||||||
Allowance for Credit | ||||||||||||
Losses on Loans (ACLL) | $ | 13,914 | $ | 15,879 | -12.4 | % | $ | 14,780 | ||||
Reversal of Provision for | ||||||||||||
Credit Losses | - | - | n/m | (550 | ) | |||||||
Net ACLL (Losses) | ||||||||||||
Recoveries | (127 | ) | 73 | n/m | (316 | ) | ||||||
End of Period ACLL | $ | 13,787 | $ | 15,952 | -13.6 | % | $ | 13,914 | ||||
Gross ACLL Recoveries / | ||||||||||||
Gross ACLL Losses | 87 | % | 105 | % | 82 | % | ||||||
Net ACLL (Losses) | ||||||||||||
Recoveries/ | ||||||||||||
Avg. Total Loans (a) | -0.07 | % | 0.04 | % | -0.16 | % | ||||||
% | ||||||||||||
6/30'25YTD | 6/30'24YTD | Change | ||||||||||
Average Total Loans | $ | 775,999 | $ | 845,785 | -8.3 | % | ||||||
Beginning of Period ACLL | $ | 14,780 | $ | 16,867 | -12.4 | % | ||||||
(Reversal of) Provision for | ||||||||||||
Credit Losses | (550 | ) | 300 | n/m | ||||||||
Net ACLL Losses | (443 | ) | (1,215 | ) | -63.5 | % | ||||||
End of Period ACLL | $ | 13,787 | $ | 15,952 | -13.6 | % | ||||||
Gross ACLL Recoveries / | ||||||||||||
Gross ACLL Losses | 83 | % | 66 | % | ||||||||
Net ACLL Losses / | ||||||||||||
Avg. Total Loans (a) | -0.12 | % | -0.29 | % | ||||||||
(dollars in thousands) | ||||||||||||
% | ||||||||||||
6/30/25 | 6/30/24 | Change | 3/31/25 | |||||||||
Allowance for Credit Losses | ||||||||||||
on Loans | $ | 13,787 | $ | 15,952 | -13.6 | % | $ | 13,914 | ||||
Allowance for Credit Losses | ||||||||||||
on Held to Maturity | ||||||||||||
Securities | 1 | 1 | 0.0 | % | 1 | |||||||
Total Allowance for Credit | ||||||||||||
Losses | $ | 13,788 | $ | 15,953 | -13.6 | % | $ | 13,915 | ||||
Allowance for Unfunded | ||||||||||||
Credit Commitments | $ | 201 | $ | 201 | 0.0 | % | $ | 201 | ||||
9. Credit Quality. | ||||||||||||
(dollars in thousands) | ||||||||||||
% | ||||||||||||
6/30/25 | 6/30/24 | Change | 3/31/25 | |||||||||
Nonperforming Loans: | ||||||||||||
Nonperforming Nonaccrual | ||||||||||||
Loans | $ | - | $ | 971 | n/m | $ | - | |||||
Performing Nonaccrual | ||||||||||||
Loans | 4,553 | - | n/m | - | ||||||||
Total Nonaccrual Loans | 4,553 | 971 | 368.9 | % | - | |||||||
Accruing Loans 90+ Days | ||||||||||||
Past Due | 411 | 580 | -29.1 | % | 277 | |||||||
Total Nonperforming Loans | $ | 4,964 | $ | 1,551 | 220.1 | % | $ | 277 | ||||
Total Loans Outstanding | $ | 748,264 | $ | 831,842 | -10.0 | % | $ | 771,030 | ||||
Total Assets | 5,825,069 | 6,312,145 | -7.7 | % | 5,966,624 | |||||||
Loans: | ||||||||||||
Allowance for Credit Losses | ||||||||||||
on Loans | $ | 13,787 | $ | 15,952 | -13.6 | % | $ | 13,914 | ||||
Allowance for Credit Losses | ||||||||||||
on Loans / Loans | 1.84 | % | 1.92 | % | 1.80 | % | ||||||
Nonperforming Loans / | ||||||||||||
Total Loans | 0.66 | % | 0.19 | % | 0.04 | % | ||||||
10. Liquidity. | ||||||||||||
At June 30, 2025, the Company had | ||||||||||||
(in thousands) | ||||||||||||
6/30/25 | ||||||||||||
Debt Securities Eligible as | ||||||||||||
Collateral: | ||||||||||||
Corporate Securities | $ | 2,517,133 | ||||||||||
Collateralized Loan | ||||||||||||
Obligations rated AAA | 257,649 | |||||||||||
Obligations of States and | ||||||||||||
Political Subdivisions | 106,428 | |||||||||||
Agency Mortgage Backed | ||||||||||||
Securities | 339,710 | |||||||||||
Securities of U.S. Government | ||||||||||||
Sponsored Entities | 301,903 | |||||||||||
Total Debt Securities Eligible | ||||||||||||
as Collateral | $ | 3,522,823 | ||||||||||
Debt Securities Pledged | ||||||||||||
as Collateral: | ||||||||||||
Debt Securities Pledged | ||||||||||||
at the Federal Reserve Bank | ($ | 703,398 | ) | |||||||||
Deposits by Public Entities | (715,788 | ) | ||||||||||
Securities Sold under | ||||||||||||
Repurchase Agreements | (412,956 | ) | ||||||||||
Other | (6,893 | ) | ||||||||||
Total Debt Securities Pledged | ||||||||||||
as Collateral | ($ | 1,839,035 | ) | |||||||||
Estimated Debt Securities | ||||||||||||
Available to Pledge | $ | 1,683,788 | ||||||||||
11. Capital. | ||||||||||||
(in thousands, except per-share amounts) | ||||||||||||
% | ||||||||||||
6/30/25 | 6/30/24 | Change | 3/31/25 | |||||||||
Shareholders' Equity | $ | 921,783 | $ | 815,600 | 13.0 | % | $ | 923,138 | ||||
Total Assets | 5,825,069 | 6,312,145 | -7.7 | % | 5,966,624 | |||||||
Shareholders' Equity/ | ||||||||||||
Total Assets | 15.82 | % | 12.92 | % | 15.47 | % | ||||||
Shareholders' Equity/ | ||||||||||||
Total Loans | 123.19 | % | 98.05 | % | 119.73 | % | ||||||
Tangible Common Equity | ||||||||||||
Ratio | 14.03 | % | 11.21 | % | 13.71 | % | ||||||
Common Shares Outstanding | 25,587 | 26,683 | -4.1 | % | 26,360 | |||||||
Common Equity Per Share | $ | 36.03 | $ | 30.57 | 17.9 | % | $ | 35.02 | ||||
Market Value Per Common | ||||||||||||
Share | 48.44 | 48.53 | -0.2 | % | 50.63 | |||||||
(shares in thousands) | ||||||||||||
% | ||||||||||||
Q2'2025 | Q2'2024 | Change | Q1'2025 | |||||||||
Share Retirements (Issuances): | ||||||||||||
Total Shares Retired | 773 | - | n/m | 361 | ||||||||
Average Retirement Price | $ | 49.61 | $ | - | n/m | $ | 50.96 | |||||
Net Shares Retired (Issued) | 773 | (5 | ) | n/m | 348 | |||||||
% | ||||||||||||
6/30'25YTD | 6/30'24YTD | Change | ||||||||||
Total Shares Retired | 1,134 | 4 | n/m | |||||||||
Average Retirement Price | $ | 49.88 | $ | 45.58 | n/m | |||||||
Net Shares Retired (Issued) | 1,121 | (12 | ) | n/m | ||||||||
12. Period-End Balance Sheets. | ||||||||||||
(unaudited, dollars in thousands) | ||||||||||||
% | ||||||||||||
6/30/25 | 6/30/24 | Change | 3/31/25 | |||||||||
Assets: | ||||||||||||
Cash and Due from Banks | $ | 626,437 | $ | 486,124 | 28.9 | % | $ | 727,336 | ||||
Debt Securities Available for | ||||||||||||
Sale: | ||||||||||||
Corporate Securities | 1,792,021 | 1,855,618 | -3.4 | % | 1,802,791 | |||||||
Collateralized Loan | ||||||||||||
Obligations | 780,147 | 1,255,110 | -37.8 | % | 822,111 | |||||||
Agency Mortgage Backed | ||||||||||||
Securities | 291,543 | 222,806 | 30.9 | % | 250,844 | |||||||
Securities of U.S. | ||||||||||||
Government Sponsored | ||||||||||||
Entities | 301,903 | 291,206 | 3.7 | % | 299,722 | |||||||
Obligations of States and | ||||||||||||
Political Subdivisions | 60,835 | 69,758 | -12.8 | % | 60,581 | |||||||
U.S. Treasury Securities | - | 4,820 | n/m | - | ||||||||
Total Debt Securities | ||||||||||||
Available for Sale | 3,226,449 | 3,699,318 | -12.8 | % | 3,236,049 | |||||||
Debt Securities Held to | ||||||||||||
Maturity: | ||||||||||||
Agency Mortgage Backed | ||||||||||||
Securities | 49,878 | 67,777 | -26.4 | % | 53,528 | |||||||
Corporate Securities | 738,846 | 732,049 | 0.9 | % | 737,146 | |||||||
Obligations of States and | ||||||||||||
Political Subdivisions (1) | 45,715 | 61,042 | -25.1 | % | 48,674 | |||||||
Total Debt Securities | ||||||||||||
Held to Maturity (1) | 834,439 | 860,868 | -3.1 | % | 839,348 | |||||||
Loans | 748,264 | 831,842 | -10.0 | % | 771,030 | |||||||
Allowance For Credit Losses | ||||||||||||
on Loans | (13,787 | ) | (15,952 | ) | -13.6 | % | (13,914 | ) | ||||
Total Loans, net | 734,477 | 815,890 | -10.0 | % | 757,116 | |||||||
Premises and Equipment, net | 25,850 | 26,275 | -1.6 | % | 25,722 | |||||||
Identifiable Intangibles, net | 19 | 234 | -91.9 | % | 72 | |||||||
Goodwill | 121,673 | 121,673 | 0.0 | % | 121,673 | |||||||
Other Assets | 255,725 | 301,763 | -15.3 | % | 259,308 | |||||||
Total Assets | $ | 5,825,069 | $ | 6,312,145 | -7.7 | % | $ | 5,966,624 | ||||
Liabilities and Shareholders' | ||||||||||||
Equity: | ||||||||||||
Deposits: | ||||||||||||
Noninterest-Bearing | $ | 2,175,841 | $ | 2,459,467 | -11.5 | % | $ | 2,241,802 | ||||
Interest-Bearing Transaction | 894,774 | 936,186 | -4.4 | % | 920,461 | |||||||
Savings | 1,603,974 | 1,646,781 | -2.6 | % | 1,633,445 | |||||||
Time | 72,946 | 89,006 | -18.0 | % | 78,387 | |||||||
Total Deposits | 4,747,535 | 5,131,440 | -7.5 | % | 4,874,095 | |||||||
Bank Term Funding | ||||||||||||
Program Borrowings | - | 200,000 | n/m | - | ||||||||
Securities Sold under | ||||||||||||
Repurchase Agreements | 101,210 | 100,167 | 1.0 | % | 113,219 | |||||||
Total Short-Term | ||||||||||||
Borrowed Funds | 101,210 | 300,167 | -66.3 | % | 113,219 | |||||||
Other Liabilities | 54,541 | 64,938 | -16.0 | % | 56,172 | |||||||
Total Liabilities | 4,903,286 | 5,496,545 | -10.8 | % | 5,043,486 | |||||||
Shareholders' Equity: | ||||||||||||
Common Equity: | ||||||||||||
Paid-In Capital | 456,964 | 474,618 | -3.7 | % | 470,844 | |||||||
Accumulated Other | ||||||||||||
Comprehensive Loss | (116,747 | ) | (197,300 | ) | -40.8 | % | (136,768 | ) | ||||
Retained Earnings | 581,566 | 538,282 | 8.0 | % | 589,062 | |||||||
Total Shareholders' Equity | 921,783 | 815,600 | 13.0 | % | 923,138 | |||||||
Total Liabilities and | ||||||||||||
Shareholders' Equity | $ | 5,825,069 | $ | 6,312,145 | -7.7 | % | $ | 5,966,624 | ||||
13. Income Statements. | ||||||||||||
(unaudited, in thousands except per-share amounts) | ||||||||||||
% | ||||||||||||
Q2'2025 | Q2'2024 | Change | Q1'2025 | |||||||||
Interest and Loan Fee Income: | ||||||||||||
Loans | $ | 10,523 | $ | 11,354 | -7.3 | % | $ | 10,669 | ||||
Equity Securities | 195 | 175 | 11.4 | % | 195 | |||||||
Debt Securities Available | ||||||||||||
for Sale | 31,028 | 43,927 | -29.4 | % | 33,430 | |||||||
Debt Securities Held to | ||||||||||||
Maturity | 8,448 | 8,655 | -2.4 | % | 8,494 | |||||||
Interest-Bearing Cash | 7,273 | 4,961 | 46.6 | % | 6,703 | |||||||
Total Interest and Loan | ||||||||||||
Fee Income | 57,467 | 69,072 | -16.8 | % | 59,491 | |||||||
Interest Expense: | ||||||||||||
Transaction Deposits | 44 | 69 | -36.2 | % | 46 | |||||||
Savings Deposits | 2,950 | 2,322 | 27.0 | % | 3,128 | |||||||
Time Deposits | 51 | 69 | -26.1 | % | 55 | |||||||
Bank Term Funding Program | ||||||||||||
Borrowings | - | 2,692 | n/m | - | ||||||||
Securities Sold under | ||||||||||||
Repurchase Agreements | 144 | 155 | -6.7 | % | 167 | |||||||
Total Interest Expense | 3,189 | 5,307 | -39.9 | % | 3,396 | |||||||
Net Interest and Loan | ||||||||||||
Fee Income | 54,278 | 63,765 | -14.9 | % | 56,095 | |||||||
Reversal of Provision for | ||||||||||||
Credit Losses | - | - | n/m | (550 | ) | |||||||
Noninterest Income: | ||||||||||||
Service Charges on Deposit | ||||||||||||
Accounts | 3,368 | 3,469 | -2.9 | % | 3,381 | |||||||
Merchant Processing | ||||||||||||
Services | 2,687 | 2,733 | -1.7 | % | 2,733 | |||||||
Debit Card Fees | 1,664 | 1,706 | -2.5 | % | 1,581 | |||||||
Trust Fees | 867 | 811 | 6.9 | % | 899 | |||||||
ATM Processing Fees | 482 | 540 | -10.7 | % | 463 | |||||||
Other Service Fees | 450 | 450 | 0.0 | % | 429 | |||||||
Life Insurance Gains | 106 | - | n/m | 102 | ||||||||
Other Noninterest Income | 691 | 791 | -12.6 | % | 733 | |||||||
Total Noninterest Income | 10,315 | 10,500 | -1.8 | % | 10,321 | |||||||
Noninterest Expense: | ||||||||||||
Salaries and Related Benefits | 12,303 | 12,483 | -1.4 | % | 12,126 | |||||||
Occupancy and Equipment | 5,154 | 5,158 | -0.1 | % | 5,038 | |||||||
Outsourced Data Processing | 2,709 | 2,511 | 7.9 | % | 2,697 | |||||||
Limited Partnership | ||||||||||||
Operating Losses | 915 | 1,440 | -36.5 | % | 915 | |||||||
Professional Fees | 386 | 362 | 6.6 | % | 395 | |||||||
Courier Service | 687 | 686 | 0.1 | % | 688 | |||||||
Other Noninterest Expense | 3,375 | 3,490 | -3.3 | % | 3,268 | |||||||
Total Noninterest Expense | 25,529 | 26,130 | -2.3 | % | 25,127 | |||||||
Income Before Income Taxes | 39,064 | 48,135 | -18.8 | % | 41,839 | |||||||
Income Tax Provision | 9,998 | 12,673 | -21.1 | % | 10,802 | |||||||
Net Income | $ | 29,066 | $ | 35,462 | -18.0 | % | $ | 31,037 | ||||
Average Common Shares | ||||||||||||
Outstanding | 25,889 | 26,680 | -3.0 | % | 26,642 | |||||||
Diluted Average Common | ||||||||||||
Shares Outstanding | 25,889 | 26,681 | -3.0 | % | 26,642 | |||||||
Per Common Share Data: | ||||||||||||
Basic Earnings | $ | 1.12 | $ | 1.33 | -15.8 | % | $ | 1.16 | ||||
Diluted Earnings | 1.12 | 1.33 | -15.8 | % | 1.16 | |||||||
Dividends Paid | 0.46 | 0.44 | 4.5 | % | 0.44 | |||||||
% | ||||||||||||
6/30'25YTD | 6/30'24YTD | Change | ||||||||||
Interest and Loan Fee Income: | ||||||||||||
Loans | $ | 21,192 | $ | 22,678 | -6.6 | % | ||||||
Equity Securities | 390 | 349 | 11.7 | % | ||||||||
Debt Securities Available | ||||||||||||
for Sale | 64,458 | 90,170 | -28.5 | % | ||||||||
Debt Securities Held to | ||||||||||||
Maturity | 16,942 | 17,377 | -2.5 | % | ||||||||
Interest-Bearing Cash | 13,976 | 7,244 | 92.9 | % | ||||||||
Total Interest and Loan | ||||||||||||
Fee Income | 116,958 | 137,818 | -15.1 | % | ||||||||
Interest Expense: | ||||||||||||
Transaction Deposits | 90 | 188 | -52.1 | % | ||||||||
Savings Deposits | 6,078 | 4,239 | 43.4 | % | ||||||||
Time Deposits | 106 | 139 | -23.7 | % | ||||||||
Bank Term Funding Program | ||||||||||||
Borrowings | - | 3,535 | n/m | |||||||||
Securities Sold under | ||||||||||||
Repurchase Agreements | 311 | 207 | 50.2 | % | ||||||||
Total Interest Expense | 6,585 | 8,308 | -20.7 | % | ||||||||
Net Interest and Loan | ||||||||||||
Fee Income | 110,373 | 129,510 | -14.8 | % | ||||||||
(Reversal of) Provision | ||||||||||||
for Credit Losses | (550 | ) | 300 | n/m | ||||||||
Noninterest Income: | ||||||||||||
Service Charges on Deposit | 6,749 | 6,939 | -2.7 | % | ||||||||
Accounts | ||||||||||||
Merchant Processing | ||||||||||||
Services | 5,420 | 5,240 | 3.4 | % | ||||||||
Debit Card Fees | 3,245 | 3,249 | -0.1 | % | ||||||||
Trust Fees | 1,766 | 1,605 | 10.0 | % | ||||||||
ATM Processing Fees | 945 | 1,131 | -16.4 | % | ||||||||
Other Service Fees | 879 | 888 | -1.0 | % | ||||||||
Life Insurance Gains | 208 | - | n/m | |||||||||
Other Noninterest Income | 1,424 | 1,545 | -7.8 | % | ||||||||
Total Noninterest Income | 20,636 | 20,597 | 0.2 | % | ||||||||
Noninterest Expense: | ||||||||||||
Salaries and Related Benefits | 24,429 | 25,069 | -2.6 | % | ||||||||
Occupancy and Equipment | 10,192 | 10,198 | -0.1 | % | ||||||||
Outsourced Data Processing | 5,406 | 5,047 | 7.1 | % | ||||||||
Limited Partnership | ||||||||||||
Operating Losses | 1,830 | 2,880 | -36.5 | % | ||||||||
Professional Fees | 781 | 764 | 2.2 | % | ||||||||
Courier Service | 1,375 | 1,335 | 3.0 | % | ||||||||
Other Noninterest Expense | 6,643 | 6,936 | -4.2 | % | ||||||||
Total Noninterest Expense | 50,656 | 52,229 | -3.0 | % | ||||||||
Income Before Income Taxes | 80,903 | 97,578 | -17.1 | % | ||||||||
Income Tax Provision | 20,800 | 25,699 | -19.1 | % | ||||||||
Net Income | $ | 60,103 | $ | 71,879 | -16.4 | % | ||||||
Average Common Shares | ||||||||||||
Outstanding | 26,263 | 26,677 | -1.6 | % | ||||||||
Diluted Average Common | ||||||||||||
Shares Outstanding | 26,263 | 26,678 | -1.6 | % | ||||||||
Per Common Share Data: | ||||||||||||
Basic Earnings | $ | 2.29 | $ | 2.69 | -14.9 | % | ||||||
Diluted Earnings | 2.29 | 2.69 | -14.9 | % | ||||||||
Dividends Paid | 0.90 | 0.88 | 2.3 | % | ||||||||
Footnotes and Abbreviations: | ||||||||||||
(1) 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 | ||||||||||||
