Westamerica Bancorporation Reports Third Quarter 2024 Financial Results
SAN RAFAEL, Calif., Oct. 17, 2024 (GLOBE NEWSWIRE) — Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the third quarter 2024 of $35.1 million and diluted earnings per common share (“EPS”) of $1.31, which includes gains from life insurance and sales of other assets equivalent to $0.04 EPS. Third quarter 2024 results compare to second quarter 2024 net income of $35.5 million and EPS of $1.33.
“Westamerica’s third quarter 2024 results benefited from the Company’s valuable low-cost deposit base, of which 48 percent was represented by non-interest bearing checking accounts during the quarter; the annualized cost of funding our loan and bond portfolios was 0.37 percent in the quarter. Operating expenses remained well controlled at 35 percent of total revenues in the third quarter 2024. The Company recognized no provision for credit losses in the third quarter 2024. At September 30, 2024, nonperforming assets were stable at $0.9 million and the allowance for credit losses was $15.3 million,” said Chairman, President and CEO David Payne. “Third quarter 2024 results generated an annualized 13.7 percent return on average common equity. Shareholders were paid a $0.44 per common share dividend during the third quarter 2024,” concluded Payne.
Net interest income on a fully-taxable equivalent (FTE) basis was $62.5 million for the third quarter 2024, compared to $64.1 million for the second quarter 2024. The annualized yield earned on loans, bonds and cash for the third quarter 2024 was 4.45 percent compared to 4.50 percent for the second quarter 2024. The annualized cost of funding the loan and bond portfolios was 0.37 percent for the third quarter 2024, compared to 0.35 percent for the second quarter 2024.
Noninterest income for the third quarter 2024 totaled $11.9 million compared to $10.5 million for the second quarter 2024. Third quarter 2024 results include $1.6 million in gains from life insurance and sales of other assets.
Noninterest expenses for the third quarter 2024 were $26.3 million compared to $26.1 million for the second 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 June 30, 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 October 17, 2024 | ||||||||||||
| WESTAMERICA BANCORPORATION | ||||||||||||
| FINANCIAL HIGHLIGHTS | ||||||||||||
| September 30, 2024 | ||||||||||||
| 1. Net Income Summary. | ||||||||||||
| (in thousands except per-share amounts) | ||||||||||||
| % | ||||||||||||
| Q3’2024 | Q3’2023 | Change | Q2’2024 | |||||||||
| Net Interest and Loan Fee | ||||||||||||
| Income (FTE) | $ | 62,465 | $ | 72,092 | -13.4 | % | $ | 64,100 | ||||
| Provision for | ||||||||||||
| Credit Losses | – | 400 | n/m | – | ||||||||
| Noninterest Income | 11,925 | 11,281 | 5.7 | % | 10,500 | |||||||
| Noninterest Expense | 26,309 | 25,650 | 2.6 | % | 26,130 | |||||||
| Income Before Taxes (FTE) | 48,081 | 57,323 | -16.1 | % | 48,470 | |||||||
| Income Tax Provision (FTE) | 13,024 | 15,722 | -17.2 | % | 13,008 | |||||||
| Net Income | $ | 35,057 | $ | 41,601 | -15.7 | % | $ | 35,462 | ||||
| Average Common Shares | ||||||||||||
| Outstanding | 26,685 | 26,648 | 0.1 | % | 26,680 | |||||||
| Diluted Average Common | ||||||||||||
| Shares Outstanding | 26,686 | 26,650 | 0.1 | % | 26,681 | |||||||
| Operating Ratios: | ||||||||||||
| Basic Earnings Per Common | ||||||||||||
| Share | $ | 1.31 | $ | 1.56 | -16.0 | % | $ | 1.33 | ||||
| Diluted Earnings Per | ||||||||||||
| Common Share | 1.31 | 1.56 | -16.0 | % | 1.33 | |||||||
| Return On Assets (a) | 2.16 | % | 2.41 | % | 2.18 | % | ||||||
| Return On Common | ||||||||||||
| Equity (a) | 13.7 | % | 18.3 | % | 14.4 | % | ||||||
| Net Interest Margin (FTE) (a) | 4.08 | % | 4.43 | % | 4.15 | % | ||||||
| Efficiency Ratio (FTE) | 35.4 | % | 30.8 | % | 35.0 | % | ||||||
| Dividends Paid Per Common | ||||||||||||
| Share | $ | 0.44 | $ | 0.44 | 0.0 | % | $ | 0.44 | ||||
| Common Dividend Payout | ||||||||||||
| Ratio | 33 | % | 28 | % | 33 | % | ||||||
| % | ||||||||||||
| 9/30’24YTD | 9/30’23YTD | Change | ||||||||||
| Net Interest and Loan Fee | ||||||||||||
| Income (FTE) | $ | 192,659 | $ | 211,935 | -9.1 | % | ||||||
| Provision (Reversal | ||||||||||||
| of Provision) for | ||||||||||||
| Credit Losses (1) | 300 | (1,150 | ) | n/m | ||||||||
| Noninterest Income | 32,522 | 32,530 | -0.0 | % | ||||||||
| Noninterest Expense | 78,538 | 77,699 | 1.1 | % | ||||||||
| Income Before Taxes (FTE) | 146,343 | 167,916 | -12.8 | % | ||||||||
| Income Tax Provision (FTE) | 39,407 | 45,616 | -13.6 | % | ||||||||
| Net Income | $ | 106,936 | $ | 122,300 | -12.6 | % | ||||||
| Average Common Shares | ||||||||||||
| Outstanding | 26,680 | 26,718 | -0.1 | % | ||||||||
| Diluted Average Common | ||||||||||||
| Shares Outstanding | 26,681 | 26,721 | -0.1 | % | ||||||||
| Operating Ratios: | ||||||||||||
| Basic Earnings Per Common | ||||||||||||
| Share | $ | 4.01 | $ | 4.58 | -12.4 | % | ||||||
| Diluted Earnings Per | ||||||||||||
| Common Share | 4.01 | 4.58 | -12.4 | % | ||||||||
| Return On Assets (a) | 2.19 | % | 2.36 | % | ||||||||
| Return On Common | ||||||||||||
| Equity (a) | 14.4 | % | 18.6 | % | ||||||||
| Net Interest Margin (FTE) (a) | 4.18 | % | 4.32 | % | ||||||||
| Efficiency Ratio (FTE) | 34.9 | % | 31.8 | % | ||||||||
| Dividends Paid Per Common | ||||||||||||
| Share | $ | 1.32 | $ | 1.28 | 3.1 | % | ||||||
| Common Dividend Payout | ||||||||||||
| Ratio | 33 | % | 28 | % | ||||||||
| 2. Net Interest Income. | ||||||||||||
| (dollars in thousands) | ||||||||||||
| % | ||||||||||||
| Q3’2024 | Q3’2023 | Change | Q2’2024 | |||||||||
| Interest and Loan Fee | ||||||||||||
| Income (FTE) | $ | 68,110 | $ | 73,225 | -7.0 | % | $ | 69,407 | ||||
| Interest Expense | 5,645 | 1,133 | 398.2 | % | 5,307 | |||||||
| Net Interest and Loan Fee | ||||||||||||
| Income (FTE) | $ | 62,465 | $ | 72,092 | -13.4 | % | $ | 64,100 | ||||
| Average Earning Assets | $ | 6,062,174 | $ | 6,438,411 | -5.8 | % | $ | 6,145,626 | ||||
| Average Interest-Bearing | ||||||||||||
| Liabilities | 2,950,093 | 3,118,632 | -5.4 | % | 3,001,786 | |||||||
| Yield on Earning Assets | ||||||||||||
| (FTE) (a) | 4.45 | % | 4.50 | % | 4.50 | % | ||||||
| Cost of Funds (a) | 0.37 | % | 0.07 | % | 0.35 | % | ||||||
| Net Interest Margin (FTE) (a) | 4.08 | % | 4.43 | % | 4.15 | % | ||||||
| Interest Expense / | ||||||||||||
| Interest-Bearing | ||||||||||||
| Liabilities (a) | 0.76 | % | 0.14 | % | 0.71 | % | ||||||
| Net Interest Spread (FTE) (a) | 3.69 | % | 4.36 | % | 3.79 | % | ||||||
| % | ||||||||||||
| 9/30’24YTD | 9/30’23YTD | Change | ||||||||||
| Interest and Loan Fee | ||||||||||||
| Income (FTE) | $ | 206,612 | $ | 214,146 | -3.5 | % | ||||||
| Interest Expense | 13,953 | 2,211 | 531.1 | % | ||||||||
| Net Interest and Loan Fee | ||||||||||||
| Income (FTE) | $ | 192,659 | $ | 211,935 | -9.1 | % | ||||||
| Average Earning Assets | $ | 6,108,885 | $ | 6,519,448 | -6.3 | % | ||||||
| Average Interest-Bearing | ||||||||||||
| Liabilities | 2,969,078 | 3,182,734 | -6.7 | % | ||||||||
| Yield on Earning Assets | ||||||||||||
| (FTE) (a) | 4.48 | % | 4.36 | % | ||||||||
| Cost of Funds (a) | 0.30 | % | 0.04 | % | ||||||||
| Net Interest Margin (FTE) (a) | 4.18 | % | 4.32 | % | ||||||||
| Interest Expense / | ||||||||||||
| Interest-Bearing | ||||||||||||
| Liabilities (a) | 0.63 | % | 0.09 | % | ||||||||
| Net Interest Spread (FTE) (a) | 3.85 | % | 4.27 | % | ||||||||
| 3. Loans & Other Earning Assets. | ||||||||||||
| (average volume, dollars in thousands) | ||||||||||||
| % | ||||||||||||
| Q3’2024 | Q3’2023 | Change | Q2’2024 | |||||||||
| Total Assets | $ | 6,461,843 | $ | 6,847,691 | -5.6 | % | $ | 6,549,203 | ||||
| Total Earning Assets | 6,062,174 | 6,438,411 | -5.8 | % | 6,145,626 | |||||||
| Total Loans | 831,418 | 903,854 | -8.0 | % | 838,016 | |||||||
| Commercial Loans | 136,160 | 151,431 | -10.1 | % | 133,605 | |||||||
| Commercial Real Estate | ||||||||||||
| Loans | 493,272 | 493,072 | 0.0 | % | 487,209 | |||||||
| Consumer Loans | 201,986 | 259,351 | -22.1 | % | 217,202 | |||||||
| Total Investment Securities | 4,736,024 | 5,247,118 | -9.7 | % | 4,944,191 | |||||||
| Debt Securities Available for | ||||||||||||
| Sale | 3,881,678 | 4,353,794 | -10.8 | % | 4,079,896 | |||||||
| Debt Securities Held to | ||||||||||||
| Maturity | 854,346 | 893,324 | -4.4 | % | 864,295 | |||||||
| Total Interest-Bearing Cash | 494,732 | 287,439 | 72.1 | % | 363,419 | |||||||
| Loans / Deposits | 16.3 | % | 15.8 | % | 16.1 | % | ||||||
| % | ||||||||||||
| 9/30’24YTD | 9/30’23YTD | Change | ||||||||||
| Total Assets | $ | 6,512,138 | $ | 6,940,897 | -6.2 | % | ||||||
| Total Earning Assets | 6,108,885 | 6,519,448 | -6.3 | % | ||||||||
| Total Loans | 840,961 | 925,351 | -9.1 | % | ||||||||
| Commercial Loans | 134,402 | 158,204 | -15.0 | % | ||||||||
| Commercial Real Estate | ||||||||||||
| Loans | 489,836 | 492,702 | -0.6 | % | ||||||||
| Consumer Loans | 216,723 | 274,445 | -21.0 | % | ||||||||
| Total Investment Securities | 4,925,557 | 5,385,986 | -8.5 | % | ||||||||
| Debt Securities Available for | ||||||||||||
| Sale | 4,061,358 | 4,482,376 | -9.4 | % | ||||||||
| Debt Securities Held to | ||||||||||||
| Maturity | 864,199 | 903,610 | -4.4 | % | ||||||||
| Total Interest-Bearing Cash | 342,367 | 208,111 | 64.5 | % | ||||||||
| Loans / Deposits | 16.1 | % | 15.8 | % | ||||||||
| 4. Deposits, Other Interest-Bearing Liabilities & Equity. | ||||||||||||
| (average volume, dollars in thousands) | ||||||||||||
| % | ||||||||||||
| Q3’2024 | Q3’2023 | Change | Q2’2024 | |||||||||
| Total Deposits | $ | 5,092,244 | $ | 5,722,817 | -11.0 | % | $ | 5,202,620 | ||||
| Noninterest Demand | 2,425,646 | 2,721,358 | -10.9 | % | 2,485,023 | |||||||
| Interest-Bearing Transaction | 937,694 | 1,149,483 | -18.4 | % | 981,703 | |||||||
| Savings | 1,639,997 | 1,741,994 | -5.9 | % | 1,642,806 | |||||||
| Time greater than $100K | 32,815 | 43,073 | -23.8 | % | 34,721 | |||||||
| Time less than $100K | 56,092 | 66,909 | -16.2 | % | 58,367 | |||||||
| Total Short-Term Borrowings | 283,495 | 117,173 | 141.9 | % | 284,189 | |||||||
| Bank Term Funding Program | ||||||||||||
| Borrowings | 167,391 | – | n/m | 200,000 | ||||||||
| Securities Sold under | ||||||||||||
| Repurchase Agreements | 116,104 | 117,173 | -0.9 | % | 84,189 | |||||||
| Shareholders’ Equity | 1,016,642 | 902,300 | 12.7 | % | 990,927 | |||||||
| Demand Deposits / | ||||||||||||
| Total Deposits | 47.6 | % | 47.6 | % | 47.8 | % | ||||||
| Transaction & Savings | ||||||||||||
| Deposits / Total Deposits | 98.3 | % | 98.1 | % | 98.2 | % | ||||||
| % | ||||||||||||
| 9/30’24YTD | 9/30’23YTD | Change | ||||||||||
| Total Deposits | $ | 5,224,158 | $ | 5,859,506 | -10.8 | % | ||||||
| Noninterest Demand | 2,480,815 | 2,774,282 | -10.6 | % | ||||||||
| Interest-Bearing Transaction | 992,363 | 1,180,551 | -15.9 | % | ||||||||
| Savings | 1,658,106 | 1,783,891 | -7.1 | % | ||||||||
| Time greater than $100K | 34,550 | 51,481 | -32.9 | % | ||||||||
| Time less than $100K | 58,324 | 69,301 | -15.8 | % | ||||||||
| Total Short-Term Borrowings | 225,735 | 97,510 | 131.5 | % | ||||||||
| Bank Term Funding Program | ||||||||||||
| Borrowings | 143,412 | – | n/m | |||||||||
| Securities Sold under | ||||||||||||
| Repurchase Agreements | 82,323 | 97,510 | -15.6 | % | ||||||||
| Shareholders’ Equity | 991,229 | 879,740 | 12.7 | % | ||||||||
| Demand Deposits / | ||||||||||||
| Total Deposits | 47.5 | % | 47.3 | % | ||||||||
| Transaction & Savings | ||||||||||||
| Deposits / Total Deposits | 98.2 | % | 97.9 | % | ||||||||
| 5. Interest Yields Earned & Rates Paid. | ||||||||||||
| (dollars in thousands) | ||||||||||||
| Q3’2024 | ||||||||||||
| Average | Income/ | Yield (a) / | ||||||||||
| Volume | Expense | Rate (a) | ||||||||||
| Interest & Loan Fee Income Earned: | ||||||||||||
| Total Earning Assets (FTE) | $ | 6,062,174 | $ | 68,110 | 4.45 | % | ||||||
| Total Loans (FTE) | 831,418 | 11,526 | 5.52 | % | ||||||||
| Commercial Loans (FTE) | 136,160 | 2,393 | 7.00 | % | ||||||||
| Commercial Real Estate | ||||||||||||
| Loans | 493,272 | 6,308 | 5.09 | % | ||||||||
| Consumer Loans | 201,986 | 2,825 | 5.57 | % | ||||||||
| Total Investments (FTE) | 4,736,024 | 49,822 | 4.17 | % | ||||||||
| Total Debt Securities | ||||||||||||
| Available for Sale (FTE) | 3,881,678 | 41,133 | 4.19 | % | ||||||||
| Corporate Securities | 2,074,145 | 14,268 | 2.75 | % | ||||||||
| Collateralized Loan | ||||||||||||
| Obligations | 1,166,189 | 21,459 | 7.20 | % | ||||||||
| Agency Mortgage Backed | ||||||||||||
| Securities | 244,994 | 1,638 | 2.68 | % | ||||||||
| Securities of U.S. | ||||||||||||
| Government sponsored | ||||||||||||
| entities | 310,138 | 2,777 | 3.58 | % | ||||||||
| Obligations of States and | ||||||||||||
| Political Subdivisions | ||||||||||||
| (FTE) | 67,141 | 518 | 3.08 | % | ||||||||
| U.S. Treasury Securities | 4,844 | 62 | 5.13 | % | ||||||||
| Other Debt Securities | ||||||||||||
| Available for Sale (FTE) | 14,227 | 411 | 11.55 | % | ||||||||
| Total Debt Securities Held to | ||||||||||||
| Maturity (FTE) | 854,346 | 8,689 | 4.07 | % | ||||||||
| Agency Mortgage Backed | ||||||||||||
| Securities | 65,545 | 376 | 2.29 | % | ||||||||
| Corporate Securities | 732,689 | 7,815 | 4.27 | % | ||||||||
| Obligations of States and | ||||||||||||
| Political Subdivisions | ||||||||||||
| (FTE) | 56,112 | 498 | 3.55 | % | ||||||||
| Total Interest-Bearing Cash | 494,732 | 6,762 | 5.35 | % | ||||||||
| Interest Expense Paid: | ||||||||||||
| Total Earning Assets | 6,062,174 | 5,645 | 0.37 | % | ||||||||
| Total Interest-Bearing | ||||||||||||
| Liabilities | 2,950,093 | 5,645 | 0.76 | % | ||||||||
| Total Interest-Bearing | ||||||||||||
| Deposits | 2,666,598 | 3,113 | 0.46 | % | ||||||||
| Interest-Bearing Transaction | 937,694 | 47 | 0.02 | % | ||||||||
| Savings | 1,639,997 | 2,990 | 0.73 | % | ||||||||
| Time less than $100K | 56,092 | 46 | 0.33 | % | ||||||||
| Time greater than $100K | 32,815 | 30 | 0.36 | % | ||||||||
| Total Short-Term Borrowings | 283,495 | 2,532 | 3.54 | % | ||||||||
| Bank Term Funding Program | ||||||||||||
| Borrowings | 167,391 | 2,278 | 5.40 | % | ||||||||
| Securities Sold under | ||||||||||||
| Repurchase Agreements | 116,104 | 254 | 0.87 | % | ||||||||
| Net Interest Income and | ||||||||||||
| Margin (FTE) | $ | 62,465 | 4.08 | % | ||||||||
| Q3’2023 | ||||||||||||
| Average | Income/ | Yield (a) / | ||||||||||
| Volume | Expense | Rate (a) | ||||||||||
| Interest & Loan Fee Income Earned: | ||||||||||||
| Total Earning Assets (FTE) | $ | 6,438,411 | $ | 73,225 | 4.50 | % | ||||||
| Total Loans (FTE) | 903,854 | 12,016 | 5.27 | % | ||||||||
| Commercial Loans (FTE) | 151,431 | 2,743 | 7.19 | % | ||||||||
| Commercial Real Estate | ||||||||||||
| Loans | 493,072 | 5,914 | 4.76 | % | ||||||||
| Consumer Loans | 259,351 | 3,359 | 5.14 | % | ||||||||
| Total Investments (FTE) | 5,247,118 | 57,280 | 4.32 | % | ||||||||
| Total Debt Securities | ||||||||||||
| Available for Sale (FTE) | 4,353,794 | 48,285 | 4.38 | % | ||||||||
| Corporate Securities | 2,148,308 | 14,851 | 2.77 | % | ||||||||
| Collateralized Loan | ||||||||||||
| Obligations | 1,530,992 | 28,023 | 7.16 | % | ||||||||
| Agency Mortgage Backed | ||||||||||||
| Securities | 276,755 | 1,676 | 2.42 | % | ||||||||
| Securities of U.S. | ||||||||||||
| Government sponsored | ||||||||||||
| entities | 307,106 | 2,777 | 3.62 | % | ||||||||
| Obligations of States and | ||||||||||||
| Political Subdivisions | ||||||||||||
| (FTE) | 76,406 | 573 | 3.00 | % | ||||||||
| Other Debt Securities | ||||||||||||
| Available for Sale (FTE) | 14,227 | 385 | 10.82 | % | ||||||||
| Total Debt Securities Held to | ||||||||||||
| Maturity (FTE) | 893,324 | 8,995 | 4.03 | % | ||||||||
| Agency Mortgage Backed | ||||||||||||
| Securities | 88,147 | 475 | 2.16 | % | ||||||||
| Corporate Securities | 725,862 | 7,815 | 4.31 | % | ||||||||
| Obligations of States and | ||||||||||||
| Political Subdivisions | ||||||||||||
| (FTE) | 79,315 | 705 | 3.55 | % | ||||||||
| Total Interest-Bearing Cash | 287,439 | 3,929 | 5.35 | % | ||||||||
| Interest Expense Paid: | ||||||||||||
| Total Earning Assets | 6,438,411 | 1,133 | 0.07 | % | ||||||||
| Total Interest-Bearing | ||||||||||||
| Liabilities | 3,118,632 | 1,133 | 0.14 | % | ||||||||
| Total Interest-Bearing | ||||||||||||
| Deposits | 3,001,459 | 1,095 | 0.14 | % | ||||||||
| Interest-Bearing Transaction | 1,149,483 | 131 | 0.05 | % | ||||||||
| Savings | 1,741,994 | 886 | 0.20 | % | ||||||||
| Time less than $100K | 66,909 | 52 | 0.31 | % | ||||||||
| Time greater than $100K | 43,073 | 26 | 0.24 | % | ||||||||
| Total Short-Term Borrowings | 117,173 | 38 | 0.13 | % | ||||||||
| Securities Sold under | ||||||||||||
| Repurchase Agreements | 117,173 | 38 | 0.13 | % | ||||||||
| Net Interest Income and | ||||||||||||
| Margin (FTE) | $ | 72,092 | 4.43 | % | ||||||||
| 6. Noninterest Income. | ||||||||||||
| (dollars in thousands except per-share amounts) | ||||||||||||
| % | ||||||||||||
| Q3’2024 | Q3’2023 | Change | Q2’2024 | |||||||||
| Service Charges on Deposit | ||||||||||||
| Accounts | $ | 3,585 | $ | 3,705 | -3.2 | % | $ | 3,469 | ||||
| Merchant Processing | ||||||||||||
| Services | 2,474 | 2,911 | -15.0 | % | 2,733 | |||||||
| Debit Card Fees | 1,702 | 1,717 | -0.9 | % | 1,706 | |||||||
| Trust Fees | 846 | 783 | 8.0 | % | 811 | |||||||
| ATM Processing Fees | 533 | 640 | -16.7 | % | 540 | |||||||
| Other Service Fees | 454 | 463 | -1.9 | % | 450 | |||||||
| Life Insurance Gains | 202 | 278 | n/m | – | ||||||||
| Other Noninterest Income | 2,129 | 784 | 171.6 | % | 791 | |||||||
| Total Noninterest Income | $ | 11,925 | $ | 11,281 | 5.7 | % | $ | 10,500 | ||||
| Operating Ratios: | ||||||||||||
| Total Revenue (FTE) | $ | 74,390 | $ | 83,373 | -10.8 | % | $ | 74,600 | ||||
| Noninterest Income / | ||||||||||||
| Revenue (FTE) | 16.0 | % | 13.5 | % | 14.1 | % | ||||||
| Service Charges / | ||||||||||||
| Avg. Deposits (a) | 0.28 | % | 0.26 | % | 0.27 | % | ||||||
| Total Revenue (FTE) Per | ||||||||||||
| Avg. Common Share (a) | $ | 11.09 | $ | 12.41 | -10.7 | % | $ | 11.25 | ||||
| % | ||||||||||||
| 9/30’24YTD | 9/30’23YTD | Change | ||||||||||
| Service Charges on Deposit | ||||||||||||
| Accounts | $ | 10,524 | $ | 10,629 | -1.0 | % | ||||||
| Merchant Processing | ||||||||||||
| Services | 7,714 | 8,417 | -8.4 | % | ||||||||
| Debit Card Fees | 4,951 | 5,118 | -3.3 | % | ||||||||
| Trust Fees | 2,451 | 2,358 | 3.9 | % | ||||||||
| ATM Processing Fees | 1,664 | 1,996 | -16.6 | % | ||||||||
| Other Service Fees | 1,342 | 1,320 | 1.7 | % | ||||||||
| Life Insurance Gains | 202 | 278 | n/m | |||||||||
| Securities Losses | – | (125 | ) | n/m | ||||||||
| Other Noninterest Income | 3,674 | 2,539 | 44.7 | % | ||||||||
| Total Noninterest Income | $ | 32,522 | $ | 32,530 | -0.0 | % | ||||||
| Operating Ratios: | ||||||||||||
| Total Revenue (FTE) | $ | 225,181 | $ | 244,465 | -7.9 | % | ||||||
| Noninterest Income / | ||||||||||||
| Revenue (FTE) | 14.4 | % | 13.3 | % | ||||||||
| Service Charges / | ||||||||||||
| Avg. Deposits (a) | 0.27 | % | 0.24 | % | ||||||||
| Total Revenue (FTE) Per | ||||||||||||
| Avg. Common Share (a) | $ | 11.27 | $ | 12.23 | -7.8 | % | ||||||
| 7. Noninterest Expense. | ||||||||||||
| (dollars in thousands) | ||||||||||||
| % | ||||||||||||
| Q3’2024 | Q3’2023 | Change | Q2’2024 | |||||||||
| Salaries and Related Benefits | $ | 12,762 | $ | 11,820 | 8.0 | % | $ | 12,483 | ||||
| Occupancy and Equipment | 5,256 | 5,065 | 3.8 | % | 5,158 | |||||||
| Outsourced Data Processing | 2,614 | 2,473 | 5.7 | % | 2,511 | |||||||
| Limited Partnership | ||||||||||||
| Operating Losses | 1,210 | 1,440 | -16.0 | % | 1,440 | |||||||
| Professional Fees | 337 | 401 | -16.0 | % | 362 | |||||||
| Courier Service | 682 | 745 | -8.5 | % | 686 | |||||||
| Other Noninterest Expense | 3,448 | 3,706 | -7.0 | % | 3,490 | |||||||
| Total Noninterest Expense | $ | 26,309 | $ | 25,650 | 2.6 | % | $ | 26,130 | ||||
| Operating Ratios: | ||||||||||||
| Noninterest Expense / | ||||||||||||
| Avg. Earning Assets (a) | 1.73 | % | 1.58 | % | 1.71 | % | ||||||
| Noninterest Expense / | ||||||||||||
| Revenues (FTE) | 35.4 | % | 30.8 | % | 35.0 | % | ||||||
| % | ||||||||||||
| 9/30’24YTD | 9/30’23YTD | Change | ||||||||||
| Salaries and Related Benefits | $ | 37,831 | $ | 35,715 | 5.9 | % | ||||||
| Occupancy and Equipment | 15,454 | 15,562 | -0.7 | % | ||||||||
| Outsourced Data Processing | 7,661 | 7,405 | 3.5 | % | ||||||||
| Limited Partnership | ||||||||||||
| Operating Losses | 4,090 | 4,314 | -5.2 | % | ||||||||
| Professional Fees | 1,101 | 1,362 | -19.2 | % | ||||||||
| Courier Service | 2,017 | 1,971 | 2.3 | % | ||||||||
| Other Noninterest Expense | 10,384 | 11,370 | -8.7 | % | ||||||||
| Total Noninterest Expense | $ | 78,538 | $ | 77,699 | 1.1 | % | ||||||
| Operating Ratios: | ||||||||||||
| Noninterest Expense / | ||||||||||||
| Avg. Earning Assets (a) | 1.72 | % | 1.59 | % | ||||||||
| Noninterest Expense / | ||||||||||||
| Revenues (FTE) | 34.9 | % | 31.8 | % | ||||||||
| 8. Allowance for Credit Losses. | ||||||||||||
| (dollars in thousands) | ||||||||||||
| % | ||||||||||||
| Q3’2024 | Q3’2023 | Change | Q2’2024 | |||||||||
| Average Total Loans | $ | 831,418 | $ | 903,854 | -8.0 | % | $ | 838,016 | ||||
| Beginning of Period | ||||||||||||
| Allowance for Credit | ||||||||||||
| Losses on Loans (ACLL) | $ | 15,952 | $ | 18,480 | -13.7 | % | $ | 15,879 | ||||
| Provision for | ||||||||||||
| Credit Losses | – | 400 | n/m | – | ||||||||
| Net ACLL (Losses) | ||||||||||||
| Recoveries | (634 | ) | (1,136 | ) | -44.2 | % | 73 | |||||
| End of Period ACLL | $ | 15,318 | $ | 17,744 | -13.7 | % | $ | 15,952 | ||||
| Gross ACLL Recoveries / | ||||||||||||
| Gross ACLL Losses | 62 | % | 46 | % | 105 | % | ||||||
| Net ACLL (Losses) | ||||||||||||
| Recoveries / | ||||||||||||
| Avg. Total Loans (a) | -0.30 | % | -0.50 | % | 0.04 | % | ||||||
| % | ||||||||||||
| 9/30’24YTD | 9/30’23YTD | Change | ||||||||||
| Average Total Loans | $ | 840,961 | $ | 925,351 | -9.1 | % | ||||||
| Beginning of Period ACLL | $ | 16,867 | $ | 20,284 | -16.8 | % | ||||||
| Provision (Reversal | ||||||||||||
| of Provision) for | ||||||||||||
| Credit Losses (1) | 300 | (1,150 | ) | n/m | ||||||||
| Net ACLL Losses | (1,849 | ) | (1,390 | ) | 33.0 | % | ||||||
| End of Period ACLL | $ | 15,318 | $ | 17,744 | -13.7 | % | ||||||
| Gross ACLL Recoveries / | ||||||||||||
| Gross ACLL Losses | 64 | % | 76 | % | ||||||||
| Net ACLL Losses / | ||||||||||||
| Avg. Total Loans (a) | -0.29 | % | -0.20 | % | ||||||||
| (dollars in thousands) | ||||||||||||
| % | ||||||||||||
| 9/30/24 | 9/30/23 | Change | 6/30/24 | |||||||||
| Allowance for Credit Losses | ||||||||||||
| on Loans | $ | 15,318 | $ | 17,744 | -13.7 | % | $ | 15,952 | ||||
| Allowance for Credit Losses | ||||||||||||
| on Held to Maturity | ||||||||||||
| Securities | 1 | 1 | 0.0 | % | 1 | |||||||
| Total Allowance for Credit | ||||||||||||
| Losses | $ | 15,319 | $ | 17,745 | -13.7 | % | $ | 15,953 | ||||
| Allowance for Unfunded | ||||||||||||
| Credit Commitments | $ | 201 | $ | 201 | 0.0 | % | $ | 201 | ||||
| 9. Credit Quality. | ||||||||||||
| (dollars in thousands) | ||||||||||||
| % | ||||||||||||
| 9/30/24 | 9/30/23 | Change | 6/30/24 | |||||||||
| Nonperforming Loans: | ||||||||||||
| Nonperforming Nonaccrual | ||||||||||||
| Loans | $ | 252 | $ | 205 | 22.9 | % | $ | 971 | ||||
| Performing Nonaccrual | ||||||||||||
| Loans | – | 4 | n/m | – | ||||||||
| Total Nonaccrual Loans | 252 | 209 | 20.6 | % | 971 | |||||||
| Accruing Loans 90+ Days | ||||||||||||
| Past Due | 667 | 1,029 | -35.2 | % | 580 | |||||||
| Total Nonperforming Loans | $ | 919 | $ | 1,238 | -25.8 | % | $ | 1,551 | ||||
| Total Loans Outstanding | $ | 833,967 | $ | 885,850 | -5.9 | % | $ | 831,842 | ||||
| Total Assets | 6,161,143 | 6,567,288 | -6.2 | % | 6,312,145 | |||||||
| Loans: | ||||||||||||
| Allowance for Credit Losses | ||||||||||||
| on Loans | $ | 15,318 | $ | 17,744 | -13.7 | % | $ | 15,952 | ||||
| Allowance for Credit Losses | ||||||||||||
| on Loans / Loans | 1.84 | % | 2.00 | % | 1.92 | % | ||||||
| Nonperforming Loans / | ||||||||||||
| Total Loans | 0.11 | % | 0.14 | % | 0.19 | % | ||||||
| 10. Liquidity. | ||||||||||||
| At September 30, 2024, the Company had $502,945 thousand in cash balances. During the twelve months ending September 30, 2025, the Company expects to receive $321,000 thousand in principal payments from its debt securities. If additional operational liquidity is required, the Company can pledge debt securities as collateral for borrowing purposes; at September 30, 2024, the Company’s debt securities which qualify as collateral for borrowing totaled $3,696,256 thousand. In the ordinary course of business, the Company pledges debt securities as collateral for certain depository customers; at September 30, 2024, the Company had pledged $764,404 thousand in debt securities for depository customers. In the ordinary course of business, the Company pledges debt securities as collateral for borrowing from the Federal Reserve Bank; at September 30, 2024, the Company had pledged $815,919 thousand in debt securities at the Federal Reserve Bank. During the nine months ended September 30, 2024, the Company’s average borrowings from the Federal Reserve Bank and other correspondent banks were $143,412 thousand and $-0- thousand, respectively, and at September 30, 2024, the Company had no borrowings from the Federal Reserve Bank or other correspondent banks. At September 30, 2024, the Company had access to borrowing from the Federal Reserve up to $815,919 thousand based on collateral pledged at September 30, 2024. At September 30, 2024, the Company’s estimated unpledged collateral qualifying debt securities totaled $1,663,673 thousand. Debt securities eligible as collateral are shown at market value. | ||||||||||||
| (in thousands) | ||||||||||||
| 9/30/24 | ||||||||||||
| Debt Securities Eligible as | ||||||||||||
| Collateral: | ||||||||||||
| Corporate Securities | $ | 2,625,616 | ||||||||||
| Collateralized Loan | ||||||||||||
| Obligations rated AAA | 356,221 | |||||||||||
| Obligations of States and | ||||||||||||
| Political Subdivisions | 117,521 | |||||||||||
| Agency Mortgage Backed | ||||||||||||
| Securities | 288,390 | |||||||||||
| Securities of U.S. Government | ||||||||||||
| Sponsored Entities | 303,609 | |||||||||||
| U.S. Treasury Securities | 4,899 | |||||||||||
| Total Debt Securities Eligible | ||||||||||||
| as Collateral | $ | 3,696,256 | ||||||||||
| Debt Securities Pledged | ||||||||||||
| as Collateral: | ||||||||||||
| Deposits by Public Entities | ($ | 764,404 | ) | |||||||||
| Securities Sold under | ||||||||||||
| Repurchase Agreements | (442,940 | ) | ||||||||||
| Debt Securities Pledged | ||||||||||||
| at the Federal Reserve Bank | (815,919 | ) | ||||||||||
| Other | (9,320 | ) | ||||||||||
| Total Debt Securities Pledged | ||||||||||||
| as Collateral | ($ | 2,032,583 | ) | |||||||||
| Estimated Debt Securities | ||||||||||||
| Available to Pledge | $ | 1,663,673 | ||||||||||
| 11. Capital. | ||||||||||||
| (in thousands, except per-share amounts) | ||||||||||||
| % | ||||||||||||
| 9/30/24 | 9/30/23 | Change | 6/30/24 | |||||||||
| Shareholders’ Equity | $ | 909,040 | $ | 648,423 | 40.2 | % | $ | 815,600 | ||||
| Total Assets | 6,161,143 | 6,567,288 | -6.2 | % | 6,312,145 | |||||||
| Shareholders’ Equity/ | ||||||||||||
| Total Assets | 14.75 | % | 9.87 | % | 12.92 | % | ||||||
| Shareholders’ Equity/ | ||||||||||||
| Total Loans | 109.00 | % | 73.20 | % | 98.05 | % | ||||||
| Tangible Common Equity | ||||||||||||
| Ratio | 13.03 | % | 8.17 | % | 11.21 | % | ||||||
| Common Shares Outstanding | 26,686 | 26,649 | 0.1 | % | 26,683 | |||||||
| Common Equity Per Share | $ | 34.06 | $ | 24.33 | 40.0 | % | $ | 30.57 | ||||
| Market Value Per Common | ||||||||||||
| Share | 49.42 | 43.25 | 14.3 | % | 48.53 | |||||||
| (shares in thousands) | ||||||||||||
| % | ||||||||||||
| Q3’2024 | Q3’2023 | Change | Q2’2024 | |||||||||
| Share issuances (Retirements): | ||||||||||||
| Total Shares Retired | – | – | n/m | – | ||||||||
| Average Retirement Price | $ | – | $ | – | n/m | $ | – | |||||
| Net Shares Issued | (3 | ) | (1 | ) | n/m | (5 | ) | |||||
| % | ||||||||||||
| 9/30’24YTD | 9/30’23YTD | Change | ||||||||||
| Total Shares Retired | 4 | 274 | n/m | |||||||||
| Average Retirement Price | $ | 45.58 | $ | 50.11 | n/m | |||||||
| Net Shares (Issued) Retired | (15 | ) | 264 | n/m | ||||||||
| 12. Period-End Balance Sheets. | ||||||||||||
| (unaudited, dollars in thousands) | ||||||||||||
| % | ||||||||||||
| 9/30/24 | 9/30/23 | Change | 6/30/24 | |||||||||
| Assets: | ||||||||||||
| Cash and Due from Banks | $ | 502,945 | $ | 420,550 | 19.6 | % | $ | 486,124 | ||||
| Debt Securities Available for | ||||||||||||
| Sale: | ||||||||||||
| Corporate Securities | 1,901,617 | 1,814,424 | 4.8 | % | 1,855,618 | |||||||
| Collateralized Loan | ||||||||||||
| Obligations | 1,078,920 | 1,503,078 | -28.2 | % | 1,255,110 | |||||||
| Agency Mortgage Backed | ||||||||||||
| Securities | 227,565 | 239,728 | -5.1 | % | 222,806 | |||||||
| Securities of U.S. | ||||||||||||
| Government sponsored | ||||||||||||
| entities | 303,609 | 279,364 | 8.7 | % | 291,206 | |||||||
| Obligations of States and | ||||||||||||
| Political Subdivisions | 63,876 | 69,639 | -8.3 | % | 69,758 | |||||||
| U.S. Treasury Securities | 4,899 | – | n/m | 4,820 | ||||||||
| Total Debt Securities | ||||||||||||
| Available for Sale | 3,580,486 | 3,906,233 | -8.3 | % | 3,699,318 | |||||||
| Debt Securities Held to | ||||||||||||
| Maturity: | ||||||||||||
| Agency Mortgage Backed | ||||||||||||
| Securities | 62,745 | 84,347 | -25.6 | % | 67,777 | |||||||
| Corporate Securities | 733,748 | 726,951 | 0.9 | % | 732,049 | |||||||
| Obligations of States and | ||||||||||||
| Political Subdivisions (2) | 53,768 | 77,558 | -30.7 | % | 61,042 | |||||||
| Total Debt Securities | ||||||||||||
| Held to Maturity (2) | 850,261 | 888,856 | -4.3 | % | 860,868 | |||||||
| Loans | 833,967 | 885,850 | -5.9 | % | 831,842 | |||||||
| Allowance For Credit Losses | ||||||||||||
| on Loans | (15,318 | ) | (17,744 | ) | -13.7 | % | (15,952 | ) | ||||
| Total Loans, net | 818,649 | 868,106 | -5.7 | % | 815,890 | |||||||
| Premises and Equipment, net | 26,129 | 27,490 | -5.0 | % | 26,275 | |||||||
| Identifiable Intangibles, net | 178 | 404 | -55.8 | % | 234 | |||||||
| Goodwill | 121,673 | 121,673 | 0.0 | % | 121,673 | |||||||
| Other Assets | 260,822 | 333,976 | -21.9 | % | 301,763 | |||||||
| Total Assets | $ | 6,161,143 | $ | 6,567,288 | -6.2 | % | $ | 6,312,145 | ||||
| Liabilities and Shareholders’ | ||||||||||||
| Equity: | ||||||||||||
| Deposits: | ||||||||||||
| Noninterest-Bearing | $ | 2,375,958 | $ | 2,723,403 | -12.8 | % | $ | 2,459,467 | ||||
| Interest-Bearing Transaction | 925,455 | 1,138,220 | -18.7 | % | 936,186 | |||||||
| Savings | 1,677,332 | 1,732,849 | -3.2 | % | 1,646,781 | |||||||
| Time | 86,305 | 104,541 | -17.4 | % | 89,006 | |||||||
| Total Deposits | 5,065,050 | 5,699,013 | -11.1 | % | 5,131,440 | |||||||
| Bank Term Funding | ||||||||||||
| Program Borrowings | – | – | n/m | 200,000 | ||||||||
| Securities Sold under | ||||||||||||
| Repurchase Agreements | 132,487 | 115,341 | 14.9 | % | 100,167 | |||||||
| Total Short-Term | ||||||||||||
| Borrowed Funds | 132,487 | 115,341 | 14.9 | % | 300,167 | |||||||
| Other Liabilities | 54,566 | 104,511 | -47.8 | % | 64,938 | |||||||
| Total Liabilities | 5,252,103 | 5,918,865 | -11.3 | % | 5,496,545 | |||||||
| Shareholders’ Equity: | ||||||||||||
| Common Equity: | ||||||||||||
| Paid-In Capital | 475,096 | 471,862 | 0.7 | % | 474,618 | |||||||
| Accumulated Other | ||||||||||||
| Comprehensive Loss | (127,653 | ) | (285,709 | ) | -55.3 | % | (197,300 | ) | ||||
| Retained Earnings | 561,597 | 462,270 | 21.5 | % | 538,282 | |||||||
| Total Shareholders’ Equity | 909,040 | 648,423 | 40.2 | % | 815,600 | |||||||
| Total Liabilities and | ||||||||||||
| Shareholders’ Equity | $ | 6,161,143 | $ | 6,567,288 | -6.2 | % | $ | 6,312,145 | ||||
| 13. Income Statements. | ||||||||||||
| (unaudited, in thousands except per-share amounts) | ||||||||||||
| % | ||||||||||||
| Q3’2024 | Q3’2023 | Change | Q2’2024 | |||||||||
| Interest and Loan Fee Income: | ||||||||||||
| Loans | $ | 11,441 | $ | 11,925 | -4.1 | % | $ | 11,354 | ||||
| Equity Securities | 175 | 152 | 15.1 | % | 175 | |||||||
| Debt Securities Available | ||||||||||||
| for Sale | 40,829 | 47,994 | -14.9 | % | 43,927 | |||||||
| Debt Securities Held to | ||||||||||||
| Maturity | 8,587 | 8,848 | -2.9 | % | 8,655 | |||||||
| Interest-Bearing Cash | 6,762 | 3,929 | 72.1 | % | 4,961 | |||||||
| Total Interest and Loan | ||||||||||||
| Fee Income | 67,794 | 72,848 | -6.9 | % | 69,072 | |||||||
| Interest Expense: | ||||||||||||
| Transaction Deposits | 47 | 131 | -64.1 | % | 69 | |||||||
| Savings Deposits | 2,990 | 886 | 237.5 | % | 2,322 | |||||||
| Time Deposits | 76 | 78 | -2.6 | % | 69 | |||||||
| Bank Term Funding Program | ||||||||||||
| Borrowings | 2,278 | – | n/m | 2,692 | ||||||||
| Securities Sold under | ||||||||||||
| Repurchase Agreements | 254 | 38 | 565.8 | % | 155 | |||||||
| Total Interest Expense | 5,645 | 1,133 | 398.2 | % | 5,307 | |||||||
| Net Interest and Loan | ||||||||||||
| Fee Income | 62,149 | 71,715 | -13.3 | % | 63,765 | |||||||
| Provision for Credit Losses | – | 400 | n/m | – | ||||||||
| Noninterest Income: | ||||||||||||
| Service Charges on Deposit | ||||||||||||
| Accounts | 3,585 | 3,705 | -3.2 | % | 3,469 | |||||||
| Merchant Processing | ||||||||||||
| Services | 2,474 | 2,911 | -15.0 | % | 2,733 | |||||||
| Debit Card Fees | 1,702 | 1,717 | -0.9 | % | 1,706 | |||||||
| Trust Fees | 846 | 783 | 8.0 | % | 811 | |||||||
| ATM Processing Fees | 533 | 640 | -16.7 | % | 540 | |||||||
| Other Service Fees | 454 | 463 | -1.9 | % | 450 | |||||||
| Life Insurance Gains | 202 | 278 | n/m | – | ||||||||
| Other Noninterest Income | 2,129 | 784 | 171.6 | % | 791 | |||||||
| Total Noninterest Income | 11,925 | 11,281 | 5.7 | % | 10,500 | |||||||
| Noninterest Expense: | ||||||||||||
| Salaries and Related Benefits | 12,762 | 11,820 | 8.0 | % | 12,483 | |||||||
| Occupancy and Equipment | 5,256 | 5,065 | 3.8 | % | 5,158 | |||||||
| Outsourced Data Processing | 2,614 | 2,473 | 5.7 | % | 2,511 | |||||||
| Limited Partnership | ||||||||||||
| Operating Losses | 1,210 | 1,440 | -16.0 | % | 1,440 | |||||||
| Professional Fees | 337 | 401 | -16.0 | % | 362 | |||||||
| Courier Service | 682 | 745 | -8.5 | % | 686 | |||||||
| Other Noninterest Expense | 3,448 | 3,706 | -7.0 | % | 3,490 | |||||||
| Total Noninterest Expense | 26,309 | 25,650 | 2.6 | % | 26,130 | |||||||
| Income Before Income Taxes | 47,765 | 56,946 | -16.1 | % | 48,135 | |||||||
| Income Tax Provision | 12,708 | 15,345 | -17.2 | % | 12,673 | |||||||
| Net Income | $ | 35,057 | $ | 41,601 | -15.7 | % | $ | 35,462 | ||||
| Average Common Shares | ||||||||||||
| Outstanding | 26,685 | 26,648 | 0.1 | % | 26,680 | |||||||
| Diluted Average Common | ||||||||||||
| Shares Outstanding | 26,686 | 26,650 | 0.1 | % | 26,681 | |||||||
| Per Common Share Data: | ||||||||||||
| Basic Earnings | $ | 1.31 | $ | 1.56 | -16.0 | % | $ | 1.33 | ||||
| Diluted Earnings | 1.31 | 1.56 | -16.0 | % | 1.33 | |||||||
| Dividends Paid | 0.44 | 0.44 | 0.0 | % | 0.44 | |||||||
| % | ||||||||||||
| 9/30’24YTD | 9/30’23YTD | Change | ||||||||||
| Interest and Loan Fee Income: | ||||||||||||
| Loans | $ | 34,119 | $ | 35,510 | -3.9 | % | ||||||
| Equity Securities | 524 | 456 | 14.9 | % | ||||||||
| Debt Securities Available | ||||||||||||
| for sale | 130,999 | 142,256 | -7.9 | % | ||||||||
| Debt Securities Held to | ||||||||||||
| Maturity | 25,964 | 26,758 | -3.0 | % | ||||||||
| Interest-Bearing Cash | 14,006 | 7,981 | 75.5 | % | ||||||||
| Total Interest and Loan | ||||||||||||
| Fee Income | 205,612 | 212,961 | -3.5 | % | ||||||||
| Interest Expense: | ||||||||||||
| Transaction Deposits | 235 | 329 | -28.6 | % | ||||||||
| Savings Deposits | 7,229 | 1,562 | 362.8 | % | ||||||||
| Time Deposits | 215 | 244 | -11.9 | % | ||||||||
| Bank Term Funding Program | ||||||||||||
| Borrowings | 5,813 | – | n/m | |||||||||
| Securities Sold under | ||||||||||||
| Repurchase Agreements | 461 | 76 | 506.6 | % | ||||||||
| Total Interest Expense | 13,953 | 2,211 | 531.1 | % | ||||||||
| Net Interest and Loan | ||||||||||||
| Fee Income | 191,659 | 210,750 | -9.1 | % | ||||||||
| Provision (Reversal | ||||||||||||
| of Provision) for | ||||||||||||
| Credit Losses (1) | 300 | (1,150 | ) | n/m | ||||||||
| Noninterest Income: | ||||||||||||
| Service Charges on Deposit | 10,524 | 10,629 | -1.0 | % | ||||||||
| Accounts | ||||||||||||
| Merchant Processing | ||||||||||||
| Services | 7,714 | 8,417 | -8.4 | % | ||||||||
| Debit Card Fees | 4,951 | 5,118 | -3.3 | % | ||||||||
| Trust Fees | 2,451 | 2,358 | 3.9 | % | ||||||||
| ATM Processing Fees | 1,664 | 1,996 | -16.6 | % | ||||||||
| Other Service Fees | 1,342 | 1,320 | 1.7 | % | ||||||||
| Life Insurance Gains | 202 | 278 | n/m | |||||||||
| Securities Losses | – | (125 | ) | n/m | ||||||||
| Other Noninterest Income | 3,674 | 2,539 | 44.7 | % | ||||||||
| Total Noninterest Income | 32,522 | 32,530 | -0.0 | % | ||||||||
| Noninterest Expense: | ||||||||||||
| Salaries and Related Benefits | 37,831 | 35,715 | 5.9 | % | ||||||||
| Occupancy and Equipment | 15,454 | 15,562 | -0.7 | % | ||||||||
| Outsourced Data Processing | 7,661 | 7,405 | 3.5 | % | ||||||||
| Limited Partnership | ||||||||||||
| Operating Losses | 4,090 | 4,314 | -5.2 | % | ||||||||
| Professional Fees | 1,101 | 1,362 | -19.2 | % | ||||||||
| Courier Service | 2,017 | 1,971 | 2.3 | % | ||||||||
| Other Noninterest Expense | 10,384 | 11,370 | -8.7 | % | ||||||||
| Total Noninterest Expense | 78,538 | 77,699 | 1.1 | % | ||||||||
| Income Before Income Taxes | 145,343 | 166,731 | -12.8 | % | ||||||||
| Income Tax Provision | 38,407 | 44,431 | -13.6 | % | ||||||||
| Net Income | $ | 106,936 | $ | 122,300 | -12.6 | % | ||||||
| Average Common Shares | ||||||||||||
| Outstanding | 26,680 | 26,718 | -0.1 | % | ||||||||
| Diluted Average Common | ||||||||||||
| Shares Outstanding | 26,681 | 26,721 | -0.1 | % | ||||||||
| Per Common Share Data: | ||||||||||||
| Basic Earnings | $ | 4.01 | $ | 4.58 | -12.4 | % | ||||||
| Diluted Earnings | 4.01 | 4.58 | -12.4 | % | ||||||||
| Dividends Paid | 1.32 | 1.28 | 3.1 | % | ||||||||
| Footnotes and Abbreviations: | ||||||||||||
| (1) A recovery in excess of principal charged off on the loan in the first quarter 2023 resulted in a $1,550 thousand reversal of the allowance for credit loss provision in the first quarter 2023. | ||||||||||||
| (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 September 30, 2024, June 30, 2024 and September 30, 2023. | ||||||||||||
| (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 | ||||||||||||
