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 Bancorporation1108 Fifth
Avenue, San Rafael, CA 94901Robert A. Thorson – SVP &
Treasurer707-863-6840investments@westamerica.com
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 |
|
|
|
|