Westamerica Bancorporation Reports Fourth Quarter 2019 Financial Results

Nachrichtenquelle: globenewswire
16.01.2020, 16:58  |  113   |   |   

SAN RAFAEL, Calif., Jan. 16, 2020 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the fourth quarter 2019 of $20.7 million and diluted earnings per common share ("EPS") of $0.77. These results compare to net income of $20.4 million and EPS of $0.75 for the third quarter 2019 and net income of $19.1 million and EPS of $0.71 for the fourth quarter 2018.

“The annualized net interest margin was 3.08 percent during the fourth quarter 2019. Our annualized funding costs as a percentage of our interest-earning assets improved from 0.04 percent for the third quarter 2019 to 0.03 percent for the fourth quarter 2019. Operating expense represented only 46 percent of revenues for the fourth quarter 2019. Asset quality remained healthy during the fourth quarter 2019 with nonperforming assets totaling only $4.9 million at December 31, 2019,” said Chairman, President and CEO David Payne. “Annualized fourth quarter operating results generated a return on average shareholders’ equity of 11.8 percent, and the Company also paid its shareholders a $0.41 dividend per common share in the fourth quarter,” concluded Payne.

Net interest income on a fully-taxable equivalent (FTE) basis was $40.5 million for the fourth quarter 2019, compared to $40.3 million for the third quarter 2019 and $40.3 million for the fourth quarter 2018.  The annualized net interest margin (FTE) was 3.08 percent for the fourth quarter 2019, compared to 3.11 percent for the third quarter 2019 and 3.06 percent for the fourth quarter 2018. Checking and savings deposits, which pay much lower interest rates than time deposits, represented ninety-six percent of the Company’s average deposit base during the fourth quarter 2019.

The Company recognized no provision for loan losses for the fourth quarter 2019 given low levels of nonperforming loans and other credit quality attributes.

Noninterest income for the fourth quarter 2019 totaled $11.7 million, compared to $11.8 million for the third quarter 2019, and $11.9 million for the fourth quarter 2018. 

Noninterest expense for the fourth quarter 2019 totaled $24.2 million, compared to $24.0 million for the third quarter 2019.  Noninterest expense for the fourth quarter 2019 was $1.6 million lower than the fourth quarter 2018 due to lower employee benefit costs, FDIC insurance assessments, and intangible amortization in the fourth quarter 2019. Lower 2019 FDIC assessments are due to application of Westamerica Bank’s assessment credit described in our December 31, 2018 Form 10-K, Part 1, Item 1, “Premiums for Deposit Insurance.”

The tax rate (FTE) applied to pre-tax income (FTE) was 26.0 percent for the fourth quarter 2019 compared to 27.5 percent for the third quarter 2019 and 27.8 percent for the fourth quarter 2018. The fourth quarter 2019 tax provision was reduced by $352 thousand resulting from a customary adjustment to true-up the Company’s 2018 estimated tax provision to the filed 2018 tax return.

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 – 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, 2018 filed on Form 10-K and quarterly report for the quarter ended September 30, 2019 filed on Form 10-Q, describe some of these factors, including certain credit, interest rate, operational, liquidity and market risks associated with the Company's business and operations. Other factors described in these reports include changes in business and economic conditions, competition, fiscal and monetary policies, disintermediation, cyber security risks, legislation including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2011, the Sarbanes-Oxley Act of 2002 and the Gramm-Leach-Bliley Act of 1999, and mergers and acquisitions.

Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward looking statements are made.

 



  Public Information January 16, 2020
 
WESTAMERICA BANCORPORATION        
FINANCIAL HIGHLIGHTS          
December 31, 2019          
             
1. Net Income Summary.          
    (in thousands except per-share amounts)  
        %    
    Q4'2019 Q4'2018 Change Q3'2019  
             
  Net Interest and Fee Income (FTE) $40,481   $40,288   0.5 % $40,349    
  Provision for Loan Losses   -     -   n/m     -    
  Noninterest Income   11,732     11,897   -1.4 %   11,809    
  Noninterest Expense   24,209     25,787   -6.1 %   24,033    
  Income Before Taxes (FTE)   28,004     26,398   6.1 %   28,125    
  Income Tax Provision (FTE)   7,276     7,343   -0.9 %   7,735    
  Net Income $20,728   $19,055   8.8 % $20,390    
             
  Average Common Shares Outstanding   27,050     26,729   1.2 %   26,986    
  Diluted Average Common Shares   27,094     26,815   1.0 %   27,027    
             
  Operating Ratios:          
  Basic Earnings Per Common Share $0.77   $0.71   7.9 % $0.76    
  Diluted Earnings Per Common Share $0.77     0.71   6.3 %   0.75    
  Return On Assets (a)   1.46 %   1.33 %     1.45 %  
  Return On Common Equity (a)   11.8 %   11.7 %     11.9 %  
  Net Interest Margin (FTE) (a)   3.08 %   3.06 %     3.11 %  
  Efficiency Ratio (FTE)   46.4 %   49.4 %     46.1 %  
             
  Dividends Paid Per Common Share $0.41   $0.40   2.5 % $0.41    
  Common Dividend Payout Ratio   54 %   56 %     55 %  
             
        %    
    12/31'19YTD 12/31'18YTD Change    
             
  Net Interest and Fee Income (FTE) $161,406   $155,410   3.9 %    
  Provision for Loan Losses   -     -   n/m      
  Noninterest Income   47,408     48,149   -1.5 %    
  Noninterest Expense   98,986     106,916   -7.4 %    
  Income Before Taxes (FTE)   109,828     96,643   13.6 %    
  Income Tax Provision (FTE)   29,439     25,079   17.4 %    
  Net Income $80,389   $71,564   12.3 %    
             
  Average Common Shares Outstanding   26,956     26,649   1.2 %    
  Diluted Average Common Shares   27,006     26,756   0.9 %    
             
  Operating Ratios:          
  Basic Earnings Per Common Share $2.98   $2.69   10.8 %    
  Diluted Earnings Per Common Share   2.98     2.67   11.6 %    
  Return On Assets   1.44 %   1.27 %      
  Return On Common Equity   11.9 %   11.3 %      
  Net Interest Margin (FTE)   3.11 %   2.98 %      
  Efficiency Ratio (FTE)   47.4 %   52.5 %      
             
  Dividends Paid Per Common Share $1.63   $1.60   1.9 %    
  Common Dividend Payout Ratio   55 %   60 %      
             
2. Net Interest Income.          
    (dollars in thousands)  
        %    
    Q4'2019 Q4'2018 Change Q3'2019  
             
  Interest and Fee Income (FTE) $40,932   $40,802   0.3 % $40,804    
  Interest Expense   451     514   -12.3 %   455    
  Net Interest and Fee Income (FTE) $40,481   $40,288   0.5 % $40,349    
             
  Average Earning Assets $5,243,783   $5,270,708   -0.5 % $5,176,744    
  Average Interest-          
    Bearing Liabilities   2,599,703     2,691,370   -3.4 %   2,586,880    
             
  Yield on Earning Assets (FTE) (a)   3.11 %   3.10 %     3.15 %  
  Cost of Funds (a)   0.03 %   0.04 %     0.04 %  
  Net Interest Margin (FTE) (a)   3.08 %   3.06 %     3.11 %  
  Interest Expense/          
    Interest-Bearing Liabilities (a)   0.07 %   0.08 %     0.07 %  
  Net Interest Spread (FTE) (a)   3.04 %   3.02 %     3.08 %  
             
        %    
    12/31'19YTD 12/31'18YTD Change    
             
  Interest and Fee Income (FTE) $163,294   $157,369   3.8 %    
  Interest Expense   1,888     1,959   -3.6 %    
  Net Interest and Fee Income (FTE) $161,406   $155,410   3.9 %    
             
  Average Earning Assets $5,191,276   $5,212,635   -0.4 %    
  Average Interest-          
    Bearing Liabilities   2,630,370     2,722,149   -3.4 %    
             
  Yield on Earning Assets (FTE)   3.14 %   3.02 %      
  Cost of Funds   0.03 %   0.04 %      
  Net Interest Margin (FTE)   3.11 %   2.98 %      
  Interest Expense/          
    Interest-Bearing Liabilities   0.07 %   0.07 %      
  Net Interest Spread (FTE)   3.07 %   2.95 %      
             
3. Loans & Other Earning Assets.          
    (average volume, dollars in thousands)  
        %    
    Q4'2019 Q4'2018 Change Q3'2019  
             
  Total Assets $5,645,013   $5,680,321   -0.6 % $5,570,843    
  Total Earning Assets   5,243,783     5,270,708   -0.5 %   5,176,744    
  Total Loans   1,116,446     1,189,744   -6.2 %   1,142,668    
    Commercial Loans   219,710     271,165   -19.0 %   231,232    
    Commercial RE Loans   568,892     570,059   -0.2 %   579,069    
    Consumer Loans   327,844     348,520   -5.9 %   332,367    
  Total Investment Securities   3,792,781     3,692,951   2.7 %   3,687,049    
    Equity Securities   -     1,733   n/m     352    
    Debt Securities Available For Sale   3,027,461     2,684,431   12.8 %   2,862,537    
    Debt Securities Held To Maturity   765,320     1,006,787   -24.0 %   824,160    
  Total Interest-Bearing Cash   334,556     388,013   -13.8 %   347,027    
             
  Loans/Deposits   23.1 %   24.2 %     24.0 %  
             
        %    
    12/31'19YTD 12/31'18YTD Change    
             
  Total Assets $5,597,109   $5,620,618   -0.4 %    
  Total Earning Assets   5,191,276     5,212,635   -0.4 %    
  Total Loans   1,161,779     1,209,167   -3.9 %    
    Commercial Loans   248,586     292,893   -15.1 %    
    Commercial RE Loans   577,539     557,679   3.6 %    
    Consumer Loans   335,654     358,595   -6.4 %    
  Total Investment Securities   3,704,764     3,577,597   3.6 %    
    Equity Securities   961     1,809   -46.9 %    
    Debt Securities Available For Sale   2,844,542     2,503,356   13.6 %    
    Debt Securities Held To Maturity   859,261     1,072,432   -19.9 %    
  Total Interest-Bearing Cash   324,733     425,871   -23.7 %    
             
  Loans/Deposits   24.2 %   24.8 %      
             
4. Deposits, Other Interest-Bearing Liabilities & Equity.      
    (average volume, dollars in thousands)  
        %    
    Q4'2019 Q4'2018 Change Q3'2019  
             
  Total Deposits $4,839,552   $4,917,901   -1.6 % $4,770,976    
    Noninterest Demand   2,279,615     2,280,174   -0.0 %   2,234,494    
    Interest-Bearing Transaction   922,772     927,676   -0.5 %   916,180    
    Savings   1,464,206     1,510,358   -3.1 %   1,441,282    
    Time greater than $100K   75,314     86,141   -12.6 %   77,568    
    Time less than $100K   97,645     113,552   -14.0 %   101,452    
  Total Short-Term Borrowings   39,766     53,643   -25.9 %   50,398    
  Shareholders' Equity   694,709     646,129   7.5 %   681,513    
             
  Demand Deposits/          
    Total Deposits   47.1 %   46.4 %     46.8 %  
  Transaction & Savings          
    Deposits / Total Deposits   96.4 %   95.9 %     96.2 %  
             
        %    
    12/31'19YTD 12/31'18YTD Change    
             
  Total Deposits $4,801,804   $4,872,081   -1.4 %    
    Noninterest Demand   2,222,876     2,209,924   0.6 %    
    Interest-Bearing Transaction   932,524     928,277   0.5 %    
    Savings   1,464,080     1,519,375   -3.6 %    
    Time greater than $100K   78,925     94,919   -16.8 %    
    Time less than $100K   103,399     119,586   -13.5 %    
  Total Short-Term Borrowings   51,442     59,992   -14.3 %    
  Shareholders' Equity   675,512     630,697   7.1 %    
             
  Demand Deposits/          
    Total Deposits   46.3 %   45.4 %      
  Transaction & Savings          
    Deposits / Total Deposits   96.2 %   95.6 %      
             
5. Interest Yields Earned & Rates Paid.        
    (dollars in thousands)    
    Q4'2019    
    Average Income/ Yield (a) /    
    Volume Expense Rate    
  Interest & Fee Income Earned          
    Total Earning Assets (FTE) $5,243,783   $40,932   3.11 %    
    Total Loans (FTE)   1,116,446     14,206   5.05 %    
    Commercial Loans (FTE)   219,710     2,821   5.09 %    
    Commercial RE Loans   568,892     7,748   5.40 %    
    Consumer Loans   327,844     3,637   4.41 %    
    Total Investments (FTE)   3,792,781     25,330   2.67 %    
    Total Interest-Bearing Cash   334,556     1,396   1.63 %    
             
  Interest Expense Paid          
    Total Earning Assets   5,243,783     451   0.03 %    
    Total Interest-Bearing Liabilities   2,599,703     451   0.07 %    
    Total Interest-Bearing Deposits   2,559,937     444   0.07 %    
    Interest-Bearing Transaction   922,772     89   0.04 %    
    Savings   1,464,206     215   0.06 %    
    Time less than $100K   97,645     60   0.24 %    
    Time greater than $100K   75,314     80   0.42 %    
    Total Short-Term Borrowings   39,766     7   0.08 %    
             
  Net Interest Income and          
  Margin (FTE)   $40,481   3.08 %    
             
    Q4'2018    
    Average Income/ Yield (a) /    
    Volume Expense Rate    
             
  Interest & Fee Income Earned          
    Total Earning Assets (FTE) $5,270,708   $40,802   3.10 %    
    Total Loans (FTE)   1,189,744     14,894   4.97 %    
    Commercial Loans (FTE)   271,165     3,698   5.41 %    
    Commercial RE Loans   570,059     7,607   5.29 %    
    Consumer Loans   348,520     3,589   4.09 %    
    Total Investments (FTE)   3,692,951     23,916   2.59 %    
    Total Interest-Bearing Cash   388,013     1,992   2.23 %    
             
  Interest Expense Paid          
    Total Earning Assets   5,270,708     514   0.04 %    
    Total Interest-Bearing Liabilities   2,691,370     514   0.08 %    
    Total Interest-Bearing Deposits   2,637,727     506   0.08 %    
    Interest-Bearing Transaction   927,676     124   0.05 %    
    Savings   1,510,358     227   0.06 %    
    Time less than $100K   113,552     70   0.24 %    
    Time greater than $100K   86,141     85   0.39 %    
    Total Short-Term Borrowings   53,643     8   0.06 %    
             
  Net Interest Income and          
  Margin (FTE)   $40,288   3.06 %    
             
6. Noninterest Income.          
    (dollars in thousands except per-share amounts)  
        %    
    Q4'2019 Q4'2018 Change Q3'2019  
             
  Service Charges on Deposits $4,374   $4,496   -2.7 % $4,510    
  Merchant Processing Services   2,424     2,440   -0.7 %   2,494    
  Debit Card Fees   1,568     1,685   -6.9 %   1,641    
  Trust Fees   764     737   3.8 %   733    
  ATM Processing Fees   696     703   -1.0 %   725    
  Other Service Fees   513     620   -17.3 %   580    
  Financial Services Commissions   122     112   9.7 %   75    
  Securities Gains   167     14   n/m   -    
  Other Income   1,104     1,090   1.3 %   1,051    
  Total Noninterest Income $11,732   $11,897   -1.4 % $11,809    
             
    Total Revenue (FTE) $52,213   $52,185   0.1 % $52,158    
    Noninterest Income/Revenue (FTE)   22.5 %   22.8 %     22.6 %  
    Service Charges/Avg. Deposits (a)   0.36 %   0.36 %     0.38 %  
    Total Revenues (FTE) Per Avg.          
  Common Share (a) $7.66   $7.75   -1.1 % $7.67    
             
        %    
    12/31'19YTD 12/31'18YTD Change    
             
  Service Charges on Deposits $17,882   $18,508   -3.4 %    
  Merchant Processing Services   10,132     9,630   5.2 %    
  Debit Card Fees   6,357     6,643   -4.3 %    
  Trust Fees   2,963     2,938   0.9 %    
  ATM Processing Fees   2,776     2,752   0.9 %    
  Other Service Fees   2,255     2,567   -12.2 %    
  Life Insurance Gains   433     585   -26.0 %    
  Financial Services Commissions   392     499   -21.4 %    
  Securities Gains (Losses)   217     (52 ) n/m      
  Other Income   4,001     4,079   -1.9 %    
  Total Noninterest Income $47,408   $48,149   -1.5 %    
             
    Total Revenue (FTE) $208,814   $203,559   2.6 %    
    Noninterest Income/Revenue (FTE)   22.7 %   23.7 %      
    Service Charges/Avg. Deposits   0.37 %   0.38 %      
    Total Revenues (FTE) Per Avg.          
  Common Share $7.75   $7.64   1.4 %    
             
7. Noninterest Expense.          
    (dollars in thousands)  
        %    
    Q4'2019 Q4'2018 Change Q3'2019  
             
  Salaries & Benefits $12,297   $13,055   -5.8 % $12,559    
  Occupancy and Equipment   5,077     5,314   -4.5 %   5,199    
  Outsourced Data Processing   2,361     2,299   2.7 %   2,374    
  Professional Fees   674     565   19.3 %   645    
  Courier Service   529     446   18.6 %   456    
  Amortization of          
    Identifiable Intangibles   73     447   -83.7 %   76    
  Other Operating   3,198     3,661   -12.6 %   2,724    
  Total Noninterest Expense $24,209   $25,787   -6.1 % $24,033    
             
  Noninterest Expense/          
    Avg. Earning Assets (a)   1.83 %   1.94 %     1.84 %  
  Noninterest Expense/Revenues (FTE)   46.4 %   49.4 %     46.1 %  
             
        %    
    12/31'19YTD 12/31'18YTD Change    
             
  Salaries & Benefits $51,054   $53,007   -3.7 %    
  Occupancy and Equipment   20,240     19,679   2.9 %    
  Outsourced Data Processing   9,471     9,229   2.6 %    
  Professional Fees   2,465     2,842   -13.3 %    
  Courier Service   1,878     1,779   5.6 %    
  Loss Contingency (1)   553     3,500   n/m      
  Amortization of          
    Identifiable Intangibles   538     1,921   -72.0 %    
  Other Operating   12,787     14,959   -14.5 %    
  Total Noninterest Expense $98,986   $106,916   -7.4 %    
             
  Noninterest Expense/          
    Avg. Earning Assets   1.91 %   2.05 %      
  Noninterest Expense/Revenues (FTE)   47.4 %   52.5 %      
             
8. Allowance for Loan Losses.          
    (dollars in thousands)  
        %    
    Q4'2019 Q4'2018 Change Q3'2019  
             
  Average Total Loans $1,116,446   $1,189,744   -6.2 % $1,142,668    
             
  Allowance for Loan Loss (ALL)        
  Beginning of Period $19,828   $22,027   -10.0 % $20,117    
  Provision for Loan Losses   -     -   n/m     -    
  Net ALL Losses   (344 )   (676 ) n/m     (289 )  
  ALL End of Period $19,484   $21,351   -8.7 % $19,828    
  Gross ALL Recoveries /          
  Gross ALL Losses   71 %   44 %     72 %  
  Net ALL Losses /          
  Avg. Total Loans (a)   0.12 %   0.23 %     0.10 %  
        %    
    12/31'19YTD 12/31'18YTD Change    
             
  Average Total Loans $1,161,779   $1,209,167   -3.9 %    
             
  Allowance for Loan Loss (ALL)        
  Beginning of Period $21,351   $23,009   -7.2 %    
  Provision for Loan Losses   -     -   n/m      
  Net ALL Losses   (1,867 )   (1,658 ) n/m      
  ALL End of Period $19,484   $21,351   -8.7 %    
  Gross ALL Recoveries /          
  Gross ALL Losses   59 %   66 %      
  Net ALL Losses /          
  Avg. Total Loans   0.16 %   0.14 %      
             
9. Credit Quality.          
    (dollars in thousands)  
        %    
    12/31/19 12/31/18 Change 9/30/19  
  Nonperforming Loans:          
    Nonperforming Nonaccrual $659   $998   -34.0 % $633    
    Performing Nonaccrual   3,781     3,870   -2.3 %   3,670    
  Total Nonaccrual Loans   4,440     4,868   -8.8 %   4,303    
  90+ Days Past Due Accruing Loans   440     551   -20.1 %   351    
  Total   4,880     5,419   -9.9 %   4,654    
  Repossessed Loan Collateral   43     350   -87.6 %   43    
   Total Nonperforming Assets $4,923   $5,769   -14.7 % $4,697    
             
  Total Loans Outstanding $1,126,664   $1,207,202   -6.7 % $1,133,229    
             
  Total Assets $5,619,555   $5,568,526   0.9 % $5,616,055    
             
  Loans:          
  Allowance for Loan Losses $19,484   $21,351   -8.7 % $19,828    
  Allowance/Loans   1.73 %   1.77 %     1.75 %  
  Nonperforming Loans/Total Loans   0.43 %   0.45 %     0.41 %  
             
10. Capital.          
    (in thousands, except per-share amounts)  
        %    
    12/31/19 12/31/18 Change 9/30/19  
             
  Shareholders' Equity $731,417   $615,591   18.8 % $713,378    
  Total Assets   5,619,555     5,568,526   0.9 %   5,616,055    
  Shareholders' Equity/          
    Total Assets   13.02 %   11.05 %     12.70 %  
  Shareholders' Equity/          
    Total Loans   64.92 %   50.99 %     62.95 %  
  Tangible Common Equity Ratio   11.07 %   9.04 %     10.75 %  
  Common Shares Outstanding   27,062     26,730   1.2 %   27,014    
  Common Equity Per Share $27.03   $23.03   17.4 % $26.41    
  Market Value Per Common Share $67.77   $55.68   21.7 % $62.18    
             
  Share Repurchase Programs          
    (shares in thousands)  
        %    
    Q4'2019 Q4'2018 Change Q3'2019  
             
  Total Shares Repurchased   -     -   n/m     -    
    Average Repurchase Price   $-     $-   n/m     $-    
  Net Shares Issued   (48 )   (3 ) n/m     (52 )  
             
        %    
    12/31'19YTD 12/31'18YTD Change    
             
  Total Shares Repurchased   8     9   n/m      
    Average Repurchase Price $61.98   $58.46   n/m      
  Net Shares Issued   (332 )   (305 ) n/m      
             
11. Period-End Balance Sheets.          
    (unaudited, dollars in thousands)  
        %    
    12/31/19 12/31/18 Change 9/30/19  
  Assets:          
    Cash and Due from Banks $373,421   $420,284   -11.2 % $415,639    
             
    Investment Securities:          
    Equity Securities   -     1,747   n/m     -    
    Debt Securities Available For Sale   3,078,846     2,654,670   16.0 %   2,983,767    
    Debt Securities Held to Maturity   738,072     984,609   -25.0 %   793,216    
             
    Loans   1,126,664     1,207,202   -6.7 %   1,133,229    
    Allowance For Loan Losses   (19,484 )   (21,351 ) -8.7 %   (19,828 )  
    Total Loans, net   1,107,180     1,185,851   -6.6 %   1,113,401    
             
    Other Real Estate Owned   43     350   -87.6 %   43    
    Premises and Equipment, net   34,597     34,507   0.3 %   34,080    
    Identifiable Intangibles, net   1,391     1,929   -27.9 %   1,464    
    Goodwill   121,673     121,673   0.0 %   121,673    
    Other Assets   164,332     162,906   0.9 %   152,772    
             
  Total Assets $5,619,555   $5,568,526   0.9 % $5,616,055    
             
  Liabilities and Shareholders' Equity:          
    Deposits:          
    Noninterest-Bearing $2,240,112   $2,243,251   -0.1 % $2,265,640    
    Interest-Bearing Transaction   931,888     929,346   0.3 %   910,566    
    Savings   1,471,284     1,498,991   -1.8 %   1,445,210    
    Time   169,337     195,251   -13.3 %   175,207    
    Total Deposits   4,812,621     4,866,839   -1.1 %   4,796,623    
             
    Short-Term Borrowed Funds   30,928     51,247   -39.6 %   45,646    
    Other Liabilities   44,589     34,849   27.9 %   60,408    
  Total Liabilities   4,888,138     4,952,935   -1.3 %   4,902,677    
             
  Shareholders' Equity:          
    Common Equity:          
    Paid-In Capital   466,231     449,746   3.7 %   463,424    
    Accumulated Other          
    Comprehensive Income (Loss)   26,051     (39,996 ) n/m     20,454    
    Retained Earnings   239,135     205,841   16.2 %   229,500    
  Total Shareholders' Equity   731,417     615,591   18.8 %   713,378    
             
  Total Liabilities and          
    Shareholders' Equity $5,619,555   $5,568,526   0.9 % $5,616,055    
             
12. Income Statements.          
    (unaudited, in thousands except per-share amounts)  
        %    
    Q4'2019 Q4'2018 Change Q3'2019  
  Interest & Fee Income:          
    Loans $14,103   $14,783   -4.6 % $14,431    
    Investment Securities:          
    Equity Securities 103     98   5.0 %   92    
    Debt Securities Available for Sale 20,067     16,865   19.0 %   18,736    
    Debt Securities Held to Maturity 4,209     5,710   -26.3 %   4,535    
    Interest-Bearing Cash 1,396     1,992   -29.9 %   1,901    
  Total Interest & Fee Income 39,878     39,448   1.1 %   39,695    
             
  Interest Expense:          
    Transaction Deposits   89     124   -28.2 %   92    
    Savings Deposits   215     227   -5.3 %   210    
    Time Deposits   140     155   -9.6 %   145    
    Short-Term Borrowed Funds   7     8   -16.5 %   8    
  Total Interest Expense   451     514   -12.2 %   455    
             
  Net Interest Income   39,427     38,934   1.3 %   39,240    
             
  Provision for Loan Losses   -     -   n/m     -    
             
  Noninterest Income:          
    Service Charges   4,374     4,496   -2.7 %   4,510    
    Merchant Processing Services   2,424     2,440   -0.7 %   2,494    
    Debit Card Fees   1,568     1,685   -6.9 %   1,641    
    Trust Fees   764     737   3.8 %   733    
    ATM Processing Fees   696     703   -1.0 %   725    
    Other Service Fees   513     620   -17.3 %   580    
    Financial Services Commissions   122     112   9.7 %   75    
    Securities Gains   167     14   n/m     -    
    Other   1,104     1,090   1.3 %   1,051    
  Total Noninterest Income   11,732     11,897   -1.4 %   11,809    
             
  Noninterest Expense:          
    Salaries and Benefits   12,297     13,055   -5.8 %   12,559    
    Occupancy and Equipment   5,077     5,314   -4.5 %   5,199    
    Outsourced Data Processing   2,361     2,299   2.7 %   2,374    
    Professional Fees   674     565   19.3 %   645    
    Courier Service   529     446   18.6 %   456    
    Amortization of Identifiable Intangibles   73     447   -83.7 %   76    
    Other   3,198     3,661   -12.6 %   2,724    
  Total Noninterest Expense   24,209     25,787   -6.1 %   24,033    
             
  Income Before Income Taxes   26,950     25,044   7.6 %   27,016    
  Income Tax Provision   6,222     5,989   3.9 %   6,626    
  Net Income $20,728   $19,055   8.8 % $20,390    
             
  Average Common Shares Outstanding   27,050     26,729   1.2 %   26,986    
  Diluted Common Shares Outstanding   27,094     26,815   1.0 %   27,027    
             
  Per Common Share Data:          
    Basic Earnings $0.77   $0.71   8.5 % $0.76    
    Diluted Earnings   0.77     0.71   7.0 %   0.75    
    Dividends Paid   0.41     0.40   2.5 %   0.41    
        %    
    12/31'19YTD 12/31'18YTD Change    
  Interest & Fee Income:          
    Loans $58,153   $59,030   -1.5 %    
    Investment Securities:          
    Equity Securities   392     354   10.9 %    
    Debt Securities Available for Sale   74,147     60,383   22.8 %    
    Debt Securities Held to Maturity   18,997     24,031   -20.9 %    
    Interest-Bearing Cash   6,993     7,925   -11.8 %    
  Total Interest & Fee Income   158,682     151,723   4.6 %    
             
  Interest Expense:          
    Transaction Deposits   422     373   13.2 %    
    Savings Deposits   852     902   -5.5 %    
    Time Deposits   580     647   -10.3 %    
    Short-Term Borrowed Funds   34     37   -6.9 %    
  Total Interest Expense   1,888     1,959   -3.6 %    
             
  Net Interest Income   156,794     149,764   4.7 %    
             
  Provision for Loan Losses   -     -   n/m      
             
  Noninterest Income:          
    Service Charges   17,882     18,508   -3.4 %    
    Merchant Processing Services   10,132     9,630   5.2 %    
    Debit Card Fees   6,357     6,643   -4.3 %    
    Trust Fees   2,963     2,938   0.9 %    
    ATM Processing Fees   2,776     2,752   0.9 %    
    Other Service Fees   2,255     2,567   -12.2 %    
    Life Insurance Gains   433     585   -26.0 %    
    Financial Services Commissions   392     499   -21.4 %    
   Securities Gains (Losses)   217     (52 ) n/m      
    Other   4,001     4,079   -1.9 %    
  Total Noninterest Income   47,408     48,149   -1.5 %    
             
  Noninterest Expense:          
    Salaries and Benefits   51,054     53,007   -3.7 %    
    Occupancy and Equipment   20,240     19,679   2.9 %    
    Outsourced Data Processing   9,471     9,229   2.6 %    
    Professional Fees   2,465     2,842   -13.3 %    
    Courier Service   1,878     1,779   5.6 %    
    Loss Contingency (1)   553     3,500   n/m      
    Amortization of Identifiable Intangibles   538     1,921   -72.0 %    
    Other   12,787     14,959   -14.5 %    
  Total Noninterest Expense   98,986     106,916   -7.4 %    
             
  Income Before Income Taxes   105,216     90,997   15.6 %    
  Income Tax Provision   24,827     19,433   27.8 %    
  Net Income $80,389   $71,564   12.3 %    
             
  Average Common Shares Outstanding   26,956     26,649   1.2 %    
  Diluted Common Shares Outstanding   27,006     26,756   0.9 %    
             
  Per Common Share Data:          
  Basic Earnings $2.98   $2.69   10.8 %    
  Diluted Earnings   2.98     2.67   11.6 %    
  Dividends Paid   1.63     1.60   1.9 %    
             
             
  Footnotes and Abbreviations:          
  (1) In the second quarter 2019 and third quarter 2018, the Company recorded $553 thousand and $3.5 million in loss contingencies, respectively. The loss contingencies recorded in the second quarter 2019 include a $301 thousand increase in estimated customer refunds of revenue recognized prior to 2018 and a $252 thousand loss settlement to dismiss a lawsuit. The loss contingency recorded in the third quarter 2018 was the result of a mediated settlement to dismiss a lawsuit. The Company does not anticipate additional losses for these matters.  
  (FTE) Fully Taxable Equivalent. The Company presents its net interest margin and net interest income on a FTE basis using the current statutory federal tax rate. Management believes the FTE basis is valuable to the reader because the Company’s loan and investment securities portfolios contain a relatively large portion of municipal loans and securities that are federally tax exempt. The Company’s tax exempt loans and securities composition may not be similar to that of other banks, therefore in order to reflect the impact of the federally tax exempt loans and securities on the net interest margin and net interest income for comparability with other banks, the Company presents its net interest margin and net interest income on a FTE basis.  
  (a) Annualized  
  Certain amounts in prior periods have been reclassified to conform to the current presentation.  
     
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