• Westamerica Bancorporation Reports First Quarter 2021 Financial Results

    المصدر: Nasdaq GlobeNewswire / 15 أبريل 2021 10:50:35   America/New_York

    SAN RAFAEL, Calif., April 15, 2021 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the first quarter 2021 of $20.1 million and diluted earnings per common share ("EPS") of $0.75. First quarter 2021 results include “make-whole” interest income on corporate bonds redeemed prior to maturity, which increased EPS $0.02. These results compare to net income of $23.8 million and EPS of $0.89 for the fourth quarter 2020, which included a gain on sale of a closed branch building, “make-whole” interest income on corporate bonds redeemed before maturity, and a customary adjustment to the tax provision for filed 2019 tax returns, which increased EPS $0.15.

    “Westamerica continues to support our customers during the pandemic. We have kept our branches open to continue providing full-service, and during the first quarter 2021, we originated $91 million in loans under the second round of the Paycheck Protection Program. Operating expenses have remained stable with first quarter 2020 pre-pandemic levels, and in the first quarter 2021 operating expenses represented only 47 percent of revenues on a fully-taxable equivalent basis. The predominance of checking and savings accounts within Westamerica’s deposit base resulted in a very low 0.03 percent annualized cost of funding our loan and bond portfolios during the first quarter 2021. Credit quality remained stable with nonperforming loans of $4.1 million at March 31, 2021,” said Chairman, President and CEO David Payne. “First quarter 2021 results generated an annualized 11.1 percent return on average common equity, and shareholders were paid a $0.41 per common share dividend during the quarter,” concluded Payne.

    Net interest income on a fully-taxable equivalent (FTE) basis was $42.6 million for the first quarter 2021, including “make-whole” interest income on corporate bonds redeemed prior to maturity of $700 thousand. First quarter 2021 net interest income (FTE) compares to $43.3 million for the fourth quarter 2020, which included “make-whole” interest income on corporate bonds redeemed prior to maturity of $1.9 million. Average total deposits grew $92 million from the fourth quarter 2020 to the first quarter 2021. Checking and savings deposits represented ninety-seven percent of the Company’s average deposit base during the first quarter 2021 resulting in a 0.03 percent annualized cost of funding interest-earning assets.

    At March 31, 2021, nonperforming loans totaled $4.1 million and the allowance for credit losses on loans was $23.5 million. The Company continues to work with loan customers requesting deferral of loan payments due to economic weakness caused by the pandemic. At March 31, 2021, loans with deferred payments included consumer loans totaling $1.8 million and one hospitality industry commercial real estate loan totaling $2.3 million (the commercial real estate loan borrower re-commenced payments on April 1, 2021).

    Noninterest income for the first quarter 2021 totaled $10.2 million, compared to noninterest income for the fourth quarter 2020 of $14.0 million, which included a $3.5 million gain on sale of a closed branch building.

    Noninterest expense for the first quarter 2021 was $24.9 million compared to $24.5 million for the fourth quarter 2020, and $24.7 million for the first quarter 2020.

    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, 2020 filed on Form 10-K and quarterly report for the quarter ended September 30, 2020 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 April 15, 2021  
    WESTAMERICA BANCORPORATION     
    FINANCIAL HIGHLIGHTS     
    March 31, 2021     
           
    1. Net Income Summary.     
      (in thousands except per-share amounts) 
        %  
      Q1'2021Q1'2020ChangeQ4'2020 
           
     Net Interest and Fee Income (FTE)$42,583 $40,547 5.0%$43,292  
     Provision for Credit Losses -  4,300 n/m     -  
     Noninterest Income 10,189  11,648 -12.5% 13,959  
     Noninterest Expense 24,906  24,664 1.0% 24,545  
     Income Before Taxes (FTE) 27,866  23,231 20.0% 32,706  
     Income Tax Provision (FTE) 7,719  6,269 23.1% 8,868  
     Net Income$20,147 $16,962 18.8%$23,838  
           
     Average Common Shares Outstanding 26,821  27,068 -0.9% 26,838  
     Diluted Average Common Shares 26,842  27,139 -1.1% 26,849  
           
     Operating Ratios:     
     Basic Earnings Per Common Share$0.75 $0.63 19.0%$0.89  
     Diluted Earnings Per Common Share 0.75  0.63 19.0% 0.89  
     Return On Assets (a) 1.23% 1.21%  1.44% 
     Return On Common Equity (a) 11.1% 9.7%  13.2% 
     Net Interest Margin (FTE) (a) 2.74% 3.10%  2.81% 
     Efficiency Ratio (FTE) 47.2% 47.3%  42.9% 
           
     Dividends Paid Per Common Share$0.41 $0.41 0.0%$0.41  
     Common Dividend Payout Ratio  55% 66%  46% 
           
    2. Net Interest Income.     
      (dollars in thousands) 
        %  
      Q1'2021Q1'2020ChangeQ4'2020 
           
     Interest and Fee Income (FTE)$43,058 $40,989 5.0%$43,773  
     Interest Expense 475  442 7.5% 481  
     Net Interest and Fee Income (FTE)$42,583 $40,547 5.0%$43,292  
           
     Average Earning Assets$6,244,622 $5,242,142 19.1%$6,156,749  
     Average Interest-     
        Bearing Liabilities 3,130,227  2,648,581 18.2% 3,034,240  
           
     Yield on Earning Assets (FTE) (a) 2.77% 3.13%  2.84% 
     Cost of Funds (a) 0.03% 0.03%  0.03% 
     Net Interest Margin (FTE) (a) 2.74% 3.10%  2.81% 
     Interest Expense/     
        Interest-Bearing Liabilities (a) 0.06% 0.07%  0.06% 
     Net Interest Spread (FTE) (a) 2.71% 3.06%  2.78% 
           
    3. Loans & Other Earning Assets.     
      (average volume, dollars in thousands) 
        %  
      Q1'2021Q1'2020ChangeQ4'2020 
           
     Total Assets$6,650,164 $5,655,460 17.6%$6,562,753  
     Total Earning Assets 6,244,622  5,242,142 19.1% 6,156,749  
     Total Loans 1,251,540  1,123,934 11.4% 1,286,480  
       Total Commercial Loans 395,473  223,383 77.0% 426,564  
         Paycheck Protection Program (PPP) Loans 188,971  - n/m     227,828  
         Commercial Loans 206,502  223,383 -7.6% 198,736  
       Commercial RE Loans  559,191  579,743 -3.5% 561,394  
       Consumer Loans 296,876  320,808 -7.5% 298,522  
     Total Investment Securities 4,440,621  3,845,885 15.5% 4,430,592  
       Debt Securities Available For Sale 3,947,549  3,135,743 25.9% 3,884,451  
       Debt Securities Held To Maturity 493,072  710,142 -30.6% 546,141  
     Total Interest-Bearing Cash 552,461  272,323 102.9% 439,677  
           
     Loans/Deposits 21.8% 23.3%  22.7% 
           
    4. Deposits, Other Interest-Bearing Liabilities & Equity.    
      (average volume, dollars in thousands) 
        %  
      Q1'2021Q1'2020ChangeQ4'2020 
           
     Total Deposits$5,748,070 $4,828,988 19.0%$5,655,768  
       Noninterest Demand  2,713,632  2,222,737 22.1% 2,736,348  
       Interest-Bearing Transaction 1,130,760  941,720 20.1% 1,071,576  
       Savings 1,746,815  1,496,362 16.7% 1,688,031  
       Time greater than $100K 71,241  73,849 -3.5% 71,306  
       Time less than $100K 85,622  94,320 -9.2% 88,507  
     Total Short-Term Borrowings 95,575  42,330 125.8% 114,820  
     Other Borrowed Funds 214  - n/m     -  
     Shareholders' Equity 735,496  705,330 4.3% 720,473  
           
     Demand Deposits/     
        Total Deposits 47.2% 46.0%  48.4% 
     Transaction & Savings      
        Deposits / Total Deposits 97.3% 96.5%  97.2% 
           
    5. Interest Yields Earned & Rates Paid.     
      (dollars in thousands)  
      Q1'2021  
      AverageIncome/Yield (a) /  
      VolumeExpenseRate (a)  
           
     Interest & Fee Income Earned     
       Total Earning Assets (FTE)$6,244,622 $43,058 2.77%  
       Total Loans (FTE) 1,251,540  14,684 4.76%  
         Total Commercial Loans (FTE) 395,473  4,005 4.11%  
           PPP Loans 188,971  1,853 3.98%  
           Commercial Loans (FTE) 206,502  2,152 4.23%  
         Commercial RE Loans  559,191  7,341 5.32%  
         Consumer Loans 296,876  3,338 4.56%  
       Total Investments (FTE) 4,440,621  28,236 2.54%  
       Total Interest-Bearing Cash 552,461  138 0.10%  
           
     Interest Expense Paid     
       Total Earning Assets  6,244,622  475 0.03%  
       Total Interest-Bearing Liabilities 3,130,227  475 0.06%  
       Total Interest-Bearing Deposits 3,034,438  459 0.06%  
         Interest-Bearing Transaction 1,130,760  89 0.03%  
         Savings 1,746,815  250 0.06%  
         Time less than $100K 85,622  42 0.20%  
         Time greater than $100K 71,241  78 0.44%  
       Total Short-Term Borrowings  95,575  16 0.07%  
     Other Borrowed Funds 214  - 0.35%  
           
     Net Interest Income and      
     Margin (FTE) $42,583 2.74%  
           
      Q1'2020  
      AverageIncome/Yield (a) /  
      VolumeExpenseRate (a)  
           
     Interest & Fee Income Earned     
       Total Earning Assets (FTE)$5,242,142 $40,989 3.13%  
       Total Loans (FTE) 1,123,934  13,910 4.98%  
         Commercial Loans (FTE) 223,383  2,776 5.00%  
         Commercial RE Loans  579,743  7,599 5.27%  
         Consumer Loans 320,808  3,535 4.43%  
       Total Investments (FTE) 3,845,885  26,223 2.73%  
       Total Interest-Bearing Cash 272,323  856 1.24%  
           
     Interest Expense Paid     
       Total Earning Assets  5,242,142  442 0.03%  
       Total Interest-Bearing Liabilities 2,648,581  442 0.07%  
       Total Interest-Bearing Deposits 2,606,251  434 0.07%  
         Interest-Bearing Transaction 941,720  84 0.04%  
         Savings 1,496,362  217 0.06%  
         Time less than $100K 94,320  54 0.23%  
         Time greater than $100K 73,849  79 0.43%  
       Total Short-Term Borrowings  42,330  8 0.07%  
           
     Net Interest Income and     
     Margin (FTE) $40,547 3.10%  
           
    6. Noninterest Income.     
      (dollars in thousands except per-share amounts) 
        %  
      Q1'2021Q1'2020ChangeQ4'2020 
           
     Service Charges on Deposits$3,304 $4,248 -22.2%$3,452  
     Merchant Processing Services 2,560  2,358 8.6% 2,713  
     Debit Card Fees 1,601  1,468 9.0% 1,643  
     Trust Fees 801  777 3.1% 765  
     ATM Processing Fees 601  579 3.8% 570  
     Other Service Fees 469  506 -7.2% 457  
     Financial Services Commissions 70  125 -44.0% 66  
     Gains on Sales of Real Property -  - n/m     3,536  
     Other Noninterest Income (5) 783  1,587 -50.7% 757  
     Total Noninterest Income$10,189 $11,648 -12.5%$13,959  
           
       Total Revenue (FTE)$52,772 $52,195 1.1%$57,251  
       Noninterest Income/Revenue (FTE) 19.3% 22.3%  24.4% 
       Service Charges/Avg. Deposits (a) 0.23% 0.35%  0.24% 
       Total Revenues (FTE) Per Avg.      
     Common Share (a)$7.98 $7.76 2.9%$8.49  
           
    7. Noninterest Expense.     
      (dollars in thousands) 
        %  
      Q1'2021Q1'2020ChangeQ4'2020 
           
     Salaries & Benefits$12,665 $13,018 -2.7%$12,291  
     Occupancy and Equipment 4,880  4,932 -1.1% 4,900  
     Outsourced Data Processing 2,390  2,405 -0.6% 2,359  
     Professional Fees 942  389 142.2% 722  
     Courier Service 504  491 2.6% 502  
     Amortization of      
       Identifiable Intangibles 69  73 -5.5% 69  
     Other Noninterest Expense 3,456  3,356 3.0% 3,702  
     Total Noninterest Expense$24,906 $24,664 1.0%$24,545  
           
     Noninterest Expense/     
        Avg. Earning Assets (a) 1.62% 1.89%  1.59% 
     Noninterest Expense/Revenues (FTE) 47.2% 47.3%  42.9% 
           
    8. Allowance for Credit Losses.     
      (dollars in thousands) 
        %  
      Q1'2021Q1'2020ChangeQ4'2020 
           
     Average Total Loans$1,251,540 $1,123,934 11.4%$1,286,480  
           
     Beginning of Period Allowance for     
     Credit Losses on Loans (ACLL)$23,854 $19,484 22.4%$24,142  
     Adoption of ASU 2016-13(1) -  2,017 n/m     -  
     Beginning of Period ACLL  23,854  21,501 10.9% 24,142  
     Provision for Credit Losses  -  4,300 n/m     7  
     Net ACLL Losses (371) (997)-62.8% (295) 
     End of Period ACLL$23,483 $24,804 -5.3%$23,854  
     Gross ACLL Recoveries /     
     Gross ACLL Losses  60% 37%  69% 
     Net ACLL Losses /      
     Avg. Total Loans (a)  0.12% 0.36%  0.09% 
           
      (dollars in thousands) 
        %  
      3/31/213/31/20Change12/31/20 
     Allowance for Credit Losses on Loans$23,483 $24,804 -5.3%$23,854  
     Allowance for Credit Losses on     
     HTM Securities (2) 9  16 -44.6% 9  
     Total Allowance for Credit Losses$23,492 $24,820 -5.4%$23,863  
           
     Allowance for Unfunded     
     Credit Commitments 101  53 90.0% 101  
           
    9. Credit Quality.     
      (dollars in thousands) 
        %  
      3/31/213/31/20Change12/31/20 
           
     Nonperforming Loans:     
        Nonperforming Nonaccrual$402 $419 -4.1%$526  
        Performing Nonaccrual 3,569  3,933 -9.3% 3,803  
     Total Nonaccrual Loans 3,971  4,352 -8.8% 4,329  
     90+ Days Past Due Accruing Loans 132  178 -25.8% 450  
     Total 4,103  4,530 -9.4% 4,779  
     Repossessed Loan Collateral  -  43 n/m     -  
      Total Nonperforming Assets$4,103 $4,573 -10.3%$4,779  
           
     Total Loans Outstanding $1,293,756 $1,121,243 15.4%$1,256,243  
           
     Total Assets  6,912,481  5,628,126 22.8% 6,747,931  
           
     Loans:     
     Allowance for Credit Losses on Loans$23,483 $24,804 -5.3%$23,854  
     Allowance for Credit Losses on Loans /     
     Loans 1.82% 2.21%  1.90% 
     Nonperforming Loans/Total Loans 0.32% 0.40%  0.38% 
           
    10. Capital.     
      (in thousands, except per-share amounts) 
        %  
      3/31/213/31/20Change12/31/20 
           
     Shareholders' Equity$812,132 $705,546 15.1%$844,809  
     Total Assets 6,912,481  5,628,126 22.8% 6,747,931  
     Shareholders' Equity/     
        Total Assets 11.75% 12.54%  12.52% 
     Shareholders' Equity/     
        Total Loans 62.77% 62.93%  67.25% 
     Tangible Common Equity Ratio 10.15% 10.58%  10.90% 
     Common Shares Outstanding 26,864  26,932 -0.3% 26,807  
     Common Equity Per Share$30.23 $26.20 15.4%$31.51  
     Market Value Per Common Share 62.78  58.78 6.8% 55.29  
           
      (shares in thousands) 
        %  
      Q1'2021Q1'2020ChangeQ4'2020 
           
     Total Shares Repurchased 4  180 n/m     91  
       Average Repurchase Price$61.09 $51.52 n/m    $52.22  
     Net Shares (Issued) Repurchased (57) 130 n/m     91  
           
    11. Period-End Balance Sheets.     
      (unaudited, dollars in thousands) 
        %  
      3/31/213/31/20Change12/31/20 
     Assets:     
       Cash and Due from Banks$866,457 $304,628 184.4%$621,275  
           
       Investment Securities:     
          Debt Securities Available For Sale 3,990,570  3,210,689 24.3% 4,063,185  
          Debt Securities Held To Maturity (3) 469,259  681,821 -31.2% 515,589  
           
       Loans 1,293,756  1,121,243 15.4% 1,256,243  
       Allowance For Credit Losses on Loans (23,483) (24,804)-5.3% (23,854) 
       Total Loans, net 1,270,273  1,096,439 15.9% 1,232,389  
           
       Other Real Estate Owned -  43 n/m     -  
       Premises and Equipment, net 32,216  35,403 -9.0% 32,813  
       Identifiable Intangibles, net 1,035  1,318 -21.5% 1,105  
       Goodwill  121,673  121,673 0.0% 121,673  
       Other Assets 160,998  176,112 -8.6% 159,903  
           
     Total Assets$6,912,481 $5,628,126 22.8%$6,747,931  
           
     Liabilities and Shareholders' Equity:     
       Deposits:     
         Noninterest-Bearing$2,798,542 $2,183,283 28.2%$2,725,177  
         Interest-Bearing Transaction 1,179,484  936,516 25.9% 1,102,601  
         Savings 1,791,636  1,514,431 18.3% 1,703,812  
         Time 154,171  165,196 -6.7% 156,389  
       Total Deposits 5,923,833  4,799,426 23.4% 5,687,979  
           
       Short-Term Borrowed Funds 95,479  52,664 81.3% 102,545  
       Other Borrowed Funds 1,681  - n/m     -  
       Other Liabilities 79,356  70,490 12.6% 112,598  
     Total Liabilities 6,100,349  4,922,580 23.9% 5,903,122  
           
     Shareholders' Equity:     
       Common Equity:     
         Paid-In Capital 469,885  466,472 0.7% 466,041  
         Accumulated Other     
           Comprehensive Income 68,901  171 n/m     114,412  
         Retained Earnings 273,346  238,903 14.4% 264,356  
     Total Shareholders' Equity 812,132  705,546 15.1% 844,809  
           
     Total Liabilities and      
        Shareholders' Equity$6,912,481 $5,628,126 22.8%$6,747,931  
           
    12. Income Statements.     
      (unaudited, in thousands except per-share amounts) 
        %  
      Q1'2021Q1'2020ChangeQ4'2020 
     Interest & Fee Income:     
       Loans$14,581 $13,809 5.6%$14,999  
       Investment Securities:     
         Equity Securities 110  103 6.9% 110  
         Debt Securities Available For Sale (4) 24,889  21,315 16.8% 24,947  
         Debt Securities Held To Maturity 2,598  3,908 -33.5% 2,793  
       Interest-Bearing Cash 138  856 -83.9% 112  
     Total Interest & Fee Income 42,316  39,991 5.8% 42,961  
           
     Interest Expense:     
       Transaction Deposits 89  84 6.5% 90  
       Savings Deposits 250  217 15.0% 246  
       Time Deposits 120  133 -9.9% 126  
       Short-Term Borrowed Funds 16  8 99.9% 19  
     Total Interest Expense 475  442 7.4% 481  
           
     Net Interest Income 41,841  39,549 5.8% 42,480  
           
     Provision for Credit Losses -  4,300 n/m     -  
           
     Noninterest Income:     
       Service Charges  3,304  4,248 -22.2% 3,452  
       Merchant Processing Services 2,560  2,358 8.6% 2,713  
       Debit Card Fees 1,601  1,468 9.0% 1,643  
       Trust Fees 801  777 3.1% 765  
       ATM Processing Fees 601  579 3.8% 570  
       Other Service Fees 469  506 -7.2% 457  
       Financial Services Commissions 70  125 -44.0% 66  
       Gains on Sales of Real Property -  - n/m     3,536  
       Other Noninterest Income (5) 783  1,587 -50.7% 757  
     Total Noninterest Income 10,189  11,648 -12.5% 13,959  
           
     Noninterest Expense:     
       Salaries and Benefits 12,665  13,018 -2.7% 12,291  
       Occupancy and Equipment 4,880  4,932 -1.1% 4,900  
       Outsourced Data Processing 2,390  2,405 -0.6% 2,359  
       Professional Fees 942  389 142.2% 722  
       Courier Service 504  491 2.6% 502  
       Amortization of Identifiable Intangibles 69  73 -5.5% 69  
       Other Noninterest Expense 3,456  3,356 3.0% 3,702  
     Total Noninterest Expense 24,906  24,664 1.0% 24,545  
           
     Income Before Income Taxes 27,124  22,233 22.0% 31,894  
     Income Tax Provision 6,977  5,271 32.4% 8,056  
     Net Income$20,147 $16,962 18.8%$23,838  
           
     Average Common Shares Outstanding 26,821  27,068 -0.9% 26,838  
     Diluted Common Shares Outstanding 26,842  27,139 -1.1% 26,849  
           
     Per Common Share Data:     
       Basic Earnings$0.75 $0.63 19.0%$0.89  
       Diluted Earnings 0.75  0.63 19.0% 0.89  
       Dividends Paid 0.41  0.41 0.0% 0.41  
           
     Footnotes and Abbreviations:     
           
     (1) Effective January 1, 2020, the Company adopted Accounting Standards Update (ASU) 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments ("CECL"), resulting in a period opening adjustment to the allowance for credit losses for loans and held-to-maturity debt securities, other liabilities, deferred tax assets, and shareholders' equity.  
           
     (2) In the fourth quarter 2020, the Company recorded a $7 thousand reversal of provision for credit losses on Debt Securities Held To Maturity and the balance of the allowance for credit losses on Debt Securities Held To Maturity was reduced from $16 thousand at September 30, 2020 to $9 thousand at December 31, 2020. 
           
     (3) The Company adopted ASU 2016-13, effective January 1, 2020. Debt Securities Held To Maturity of $469,259 thousand at March 31, 2021, $515,589 thousand at December 31, 2020 and $681,821 thousand at March 31, 2020 are net of related reserve for expected credit losses of $9 thousand, $9 thousand and $16 thousand, respectively. 
           
     (4) Interest income on Debt Securities Available For Sale included make-whole interest income on called corporate bonds of $700 thousand in the first quarter 2021 and $1.9 million in the fourth quarter 2020. 
           
     (5) The Company received $603 thousand in excess of amounts charged-off in prior periods on a purchased loan during the first quarter 2020, representing the recovery of a purchased loan credit-risk discount.  
           
     (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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