• Westamerica Bancorporation Reports Fourth Quarter 2021 Financial Results

    المصدر: Nasdaq GlobeNewswire / 20 يناير 2022 10:07:38   America/Chicago

    SAN RAFAEL, Calif., Jan. 20, 2022 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the fourth quarter 2021 of $21.7 million and diluted earnings per common share ("EPS") of $0.81. Fourth quarter 2021 results compare to net income of $22.1 million and EPS of $0.82 for the third quarter 2021, which included “make-whole” interest income on corporate bonds redeemed before maturity, which increased EPS $0.02.

    "Westamerica’s operating expenses remained well managed in the fourth quarter 2021, delivering fifty-six percent of revenue to pre-tax income. Checking and savings deposits represented ninety-eight percent of the Company’s average deposit base during the fourth quarter 2021, placing limited reliance on higher-costing time deposits. Credit quality remained solid with nonperforming loans of $1.0 million at December 30, 2021,” said Chairman, President and CEO David Payne. “Fourth quarter 2021 results generated an annualized 11.2 percent return on average common equity. Shareholders were paid a $0.42 per common share dividend during the fourth quarter 2021, representing fifty-two percent of diluted earnings per share,” concluded Payne.

    Net interest income on a fully-taxable equivalent (FTE) basis was $43.1 million for the fourth quarter 2021, compared to $44.0 million for the third quarter 2021, which included “make-whole” interest income on corporate bonds redeemed prior to maturity of $732 thousand. Interest income on Paycheck Protection Program (“PPP”) loans was $1.2 million for the fourth quarter 2021, compared to $1.9 million for the third quarter 2021. Average PPP loan balances declined to $69 million for the fourth quarter 2021 from $145 million for the third quarter 2021; at December 31, 2021 PPP loans totaled $46 million. Checking and savings deposits represented ninety-eight percent of the Company’s average deposit base during the fourth quarter 2021, generating a low 0.03 percent annualized cost of funding interest-earning assets.

    At December 31, 2021, nonperforming loans totaled $1.0 million and the allowance for credit losses on loans was $23.5 million. The Company continues to work with loan customers requesting loan payment deferrals due to economic weakness caused by the pandemic. At December 31, 2021, loans with deferred payments totaled $84 thousand, all of which were consumer automobile loans.

    Noninterest income for the fourth quarter 2021 totaled $10.8 million, compared to noninterest income for the third quarter 2021 of $11.3 million.

    Noninterest expense for the fourth quarter 2021 was $23.9 million compared to $24.7 million for the third quarter 2021; the lower fourth quarter operating expenses were primarily personnel benefit costs and other expenses.

    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, 2021 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 20, 2022
    WESTAMERICA BANCORPORATION     
    FINANCIAL HIGHLIGHTS     
    December 31, 2021     
           
    1. Net Income Summary.     
      (in thousands except per-share amounts) 
        %  
      Q4'2021Q4'2020ChangeQ3'2021 
           
     Net Interest and Fee Income (FTE)$43,117 $43,292 -0.4%$43,952  
     Provision for Credit Losses -  - n/m -  
     Noninterest Income 10,842  13,959 -22.3% 11,282  
     Noninterest Expense 23,912  24,545 -2.6% 24,697  
     Income Before Taxes (FTE) 30,047  32,706 -8.1% 30,537  
     Income Tax Provision (FTE) 8,327  8,868 -6.1% 8,474  
     Net Income$21,720 $23,838 -8.9%$22,063  
           
     Average Common Shares Outstanding 26,866  26,838 0.1% 26,866  
     Diluted Average Common Shares 26,875  26,849 0.1% 26,875  
           
     Operating Ratios:     
     Basic Earnings Per Common Share$0.81 $0.89 -9.0%$0.82  
     Diluted Earnings Per Common Share 0.81  0.89 -9.0% 0.82  
     Return On Assets (a) 1.17% 1.44%  1.22% 
     Return On Common Equity (a) 11.2% 13.2%  11.6% 
     Net Interest Margin (FTE) (a) 2.49% 2.81%  2.60% 
     Efficiency Ratio (FTE) 44.3% 42.9%  44.7% 
           
     Dividends Paid Per Common Share$0.42 $0.41 2.4%$0.41  
     Common Dividend Payout Ratio  52% 46%  50% 
           
        %  
      12/31'21YTD12/31'20YTDChange  
           
     Net Interest and Fee Income (FTE)$174,151 $167,682 3.9%  
     Provision for Credit Losses -  4,300 n/m  
     Noninterest Income 43,345  45,637 -5.0%  
     Noninterest Expense 97,806  98,566 -0.8%  
     Income Before Taxes (FTE) 119,690  110,453 8.4%  
     Income Tax Provision (FTE) 33,181  30,040 10.5%  
     Net Income$86,509 $80,413 7.6%  
           
     Average Common Shares Outstanding 26,855  26,942 -0.3%  
     Diluted Average Common Shares 26,870  26,960 -0.3%  
           
     Operating Ratios:     
     Basic Earnings Per Common Share$3.22 $2.98 8.1%  
     Diluted Earnings Per Common Share 3.22  2.98 8.1%  
     Return On Assets 1.23% 1.30%   
     Return On Common Equity 11.5% 11.3%   
     Net Interest Margin (FTE) 2.62% 2.91%   
     Efficiency Ratio (FTE) 45.0% 46.2%   
           
     Dividends Paid Per Common Share$1.65 $1.64 0.6%  
     Common Dividend Payout Ratio  51% 55%   
           
    2. Net Interest Income.     
      (dollars in thousands) 
        %  
      Q4'2021Q4'2020ChangeQ3'2021 
           
     Interest and Fee Income (FTE)$43,621 $43,773 -0.3%$44,444  
     Interest Expense 504  481 4.8% 492  
     Net Interest and Fee Income (FTE)$43,117 $43,292 -0.4%$43,952  
           
     Average Earning Assets$6,919,528 $6,156,749 12.4%$6,754,281  
     Average Interest-     
        Bearing Liabilities 3,468,111  3,034,240 14.3% 3,370,840  
           
     Yield on Earning Assets (FTE) (a) 2.52% 2.84%  2.63% 
     Cost of Funds (a) 0.03% 0.03%  0.03% 
     Net Interest Margin (FTE) (a) 2.49% 2.81%  2.60% 
     Interest Expense/     
        Interest-Bearing Liabilities (a) 0.06% 0.06%  0.06% 
     Net Interest Spread (FTE) (a) 2.46% 2.78%  2.57% 
           
        %  
      12/31'21YTD12/31'20YTDChange  
           
     Interest and Fee Income (FTE)$176,106 $169,506 3.9%  
     Interest Expense 1,955  1,824 7.2%  
     Net Interest and Fee Income (FTE)$174,151 $167,682 3.9%  
           
     Average Earning Assets$6,632,632 $5,760,548 15.1%  
     Average Interest-     
        Bearing Liabilities 3,317,924  2,847,988 16.5%  
           
     Yield on Earning Assets (FTE) 2.65% 2.94%   
     Cost of Funds 0.03% 0.03%   
     Net Interest Margin (FTE) 2.62% 2.91%   
     Interest Expense/     
        Interest-Bearing Liabilities 0.06% 0.06%   
     Net Interest Spread (FTE) 2.59% 2.88%   
           
    3. Loans & Other Earning Assets.     
      (average volume, dollars in thousands) 
        %  
      Q4'2021Q4'2020ChangeQ3'2021 
           
     Total Assets$7,334,977 $6,562,753 11.8%$7,158,462  
     Total Earning Assets 6,919,528  6,156,749 12.4% 6,754,281  
     Total Loans 1,097,698  1,286,480 -14.7% 1,176,114  
       Total Commercial Loans 259,007  426,564 -39.3% 333,327  
         Paycheck Protection Program (PPP) Loans 68,870  227,828 -69.8% 144,641  
         Commercial Loans 190,137  198,736 -4.3% 188,686  
       Commercial RE Loans  538,177  561,394 -4.1% 543,429  
       Consumer Loans 300,514  298,522 0.7% 299,358  
     Total Investment Securities 4,866,476  4,430,592 9.8% 4,615,540  
       Debt Securities Available For Sale 4,533,494  3,884,451 16.7% 4,235,141  
       Debt Securities Held To Maturity 332,982  546,141 -39.0% 380,399  
     Total Interest-Bearing Cash 955,354  439,677 117.3% 962,627  
           
     Loans/Deposits 17.3% 22.7%  18.9% 
           
        %  
      12/31'21YTD12/31'20YTDChange  
           
     Total Assets$7,039,284 $6,174,470 14.0%  
     Total Earning Assets 6,632,632  5,760,548 15.1%  
     Total Loans 1,195,135  1,239,144 -3.6%  
       Total Commercial Loans 349,981  359,937 -2.8%  
         PPP Loans 152,149  151,320 0.5%  
         Commercial Loans 197,832  208,617 -5.2%  
       Commercial RE Loans  546,750  571,543 -4.3%  
       Consumer Loans 298,404  307,664 -3.0%  
     Total Investment Securities 4,580,468  4,149,960 10.4%  
       Debt Securities Available For Sale 4,169,091  3,517,633 18.5%  
       Debt Securities Held To Maturity 411,377  632,327 -34.9%  
     Total Interest-Bearing Cash 857,029  371,444 130.7%  
           
     Loans/Deposits 19.6% 23.4%   
           
    4. Deposits, Other Interest-Bearing Liabilities & Equity.   
      (average volume, dollars in thousands) 
        %  
      Q4'2021Q4'2020ChangeQ3'2021 
           
     Total Deposits$6,349,137 $5,655,768 12.3%$6,223,500  
       Noninterest Demand  3,022,787  2,736,348 10.5% 2,960,207  
       Interest-Bearing Transaction 1,245,385  1,071,576 16.2% 1,246,667  
       Savings 1,934,220  1,688,031 14.6% 1,864,401  
       Time greater than $100K 65,920  71,306 -7.6% 68,811  
       Time less than $100K 80,825  88,507 -8.7% 83,414  
     Total Short-Term Borrowings 141,761  114,820 23.5% 107,547  
     Shareholders' Equity 766,358  720,473 6.4% 755,682  
           
     Demand Deposits/     
        Total Deposits 47.6% 48.4%  47.6% 
     Transaction & Savings      
        Deposits / Total Deposits 97.7% 97.2%  97.6% 
           
        %  
      12/31'21YTD12/31'20YTDChange  
           
     Total Deposits$6,100,848 $5,306,177 15.0%  
       Noninterest Demand  2,897,244  2,538,819 14.1%  
       Interest-Bearing Transaction 1,208,269  1,008,758 19.8%  
       Savings 1,842,590  1,594,718 15.5%  
       Time greater than $100K 69,165  72,363 -4.4%  
       Time less than $100K 83,580  91,519 -8.7%  
     Total Short-Term Borrowings 114,267  80,456 42.0%  
     Other Borrowed Funds 53  174 -69.6%  
     Shareholders' Equity 750,669  711,554 5.5%  
           
     Demand Deposits/     
        Total Deposits 47.5% 47.8%   
     Transaction & Savings      
        Deposits / Total Deposits 97.5% 96.9%   
           
    5. Interest Yields Earned & Rates Paid.     
      (dollars in thousands)  
      Q4'2021  
      AverageIncome/Yield (a) /  
      VolumeExpenseRate (a)  
     Interest & Fee Income Earned     
       Total Earning Assets (FTE)$6,919,528 $43,621 2.52%  
       Total Loans (FTE) 1,097,698  13,223 4.78%  
         Total Commercial Loans (FTE) 259,007  3,187 4.88%  
           PPP Loans 68,870  1,208 6.96%  
           Commercial Loans (FTE) 190,137  1,979 4.13%  
         Commercial RE Loans  538,177  6,492 4.79%  
         Consumer Loans 300,514  3,544 4.68%  
       Total Investments (FTE) 4,866,476  30,032 2.47%  
       Total Interest-Bearing Cash 955,354  366 0.15%  
           
     Interest Expense Paid     
       Total Earning Assets  6,919,528  504 0.03%  
       Total Interest-Bearing Liabilities 3,468,111  504 0.06%  
       Total Interest-Bearing Deposits 3,326,350  479 0.06%  
         Interest-Bearing Transaction 1,245,385  95 0.03%  
         Savings 1,934,220  282 0.06%  
         Time less than $100K 80,825  41 0.20%  
         Time greater than $100K 65,920  61 0.37%  
       Total Short-Term Borrowings  141,761  25 0.07%  
           
     Net Interest Income and      
     Margin (FTE) $43,117 2.49%  
           
      Q4'2020  
      AverageIncome/Yield (a) /  
      VolumeExpenseRate (a)  
     Interest & Fee Income Earned     
       Total Earning Assets (FTE)$6,156,749 $43,773 2.84%  
       Total Loans (FTE) 1,286,480  15,103 4.67%  
         Total Commercial Loans (FTE) 426,564  4,459 4.16%  
           PPP Loans 227,828  2,342 4.08%  
           Commercial Loans (FTE) 198,736  2,117 4.24%  
         Commercial RE Loans  561,394  7,288 5.16%  
         Consumer Loans 298,522  3,356 4.47%  
       Total Investments (FTE) 4,430,592  28,558 2.58%  
       Total Interest-Bearing Cash 439,677  112 0.10%  
           
     Interest Expense Paid     
       Total Earning Assets  6,156,749  481 0.03%  
       Total Interest-Bearing Liabilities 3,034,240  481 0.06%  
       Total Interest-Bearing Deposits 2,919,420  462 0.06%  
         Interest-Bearing Transaction 1,071,576  90 0.03%  
         Savings 1,688,031  246 0.06%  
         Time less than $100K 88,507  45 0.20%  
         Time greater than $100K 71,306  81 0.45%  
       Total Short-Term Borrowings  114,820  19 0.07%  
           
     Net Interest Income and     
     Margin (FTE) $43,292 2.81%  
           
    6. Noninterest Income.     
      (dollars in thousands except per-share amounts) 
        %  
      Q4'2021Q4'2020ChangeQ3'2021 
           
     Service Charges on Deposits$3,580 $3,452 3.7%$3,578  
     Merchant Processing Services 3,000  2,713 10.6% 3,159  
     Debit Card Fees 1,727  1,643 5.1% 1,740  
     Trust Fees 844  765 10.3% 839  
     ATM Processing Fees 488  570 -14.4% 573  
     Other Service Fees 449  457 -1.8% 475  
     Financial Services Commissions 96  66 45.5% 95  
     Gains on Sales of Real Property -  3,536 n/m -  
     Other Noninterest Income 658  757 -13.1% 823  
     Total Noninterest Income$10,842 $13,959 -22.3%$11,282  
           
       Total Revenue (FTE)$53,959 $57,251 -5.8%$55,234  
       Noninterest Income/Revenue (FTE) 20.1% 24.4%  20.4% 
       Service Charges/Avg. Deposits (a) 0.22% 0.24%  0.23% 
       Total Revenues (FTE) Per Avg.      
     Common Share (a)$7.97 $8.49 -6.1%$8.16  
           
        %  
      12/31'21YTD12/31'20YTDChange  
           
     Service Charges on Deposits$13,697 $14,149 -3.2%  
     Merchant Processing Services 11,998  10,208 17.5%  
     Debit Card Fees 6,859  6,181 11.0%  
     Trust Fees 3,311  3,012 9.9%  
     ATM Processing Fees 2,280  2,273 0.3%  
     Other Service Fees 1,884  1,837 2.6%  
     Financial Services Commissions 356  372 -4.3%  
     Gains on Sales of Real Property -  3,536 -100.0%  
     Securities Gains 34  71 n/m  
     Other Noninterest Income 2,926  3,998 -26.8%  
     Total Noninterest Income$43,345 $45,637 -5.0%  
           
       Total Revenue (FTE)$217,496 $213,319 2.0%  
       Noninterest Income/Revenue (FTE) 19.9% 21.4%   
       Service Charges/Avg. Deposits 0.22% 0.27%   
       Total Revenues (FTE) Per Avg./     
     Common Share$8.10 $7.92 2.3%  
           
    7. Noninterest Expense.     
      (dollars in thousands) 
        %  
      Q4'2021Q4'2020ChangeQ3'2021 
           
     Salaries & Benefits$11,436 $12,291 -7.0%$11,813  
     Occupancy and Equipment 4,692  4,900 -4.2% 4,759  
     Outsourced Data Processing 2,357  2,359 -0.1% 2,429  
     Professional Fees 757  722 4.8% 724  
     Courier Service 572  502 13.9% 534  
     Amortization of      
       Identifiable Intangibles 65  69 -5.8% 67  
     Other Noninterest Expense 4,033  3,702 8.9% 4,371  
     Total Noninterest Expense$23,912 $24,545 -2.6%$24,697  
           
     Noninterest Expense/     
        Avg. Earning Assets (a) 1.37% 1.59%  1.45% 
     Noninterest Expense/Revenues (FTE) 44.3% 42.9%  44.7% 
           
        %  
      12/31'21YTD12/31'20YTDChange  
           
     Salaries & Benefits$48,011 $50,749 -5.4%  
     Occupancy and Equipment 19,139  19,637 -2.5%  
     Outsourced Data Processing 9,601  9,426 1.9%  
     Professional Fees 3,253  2,423 34.3%  
     Courier Service 2,177  2,001 8.8%  
     Amortization of      
       Identifiable Intangibles 269  287 -6.3%  
     Other Noninterest Expense 15,356  14,043 9.3%  
     Total Noninterest Expense$97,806 $98,566 -0.8%  
           
     Noninterest Expense/     
        Avg. Earning Assets 1.47% 1.71%   
     Noninterest Expense/Revenues (FTE) 45.0% 46.2%   
           
    8. Allowance for Credit Losses.     
      (dollars in thousands) 
        %  
      Q4'2021Q4'2020ChangeQ3'2021 
           
     Average Total Loans$1,097,698 $1,286,480 -14.7%$1,176,114  
           
     Beginning of Period Allowance for     
     Credit Losses on Loans (ACLL)$23,882 $24,142 -1.1%$23,737  
     Provision for Credit Losses  -  7 n/m 2  
     Net ACLL (Losses) Recoveries (368) (295)24.7% 143  
     End of Period ACLL$23,514 $23,854 -1.4%$23,882  
     Gross ACLL Recoveries /     
     Gross ACLL Losses  64% 69%  115% 
     Net ACLL Losses (Recoveries) /      
     Avg. Total Loans (a)  0.13% 0.09%  -0.05% 
           
        %  
      12/31'21YTD12/31'20YTDChange  
           
     Average Total Loans$1,195,135 $1,239,144 -3.6%  
           
     Prior Period ACLL$23,854 $19,484 22.4%  
     Adoption of ASU 2016-13(1) -  2,017 n/m  
     Beginning of Period ACLL  23,854  21,501 10.9%  
     Provision for Credit Losses  2  4,307 n/m  
     Net ACLL Losses (342) (1,954)-82.5%  
     End of Period ACLL$23,514 $23,854 -1.4%  
     Gross ACLL Recoveries /     
     Gross ACLL Losses  89% 53%   
     Net ACLL Losses /      
     Avg. Total Loans 0.03% 0.16%   
           
      (dollars in thousands) 
        %  
      12/31/2112/31/20Change9/30/21 
     Allowance for Credit Losses on Loans$23,514 $23,854 -1.4%$23,882  
     Allowance for Credit Losses on     
     HTM Securities (2) 7  9 -22.3% 7  
     Total Allowance for Credit Losses$23,521 $23,863 -1.4%$23,889  
           
     Allowance for Unfunded     
     Credit Commitments$201 $101 99.3%$101  
           
    9. Credit Quality.     
      (dollars in thousands) 
        %  
      12/31/2112/31/20Change9/30/21 
     Nonperforming Loans:     
        Nonperforming Nonaccrual$265 $526 -49.6%$801  
        Performing Nonaccrual 427  3,803 -88.8% 436  
     Total Nonaccrual Loans 692  4,329 -84.0% 1,237  
     90+ Days Past Due Accruing Loans 339  450 -24.7% 537  
     Total$1,031 $4,779 -78.4%$1,774  
           
     Total Loans Outstanding $1,068,126 $1,256,243 -15.0%$1,132,472  
           
     Total Assets  7,461,026  6,747,931 10.6% 7,403,573  
           
     Loans:     
     Allowance for Credit Losses on Loans$23,514 $23,854 -1.4%$23,882  
     Allowance for Credit Losses on Loans /     
     Loans 2.20% 1.90%  2.11% 
     Nonperforming Loans/Total Loans 0.10% 0.38%  0.16% 
           
    10. Capital.     
      (in thousands, except per-share amounts) 
        %  
      12/31/2112/31/20Change9/30/21 
           
     Shareholders' Equity$827,102 $844,809 -2.1%$837,953  
     Total Assets 7,461,026  6,747,931 10.6% 7,403,573  
     Shareholders' Equity/     
        Total Assets 11.09% 12.52%  11.32% 
     Shareholders' Equity/     
        Total Loans 77.43% 67.25%  73.99% 
     Tangible Common Equity Ratio 9.60% 10.90%  9.83% 
     Common Shares Outstanding 26,866  26,807 0.2% 26,866  
     Common Equity Per Share$30.79 $31.51 -2.3%$31.19  
     Market Value Per Common Share 57.73  55.29 4.4% 56.26  
           
      (shares in thousands) 
        %  
      Q4'2021Q4'2020ChangeQ3'2021 
     Share Repurchase Programs:     
       Total Shares Repurchased -  91 n/m -  
       Average Repurchase Price $- $52.22 n/m $-  
       Net Shares Repurchased (Issued) -  91 n/m (1) 
           
        %  
      12/31'21YTD12/31'20YTDChange  
           
       Total Shares Repurchased 4  319 n/m  
       Average Repurchase Price$61.09 $51.63 n/m  
       Net Shares (Issued) Repurchased (59) 255 n/m  
           
    11. Period-End Balance Sheets.     
      (unaudited, dollars in thousands) 
        %  
      12/31/2112/31/20Change9/30/21 
     Assets:     
       Cash and Due from Banks$1,132,085 $621,275 82.2%$1,011,048  
           
       Debt Securities Available For Sale 4,638,855  4,063,185 14.2% 4,602,706  
       Debt Securities Held To Maturity (3) 306,396  515,589 -40.6% 356,106  
           
       Loans 1,068,126  1,256,243 -15.0% 1,132,472  
       Allowance For Credit Losses on Loans (23,514) (23,854)-1.4% (23,882) 
       Total Loans, net 1,044,612  1,232,389 -15.2% 1,108,590  
           
       Premises and Equipment, net 31,155  32,813 -5.1% 31,603  
       Identifiable Intangibles, net 835  1,104 -24.3% 900  
       Goodwill  121,673  121,673 0.0% 121,673  
       Other Assets 185,415  159,903 16.0% 170,947  
           
     Total Assets$7,461,026 $6,747,931 10.6%$7,403,573  
           
     Liabilities and Shareholders' Equity:     
       Deposits:     
         Noninterest-Bearing$3,069,080 $2,725,177 12.6%$2,988,329  
         Interest-Bearing Transaction 1,260,869  1,102,601 14.4% 1,257,460  
         Savings 1,940,395  1,703,812 13.9% 1,894,290  
         Time 143,612  156,389 -8.2% 148,882  
       Total Deposits 6,413,956  5,687,979 12.8% 6,288,961  
           
       Short-Term Borrowed Funds 146,246  102,545 42.6% 119,102  
       Other Liabilities 73,722  112,598 -34.5% 157,557  
     Total Liabilities 6,633,924  5,903,122 12.4% 6,565,620  
           
     Shareholders' Equity:     
       Common Equity:     
         Paid-In Capital 471,043  466,041 1.1% 470,711  
         Accumulated Other     
           Comprehensive Income 49,664  114,412 n/m 71,284  
         Retained Earnings 306,395  264,356 15.9% 295,958  
     Total Shareholders' Equity 827,102  844,809 -2.1% 837,953  
           
     Total Liabilities and      
        Shareholders' Equity$7,461,026 $6,747,931 10.6%$7,403,573  
           
    12. Income Statements.     
      (unaudited, in thousands except per-share amounts) 
        %  
      Q4'2021Q4'2020ChangeQ3'2021 
     Interest & Fee Income:     
     Loans$13,124 $14,999 -12.5%$14,789  
     Equity Securities 129  110 17.3% 109  
     Debt Securities Available For Sale (4) 27,598  24,947 10.6% 26,452  
     Debt Securities Held To Maturity 1,824  2,793 -34.7% 2,091  
     Interest-Bearing Cash 366  112 226.8% 369  
     Total Interest & Fee Income 43,041  42,961 0.2% 43,810  
           
     Interest Expense:     
       Transaction Deposits 95  90 5.6% 101  
       Savings Deposits 282  246 14.6% 272  
       Time Deposits 102  126 -19.0% 100  
       Short-Term Borrowed Funds 25  19 31.5% 19  
     Total Interest Expense 504  481 4.8% 492  
           
     Net Interest Income 42,537  42,480 0.1% 43,318  
           
     Provision for Credit Losses -  - n/m -  
           
     Noninterest Income:     
       Service Charges  3,580  3,452 3.7% 3,578  
       Merchant Processing Services 3,000  2,713 10.6% 3,159  
       Debit Card Fees 1,727  1,643 5.1% 1,740  
       Trust Fees 844  765 10.3% 839  
       ATM Processing Fees 488  570 -14.4% 573  
       Other Service Fees 449  457 -1.8% 475  
       Financial Services Commissions 96  66 45.5% 95  
       Gains on Sales of Real Property -  3,536 n/m -  
       Other Noninterest Income 658  757 -13.1% 823  
     Total Noninterest Income 10,842  13,959 -22.3% 11,282  
           
     Noninterest Expense:     
       Salaries and Benefits 11,436  12,291 -7.0% 11,813  
       Occupancy and Equipment 4,692  4,900 -4.2% 4,759  
       Outsourced Data Processing 2,357  2,359 -0.1% 2,429  
       Professional Fees 757  722 4.8% 724  
       Courier Service 572  502 13.9% 534  
       Amortization of Identifiable Intangibles 65  69 -5.8% 67  
       Other Noninterest Expense 4,033  3,702 8.9% 4,371  
     Total Noninterest Expense 23,912  24,545 -2.6% 24,697  
           
     Income Before Income Taxes 29,467  31,894 -7.6% 29,903  
     Income Tax Provision 7,747  8,056 -3.8% 7,840  
     Net Income$21,720 $23,838 -8.9%$22,063  
           
     Average Common Shares Outstanding 26,866  26,838 0.1% 26,866  
     Diluted Common Shares Outstanding 26,875  26,849 0.1% 26,875  
           
     Per Common Share Data:     
       Basic Earnings$0.81 $0.89 -9.0%$0.82  
       Diluted Earnings 0.81  0.89 -9.0% 0.82  
       Dividends Paid 0.42  0.41 2.4% 0.41  
           
        %  
      12/31'21YTD12/31'20YTDChange  
     Interest & Fee Income:     
     Loans$57,558 $59,377 -3.1%  
     Equity Securities 458  419 9.3%  
     Debt Securities Available For Sale (4) 105,420  91,343 15.4%  
     Debt Securities Held To Maturity 8,875  13,552 -34.5%  
     Interest-Bearing Cash 1,132  1,165 -2.8%  
     Total Interest & Fee Income 173,443  165,856 4.6%  
           
     Interest Expense:     
       Transaction Deposits 378  333 13.5%  
       Savings Deposits 1,067  925 15.4%  
       Time Deposits 432  512 -15.6%  
       Short-Term Borrowed Funds 78  53 47.2%  
       Other Borrowed Funds -  1 -100.0%  
     Total Interest Expense 1,955  1,824 7.2%  
           
     Net Interest Income 171,488  164,032 4.5%  
           
     Provision for Credit Losses -  4,300 n/m  
           
     Noninterest Income:     
       Service Charges  13,697  14,149 -3.2%  
       Merchant Processing Services 11,998  10,208 17.5%  
       Debit Card Fees 6,859  6,181 11.0%  
       Trust Fees 3,311  3,012 9.9%  
       ATM Processing Fees 2,280  2,273 0.3%  
       Other Service Fees 1,884  1,837 2.6%  
       Financial Services Commissions 356  372 -4.3%  
       Gains on Sales of Real Property -  3,536 n/m  
       Securities Gains 34  71 n/m  
       Other Operating 2,926  3,998 -26.8%  
     Total Noninterest Income 43,345  45,637 -5.0%  
           
     Noninterest Expense:     
       Salaries and Benefits 48,011  50,749 -5.4%  
       Occupancy and Equipment 19,139  19,637 -2.5%  
       Outsourced Data Processing 9,601  9,426 1.9%  
       Professional Fees 3,253  2,423 34.3%  
       Courier Service 2,177  2,001 8.8%  
       Amortization of Identifiable Intangibles 269  287 -6.3%  
       Other Operating 15,356  14,043 9.3%  
     Total Noninterest Expense 97,806  98,566 -0.8%  
           
     Income Before Income Taxes 117,027  106,803 9.6%  
     Income Tax Provision 30,518  26,390 15.6%  
     Net Income$86,509 $80,413 7.6%  
           
     Average Common Shares Outstanding 26,855  26,942 -0.3%  
     Diluted Common Shares Outstanding 26,870  26,960 -0.3%  
           
     Per Common Share Data:     
     Basic Earnings$3.22 $2.98 8.1%  
     Diluted Earnings 3.22  2.98 8.1%  
     Dividends Paid 1.65  1.64 0.6%  
           
     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 third quarter 2021, the Company recorded a $2 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 $9 thousand at June 30, 2021 to $7 thousand at September 30, 2021. 
           
     (3) The Company adopted ASU 2016-13, effective January 1, 2020. Debt Securities Held To Maturity of $306,396 thousand at December 31, 2021, $356,106 thousand at September 30, 2021 and $515,589 thousand at December 31, 2020 are net of related reserve for expected credit losses of $7 thousand, $7 thousand and $9 thousand, respectively. 
           
     (4) Interest income on Debt Securities Available For Sale included make-whole interest income on called corporate bonds of $732 thousand in the third quarter 2021, $1.4 million in the second quarter 2021 and $700 thousand in the first quarter 2021. 
           
     (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     

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