Westamerica Bancorporation Reports Fourth Quarter 2022 Financial Results
SAN RAFAEL, Calif., Jan. 19, 2023 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the fourth quarter 2022 of $39.3 million and diluted earnings per common share ("EPS") of $1.46. Fourth quarter 2022 results compare to net income for third quarter 2022 of $34.8 million and EPS of $1.29, which included a life insurance gain equivalent to EPS of $0.03.
"Westamerica’s fourth quarter 2022 results benefited from the Company’s valuable low-cost deposit base; the cost of funding our loan and bond portfolios was 0.03 percent in the fourth quarter 2022, unchanged from the prior quarter. Non-interest bearing deposits represented 47 percent of average deposits in the fourth quarter 2022. The fourth quarter also benefited from higher yields on variable-rate bonds, loans and cash. Operating expenses were well controlled and credit quality remained solid with nonperforming assets of $774 thousand at December 31, 2022,” said Chairman, President and CEO David Payne. “Fourth quarter 2022 results generated an annualized 18.6 percent return on average common equity. Shareholders were paid a $0.42 per common share dividend during the fourth quarter 2022,” concluded Payne.
Net interest income on a fully-taxable equivalent (FTE) basis was $69.2 million for the fourth quarter 2022, compared to $60.8 million for the third quarter 2022. The yield earned on loans, bonds, and cash for the fourth quarter 2022 was 3.98 percent, up from 3.47 percent for the third quarter 2022. The cost of funding the loan, bond, and cash portfolios was 0.03 percent for both the fourth quarter and third quarter of 2022. Variable rate assets at December 31, 2022 included $1.6 billion in collateralized loan obligations for which interest rates reset quarterly, and $192 million in interest-bearing cash balances for which the interest rate changes concurrently with Federal Open Market Committee adjustments to the federal funds rate.
Noninterest income for the fourth quarter 2022 totaled $10.5 million compared to $11.8 million for the third quarter 2022, which included a $923 thousand life insurance gain.
Noninterest expenses for the fourth quarter 2022 were $25.1 million compared to $24.8 million for the third quarter 2022.
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, 2021 filed on Form 10-K and quarterly report for the quarter ended September 30, 2022 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.
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WESTAMERICA BANCORPORATION |
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FINANCIAL HIGHLIGHTS |
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December 31, 2022 |
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1. Net Income Summary. |
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| Q4'2022 | Q4'2021 | Change | Q3'2022 |
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| Net Interest and Fee Income (FTE) | $ | 69,155 |
| $ | 43,117 |
| 60.4 | % | $ | 60,780 |
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| Provision for Credit Losses |
| - |
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| - |
| n/m |
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| - |
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| Noninterest Income |
| 10,463 |
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| 10,842 |
| -3.5 | % |
| 11,818 |
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| Noninterest Expense |
| 25,090 |
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| 23,912 |
| 4.9 | % |
| 24,767 |
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| Income Before Taxes (FTE) |
| 54,528 |
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| 30,047 |
| 81.5 | % |
| 47,831 |
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| Income Tax Provision (FTE) |
| 15,184 |
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| 8,327 |
| 82.3 | % |
| 13,071 |
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| Net Income | $ | 39,344 |
| $ | 21,720 |
| 81.1 | % | $ | 34,760 |
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| Average Common Shares Outstanding |
| 26,912 |
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| 26,866 |
| 0.2 | % |
| 26,906 |
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| Diluted Average Common Shares |
| 26,924 |
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| 26,875 |
| 0.2 | % |
| 26,916 |
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| Operating Ratios: |
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| Basic Earnings Per Common Share | $ | 1.46 |
| $ | 0.81 |
| 80.2 | % | $ | 1.29 |
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| Diluted Earnings Per Common Share |
| 1.46 |
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| 0.81 |
| 80.2 | % |
| 1.29 |
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| Return On Assets (a) |
| 2.12 | % |
| 1.17 | % |
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| 1.85 | % |
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| Return On Common Equity (a) |
| 18.6 | % |
| 11.2 | % |
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| 17.1 | % |
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| Net Interest Margin (FTE) (a) |
| 3.95 | % |
| 2.49 | % |
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| 3.44 | % |
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| Efficiency Ratio (FTE) |
| 31.5 | % |
| 44.3 | % |
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| 34.1 | % |
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| Dividends Paid Per Common Share | $ | 0.42 |
| $ | 0.42 |
| 0.0 | % | $ | 0.42 |
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| Common Dividend Payout Ratio |
| 29 | % |
| 52 | % |
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| 33 | % |
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| 12/31'22YTD | 12/31'21YTD | Change |
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| Net Interest and Fee Income (FTE) | $ | 221,775 |
| $ | 174,151 |
| 27.3 | % |
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| Provision for Credit Losses |
| - |
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| - |
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| Noninterest Income (1) |
| 45,121 |
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| 43,345 |
| 4.1 | % |
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| Noninterest Expense |
| 99,361 |
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| 97,806 |
| 1.6 | % |
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| Income Before Taxes (FTE) |
| 167,535 |
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| 119,690 |
| 40.0 | % |
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| Income Tax Provision (FTE) |
| 45,501 |
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| 33,181 |
| 37.1 | % |
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| Net Income | $ | 122,034 |
| $ | 86,509 |
| 41.1 | % |
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| Average Common Shares Outstanding |
| 26,895 |
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| 26,855 |
| 0.1 | % |
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| Diluted Average Common Shares |
| 26,907 |
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| 26,870 |
| 0.1 | % |
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| Operating Ratios: |
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| Basic Earnings Per Common Share | $ | 4.54 |
| $ | 3.22 |
| 41.0 | % |
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| Diluted Earnings Per Common Share |
| 4.54 |
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| 3.22 |
| 41.0 | % |
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| Return On Assets |
| 1.65 | % |
| 1.23 | % |
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| Return On Common Equity |
| 15.2 | % |
| 11.5 | % |
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| Net Interest Margin (FTE) |
| 3.17 | % |
| 2.62 | % |
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| Efficiency Ratio (FTE) |
| 37.2 | % |
| 45.0 | % |
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| Dividends Paid Per Common Share | $ | 1.68 |
| $ | 1.65 |
| 1.8 | % |
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| Common Dividend Payout Ratio |
| 37 | % |
| 51 | % |
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2. Net Interest Income. |
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| Q4'2022 | Q4'2021 | Change | Q3'2022 |
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| Interest and Fee Income (FTE) | $ | 69,630 |
| $ | 43,621 |
| 59.6 | % | $ | 61,267 |
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| Interest Expense |
| 475 |
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| 504 |
| -5.8 | % |
| 487 |
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| Net Interest and Fee Income (FTE) | $ | 69,155 |
| $ | 43,117 |
| 60.4 | % | $ | 60,780 |
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| Average Earning Assets | $ | 6,930,584 |
| $ | 6,919,528 |
| 0.2 | % | $ | 7,041,313 |
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| Average Interest- |
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| Bearing Liabilities |
| 3,412,189 |
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| 3,468,111 |
| -1.6 | % |
| 3,520,083 |
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| Yield on Earning Assets (FTE) (a) |
| 3.98 | % |
| 2.52 | % |
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| 3.47 | % |
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| Cost of Funds (a) |
| 0.03 | % |
| 0.03 | % |
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| 0.03 | % |
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| Net Interest Margin (FTE) (a) |
| 3.95 | % |
| 2.49 | % |
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| 3.44 | % |
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| Interest Expense/ |
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| Interest-Bearing Liabilities (a) |
| 0.06 | % |
| 0.06 | % |
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| 0.05 | % |
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| Net Interest Spread (FTE) (a) |
| 3.92 | % |
| 2.46 | % |
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| 3.42 | % |
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| 12/31'22YTD | 12/31'21YTD | Change |
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| Interest and Fee Income (FTE) | $ | 223,700 |
| $ | 176,106 |
| 27.0 | % |
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| Interest Expense |
| 1,925 |
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| 1,955 |
| -1.5 | % |
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| Net Interest and Fee Income (FTE) | $ | 221,775 |
| $ | 174,151 |
| 27.3 | % |
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| Average Earning Assets | $ | 6,992,696 |
| $ | 6,632,632 |
| 5.4 | % |
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| Average Interest- |
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| Bearing Liabilities |
| 3,506,559 |
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| 3,317,924 |
| 5.7 | % |
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| Yield on Earning Assets (FTE) |
| 3.20 | % |
| 2.65 | % |
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| Cost of Funds |
| 0.03 | % |
| 0.03 | % |
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| Net Interest Margin (FTE) |
| 3.17 | % |
| 2.62 | % |
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| Interest Expense/ |
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| Interest-Bearing Liabilities |
| 0.05 | % |
| 0.06 | % |
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| Net Interest Spread (FTE) |
| 3.15 | % |
| 2.59 | % |
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3. Loans & Other Earning Assets. |
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| Q4'2022 | Q4'2021 | Change | Q3'2022 |
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| Total Assets | $ | 7,353,270 |
| $ | 7,334,977 |
| 0.2 | % | $ | 7,472,304 |
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| Total Earning Assets |
| 6,930,584 |
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| 6,919,528 |
| 0.2 | % |
| 7,041,313 |
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| Total Loans |
| 964,287 |
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| 1,097,698 |
| -12.2 | % |
| 989,033 |
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| Total Commercial Loans |
| 173,527 |
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| 259,007 |
| -33.0 | % |
| 190,325 |
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| Paycheck Protection Program (PPP) Loans |
| 3,529 |
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| 68,870 |
| -94.9 | % |
| 10,453 |
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| Commercial Loans |
| 169,998 |
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| 190,137 |
| -10.6 | % |
| 179,872 |
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| Commercial RE Loans |
| 492,549 |
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| 538,177 |
| -8.5 | % |
| 494,717 |
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| Consumer Loans |
| 298,211 |
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| 300,514 |
| -0.8 | % |
| 303,991 |
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| Total Investment Securities |
| 5,694,280 |
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| 4,866,476 |
| 17.0 | % |
| 5,552,588 |
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| Debt Securities Available for Sale |
| 4,767,459 |
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| 4,533,494 |
| 5.2 | % |
| 4,845,055 |
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| Debt Securities Held to Maturity |
| 926,821 |
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| 332,982 |
| 178.3 | % |
| 707,533 |
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| Total Interest-Bearing Cash |
| 272,017 |
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| 955,354 |
| -71.5 | % |
| 499,692 |
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| Loans/Deposits |
| 15.2 | % |
| 17.3 | % |
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| 15.2 | % |
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| 12/31'22YTD | 12/31'21YTD | Change |
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| Total Assets | $ | 7,413,008 |
| $ | 7,039,284 |
| 5.3 | % |
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| Total Earning Assets |
| 6,992,696 |
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| 6,632,632 |
| 5.4 | % |
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| Total Loans |
| 997,964 |
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| 1,195,135 |
| -16.5 | % |
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| Total Commercial Loans |
| 193,481 |
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| 349,981 |
| -44.7 | % |
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| PPP Loans |
| 17,604 |
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| 152,149 |
| -88.4 | % |
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| Commercial Loans |
| 175,877 |
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| 197,832 |
| -11.1 | % |
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| Commercial RE Loans |
| 504,713 |
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| 546,750 |
| -7.7 | % |
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| Consumer Loans |
| 299,770 |
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| 298,404 |
| 0.5 | % |
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| Total Investment Securities |
| 5,303,646 |
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| 4,580,468 |
| 15.8 | % |
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| Debt Securities Available for Sale |
| 4,747,969 |
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| 4,169,091 |
| 13.9 | % |
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| Debt Securities Held to Maturity |
| 555,677 |
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| 411,377 |
| 35.1 | % |
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| Total Interest-Bearing Cash |
| 691,086 |
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| 857,029 |
| -19.4 | % |
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| Loans/Deposits |
| 15.6 | % |
| 19.6 | % |
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4. Deposits, Other Interest-Bearing Liabilities & Equity. |
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| Q4'2022 | Q4'2021 | Change | Q3'2022 |
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| Total Deposits | $ | 6,349,401 |
| $ | 6,349,137 |
| 0.0 | % | $ | 6,495,051 |
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| Noninterest Demand |
| 3,010,806 |
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| 3,022,787 |
| -0.4 | % |
| 3,058,662 |
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| Interest-Bearing Transaction |
| 1,287,304 |
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| 1,245,385 |
| 3.4 | % |
| 1,308,310 |
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| Savings |
| 1,917,370 |
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| 1,934,220 |
| -0.9 | % |
| 1,989,275 |
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| Time greater than $100K |
| 59,720 |
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| 65,920 |
| -9.4 | % |
| 62,014 |
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| Time less than $100K |
| 74,201 |
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| 80,825 |
| -8.2 | % |
| 76,790 |
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| Total Short-Term Borrowings |
| 73,594 |
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| 141,761 |
| -48.1 | % |
| 83,694 |
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| Shareholders' Equity |
| 837,499 |
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| 766,358 |
| 9.3 | % |
| 807,428 |
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| Demand Deposits/ |
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| Total Deposits |
| 47.4 | % |
| 47.6 | % |
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| 47.1 | % |
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| Transaction & Savings |
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| Deposits / Total Deposits |
| 97.9 | % |
| 97.7 | % |
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| 97.9 | % |
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| 12/31'22YTD | 12/31'21YTD | Change |
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| Total Deposits | $ | 6,415,626 |
| $ | 6,100,848 |
| 5.2 | % |
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| Noninterest Demand |
| 3,018,350 |
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| 2,897,244 |
| 4.2 | % |
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| Interest-Bearing Transaction |
| 1,289,956 |
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| 1,208,269 |
| 6.8 | % |
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| Savings |
| 1,967,902 |
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| 1,842,590 |
| 6.8 | % |
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| Time greater than $100K |
| 62,411 |
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| 69,165 |
| -9.8 | % |
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| Time less than $100K |
| 77,007 |
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| 83,580 |
| -7.9 | % |
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| Total Short-Term Borrowings |
| 109,283 |
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| 114,267 |
| -4.4 | % |
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| Other Borrowed Funds |
| - |
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| 53 |
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| Shareholders' Equity |
| 802,489 |
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| 750,669 |
| 6.9 | % |
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| Demand Deposits/ |
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| Total Deposits |
| 47.0 | % |
| 47.5 | % |
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| Transaction & Savings |
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| Deposits / Total Deposits |
| 97.8 | % |
| 97.5 | % |
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5. Interest Yields Earned & Rates Paid. |
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| Q4'2022 |
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| Average | Income/ | Yield (a) / |
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| Volume | Expense | Rate (a) |
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| Interest & Fee Income Earned |
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| Total Earning Assets (FTE) | $ | 6,930,584 |
| $ | 69,630 |
| 3.98 | % |
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| Total Loans (FTE) |
| 964,287 |
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| 12,293 |
| 5.06 | % |
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| Total Commercial Loans (FTE) |
| 173,527 |
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| 2,896 |
| 6.62 | % |
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| PPP Loans |
| 3,529 |
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| 408 |
| 45.89 | % |
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| Commercial Loans (FTE) |
| 169,998 |
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| 2,488 |
| 5.81 | % |
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| Commercial RE Loans |
| 492,549 |
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| 5,812 |
| 4.68 | % |
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| Consumer Loans |
| 298,211 |
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| 3,585 |
| 4.77 | % |
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| Total Investments (FTE) |
| 5,694,280 |
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| 54,770 |
| 3.81 | % |
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| Total Debt Securities Available for Sale (FTE) |
| 4,767,459 |
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| 45,531 |
| 3.78 | % |
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| Corporate Securities |
| 2,462,131 |
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| 17,102 |
| 2.78 | % |
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| Collateralized Loan Obligations |
| 1,590,164 |
|
| 22,801 |
| 5.61 | % |
|
| ||
| Agency Mortgage Backed Securities |
| 319,843 |
|
| 1,921 |
| 2.40 | % |
|
| ||
| Securities of U.S. Government sponsored entities |
| 297,710 |
|
| 2,690 |
| 3.61 | % |
|
| ||
| Obligations of States and Political Subdivisions (FTE) |
| 84,774 |
|
| 644 |
| 3.04 | % |
|
| ||
| Other Debt Securities Available for Sale (FTE) |
| 12,837 |
|
| 373 |
| 11.63 | % |
|
| ||
| Total Debt Securities Held to Maturity (FTE) |
| 926,821 |
|
| 9,239 |
| 3.99 | % |
|
| ||
| Agency Mortgage Backed Securities |
| 109,100 |
|
| 575 |
| 2.11 | % |
|
| ||
| Corporate Securities |
| 720,752 |
|
| 7,815 |
| 4.34 | % |
|
| ||
| Obligations of States and Political Subdivisions (FTE) |
| 96,969 |
|
| 849 |
| 3.50 | % |
|
| ||
| Total Interest-Bearing Cash |
| 272,017 |
|
| 2,567 |
| 3.69 | % |
|
| ||
|
|
|
|
|
|
| |||||||
| Interest Expense Paid |
|
|
|
|
| |||||||
| Total Earning Assets |
| 6,930,584 |
|
| 475 |
| 0.03 | % |
|
| ||
| Total Interest-Bearing Liabilities |
| 3,412,189 |
|
| 475 |
| 0.06 | % |
|
| ||
| Total Interest-Bearing Deposits |
| 3,338,595 |
|
| 463 |
| 0.05 | % |
|
| ||
| Interest-Bearing Transaction |
| 1,287,304 |
|
| 96 |
| 0.03 | % |
|
| ||
| Savings |
| 1,917,370 |
|
| 280 |
| 0.06 | % |
|
| ||
| Time less than $100K |
| 74,201 |
|
| 51 |
| 0.27 | % |
|
| ||
| Time greater than $100K |
| 59,720 |
|
| 36 |
| 0.24 | % |
|
| ||
| Total Short-Term Borrowings |
| 73,594 |
|
| 12 |
| 0.06 | % |
|
| ||
|
|
|
|
|
|
| |||||||
| Net Interest Income and |
|
|
|
|
| |||||||
| Margin (FTE) |
| $ | 69,155 |
| 3.95 | % |
|
| ||||
|
|
|
|
|
|
| |||||||
|
| Q4'2021 |
|
| |||||||||
|
| Average | Income/ | Yield (a) / |
|
| |||||||
|
| Volume | Expense | Rate (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 Debt Securities Available for Sale (FTE) |
| 4,533,494 |
|
| 27,900 |
| 2.45 | % |
|
| ||
| Corporate Securities |
| 2,652,661 |
|
| 18,385 |
| 2.77 | % |
|
| ||
| Collateralized Loan Obligations |
| 1,352,348 |
|
| 6,309 |
| 1.83 | % |
|
| ||
| Agency Mortgage Backed Securities |
| 422,721 |
|
| 2,123 |
| 2.01 | % |
|
| ||
| Obligations of States and Political Subdivisions (FTE) |
| 91,412 |
|
| 717 |
| 3.14 | % |
|
| ||
| Other Debt Securities Available for Sale (FTE) |
| 14,352 |
|
| 366 |
| 10.20 | % |
|
| ||
| Total Debt Securities Held to Maturity (FTE) |
| 332,982 |
|
| 2,132 |
| 2.56 | % |
|
| ||
| Agency Mortgage Backed Securities |
| 158,537 |
|
| 664 |
| 1.68 | % |
|
| ||
| Obligations of States and Political Subdivisions (FTE) |
| 174,445 |
|
| 1,468 |
| 3.36 | % |
|
| ||
| 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 | % |
|
| ||||
|
|
|
|
|
|
| |||||||
6. Noninterest Income. |
|
|
|
|
| ||||||||
|
| (dollars in thousands except per-share amounts) |
| ||||||||||
|
|
|
| % |
|
| |||||||
|
| Q4'2022 | Q4'2021 | Change | Q3'2022 |
| |||||||
|
|
|
|
|
|
| |||||||
| Service Charges on Deposits | $ | 3,484 |
| $ | 3,580 |
| -2.7 | % | $ | 3,737 |
|
|
| Merchant Processing Services |
| 2,701 |
|
| 3,000 |
| -10.0 | % |
| 2,925 |
|
|
| Debit Card Fees |
| 1,704 |
|
| 1,727 |
| -1.4 | % |
| 1,594 |
|
|
| Trust Fees |
| 754 |
|
| 844 |
| -10.7 | % |
| 810 |
|
|
| ATM Processing Fees |
| 646 |
|
| 488 |
| 32.4 | % |
| 594 |
|
|
| Other Service Fees |
| 416 |
|
| 449 |
| -7.3 | % |
| 463 |
|
|
| Financial Services Commissions |
| 103 |
|
| 96 |
| 7.3 | % |
| 79 |
|
|
| Life Insurance Gains |
| 7 |
|
| - |
| n/m |
|
| 923 |
|
|
| Other Noninterest Income |
| 648 |
|
| 658 |
| -1.5 | % |
| 693 |
|
|
| Total Noninterest Income | $ | 10,463 |
| $ | 10,842 |
| -3.5 | % | $ | 11,818 |
|
|
|
|
|
|
|
|
| |||||||
| Total Revenue (FTE) | $ | 79,618 |
| $ | 53,959 |
| 47.6 | % | $ | 72,598 |
|
|
| Noninterest Income/Revenue (FTE) |
| 13.1 | % |
| 20.1 | % |
|
| 16.3 | % |
| |
| Service Charges/Avg. Deposits (a) |
| 0.22 | % |
| 0.22 | % |
|
| 0.23 | % |
| |
| Total Revenue (FTE) Per Avg. |
|
|
|
|
| |||||||
| Common Share (a) | $ | 11.74 |
| $ | 7.97 |
| 47.3 | % | $ | 10.70 |
|
|
|
|
|
|
|
|
| |||||||
|
|
|
| % |
|
| |||||||
|
| 12/31'22YTD | 12/31'21YTD | Change |
|
| |||||||
|
|
|
|
|
|
| |||||||
| Service Charges on Deposits | $ | 14,490 |
| $ | 13,697 |
| 5.8 | % |
|
| ||
| Merchant Processing Services |
| 11,623 |
|
| 11,998 |
| -3.1 | % |
|
| ||
| Debit Card Fees (1) |
| 7,879 |
|
| 6,859 |
| 14.9 | % |
|
| ||
| Trust Fees |
| 3,216 |
|
| 3,311 |
| -2.9 | % |
|
| ||
| ATM Processing Fees |
| 2,160 |
|
| 2,280 |
| -5.3 | % |
|
| ||
| Other Service Fees |
| 1,808 |
|
| 1,884 |
| -4.0 | % |
|
| ||
| Financial Services Commissions |
| 417 |
|
| 356 |
| 17.1 | % |
|
| ||
| Life Insurance Gains |
| 930 |
|
| - |
| n/m |
|
|
| ||
| Securities Gains |
| - |
|
| 34 |
| n/m |
|
|
| ||
| Other Noninterest Income |
| 2,598 |
|
| 2,926 |
| -11.2 | % |
|
| ||
| Total Noninterest Income | $ | 45,121 |
| $ | 43,345 |
| 4.1 | % |
|
| ||
|
|
|
|
|
|
| |||||||
| Total Revenue (FTE) | $ | 266,896 |
| $ | 217,496 |
| 22.7 | % |
|
| ||
| Noninterest Income/Revenue (FTE) |
| 16.9 | % |
| 19.9 | % |
|
|
| |||
| Service Charges/Avg. Deposits |
| 0.23 | % |
| 0.22 | % |
|
|
| |||
| Total Revenue (FTE) Per Avg./ |
|
|
|
|
| |||||||
| Common Share | $ | 9.92 |
| $ | 8.10 |
| 22.5 | % |
|
| ||
|
|
|
|
|
|
| |||||||
7. Noninterest Expense. |
|
|
|
|
| ||||||||
|
| (dollars in thousands) |
| ||||||||||
|
|
|
| % |
|
| |||||||
|
| Q4'2022 | Q4'2021 | Change | Q3'2022 |
| |||||||
|
|
|
|
|
|
| |||||||
| Salaries & Benefits | $ | 11,482 |
| $ | 11,436 |
| 0.4 | % | $ | 11,311 |
|
|
| Occupancy and Equipment |
| 5,218 |
|
| 4,692 |
| 11.2 | % |
| 5,064 |
|
|
| Outsourced Data Processing |
| 2,390 |
|
| 2,357 |
| 1.4 | % |
| 2,434 |
|
|
| Limited Partnership Operating Losses |
| 1,431 |
|
| 800 |
| 78.9 | % |
| 1,431 |
|
|
| Professional Fees |
| 574 |
|
| 757 |
| -24.2 | % |