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Westamerica Bancorporation (WABC)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
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54.460.00 (0.00%)
At close: 4:00PM EDT

54.46 0.00 (0.00%)
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Previous Close54.46
Open54.63
Bid52.70 x 800
Ask62.55 x 800
Day's Range54.32 - 55.20
52 Week Range46.94 - 69.08
Volume53,929
Avg. Volume98,193
Market Cap1.465B
Beta (5Y Monthly)0.69
PE Ratio (TTM)19.02
EPS (TTM)2.86
Earnings DateJan 14, 2021 - Jan 18, 2021
Forward Dividend & Yield1.64 (3.01%)
Ex-Dividend DateJul 31, 2020
1y Target Est62.67
  • Westamerica Bancorporation Declares Quarterly Cash Dividend
    GlobeNewswire

    Westamerica Bancorporation Declares Quarterly Cash Dividend

    SAN RAFAEL, Calif., Oct. 22, 2020 (GLOBE NEWSWIRE) -- The Board of Directors of Westamerica Bancorporation (NASDAQ: WABC) today declared a quarterly cash dividend of $0.41 per share on common stock outstanding to shareholders of record at the close of business November 2, 2020. The dividend is payable November 13, 2020. Chairman, President and CEO David Payne stated, “This dividend recognizes Westamerica’s healthy capital level, sound asset quality, and profitability.”On October 15, 2020, Westamerica reported $20 million in net income for the three months ended September 30, 2020, or $0.74 diluted earnings per common share.Westamerica Bancorporation, through its wholly owned subsidiary, Westamerica Bank, operates banking and trust offices throughout Northern and Central California.Westamerica Bancorporation Web Address: www.westamerica.comFor 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, 2019 filed on Form 10-K and quarterly report for the quarter ended June 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.

  • Westamerica (WABC) Q3 Earnings Top Estimates
    Zacks

    Westamerica (WABC) Q3 Earnings Top Estimates

    Westamerica (WABC) delivered earnings and revenue surprises of 1.37% and -2.74%, respectively, for the quarter ended September 2020. Do the numbers hold clues to what lies ahead for the stock?

  • GlobeNewswire

    Westamerica Bancorporation Reports Third Quarter 2020 Financial Results

    SAN RAFAEL, Calif., Oct. 15, 2020 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the third quarter 2020 of $20.1 million and diluted earnings per common share (“EPS”) of $0.74. These results compare to net income of $19.6 million and EPS of $0.72 for the second quarter 2020 and net income of $20.4 million and EPS of $0.75 for the third quarter 2019. The third quarter 2019 results benefited from expense reducing FDIC insurance assessment credits. “Westamerica is focusing on maintaining superior customer service during the pandemic. In keeping all our branches open, we are following all health orders affecting our business to provide a safe environment for our customers and employees. Westamerica’s non-interest revenues improved $922 thousand in the third quarter 2020 compared to the prior quarter as economic activity showed some improvement. Net interest income on a fully-tax equivalent basis declined $283 thousand in the third quarter 2020 compared to the prior quarter due to low market interest rates. Operating expenses were $24.6 million for the third quarter 2020, representing only 47 percent of revenues on a fully-taxable equivalent basis. Credit quality remained stable with nonperforming loans of $4.7 million at September 30, 2020,” said Chairman, President and CEO David Payne. “Third quarter 2020 results generated an annualized 11.2 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 $41.8 million for the third quarter 2020, compared to $42.1 million for the second quarter 2020 and $40.3 million for the third quarter 2019. The annualized net interest margin (FTE) was 2.78 percent for the third quarter 2020, compared to 2.99 percent for the second quarter 2020 and 3.11 percent for the third quarter 2019. The decline in the margin is due to lower yields on interest-earning assets. Average total deposits grew $333 million from the second quarter 2020 to the third quarter 2020. Checking and savings deposits represented ninety-seven percent of the Company’s average deposit base during the third quarter 2020 generating a 0.03 percent annualized cost of funding interest-earning assets.The Company continues to work with loan customers requesting deferral of loan payments due to economic weakness caused by the pandemic. At September 30, 2020, consumer loans granted loan deferrals totaled $5.0 million, commercial real estate loans with deferred payments totaled $19.1 million, primarily for hospitality, restaurant and retail properties, and commercial loans with deferred payments totaled $209 thousand. The commercial real estate loans with deferred payments are seasoned with low loan-to-value ratios.Nonperforming assets were $4.8 million at September 30, 2020. The Company’s allowance for credit losses was $24.2 million at September 30, 2020. The Company recognized no provision for credit losses in the third quarter 2020.Noninterest income for the third quarter 2020 totaled $10.5 million, compared to $9.6 million for the second quarter 2020; the increase is due to an improvement in merchant processing service fees and debit card fees. Noninterest income was $1.3 million lower for the third quarter 2020 compared to the third quarter 2019; the decrease is due to lower economic activity reducing activity-based fees related to deposit accounts.Noninterest expense for the third quarter 2020 was $24.6 million compared to $24.8 million for the second quarter 2020 and $24.0 million for the third quarter 2019.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.comFor additional information contact:      Westamerica Bancorporation      1108 Fifth Avenue, San Rafael, CA 94901      Robert A. Thorson – SVP & Treasurer      707-863-6840      investments@westamerica.comFORWARD-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, 2019 filed on Form 10-K and quarterly report for the quarter ended June 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 October 15, 2020   WESTAMERICA BANCORPORATION      FINANCIAL HIGHLIGHTS      September 30, 2020              1\. Net Income Summary.        (in thousands except per-share amounts)      %     Q3’2020Q3’2019ChangeQ2’2020           Net Interest and Fee Income (FTE)$41,780$40,3493.5%$42,063   Provision for Credit Losses--n/m-   Noninterest Income10,47611,809-11.3%9,554   Noninterest Expense24,60324,0332.4%24,754   Income Before Taxes (FTE)27,65328,125-1.7%26,863   Income Tax Provision (FTE)7,6027,735-1.7%7,301   Net Income$20,051$20,390-1.7%$19,562           Average Common Shares Outstanding26,93026,986-0.2%26,935   Diluted Average Common Shares26,94627,027-0.3%26,951           Operating Ratios:       Basic Earnings Per Common Share$0.74$0.76-2.6%$0.72   Diluted Earnings Per Common Share0.740.75-1.3%0.72   Return On Assets (a)1.24%1.45% 1.30%   Return On Common Equity (a)11.2%11.9% 11.1%   Net Interest Margin (FTE) (a)2.78%3.11% 2.99%   Efficiency Ratio (FTE)47.1%46.1% 48.0%           Dividends Paid Per Common Share$0.41$0.410.0%$0.41   Common Dividend Payout Ratio 55%55% 57%              %     9/30’20YTD9/30’19YTDChange            Net Interest and Fee Income (FTE)$124,390$120,9252.9%    Provision for Credit Losses4,300-n/m    Noninterest Income31,67835,676-11.2%    Noninterest Expense74,02174,777-1.0%    Income Before Taxes (FTE)77,74781,824-5.0%    Income Tax Provision (FTE)21,17222,163-4.5%    Net Income$56,575$59,661-5.2%            Average Common Shares Outstanding26,97726,9240.2%    Diluted Average Common Shares26,99826,9760.1%            Operating Ratios:       Basic Earnings Per Common Share$2.10$2.22-5.4%    Diluted Earnings Per Common Share2.102.21-5.0%    Return On Assets (a)1.25%1.43%     Return On Common Equity (a)10.7%11.9%     Net Interest Margin (FTE) (a)2.95%3.12%     Efficiency Ratio (FTE)47.4%47.8%             Dividends Paid Per Common Share$1.23$1.220.8%    Common Dividend Payout Ratio 59%55%            2\. Net Interest Income.        (dollars in thousands)      %     Q3’2020Q3’2019ChangeQ2’2020           Interest and Fee Income (FTE)$42,246$40,8043.5%$42,498   Interest Expense4664552.4%435   Net Interest and Fee Income (FTE)$41,780$40,3493.5%$42,063           Average Earning Assets$6,001,287$5,176,74415.9%$5,635,014   Average Interest-       Bearing Liabilities2,931,7172,586,88013.3%2,774,450           Yield on Earning Assets (FTE) (a)2.81%3.15% 3.02%   Cost of Funds (a)0.03%0.04% 0.03%   Net Interest Margin (FTE) (a)2.78%3.11% 2.99%   Interest Expense/       Interest-Bearing Liabilities (a)0.06%0.07% 0.06%   Net Interest Spread (FTE) (a)2.75%3.08% 2.96%              %     9/30’20YTD9/30’19YTDChange            Interest and Fee Income (FTE)$125,733$122,3622.8%    Interest Expense1,3431,437-6.5%    Net Interest and Fee Income (FTE)$124,390$120,9252.9%            Average Earning Assets$5,627,517$5,173,5818.8%    Average Interest-       Bearing Liabilities2,785,4512,640,7055.5%            Yield on Earning Assets (FTE) (a)2.98%3.16%     Cost of Funds (a)0.03%0.04%     Net Interest Margin (FTE) (a)2.95%3.12%     Interest Expense/       Interest-Bearing Liabilities (a)0.06%0.07%     Net Interest Spread (FTE) (a)2.92%3.09%            3\. Loans & Other Earning Assets.        (average volume, dollars in thousands)      %     Q3’2020Q3’2019ChangeQ2’2020           Total Assets$6,414,399$5,570,84315.1%$6,058,365   Total Earning Assets6,001,2875,176,74415.9%5,635,014   Total Loans1,312,7581,142,66814.9%1,232,073   Total Commercial Loans444,091231,23292.1%344,053   Paycheck Protection Program (PPP) Loans243,104-n/m132,500   Commercial Loans200,987231,232-13.1%211,553   Commercial RE Loans 566,626579,069-2.1%578,572   Consumer Loans302,041332,367-9.1%309,448   Total Investment Securities4,360,1193,687,04918.3%3,957,851   Equity Securities-352n/m-   Debt Securities Available For Sale3,750,7372,862,53731.0%3,293,009   Debt Securities Held To Maturity609,382824,160-26.1%664,842   Total Interest-Bearing Cash328,410347,027-5.4%445,090           Loans/Deposits23.7%24.0% 23.7%              %     9/30’20YTD9/30’19YTDChange            Total Assets$6,044,098$5,580,9658.3%    Total Earning Assets5,627,5175,173,5818.8%    Total Loans1,223,2501,177,0573.9%    Total Commercial Loans337,566258,31730.7%    PPP Loans125,632-n/m    Commercial Loans211,934258,317-18.0%    Commercial RE Loans 574,950580,453-0.9%    Consumer Loans310,734338,287-8.1%    Total Investment Securities4,055,7333,675,10210.4%    Equity Securities-1,285n/m    Debt Securities Available For Sale3,394,4672,782,89822.0%    Debt Securities Held To Maturity661,266890,919-25.8%    Total Interest-Bearing Cash348,534321,4228.4%            Loans/Deposits23.6%24.6%            4\. Deposits, Other Interest-Bearing Liabilities & Equity.      (average volume, dollars in thousands)      %     Q3’2020Q3’2019ChangeQ2’2020           Total Deposits$5,533,144$4,770,97616.0%$5,200,475   Noninterest Demand 2,695,4582,234,49420.6%2,496,840   Interest-Bearing Transaction1,039,833916,18013.5%980,872   Savings1,634,8141,441,28213.4%1,558,201   Time greater than $100K72,04577,568-7.1%72,267   Time less than $100K90,994101,452-10.3%92,295   Total Short-Term Borrowings94,03150,39886.6%70,116   Other Borrowed Funds--n/m699   Shareholders’ Equity714,400681,5134.8%705,882           Demand Deposits/       Total Deposits48.7%46.8% 48.0%   Transaction & Savings        Deposits / Total Deposits97.1%96.2% 96.8%              %     9/30’20YTD9/30’19YTDChange            Total Deposits$5,188,797$4,789,0848.3%    Noninterest Demand 2,472,4952,203,75512.2%    Interest-Bearing Transaction987,666935,8115.5%    Savings1,563,3871,464,0376.8%    Time greater than $100K72,71880,142-9.3%    Time less than $100K92,531105,339-12.2%    Total Short-Term Borrowings68,91755,37624.5%    Other Borrowed Funds232-n/m    Shareholders’ Equity708,559669,0435.9%            Demand Deposits/       Total Deposits47.7%46.0%     Transaction & Savings        Deposits / Total Deposits96.8%96.1%            5\. Interest Yields Earned & Rates Paid.        (dollars in thousands)     Q3’2020     AverageIncome/Yield (a) /     VolumeExpenseRate (a)            Interest & Fee Income Earned       Total Earning Assets (FTE)$6,001,287$42,2462.81%    Total Loans (FTE)1,312,75815,3944.67%    Total Commercial Loans (FTE)444,0914,6484.16%    PPP Loans243,1042,5014.08%    Commercial Loans (FTE)200,9872,1474.25%    Commercial RE Loans 566,6267,2985.12%    Consumer Loans302,0413,4484.54%    Total Investments (FTE)4,360,11926,7682.46%    Total Interest-Bearing Cash328,410840.10%            Interest Expense Paid       Total Earning Assets 6,001,2874660.03%    Total Interest-Bearing Liabilities2,931,7174660.06%    Total Interest-Bearing Deposits2,837,6864500.06%    Interest-Bearing Transaction1,039,833850.03%    Savings1,634,8142380.06%    Time less than $100K90,994470.21%    Time greater than $100K72,045800.44%    Total Short-Term Borrowings 94,031160.07%    Other Borrowed Funds--n/m            Net Interest Income and        Margin (FTE) $41,7802.78%             Q3’2019     AverageIncome/Yield (a) /     VolumeExpenseRate (a)    Interest & Fee Income Earned       Total Earning Assets (FTE)$5,176,744$40,8043.15%    Total Loans (FTE)1,142,66814,5355.05%    Commercial Loans (FTE)231,2323,1025.32%    Commercial RE Loans 579,0697,7725.32%    Consumer Loans332,3673,6614.37%    Total Investments (FTE)3,687,04924,3682.64%    Total Interest-Bearing Cash347,0271,9012.14%            Interest Expense Paid       Total Earning Assets 5,176,7444550.04%    Total Interest-Bearing Liabilities2,586,8804550.07%    Total Interest-Bearing Deposits2,536,4824470.07%    Interest-Bearing Transaction916,180920.04%    Savings1,441,2822100.06%    Time less than $100K101,452640.25%    Time greater than $100K77,568810.41%    Total Short-Term Borrowings 50,39880.06%            Net Interest Income and       Margin (FTE) $40,3493.11%           6\. Noninterest Income.        (dollars in thousands except per-share amounts)      %     Q3’2020Q3’2019ChangeQ2’2020           Service Charges on Deposits$3,298$4,510-26.9%$3,151   Merchant Processing Services2,8602,49414.7%2,277   Debit Card Fees1,6111,641-1.8%1,459   Trust Fees7567333.1%714   ATM Processing Fees606725-16.4%518   Other Service Fees454580-21.7%420   Financial Services Commissions5875-22.7%123   Securities Gains--n/m71   Other Operating8331,051-20.7%821   Total Noninterest Income$10,476$11,809-11.3%$9,554           Total Revenue (FTE)$52,256$52,1580.2%$51,617   Noninterest Income/Revenue (FTE)20.0%22.6% 18.5%   Service Charges/Avg. Deposits (a)0.24%0.38% 0.24%   Total Revenues (FTE) Per Avg.        Common Share (a)$7.72$7.670.7%$7.71              %     9/30’20YTD9/30’19YTDChange            Service Charges on Deposits$10,697$13,508-20.8%    Merchant Processing Services7,4957,708-2.8%    Debit Card Fees4,5384,789-5.2%    Trust Fees2,2472,1992.2%    ATM Processing Fees1,7032,080-18.1%    Other Service Fees1,3801,742-20.8%    Financial Services Commissions30627013.4%    Life Insurance Gains-433n/m    Securities Gains7150n/m    Other Operating (4)3,2412,89711.9%    Total Noninterest Income$31,678$35,676-11.2%            Total Revenue (FTE)$156,068$156,601-0.3%    Noninterest Income/Revenue (FTE)20.3%22.8%     Service Charges/Avg. Deposits (a)0.28%0.38%     Total Revenues (FTE) Per Avg./       Common Share (a)$7.73$7.78-0.6%           7\. Noninterest Expense.        (dollars in thousands)      %     Q3’2020Q3’2019ChangeQ2’2020           Salaries & Benefits$12,540$12,559-0.2%$12,900   Occupancy and Equipment5,0145,199-3.6%4,791   Outsourced Data Processing2,3382,374-1.5%2,324   Professional Fees6696453.7%643   Courier Service5004569.6%508   Amortization of        Identifiable Intangibles7276-5.3%73   Other Operating3,4702,72427.4%3,515   Total Noninterest Expense$24,603$24,0332.4%$24,754           Noninterest Expense/        Avg. Earning Assets (a)1.63%1.84% 1.77%   Noninterest Expense/Revenues (FTE)47.1%46.1% 48.0%              %     9/30’20YTD9/30’19YTDChange            Salaries & Benefits$38,458$38,757-0.8%    Occupancy and Equipment14,73715,163-2.8%    Outsourced Data Processing7,0677,110-0.6%    Professional Fees1,7011,791-5.0%    Courier Service1,4991,34911.1%    Amortization of        Identifiable Intangibles218465-53.1%    Loss Contingency (1)-553n/m    Other Operating10,3419,5897.8%    Total Noninterest Expense$74,021$74,777-1.0%            Noninterest Expense/       Avg. Earning Assets (a)1.76%1.93%     Noninterest Expense/Revenues (FTE)47.4%47.8%            8\. Allowance for Credit Losses.        (dollars in thousands)      %     Q3’2020Q3’2019ChangeQ2’2020           Average Total Loans$1,312,758$1,142,66814.9%$1,232,073           Beginning of Period Allowance for       Credit Losses on Loans (ACLL)$24,529$20,11721.9%$24,804   Provision for Credit Losses --n/m-   Net ACLL Losses(387)(289)33.9%(275)   End of Period ACLL$24,142$19,82821.8%$24,529   Gross ACLL Recoveries /       Gross ACLL Losses 56%72% 66%   Net ACLL Losses /        Avg. Total Loans (a) 0.12%0.10% 0.09%              %     9/30’20YTD9/30’19YTDChange            Average Total Loans$1,223,250$1,177,0573.9%            Prior Period Allowance for       Credit Losses on Loans (ACLL)$19,484$21,351-8.7%    Adoption of ASU 2016-13(2)2,017-n/m    Beginning of Period ACLL 21,50121,3510.7%    Provision for Credit Losses 4,300-n/m    Net ACLL Losses(1,659)(1,523)8.9%    End of Period ACLL$24,142$19,82821.8%    Gross ACLL Recoveries /       Gross ACLL Losses 49%55%     Net ACLL Losses /        Avg. Total Loans (a)0.18%0.17%              (dollars in thousands)      %     9/30/209/30/19Change6/30/20   Allowance for Credit Losses on Loans$24,142$19,82821.8%$24,529   Allowance for Credit Losses on       HTM Securities16-n/m16   Total Allowance for Credit Losses$24,158$19,82821.8%$24,545           Allowance for Unfunded       Credit Commitments532,308-97.7%53          9\. Credit Quality.        (dollars in thousands)      %     9/30/209/30/19Change6/30/20   Nonperforming Loans:       Nonperforming Nonaccrual$409$633-35.4%$590   Performing Nonaccrual3,9713,6708.2%3,643   Total Nonaccrual Loans4,3804,3031.8%4,233   90+ Days Past Due Accruing Loans3603512.6%290   Total4,7404,6541.8%4,523   Repossessed Loan Collateral 43430.0%43   Total Nonperforming Assets$4,783$4,6971.8%$4,566           Total Loans Outstanding $1,310,009$1,133,22915.6%$1,316,359           Total Assets $6,563,215$5,616,05516.9%$6,463,889           Loans:       Allowance for Credit Losses on Loans$24,142$19,82821.8%$24,529   Allowance for Credit Losses on Loans /       Loans1.84%1.75% 1.86%   Nonperforming Loans/Total Loans0.36%0.41% 0.34%          10\. Capital.        (in thousands, except per-share amounts)      %     9/30/209/30/19Change6/30/20           Shareholders’ Equity$825,576$713,37815.7%$808,076   Total Assets6,563,2155,616,05516.9%6,463,889   Shareholders’ Equity/       Total Assets12.58%12.70% 12.50%   Shareholders’ Equity/       Total Loans63.02%62.95% 61.39%   Tangible Common Equity Ratio10.91%10.75% 10.81%   Common Shares Outstanding26,89827,014-0.4%26,933   Common Equity Per Share$30.69$26.4116.2%$30.00   Market Value Per Common Share54.3562.18-12.6%57.42           Share Repurchase Programs        (shares in thousands)      %     Q3’2020Q3’2019ChangeQ2’2020           Total Shares Repurchased35-n/m13   Average Repurchase Price$52.42$-n/m$52.27   Net Shares Repurchased (Issued)35(52)n/m(1)              %     9/30'20YTD9/30'19YTDChange            Total Shares Repurchased2288n/m    Average Repurchase Price$51.39$61.98n/m    Net Shares Repurchased ( Issued)164(284)n/m           11\. Period-End Balance Sheets.        (unaudited, dollars in thousands)      %     9/30/209/30/19Change6/30/20   Assets:       Cash and Due from Banks$398,964$415,639-4.0%$500,820           Investment Securities:       Equity Securities--n/m-   Debt Securities Available For Sale3,983,9942,983,76733.5%3,708,370   Debt Securities Held To Maturity (3)577,795793,216-27.2%638,281           Loans1,310,0091,133,22915.6%1,316,359   Allowance For Credit Losses on Loans(24,142)(19,828)21.8%(24,529)   Total Loans, net1,285,8671,113,40115.5%1,291,830           Other Real Estate Owned43430.0%43   Premises and Equipment, net33,43734,080-1.9%34,061   Identifiable Intangibles, net1,1731,464-19.9%1,245   Goodwill 121,673121,6730.0%121,673   Other Assets160,269152,7724.9%167,566           Total Assets$6,563,215$5,616,05516.9%$6,463,889           Liabilities and Shareholders’ Equity:       Deposits:       Noninterest-Bearing$2,684,028$2,265,64018.5%$2,702,885   Interest-Bearing Transaction1,040,712910,56614.3%997,593   Savings1,653,0001,445,21014.4%1,605,169   Time161,450175,207-7.9%162,765   Total Deposits5,539,1904,796,62315.5%5,468,412           Short-Term Borrowed Funds107,97345,646136.5%86,170   Other Liabilities90,47660,40849.8%101,231   Total Liabilities5,737,6394,902,67717.0%5,655,813           Shareholders’ Equity:       Common Equity:       Paid-In Capital467,236463,4240.8%467,386   Accumulated Other       Comprehensive Income103,62320,454n/m93,732   Retained Earnings254,717229,50011.0%246,958   Total Shareholders’ Equity825,576713,37815.7%808,076           Total Liabilities and        Shareholders’ Equity$6,563,215$5,616,05516.9%$6,463,889          12\. Income Statements.        (unaudited, in thousands except per-share amounts)      %     Q3’2020Q3’2019ChangeQ2’2020   Interest & Fee Income:       Loans$15,291$14,4316.0%$15,278   Investment Securities:       Equity Securities1039212.0%103   Debt Securities Available For Sale22,65218,73620.9%22,429   Debt Securities Held To Maturity3,2354,535-28.7%3,616   Interest-Bearing Cash841,901-95.6%113   Total Interest & Fee Income41,36539,6944.2%41,539           Interest Expense:       Transaction Deposits8592-7.6%74   Savings Deposits23821013.3%224   Time Deposits127145-12.4%126   Short-Term Borrowed Funds16895.1%10   Other Borrowed Funds--n/m1   Total Interest Expense4664552.4%435           Net Interest Income40,89939,2404.2%41,104           Provision for Credit Losses--n/m-           Noninterest Income:       Service Charges 3,2984,510-26.9%3,151   Merchant Processing Services2,8602,49414.7%2,277   Debit Card Fees1,6111,641-1.9%1,459   Trust Fees7567333.0%714   ATM Processing Fees606725-16.4%518   Other Service Fees454580-21.7%420   Financial Services Commissions5875-22.7%123   Securities Gains--n/m71   Other Operating8331,051-20.7%821   Total Noninterest Income10,47611,809-11.3%9,554           Noninterest Expense:       Salaries and Benefits12,54012,559-0.2%12,900   Occupancy and Equipment5,0145,199-3.6%4,791   Outsourced Data Processing2,3382,374-1.5%2,324   Professional Fees6696453.7%643   Courier Service5004569.6%508   Amortization of Identifiable Intangibles7276-5.3%73   Other Operating3,4702,72427.4%3,515   Total Noninterest Expense24,60324,0332.4%24,754           Income Before Income Taxes26,77227,016-0.9%25,904   Income Tax Provision6,7216,6261.4%6,342   Net Income$20,051$20,390-1.7%$19,562           Average Common Shares Outstanding26,93026,986-0.2%26,935   Diluted Common Shares Outstanding26,94627,027-0.3%26,951           Per Common Share Data:       Basic Earnings$0.74$0.76-2.6%$0.72   Diluted Earnings0.740.75-1.3%0.72   Dividends Paid0.410.410.0%0.41      %     9/30’20YTD9/30’19YTDChange    Interest & Fee Income:       Loans$44,378$44,0500.7%    Investment Securities:       Equity Securities3092896.9%    Debt Securities Available For Sale66,39654,08022.8%    Debt Securities Held To Maturity10,75914,788-27.2%    Interest-Bearing Cash1,0535,597-81.2%    Total Interest & Fee Income122,895118,8043.4%            Interest Expense:       Transaction Deposits243333-27.0%    Savings Deposits6796376.5%    Time Deposits386440-12.3%    Short-Term Borrowed Funds342725.9%    Other Borrowed Funds1-n/m    Total Interest Expense1,3431,437-6.5%            Net Interest Income121,552117,3673.6%            Provision for Credit Losses4,300-n/m            Noninterest Income:       Service Charges 10,69713,508-20.8%    Merchant Processing Services7,4957,708-2.8%    Debit Card Fees4,5384,789-5.2%    Trust Fees2,2472,1992.2%    ATM Processing Fees1,7032,080-18.1%    Other Service Fees1,3801,742-20.8%    Financial Services Commissions30627013.3%    Life Insurance Gains-433n/m    Securities Gains7150n/m    Other Operating (4)3,2412,89711.9%    Total Noninterest Income31,67835,676-11.2%            Noninterest Expense:       Salaries and Benefits38,45838,757-0.8%    Occupancy and Equipment14,73715,163-2.8%    Outsourced Data Processing7,0677,110-0.6%    Professional Fees1,7011,791-5.0%    Courier Service1,4991,34911.1%    Amortization of Identifiable Intangibles218465-53.1%    Loss Contingency (1)-553n/m    Other Operating10,3419,5897.8%    Total Noninterest Expense74,02174,777-1.0%            Income Before Income Taxes74,90978,266-4.3%    Income Tax Provision18,33418,605-1.5%    Net Income$56,575$59,661-5.2%            Average Common Shares Outstanding26,97726,9240.2%    Diluted Common Shares Outstanding26,99826,9760.1%            Per Common Share Data:       Basic Earnings$2.10$2.22-5.4%    Diluted Earnings2.102.21-5.0%    Dividends Paid1.231.220.8%                    Footnotes and Abbreviations:               (1) In the second quarter 2019, the Company recorded a $301 thousand increase in estimated customer refunds of revenue recognized prior to 2018 and a $252 thousand loss settlement to dismiss a lawsuit.           (2) 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.            (3) The Company adopted ASU 2016-13, effective January 1, 2020. Debt Securities Held To Maturity of $577,795 thousand at September 30, 2020 and $638,281 thousand at June 30, 2020 are net of related reserve for expected credit losses of $16 thousand.           (4) 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.