Westamerica Bancorporation (Nasdaq:WABC), parent company of
Westamerica Bank, generated net income for the third quarter 2017
of $15.0 million and diluted earnings per common share ("EPS") of
$0.57, compared to second quarter 2017 net income of $15.8 million
and EPS of $0.60 and third quarter 2016 net income of $15.6 million
and EPS of $0.61. Financial results for both the second quarter
2017 and third quarter 2016 include a reversal of provision for
loan losses of $1.9 million and $3.2 million, respectively.
"Third quarter 2017 net income benefited from higher noninterest
income and lower noninterest expense. Merchant processing fees and
debit card fees have been growing, and we have been successful in
further reducing our operating costs. Asset quality remained
very high with nonperforming assets totaling only $7.6 million at
September 30, 2017,” said Chairman, President and CEO David Payne.
“Westamerica generated an annualized 10 percent return on
average shareholders’ common equity for the third quarter 2017, and
paid a quarterly dividend of $0.39 per common share,” concluded
Payne.
The annualized net interest margin on a fully taxable equivalent
basis was 3.10 percent for the third quarter 2017, compared to 3.12
percent for the second quarter 2017, and 3.21 percent for the third
quarter 2016. Net interest income on a fully taxable equivalent
basis was $35.7 million for the third quarter 2017, compared to
$35.8 million for the second quarter 2017, and $36.2 million for
the third quarter 2016. The annualized funding cost of deposits and
other interest-bearing borrowings, as a percentage of average
earning assets, was 0.04 percent for the third quarter 2017,
compared to 0.04 percent for the second quarter 2017 and 0.05
percent for the third quarter 2016. Checking and savings deposits,
which earn relatively low interest rates and are less volatile than
time deposits during periods of rising market interest rates,
represented 95 percent of average total deposits during the third
quarter 2017.
The Company recognized no provision for loan losses for the
third quarter 2017 given stable nonperforming loan volumes and
other credit quality attributes. The Company recognized a reversal
of provision for loan losses of $1.9 million for the second quarter
2017 given realization of net recoveries of prior loan losses of
$1.1 million and improvements in credit quality. The Company
recognized a reversal of provision for loan losses of $3.2 million
for the third quarter 2016 given realization of net recoveries of
prior loan losses of $649 thousand and significant declines in the
volume of nonperforming loans. At September 30, 2017, the allowance
for loan losses totaled $23.6 million.
Noninterest income for the third quarter 2017 totaled $12.5
million, compared to $12.1 million for the second quarter 2017 and
$11.6 million for the third quarter 2016. The increase in third
quarter 2017 noninterest income relative to the prior quarters was
primarily due to higher merchant processing fees and debit card
fees.
Noninterest expense for the third quarter 2017 totaled $24.1
million, compared to $24.4 million for the second quarter 2017 and
$26.1 million for the third quarter 2016. The $2 million reduction
in noninterest expense from the third quarter 2016 to the third
quarter 2017 was due to reductions in professional fees, limited
partnership operating losses, intangible amortization, and
correspondent service charges, offset in part by higher outsourced
automation and other real estate owned expenses.
At September 30, 2017, Westamerica Bancorporation's tangible
common equity-to-asset ratio was 8.98 percent, and assets totaled
$5.4 billion. Westamerica Bancorporation, through its wholly owned
subsidiary Westamerica Bank, operates commercial banking and trust
offices throughout Northern and Central California.
For additional information contact:Westamerica
Bancorporation1108 Fifth Avenue, San Rafael, CA 94901Robert A.
Thorson – SVP & Chief Financial
Officer707-863-6840investments@westamerica.com
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, 2016 filed on Form
10-K and quarterly report for the quarter ended June 30, 2017 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, 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 19, 2017 |
|
|
WESTAMERICA BANCORPORATION |
|
|
|
|
FINANCIAL HIGHLIGHTS |
|
|
|
|
|
September 30, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
1.
Net Income Summary. |
|
|
|
|
|
|
|
(in thousands except per-share
amounts) |
|
|
|
|
|
% |
|
|
|
|
Q3'17 |
Q3'16 |
Change |
Q2'17 |
|
|
|
|
|
|
|
|
|
Net Interest
and Fee Income (FTE) |
$ |
35,680 |
|
$ |
36,176 |
|
-1.4 |
% |
$ |
35,764 |
|
|
|
Reversal of
Provision for Loan Losses |
|
- |
|
|
(3,200 |
) |
n/m |
|
|
(1,900 |
) |
|
|
Noninterest Income |
|
12,548 |
|
|
11,598 |
|
8.2 |
% |
|
12,123 |
|
|
|
Noninterest
Expense |
|
24,114 |
|
|
26,088 |
|
-7.6 |
% |
|
24,396 |
|
|
|
Income Before
Taxes (FTE) |
|
24,114 |
|
|
24,886 |
|
-3.1 |
% |
|
25,391 |
|
|
|
Income Tax
Provision (FTE) |
|
9,097 |
|
|
9,258 |
|
-1.7 |
% |
|
9,592 |
|
|
|
Net
Income |
$ |
15,017 |
|
$ |
15,628 |
|
-3.9 |
% |
$ |
15,799 |
|
|
|
|
|
|
|
|
|
|
Average Common
Shares Outstanding |
|
26,309 |
|
|
25,641 |
|
2.6 |
% |
|
26,299 |
|
|
|
Diluted Average
Common Shares |
|
26,404 |
|
|
25,687 |
|
2.8 |
% |
|
26,402 |
|
|
|
|
|
|
|
|
|
|
Operating
Ratios: |
|
|
|
|
|
|
Basic Earnings Per Common Share |
$ |
0.57 |
|
$ |
0.61 |
|
-6.6 |
% |
$ |
0.60 |
|
|
|
Diluted Earnings Per Common Share |
|
0.57 |
|
|
0.61 |
|
-6.6 |
% |
|
0.60 |
|
|
|
Return On Assets (a) |
|
1.09 |
% |
|
1.18 |
% |
|
|
1.18 |
% |
|
|
Return On Common Equity (a) |
|
9.9 |
% |
|
11.4 |
% |
|
|
10.7 |
% |
|
|
Net Interest Margin (FTE) (a) |
|
3.10 |
% |
|
3.21 |
% |
|
|
3.12 |
% |
|
|
Efficiency Ratio (FTE) |
|
50.0 |
% |
|
54.6 |
% |
|
|
50.9 |
% |
|
|
|
|
|
|
|
|
|
Dividends Paid
Per Common Share |
$ |
0.39 |
|
$ |
0.39 |
|
0.0 |
% |
$ |
0.39 |
|
|
|
Common Dividend
Payout Ratio
|
|
68 |
% |
|
64 |
% |
|
|
65 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
|
9/30'17YTD |
9/30'16YTD |
Change |
|
|
|
|
|
|
|
|
|
|
Net Interest
and Fee Income (FTE) |
$ |
107,474 |
|
$ |
109,118 |
|
-1.5 |
% |
|
|
|
Reversal of
Provision for Loan Losses |
|
(1,900 |
) |
|
(3,200 |
) |
n/m |
|
|
|
|
Noninterest
Income |
|
36,328 |
|
|
35,029 |
|
3.7 |
% |
|
|
|
Noninterest
Expense |
|
73,125 |
|
|
77,175 |
|
-5.2 |
% |
|
|
|
Income Before
Taxes (FTE) |
|
72,577 |
|
|
70,172 |
|
3.4 |
% |
|
|
|
Income Tax
Provision (FTE) |
|
26,712 |
|
|
25,772 |
|
3.6 |
% |
|
|
|
Net Income |
$ |
45,865 |
|
$ |
44,400 |
|
3.3 |
% |
|
|
|
|
|
|
|
|
|
|
Average Common
Shares Outstanding |
|
26,260 |
|
|
25,558 |
|
2.7 |
% |
|
|
|
Diluted Average
Common Shares |
|
26,379 |
|
|
25,595 |
|
3.1 |
% |
|
|
|
|
|
|
|
|
|
|
Operating
Ratios: |
|
|
|
|
|
|
Basic Earnings Per Common Share |
$ |
1.75 |
|
$ |
1.74 |
|
0.6 |
% |
|
|
|
Diluted Earnings Per Common Share |
|
1.74 |
|
|
1.73 |
|
0.6 |
% |
|
|
|
Return On Assets (a) |
|
1.13 |
% |
|
1.14 |
% |
|
|
|
|
Return On Common Equity (a) |
|
10.4 |
% |
|
11.0 |
% |
|
|
|
|
Net Interest Margin (FTE) (a) |
|
3.12 |
% |
|
3.27 |
% |
|
|
|
|
Efficiency Ratio (FTE) |
|
50.9 |
% |
|
53.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
Dividends Paid
Per Common Share |
$ |
1.17 |
|
$ |
1.17 |
|
0.0 |
% |
|
|
|
Common Dividend
Payout Ratio
|
|
67 |
% |
|
68 |
% |
|
|
|
|
|
|
|
|
|
|
2.
Net Interest Income. |
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
% |
|
|
|
|
Q3'17 |
Q3'16 |
Change |
Q2'17 |
|
|
|
|
|
|
|
|
|
Interest and
Fee Income (FTE) |
$ |
36,153 |
|
$ |
36,699 |
|
-1.5 |
% |
$ |
36,240 |
|
|
|
Interest
Expense |
|
473 |
|
|
523 |
|
-9.5 |
% |
|
476 |
|
|
|
Net Interest
and Fee Income (FTE) |
$ |
35,680 |
|
$ |
36,176 |
|
-1.4 |
% |
$ |
35,764 |
|
|
|
|
|
|
|
|
|
|
Average Earning
Assets |
$ |
4,587,848 |
|
$ |
4,489,317 |
|
2.2 |
% |
$ |
4,598,296 |
|
|
|
Average
Interest- |
|
|
|
|
|
|
Bearing Liabilities |
|
2,687,620 |
|
|
2,616,357 |
|
2.7 |
% |
|
2,692,447 |
|
|
|
|
|
|
|
|
|
|
Yield on
Earning Assets (FTE) (a) |
|
3.14 |
% |
|
3.26 |
% |
|
|
3.16 |
% |
|
|
Cost of Funds
(a) |
|
0.04 |
% |
|
0.05 |
% |
|
|
0.04 |
% |
|
|
Net Interest
Margin (FTE) (a) |
|
3.10 |
% |
|
3.21 |
% |
|
|
3.12 |
% |
|
|
Interest
Expense/ |
|
|
|
|
|
|
Interest-Bearing Liabilities (a) |
|
0.07 |
% |
|
0.08 |
% |
|
|
0.07 |
% |
|
|
Net Interest
Spread (FTE) (a) |
|
3.07 |
% |
|
3.18 |
% |
|
|
3.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
|
9/30'17YTD |
9/30'16YTD |
Change |
|
|
|
|
|
|
|
|
|
|
Interest and
Fee Income (FTE) |
$ |
108,903 |
|
$ |
110,734 |
|
-1.7 |
% |
|
|
|
Interest
Expense |
|
1,429 |
|
|
1,616 |
|
-11.6 |
% |
|
|
|
Net Interest
and Fee Income (FTE) |
$ |
107,474 |
|
$ |
109,118 |
|
-1.5 |
% |
|
|
|
|
|
|
|
|
|
|
Average Earning
Assets |
$ |
4,601,931 |
|
$ |
4,448,261 |
|
3.5 |
% |
|
|
|
Average
Interest- |
|
|
|
|
|
|
Bearing Liabilities |
|
2,694,785 |
|
|
2,605,584 |
|
3.4 |
% |
|
|
|
|
|
|
|
|
|
|
Yield on
Earning Assets (FTE) (a) |
|
3.16 |
% |
|
3.32 |
% |
|
|
|
|
Cost of Funds
(a) |
|
0.04 |
% |
|
0.05 |
% |
|
|
|
|
Net Interest
Margin (FTE) (a) |
|
3.12 |
% |
|
3.27 |
% |
|
|
|
|
Interest
Expense/ |
|
|
|
|
|
|
Interest-Bearing Liabilities (a) |
|
0.07 |
% |
|
0.08 |
% |
|
|
|
|
Net Interest
Spread (FTE) (a) |
|
3.09 |
% |
|
3.24 |
% |
|
|
|
|
|
|
|
|
|
|
3.
Loans & Other Earning Assets. |
|
|
|
|
|
|
|
(average volume, dollars in
thousands) |
|
|
|
|
|
% |
|
|
|
|
Q3'17 |
Q3'16 |
Change |
Q2'17 |
|
|
|
|
|
|
|
|
|
Total
Assets |
$ |
5,441,612 |
|
$ |
5,253,502 |
|
3.6 |
% |
$ |
5,385,085 |
|
|
|
Total Earning
Assets |
|
4,587,848 |
|
|
4,489,317 |
|
2.2 |
% |
|
4,598,296 |
|
|
|
Total
Loans |
|
1,287,740 |
|
|
1,386,186 |
|
-7.1 |
% |
|
1,333,135 |
|
|
|
Commercial Loans |
|
324,727 |
|
|
343,727 |
|
-5.5 |
% |
|
349,979 |
|
|
|
Commercial RE Loans |
|
566,794 |
|
|
572,044 |
|
-0.9 |
% |
|
566,570 |
|
|
|
Consumer Loans |
|
396,219 |
|
|
470,415 |
|
-15.8 |
% |
|
416,586 |
|
|
|
Total
Investment Securities |
|
3,300,108 |
|
|
3,103,131 |
|
6.3 |
% |
|
3,265,161 |
|
|
|
Available For Sale (Market) |
|
2,066,568 |
|
|
1,660,680 |
|
24.4 |
% |
|
1,982,997 |
|
|
|
Held To Maturity |
|
1,233,540 |
|
|
1,442,451 |
|
-14.5 |
% |
|
1,282,164 |
|
|
|
Unrealized Gain |
|
4,039 |
|
|
29,100 |
|
n/m |
|
|
3,438 |
|
|
|
|
|
|
|
|
|
|
Loans/Deposits |
|
27.3 |
% |
|
30.2 |
% |
|
|
28.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
|
9/30'17YTD |
9/30'16YTD |
Change |
|
|
|
|
|
|
|
|
|
|
Total
Assets |
$ |
5,407,661 |
|
$ |
5,204,418 |
|
3.9 |
% |
|
|
|
Total Earning
Assets |
|
4,601,931 |
|
|
4,448,261 |
|
3.5 |
% |
|
|
|
Total
Loans |
|
1,325,128 |
|
|
1,447,061 |
|
-8.4 |
% |
|
|
|
Commercial Loans |
|
343,091 |
|
|
356,781 |
|
-3.8 |
% |
|
|
|
Commercial RE Loans |
|
563,980 |
|
|
604,741 |
|
-6.7 |
% |
|
|
|
Consumer Loans |
|
418,057 |
|
|
485,539 |
|
-13.9 |
% |
|
|
|
Total
Investment Securities |
|
3,276,803 |
|
|
3,001,200 |
|
9.2 |
% |
|
|
|
Available For Sale (Market) |
|
1,997,324 |
|
|
1,594,253 |
|
25.3 |
% |
|
|
|
Held To Maturity |
|
1,279,479 |
|
|
1,406,947 |
|
-9.1 |
% |
|
|
|
Unrealized Gain |
|
4,039 |
|
|
29,100 |
|
n/m |
|
|
|
|
|
|
|
|
|
|
|
Loans/Deposits |
|
28.2 |
% |
|
31.8 |
% |
|
|
|
|
|
|
|
|
|
|
4.
Deposits, Other Interest-Bearing Liabilities &
Equity. |
|
|
|
|
|
(average volume, dollars in
thousands) |
|
|
|
|
|
% |
|
|
|
|
Q3'17 |
Q3'16 |
Change |
Q2'17 |
|
|
|
|
|
|
|
|
|
Total
Deposits |
$ |
4,714,579 |
|
$ |
4,588,762 |
|
2.7 |
% |
$ |
4,669,424 |
|
|
|
Noninterest Demand |
|
2,103,042 |
|
|
2,041,045 |
|
3.0 |
% |
|
2,048,155 |
|
|
|
Interest Bearing Transaction |
|
891,532 |
|
|
850,215 |
|
4.9 |
% |
|
880,470 |
|
|
|
Savings |
|
1,475,969 |
|
|
1,427,247 |
|
3.4 |
% |
|
1,491,283 |
|
|
|
Time greater than $100K |
|
108,673 |
|
|
118,113 |
|
-8.0 |
% |
|
110,762 |
|
|
|
Time less than $100K |
|
135,363 |
|
|
152,142 |
|
-11.0 |
% |
|
138,754 |
|
|
|
Total
Short-Term Borrowings |
|
76,083 |
|
|
68,640 |
|
10.8 |
% |
|
71,178 |
|
|
|
Shareholders'
Equity |
|
599,473 |
|
|
545,771 |
|
9.8 |
% |
|
593,028 |
|
|
|
|
|
|
|
|
|
|
Demand
Deposits/ |
|
|
|
|
|
|
Total Deposits |
|
44.6 |
% |
|
44.5 |
% |
|
|
43.9 |
% |
|
|
Transaction
& Savings |
|
|
|
|
|
|
Deposits / Total Deposits |
|
94.8 |
% |
|
94.1 |
% |
|
|
94.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
|
9/30'17YTD |
9/30'16YTD |
Change |
|
|
|
|
|
|
|
|
|
|
Total
Deposits |
$ |
4,692,330 |
|
$ |
4,552,819 |
|
3.1 |
% |
|
|
|
Noninterest Demand |
|
2,069,521 |
|
|
2,010,058 |
|
3.0 |
% |
|
|
|
Interest Bearing Transaction |
|
884,171 |
|
|
859,437 |
|
2.9 |
% |
|
|
|
Savings |
|
1,489,643 |
|
|
1,406,338 |
|
5.9 |
% |
|
|
|
Time greater than $100K |
|
110,512 |
|
|
120,418 |
|
-8.2 |
% |
|
|
|
Time less than $100K |
|
138,483 |
|
|
156,568 |
|
-11.6 |
% |
|
|
|
Total
Short-Term Borrowings |
|
71,976 |
|
|
62,823 |
|
14.6 |
% |
|
|
|
Shareholders'
Equity |
|
591,691 |
|
|
537,010 |
|
10.2 |
% |
|
|
|
|
|
|
|
|
|
|
Demand
Deposits/ |
|
|
|
|
|
|
Total Deposits |
|
44.1 |
% |
|
44.1 |
% |
|
|
|
|
Transaction
& Savings |
|
|
|
|
|
|
Deposits / Total Deposits |
|
94.7 |
% |
|
93.9 |
% |
|
|
|
|
|
|
|
|
|
|
5.
Interest Yields Earned & Rates Paid. |
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
Q3'17 |
|
|
|
|
Average |
Income/ |
Yield (a) / |
|
|
|
|
Volume |
Expense |
Rate |
|
|
|
|
|
|
|
|
|
|
Interest &
Fee Income Earned |
|
|
|
|
|
|
Total Earning Assets (FTE) |
$ |
4,587,848 |
|
$ |
36,153 |
|
3.14 |
% |
|
|
|
Total Loans (FTE) |
|
1,287,740 |
|
|
15,349 |
|
4.73 |
% |
|
|
|
Commercial Loans (FTE) |
|
324,727 |
|
|
3,959 |
|
4.84 |
% |
|
|
|
Commercial RE
Loans |
|
566,794 |
|
|
7,806 |
|
5.46 |
% |
|
|
|
Consumer Loans |
|
396,219 |
|
|
3,584 |
|
3.59 |
% |
|
|
|
Total Investments (FTE) |
|
3,300,108 |
|
|
20,804 |
|
2.52 |
% |
|
|
|
|
|
|
|
|
|
|
Interest
Expense Paid |
|
|
|
|
|
|
Total Earning Assets |
|
4,587,848 |
|
|
473 |
|
0.04 |
% |
|
|
|
Total Interest-Bearing Liabilities |
|
2,687,620 |
|
|
473 |
|
0.07 |
% |
|
|
|
Total Interest-Bearing Deposits |
|
2,611,537 |
|
|
461 |
|
0.07 |
% |
|
|
|
Interest-Bearing Transaction |
|
891,532 |
|
|
60 |
|
0.03 |
% |
|
|
|
Savings |
|
1,475,969 |
|
|
220 |
|
0.06 |
% |
|
|
|
Time less than $100K |
|
135,363 |
|
|
78 |
|
0.23 |
% |
|
|
|
Time greater than $100K |
|
108,673 |
|
|
103 |
|
0.38 |
% |
|
|
|
Total Short-Term
Borrowings |
|
76,083 |
|
|
12 |
|
0.06 |
% |
|
|
|
|
|
|
|
|
|
|
Net Interest
Income and |
|
|
|
|
|
|
Margin (FTE) |
|
$ |
35,680 |
|
3.10 |
% |
|
|
|
|
|
|
|
|
|
|
|
Q3'16 |
|
|
|
|
Average |
Income/ |
Yield (a) / |
|
|
|
|
Volume |
Expense |
Rate |
|
|
|
|
|
|
|
|
|
|
Interest &
Fee Income Earned |
|
|
|
|
|
|
Total Earning Assets (FTE) |
$ |
4,489,317 |
|
$ |
36,699 |
|
3.26 |
% |
|
|
|
Total Loans (FTE) |
|
1,386,186 |
|
|
17,260 |
|
4.95 |
% |
|
|
|
Commercial Loans (FTE) |
|
343,727 |
|
|
4,302 |
|
4.98 |
% |
|
|
|
Commercial RE
Loans |
|
572,044 |
|
|
8,832 |
|
6.14 |
% |
|
|
|
Consumer Loans |
|
470,415 |
|
|
4,126 |
|
3.49 |
% |
|
|
|
Total Investments (FTE) |
|
3,103,131 |
|
|
19,439 |
|
2.51 |
% |
|
|
|
|
|
|
|
|
|
|
Interest
Expense Paid |
|
|
|
|
|
|
Total Earning Assets |
|
4,489,317 |
|
|
523 |
|
0.05 |
% |
|
|
|
Total Interest-Bearing Liabilities |
|
2,616,357 |
|
|
523 |
|
0.08 |
% |
|
|
|
Total Interest-Bearing Deposits |
|
2,547,717 |
|
|
512 |
|
0.08 |
% |
|
|
|
Interest-Bearing Transaction |
|
850,215 |
|
|
64 |
|
0.03 |
% |
|
|
|
Savings |
|
1,427,247 |
|
|
229 |
|
0.06 |
% |
|
|
|
Time less than $100K |
|
152,142 |
|
|
95 |
|
0.25 |
% |
|
|
|
Time greater than $100K |
|
118,113 |
|
|
124 |
|
0.42 |
% |
|
|
|
Total Short-Term
Borrowings |
|
68,640 |
|
|
11 |
|
0.06 |
% |
|
|
|
|
|
|
|
|
|
|
Net Interest
Income and |
|
|
|
|
|
|
Margin (FTE) |
|
$ |
36,176 |
|
3.21 |
% |
|
|
|
|
|
|
|
|
|
6.
Noninterest Income. |
|
|
|
|
|
|
|
(dollars in thousands except per-share
amounts) |
|
|
|
|
|
% |
|
|
|
|
Q3'17 |
Q3'16 |
Change |
Q2'17 |
|
|
|
|
|
|
|
|
|
Service Charges
on Deposits |
$ |
4,989 |
|
$ |
5,303 |
|
-5.9 |
% |
$ |
4,945 |
|
|
|
Merchant
Processing Services |
|
2,153 |
|
|
1,532 |
|
40.6 |
% |
|
2,052 |
|
|
|
Debit Card
Fees |
|
1,784 |
|
|
1,587 |
|
12.4 |
% |
|
1,586 |
|
|
|
Other Service
Fees |
|
652 |
|
|
671 |
|
-2.9 |
% |
|
662 |
|
|
|
ATM Processing
Fees |
|
684 |
|
|
600 |
|
14.0 |
% |
|
654 |
|
|
|
Trust
Fees |
|
718 |
|
|
686 |
|
4.7 |
% |
|
716 |
|
|
|
Financial
Services Commissions |
|
148 |
|
|
118 |
|
25.4 |
% |
|
142 |
|
|
|
Other
Income |
|
1,420 |
|
|
1,101 |
|
29.1 |
% |
|
1,366 |
|
|
|
Total
Noninterest Income |
$ |
12,548 |
|
$ |
11,598 |
|
8.2 |
% |
$ |
12,123 |
|
|
|
|
|
|
|
|
|
|
Total Revenue (FTE) |
$ |
48,228 |
|
$ |
47,774 |
|
1.0 |
% |
$ |
47,887 |
|
|
|
Noninterest Income/Revenue (FTE) |
|
26.0 |
% |
|
24.3 |
% |
|
|
25.3 |
% |
|
|
Service Charges/Avg. Deposits (a) |
|
0.42 |
% |
|
0.46 |
% |
|
|
0.42 |
% |
|
|
Total Revenues (FTE) Per
Avg. |
|
|
|
|
|
|
Common Share (a) |
$ |
7.27 |
|
$ |
7.41 |
|
-1.9 |
% |
$ |
7.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
|
9/30'17YTD |
9/30'16YTD |
Change |
|
|
|
|
|
|
|
|
|
|
Service Charges
on Deposits |
$ |
14,857 |
|
$ |
15,790 |
|
-5.9 |
% |
|
|
|
Merchant
Processing Services |
|
6,080 |
|
|
4,699 |
|
29.4 |
% |
|
|
|
Debit Card
Fees |
|
4,851 |
|
|
4,724 |
|
2.7 |
% |
|
|
|
Other Service
Fees |
|
1,964 |
|
|
1,951 |
|
0.7 |
% |
|
|
|
ATM Processing
Fees |
|
1,914 |
|
|
1,860 |
|
2.9 |
% |
|
|
|
Trust
Fees |
|
2,136 |
|
|
2,004 |
|
6.6 |
% |
|
|
|
Financial
Services Commissions |
|
484 |
|
|
411 |
|
18.0 |
% |
|
|
|
Other
Income |
|
4,042 |
|
|
3,590 |
|
12.6 |
% |
|
|
|
Total
Noninterest Income |
$ |
36,328 |
|
$ |
35,029 |
|
3.7 |
% |
|
|
|
|
|
|
|
|
|
|
Total Revenue (FTE) |
$ |
143,802 |
|
$ |
144,147 |
|
-0.2 |
% |
|
|
|
Noninterest Income/Revenue (FTE) |
|
25.3 |
% |
|
24.3 |
% |
|
|
|
|
Service Charges/Avg. Deposits (a) |
|
0.42 |
% |
|
0.46 |
% |
|
|
|
|
Total Revenues (FTE) Per
Avg. |
|
|
|
|
|
|
Common Share (a) |
$ |
7.32 |
|
$ |
7.53 |
|
-2.8 |
% |
|
|
|
|
|
|
|
|
|
7.
Noninterest Expense. |
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
% |
|
|
|
|
Q3'17 |
Q3'16 |
Change |
Q2'17 |
|
|
|
|
|
|
|
|
|
Salaries &
Benefits |
$ |
12,816 |
|
$ |
13,063 |
|
-1.9 |
% |
$ |
12,981 |
|
|
|
Occupancy |
|
3,665 |
|
|
3,749 |
|
-2.2 |
% |
|
3,509 |
|
|
|
Outsourced Data
Processing |
|
2,383 |
|
|
2,114 |
|
12.7 |
% |
|
2,188 |
|
|
|
Amortization
of |
|
|
|
|
|
|
Identifiable Intangibles |
|
760 |
|
|
867 |
|
-12.4 |
% |
|
762 |
|
|
|
Professional
Fees |
|
512 |
|
|
1,693 |
|
-69.8 |
% |
|
410 |
|
|
|
Furniture &
Equipment |
|
1,242 |
|
|
1,211 |
|
2.5 |
% |
|
1,267 |
|
|
|
Other Real
Estate Owned |
|
221 |
|
|
(206 |
) |
n/m |
|
|
(126 |
) |
|
|
Courier
Service |
|
451 |
|
|
451 |
|
0.0 |
% |
|
438 |
|
|
|
Other
Operating |
|
2,064 |
|
|
3,146 |
|
-34.4 |
% |
|
2,967 |
|
|
|
Total
Noninterest Expense |
$ |
24,114 |
|
$ |
26,088 |
|
-7.6 |
% |
$ |
24,396 |
|
|
|
|
|
|
|
|
|
|
Noninterest
Expense/ |
|
|
|
|
|
|
Avg. Earning Assets (a) |
|
2.09 |
% |
|
2.31 |
% |
|
|
2.13 |
% |
|
|
Noninterest
Expense/Revenues (FTE) |
|
50.0 |
% |
|
54.6 |
% |
|
|
50.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
|
9/30'17YTD |
9/30'16YTD |
Change |
|
|
|
|
|
|
|
|
|
|
Salaries &
Benefits |
$ |
38,867 |
|
$ |
39,067 |
|
-0.5 |
% |
|
|
|
Occupancy |
|
10,807 |
|
|
10,546 |
|
2.5 |
% |
|
|
|
Outsourced Data
Processing |
|
6,710 |
|
|
6,375 |
|
5.3 |
% |
|
|
|
Amortization
of |
|
|
|
|
|
|
Identifiable Intangibles |
|
2,322 |
|
|
2,642 |
|
-12.1 |
% |
|
|
|
Professional
Fees |
|
1,533 |
|
|
3,183 |
|
-51.8 |
% |
|
|
|
Furniture &
Equipment |
|
3,764 |
|
|
3,611 |
|
4.2 |
% |
|
|
|
Other Real
Estate Owned |
|
54 |
|
|
(487 |
) |
n/m |
|
|
|
|
Courier
Service |
|
1,310 |
|
|
1,458 |
|
-10.2 |
% |
|
|
|
Other
Operating |
|
7,758 |
|
|
10,780 |
|
-28.0 |
% |
|
|
|
Total
Noninterest Expense |
$ |
73,125 |
|
$ |
77,175 |
|
-5.2 |
% |
|
|
|
|
|
|
|
|
|
|
Noninterest
Expense/ |
|
|
|
|
|
|
Avg. Earning Assets (a) |
|
2.12 |
% |
|
2.32 |
% |
|
|
|
|
Noninterest
Expense/Revenues (FTE) |
|
50.9 |
% |
|
53.5 |
% |
|
|
|
|
|
|
|
|
|
|
8.
Allowance for Loan Losses. |
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
% |
|
|
|
|
Q3'17 |
Q3'16 |
Change |
Q2'17 |
|
|
|
|
|
|
|
|
|
Average Total
Loans |
$ |
1,287,740 |
|
$ |
1,386,186 |
|
-7.1 |
% |
$ |
1,333,135 |
|
|
|
|
|
|
|
|
|
|
Allowance for Loan Loss
(ALL) |
|
|
|
|
|
Beginning of Period |
$ |
24,103 |
|
$ |
28,910 |
|
-16.6 |
% |
$ |
24,919 |
|
|
|
Reversal of Provision for Loan
Losses |
|
- |
|
|
(3,200 |
) |
n/m |
|
|
(1,900 |
) |
|
|
Net ALL (Losses) Recoveries |
|
(475 |
) |
|
649 |
|
n/m |
|
|
1,084 |
|
|
|
ALL End of Period |
$ |
23,628 |
|
$ |
26,359 |
|
-10.4 |
% |
$ |
24,103 |
|
|
|
ALL Recoveries/Gross ALL
Losses |
|
53 |
% |
|
134 |
% |
|
|
158 |
% |
|
|
|
|
|
|
|
|
|
Net ALL Losses (Recoveries) / |
|
|
|
|
|
|
Avg. Total Loans (a) |
|
0.15 |
% |
|
-0.19 |
% |
|
|
-0.33 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
|
9/30'17YTD |
9/30'16YTD |
Change |
|
|
|
|
|
|
|
|
|
|
Average Total
Loans |
$ |
1,325,128 |
|
$ |
1,447,061 |
|
-8.4 |
% |
|
|
|
|
|
|
|
|
|
|
Allowance for Loan Loss
(ALL) |
|
|
|
|
|
Beginning of Period |
$ |
25,954 |
|
$ |
29,771 |
|
-12.8 |
% |
|
|
|
Reversal of Provision for Loan
Losses |
|
(1,900 |
) |
|
(3,200 |
) |
n/m |
|
|
|
|
Net ALL Losses |
|
(426 |
) |
|
(212 |
) |
n/m |
|
|
|
|
ALL End of Period |
$ |
23,628 |
|
$ |
26,359 |
|
-10.4 |
% |
|
|
|
ALL Recoveries/Gross ALL
Losses |
|
91 |
% |
|
96 |
% |
|
|
|
|
|
|
|
|
|
|
|
Net ALL Losses/ |
|
|
|
|
|
|
Avg. Total Loans (a) |
|
0.04 |
% |
|
0.02 |
% |
|
|
|
|
|
|
|
|
|
|
9.
Credit Quality. |
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
% |
|
|
|
|
9/30/17 |
9/30/16 |
Change |
6/30/17 |
|
|
|
|
|
|
|
|
|
Nonperforming
Loans (1): |
|
|
|
|
|
|
Nonperforming Nonaccrual |
$ |
1,498 |
|
$ |
1,861 |
|
-19.5 |
% |
$ |
2,215 |
|
|
|
Performing Nonaccrual |
|
4,285 |
|
|
4,432 |
|
-3.3 |
% |
|
4,480 |
|
|
|
Total Nonaccrual Loans |
|
5,783 |
|
|
6,293 |
|
-8.1 |
% |
|
6,695 |
|
|
|
90+ Days Past Due Accruing Loans |
|
434 |
|
|
487 |
|
-10.9 |
% |
|
186 |
|
|
|
Total |
|
6,217 |
|
|
6,780 |
|
-8.3 |
% |
|
6,881 |
|
|
|
Repossessed
Loan Collateral (1) |
|
1,426 |
|
|
3,032 |
|
-53.0 |
% |
|
1,645 |
|
|
|
Total Nonperforming Assets
(1) |
$ |
7,643 |
|
$ |
9,812 |
|
-22.1 |
% |
$ |
8,526 |
|
|
|
|
|
|
|
|
|
|
Total Loans
Outstanding |
$ |
1,284,782 |
|
$ |
1,364,329 |
|
-5.8 |
% |
$ |
1,318,341 |
|
|
|
|
|
|
|
|
|
|
Total
Assets |
$ |
5,445,808 |
|
$ |
5,306,778 |
|
2.6 |
% |
$ |
5,393,350 |
|
|
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
Allowance for Loan Losses |
$ |
23,628 |
|
$ |
26,359 |
|
-10.4 |
% |
$ |
24,103 |
|
|
|
Allowance/Loans |
|
1.84 |
% |
|
1.93 |
% |
|
|
1.83 |
% |
|
|
Nonperforming Loans/Total Loans |
|
0.48 |
% |
|
0.50 |
% |
|
|
0.52 |
% |
|
|
|
|
|
|
|
|
10.
Capital. |
|
|
|
|
|
|
|
(in thousands, except per-share
amounts) |
|
|
|
|
|
% |
|
|
|
|
9/30/17 |
9/30/16 |
Change |
6/30/17 |
|
|
|
|
|
|
|
|
|
Shareholders'
Equity |
$ |
603,957 |
|
$ |
562,996 |
|
7.3 |
% |
$ |
595,594 |
|
|
|
Total
Assets |
|
5,445,808 |
|
|
5,306,778 |
|
2.6 |
% |
|
5,393,350 |
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity/ |
|
|
|
|
|
|
Total Assets |
|
11.09 |
% |
|
10.61 |
% |
|
|
11.04 |
% |
|
|
Shareholders'
Equity/ |
|
|
|
|
|
|
Total Loans |
|
47.01 |
% |
|
41.27 |
% |
|
|
45.18 |
% |
|
|
Tangible Common
Equity Ratio |
|
8.98 |
% |
|
8.37 |
% |
|
|
8.90 |
% |
|
|
Common Shares
Outstanding |
|
26,319 |
|
|
25,665 |
|
2.5 |
% |
|
26,304 |
|
|
|
Common Equity
Per Share |
$ |
22.95 |
|
$ |
21.94 |
|
4.6 |
% |
$ |
22.64 |
|
|
|
Market Value
Per Common Share |
$ |
59.54 |
|
$ |
50.88 |
|
17.0 |
% |
$ |
56.04 |
|
|
|
|
|
|
|
|
|
|
Share
Repurchase Programs |
|
|
|
|
|
|
|
(shares in thousands) |
|
|
|
|
|
% |
|
|
|
|
Q3'17 |
Q3'16 |
Change |
Q2'17 |
|
|
|
|
|
|
|
|
|
Total Shares
Repurchased |
|
- |
|
|
- |
|
n/m |
|
|
6 |
|
|
|
Average Repurchase Price |
$ |
- |
|
$ |
- |
|
n/m |
|
$ |
56.51 |
|
|
|
Net Shares
Issued |
|
(15 |
) |
|
(33 |
) |
n/m |
|
|
(21 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
|
9/30'17YTD |
9/30'16YTD |
Change |
|
|
|
|
|
|
|
|
|
|
Total Shares
Repurchased |
|
6 |
|
|
137 |
|
n/m |
|
|
|
|
Average Repurchase Price |
$ |
56.51 |
|
$ |
41.94 |
|
n/m |
|
|
|
|
Net Shares
Issued |
|
(412 |
) |
|
(137 |
) |
n/m |
|
|
|
|
|
|
|
|
|
|
11.
Period-End Balance Sheets. |
|
|
|
|
|
|
|
(unaudited, dollars in
thousands) |
|
|
|
|
|
% |
|
|
|
|
9/30/17 |
9/30/16 |
Change |
6/30/17 |
|
|
Assets: |
|
|
|
|
|
|
Cash and Due from Banks |
$ |
561,757 |
|
$ |
471,367 |
|
19.2 |
% |
$ |
529,362 |
|
|
|
|
|
|
|
|
|
|
Investment Securities: |
|
|
|
|
|
|
Available For Sale |
|
2,090,477 |
|
|
1,762,408 |
|
18.6 |
% |
|
1,976,156 |
|
|
|
Held to Maturity |
|
1,204,240 |
|
|
1,411,019 |
|
-14.7 |
% |
|
1,261,321 |
|
|
|
|
|
|
|
|
|
|
Loans |
|
1,284,782 |
|
|
1,364,329 |
|
-5.8 |
% |
|
1,318,341 |
|
|
|
Allowance
For Loan Losses |
|
(23,628 |
) |
|
(26,359 |
) |
-10.4 |
% |
|
(24,103 |
) |
|
|
Total
Loans, net |
|
1,261,154 |
|
|
1,337,970 |
|
-5.7 |
% |
|
1,294,238 |
|
|
|
|
|
|
|
|
|
|
Other Real Estate
Owned |
|
1,426 |
|
|
3,032 |
|
-53.0 |
% |
|
1,645 |
|
|
|
Premises and Equipment,
net |
|
35,507 |
|
|
37,059 |
|
-4.2 |
% |
|
35,564 |
|
|
|
Identifiable Intangibles,
net |
|
4,605 |
|
|
7,789 |
|
-40.9 |
% |
|
5,365 |
|
|
|
Goodwill |
|
121,673 |
|
|
121,673 |
|
0.0 |
% |
|
121,673 |
|
|
|
Other Assets |
|
164,969 |
|
|
154,461 |
|
6.8 |
% |
|
168,026 |
|
|
|
|
|
|
|
|
|
|
Total
Assets |
$ |
5,445,808 |
|
$ |
5,306,778 |
|
2.6 |
% |
$ |
5,393,350 |
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity: |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Noninterest Bearing |
$ |
2,128,342 |
|
$ |
2,064,988 |
|
3.1 |
% |
$ |
2,079,608 |
|
|
|
Interest-Bearing Transaction |
|
873,145 |
|
|
851,885 |
|
2.5 |
% |
|
885,516 |
|
|
|
Savings |
|
1,491,168 |
|
|
1,462,860 |
|
1.9 |
% |
|
1,470,978 |
|
|
|
Time |
|
241,925 |
|
|
265,137 |
|
-8.8 |
% |
|
246,468 |
|
|
|
Total Deposits |
|
4,734,580 |
|
|
4,644,870 |
|
1.9 |
% |
|
4,682,570 |
|
|
|
|
|
|
|
|
|
|
Short-Term Borrowed Funds |
|
66,337 |
|
|
56,358 |
|
17.7 |
% |
|
75,769 |
|
|
|
Other Liabilities |
|
40,934 |
|
|
42,554 |
|
-3.8 |
% |
|
39,417 |
|
|
|
Total
Liabilities |
|
4,841,851 |
|
|
4,743,782 |
|
2.1 |
% |
|
4,797,756 |
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity: |
|
|
|
|
|
|
Common Equity: |
|
|
|
|
|
|
Paid-In Capital |
|
427,188 |
|
|
393,134 |
|
8.7 |
% |
|
426,012 |
|
|
|
Accumulated Other |
|
|
|
|
|
|
Comprehensive (Loss) Income |
|
(3,433 |
) |
|
9,001 |
|
n/m |
|
|
(5,864 |
) |
|
|
Retained Earnings |
|
180,202 |
|
|
160,861 |
|
12.0 |
% |
|
175,446 |
|
|
|
Total
Shareholders' Equity |
|
603,957 |
|
|
562,996 |
|
7.3 |
% |
|
595,594 |
|
|
|
|
|
|
|
|
|
|
Total
Liabilities and |
|
|
|
|
|
|
Shareholders' Equity |
$ |
5,445,808 |
|
$ |
5,306,778 |
|
2.6 |
% |
$ |
5,393,350 |
|
|
|
|
|
|
|
|
|
12.
Income Statements. |
|
|
|
|
|
|
|
(unaudited, in thousands except per-share
amounts) |
|
|
|
|
|
% |
|
|
|
|
Q3'17 |
Q3'16 |
Change |
Q2'17 |
|
|
Interest &
Fee Income: |
|
|
|
|
|
|
Loans |
$ |
15,082 |
|
$ |
16,968 |
|
-11.1 |
% |
$ |
15,468 |
|
|
|
Investment Securities: |
|
|
|
|
|
|
Available for Sale |
|
11,347 |
|
|
8,796 |
|
29.0 |
% |
|
10,709 |
|
|
|
Held to Maturity |
|
6,716 |
|
|
7,704 |
|
-12.8 |
% |
|
6,986 |
|
|
|
Total Interest
& Fee Income |
|
33,145 |
|
|
33,468 |
|
-1.0 |
% |
|
33,163 |
|
|
|
|
|
|
|
|
|
|
Interest
Expense: |
|
|
|
|
|
|
Transaction Deposits |
|
60 |
|
|
64 |
|
-7.5 |
% |
|
57 |
|
|
|
Savings Deposits |
|
220 |
|
|
229 |
|
-3.8 |
% |
|
222 |
|
|
|
Time Deposits |
|
181 |
|
|
219 |
|
-17.1 |
% |
|
186 |
|
|
|
Short-Term Borrowed Funds |
|
12 |
|
|
11 |
|
12.0 |
% |
|
11 |
|
|
|
Total Interest
Expense |
|
473 |
|
|
523 |
|
-9.5 |
% |
|
476 |
|
|
|
|
|
|
|
|
|
|
Net Interest
Income |
|
32,672 |
|
|
32,945 |
|
-0.8 |
% |
|
32,687 |
|
|
|
|
|
|
|
|
|
|
Reversal of
Provision for Loan Losses |
|
- |
|
|
(3,200 |
) |
n/m |
|
|
(1,900 |
) |
|
|
|
|
|
|
|
|
|
Noninterest
Income: |
|
|
|
|
|
|
Service Charges |
|
4,989 |
|
|
5,303 |
|
-5.9 |
% |
|
4,945 |
|
|
|
Merchant Processing Services |
|
2,153 |
|
|
1,532 |
|
40.6 |
% |
|
2,052 |
|
|
|
Debit Card Fees |
|
1,784 |
|
|
1,587 |
|
12.4 |
% |
|
1,586 |
|
|
|
Other Service Fees |
|
652 |
|
|
671 |
|
-2.9 |
% |
|
662 |
|
|
|
ATM Processing Fees |
|
684 |
|
|
600 |
|
14.0 |
% |
|
654 |
|
|
|
Trust Fees |
|
718 |
|
|
686 |
|
4.7 |
% |
|
716 |
|
|
|
Financial Services Commissions |
|
148 |
|
|
118 |
|
25.4 |
% |
|
142 |
|
|
|
Other |
|
1,420 |
|
|
1,101 |
|
29.1 |
% |
|
1,366 |
|
|
|
Total
Noninterest Income |
|
12,548 |
|
|
11,598 |
|
8.2 |
% |
|
12,123 |
|
|
|
|
|
|
|
|
|
|
Noninterest
Expense: |
|
|
|
|
|
|
Salaries and
Benefits |
|
12,816 |
|
|
13,063 |
|
-1.9 |
% |
|
12,981 |
|
|
|
Occupancy |
|
3,665 |
|
|
3,749 |
|
-2.2 |
% |
|
3,509 |
|
|
|
Outsourced Data Processing |
|
2,383 |
|
|
2,114 |
|
12.7 |
% |
|
2,188 |
|
|
|
Amortization of Identifiable Intangibles |
|
760 |
|
|
867 |
|
-12.4 |
% |
|
762 |
|
|
|
Professional Fees |
|
512 |
|
|
1,693 |
|
-69.8 |
% |
|
410 |
|
|
|
Furniture & Equipment |
|
1,242 |
|
|
1,211 |
|
2.5 |
% |
|
1,267 |
|
|
|
Other Real Estate Owned |
|
221 |
|
|
(206 |
) |
n/m |
|
|
(126 |
) |
|
|
Courier Service |
|
451 |
|
|
451 |
|
0.0 |
% |
|
438 |
|
|
|
Other |
|
2,064 |
|
|
3,146 |
|
-34.4 |
% |
|
2,967 |
|
|
|
Total
Noninterest Expense |
|
24,114 |
|
|
26,088 |
|
-7.6 |
% |
|
24,396 |
|
|
|
|
|
|
|
|
|
|
Income Before
Income Taxes |
|
21,106 |
|
|
21,655 |
|
-2.5 |
% |
|
22,314 |
|
|
|
Income Tax
Provision |
|
6,089 |
|
|
6,027 |
|
1.0 |
% |
|
6,515 |
|
|
|
Net
Income |
$ |
15,017 |
|
$ |
15,628 |
|
-3.9 |
% |
$ |
15,799 |
|
|
|
|
|
|
|
|
|
|
Average Common
Shares Outstanding |
|
26,309 |
|
|
25,641 |
|
2.6 |
% |
|
26,299 |
|
|
|
Diluted Common
Shares Outstanding |
|
26,404 |
|
|
25,687 |
|
2.8 |
% |
|
26,402 |
|
|
|
|
|
|
|
|
|
|
Per Common
Share Data: |
|
|
|
|
|
|
Basic Earnings |
$ |
0.57 |
|
$ |
0.61 |
|
-6.6 |
% |
$ |
0.60 |
|
|
|
Diluted Earnings |
|
0.57 |
|
|
0.61 |
|
-6.6 |
% |
|
0.60 |
|
|
|
Dividends Paid |
|
0.39 |
|
|
0.39 |
|
0.0 |
% |
|
0.39 |
|
|
|
|
|
|
% |
|
|
|
|
9/30'17YTD |
9/30'16YTD |
Change |
|
|
|
Interest &
Fee Income: |
|
|
|
|
|
|
Loans |
$ |
46,330 |
|
$ |
52,904 |
|
-12.4 |
% |
|
|
|
Investment Securities: |
|
|
|
|
|
|
Available for Sale |
|
32,305 |
|
|
24,855 |
|
30.0 |
% |
|
|
|
Held to Maturity |
|
20,997 |
|
|
23,083 |
|
-9.0 |
% |
|
|
|
Total Interest
& Fee Income |
|
99,632 |
|
|
100,842 |
|
-1.2 |
% |
|
|
|
|
|
|
|
|
|
|
Interest
Expense: |
|
|
|
|
|
|
Transaction Deposits |
|
174 |
|
|
201 |
|
-13.7 |
% |
|
|
|
Savings Deposits |
|
665 |
|
|
677 |
|
-1.6 |
% |
|
|
|
Time Deposits |
|
556 |
|
|
708 |
|
-21.5 |
% |
|
|
|
Short-Term Borrowed Funds |
|
34 |
|
|
30 |
|
12.1 |
% |
|
|
|
Total Interest
Expense |
|
1,429 |
|
|
1,616 |
|
-11.6 |
% |
|
|
|
|
|
|
|
|
|
|
Net Interest
Income |
|
98,203 |
|
|
99,226 |
|
-1.0 |
% |
|
|
|
|
|
|
|
|
|
|
Reversal of
Provision for Loan Losses |
|
(1,900 |
) |
|
(3,200 |
) |
n/m |
|
|
|
|
|
|
|
|
|
|
|
Noninterest
Income: |
|
|
|
|
|
|
Service Charges |
|
14,857 |
|
|
15,790 |
|
-5.9 |
% |
|
|
|
Merchant Processing Services |
|
6,080 |
|
|
4,699 |
|
29.4 |
% |
|
|
|
Debit Card Fees |
|
4,851 |
|
|
4,724 |
|
2.7 |
% |
|
|
|
Other Service Fees |
|
1,964 |
|
|
1,951 |
|
0.7 |
% |
|
|
|
ATM Processing Fees |
|
1,914 |
|
|
1,860 |
|
2.9 |
% |
|
|
|
Trust Fees |
|
2,136 |
|
|
2,004 |
|
6.6 |
% |
|
|
|
Financial Services Commissions |
|
484 |
|
|
411 |
|
18.0 |
% |
|
|
|
Other |
|
4,042 |
|
|
3,590 |
|
12.6 |
% |
|
|
|
Total
Noninterest Income |
|
36,328 |
|
|
35,029 |
|
3.7 |
% |
|
|
|
|
|
|
|
|
|
|
Noninterest
Expense: |
|
|
|
|
|
|
Salaries and
Benefits |
|
38,867 |
|
|
39,067 |
|
-0.5 |
% |
|
|
|
Occupancy |
|
10,807 |
|
|
10,546 |
|
2.5 |
% |
|
|
|
Outsourced Data Processing |
|
6,710 |
|
|
6,375 |
|
5.3 |
% |
|
|
|
Amortization of Identifiable Intangibles |
|
2,322 |
|
|
2,642 |
|
-12.1 |
% |
|
|
|
Professional Fees |
|
1,533 |
|
|
3,183 |
|
-51.8 |
% |
|
|
|
Furniture & Equipment |
|
3,764 |
|
|
3,611 |
|
4.2 |
% |
|
|
|
Other Real Estate Owned |
|
54 |
|
|
(487 |
) |
n/m |
|
|
|
|
Courier Service |
|
1,310 |
|
|
1,458 |
|
-10.2 |
% |
|
|
|
Other |
|
7,758 |
|
|
10,780 |
|
-28.0 |
% |
|
|
|
Total
Noninterest Expense |
|
73,125 |
|
|
77,175 |
|
-5.2 |
% |
|
|
|
|
|
|
|
|
|
|
Income Before
Income Taxes |
|
63,306 |
|
|
60,280 |
|
5.0 |
% |
|
|
|
Income Tax
Provision |
|
17,441 |
|
|
15,880 |
|
9.8 |
% |
|
|
|
Net
Income |
$ |
45,865 |
|
$ |
44,400 |
|
3.3 |
% |
|
|
|
|
|
|
|
|
|
|
Average Common
Shares Outstanding |
|
26,260 |
|
|
25,558 |
|
2.7 |
% |
|
|
|
Diluted Common
Shares Outstanding |
|
26,379 |
|
|
25,595 |
|
3.1 |
% |
|
|
|
|
|
|
|
|
|
|
Per Common
Share Data: |
|
|
|
|
|
|
Basic Earnings |
$ |
1.75 |
|
$ |
1.74 |
|
0.6 |
% |
|
|
|
Diluted Earnings |
|
1.74 |
|
|
1.73 |
|
0.6 |
% |
|
|
|
Dividends Paid |
|
1.17 |
|
|
1.17 |
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
The Company has determined that it will be obligated to
provide refunds of revenuerecognized in prior years to
customers. The Company is
not yet able to quantify theamount of
refunds. The Company will
provide additional information when adetermination of the probable
amount of these obligations is made. |
|
|
|
|
|
|
|
|
|
|
Footnotes and Abbreviations: |
|
|
|
|
|
|
(FTE) Fully Taxable Equivalent. The Company presents
its net interest margin and netinterest 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’sloan and investment securities portfolios contain a
relatively large portion ofmunicipal loans and securities that are
federally tax exempt. The
Company’s taxexempt 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 andsecurities on the net
interest margin and net interest income for comparability withother
banks, the Company presents its net interest margin and net
interest income ona FTE basis. |
|
|
|
(a) Annualized |
|
|
|
|
|
|
(1) All originated and purchased non performing loans
and repossessed loan collateralhave been combined as of Q1
'17. Prior period
presentation has been updated,accordingly. |
|
|
|
|
|
|
|
|
|