StockNews.AI
WABC
StockNews.AI
124 days

Westamerica Bancorporation Reports First Quarter 2025 Financial Results

1. WABC reported Q1 2025 net income of $31 million. 2. EPS decreased to $1.16 from $1.19 in Q4 2024. 3. Credit quality remained stable with nonperforming assets at $277 thousand. 4. Operating expenses decreased to 38% of total revenues. 5. Dividend remains stable at $0.44 per share.

Earnings
+0.81%Current Return
VS
+0.18%S&P 500
$45.604/17 10:56 AM EDTEvent Start
$45.9704/18 05:16 PM EDTLatest Updated
26m saved
Insight
Article

FAQ

Why Neutral?

While earnings and credit quality indicators are stable, the slight EPS decline and operating results suggest limited near-term growth potential.

How important is it?

Earnings performance reflects the company's stability but shows declining trends that could concern investors.

Why Short Term?

Earnings results are fresh; immediate investor sentiment may shift based on the latest numbers.

Related Companies

JPMWFCUSB
April 17, 2025 10:52 ET  | Source: Westamerica Bancorporation SAN RAFAEL, Calif., April 17, 2025 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the first quarter 2025 of $31.0 million and diluted earnings per common share ("EPS") of $1.16. First quarter 2025 results include a reversal of provision for credit losses of $550 Thousand, which increased EPS $0.01. These results compare to fourth quarter 2024 net income of $31.7 million and EPS of $1.19. “Westamerica’s first quarter 2025 results benefited from the Company’s valuable low-cost deposit base, of which 46 percent was represented by non-interest bearing checking accounts during the quarter; the annualized cost of funding our loan and bond portfolios was 0.24 percent in the quarter. Operating expenses remained well controlled at 38 percent of total revenues and credit quality remained stable with nonperforming assets of $277 thousand at March 31, 2025,” said Chairman, President and CEO David Payne. “First quarter 2025 results generated an annualized 11.9 percent return on average common equity. Shareholders were paid a $0.44 per common share dividend during the first quarter 2025,” concluded Payne. Net interest income on a fully-taxable equivalent (FTE) basis was $56.4 million for the first quarter 2025, compared to $59.2 million for the fourth quarter 2024. The annualized yield earned on loans, bonds and cash for the first quarter 2025 was 4.14 percent compared to 4.25 percent for the fourth quarter 2024. The annualized cost of funding the loan and bond portfolios was 0.24 percent for the first quarter 2025 unchanged from the fourth quarter 2024. The Company recognized a $550 thousand reversal of provision for credit losses in the first quarter 2025. The Allowance for Credit Losses on Loans was $13.9 million at March 31, 2025. Noninterest income for the first quarter 2025 totaled $10.3 million compared to $10.6 million for the fourth quarter 2024. Noninterest expenses for the first quarter 2025 were $25.1 million compared to $25.9 million for the fourth quarter 2024. The decline in noninterest expense is primarily due to lower salaries and benefits expense due to fewer business days in the first quarter 2025 compared to the fourth quarter 2024, lower occupancy and equipment expense, and lower estimated operating losses from limited partnership investments. The income tax provision (FTE) for the first quarter 2025 was $11.1 million compared to $12.3 million for the fourth quarter 2024. The fourth quarter 2024 income tax provision includes a $305 thousand increase to reconcile the 2023 income tax provision to the filed 2023 tax returns. 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 – Investor Relations Contact                707-863-6090                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, 2024 filed on Form 10-K and quarterly report for the quarter ended September 30, 2024 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 2010, the Sarbanes-Oxley Act of 2002 and the Gramm-Leach-Bliley Act of 1999, and mergers and acquisitions. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward looking statements are made.   Public Information April 17, 2025 WESTAMERICA BANCORPORATION    FINANCIAL HIGHLIGHTS    March 31, 2025          1. Net Income Summary.      (in thousands except per-share amounts)    %   Q1'2025Q1'2024ChangeQ4'2024 Net Interest and Loan Fee     Income (FTE)$56,390 $66,094 -14.7%$59,247  (Reversal of ) Provision     for Credit Losses (550) 300 n/m -  Noninterest Income 10,321  10,097 2.2% 10,633  Noninterest Expense 25,127  26,099 -3.7% 25,853  Income Before Taxes (FTE) 42,134  49,792 -15.4% 44,027  Income Tax Provision (FTE) 11,097  13,375 -17.0% 12,327  Net Income$31,037 $36,417 -14.8%$31,700        Average Common Shares     Outstanding 26,642  26,674 -0.1% 26,699  Diluted Average Common     Shares Outstanding 26,642  26,675 -0.1% 26,701        Operating Ratios:     Basic Earnings Per Common     Share$1.16 $1.37 -15.3%$1.19  Diluted Earnings Per     Common Share 1.16  1.37 -15.3% 1.19  Return On Assets (a) 2.03% 2.24%  2.02% Return On Common     Equity (a) 11.9% 15.2%  12.1% Net Interest Margin (FTE) (a) 3.90% 4.30%  4.01% Efficiency Ratio (FTE) 37.7% 34.3%  37.0%       Dividends Paid Per Common     Share$0.44 $0.44 0.0%$0.44  Common Dividend Payout      Ratio  38% 32%  37%      2. Net Interest Income.      (dollars in thousands)    %   Q1'2025Q1'2024ChangeQ4'2024 Interest and Loan Fee     Income (FTE)$59,786 $69,095 -13.5%$62,713  Interest Expense 3,396  3,001 13.2% 3,466  Net Interest and Loan Fee     Income (FTE)$56,390 $66,094 -14.7%$59,247        Average Earning Assets$5,794,836 $6,119,368 -5.3%$5,850,620  Average Interest-Bearing     Liabilities 2,770,099  2,955,565 -6.3% 2,796,675        Yield on Earning Assets     (FTE) (a) 4.14% 4.50%  4.25% Cost of Funds (a) 0.24% 0.20%  0.24% Net Interest Margin (FTE) (a) 3.90% 4.30%  4.01% Interest Expense /     Interest-Bearing     Liabilities (a) 0.50% 0.41%  0.49% Net Interest Spread (FTE) (a) 3.64% 4.09%  3.76%      3. Loans & Other Earning Assets.      (average volume, dollars in thousands)    %   Q1'2025Q1'2024ChangeQ4'2024       Total Assets$6,187,321 $6,525,921 -5.2%$6,243,799  Total Earning Assets 5,794,836  6,119,368 -5.3% 5,850,620  Total Loans 789,935  853,553 -7.5% 821,767  Commercial Loans 120,189  133,422 -9.9% 131,088  Commercial Real Estate     Loans  497,379  488,989 1.7% 503,546  Consumer Loans 172,367  231,142 -25.4% 187,133  Total Investment Securities 4,395,565  5,098,539 -13.8% 4,557,436  Debt Securities Available for     Sale 3,553,755  4,224,474 -15.9% 3,710,378  Debt Securities Held to     Maturity 841,810  874,065 -3.7% 847,058  Total Interest-Bearing Cash 609,336  167,276 264.3% 471,417        Loans / Deposits 15.9% 15.9%  16.3%      4. Deposits, Other Interest-Bearing Liabilities & Equity.    (average volume, dollars in thousands)    %   Q1'2025Q1'2024ChangeQ4'2024       Total Deposits$4,958,554 $5,379,060 -7.8%$5,028,363  Noninterest Demand  2,293,059  2,532,381 -9.5% 2,342,092  Interest-Bearing Transaction 935,054  1,058,292 -11.6% 934,876  Savings 1,649,631  1,691,716 -2.5% 1,666,542  Time greater than $100K 29,460  36,135 -18.5% 31,541  Time less than $100K 51,350  60,536 -15.2% 53,312  Total Short-Term Borrowings 104,604  108,886 -3.9% 110,404  Bank Term Funding Program     Borrowings -  62,582 n/m -  Securities Sold under     Repurchase Agreements 104,604  46,304 125.9% 110,404  Shareholders' Equity 1,055,925  965,840 9.3% 1,039,017        Demand Deposits /     Total Deposits 46.2% 47.1%  46.6% Transaction & Savings     Deposits / Total Deposits 98.4% 98.2%  98.3%      5. Interest Yields Earned & Rates Paid.      (dollars in thousands)   Q1'2025   AverageIncome/Yield (a) /   VolumeExpenseRate (a)  Interest & Loan Fee Income Earned:     Total Earning Assets (FTE)$5,794,836 $59,786 4.14%  Total Loans (FTE) 789,935  10,744 5.51%  Commercial Loans (FTE) 120,189  1,845 6.21%  Commercial Real Estate     Loans  497,379  6,473 5.28%  Consumer Loans 172,367  2,426 5.70%  Total Investments (FTE) 4,395,565  42,339 3.85%  Total Debt Securities     Available for Sale (FTE) 3,553,755  33,753 3.80%  Corporate Securities 1,991,278  13,522 2.72%  Collateralized Loan     Obligations 915,873  14,422 6.30%  Agency Mortgage Backed     Securities 254,126  2,034 3.20%  Securities of U.S.     Government Sponsored     Entities 311,297  2,777 3.57%  Obligations of States and     Political Subdivisions     (FTE) 62,651  496 3.17%  U.S. Treasury Securities 4,303  54 5.13%  Other Debt Securities     Available for Sale (FTE) 14,227  448 12.60%  Total Debt Securities Held to     Maturity (FTE) 841,810  8,586 4.08%  Agency Mortgage Backed     Securities 56,006  329 2.35%  Corporate Securities 736,089  7,815 4.25%  Obligations of States and     Political Subdivisions     (FTE) 49,715  442 3.56%  Total Interest-Bearing Cash 609,336  6,703 4.40%        Interest Expense Paid:     Total Earning Assets  5,794,836  3,396 0.24%  Total Interest-Bearing     Liabilities 2,770,099  3,396 0.50%  Total Interest-Bearing     Deposits 2,665,495  3,229 0.49%  Interest-Bearing Transaction 935,054  46 0.02%  Savings 1,649,631  3,128 0.77%  Time less than $100K 51,350  38 0.30%  Time greater than $100K 29,460  17 0.24%  Total Short-Term Borrowings  104,604  167 0.65%  Securities Sold under     Repurchase Agreements 104,604  167 0.65%        Net Interest Income and      Margin (FTE) $56,390 3.90%   (dollars in thousands)   Q1'2024   AverageIncome/Yield (a) /   VolumeExpenseRate (a)  Interest & Loan Fee Income Earned:     Total Earning Assets (FTE)$6,119,368 $69,095 4.50%  Total Loans (FTE) 853,553  11,413 5.38%  Commercial Loans (FTE) 133,422  2,385 7.19%  Commercial Real Estate     Loans  488,989  5,911 4.86%  Consumer Loans 231,142  3,117 5.42%  Total Investments (FTE) 5,098,539  55,399 4.32%  Total Debt Securities     Available for Sale (FTE) 4,224,474  46,552 4.38%  Corporate Securities 2,114,861  14,555 2.75%  Collateralized Loan     Obligations 1,461,182  26,700 7.23%  Agency Mortgage Backed     Securities 252,828  1,552 2.45%  Securities of U.S.     Government sponsored     entities 308,807  2,777 3.60%  Obligations of States and     Political Subdivisions     (FTE) 72,569  544 3.00%  Other Debt Securities     Available for Sale (FTE) 14,227  424 11.92%  Total Debt Securities Held to     Maturity (FTE) 874,065  8,847 4.05%  Agency Mortgage Backed     Securities 76,062  427 2.25%  Corporate Securities 729,273  7,816 4.29%  Obligations of States and     Political Subdivisions     (FTE) 68,730  604 3.52%  Total Interest-Bearing Cash 167,276  2,283 5.40%        Interest Expense Paid:     Total Earning Assets  6,119,368  3,001 0.20%  Total Interest-Bearing     Liabilities 2,955,565  3,001 0.41%  Total Interest-Bearing     Deposits 2,846,679  2,106 0.30%  Interest-Bearing Transaction 1,058,292  119 0.05%  Savings 1,691,716  1,917 0.46%  Time less than $100K 60,536  49 0.33%  Time greater than $100K 36,135  21 0.23%  Total Short-Term Borrowings  108,886  895 3.30%  Bank Term Funding Program     Borrowings 62,582  843 5.40%  Securities Sold under     Repurchase Agreements 46,304  52 0.45%        Net Interest Income and     Margin (FTE) $66,094 4.30%       6. Noninterest Income.      (dollars in thousands except per-share amounts)    %   Q1'2025Q1'2024ChangeQ4'2024 Service Charges on Deposit     Accounts$3,381 $3,470 -2.6%$3,501  Merchant Processing     Services 2,733  2,507 9.0% 2,735  Debit Card Fees 1,581  1,543 2.5% 1,902  Trust Fees 899  794 13.2% 867  ATM Processing Fees 463  591 -21.7% 506  Other Service Fees 429  438 -2.1% 428  Life Insurance Gains 102  - n/m -  Other Noninterest Income 733  754 -2.8% 694  Total Noninterest Income$10,321 $10,097 2.2%$10,633        Operating Ratios:     Total Revenue (FTE)$66,711 $76,191 -12.4%$69,880  Noninterest Income /     Revenue (FTE) 15.5% 13.3%  15.2% Service Charges /     Avg. Deposits (a) 0.28% 0.26%  0.28% Total Revenue (FTE) Per     Avg. Common Share (a)$10.16 $11.49 -11.6%$10.41       7. Noninterest Expense.      (dollars in thousands)    %   Q1'2025Q1'2024ChangeQ4'2024       Salaries and Related Benefits$12,126 $12,586 -3.7%$12,461  Occupancy and Equipment 5,038  5,040 -0.0% 5,219  Outsourced Data Processing 2,697  2,536 6.3% 2,610  Limited Partnership     Operating Losses 915  1,440 -36.5% 1,095  Professional Fees 395  402 -1.7% 369  Courier Service 688  649 6.0% 692  Other Noninterest Expense 3,268  3,446 -5.2% 3,407  Total Noninterest Expense$25,127 $26,099 -3.7%$25,853        Operating Ratios:     Noninterest Expense /     Avg. Earning Assets (a) 1.76% 1.72%  1.76% Noninterest Expense /     Revenues (FTE) 37.7% 34.3%  37.0%      8. Allowance for Credit Losses.      (dollars in thousands)    %   Q1'2025Q1'2024ChangeQ4'2024       Average Total Loans$789,935 $853,553 -7.5%$821,767        Beginning of Period     Allowance for Credit     Losses on Loans (ACLL)$14,780 $16,867 -12.4%$15,318  (Reversal of ) Provision     for Credit Losses (550) 300 n/m -  Net ACLL Losses (316) (1,288)-75.5% (538) End of Period ACLL$13,914 $15,879 -12.4%$14,780        Gross ACLL Recoveries /     Gross ACLL Losses  82% 36%  63% Net ACLL Losses /     Avg. Total Loans (a) -0.16% -0.61%  -0.26%        (dollars in thousands)    %   3/31/253/31/24Change12/31/24 Allowance for Credit Losses     on Loans$13,914 $15,879 -12.4%$14,780  Allowance for Credit Losses     on Held to Maturity     Securities 1  1 0.0% 1  Total Allowance for Credit     Losses$13,915 $15,880 -12.4%$14,781        Allowance for Unfunded     Credit Commitments$201 $201 0.0%$201       9. Credit Quality.      (dollars in thousands)    %   3/31/253/31/24Change12/31/24 Nonperforming Loans:     Nonperforming Nonaccrual     Loans$ -  $957 n/m$201  Performing Nonaccrual     Loans -  1 n/m -  Total Nonaccrual Loans -  958 n/m 201  Accruing Loans 90+ Days     Past Due 277  525 -47.2% 534  Total Nonperforming Loans$277 $1,483 -81.3%$735        Total Loans Outstanding $771,030 $844,677 -8.7%$820,300        Total Assets  5,966,624  6,464,685 -7.7% 6,076,274        Loans:     Allowance for Credit Losses     on Loans$13,914 $15,879 -12.4%$14,780  Allowance for Credit Losses     on Loans / Loans 1.80% 1.88%  1.80% Nonperforming Loans /     Total Loans 0.04% 0.18%  0.09%      10. Liquidity.           At March 31, 2025, the Company had $727,336 thousand in cash balances. During the twelve months ending March 31, 2026, the Company expects to receive $265,000 thousand in principal payments from its debt securities. If additional operational liquidity is required, the Company can pledge debt securities as collateral for borrowing purposes; at March 31, 2025, the Company’s debt securities which qualify as collateral for borrowing totaled $3,498,151 thousand. In the ordinary course of business, the Company pledges debt securities as collateral for certain depository customers; at March 31, 2025, the Company had pledged $713,752 thousand in debt securities for depository customers. In the ordinary course of business, the Company pledges debt securities as collateral for borrowing from the Federal Reserve Bank; at March 31, 2025, the Company had pledged $724,966 thousand in debt securities at the Federal Reserve Bank. During the three months ended March 31, 2025, the Company’s average borrowings from the Federal Reserve Bank and other correspondent banks were $-0- thousand and $-0- thousand, respectively, and at March 31, 2025, the Company had no borrowings from the Federal Reserve Bank or other correspondent banks. At March 31, 2025, the Company had access to borrowing from the Federal Reserve up to $724,966 thousand based on collateral pledged at March 31, 2025. At March 31, 2025, the Company’s estimated unpledged collateral qualifying debt securities totaled $1,615,433 thousand. Debt securities eligible as collateral are shown at market value.           (in thousands)     3/31/25 Debt Securities Eligible as     Collateral:     Corporate Securities   $2,517,299  Collateralized Loan     Obligations rated AAA    269,817  Obligations of States and     Political Subdivisions    109,065  Agency Mortgage Backed     Securities    302,248  Securities of U.S. Government     Sponsored Entities    299,722  Total Debt Securities Eligible     as Collateral   $3,498,151        Debt Securities Pledged     as Collateral:     Debt Securities Pledged     at the Federal Reserve Bank   ($724,966) Deposits by Public Entities    (713,752) Securities Sold under     Repurchase Agreements    (439,287) Other    (4,713) Total Debt Securities Pledged     as Collateral   ($1,882,718)       Estimated Debt Securities     Available to Pledge   $1,615,433       11. Capital.      (in thousands, except per-share amounts)    %   3/31/253/31/24Change12/31/24       Shareholders' Equity$923,138 $791,691 16.6%$889,957  Total Assets 5,966,624  6,464,685 -7.7% 6,076,274  Shareholders' Equity/     Total Assets 15.47% 12.25%  14.65% Shareholders' Equity/     Total Loans 119.73% 93.73%  108.49% Tangible Common Equity     Ratio 13.71% 10.56%  12.90% Common Shares Outstanding 26,360  26,678 -1.2% 26,708  Common Equity Per Share$35.02 $29.68 18.0%$33.32  Market Value Per Common     Share 50.63  48.88 3.6% 52.46         (shares in thousands)    %   Q1'2025Q1'2024ChangeQ4'2024 Share Retirements (Issuances):     Total Shares Retired 361  4 n/m -  Average Retirement Price$50.96 $45.58 n/m$-  Net Shares Retired (Issued) 348  (7)n/m (22)      12. Period-End Balance Sheets.      (unaudited, dollars in thousands)    %   3/31/253/31/24Change12/31/24 Assets:     Cash and Due from Banks$727,336 $434,250 67.5%$601,494        Debt Securities Available for     Sale:     Corporate Securities 1,802,791  1,879,980 -4.1% 1,835,937  Collateralized Loan     Obligations 822,111  1,420,584 -42.1% 982,589  Agency Mortgage Backed     Securities 250,844  225,564 11.2% 218,026  Securities of U.S.     Government Sponsored     Entities 299,722  292,583 2.4% 292,117  Obligations of States and     Political Subdivisions 60,581  70,466 -14.0% 62,186  U.S. Treasury Securities -  - n/m 4,955  Total Debt Securities       Available for Sale 3,236,049  3,889,177 -16.8% 3,395,810        Debt Securities Held to     Maturity:     Agency Mortgage Backed     Securities 53,528  73,023 -26.7% 57,927  Corporate Securities 737,146  730,350 0.9% 735,447  Obligations of States and     Political Subdivisions (1) 48,674  65,352 -25.5% 51,260  Total Debt Securities       Held to Maturity (1) 839,348  868,725 -3.4% 844,634        Loans 771,030  844,677 -8.7% 820,300  Allowance For Credit Losses     on Loans (13,914) (15,879)-12.4% (14,780) Total Loans, net 757,116  828,798 -8.6% 805,520        Premises and Equipment, net 25,722  26,458 -2.8% 26,133  Identifiable Intangibles, net 72  291 -75.2% 125  Goodwill  121,673  121,673 0.0% 121,673  Other Assets 259,308  295,313 -12.2% 280,885        Total Assets$5,966,624 $6,464,685 -7.7%$6,076,274        Liabilities and Shareholders'     Equity:     Deposits:     Noninterest-Bearing$2,241,802 $2,514,161 -10.8%$2,333,389  Interest-Bearing Transaction 920,461  1,066,038 -13.7% 953,863  Savings 1,633,445  1,681,921 -2.9% 1,642,360  Time 78,387  92,805 -15.5% 82,238  Total Deposits 4,874,095  5,354,925 -9.0% 5,011,850        Bank Term Funding     Program Borrowings -  200,000 n/m -  Securities Sold under     Repurchase Agreements 113,219  50,334 124.9% 120,322  Total Short-Term       Borrowed Funds 113,219  250,334 -54.8% 120,322        Other Liabilities 56,172  67,735 -17.1% 54,145  Total Liabilities 5,043,486  5,672,994 -11.1% 5,186,317        Shareholders' Equity:     Common Equity:     Paid-In Capital 470,844  473,989 -0.7% 476,506  Accumulated Other     Comprehensive Loss (136,768) (196,857)-30.5% (168,104) Retained Earnings 589,062  514,559 14.5% 581,555  Total Shareholders' Equity 923,138  791,691 16.6% 889,957        Total Liabilities and        Shareholders' Equity$5,966,624 $6,464,685 -7.7%$6,076,274       13. Income Statements.      (unaudited, in thousands except per-share amounts)    %   Q1'2025Q1'2024ChangeQ4'2024 Interest and Loan Fee Income:     Loans$10,669 $11,324 -5.8%$11,167  Equity Securities 195  174 12.1% 195  Debt Securities Available     for Sale 33,430  46,243 -27.7% 36,843  Debt Securities Held to     Maturity 8,494  8,722 -2.6% 8,538  Interest-Bearing Cash 6,703  2,283 193.6% 5,659  Total Interest and Loan     Fee Income 59,491  68,746 -13.5% 62,402        Interest Expense:     Transaction Deposits 46  119 -61.3% 46  Savings Deposits 3,128  1,917 63.2% 3,148  Time Deposits 55  70 -21.4% 68  Bank Term Funding Program     Borrowings -  843 n/m -  Securities Sold under     Repurchase Agreements 167  52 222.1% 204  Total Interest Expense 3,396  3,001 13.2% 3,466        Net Interest and Loan     Fee Income 56,095  65,745 -14.7% 58,936        (Reversal of) Provision     for Credit Losses (550) 300 n/m -        Noninterest Income:     Service Charges on Deposit     Accounts 3,381  3,470 -2.6% 3,501  Merchant Processing     Services 2,733  2,507 9.0% 2,735  Debit Card Fees 1,581  1,543 2.5% 1,902  Trust Fees 899  794 13.2% 867  ATM Processing Fees 463  591 -21.7% 506  Other Service Fees 429  438 -2.1% 428  Life Insurance Gains 102  - n/m -  Other Noninterest Income 733  754 -2.8% 694  Total Noninterest Income 10,321  10,097 2.2% 10,633        Noninterest Expense:     Salaries and Related Benefits 12,126  12,586 -3.7% 12,461  Occupancy and Equipment 5,038  5,040 -0.0% 5,219  Outsourced Data Processing 2,697  2,536 6.3% 2,610  Limited Partnership     Operating Losses 915  1,440 -36.5% 1,095  Professional Fees 395  402 -1.7% 369  Courier Service 688  649 6.0% 692  Other Noninterest Expense 3,268  3,446 -5.2% 3,407  Total Noninterest Expense 25,127  26,099 -3.7% 25,853        Income Before Income Taxes 41,839  49,443 -15.4% 43,716  Income Tax Provision 10,802  13,026 -17.1% 12,016  Net Income$31,037 $36,417 -14.8%$31,700        Average Common Shares     Outstanding 26,642  26,674 -0.1% 26,699  Diluted Average Common     Shares Outstanding 26,642  26,675 -0.1% 26,701        Per Common Share Data:     Basic Earnings$1.16 $1.37 -15.3%$1.19  Diluted Earnings 1.16  1.37 -15.3% 1.19  Dividends Paid 0.44  0.44 0.0% 0.44        Footnotes and Abbreviations:     (1) Debt Securities Held To Maturity and Obligations of States and Political Subdivisions are net of related reserve for expected credit losses of $1 thousand at March 31, 2025, December 31, 2024 and March 31, 2024.       (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 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    

Related News