Westamerica Bancorporation Reports Third Quarter 2025 Financial Results
Westamerica Bancorporation (Nasdaq: WABC) reported Q3 2025 net income $28.3M and diluted EPS $1.12, essentially flat vs Q2'25 EPS. The company recorded no provision for credit losses, nonperforming assets of $2.6M and an allowance for credit losses on loans of $11.9M. Net interest income (FTE) was $53.8M and net interest margin was 3.80%. Westamerica paid a $0.46 per-share quarterly dividend and retired 488,000 common shares in Q3'25. Efficiency ratio (FTE) was 40.3% and return on common equity was 10.9% (annualized).
Westamerica Bancorporation (Nasdaq: WABC) ha riportato utili netti del terzo trimestre 2025 e EPS diluito di $1.12, sostanzialmente invariato rispetto all'EPS del Q2'25. L'azienda non ha registrato alcuna accantonamento per deterioramento del credito, attività non performanti di $2.6M e una riserva per perdita su prestiti di $11.9M. Il margine di interesse netto (FTE) è stato di $53.8M e il margine di interesse netto è stato 3,80%. Westamerica ha pagato un dividendo trimestrale di $0.46 per azione e ha riacquistato 488.000 azioni ordinarie nel Q3'25. Il coefficiente di efficienza (FTE) è stato 40,3% e il ROE (annualizzato) è stato 10,9%.
Westamerica Bancorporation (Nasdaq: WABC) informó ingreso neto del 3T 2025 y EPS diluido de $1.12, prácticamente estable frente al EPS del Q2'25. La empresa registró ninguna provisión para pérdidas crediticias, activos en incumplimiento de $2.6M y una reserva para pérdidas crediticias sobre préstamos de $11.9M. El ingreso neto por intereses (FTE) fue de $53.8M y el margen de interés neto fue de 3.80%. Westamerica pagó un dividendo trimestral de $0.46 por acción y redujo 488,000 acciones ordinarias en Q3'25. La eficiencia (FTE) fue de 40.3% y el rendimiento sobre el patrimonio común fue de 10.9% (anualizado).
Westamerica Bancorporation (Nasdaq: WABC)는 2025년 3분기 순이익 2830만 달러와 희석주당순이익 1.12달러를 보고했으며, Q2'25의 EPS와 사실상 변함이 없습니다. 회사는 신용손실에 대한 충당금 없음, 부실자산은 $2.6M, 대출에 대한 신용손실 충당금은 $11.9M를 기록했습니다. 순이자수익(FTE)은 $53.8M이고 순이자마진은 3.80%였습니다. Westamerica는 주당 $0.46의 분기 배당금을 지급했고 Q3'25에서 488,000주의 보통주를 소각했습니다. 효율성 비율(FTE)은 40.3%, 보통주 자본이익률(연환산)은 10.9%입니다.
Westamerica Bancorporation (Nasdaq: WABC) a annoncé un résultat net du T3 2025 de 28,3 millions de dollars et un bénéfice par action dilué de 1,12 dollar, essentiellement inchangé par rapport à l'EPS du T2'25. L'entreprise a enregistré aucune provision pour pertes sur créances, des actifs non performants de $2,6M et une provision pour pertes sur prêts de $11,9M. Le revenu net d'intérêts (FTE) s'élevait à $53,8M et la marge nette d'intérêts était de 3,80%. Westamerica a versé un dividende trimestriel de $0,46 par action et a racheté 488 000 actions ordinaires au T3'25. Le ratio d'efficacité (FTE) était de 40,3% et le rendement des capitaux propres ordinaires était de 10,9% (annualisé).
Westamerica Bancorporation (Nasdaq: WABC) meldete Nettoeinkommen im Q3 2025 von 28,3 Mio. USD und verwässertes EPS von 1,12 USD, im Wesentlichen unverändert gegenüber dem EPS von Q2'25. Das Unternehmen verzeichnete keine Rückstellung für Kreditausfälle, notleidende Vermögenswerte von $2,6M und eine Rücklage für Kreditausfälle von $11,9M. Das Zinsertrag aus Krediten (FTE) betrug $53,8M und die Nettomargen betrug 3,80%. Westamerica zahlte eine $0,46 pro Aktie Dividende und hat im Q3'25 488.000 Stammaktien zurückgekauft. Die Effizienzquote (FTE) betrug 40,3% und die Eigenkapitalrendite (annualisiert) betrug 10,9%.
Westamerica Bancorporation (بورصة ناسداك: WABC) أبلغت عن صافي الدخل للربع الثالث 2025 البالغ 28.3 مليون دولار و ربحيـة السهم المخفف (EPS) البالغة $1.12، وهو ثابت تقريبا مقارنةً بـ EPS الربع الثاني 2025. سجلت الشركة بدون مخصص لخسائر الائتمان، أصولاً غير منتظمة بمقدار $2.6M ومدخرات خسائر ائتمانية على القروض بمقدار $11.9M. دخُل الفوائد الصافي (FTE) كان $53.8M وهامش الفوائد الصافية كان 3.80%. دفعت Westamerica توزيعة ربع سنوية قدرها $0.46 للسهم وأعادت شراء 488,000 سهمًا عاديًا في Q3'25. نسبة الكفاءة (FTE) كانت 40.3% والعائد على حقوق الملكية العادية كان 10.9% (سنويًا).
Westamerica Bancorporation (Nasdaq: WABC) 报告了 2025年第三季度净利润为2830万美元以及 摊薄每股收益（EPS）为1.12美元，基本与Q2'25的EPS持平。公司记录了 无信用损失准备金、不良资产为$2.6M、以及对贷款的信用损失准备金为$11.9M。净利息收入（按FTE计算）为$53.8M，净利息收益率为3.80%。Westamerica支付了每股$0.46的季度股息，并在Q3'25回购了488,000股普通股。效率比率（FTE）为40.3%，普通股股本回报率（年化）为10.9%。
- Q3 net income of $28.3M
- No provision for credit losses in Q3'25
- Repurchased and retired 488,000 common shares
- Quarterly dividend of $0.46 per share
- Low funding cost: 0.26% annualized
- Net income down 19.4% YoY
- Net interest and loan fee income down 13.8% YoY
- Total loans down 10.5% YoY
- Net interest margin declined to 3.80% from 4.08% QoQ
Insights
Q3 2025 shows stable operating efficiency but weaker earnings versus prior year; capital, dividends and buybacks remain supportive.
Net income of
Key dependencies include loan mix and asset yields: average earning assets and total loans declined versus prior periods, and net interest margin eased to
SAN RAFAEL, Calif., Oct. 16, 2025 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the third quarter 2025 of
"Westamerica’s third quarter 2025 results benefited from the Company’s low-cost operating principles. The annualized cost of funding interest-earning loans, bonds and cash was 0.26 percent for the third quarter 2025. The Company recognized no provision for credit losses in the third quarter 2025. At September 30, 2025, nonperforming assets were
Net interest income on a fully-taxable equivalent (FTE) basis was
Noninterest income for the third quarter 2025 totaled
Noninterest expense was
The income tax provision (FTE) for the third quarter 2025 was
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
Anela Jonas – Investor Relations Contact
707-863-6019
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, 2024 filed on Form 10-K and quarterly report for the quarter ended June 30, 2025 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 October 16, 2025 | |||||||||||||
| WESTAMERICA BANCORPORATION | |||||||||||||
| FINANCIAL HIGHLIGHTS | |||||||||||||
| September 30, 2025 | |||||||||||||
| 1. Net Income Summary. | |||||||||||||
| (in thousands except per-share amounts) | |||||||||||||
| % | |||||||||||||
| Q3'2025 | Q3'2024 | Change | Q2'2025 | ||||||||||
| Net Interest and Loan Fee | |||||||||||||
| Income (FTE) | $53,846 | $62,465 | -13.8 | % | $54,562 | ||||||||
| Provision | |||||||||||||
| for Credit Losses | - | - | n/m | - | |||||||||
| Noninterest Income | 10,151 | 11,925 | -14.9 | % | 10,315 | ||||||||
| Noninterest Expense | 25,800 | 26,309 | -1.9 | % | 25,529 | ||||||||
| Income Before Taxes (FTE) | 38,197 | 48,081 | -20.6 | % | 39,348 | ||||||||
| Income Tax Provision (FTE) | 9,934 | 13,024 | -23.7 | % | 10,282 | ||||||||
| Net Income | $28,263 | $35,057 | -19.4 | % | $29,066 | ||||||||
| Average Common Shares | |||||||||||||
| Outstanding | 25,341 | 26,685 | -5.0 | % | 25,889 | ||||||||
| Diluted Average Common | |||||||||||||
| Shares Outstanding | 25,341 | 26,686 | -5.0 | % | 25,889 | ||||||||
| Operating Ratios: | |||||||||||||
| Basic Earnings Per Common | |||||||||||||
| Share | $1.12 | $1.31 | -14.5 | % | $1.12 | ||||||||
| Diluted Earnings Per | |||||||||||||
| Common Share | 1.12 | 1.31 | -14.5 | % | 1.12 | ||||||||
| Return On Assets (a) | 1.86 | % | 2.16 | % | 1.93 | % | |||||||
| Return On Common | |||||||||||||
| Equity (a) | 10.9 | % | 13.7 | % | 11.2 | % | |||||||
| Net Interest Margin (FTE) (a) | 3.80 | % | 4.08 | % | 3.85 | % | |||||||
| Efficiency Ratio (FTE) | 40.3 | % | 35.4 | % | 39.3 | % | |||||||
| Dividends Paid Per Common | |||||||||||||
| Share | $0.46 | $0.44 | 4.5 | % | $0.46 | ||||||||
| Common Dividend Payout | |||||||||||||
| Ratio | 41 | % | 33 | % | 41 | % | |||||||
| % | |||||||||||||
| 9/30'25YTD | 9/30'24YTD | Change | |||||||||||
| Net Interest and Loan Fee | |||||||||||||
| Income (FTE) | $164,798 | $192,659 | -14.5 | % | |||||||||
| (Reversal of) Provision | |||||||||||||
| for Credit Losses | (550 | ) | 300 | n/m | |||||||||
| Noninterest Income | 30,787 | 32,522 | -5.3 | % | |||||||||
| Noninterest Expense | 76,456 | 78,538 | -2.7 | % | |||||||||
| Income Before Taxes (FTE) | 119,679 | 146,343 | -18.2 | % | |||||||||
| Income Tax Provision (FTE) | 31,313 | 39,407 | -20.5 | % | |||||||||
| Net Income | $88,366 | $106,936 | -17.4 | % | |||||||||
| Average Common Shares | |||||||||||||
| Outstanding | 25,953 | 26,680 | -2.7 | % | |||||||||
| Diluted Average Common | |||||||||||||
| Shares Outstanding | 25,953 | 26,681 | -2.7 | % | |||||||||
| Operating Ratios: | |||||||||||||
| Basic Earnings Per Common | |||||||||||||
| Share | $3.40 | $4.01 | -15.2 | % | |||||||||
| Diluted Earnings Per | |||||||||||||
| Common Share | 3.40 | 4.01 | -15.2 | % | |||||||||
| Return On Assets (a) | 1.94 | % | 2.19 | % | |||||||||
| Return On Common | |||||||||||||
| Equity (a) | 11.4 | % | 14.4 | % | |||||||||
| Net Interest Margin (FTE) (a) | 3.85 | % | 4.18 | % | |||||||||
| Efficiency Ratio (FTE) | 39.1 | % | 34.9 | % | |||||||||
| Dividends Paid Per Common | |||||||||||||
| Share | $1.36 | $1.32 | 3.0 | % | |||||||||
| Common Dividend Payout | |||||||||||||
| Ratio | 40 | % | 33 | % | |||||||||
| 2. Net Interest Income. | |||||||||||||
| (dollars in thousands) | |||||||||||||
| % | |||||||||||||
| Q3'2025 | Q3'2024 | Change | Q2'2025 | ||||||||||
| Interest and Loan Fee | |||||||||||||
| Income (FTE) | $57,491 | $68,110 | -15.6 | % | $57,751 | ||||||||
| Interest Expense | 3,645 | 5,645 | -35.4 | % | 3,189 | ||||||||
| Net Interest and Loan Fee | |||||||||||||
| Income (FTE) | $53,846 | $62,465 | -13.8 | % | $54,562 | ||||||||
| Average Earning Assets | $5,621,797 | $6,062,174 | -7.3 | % | $5,652,443 | ||||||||
| Average Interest-Bearing | |||||||||||||
| Liabilities | 2,724,510 | 2,950,093 | -7.6 | % | 2,693,505 | ||||||||
| Yield on Earning Assets | |||||||||||||
| (FTE) (a) | 4.06 | % | 4.45 | % | 4.07 | % | |||||||
| Cost of Funds (a) | 0.26 | % | 0.37 | % | 0.22 | % | |||||||
| Net Interest Margin (FTE) (a) | 3.80 | % | 4.08 | % | 3.85 | % | |||||||
| Interest Expense / | |||||||||||||
| Interest-Bearing | |||||||||||||
| Liabilities (a) | 0.53 | % | 0.76 | % | 0.48 | % | |||||||
| Net Interest Spread (FTE) (a) | 3.53 | % | 3.69 | % | 3.59 | % | |||||||
| % | |||||||||||||
| 9/30'25YTD | 9/30'24YTD | Change | |||||||||||
| Interest and Loan Fee | |||||||||||||
| Income (FTE) | $175,028 | $206,612 | -15.3 | % | |||||||||
| Interest Expense | 10,230 | 13,953 | -26.7 | % | |||||||||
| Net Interest and Loan Fee | |||||||||||||
| Income (FTE) | $164,798 | $192,659 | -14.5 | % | |||||||||
| Average Earning Assets | $5,689,058 | $6,108,885 | -6.9 | % | |||||||||
| Average Interest-Bearing | |||||||||||||
| Liabilities | 2,729,204 | 2,969,078 | -8.1 | % | |||||||||
| Yield on Earning Assets | |||||||||||||
| (FTE) (a) | 4.09 | % | 4.48 | % | |||||||||
| Cost of Funds (a) | 0.24 | % | 0.30 | % | |||||||||
| Net Interest Margin (FTE) (a) | 3.85 | % | 4.18 | % | |||||||||
| Interest Expense / | |||||||||||||
| Interest-Bearing | |||||||||||||
| Liabilities (a) | 0.50 | % | 0.63 | % | |||||||||
| Net Interest Spread (FTE) (a) | 3.59 | % | 3.85 | % | |||||||||
| 3. Loans & Other Earning Assets. | |||||||||||||
| (average volume, dollars in thousands) | |||||||||||||
| % | |||||||||||||
| Q3'2025 | Q3'2024 | Change | Q2'2025 | ||||||||||
| Total Assets | $6,018,937 | $6,461,843 | -6.9 | % | $6,042,100 | ||||||||
| Total Earning Assets | 5,621,797 | 6,062,174 | -7.3 | % | 5,652,443 | ||||||||
| Total Loans | 744,046 | 831,418 | -10.5 | % | 762,216 | ||||||||
| Commercial Loans | 113,215 | 136,160 | -16.9 | % | 115,943 | ||||||||
| Commercial Real Estate | |||||||||||||
| Loans | 486,751 | 493,272 | -1.3 | % | 488,960 | ||||||||
| Consumer Loans | 144,080 | 201,986 | -28.7 | % | 157,313 | ||||||||
| Total Investment Securities | 4,175,230 | 4,736,024 | -11.8 | % | 4,236,303 | ||||||||
| Debt Securities Available for | |||||||||||||
| Sale | 3,331,315 | 3,867,451 | -13.9 | % | 3,385,972 | ||||||||
| Debt Securities Held to | |||||||||||||
| Maturity | 829,341 | 854,346 | -2.9 | % | 836,104 | ||||||||
| Equity Securities | 14,574 | 14,227 | 2.4 | % | 14,227 | ||||||||
| Total Interest-Bearing Cash | 702,521 | 494,732 | 42.0 | % | 653,924 | ||||||||
| Loans / Deposits | 15.5 | % | 16.3 | % | 15.7 | % | |||||||
| % | |||||||||||||
| 9/30'25YTD | 9/30'24YTD | Change | |||||||||||
| Total Assets | $6,082,169 | $6,512,138 | -6.6 | % | |||||||||
| Total Earning Assets | 5,689,058 | 6,108,885 | -6.9 | % | |||||||||
| Total Loans | 765,231 | 840,961 | -9.0 | % | |||||||||
| Commercial Loans | 116,423 | 134,402 | -13.4 | % | |||||||||
| Commercial Real Estate | |||||||||||||
| Loans | 490,991 | 489,836 | 0.2 | % | |||||||||
| Consumer Loans | 157,817 | 216,723 | -27.2 | % | |||||||||
| Total Investment Securities | 4,268,226 | 4,925,557 | -13.3 | % | |||||||||
| Debt Securities Available for | |||||||||||||
| Sale | 3,418,176 | 4,047,131 | -15.5 | % | |||||||||
| Debt Securities Held to | |||||||||||||
| Maturity | 835,706 | 864,199 | -3.3 | % | |||||||||
| Equity Securities | 14,344 | 14,227 | 0.8 | % | |||||||||
| Total Interest-Bearing Cash | 655,601 | 342,367 | 91.5 | % | |||||||||
| Loans / Deposits | 15.7 | % | 16.1 | % | |||||||||
| 4. Deposits, Other Interest-Bearing Liabilities & Equity. | |||||||||||||
| (average volume, dollars in thousands) | |||||||||||||
| % | |||||||||||||
| Q3'2025 | Q3'2024 | Change | Q2'2025 | ||||||||||
| Total Deposits | $4,806,568 | $5,092,244 | -5.6 | % | $4,841,803 | ||||||||
| Noninterest Demand | 2,201,644 | 2,425,646 | -9.2 | % | 2,245,077 | ||||||||
| Interest-Bearing Transaction | 895,504 | 937,694 | -4.5 | % | 908,367 | ||||||||
| Savings | 1,636,259 | 1,639,997 | -0.2 | % | 1,611,845 | ||||||||
| Time greater than | 25,671 | 32,815 | -21.8 | % | 27,306 | ||||||||
| Time less than | 47,490 | 56,092 | -15.3 | % | 49,208 | ||||||||
| Total Short-Term Borrowings | 119,586 | 283,495 | -57.8 | % | 96,779 | ||||||||
| Bank Term Funding Program | |||||||||||||
| Borrowings | - | 167,391 | n/m | - | |||||||||
| Securities Sold under | |||||||||||||
| Repurchase Agreements | 119,586 | 116,104 | 3.0 | % | 96,779 | ||||||||
| Shareholders' Equity | 1,026,618 | 1,016,642 | 1.0 | % | 1,037,185 | ||||||||
| Demand Deposits / | |||||||||||||
| Total Deposits | 45.8 | % | 47.6 | % | 46.4 | % | |||||||
| Transaction & Savings | |||||||||||||
| Deposits / Total Deposits | 98.5 | % | 98.3 | % | 98.4 | % | |||||||
| % | |||||||||||||
| 9/30'25YTD | 9/30'24YTD | Change | |||||||||||
| Total Deposits | $4,868,418 | $5,224,158 | -6.8 | % | |||||||||
| Noninterest Demand | 2,246,259 | 2,480,815 | -9.5 | % | |||||||||
| Interest-Bearing Transaction | 912,830 | 992,363 | -8.0 | % | |||||||||
| Savings | 1,632,529 | 1,658,106 | -1.5 | % | |||||||||
| Time greater than | 27,465 | 34,550 | -20.5 | % | |||||||||
| Time less than | 49,335 | 58,324 | -15.4 | % | |||||||||
| Total Short-Term Borrowings | 107,045 | 225,735 | -52.6 | % | |||||||||
| Bank Term Funding Program | |||||||||||||
| Borrowings | - | 143,412 | n/m | ||||||||||
| Securities Sold under | |||||||||||||
| Repurchase Agreements | 107,045 | 82,323 | 30.0 | % | |||||||||
| Shareholders' Equity | 1,039,802 | 991,229 | 4.9 | % | |||||||||
| Demand Deposits / | |||||||||||||
| Total Deposits | 46.1 | % | 47.5 | % | |||||||||
| Transaction & Savings | |||||||||||||
| Deposits / Total Deposits | 98.4 | % | 98.2 | % | |||||||||
| 5. Interest Yields Earned & Rates Paid. | |||||||||||||
| (dollars in thousands) | |||||||||||||
| Q3'2025 | |||||||||||||
| Average | Income/ | Yield (a) / | |||||||||||
| Volume | Expense | Rate (a) | |||||||||||
| Interest & Loan Fee Income Earned: | |||||||||||||
| Total Earning Assets (FTE) | $5,621,797 | $57,491 | 4.06 | % | |||||||||
| Total Loans (FTE) | 744,046 | 10,321 | 5.51 | % | |||||||||
| Commercial Loans (FTE) | 113,215 | 1,713 | 6.01 | % | |||||||||
| Commercial Real Estate | |||||||||||||
| Loans | 486,751 | 6,438 | 5.25 | % | |||||||||
| Consumer Loans | 144,080 | 2,170 | 5.98 | % | |||||||||
| Total Investment Securities (FTE) | 4,175,230 | 39,330 | 3.75 | % | |||||||||
| Total Debt Securities | |||||||||||||
| Available for Sale (FTE) | 3,331,315 | 30,449 | 3.63 | % | |||||||||
| Corporate Securities | 1,919,304 | 12,784 | 2.66 | % | |||||||||
| Collateralized Loan | |||||||||||||
| Obligations | 658,786 | 10,505 | 6.24 | % | |||||||||
| Agency Mortgage Backed | |||||||||||||
| Securities | 384,703 | 3,945 | 4.10 | % | |||||||||
| Securities of U.S. | |||||||||||||
| Government Sponsored | |||||||||||||
| Entities | 312,563 | 2,777 | 3.55 | % | |||||||||
| Obligations of States and | |||||||||||||
| Political Subdivisions | |||||||||||||
| (FTE) | 55,959 | 438 | 3.13 | % | |||||||||
| Total Debt Securities Held to | |||||||||||||
| Maturity (FTE) | 829,341 | 8,446 | 4.07 | % | |||||||||
| Agency Mortgage Backed | |||||||||||||
| Securities | 48,296 | 264 | 2.19 | % | |||||||||
| Corporate Securities | 739,492 | 7,815 | 4.23 | % | |||||||||
| Obligations of States and | |||||||||||||
| Political Subdivisions | |||||||||||||
| (FTE) | 41,553 | 367 | 3.53 | % | |||||||||
| Equity Securities (FTE) | 14,574 | 435 | 11.92 | % | |||||||||
| Total Interest-Bearing Cash | 702,521 | 7,840 | 4.37 | % | |||||||||
| Interest Expense Paid: | |||||||||||||
| Total Earning Assets | 5,621,797 | 3,645 | 0.26 | % | |||||||||
| Total Interest-Bearing | |||||||||||||
| Liabilities | 2,724,510 | 3,645 | 0.53 | % | |||||||||
| Total Interest-Bearing | |||||||||||||
| Deposits | 2,604,924 | 3,453 | 0.53 | % | |||||||||
| Interest-Bearing Transaction | 895,504 | 45 | 0.02 | % | |||||||||
| Savings | 1,636,259 | 3,361 | 0.81 | % | |||||||||
| Time less than | 47,490 | 35 | 0.29 | % | |||||||||
| Time greater than | 25,671 | 12 | 0.19 | % | |||||||||
| Total Short-Term Borrowings | 119,586 | 192 | 0.64 | % | |||||||||
| Securities Sold under | |||||||||||||
| Repurchase Agreements | 119,586 | 192 | 0.64 | % | |||||||||
| Net Interest Income and | |||||||||||||
| Margin (FTE) | $53,846 | 3.80 | % | ||||||||||
| Q3'2024 | |||||||||||||
| Average | Income/ | Yield (a) / | |||||||||||
| Volume | Expense | Rate (a) | |||||||||||
| Interest & Loan Fee Income Earned: | |||||||||||||
| Total Earning Assets (FTE) | $6,062,174 | $68,110 | 4.45 | % | |||||||||
| Total Loans (FTE) | 831,418 | 11,526 | 5.52 | % | |||||||||
| Commercial Loans (FTE) | 136,160 | 2,393 | 7.00 | % | |||||||||
| Commercial Real Estate | |||||||||||||
| Loans | 493,272 | 6,308 | 5.09 | % | |||||||||
| Consumer Loans | 201,986 | 2,825 | 5.57 | % | |||||||||
| Total Investment Securities (FTE) | 4,736,024 | 49,822 | 4.17 | % | |||||||||
| Total Debt Securities | |||||||||||||
| Available for Sale (FTE) | 3,867,451 | 40,722 | 4.16 | % | |||||||||
| Corporate Securities | 2,074,145 | 14,268 | 2.75 | % | |||||||||
| Collateralized Loan | |||||||||||||
| Obligations | 1,166,189 | 21,459 | 7.20 | % | |||||||||
| Agency Mortgage Backed | |||||||||||||
| Securities | 244,994 | 1,638 | 2.68 | % | |||||||||
| Securities of U.S. | |||||||||||||
| Government sponsored | |||||||||||||
| entities | 310,138 | 2,777 | 3.58 | % | |||||||||
| Obligations of States and | |||||||||||||
| Political Subdivisions | |||||||||||||
| (FTE) | 67,141 | 518 | 3.08 | % | |||||||||
| U.S. Treasury Securities | 4,844 | 62 | 5.13 | % | |||||||||
| Total Debt Securities Held to | |||||||||||||
| Maturity (FTE) | 854,346 | 8,689 | 4.07 | % | |||||||||
| Agency Mortgage Backed | |||||||||||||
| Securities | 65,545 | 376 | 2.29 | % | |||||||||
| Corporate Securities | 732,689 | 7,815 | 4.27 | % | |||||||||
| Obligations of States and | |||||||||||||
| Political Subdivisions | |||||||||||||
| (FTE) | 56,112 | 498 | 3.55 | % | |||||||||
| Equity Securities | 14,227 | 411 | 11.55 | % | |||||||||
| Total Interest-Bearing Cash | 494,732 | 6,762 | 5.35 | % | |||||||||
| Interest Expense Paid: | |||||||||||||
| Total Earning Assets | 6,062,174 | 5,645 | 0.37 | % | |||||||||
| Total Interest-Bearing | |||||||||||||
| Liabilities | 2,950,093 | 5,645 | 0.76 | % | |||||||||
| Total Interest-Bearing | |||||||||||||
| Deposits | 2,666,598 | 3,113 | 0.46 | % | |||||||||
| Interest-Bearing Transaction | 937,694 | 47 | 0.02 | % | |||||||||
| Savings | 1,639,997 | 2,990 | 0.73 | % | |||||||||
| Time less than | 56,092 | 46 | 0.33 | % | |||||||||
| Time greater than | 32,815 | 30 | 0.36 | % | |||||||||
| Total Short-Term Borrowings | 283,495 | 2,532 | 3.54 | % | |||||||||
| Bank Term Funding Program | |||||||||||||
| Borrowings | 167,391 | 2,278 | 5.40 | % | |||||||||
| Securities Sold under | |||||||||||||
| Repurchase Agreements | 116,104 | 254 | 0.87 | % | |||||||||
| Net Interest Income and | |||||||||||||
| Margin (FTE) | $62,465 | 4.08 | % | ||||||||||
| 6. Noninterest Income. | |||||||||||||
| (dollars in thousands except per-share amounts) | |||||||||||||
| % | |||||||||||||
| Q3'2025 | Q3'2024 | Change | Q2'2025 | ||||||||||
| Service Charges on Deposit | |||||||||||||
| Accounts | $3,317 | $3,585 | -7.5 | % | $3,368 | ||||||||
| Merchant Processing | |||||||||||||
| Services | 2,860 | 2,474 | 15.6 | % | 2,687 | ||||||||
| Debit Card Fees | 1,603 | 1,702 | -5.8 | % | 1,664 | ||||||||
| Trust Fees | 895 | 846 | 5.8 | % | 867 | ||||||||
| ATM Processing Fees | 483 | 533 | -9.4 | % | 482 | ||||||||
| Other Service Fees | 448 | 454 | -1.3 | % | 450 | ||||||||
| Bank Owned | |||||||||||||
| Life Insurance Gains | - | 202 | n/m | 106 | |||||||||
| Unrealized Losses on | |||||||||||||
| Equity Securities | (90 | ) | - | n/m | - | ||||||||
| Other Noninterest Income | 635 | 2,129 | -70.2 | % | 691 | ||||||||
| Total Noninterest Income | $10,151 | $11,925 | -14.9 | % | $10,315 | ||||||||
| Operating Ratios: | |||||||||||||
| Total Revenue (FTE) | $63,997 | $74,390 | -14.0 | % | $64,877 | ||||||||
| Noninterest Income / | |||||||||||||
| Revenue (FTE) | 15.9 | % | 16.0 | % | 15.9 | % | |||||||
| Service Charges / | |||||||||||||
| Avg. Deposits (a) | 0.27 | % | 0.28 | % | 0.28 | % | |||||||
| Total Revenue (FTE) Per | |||||||||||||
| Avg. Common Share (a) | $10.02 | $11.09 | -9.7 | % | $10.05 | ||||||||
| % | |||||||||||||
| 9/30'25YTD | 9/30'24YTD | Change | |||||||||||
| Service Charges on Deposit | |||||||||||||
| Accounts | $10,066 | $10,524 | -4.4 | % | |||||||||
| Merchant Processing | |||||||||||||
| Services | 8,280 | 7,714 | 7.3 | % | |||||||||
| Debit Card Fees | 4,848 | 4,951 | -2.1 | % | |||||||||
| Trust Fees | 2,661 | 2,451 | 8.6 | % | |||||||||
| ATM Processing Fees | 1,428 | 1,664 | -14.2 | % | |||||||||
| Other Service Fees | 1,327 | 1,342 | -1.1 | % | |||||||||
| Bank Owned | |||||||||||||
| Life Insurance Gains | 208 | 202 | n/m | ||||||||||
| Unrealized Losses on | |||||||||||||
| Equity Securities | (90 | ) | - | n/m | |||||||||
| Other Noninterest Income | 2,059 | 3,674 | -44.0 | % | |||||||||
| Total Noninterest Income | $30,787 | $32,522 | -5.3 | % | |||||||||
| Operating Ratios: | |||||||||||||
| Total Revenue (FTE) | $195,585 | $225,181 | -13.1 | % | |||||||||
| Noninterest Income / | |||||||||||||
| Revenue (FTE) | 15.7 | % | 14.4 | % | |||||||||
| Service Charges / | |||||||||||||
| Avg. Deposits (a) | 0.28 | % | 0.27 | % | |||||||||
| Total Revenue (FTE) Per | |||||||||||||
| Avg. Common Share (a) | $10.08 | $11.27 | -10.6 | % | |||||||||
| 7. Noninterest Expense. | |||||||||||||
| (dollars in thousands) | |||||||||||||
| % | |||||||||||||
| Q3'2025 | Q3'2024 | Change | Q2'2025 | ||||||||||
| Salaries and Related Benefits | $12,387 | $12,762 | -2.9 | % | $12,303 | ||||||||
| Occupancy and Equipment | 5,253 | 5,256 | -0.1 | % | 5,154 | ||||||||
| Outsourced Data Processing | 2,722 | 2,614 | 4.1 | % | 2,709 | ||||||||
| Limited Partnership | |||||||||||||
| Operating Losses | 915 | 1,210 | -24.4 | % | 915 | ||||||||
| Professional Fees | 643 | 337 | 90.8 | % | 386 | ||||||||
| Courier Service | 738 | 682 | 8.2 | % | 687 | ||||||||
| Other Noninterest Expense | 3,142 | 3,448 | -8.9 | % | 3,375 | ||||||||
| Total Noninterest Expense | $25,800 | $26,309 | -1.9 | % | $25,529 | ||||||||
| Operating Ratios: | |||||||||||||
| Noninterest Expense / | |||||||||||||
| Avg. Earning Assets (a) | 1.82 | % | 1.73 | % | 1.81 | % | |||||||
| Noninterest Expense / | |||||||||||||
| Revenues (FTE) | 40.3 | % | 35.4 | % | 39.3 | % | |||||||
| % | |||||||||||||
| 9/30'25YTD | 9/30'24YTD | Change | |||||||||||
| Salaries and Related Benefits | $36,816 | $37,831 | -2.7 | % | |||||||||
| Occupancy and Equipment | 15,445 | 15,454 | -0.1 | % | |||||||||
| Outsourced Data Processing | 8,128 | 7,661 | 6.1 | % | |||||||||
| Limited Partnership | |||||||||||||
| Operating Losses | 2,745 | 4,090 | -32.9 | % | |||||||||
| Professional Fees | 1,424 | 1,101 | 29.3 | % | |||||||||
| Courier Service | 2,113 | 2,017 | 4.8 | % | |||||||||
| Other Noninterest Expense | 9,785 | 10,384 | -5.8 | % | |||||||||
| Total Noninterest Expense | $76,456 | $78,538 | -2.7 | % | |||||||||
| Operating Ratios: | |||||||||||||
| Noninterest Expense / | |||||||||||||
| Avg. Earning Assets (a) | 1.80 | % | 1.72 | % | |||||||||
| Noninterest Expense / | |||||||||||||
| Revenues (FTE) | 39.1 | % | 34.9 | % | |||||||||
| 8. Allowance for Credit Losses. | |||||||||||||
| (dollars in thousands) | |||||||||||||
| % | |||||||||||||
| Q3'2025 | Q3'2024 | Change | Q2'2025 | ||||||||||
| Average Total Loans | $744,046 | $831,418 | -10.5 | % | $762,216 | ||||||||
| Beginning of Period | |||||||||||||
| Allowance for Credit | |||||||||||||
| Losses on Loans (ACLL) | $13,787 | $15,952 | -13.6 | % | $13,914 | ||||||||
| Provision for | |||||||||||||
| Credit Losses | - | - | n/m | - | |||||||||
| Net ACLL Losses | (1,928 | ) | (634 | ) | n/m | (127 | ) | ||||||
| End of Period ACLL | $11,859 | $15,318 | -22.6 | % | $13,787 | ||||||||
| Gross ACLL Recoveries / | |||||||||||||
| Gross ACLL Losses | 22 | % | 62 | % | 87 | % | |||||||
| Net ACLL Losses / | |||||||||||||
| Avg. Total Loans (a) | -1.03 | % | -0.30 | % | -0.07 | % | |||||||
| % | |||||||||||||
| 9/30'25YTD | 9/30'24YTD | Change | |||||||||||
| Average Total Loans | $765,231 | $840,961 | -9.0 | % | |||||||||
| Beginning of Period ACLL | $14,780 | $16,867 | -12.4 | % | |||||||||
| (Reversal of) Provision for | |||||||||||||
| Credit Losses | (550 | ) | 300 | n/m | |||||||||
| Net ACLL Losses | (2,371 | ) | (1,849 | ) | n/m | ||||||||
| End of Period ACLL | $11,859 | $15,318 | -22.6 | % | |||||||||
| Gross ACLL Recoveries / | |||||||||||||
| Gross ACLL Losses | 54 | % | 64 | % | |||||||||
| Net ACLL Losses / | |||||||||||||
| Avg. Total Loans (a) | -0.41 | % | -0.29 | % | |||||||||
| (dollars in thousands) | |||||||||||||
| % | |||||||||||||
| 9/30/25 | 9/30/24 | Change | 6/30/25 | ||||||||||
| Allowance for Credit Losses | |||||||||||||
| on Loans | $11,859 | $15,318 | -22.6 | % | $13,787 | ||||||||
| Allowance for Credit Losses | |||||||||||||
| on Held to Maturity | |||||||||||||
| Securities | 1 | 1 | 0.0 | % | 1 | ||||||||
| Total Allowance for Credit | |||||||||||||
| Losses | $11,860 | $15,319 | -22.6 | % | $13,788 | ||||||||
| Allowance for Unfunded | |||||||||||||
| Credit Commitments | $201 | $201 | 0.0 | % | $201 | ||||||||
| 9. Credit Quality. | |||||||||||||
| (dollars in thousands) | |||||||||||||
| % | |||||||||||||
| 9/30/25 | 9/30/24 | Change | 6/30/25 | ||||||||||
| Nonperforming Loans: | |||||||||||||
| Nonperforming Nonaccrual | |||||||||||||
| Loans | $1,619 | $252 | 542.5 | % | $ - | ||||||||
| Performing Nonaccrual | |||||||||||||
| Loans | 728 | - | n/m | 4,553 | |||||||||
| Total Nonaccrual Loans | 2,347 | 252 | 831.3 | % | 4,553 | ||||||||
| Accruing Loans 90+ Days | |||||||||||||
| Past Due | 297 | 667 | -55.5 | % | 411 | ||||||||
| Total Nonperforming Loans | $2,644 | $919 | 187.7 | % | $4,964 | ||||||||
| Total Loans Outstanding | $741,579 | $833,967 | -11.1 | % | $748,264 | ||||||||
| Total Assets | 5,914,438 | 6,161,143 | -4.0 | % | 5,825,069 | ||||||||
| Loans: | |||||||||||||
| Allowance for Credit Losses | |||||||||||||
| on Loans | $11,859 | $15,318 | -22.6 | % | $13,787 | ||||||||
| Allowance for Credit Losses | |||||||||||||
| on Loans / Loans | 1.60 | % | 1.84 | % | 1.84 | % | |||||||
| Nonperforming Loans / | |||||||||||||
| Total Loans | 0.36 | % | 0.11 | % | 0.66 | % | |||||||
| 10. Liquidity. | |||||||||||||
| At September 30, 2025, the Company had | |||||||||||||
| (in thousands) | |||||||||||||
| 9/30/25 | |||||||||||||
| Debt Securities Eligible as | |||||||||||||
| Collateral: | |||||||||||||
| Corporate Securities | $2,531,359 | ||||||||||||
| Collateralized Loan | |||||||||||||
| Obligations rated AAA | 190,368 | ||||||||||||
| Obligations of States and | |||||||||||||
| Political Subdivisions | 91,351 | ||||||||||||
| Agency Mortgage Backed | |||||||||||||
| Securities | 634,583 | ||||||||||||
| Securities of U.S. Government | |||||||||||||
| Sponsored Entities | 305,192 | ||||||||||||
| Total Debt Securities Eligible | |||||||||||||
| as Collateral | $3,752,853 | ||||||||||||
| Debt Securities Pledged | |||||||||||||
| as Collateral: | |||||||||||||
| Debt Securities Pledged | |||||||||||||
| at the Federal Reserve Bank | ($647,776 | ) | |||||||||||
| Deposits by Public Entities | (713,200 | ) | |||||||||||
| Securities Sold under | |||||||||||||
| Repurchase Agreements | (415,475 | ) | |||||||||||
| Other | (6,380 | ) | |||||||||||
| Total Debt Securities Pledged | |||||||||||||
| as Collateral | ($1,782,831 | ) | |||||||||||
| Estimated Debt Securities | |||||||||||||
| Available to Pledge | $1,970,022 | ||||||||||||
| 11. Capital. | |||||||||||||
| (in thousands, except per-share amounts) | |||||||||||||
| % | |||||||||||||
| 9/30/25 | 9/30/24 | Change | 6/30/25 | ||||||||||
| Shareholders' Equity | $931,646 | $909,040 | 2.5 | % | $921,783 | ||||||||
| Total Assets | 5,914,438 | 6,161,143 | -4.0 | % | 5,825,069 | ||||||||
| Shareholders' Equity/ | |||||||||||||
| Total Assets | 15.75 | % | 14.75 | % | 15.82 | % | |||||||
| Shareholders' Equity/ | |||||||||||||
| Total Loans | 125.63 | % | 109.00 | % | 123.19 | % | |||||||
| Tangible Common Equity | |||||||||||||
| Ratio | 13.98 | % | 13.03 | % | 14.03 | % | |||||||
| Common Shares Outstanding | 25,107 | 26,686 | -5.9 | % | 25,587 | ||||||||
| Common Equity Per Share | $37.11 | $34.06 | 8.9 | % | $36.03 | ||||||||
| Market Value Per Common | |||||||||||||
| Share | 49.99 | 49.42 | 1.2 | % | 48.44 | ||||||||
| (shares in thousands) | |||||||||||||
| % | |||||||||||||
| Q3'2025 | Q3'2024 | Change | Q2'2025 | ||||||||||
| Share Retirements (Issuances): | |||||||||||||
| Total Shares Retired | 488 | - | n/m | 773 | |||||||||
| Average Retirement Price | $48.96 | $ - | n/m | $49.61 | |||||||||
| Net Shares Retired (Issued) | 480 | (3 | ) | n/m | 773 | ||||||||
| % | |||||||||||||
| 9/30'25YTD | 9/30'24YTD | Change | |||||||||||
| Total Shares Retired | 1,622 | 4 | n/m | ||||||||||
| Average Retirement Price | $49.60 | $45.58 | n/m | ||||||||||
| Net Shares Retired (Issued) | 1,601 | (15 | ) | n/m | |||||||||
| 12. Period-End Balance Sheets. | |||||||||||||
| (unaudited, dollars in thousands) | |||||||||||||
| % | |||||||||||||
| 9/30/25 | 9/30/24 | Change | 6/30/25 | ||||||||||
| Assets: | |||||||||||||
| Cash and Due from Banks | $659,268 | $502,945 | 31.1 | % | $626,437 | ||||||||
| Debt Securities Available for | |||||||||||||
| Sale: | |||||||||||||
| Corporate Securities | 1,797,562 | 1,901,617 | -5.5 | % | 1,792,021 | ||||||||
| Collateralized Loan | |||||||||||||
| Obligations | 561,063 | 1,078,920 | -48.0 | % | 780,147 | ||||||||
| Agency Mortgage Backed | |||||||||||||
| Securities | 589,654 | 227,565 | 159.1 | % | 291,543 | ||||||||
| Securities of U.S. | |||||||||||||
| Government Sponsored | |||||||||||||
| Entities | 305,192 | 303,609 | 0.5 | % | 301,903 | ||||||||
| Obligations of States and | |||||||||||||
| Political Subdivisions | 51,853 | 63,876 | -18.8 | % | 60,835 | ||||||||
| U.S. Treasury Securities | - | 4,899 | n/m | - | |||||||||
| Total Debt Securities | |||||||||||||
| Available for Sale | 3,305,324 | 3,580,486 | -7.7 | % | 3,226,449 | ||||||||
| Debt Securities Held to | |||||||||||||
| Maturity: | |||||||||||||
| Agency Mortgage Backed | |||||||||||||
| Securities | 46,433 | 62,745 | -26.0 | % | 49,878 | ||||||||
| Corporate Securities | 740,545 | 733,748 | 0.9 | % | 738,846 | ||||||||
| Obligations of States and | |||||||||||||
| Political Subdivisions (1) | 39,527 | 53,768 | -26.5 | % | 45,715 | ||||||||
| Total Debt Securities | |||||||||||||
| Held to Maturity (1) | 826,505 | 850,261 | -2.8 | % | 834,439 | ||||||||
| Loans | 741,579 | 833,967 | -11.1 | % | 748,264 | ||||||||
| Allowance For Credit Losses | |||||||||||||
| on Loans | (11,859 | ) | (15,318 | ) | -22.6 | % | (13,787 | ) | |||||
| Total Loans, net | 729,720 | 818,649 | -10.9 | % | 734,477 | ||||||||
| Premises and Equipment, net | 25,874 | 26,129 | -1.0 | % | 25,850 | ||||||||
| Identifiable Intangibles, net | - | 178 | n/m | 19 | |||||||||
| Goodwill | 121,673 | 121,673 | 0.0 | % | 121,673 | ||||||||
| Other Assets | 246,074 | 260,822 | -5.7 | % | 255,725 | ||||||||
| Total Assets | $5,914,438 | $6,161,143 | -4.0 | % | $5,825,069 | ||||||||
| Liabilities and Shareholders' | |||||||||||||
| Equity: | |||||||||||||
| Deposits: | |||||||||||||
| Noninterest-Bearing | $2,214,100 | $2,375,958 | -6.8 | % | $2,175,841 | ||||||||
| Interest-Bearing Transaction | 881,367 | 925,455 | -4.8 | % | 894,774 | ||||||||
| Savings | 1,626,474 | 1,677,332 | -3.0 | % | 1,603,974 | ||||||||
| Time | 71,238 | 86,305 | -17.5 | % | 72,946 | ||||||||
| Total Deposits | 4,793,179 | 5,065,050 | -5.4 | % | 4,747,535 | ||||||||
| Securities Sold under | |||||||||||||
| Repurchase Agreements | 133,651 | 132,487 | 0.9 | % | 101,210 | ||||||||
| Total Short-Term | |||||||||||||
| Borrowed Funds | 133,651 | 132,487 | 0.9 | % | 101,210 | ||||||||
| Other Liabilities | 55,962 | 54,566 | 2.6 | % | 54,541 | ||||||||
| Total Liabilities | 4,982,792 | 5,252,103 | -5.1 | % | 4,903,286 | ||||||||
| Shareholders' Equity: | |||||||||||||
| Common Equity: | |||||||||||||
| Paid-In Capital | 448,600 | 475,096 | -5.6 | % | 456,964 | ||||||||
| Accumulated Other | |||||||||||||
| Comprehensive Loss | (99,913 | ) | (127,653 | ) | -21.7 | % | (116,747 | ) | |||||
| Retained Earnings | 582,959 | 561,597 | 3.8 | % | 581,566 | ||||||||
| Total Shareholders' Equity | 931,646 | 909,040 | 2.5 | % | 921,783 | ||||||||
| Total Liabilities and | |||||||||||||
| Shareholders' Equity | $5,914,438 | $6,161,143 | -4.0 | % | $5,825,069 | ||||||||
| 13. Income Statements. | |||||||||||||
| (unaudited, in thousands except per-share amounts) | |||||||||||||
| % | |||||||||||||
| Q3'2025 | Q3'2024 | Change | Q2'2025 | ||||||||||
| Interest and Loan Fee Income: | |||||||||||||
| Loans | $10,257 | $11,441 | -10.3 | % | $10,523 | ||||||||
| Equity Securities | 409 | 388 | 5.4 | % | 408 | ||||||||
| Debt Securities Available | |||||||||||||
| for Sale | 30,358 | 40,616 | -25.3 | % | 30,815 | ||||||||
| Debt Securities Held to | |||||||||||||
| Maturity | 8,370 | 8,587 | -2.5 | % | 8,448 | ||||||||
| Interest-Bearing Cash | 7,840 | 6,762 | 15.9 | % | 7,273 | ||||||||
| Total Interest and Loan | |||||||||||||
| Fee Income | 57,234 | 67,794 | -15.6 | % | 57,467 | ||||||||
| Interest Expense: | |||||||||||||
| Transaction Deposits | 45 | 47 | -4.3 | % | 44 | ||||||||
| Savings Deposits | 3,361 | 2,990 | 12.4 | % | 2,950 | ||||||||
| Time Deposits | 47 | 76 | -38.2 | % | 51 | ||||||||
| Bank Term Funding Program | |||||||||||||
| Borrowings | - | 2,278 | n/m | - | |||||||||
| Securities Sold under | |||||||||||||
| Repurchase Agreements | 192 | 254 | -24.5 | % | 144 | ||||||||
| Total Interest Expense | 3,645 | 5,645 | -35.4 | % | 3,189 | ||||||||
| Net Interest and Loan | |||||||||||||
| Fee Income | 53,589 | 62,149 | -13.8 | % | 54,278 | ||||||||
| Provision for | |||||||||||||
| Credit Losses | - | - | n/m | - | |||||||||
| Noninterest Income: | |||||||||||||
| Service Charges on Deposit | |||||||||||||
| Accounts | 3,317 | 3,585 | -7.5 | % | 3,368 | ||||||||
| Merchant Processing | |||||||||||||
| Services | 2,860 | 2,474 | 15.6 | % | 2,687 | ||||||||
| Debit Card Fees | 1,603 | 1,702 | -5.8 | % | 1,664 | ||||||||
| Trust Fees | 895 | 846 | 5.8 | % | 867 | ||||||||
| ATM Processing Fees | 483 | 533 | -9.4 | % | 482 | ||||||||
| Other Service Fees | 448 | 454 | -1.3 | % | 450 | ||||||||
| Bank Owned | |||||||||||||
| Life Insurance Gains | - | 202 | n/m | 106 | |||||||||
| Other Noninterest Income | 545 | 2,129 | -74.4 | % | 691 | ||||||||
| Total Noninterest Income | 10,151 | 11,925 | -14.9 | % | 10,315 | ||||||||
| Noninterest Expense: | |||||||||||||
| Salaries and Related Benefits | 12,387 | 12,762 | -2.9 | % | 12,303 | ||||||||
| Occupancy and Equipment | 5,253 | 5,256 | -0.1 | % | 5,154 | ||||||||
| Outsourced Data Processing | 2,722 | 2,614 | 4.1 | % | 2,709 | ||||||||
| Limited Partnership | |||||||||||||
| Operating Losses | 915 | 1,210 | -24.4 | % | 915 | ||||||||
| Professional Fees | 643 | 337 | 90.8 | % | 386 | ||||||||
| Courier Service | 738 | 682 | 8.2 | % | 687 | ||||||||
| Other Noninterest Expense | 3,142 | 3,448 | -8.9 | % | 3,375 | ||||||||
| Total Noninterest Expense | 25,800 | 26,309 | -1.9 | % | 25,529 | ||||||||
| Income Before Income Taxes | 37,940 | 47,765 | -20.6 | % | 39,064 | ||||||||
| Income Tax Provision | 9,677 | 12,708 | -23.9 | % | 9,998 | ||||||||
| Net Income | $28,263 | $35,057 | -19.4 | % | $29,066 | ||||||||
| Average Common Shares | |||||||||||||
| Outstanding | 25,341 | 26,685 | -5.0 | % | 25,889 | ||||||||
| Diluted Average Common | |||||||||||||
| Shares Outstanding | 25,341 | 26,686 | -5.0 | % | 25,889 | ||||||||
| Per Common Share Data: | |||||||||||||
| Basic Earnings | $1.12 | $1.31 | -14.5 | % | $1.12 | ||||||||
| Diluted Earnings | 1.12 | 1.31 | -14.5 | % | 1.12 | ||||||||
| Dividends Paid | 0.46 | 0.44 | 4.5 | % | 0.46 | ||||||||
| % | |||||||||||||
| 9/30'25YTD | 9/30'24YTD | Change | |||||||||||
| Interest and Loan Fee Income: | |||||||||||||
| Loans | $31,449 | $34,119 | -7.8 | % | |||||||||
| Equity Securities | 1,239 | 1,178 | 5.2 | % | |||||||||
| Debt Securities Available | |||||||||||||
| for Sale | 94,376 | 130,345 | -27.6 | % | |||||||||
| Debt Securities Held to | |||||||||||||
| Maturity | 25,312 | 25,964 | -2.5 | % | |||||||||
| Interest-Bearing Cash | 21,816 | 14,006 | 55.8 | % | |||||||||
| Total Interest and Loan | |||||||||||||
| Fee Income | 174,192 | 205,612 | -15.3 | % | |||||||||
| Interest Expense: | |||||||||||||
| Transaction Deposits | 135 | 235 | -42.6 | % | |||||||||
| Savings Deposits | 9,439 | 7,229 | 30.6 | % | |||||||||
| Time Deposits | 153 | 215 | -28.8 | % | |||||||||
| Bank Term Funding Program | |||||||||||||
| Borrowings | - | 5,813 | n/m | ||||||||||
| Securities Sold under | |||||||||||||
| Repurchase Agreements | 503 | 461 | 9.1 | % | |||||||||
| Total Interest Expense | 10,230 | 13,953 | -26.7 | % | |||||||||
| Net Interest and Loan | |||||||||||||
| Fee Income | 163,962 | 191,659 | -14.5 | % | |||||||||
| (Reversal of) Provision | |||||||||||||
| for Credit Losses | (550 | ) | 300 | n/m | |||||||||
| Noninterest Income: | |||||||||||||
| Service Charges on Deposit | 10,066 | 10,524 | -4.4 | % | |||||||||
| Accounts | |||||||||||||
| Merchant Processing | |||||||||||||
| Services | 8,280 | 7,714 | 7.3 | % | |||||||||
| Debit Card Fees | 4,848 | 4,951 | -2.1 | % | |||||||||
| Trust Fees | 2,661 | 2,451 | 8.6 | % | |||||||||
| ATM Processing Fees | 1,428 | 1,664 | -14.2 | % | |||||||||
| Other Service Fees | 1,327 | 1,342 | -1.1 | % | |||||||||
| Bank Owned | |||||||||||||
| Life Insurance Gains | 208 | 202 | n/m | ||||||||||
| Other Noninterest Income | 1,969 | 3,674 | -46.4 | % | |||||||||
| Total Noninterest Income | 30,787 | 32,522 | -5.3 | % | |||||||||
| Noninterest Expense: | |||||||||||||
| Salaries and Related Benefits | 36,816 | 37,831 | -2.7 | % | |||||||||
| Occupancy and Equipment | 15,445 | 15,454 | -0.1 | % | |||||||||
| Outsourced Data Processing | 8,128 | 7,661 | 6.1 | % | |||||||||
| Limited Partnership | |||||||||||||
| Operating Losses | 2,745 | 4,090 | -32.9 | % | |||||||||
| Professional Fees | 1,424 | 1,101 | 29.3 | % | |||||||||
| Courier Service | 2,113 | 2,017 | 4.8 | % | |||||||||
| Other Noninterest Expense | 9,785 | 10,384 | -5.8 | % | |||||||||
| Total Noninterest Expense | 76,456 | 78,538 | -2.7 | % | |||||||||
| Income Before Income Taxes | 118,843 | 145,343 | -18.2 | % | |||||||||
| Income Tax Provision | 30,477 | 38,407 | -20.6 | % | |||||||||
| Net Income | $88,366 | $106,936 | -17.4 | % | |||||||||
| Average Common Shares | |||||||||||||
| Outstanding | 25,953 | 26,680 | -2.7 | % | |||||||||
| Diluted Average Common | |||||||||||||
| Shares Outstanding | 25,953 | 26,681 | -2.7 | % | |||||||||
| Per Common Share Data: | |||||||||||||
| Basic Earnings | $3.40 | $4.01 | -15.2 | % | |||||||||
| Diluted Earnings | 3.40 | 4.01 | -15.2 | % | |||||||||
| Dividends Paid | 1.36 | 1.32 | 3.0 | % | |||||||||
| 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 | |||||||||||||
| (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 | |||||||||||||
| Certain amounts in prior periods have been reclassified to conform to the current presentation. | |||||||||||||
FAQ
What were Westamerica (WABC) Q3 2025 earnings and EPS?
Did Westamerica (WABC) record any credit loss provision in Q3 2025?
How much did Westamerica (WABC) return to shareholders in Q3 2025?
What happened to Westamerica’s (WABC) loans and net interest income in Q3 2025?
What was Westamerica’s (WABC) net interest margin and funding cost in Q3 2025?
