• Westamerica Bancorporation Reports First Quarter 2024 Financial Results

    Source: Nasdaq GlobeNewswire / 18 Apr 2024 10:52:32   America/New_York

    SAN RAFAEL, Calif., April 18, 2024 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the first quarter 2024 of $36.4 million and diluted earnings per common share ("EPS") of $1.37. First quarter 2024 results compare to fourth quarter 2023 net income of $39.5 million and EPS of $1.48.

    "Westamerica’s first quarter 2024 results benefited from the Company’s valuable low-cost deposit base, of which 47 percent was represented by non-interest bearing checking accounts during the quarter; the annualized cost of funding our loan and bond portfolios was 0.20 percent for the first quarter 2024. First quarter 2024 operating expenses remained well controlled at 34 percent of total revenues on a fully-taxable equivalent basis. Our consistent application of conservative loan underwriting practices resulted in relatively stable nonperforming assets totaling $1.5 million,” said Chairman, President and CEO David Payne. “First quarter 2024 results generated an annualized 15.2 percent return on average common equity. Shareholders were paid a $0.44 per common share dividend during the first quarter 2024,” concluded Payne.

    Net interest income on a fully-taxable equivalent (FTE) basis was $66.1 million for the first quarter 2024, compared to $69.7 million for the fourth quarter 2023. The annualized yield earned on loans, bonds and cash for the first quarter 2024 was 4.50 percent compared to 4.52 percent for the fourth quarter 2023. The annualized cost of funding the loan and bond portfolios was 0.20 percent for the first quarter 2024 compared to 0.11 percent for the fourth quarter 2023.

    The Company provided $300 thousand for the allowance for credit losses on loans in the first quarter 2024. The Allowance for Credit Losses on Loans was $15.9 million at March 31, 2024.

    Noninterest income for the first quarter 2024 totaled $10.1 million compared to $11.0 million for the fourth quarter 2023. Debit card fees declined $524 thousand from the fourth quarter 2023 to the first quarter 2024 due to recognition of an annual volume-based incentive in the fourth quarter 2023. Merchant processing services fees declined $356 thousand from the fourth quarter 2023 to the first quarter 2024 due to reduced processing volumes.

    Noninterest expenses for the first quarter 2024 were $26.1 million compared to $25.5 million for the fourth quarter 2023. Salaries and related benefits were $430 thousand higher in the first quarter 2024 compared to the fourth quarter 2023 due to seasonally higher payroll taxes, merit increases and higher welfare benefit costs.

    The income tax provision (FTE) for the first quarter 2024 was $13.4 million compared to $15.7 million for the fourth quarter 2023. The fourth quarter 2023 includes a $492 thousand increase to reconcile the 2022 income tax provision to the filed 2022 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 – SVP & Chief Financial Officer
    707-863-6840
    investments@westamerica.com

    FORWARD-LOOKING INFORMATION:

    The following appears in accordance with the Private Securities Litigation Reform Act of 1995:

    This press release may contain forward-looking statements about the Company, including descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may."

    Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors — many of which are beyond the Company's control — could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. The Company's most recent reports filed with the Securities and Exchange Commission, including the annual report for the year ended December 31, 2023 filed on Form 10-K and quarterly report for the quarter ended September 30, 2023 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 18, 2024 
    WESTAMERICA BANCORPORATION      
    FINANCIAL HIGHLIGHTS      
    March 31, 2024      
            
    1. Net Income Summary.      
      (in thousands except per-share amounts)  
        %   
      Q1'2024Q1'2023ChangeQ4'2023  
            
     Net Interest and Fee Income (FTE)$66,094 $69,562 -5.0%$69,738   
     Provision (Reversal      
     of Provision) for      
     Credit Losses (1) 300  (1,550)n/m  -   
     Noninterest Income 10,097  10,549 -4.3% 10,992   
     Noninterest Expense 26,099  26,210 -0.4% 25,517   
     Income Before Taxes (FTE) 49,792  55,451 -10.2% 55,213   
     Income Tax Provision (FTE) 13,375  15,000 -10.8% 15,745   
     Net Income$36,417 $40,451 -10.0%$39,468   
            
     Average Common Shares Outstanding 26,674  26,859 -0.7% 26,662   
     Diluted Average Common Shares Outstanding 26,675  26,866 -0.7% 26,664   
            
     Operating Ratios:      
     Basic Earnings Per Common Share$1.37 $1.51 -9.3%$1.48   
     Diluted Earnings Per Common Share 1.37  1.51 -9.3% 1.48   
     Return On Assets (a) 2.24% 2.31%  2.35%  
     Return On Common Equity (a) 15.2% 19.1%  16.7%  
     Net Interest Margin (FTE) (a) 4.30% 4.18%  4.41%  
     Efficiency Ratio (FTE) 34.3% 32.7%  31.6%  
            
     Dividends Paid Per Common Share$0.44 $0.42 4.8%$0.44   
     Common Dividend Payout Ratio  32% 28%  30%  
            
    2. Net Interest Income.      
      (dollars in thousands)  
        %   
      Q1'2024Q1'2023ChangeQ4'2023  
            
     Interest and Fee Income (FTE)$69,095 $70,033 -1.3%$71,417   
     Interest Expense 3,001  471 537.2% 1,679   
     Net Interest and Fee Income (FTE)$66,094 $69,562 -5.0%$69,738   
            
     Average Earning Assets$6,119,368 $6,665,156 -8.2%$6,251,143   
     Average Interest- Bearing Liabilities 2,955,565  3,287,158 -10.1% 2,966,038   
            
     Yield on Earning Assets (FTE) (a) 4.50% 4.21%  4.52%  
     Cost of Funds (a) 0.20% 0.03%  0.11%  
     Net Interest Margin (FTE) (a) 4.30% 4.18%  4.41%  
     Interest Expense/      
        Interest-Bearing Liabilities (a) 0.41% 0.06%  0.22%  
     Net Interest Spread (FTE) (a) 4.09% 4.15%  4.30%  
            
    3. Loans & Other Earning Assets.      
      (average volume, dollars in thousands)  
        %   
      Q1'2024Q1'2023ChangeQ4'2023  
            
     Total Assets$6,525,921 $7,112,317 -8.2%$6,665,040   
     Total Earning Assets 6,119,368  6,665,156 -8.2% 6,251,143   
     Total Loans 853,553  945,864 -9.8% 873,635   
       Commercial Loans 133,422  165,360 -19.3% 139,535   
       Commercial Real Estate Loans  488,989  493,132 -0.8% 490,645   
       Consumer Loans 231,142  287,372 -19.6% 243,455   
     Total Investment Securities 5,098,539  5,548,780 -8.1% 5,182,557   
       Debt Securities Available for Sale 4,224,474  4,636,098 -8.9% 4,298,396   
       Debt Securities Held to Maturity 874,065  912,682 -4.2% 884,161   
     Total Interest-Bearing Cash 167,276  170,512 -1.9% 194,951   
            
     Loans/Deposits 15.9% 15.6%  15.7%  
            
    4. Deposits, Other Interest-Bearing Liabilities & Equity.    
      (average volume, dollars in thousands)  
        %   
      Q1'2024Q1'2023ChangeQ4'2023  
            
     Total Deposits$5,379,060 $6,061,923 -11.3%$5,573,281   
       Noninterest Demand  2,532,381  2,851,600 -11.2% 2,672,170   
       Interest-Bearing Transaction 1,058,292  1,233,439 -14.2% 1,085,864   
       Savings 1,691,716  1,847,428 -8.4% 1,713,803   
       Time greater than $100K 36,135  57,630 -37.3% 37,970   
       Time less than $100K 60,536  71,826 -15.7% 63,474   
     Total Short-Term Borrowings 108,886  76,835 41.7% 64,927   
       Bank Term Funding Program      
         Borrowings 62,582  - n/m  -   
       Securities Sold under Repurchase      
         Agreements 46,304  76,835 -39.7% 64,927   
     Shareholders' Equity 965,840  858,473 12.5% 938,738   
            
     Demand Deposits/ Total Deposits 47.1% 47.0%  47.9%  
     Transaction & Savings Deposits / Total Deposits 98.2% 97.9%  98.2%  
            
    5. Interest Yields Earned & Rates Paid.      
      (dollars in thousands)   
      Q1'2024   
      AverageIncome/Yield (a) /   
      VolumeExpenseRate (a)   
     Interest & 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%   
            
      Q1'2023   
      AverageIncome/Yield (a) /   
      VolumeExpenseRate (a)   
     Interest & Fee Income Earned:      
       Total Earning Assets (FTE)$6,665,156 $70,033 4.21%   
       Total Loans (FTE) 945,864  11,834 5.07%   
         Commercial Loans (FTE) 165,360  2,760 6.77%   
         Commercial Real Estate Loans  493,132  5,627 4.63%   
         Consumer Loans 287,372  3,447 4.86%   
       Total Investments (FTE) 5,548,780  56,257 4.06%   
         Total Debt Securities Available for Sale (FTE) 4,636,098  47,114 4.06%   
           Corporate Securities 2,350,403  16,446 2.80%   
           Collateralized Loan Obligations 1,577,260  25,006 6.34%   
           Agency Mortgage Backed Securities 304,863  1,865 2.45%   
           Securities of U.S. Government sponsored      
              entities 306,441  2,777 3.62%   
           Obligations of States and Political      
              Subdivisions (FTE) 83,914  637 3.04%   
           Other Debt Securities Available for Sale (FTE) 13,217  383 11.59%   
         Total Debt Securities Held to Maturity (FTE) 912,682  9,143 4.01%   
           Agency Mortgage Backed Securities 101,911  547 2.15%   
           Corporate Securities 722,452  7,815 4.33%   
           Obligations of States and Political      
              Subdivisions (FTE) 88,319  781 3.54%   
       Total Interest-Bearing Cash 170,512  1,942 4.56%   
            
     Interest Expense Paid:      
       Total Earning Assets  6,665,156  471 0.03%   
       Total Interest-Bearing Liabilities 3,287,158  471 0.06%   
       Total Interest-Bearing Deposits 3,210,323  458 0.06%   
         Interest-Bearing Transaction 1,233,439  94 0.03%   
         Savings 1,847,428  280 0.06%   
         Time less than $100K 71,826  50 0.28%   
         Time greater than $100K 57,630  34 0.24%   
       Total Short-Term Borrowings  76,835  13 0.07%   
       Securities Sold under Repurchase      
         Agreements 76,835  13 0.07%   
            
     Net Interest Income and      
     Margin (FTE) $69,562 4.18%   
            
    6. Noninterest Income.      
      (dollars in thousands except per-share amounts)  
        %   
      Q1'2024Q1'2023ChangeQ4'2023  
            
     Service Charges on Deposit Accounts$3,470 $3,465 0.2%$3,540   
     Merchant Processing Services 2,507  2,637 -4.9% 2,863   
     Debit Card Fees 1,543  1,642 -6.1% 2,067   
     Trust Fees 794  765 3.8% 764   
     ATM Processing Fees 591  654 -9.6% 622   
     Other Service Fees 438  399 9.7% 445   
     Other Noninterest Income 754  987 -23.6% 691   
       Total Noninterest Income$10,097 $10,549 -4.3%$10,992   
            
     Operating Ratios:      
       Total Revenue (FTE)$76,191 $80,111 -4.9%$80,730   
       Noninterest Income/Revenue (FTE) 13.3% 13.2%  13.6%  
       Service Charges/Avg. Deposits (a) 0.26% 0.23%  0.25%  
       Total Revenue (FTE) Per Avg.       
     Common Share (a)$11.49 $12.10 -5.0%$12.01   
            
    7. Noninterest Expense.      
      (dollars in thousands)  
        %   
      Q1'2024Q1'2023ChangeQ4'2023  
            
     Salaries & Benefits$12,586 $12,067 4.3%$12,156   
     Occupancy and Equipment 5,040  5,485 -8.1% 4,958   
     Outsourced Data Processing 2,536  2,444 3.8% 2,441   
     Limited Partnership Operating Losses 1,440  1,434 0.4% 1,440   
     Professional Fees 402  476 -15.5% 389   
     Courier Service 649  615 5.5% 681   
     Other Noninterest Expense 3,446  3,689 -6.6% 3,452   
       Total Noninterest Expense$26,099 $26,210 -0.4%$25,517   
            
     Operating Ratios:      
       Noninterest Expense/ Avg. Earning Assets (a) 1.72% 1.59%  1.62%  
       Noninterest Expense/Revenues (FTE) 34.3% 32.7%  31.6%  
            
    8. Allowance for Credit Losses.      
      (dollars in thousands)  
        %   
      Q1'2024Q1'2023ChangeQ4'2023  
            
     Average Total Loans$853,553 $945,864 -9.8%$873,635   
            
     Beginning of Period Allowance for      
     Credit Losses on Loans (ACLL)$16,867 $20,284 -16.8%$17,744   
     Provision (Reversal      
     of Provision) for      
     Credit Losses (1) 300  (1,550)n/m  -   
     Net ACLL (Losses) Recoveries (1,288) 775 -266.2% (877)  
     End of Period ACLL$15,879 $19,509 -18.6%$16,867   
            
     Gross ACLL Recoveries / Gross ACLL Losses  36% 138%  60%  
            
     Net ACLL Losses (Recoveries) /      
     Avg. Total Loans (a) 0.61% -0.33%  0.40%  
            
      (dollars in thousands)  
        %   
      3/31/243/31/23Change12/31/23  
     Allowance for Credit Losses on Loans$15,879 $19,509 -18.6%$16,867   
     Allowance for Credit Losses on      
     Held to Maturity Securities 1  1 0.0% 1   
     Total Allowance for Credit Losses$15,880 $19,510 -18.6%$16,868   
            
     Allowance for Unfunded      
     Credit Commitments$201 $201 0.0%$201   
            
    9. Credit Quality.      
      (dollars in thousands)  
        %   
      3/31/243/31/23Change12/31/23  
     Nonperforming Loans:      
        Nonperforming Nonaccrual Loans$957 $207 362.3%$401   
        Performing Nonaccrual Loans 1  7 -85.7% 2   
     Total Nonaccrual Loans 958  214 347.7% 403   
     Accruing Loans 90+ Days Past Due 525  571 -8.1% 388   
     Total Nonperforming Loans$1,483 $785 88.9%$791   
            
     Total Loans Outstanding $844,677 $938,628 -10.0%$866,602   
     Total Assets  6,464,685  6,700,471 -3.5% 6,364,592   
            
     Loans:      
     Allowance for Credit Losses on Loans$15,879 $19,509 -18.6%$16,867   
     Allowance for Credit Losses on Loans /      
       Loans 1.88% 2.08%  1.95%  
     Nonperforming Loans/Total Loans 0.18% 0.08%  0.09%  
            
    10. Liquidity.      
            
     At March 31, 2024, the Company had $434,250 thousand in cash balances. During the twelve months ending March 31, 2025, the Company expects to receive $303,000 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, 2024, the Company’s debt securities which qualify as collateral for borrowing totaled $3,820,309 thousand. In the ordinary course of business, the Company pledges debt securities as collateral for certain depository customers; at March 31, 2024, the Company had pledged $697,486 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, 2024, the Company had pledged $863,987 thousand in debt securities at the Federal Reserve Bank. During the Three months ended March 31, 2024, the Company’s average borrowings from the Federal Reserve Bank and other correspondent banks were $62,582 thousand and $-0- thousand, respectively, and at March 31, 2024, the Company’s borrowings from the Federal Reserve Bank and other correspondent banks were $200,000 thousand and $-0- thousand, respectively. At March 31, 2024, the Company’s estimated unpledged collateral qualifying debt securities totaled $1,995,076 thousand. Debt securities eligible as collateral are shown at market value unless otherwise noted.
            
         (in thousands)
    		   
         3/31/24  
     Debt Securities Eligible as Collateral:      
     Corporate Securities   $2,577,324   
     Collateralized Loan Obligations rated AAA    496,419   
     Obligations of States and Political Subdivisions   135,051   
     Agency Mortgage Backed Securities    294,480   
     Securities of U.S. Government Sponsored Entities   117,035   
     Securities of U.S. Government Sponsored Entities (Par Value)  200,000   
         Total Debt Securities Eligible as Collateral   $3,820,309   
            
     Debt Securities Pledged as Collateral:      
     Deposits by Public Entities   ($697,846)  
       Securities Sold under Repurchase Agreements   (257,936)  
     Other    (5,464)  
         Total Debt Securities Pledged as Collateral   ($961,246)  
            
     Debt Securities Pledged at the Federal Reserve Bank  ($863,987)  
            
     Estimated Debt Securities Available to Pledge   $1,995,076   
            
    11. Capital.      
      (in thousands, except per-share amounts)  
        %   
      3/31/243/31/23Change12/31/23  
            
     Shareholders' Equity$791,691 $642,925 23.1%$772,894   
     Total Assets 6,464,685  6,700,471 -3.5% 6,364,592   
     Shareholders' Equity/      
        Total Assets 12.25% 9.60%  12.14%  
     Shareholders' Equity/      
        Total Loans 93.73% 68.50%  89.19%  
     Tangible Common Equity Ratio 10.56% 7.92%  10.43%  
     Common Shares Outstanding 26,678  26,648 0.1% 26,671   
     Common Equity Per Share$29.68 $24.13 23.0%$28.98   
     Market Value Per Common Share 48.88  44.30 10.3% 56.41   
            
      (shares in thousands)  
        %   
      Q1'2024Q1'2023ChangeQ4'2023  
     Share Repurchase Programs:      
       Total Shares Repurchased / Canceled 4  274 n/m  -   
       Average Repurchase Price $45.58 $50.11 n/m  $-   
       Net Shares (Issued) Repurchased (7) 265 n/m  (22)  
            
    12. Period-End Balance Sheets.      
      (unaudited, dollars in thousands)  
        %   
      3/31/243/31/23Change12/31/23  
     Assets:      
       Cash and Due from Banks$434,250 $195,202 122.5%$190,314   
            
       Debt Securities Available for Sale      
         Corporate Securities 1,879,980  2,019,240 -6.9% 1,909,548   
         Collateralized Loan Obligations 1,420,584  1,542,377 -7.9% 1,484,597   
         Agency Mortgage Backed Securities 225,564  276,078 -18.3% 239,454   
         Securities of U.S. Government sponsored      
           entities 292,583  297,140 -1.5% 294,919   
         Obligations of States and Political      
           Subdivisions 70,466  82,678 -14.8% 71,283   
           Total Debt Securities Available for Sale 3,889,177  4,217,513 -7.8% 3,999,801   
            
       Debt Securities Held to Maturity      
         Agency Mortgage Backed Securities 73,023  98,006 -25.5% 78,565   
         Corporate Securities 730,350  723,553 0.9% 728,650   
         Obligations of States and Political      
           Subdivisions (2) 65,352  87,760 -25.5% 71,181   
           Total Debt Securities Held to Maturity (2) 868,725  909,319 -4.5% 878,396   
            
       Loans 844,677  938,628 -10.0% 866,602   
       Allowance For Credit Losses on Loans (15,879) (19,509)-18.6% (16,867)  
         Total Loans, net 828,798  919,119 -9.8% 849,735   
            
       Premises and Equipment, net 26,458  28,331 -6.6% 27,016   
       Identifiable Intangibles, net 291  523 -44.5% 347   
       Goodwill  121,673  121,673 0.0% 121,673   
       Other Assets 295,313  308,791 -4.4% 297,310   
            
           Total Assets$6,464,685 $6,700,471 -3.5%$6,364,592   
            
     Liabilities and Shareholders' Equity:      
       Deposits:      
         Noninterest-Bearing$2,514,161 $2,788,992 -9.9%$2,605,844   
         Interest-Bearing Transaction 1,066,038  1,201,356 -11.3% 1,072,233   
         Savings 1,681,921  1,783,667 -5.7% 1,699,388   
         Time 92,805  125,300 -25.9% 96,802   
           Total Deposits 5,354,925  5,899,315 -9.2% 5,474,267   
            
       Bank Term Funding Program      
         Borrowings 200,000  - n/m  -   
       Securities Sold under Repurchase      
         Agreements 50,334  83,088 -39.4%  58,162   
       Total Short-Term Borrowed Funds 250,334  83,088 201.3% 58,162   
            
       Other Liabilities 67,735  75,143 -9.9% 59,269   
           Total Liabilities 5,672,994  6,057,546 -6.3% 5,591,698   
            
     Shareholders' Equity:      
       Common Equity:      
         Paid-In Capital 473,989  471,159 0.6% 473,171   
         Accumulated Other      
           Comprehensive Loss (196,857) (231,573)-15.0% (190,282)  
         Retained Earnings 514,559  403,339 27.6% 490,005   
           Total Shareholders' Equity 791,691  642,925 23.1% 772,894   
            
           Total Liabilities and       
            Shareholders' Equity$6,464,685 $6,700,471 -3.5%$6,364,592   
            
    13. Income Statements.      
      (unaudited, in thousands except per-share amounts)  
        %   
      Q1'2024Q1'2023ChangeQ4'2023  
     Interest & Fee Income:      
     Loans$11,324 $11,740 -3.5%$11,606   
     Equity Securities 174  152 14.5% 174   
     Debt Securities Available for Sale 46,243  46,810 -1.2% 47,783   
     Debt Securities Held to Maturity 8,722  8,980 -2.9% 8,799   
     Interest-Bearing Cash 2,283  1,942 17.6% 2,690   
         Total Interest & Fee Income 68,746  69,624 -1.3% 71,052   
            
     Interest Expense:      
       Transaction Deposits 119  94 26.6% 128   
       Savings Deposits 1,917  280 584.6% 1,431   
       Time Deposits 70  84 -16.7% 76   
       Bank Term Funding Program      
         Borrowings 843  - n/m  -   
       Securities Sold under Repurchase      
         Agreements 52  13 306.0% 44   
         Total Interest Expense 3,001  471 537.2% 1,679   
            
     Net Interest Income 65,745  69,153 -4.9% 69,373   
            
     Provision (Reversal of Provision)      
     for Credit Losses (1) 300  (1,550)n/m  -   
            
     Noninterest Income:      
       Service Charges on Deposit Accounts 3,470  3,465 0.2% 3,540   
       Merchant Processing Services 2,507  2,637 -4.9% 2,863   
       Debit Card Fees 1,543  1,642 -6.1% 2,067   
       Trust Fees 794  765 3.8% 764   
       ATM Processing Fees 591  654 -9.6% 622   
       Other Service Fees 438  399 9.7% 445   
       Other Noninterest Income 754  987 -23.6% 691   
         Total Noninterest Income 10,097  10,549 -4.3% 10,992   
            
     Noninterest Expense:      
       Salaries and Related Benefits 12,586  12,067 4.3% 12,156   
       Occupancy and Equipment 5,040  5,485 -8.1% 4,958   
       Outsourced Data Processing 2,536  2,444 3.8% 2,441   
       Limited Partnership Operating Losses 1,440  1,434 0.4% 1,440   
       Professional Fees 402  476 -15.5% 389   
       Courier Service 649  615 5.5% 681   
       Other Noninterest Expense 3,446  3,689 -6.6% 3,452   
         Total Noninterest Expense 26,099  26,210 -0.4% 25,517   
            
     Income Before Income Taxes 49,443  55,042 -10.2% 54,848   
     Income Tax Provision 13,026  14,591 -10.7% 15,380   
     Net Income$36,417 $40,451 -10.0%$39,468   
            
     Average Common Shares Outstanding 26,674  26,859 -0.7% 26,662   
     Diluted Average Common Shares Outstanding 26,675  26,866 -0.7% 26,664   
            
     Per Common Share Data:      
       Basic Earnings$1.37 $1.51 -9.3%$1.48   
       Diluted Earnings 1.37  1.51 -9.3% 1.48   
       Dividends Paid 0.44  0.42 4.8% 0.44   
     Footnotes and Abbreviations:      
            
     (1) A recovery of a previously charged off loan in the first quarter 2023 resulted in a $1,550 thousand reversal of the allowance for credit loss provision in the first quarter 2023.  
            
     (2) 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, 2024, December 31, 2023 and March 31, 2023.  
            
     (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      
            

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