Exhibit 99.1
FOR IMMEDIATE RELEASE
October 19, 2010
WESTAMERICA BANCORPORATION REPORTS
THIRD QUARTER 2010 RESULTS
San Rafael, CA: Westamerica Bancorporation (NASDAQ: WABC), parent company of Westamerica Bank, today reported third quarter 2010 net income applicable to common equity of $23.7 million, or $0.81 diluted earnings per share (“EPS”), compared to $23.6 million, or $0.80 EPS in the prior quarter and $23.8 million, or $0.81 EPS in the third quarter 2009. Third quarter 2010 net income applicable to common equity represents an 18 percent annualized return on average common equity.
“Westamerica’s net interest margin was 5.54 percent in the third quarter 2010, supported by a very low 0.30 percent cost of funding. Our focus on growing checking and savings deposits helps maintain a lower funding cost relative to our peers. We also focus on delivering more of our revenue to the bottom line by operating in the most efficient manner possible. Our operating expenses declined $600 thousand from the prior quarter,” said Chairman, President and CEO David Payne. “The credit quality of legacy Westamerica loans remained stable during the quarter, while FDIC-indemnified nonperforming loans declined $4 million to $56 million at September 30, 2010. Common shareholders’ equity grew to $541 million at September 30, 2010 resulting in a total regulatory capital ratio of 14.9 percent. We were pleased to have deployed some of our excess capital during the quarter acquiring assets and assuming liabilities of the former Sonoma Valley Bank,” Payne added.
Third quarter 2010 operating results include net interest and fee income from acquired assets and assumed liabilities of the former Sonoma Valley Bank, which Westamerica purchased and assumed from the Federal Deposit Insurance Corporation (FDIC) on August 20, 2010. During the third quarter 2010, Westamerica incurred noninterest expenses of approximately $325 thousand due to duplicative operations and recorded a $178 thousand acquisition gain. Management anticipates integration activities will be completed in the first quarter 2011.
Net interest income on a fully taxable equivalent basis (FTE) was $56.7 million for the third quarter 2010, compared to $56.6 million (FTE) for the prior quarter and $61.6 million (FTE) for the third quarter 2009. The third quarter 2010 annualized net interest margin was 5.54 percent (FTE), compared to 5.62 percent (FTE) for the prior quarter and 5.48 percent (FTE) for the third quarter 2009. The decline in the net interest margin from the prior quarter is due to a decline in investment securities yields; yields on recently purchased investment securities are lower than yields on maturing securities and principal paydowns. The decline in net interest income from the third quarter 2009 is attributable to lower levels of interest-earning assets. Weak economic conditions and deleveraging by businesses and individuals have impacted loan volumes.
The provision for loan losses was $2.8 million for the third quarter 2010, unchanged from the prior quarter and from the third quarter 2009.
Noninterest income for the third quarter 2010 was $15.1 million, compared to $15.8 million in the prior quarter. Service charges on deposit accounts declined $467 thousand during the third quarter 2010 when compared to the prior quarter; new overdraft regulations caused a reduction in overdraft fees, which was offset in part by the introduction of new service fees.
Noninterest expense for the third quarter of 2010 totaled $31.5 million, reduced from $32.1 million in the prior quarter, due to lower postage, loan administration and other operating expenses. Noninterest expense for the third quarter 2010 was $3.6 million lower than noninterest expense in the third quarter 2009 due to declines in personnel cost, occupancy and equipment, telephone, postage and other operating expenses. Westamerica completed its integration of acquired assets and assumed liabilities of the former County Bank in August 2009, which were purchased and assumed from the FDIC in February 2009.
Non-performing originated loans totaled $20 million at September 30, 2010 essentially unchanged from June 30, 2010. The allowance for loan losses totaled $38 million at September 30, 2010. Non-performing purchased loans indemnified by the FDIC totaled $56 million at September 30, 2010 reduced from $61 million at June 30, 2010; such loans were measured at estimated fair value on the February 6, 2009 acquisition date. Nonperforming purchased loans totaled $38 million at September 30, 2010; such loans were measured at estimated fair value on the August 20, 2010 acquisition date.
Shareholders’ equity at September 30, 2010 was $541 million, increased from $528 million at June 30, 2010. Westamerica paid a regular quarterly dividend of $0.36 per common share in August 2010, totaling $10.5 million. At September 30, 2010, Westamerica Bancorporation’s total regulatory capital ratio was 14.88 percent and Westamerica Bank’s total regulatory capital ratio was 14.95 percent; both measurements exceed the “well-capitalized” level of ten percent under regulatory requirements.
Westamerica operates commercial banking offices throughout Northern and Central California. At September 30, 2010, Westamerica’s total assets and total loans outstanding were $5.0 billion and $3.0 billion, respectively.
Westamerica Bancorporation Web Address:www.westamerica.com
For additional information contact:
Westamerica Bancorporation
Robert A. Thorson — SVP & Chief Financial Officer
707-863-6840
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, 2009 filed on Form 10-K and quarterly report for the quarter ended June 30, 2010 filed on Form 10-Q, describe some of these factors, including certain credit, market, operational, liquidity and interest rate risks associated with the Company’s business and operations. Other factors described in these reports include changes in business and economic conditions, competition, fiscal and monetary policies, disintermediation, legislation including the Dodd Frank Wall Street Reform and Consumer Protection Act of 2010 and the Sarbanes-Oxley Act of 2002, and mergers and acquisitions.
Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward looking statements are made.
#######
Public Information October 19, 2010
WESTAMERICA BANCORPORATION
FINANCIAL HIGHLIGHTS
September 30, 2010
1. Net Income Summary.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (dollars in thousands except per-share amounts) | |
| | | | | | | | | | Q3’10 / | | | | | | | Q3’10 / | | | | | | | | | | | 9/30’10YTD / | |
| | Q3’10 | | | Q3’09 | | | Q3’09 | | | Q2’10 | | | Q2’10 | | | 9/30’10YTD | | | 9/30’09YTD | | | 9/30’09YTD | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 Net Interest Income (Fully Taxable Equivalent) | | $ | 56,669 | | | $ | 61,593 | | | | -8.0 | % | | $ | 56,573 | | | | 0.2 | % | | $ | 170,271 | | | $ | 183,270 | | | | -7.1 | % |
2 Provision for Loan Losses | | | 2,800 | | | | 2,800 | | | | 0.0 | % | | | 2,800 | | | | 0.0 | % | | | 8,400 | | | | 7,200 | | | | 16.7 | % |
3 Noninterest Income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
4 Gain on Acquisition | | | 178 | | | | 0 | | | | n/m | | | | 0 | | | | n/m | | | | 178 | | | | 48,844 | | | | n/m | |
5 Other | | | 14,893 | | | | 15,961 | | | | -6.7 | % | | | 15,770 | | | | -5.6 | % | | | 46,133 | | | | 47,471 | | | | -2.8 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
6 Total Noninterest Income | | | 15,071 | | | | 15,961 | | | | -5.6 | % | | | 15,770 | | | | -4.4 | % | | | 46,311 | | | | 96,315 | | | | n/m | |
7 Noninterest Expense | | | 31,508 | | | | 35,151 | | | | -10.4 | % | | | 32,095 | | | | -1.8 | % | | | 95,635 | | | | 107,940 | | | | -11.4 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
8 Income Before Taxes (FTE) | | | 37,432 | | | | 39,603 | | | | -5.5 | % | | | 37,448 | | | | 0.0 | % | | | 112,547 | | | | 164,445 | | | | n/m | |
9 Income Tax Provision (FTE) | | | 13,723 | | | | 14,346 | | | | -4.3 | % | | | 13,887 | | | | -1.2 | % | | | 41,701 | | | | 63,180 | | | | n/m | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
10 Net Income | | | 23,709 | | | | 25,257 | | | | -6.1 | % | | | 23,561 | | | | 0.6 | % | | | 70,846 | | | | 101,265 | | | | n/m | |
11 Preferred Stock Dividends and Discount Accretion | | | 0 | | | | 1,466 | | | | n/m | | | | 0 | | | | n/m | | | | 0 | | | | 3,151 | | | | n/m | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
12 Net Income Applicable to Common Equity | | $ | 23,709 | | | $ | 23,791 | | | | -0.3 | % | | $ | 23,561 | | | | 0.6 | % | | $ | 70,846 | | | $ | 98,114 | | | | n/m | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
13 Average Common Shares Outstanding | | | 29,127 | | | | 29,210 | | | | -0.3 | % | | | 29,207 | | | | -0.3 | % | | | 29,187 | | | | 29,072 | | | | 0.4 | % |
14 Diluted Average Common Shares Outstanding | | | 29,385 | | | | 29,429 | | | | -0.2 | % | | | 29,568 | | | | -0.6 | % | | | 29,515 | | | | 29,313 | | | | 0.7 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
15 Operating Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
16 Basic Earnings Per Common Share | | $ | 0.81 | | | $ | 0.81 | | | | 0.0 | % | | $ | 0.81 | | | | 0.0 | % | | $ | 2.43 | | | $ | 3.37 | | | | n/m | |
17 Diluted Earnings Per Common Share | | | 0.81 | | | | 0.81 | | | | 0.0 | % | | | 0.80 | | | | 1.2 | % | | | 2.40 | | | | 3.35 | | | | n/m | |
18 Return On Assets (annualized) | | | 1.95 | % | | | 1.86 | % | | | | | | | 2.00 | % | | | | | | | 1.98 | % | | | 2.57 | % | | | | |
19 Return On Common Equity (annualized) | | | 17.9 | % | | | 19.7 | % | | | | | | | 18.2 | % | | | | | | | 18.3 | % | | | 28.4 | % | | | | |
20 Net Interest Margin (FTE) (annualized) | | | 5.54 | % | | | 5.48 | % | | | | | | | 5.62 | % | | | | | | | 5.59 | % | | | 5.39 | % | | | | |
21 Efficiency Ratio (FTE) | | | 43.9 | % | | | 45.3 | % | | | | | | | 44.4 | % | | | | | | | 44.2 | % | | | 38.6 | % | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
22 Dividends Paid Per Common Share | | $ | 0.36 | | | $ | 0.35 | | | | 2.9 | % | | $ | 0.36 | | | | 0.0 | % | | $ | 1.08 | | | $ | 1.06 | | | | 1.9 | % |
23 Common Dividend Payout Ratio | | | 44 | % | | | 43 | % | | | | | | | 45 | % | | | | | | | 45 | % | | | 32 | % | | | | |
2. Net Interest Income.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (dollars in thousands) | |
| | | | | | | | | | Q3’10 / | | | | | | | Q3’10 / | | | | | | | | | | | 9/30’10YTD / | |
| | Q3’10 | | | Q3’09 | | | Q3’09 | | | Q2’10 | | | Q2’10 | | | 9/30’10YTD | | | 9/30’09YTD | | | 9/30’09YTD | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 Interest and Fee Income (FTE) | | $ | 59,765 | | | $ | 66,093 | | | | -9.6 | % | | $ | 59,718 | | | | 0.1 | % | | $ | 180,046 | | | $ | 198,348 | | | | -9.2 | % |
2 Interest Expense | | | 3,096 | | | | 4,500 | | | | -31.2 | % | | | 3,145 | | | | -1.6 | % | | | 9,775 | | | | 15,078 | | | | -35.2 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
3 Net Interest Income (FTE) | | $ | 56,669 | | | $ | 61,593 | | | | -8.0 | % | | $ | 56,573 | | | | 0.2 | % | | $ | 170,271 | | | $ | 183,270 | | | | -7.1 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
4 Average Earning Assets | | $ | 4,068,561 | | | $ | 4,470,851 | | | | -9.0 | % | | $ | 4,033,831 | | | | 0.9 | % | | $ | 4,071,089 | | | $ | 4,541,596 | | | | -10.4 | % |
5 Average Interest-Bearing Liabilities | | | 2,830,355 | | | | 3,094,081 | | | | -8.5 | % | | | 2,754,458 | | | | 2.8 | % | | | 2,810,261 | | | | 3,186,918 | | | | -11.8 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
6 Yield on Earning Assets (FTE) (annualized) | | | 5.84 | % | | | 5.88 | % | | | | | | | 5.93 | % | | | | | | | 5.91 | % | | | 5.83 | % | | | | |
7 Cost of Funds (annualized) | | | 0.30 | % | | | 0.40 | % | | | | | | | 0.31 | % | | | | | | | 0.32 | % | | | 0.44 | % | | | | |
8 Net Interest Margin (FTE) (annualized) | | | 5.54 | % | | | 5.48 | % | | | | | | | 5.62 | % | | | | | | | 5.59 | % | | | 5.39 | % | | | | |
9 Interest Expense/Interest-Bearing Liabilities (annualized) | | | 0.43 | % | | | 0.58 | % | | | | | | | 0.46 | % | | | | | | | 0.46 | % | | | 0.63 | % | | | | |
10 Net Interest Spread (FTE) (annualized) | | | 5.41 | % | | | 5.30 | % | | | | | | | 5.47 | % | | | | | | | 5.45 | % | | | 5.20 | % | | | | |
3. Loans & Other Earning Assets.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (average volume, dollars in thousands) | |
| | | | | | | | | | Q3’10 / | | | | | | | Q3’10 / | | | | | | | | | | | 9/30’10YTD / | |
| | Q3’10 | | | Q3’09 | | | Q3’09 | | | Q2’10 | | | Q2’10 | | | 9/30’10YTD | | | 9/30’09YTD | | | 9/30’09YTD | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 Total Assets | | $ | 4,835,357 | | | $ | 5,072,866 | | | | -4.7 | % | | $ | 4,731,270 | | | | 2.2 | % | | $ | 4,793,266 | | | $ | 5,113,359 | | | | -6.3 | % |
2 Total Earning Assets | | | 4,068,561 | | | | 4,470,851 | | | | -9.0 | % | | | 4,033,831 | | | | 0.9 | % | | | 4,071,089 | | | | 4,541,596 | | | | -10.4 | % |
3 Total Loans | | | 2,937,501 | | | | 3,263,388 | | | | -10.0 | % | | | 2,924,515 | | | | 0.4 | % | | | 2,952,665 | | | | 3,261,462 | | | | -9.5 | % |
4 Commercial Loans | | | 772,997 | | | | 901,127 | | | | -14.2 | % | | | 773,814 | | | | -0.1 | % | | | 780,935 | | | | 910,263 | | | | -14.2 | % |
5 Commercial Real Estate Loans | | | 1,234,475 | | | | 1,313,545 | | | | -6.0 | % | | | 1,224,442 | | | | 0.8 | % | | | 1,232,406 | | | | 1,289,190 | | | | -4.4 | % |
6 Consumer Loans | | | 930,029 | | | | 1,048,716 | | | | -11.3 | % | | | 926,259 | | | | 0.4 | % | | | 939,324 | | | | 1,062,009 | | | | -11.6 | % |
7 Total Investment Securities | | | 1,131,060 | | | | 1,207,463 | | | | -6.3 | % | | | 1,109,316 | | | | 2.0 | % | | | 1,118,424 | | | | 1,280,134 | | | | -12.6 | % |
8 Available For Sale (Market Value) | | | 489,581 | | | | 405,304 | | | | 20.8 | % | | | 435,317 | | | | 12.5 | % | | | 443,263 | | | | 412,644 | | | | 7.4 | % |
9 Held To Maturity | | | 641,479 | | | | 802,159 | | | | -20.0 | % | | | 673,999 | | | | -4.8 | % | | | 675,161 | | | | 867,490 | | | | -22.2 | % |
10 HTM Unrealized Gain at Period-End | | | 24,044 | | | | 20,047 | | | | n/m | | | | 16,361 | | | | n/m | | | | 24,044 | | | | 20,047 | | | | n/m | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
11 Loans / Deposits | | | 73.8 | % | | | 79.0 | % | | | | | | | 75.1 | % | | | | | | | 74.9 | % | | | 80.2 | % | | | | |
Public Information October 19, 2010
WESTAMERICA BANCORPORATION
FINANCIAL HIGHLIGHTS
September 30, 2010
4. Deposits & Other Interest-Bearing Liabilities.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (average volume, dollars in thousands) | |
| | | | | | | | | | Q3’10 / | | | | | | | Q3’10 / | | | | | | | | | | | 9/30’10YTD / | |
| | Q3’10 | | | Q3’09 | | | Q3’09 | | | Q2’10 | | | Q2’10 | | | 9/30’10YTD | | | 9/30’09YTD | | | 9/30’09YTD | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 Total Deposits | | $ | 3,981,437 | | | $ | 4,131,388 | | | | -3.6 | % | | $ | 3,895,671 | | | | 2.2 | % | | $ | 3,944,231 | | | $ | 4,066,462 | | | | -3.0 | % |
2 Noninterest Demand | | | 1,417,638 | | | | 1,371,124 | | | | 3.4 | % | | | 1,384,249 | | | | 2.4 | % | | | 1,394,033 | | | | 1,330,495 | | | | 4.8 | % |
3 Interest-Bearing Transaction | | | 678,524 | | | | 708,372 | | | | -4.2 | % | | | 664,952 | | | | 2.0 | % | | | 669,053 | | | | 705,777 | | | | -5.2 | % |
4 Savings | | | 993,934 | | | | 978,656 | | | | 1.6 | % | | | 954,367 | | | | 4.1 | % | | | 971,368 | | | | 941,847 | | | | 3.1 | % |
5 Time greater than $100K | | | 549,459 | | | | 581,681 | | | | -5.5 | % | | | 541,213 | | | | 1.5 | % | | | 548,848 | | | | 622,168 | | | | -11.8 | % |
6 Time less than $100K | | | 341,882 | | | | 491,555 | | | | -30.4 | % | | | 350,890 | | | | -2.6 | % | | | 360,929 | | | | 466,175 | | | | -22.6 | % |
7 Total Short-Term Borrowings | | | 203,841 | | | | 221,100 | | | | -7.8 | % | | | 206,313 | | | | -1.2 | % | | | 209,846 | | | | 347,072 | | | | -39.5 | % |
8 Fed Funds Purchased | | | 0 | | | | 870 | | | | n/m | | | | 0 | | | | n/m | | | | 0 | | | | 144,037 | | | | n/m | |
9 Other Short-Term Funds | | | 203,841 | | | | 220,230 | | | | -7.4 | % | | | 206,313 | | | | -1.2 | % | | | 209,846 | | | | 203,034 | | | | 3.4 | % |
10 Federal Home Loan Bank Advances | | | 36,298 | | | | 86,166 | | | | n/m | | | | 10,273 | | | | n/m | | | | 23,767 | | | | 77,296 | | | | n/m | |
11 Long-Term Debt | | | 26,417 | | | | 26,551 | | | | -0.5 | % | | | 26,450 | | | | -0.1 | % | | | 26,450 | | | | 26,584 | | | | -0.5 | % |
12 Shareholders’ Equity | | | 525,630 | | | | 549,331 | | | | -4.3 | % | | | 518,128 | | | | 1.4 | % | | | 517,121 | | | | 527,635 | | | | -2.0 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
13 Demand Deposits / Total Deposits | | | 35.6 | % | | | 33.2 | % | | | | | | | 35.5 | % | | | | | | | 35.3 | % | | | 32.7 | % | | | | |
14 Transaction & Savings Deposits / Total Deposits | | | 77.6 | % | | | 74.0 | % | | | | | | | 77.1 | % | | | | | | | 76.9 | % | | | 73.2 | % | | | | |
5. Interest Yields Earned & Rates Paid.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (dollars in thousands) | |
| | Q3’10 | | | Q2’10 | | | Q3’09 | |
| | Average | | | Income/ | | | Yield */ | | | Yield*/ | | | Average | | | Income/ | | | Yield*/ | |
| | Volume | | | Expense | | | Rate | | | Rate | | | Volume | | | Expense | | | Rate | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 Interest & Fees Income Earned | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2 Total Earning Assets (FTE) | | $ | 4,068,561 | | | $ | 59,765 | | | | 5.84 | % | | | 5.93 | % | | $ | 4,470,851 | | | $ | 66,093 | | | | 5.88 | % |
3 Total Loans (FTE) | | | 2,937,501 | | | | 45,382 | | | | 6.13 | % | | | 6.18 | % | | | 3,263,388 | | | | 49,579 | | | | 6.03 | % |
4 Commercial Loans (FTE) | | | 772,997 | | | | 12,265 | | | | 6.29 | % | | | 6.38 | % | | | 901,127 | | | | 13,090 | | | | 5.76 | % |
5 Commercial Real Estate Loans | | | 1,234,475 | | | | 20,696 | | | | 6.65 | % | | | 6.63 | % | | | 1,313,545 | | | | 21,967 | | | | 6.63 | % |
6 Consumer Loans | | | 930,029 | | | | 12,421 | | | | 5.30 | % | | | 5.43 | % | | | 1,048,716 | | | | 14,522 | | | | 5.49 | % |
7 Total Investment Securities (FTE) | | | 1,131,060 | | | | 14,383 | | | | 5.09 | % | | | 5.28 | % | | | 1,207,463 | | | | 16,514 | | | | 5.47 | % |
8 Interest Expense Paid | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
9 Total Earning Assets | | | 4,068,561 | | | | 3,096 | | | | 0.30 | % | | | 0.31 | % | | | 4,470,851 | | | | 4,500 | | | | 0.40 | % |
10 Total Interest-Bearing Liabilities | | | 2,830,355 | | | | 3,096 | | | | 0.43 | % | | | 0.46 | % | | | 3,094,081 | | | | 4,500 | | | | 0.58 | % |
11 Total Interest-Bearing Deposits | | | 2,563,799 | | | | 2,047 | | | | 0.32 | % | | | 0.35 | % | | | 2,760,264 | | | | 3,273 | | | | 0.47 | % |
12 Interest-Bearing Transaction | | | 678,524 | | | | 226 | | | | 0.13 | % | | | 0.13 | % | | | 708,372 | | | | 263 | | | | 0.15 | % |
13 Savings | | | 993,934 | | | | 666 | | | | 0.27 | % | | | 0.28 | % | | | 978,656 | | | | 915 | | | | 0.37 | % |
14 Time less than $100K | | | 341,882 | | | | 357 | | | | 0.41 | % | | | 0.51 | % | | | 491,555 | | | | 829 | | | | 0.67 | % |
15 Time greater than $100K | | | 549,459 | | | | 798 | | | | 0.58 | % | | | 0.63 | % | | | 581,681 | | | | 1,266 | | | | 0.86 | % |
16 Total Short-Term Borrowings | | | 203,841 | | | | 511 | | | | 0.98 | % | | | 0.94 | % | | | 221,100 | | | | 509 | | | | 0.90 | % |
17 Fed Funds Purchased | | | 0 | | | | 0 | | | | 0.00 | % | | | 0.00 | % | | | 870 | | | | 0 | | | | 0.15 | % |
18 Other Short-Term Funds | | | 203,841 | | | | 511 | | | | 0.98 | % | | | 0.94 | % | | | 220,230 | | | | 509 | | | | 0.92 | % |
19 Federal Home Loan Bank Advances | | | 36,298 | | | | 113 | | | | 1.22 | % | | | 2.00 | % | | | 86,166 | | | | 295 | | | | 1.34 | % |
20 Long-Term Debt | | | 26,417 | | | | 425 | | | | 6.43 | % | | | 6.38 | % | | | 26,551 | | | | 423 | | | | 6.36 | % |
21 Net Interest Income and Margin (FTE) | | | | | | $ | 56,669 | | | | 5.54 | % | | | 5.62 | % | | | | | | $ | 61,593 | | | | 5.48 | % |
6. Noninterest Income.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (dollars in thousands except per share amounts) | |
| | | | | | | | | | Q3’10 / | | | | | | | Q3’10 / | | | | | | | | | | | 9/30’10YTD / | |
| | Q3’10 | | | Q3’09 | | | Q3’09 | | | Q2’10 | | | Q2’10 | | | 9/30’10YTD | | | 9/30’09YTD | | | 9/30’09YTD | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 Service Charges on Deposit Accounts | | $ | 8,162 | | | $ | 9,479 | | | | -13.9 | % | | $ | 8,629 | | | | -5.4 | % | | $ | 25,533 | | | $ | 27,017 | | | | -5.5 | % |
2 Merchant Credit Card Income | | | 2,234 | | | | 2,163 | | | | 3.3 | % | | | 2,176 | | | | 2.7 | % | | | 6,631 | | | | 6,818 | | | | -2.7 | % |
3 ATM Fees & Interchange | | | 1,004 | | | | 965 | | | | 4.0 | % | | | 1,021 | | | | -1.7 | % | | | 2,917 | | | | 2,792 | | | | 4.5 | % |
4 Debit Card Fees | | | 1,259 | | | | 1,267 | | | | -0.6 | % | | | 1,245 | | | | 1.1 | % | | | 3,678 | | | | 3,656 | | | | 0.6 | % |
5 Financial Services Commissions | | | 211 | | | | 129 | | | | 64.2 | % | | | 223 | | | | -5.1 | % | | | 583 | | | | 420 | | | | 38.9 | % |
6 Mortgage Banking Income | | | 23 | | | | 26 | | | | -13.9 | % | | | 40 | | | | -43.0 | % | | | 82 | | | | 68 | | | | 20.3 | % |
7 Trust Fees | | | 429 | | | | 319 | | | | 34.2 | % | | | 448 | | | | -4.4 | % | | | 1,257 | | | | 1,056 | | | | 19.1 | % |
8 Other Income | | | 1,571 | | | | 1,613 | | | | -2.5 | % | | | 1,988 | | | | -20.9 | % | | | 5,452 | | | | 5,644 | | | | -3.4 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
9 Sub-total | | | 14,893 | | | | 15,961 | | | | -6.7 | % | | | 15,770 | | | | -5.6 | % | | | 46,133 | | | | 47,471 | | | | -2.8 | % |
10 Gain on Acquisition | | | 178 | | | | 0 | | | | n/m | | | | 0 | | | | n/m | | | | 178 | | | | 48,844 | | | | n/m | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
11 Total Noninterest Income | | $ | 15,071 | | | $ | 15,961 | | | | -5.6 | % | | $ | 15,770 | | | | -4.4 | % | | $ | 46,311 | | | $ | 96,315 | | | | n/m | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
12 Operating Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
13 Total Revenue (FTE) | | $ | 71,740 | | | $ | 77,554 | | | | -7.5 | % | | $ | 72,343 | | | | -0.8 | % | | $ | 216,582 | | | $ | 279,585 | | | | n/m | |
14 Noninterest Income / Revenue (FTE) | | | 21.0 | % | | | 20.6 | % | | | | | | | 21.8 | % | | | | | | | 21.4 | % | | | 34.4 | % | | | | |
15 Service Charges / Avg. Deposits (annualized) | | | 0.81 | % | | | 0.91 | % | | | | | | | 0.89 | % | | | | | | | 0.87 | % | | | 0.89 | % | | | | |
16 Total Revenue Per Avg. Common Share (annualized) | | $ | 9.77 | | | $ | 10.53 | | | | -7.2 | % | | $ | 9.93 | | | | -1.6 | % | | $ | 9.92 | | | $ | 12.86 | | | | n/m | |
2
Public Information October 19, 2010
WESTAMERICA BANCORPORATION
FINANCIAL HIGHLIGHTS
September 30, 2010
7. Noninterest Expense.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | (dollars in thousands) | |
| | | | | | | | | | | | | | Q3’10 / | | | | | | | Q3’10 / | | | | | | | | | | | 9/30’10YTD / | |
| | | | | | Q3’10 | | | Q3’09 | | | Q3’09 | | | Q2’10 | | | Q2’10 | | | 9/30’10YTD | | | 9/30’09YTD | | | 9/30’09YTD | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | | | Salaries & Benefits | | $ | 15,481 | | | $ | 16,402 | | | | -5.6 | % | | $ | 15,476 | | | | 0.0 | % | | $ | 46,849 | | | $ | 50,221 | | | | -6.7 | % |
| 2 | | | Occupancy | | | 3,962 | | | | 4,008 | | | | -1.2 | % | | | 3,822 | | | | 3.7 | % | | | 11,561 | | | | 14,831 | | | | -22.1 | % |
| 3 | | | Equipment | | | 1,067 | | | | 1,789 | | | | -40.4 | % | | | 1,116 | | | | -4.3 | % | | | 3,234 | | | | 4,618 | | | | -30.0 | % |
| 4 | | | Outsourced Data Processing | | | 2,187 | | | | 2,258 | | | | -3.1 | % | | | 2,202 | | | | -0.7 | % | | | 6,629 | | | | 6,740 | | | | -1.6 | % |
| 5 | | | Courier | | | 826 | | | | 989 | | | | -16.4 | % | | | 903 | | | | -8.5 | % | | | 2,636 | | | | 2,881 | | | | -8.5 | % |
| 6 | | | Postage | | | 322 | | | | 576 | | | | -44.1 | % | | | 454 | | | | -29.0 | % | | | 1,251 | | | | 1,570 | | | | -20.3 | % |
| 7 | | | Telephone | | | 346 | | | | 622 | | | | -44.4 | % | | | 406 | | | | -14.8 | % | | | 1,141 | | | | 1,487 | | | | -23.2 | % |
| 8 | | | Professional Fees | | | 950 | | | | 913 | | | | 4.1 | % | | | 867 | | | | 9.7 | % | | | 2,480 | | | | 2,580 | | | | -3.9 | % |
| 9 | | | Stationery & Supplies | | | 276 | | | | 450 | | | | -38.7 | % | | | 330 | | | | -16.4 | % | | | 956 | | | | 1,191 | | | | -19.8 | % |
| 10 | | | Loan Expense | | | 354 | | | | 491 | | | | -27.8 | % | | | 475 | | | | -25.4 | % | | | 1,248 | | | | 1,689 | | | | -26.1 | % |
| 11 | | | Operational Losses | | | 237 | | | | 242 | | | | -2.0 | % | | | 158 | | | | 50.6 | % | | | 615 | | | | 658 | | | | -6.5 | % |
| 12 | | | Amortization of Identifiable Intangibles | | | 1,573 | | | | 1,671 | | | | -5.8 | % | | | 1,540 | | | | 2.1 | % | | | 4,711 | | | | 5,051 | | | | -6.7 | % |
| 13 | | | FDIC Insurance Assessment | | | 1,268 | | | | 1,442 | | | | -12.1 | % | | | 1,260 | | | | 0.6 | % | | | 3,848 | | | | 4,820 | | | | -20.2 | % |
| 14 | | | Other Operating | | | 2,659 | | | | 3,298 | | | | -19.4 | % | | | 3,086 | | | | -13.8 | % | | | 8,476 | | | | 9,603 | | | | -11.7 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 15 | | | Total Noninterest Expense | | $ | 31,508 | | | $ | 35,151 | | | | -10.4 | % | | $ | 32,095 | | | | -1.8 | % | | $ | 95,635 | | | $ | 107,940 | | | | -11.4 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 16 | | | Average (Avg.) Full Time Equivalent Staff | | | 1,004 | | | | 1,086 | | | | -7.6 | % | | | 1,018 | | | | -1.4 | % | | | 1,018 | | | | 1,135 | | | | -10.3 | % |
| 17 | | | Avg. Assets / Avg. Full Time Equivalent Staff | | $ | 4,816 | | | $ | 4,671 | | | | 3.1 | % | | $ | 4,648 | | | | 3.6 | % | | $ | 4,709 | | | $ | 4,505 | | | | 4.5 | % |
| 18 | | | Operating Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 19 | | | FTE Revenue / Avg. Full Time Equiv. Staff (annualized) | | $ | 283 | | | $ | 283 | | | | 0.0 | % | | $ | 285 | | | | -0.7 | % | | $ | 284 | | | $ | 329 | | | | -13.7 | % |
| 20 | | | Noninterest Expense / Avg. Earning Assets (annualized) | | | 3.07 | % | | | 3.12 | % | | | | | | | 3.19 | % | | | | | | | 3.14 | % | | | 3.18 | % | | | | |
| 21 | | | Noninterest Expense / FTE Revenues | | | 43.9 | % | | | 45.3 | % | | | | | | | 44.4 | % | | | | | | | 44.2 | % | | | 38.6 | % | | | | |
8. Provision for Loan Losses.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | (dollars in thousands) | |
| | | | | | | | | | | | | | Q3’10 / | | | | | | | Q3’10 / | | | | | | | | | | | 9/30’10YTD / | |
| | | | | | Q3’10 | | | Q3’09 | | | Q3’09 | | | Q2’10 | | | Q2’10 | | | 9/30’10YTD | | | 9/30’09YTD | | | 9/30’09YTD | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | | | Average Total Loans | | $ | 2,937,501 | | | $ | 3,263,388 | | | | -10.0 | % | | $ | 2,924,515 | | | | 0.4 | % | | $ | 2,952,665 | | | $ | 3,261,462 | | | | -9.5 | % |
| 2 | | | Avg. Total Purchased Covered Loans (1) | | | 743,126 | | | | 974,057 | | | | -23.7 | % | | | 788,108 | | | | -5.7 | % | | | 787,142 | | | | 900,922 | | | | -12.6 | % |
| 3 | | | Avg. Total Purchased Non-Covered Loans (2) | | | 97,438 | | | | 0 | | | | n/m | | | | 0 | | | | n/m | | | | 32,836 | | | | 0 | | | | n/m | |
| 4 | | | Avg. Total Originated Loans | | | 2,096,937 | | | | 2,289,331 | | | | -8.4 | % | | | 2,136,407 | | | | -1.8 | % | | | 2,132,687 | | | | 2,360,540 | | | | -9.7 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 5 | | | Provision for Loan Losses | | $ | 2,800 | | | $ | 2,800 | | | | 0.0 | % | | $ | 2,800 | | | | 0.0 | % | | $ | 8,400 | | | $ | 7,200 | | | | 16.7 | % |
| 6 | | | Gross Loan Losses | | | 5,216 | | | | 3,870 | | | | 34.8 | % | | | 4,255 | | | | 22.6 | % | | | 13,926 | | | | 10,735 | | | | 29.7 | % |
| 7 | | | Net Loan Losses | | | 4,387 | | | | 3,239 | | | | 35.4 | % | | | 3,400 | | | | 29.0 | % | | | 11,314 | | | | 8,987 | | | | 25.9 | % |
| 8 | | | Recoveries / Gross Loan Losses | | | 16 | % | | | 16 | % | | | | | | | 20 | % | | | | | | | 19 | % | | | 16 | % | | | | |
| 9 | | | Net Loan Losses / Avg. Originated Loans (a) | | | 0.83 | % | | | 0.56 | % | | | | | | | 0.64 | % | | | | | | | 0.71 | % | | | 0.51 | % | | | | |
| 10 | | | Provision for Loan Losses / Avg. Originated Loans (a) | | | 0.53 | % | | | 0.49 | % | | | | | | | 0.53 | % | | | | | | | 0.53 | % | | | 0.41 | % | | | | |
| 11 | | | Provision for Loan Losses / Net Loan Losses | | | 63.8 | % | | | 86.4 | % | | | | | | | 82.3 | % | | | | | | | 74.2 | % | | | 80.1 | % | | | | |
| | |
(1) | | Purchased covered loans represent purchased loans on which losses are shared with the FDIC per a Loss-Sharing Agreement. Purchased covered loans were recorded at estimated fair value at February 6, 2009, the date of purchase. |
|
(2) | | Purchased non-covered loans represent purchased loans recorded at estimated fair value at August 20, 2010, the date of purchase. |
|
(a) | | annualized |
Public Information October 19, 2010
WESTAMERICA BANCORPORATION
FINANCIAL HIGHLIGHTS
September 30, 2010
9. Credit Quality.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | (dollars in thousands) | |
| | | | | | | | | | | | 9/30/10 / | | | | | | | 9/30/10 / | | | | | | | | | | | |
| | | | | | 9/30/10 | | | 9/30/09 | | | 9/30/09 | | | 6/30/10 | | | 6/30/10 | | | 3/31/10 | | | 12/31/09 | | | 6/30/09 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | | | Nonperforming Originated Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2 | | | Nonperforming Nonaccrual Loans | | $ | 19,194 | | | $ | 31,352 | | | | -38.8 | % | | $ | 19,941 | | | | -3.7 | % | | $ | 20,230 | | | $ | 19,837 | | | $ | 29,603 | |
| 3 | | | Performing Nonaccrual Loans | | | 233 | | | | 61 | | | | n/m | | | | 24 | | | | n/m | | | | 57 | | | | 25 | | | | 26 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 4 | | | Total Nonaccrual Loans | | | 19,427 | | | | 31,413 | | | | -38.2 | % | | | 19,965 | | | | -2.7 | % | | | 20,287 | | | | 19,862 | | | | 29,629 | |
| 5 | | | Accruing Loans 90+ Days Past Due | | | 686 | | | | 1,212 | | | | -43.4 | % | | | 712 | | | | -3.7 | % | | | 746 | | | | 800 | | | | 614 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6 | | | Total | | | 20,113 | | | | 32,625 | | | | -38.4 | % | | | 20,677 | | | | -2.7 | % | | | 21,033 | | | | 20,662 | | | | 30,243 | |
| 7 | | | Repossessed Originated Loan Collateral | | | 19,285 | | | | 4,319 | | | | 346.6 | % | | | 18,028 | | | | 7.0 | % | | | 14,266 | | | | 12,642 | | | | 4,715 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 8 | | | Total Originated Nonperforming Assets | | | 39,398 | | | | 36,944 | | | | 6.6 | % | | | 38,705 | | | | 1.8 | % | | | 35,299 | | | | 33,304 | | | | 34,958 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 9 | | | Nonperforming Purchased Covered Loans (1): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 10 | | | Nonperforming Nonaccrual Loans | | | 39,783 | | | | 53,255 | | | | -25.3 | % | | | 37,438 | | | | 6.3 | % | | | 52,431 | | | | 66,965 | | | | 65,910 | |
| 11 | | | Performing Nonaccrual Loans | | | 12,388 | | | | 26,277 | | | | -52.9 | % | | | 22,908 | | | | -45.9 | % | | | 25,731 | | | | 18,183 | | | | 16,901 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12 | | | Total Nonaccrual Loans | | | 52,171 | | | | 79,532 | | | | -34.4 | % | | | 60,346 | | | | -13.5 | % | | | 78,162 | | | | 85,148 | | | | 82,811 | |
| 13 | | | Accruing Loans 90+ Days Past Due | | | 4,078 | | | | 935 | | | | n/m | | | | 249 | | | | n/m | | | | 317 | | | | 210 | | | | 8,622 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 14 | | | Total | | | 56,249 | | | | 80,467 | | | | -30.1 | % | | | 60,595 | | | | -7.2 | % | | | 78,479 | | | | 85,358 | | | | 91,433 | |
| 15 | | | Repossessed Purchased Covered Loan Collateral (1) | | | 25,251 | | | | 18,740 | | | | 34.7 | % | | | 23,670 | | | | 6.7 | % | | | 22,305 | | | | 23,297 | | | | 13,691 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 16 | | | Total Nonperforming Purchased Covered Assets (1) | | | 81,500 | | | | 99,207 | | | | -17.8 | % | | | 84,265 | | | | -3.3 | % | | | 100,784 | | | | 108,655 | | | | 105,124 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 17 | | | Nonperforming Purchased Non-Covered Loans (2): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 18 | | | Nonperforming Nonaccrual Loans | | | 18,304 | | | | 0 | | | | n/m | | | | 0 | | | | n/m | | | | 0 | | | | 0 | | | | 0 | |
| 19 | | | Performing Nonaccrual Loans | | | 19,554 | | | | 0 | | | | n/m | | | | 0 | | | | n/m | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 20 | | | Total Nonaccrual Loans | | | 37,858 | | | | 0 | | | | n/m | | | | 0 | | | | n/m | | | | 0 | | | | 0 | | | | 0 | |
| 21 | | | Accruing Loans 90+ Days Past Due | | | 0 | | | | 0 | | | | n/m | | | | 0 | | | | n/m | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 22 | | | Total | | | 37,858 | | | | 0 | | | | n/m | | | | 0 | | | | n/m | | | | 0 | | | | 0 | | | | 0 | |
| 23 | | | Repossessed Purchased Non-Covered Loan Collateral (2) | | | 2,916 | | | | 0 | | | | n/m | | | | 0 | | | | n/m | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 24 | | | Total Nonperforming Purchased Non-Covered Assets (2) | | | 40,774 | | | | 0 | | | | n/m | | | | 0 | | | | n/m | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 25 | | | Total Nonperforming Assets | | $ | 161,672 | | | $ | 136,151 | | | | n/m | | | $ | 122,970 | | | | n/m | | | $ | 136,083 | | | $ | 141,959 | | | $ | 140,082 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 26 | | | Total Originated Loans Outstanding | | $ | 2,077,915 | | | $ | 2,267,130 | | | | -8.3 | % | | $ | 2,124,570 | | | | -2.2 | % | | $ | 2,146,580 | | | $ | 2,201,088 | | | $ | 2,322,005 | |
| 27 | | | Total Purchased Covered Loans Outstanding (1) | | | 718,618 | | | | 932,656 | | | | -22.9 | % | | | 763,619 | | | | -5.9 | % | | | 809,503 | | | | 855,301 | | | | 1,031,643 | |
| 28 | | | Total Purchased Non-Covered Loans Outstanding (2) | | | 212,318 | | | | 0 | | | | n/m | | | | 0 | | | | n/m | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 29 | | | Total Loans Outstanding | | $ | 3,008,851 | | | $ | 3,199,786 | | | | -6.0 | % | | $ | 2,888,189 | | | | 4.2 | % | | $ | 2,956,083 | | | $ | 3,056,389 | | | $ | 3,353,648 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 30 | | | Total Assets | | $ | 4,977,871 | | | $ | 4,971,159 | | | | 0.1 | % | | $ | 4,727,086 | | | | 5.3 | % | | $ | 4,745,495 | | | $ | 4,975,501 | | | $ | 5,193,595 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 31 | | | Originated Loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 32 | | | Allowance for Loan Losses | | $ | 38,129 | | | $ | 42,683 | | | | -10.7 | % | | $ | 39,716 | | | | -4.0 | % | | $ | 40,316 | | | $ | 41,043 | | | $ | 43,122 | |
| 33 | | | Allowance/Originated Loans | | | 1.83 | % | | | 1.88 | % | | | | | | | 1.87 | % | | | | | | | 1.88 | % | | | 1.86 | % | | | 1.86 | % |
| 34 | | | Nonperforming Originated Loans/Originated Loans | | | 0.97 | % | | | 1.44 | % | | | | | | | 0.97 | % | | | | | | | 0.98 | % | | | 0.94 | % | | | 1.30 | % |
| 35 | | | Allowance/Originated Nonperforming Loans | | | 190 | % | | | 131 | % | | | | | | | 192 | % | | | | | | | 192 | % | | | 199 | % | | | 143 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 36 | | | Purchased Covered Loans (1): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 37 | | | Fair Value Discount on Purchased Covered Loans | | $ | 66,459 | | | $ | 98,738 | | | | | | | $ | 75,522 | | | | | | | $ | 83,325 | | | $ | 93,251 | | | $ | 114,276 | |
| 38 | | | Discount/Purchased Covered Loans, gross | | | 8.47 | % | | | 9.57 | % | | | | | | | 9.00 | % | | | | | | | 9.33 | % | | | 9.83 | % | | | 9.97 | % |
| 39 | | | Nonperforming Purchased Covered Loans/Total Cvd Loans | | | 7.83 | % | | | 8.63 | % | | | | | | | 7.94 | % | | | | | | | 9.69 | % | | | 9.98 | % | | | 8.86 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 40 | | | Purchased Non-Covered Loans (2): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 41 | | | Fair Value Discount on Purchased Non-Covered Loans | | $ | 36,935 | | | | n/m | | | | | | | | n/m | | | | | | | | n/m | | | | n/m | | | | n/m | |
| 42 | | | Discount/Purchased Non-Covered Loans, gross | | | 14.82 | % | | | n/m | | | | | | | | n/m | | | | | | | | n/m | | | | n/m | | | | n/m | |
| 43 | | | Nonperforming Purchased NC Loans/Total NC Loans | | | 17.83 | % | | | n/m | | | | | | | | n/m | | | | | | | | n/m | | | | n/m | | | | n/m | |
| | |
(1) | | Purchased covered loans and repossessed loan collateral represent purchased assets on which losses are shared with the FDIC per a Loss-Sharing Agreement.Purchased covered assets were recorded at estimated fair value at February 6, 2009, the date of purchase. |
|
(2) | | Purchased non-covered loans and other real estate owned represent purchased assets recorded at estimated fair value at August 20, 2010, the date of purchase. |
Public Information October 19, 2010
WESTAMERICA BANCORPORATION
FINANCIAL HIGHLIGHTS
September 30, 2010
10. Capital.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | (dollars in thousands, except per-share amounts) | |
| | | | | | | | | | | | | | 9/30/10 / | | | | | | | 9/30/10 / | | | | | | | | | | |
| | | | | | 9/30/10 | | | 9/30/09 | | | 9/30/09 | | | 6/30/10 | | | 6/30/10 | | | 3/31/10 | | | 12/31/09 | | | 6/30/09 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | | | Common Shareholders’ Equity | | $ | 541,173 | | | $ | 494,383 | | | | 9.5 | % | | $ | 527,681 | | | | 2.6 | % | | $ | 519,131 | | | $ | 505,448 | | | $ | 476,620 | |
| 2 | | | Preferred Shareholder’s Equity | | | 0 | | | | 41,335 | | | | n/m | | | | 0 | | | | n/m | | | | 0 | | | | 0 | | | | 82,611 | |
| 3 | | | Total Shareholders’ Equity | | | 541,173 | | | | 535,718 | | | | 1.0 | % | | | 527,681 | | | | 2.6 | % | | | 519,131 | | | | 505,448 | | | | 559,231 | |
| 4 | | | Tier I Regulatory Capital | | | 399,781 | | | | 394,283 | | | | 1.4 | % | | | 391,538 | | | | 2.1 | % | | | 383,568 | | | | 370,011 | | | | 421,048 | |
| 5 | | | Total Regulatory Capital | | | 437,615 | | | | 431,913 | | | | 1.3 | % | | | 426,674 | | | | 2.6 | % | | | 419,541 | | | | 406,339 | | | | 458,182 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6 | | | Total Assets | | | 4,977,871 | | | | 4,971,159 | | | | 0.1 | % | | | 4,727,086 | | | | 5.3 | % | | | 4,745,495 | | | | 4,975,501 | | | | 5,193,595 | |
| 7 | | | Risk-Adjusted Assets | | | 2,941,691 | | | | 2,866,814 | | | | 2.6 | % | | | 2,714,429 | | | | 8.4 | % | | | 2,758,122 | | | | 2,803,007 | | | | 2,890,291 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 8 | | | Total Shareholders’ Equity / Total Assets | | | 10.87 | % | | | 10.78 | % | | | | | | | 11.16 | % | | | | | | | 10.94 | % | | | 10.16 | % | | | 10.77 | % |
| 9 | | | Total Shareholders’ Equity / Total Loans | | | 17.99 | % | | | 16.74 | % | | | | | | | 18.27 | % | | | | | | | 17.56 | % | | | 16.54 | % | | | 16.68 | % |
| 10 | | | Tier I Capital /Total Assets | | | 8.03 | % | | | 7.93 | % | | | | | | | 8.28 | % | | | | | | | 8.08 | % | | | 7.44 | % | | | 8.11 | % |
| 11 | | | Tier I Capital / Risk-Adjusted Assets | | | 13.59 | % | | | 13.75 | % | | | | | | | 14.42 | % | | | | | | | 13.91 | % | | | 13.20 | % | | | 14.57 | % |
| 12 | | | Total Capital / Risk-Adjusted Assets | | | 14.88 | % | | | 15.07 | % | | | | | | | 15.72 | % | | | | | | | 15.21 | % | | | 14.50 | % | | | 15.85 | % |
| 13 | | | Tangible Common Equity Ratio | | | 7.95 | % | | | 6.95 | % | | | | | | | 8.17 | % | | | | | | | 7.92 | % | | | 7.22 | % | | | 6.26 | % |
| 14 | | | Common Shares Outstanding | | | 29,118 | | | | 29,207 | | | | -0.3 | % | | | 29,118 | | | | 0.0 | % | | | 29,206 | | | | 29,208 | | | | 29,214 | |
| 15 | | | Common Equity Per Share | | $ | 18.59 | | | $ | 16.93 | | | | 9.8 | % | | $ | 18.12 | | | | 2.6 | % | | $ | 17.77 | | | $ | 17.31 | | | $ | 16.31 | |
| 16 | | | Market Value Per Common Share | | $ | 54.49 | | | $ | 52.00 | | | | 4.8 | % | | $ | 52.52 | | | | 3.8 | % | | $ | 57.65 | | | $ | 55.37 | | | $ | 49.61 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 17 | | | Share Repurchase Programs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | (shares in thousands) | |
| | | | | | | | | | | | | | Q3’10 / | | | | | | | Q3’10 / | | | | | | | | | | | 9/30’10YTD / | |
| | | | | | Q3’10 | | | Q3’09 | | | Q3’09 | | | Q2’10 | | | Q2’10 | | | 9/30’10YTD | | | 9/30’09YTD | | | 9/30’09YTD | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 18 | | | Total Shares Repurchased / Canceled | | | 97 | | | | 8 | | | | n/m | | | | 220 | | | | n/m | | | | 404 | | | | 30 | | | | n/m | |
| 19 | | | Average Repurchase Price | | $ | 52.08 | | | $ | 50.45 | | | | 3.2 | % | | $ | 56.35 | | | | -7.6 | % | | $ | 54.99 | | | $ | 46.02 | | | | 19.5 | % |
| 20 | | | Net Shares Repurchased (Issued) | | | 1 | | | | 7 | | | | n/m | | | | 88 | | | | n/m | | | | 90 | | | | (327 | ) | | | n/m | |
Public Information October 19, 2010
WESTAMERICA BANCORPORATION
FINANCIAL HIGHLIGHTS
September 30, 2010
11. Period-End Balance Sheets.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | (unaudited, dollars in thousands) | |
| | | | | | | | | | | | | | 9/30/10 / | | | | | | | 9/30/10 / | | | | | | | | | | |
| | | | | | 9/30/10 | | | 9/30/09 | | | 9/30/09 | | | 6/30/10 | | | 6/30/10 | | | 3/31/10 | | | 12/31/09 | | | 6/30/09 | |
| 1 | | | Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2 | | | Cash and Money Market Assets | | $ | 344,561 | | | $ | 180,521 | | | | 90.9 | % | | $ | 294,582 | | | | 17.0 | % | | $ | 253,571 | | | $ | 361,577 | | | $ | 169,291 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 3 | | | Investment Securities Available For Sale | | | 569,511 | | | | 391,644 | | | | 45.4 | % | | | 466,500 | | | | 22.1 | % | | | 414,987 | | | | 384,208 | | | | 407,127 | |
| 4 | | | Investment Securities Held to Maturity | | | 618,838 | | | | 780,846 | | | | -20.7 | % | | | 652,958 | | | | -5.2 | % | | | 690,585 | | | | 726,935 | | | | 830,618 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 5 | | | Purchased Covered Loans (1) | | | 718,618 | | | | 932,656 | | | | -22.9 | % | | | 763,619 | | | | -5.9 | % | | | 809,503 | | | | 855,301 | | | | 1,031,643 | |
| 6 | | | Purchased Non-Covered Loans (2) | | | 212,318 | | | | 0 | | | | n/m | | | | 0 | | | | n/m | | | | 0 | | | | 0 | | | | 0 | |
| 7 | | | Originated Loans | | | 2,077,915 | | | | 2,267,130 | | | | -8.3 | % | | | 2,124,570 | | | | -2.2 | % | | | 2,146,580 | | | | 2,201,088 | | | | 2,322,005 | |
| 8 | | | Allowance For Loan Losses | | | (38,129 | ) | | | (42,683 | ) | | | -10.7 | % | | | (39,716 | ) | | | -4.0 | % | | | (40,316 | ) | | | (41,043 | ) | | | (43,122 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 9 | | | Total Loans, net | | | 2,970,722 | | | | 3,157,103 | | | | -5.9 | % | | | 2,848,473 | | | | 4.3 | % | | | 2,915,767 | | | | 3,015,346 | | | | 3,310,526 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 10 | | | Non-Covered Other Real Estate Owned | | | 22,201 | | | | 4,319 | | | | n/m | | | | 18,028 | | | | 23.2 | % | | | 14,266 | | | | 12,642 | | | | 4,715 | |
| 11 | | | Covered Other Real Estate Owned, net (1) | | | 25,251 | | | | 18,740 | | | | 34.7 | % | | | 23,670 | | | | 6.7 | % | | | 22,305 | | | | 23,297 | | | | 13,691 | |
| 12 | | | Premises and Equipment | | | 36,271 | | | | 38,982 | | | | -7.0 | % | | | 36,816 | | | | -1.5 | % | | | 37,423 | | | | 38,098 | | | | 26,490 | |
| 13 | | | Identifiable Intangible Assets | | | 36,226 | | | | 38,264 | | | | -5.3 | % | | | 32,529 | | | | 11.4 | % | | | 34,070 | | | | 35,667 | | | | 39,934 | |
| 14 | | | Goodwill | | | 121,673 | | | | 121,699 | | | | 0.0 | % | | | 121,673 | | | | 0.0 | % | | | 121,699 | | | | 121,699 | | | | 121,699 | |
| 15 | | | Interest Receivable and Other Assets | | | 232,617 | | | | 239,041 | | | | -2.7 | % | | | 231,857 | | | | 0.3 | % | | | 240,822 | | | | 256,032 | | | | 269,504 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 16 | | | Total Assets | | $ | 4,977,871 | | | $ | 4,971,159 | | | | 0.1 | % | | $ | 4,727,086 | | | | 5.3 | % | | $ | 4,745,495 | | | $ | 4,975,501 | | | $ | 5,193,595 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 17 | | | Liabilities and Shareholders’ Equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 18 | | | Deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 19 | | | Noninterest Bearing | | $ | 1,428,882 | | | $ | 1,377,215 | | | | 3.8 | % | | $ | 1,427,611 | | | | 0.1 | % | | $ | 1,376,760 | | | $ | 1,428,432 | | | $ | 1,334,871 | |
| 20 | | | Interest-Bearing Transaction | | | 689,372 | | | | 660,001 | | | | 4.5 | % | | | 642,202 | | | | 7.3 | % | | | 653,872 | | | | 669,004 | | | | 716,706 | |
| 21 | | | Savings | | | 1,032,003 | | | | 962,823 | | | | 7.2 | % | | | 954,285 | | | | 8.1 | % | | | 957,126 | | | | 971,384 | | | | 968,408 | |
| 22 | | | Time | | | 922,441 | | | | 1,024,587 | | | | -10.0 | % | | | 866,462 | | | | 6.5 | % | | | 907,271 | | | | 991,388 | | | | 1,137,152 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 23 | | | Total Deposits | | | 4,072,698 | | | | 4,024,626 | | | | 1.2 | % | | | 3,890,560 | | | | 4.7 | % | | | 3,895,029 | | | | 4,060,208 | | | | 4,157,137 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 24 | | | Short-Term Borrowed Funds | | | 193,202 | | | | 222,030 | | | | -13.0 | % | | | 210,503 | | | | -8.2 | % | | | 211,756 | | | | 227,178 | | | | 316,466 | |
| 25 | | | Federal Home Loan Bank Advances | | | 66,934 | | | | 85,904 | | | | -22.1 | % | | | 10,223 | | | | n/m | | | | 10,306 | | | | 85,470 | | | | 86,338 | |
| 25 | | | Debt Financing and Notes Payable | | | 26,396 | | | | 26,531 | | | | -0.5 | % | | | 26,430 | | | | -0.1 | % | | | 26,464 | | | | 26,497 | | | | 26,564 | |
| 26 | | | Liability For Interest, Taxes and Other | | | 77,468 | | | | 76,350 | | | | 1.5 | % | | | 61,689 | | | | 25.6 | % | | | 82,809 | | | | 70,700 | | | | 47,859 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 27 | | | Total Liabilities | | | 4,436,698 | | | | 4,435,441 | | | | 0.0 | % | | | 4,199,405 | | | | 5.7 | % | | | 4,226,364 | | | | 4,470,053 | | | | 4,634,364 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 28 | | | Shareholders’ Equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 29 | | | Preferred Stock | | | 0 | | | | 41,335 | | | | n/m | | | | 0 | | | | n/m | | | | 0 | | | | 0 | | | | 82,611 | |
| 30 | | | Common Equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 31 | | | Paid-In Capital | | | 378,847 | | | | 368,032 | | | | 2.9 | % | | | 375,713 | | | | 0.8 | % | | | 371,982 | | | | 368,732 | | | | 367,840 | |
| 32 | | | Accumulated Other Comprehensive Income | | | 7,238 | | | | 6,053 | | | | 19.6 | % | | | 6,314 | | | | 14.6 | % | | | 4,796 | | | | 3,714 | | | | 1,747 | |
| 33 | | | Retained Earnings | | | 155,088 | | | | 120,298 | | | | 28.9 | % | | | 145,654 | | | | 6.5 | % | | | 142,353 | | | | 133,002 | | | | 107,033 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 34 | | | Total Common Equity | | | 541,173 | | | | 494,383 | | | | 9.5 | % | | | 527,681 | | | | 2.6 | % | | | 519,131 | | | | 505,448 | | | | 476,620 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 35 | | | Total Shareholders’ Equity | | | 541,173 | | | | 535,718 | | | | 1.0 | % | | | 527,681 | | | | 2.6 | % | | | 519,131 | | | | 505,448 | | | | 559,231 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 36 | | | Total Liabilities and Shareholders’ Equity | | $ | 4,977,871 | | | $ | 4,971,159 | | | | 0.1 | % | | $ | 4,727,086 | | | | 5.3 | % | | $ | 4,745,495 | | | $ | 4,975,501 | | | $ | 5,193,595 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
(1) | | Purchased covered loans and other real estate owned represent purchased assets on which losses are shared with the FDIC per a Loss-Sharing Agreement. |
|
| | Purchased covered assets were recorded at estimated fair value at February 6, 2009, the date of purchase. |
|
(2) | | Purchased non-covered loans represent purchased loans recorded at estimated fair value at August 20, 2010, the date of purchase. |
Public Information October 19, 2010
WESTAMERICA BANCORPORATION
FINANCIAL HIGHLIGHTS
September 30, 2010
12. Income Statements.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | (unaudited, dollars in thousands, except per-share amounts) | |
| | | | | | | | | | | | | | Q3’10 / | | | | | | | Q3’10 / | | | | | | | | | | | 9/30’10YTD / | |
| | | | | | Q3’10 | | | Q3’09 | | | Q3’09 | | | Q2’10 | | | Q2’10 | | | 9/30’10YTD | | | 9/30’09YTD | | | 9/30’09YTD | |
| 1 | | | Interest and Fee Income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2 | | | Loans | | $ | 44,434 | | | $ | 48,530 | | | | -8.4 | % | | $ | 44,060 | | | | 0.8 | % | | $ | 133,196 | | | $ | 143,148 | | | | -7.0 | % |
| 3 | | | Money Market Assets and Funds Sold | | | 1 | | | | 1 | | | | n/m | | | | 0 | | | | n/m | | | | 2 | | | | 3 | | | | n/m | |
| 4 | | | Investment Securities Available For Sale | | | 4,189 | | | | 4,272 | | | | -1.9 | % | | | 4,026 | | | | 4.0 | % | | | 12,110 | | | | 12,550 | | | | -3.5 | % |
| 5 | | | Investment Securities Held to Maturity | | | 6,579 | | | | 8,393 | | | | -21.6 | % | | | 6,992 | | | | -5.9 | % | | | 20,976 | | | | 27,752 | | | | -24.4 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 6 | | | Total Interest Income | | | 55,203 | | | | 61,196 | | | | -9.8 | % | | | 55,078 | | | | 0.2 | % | | | 166,284 | | | | 183,453 | | | | -9.4 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 7 | | | Interest Expense: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 8 | | | Transaction Deposits | | | 226 | | | | 263 | | | | -13.9 | % | | | 218 | | | | 3.6 | % | | | 661 | | | | 761 | | | | -13.1 | % |
| 9 | | | Savings Deposits | | | 666 | | | | 915 | | | | -27.2 | % | | | 659 | | | | 1.1 | % | | | 2,064 | | | | 2,874 | | | | -28.2 | % |
| 10 | | | Time Deposits | | | 1,155 | | | | 2,095 | | | | -44.9 | % | | | 1,303 | | | | -11.4 | % | | | 3,991 | | | | 7,890 | | | | -49.4 | % |
| 11 | | | Short-Term Borrowed Funds | | | 511 | | | | 509 | | | | 0.3 | % | | | 491 | | | | 4.1 | % | | | 1,538 | | | | 1,572 | | | | -2.2 | % |
| 12 | | | Federal Home Loan Bank Advances | | | 113 | | | | 295 | | | | n/m | | | | 52 | | | | n/m | | | | 249 | | | | 714 | | | | n/m | |
| 13 | | | Debt Financing and Notes Payable | | | 425 | | | | 423 | | | | 0.6 | % | | | 422 | | | | 0.7 | % | | | 1,272 | | | | 1,267 | | | | 0.4 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 14 | | | Total Interest Expense | | | 3,096 | | | | 4,500 | | | | -31.2 | % | | | 3,145 | | | | -1.6 | % | | | 9,775 | | | | 15,078 | | | | -35.2 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| 15 | | | Net Interest Income | | | 52,107 | | | | 56,696 | | | | -8.1 | % | | | 51,933 | | | | 0.3 | % | | | 156,509 | | | | 168,375 | | | | -7.0 | % |
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| 16 | | | Provision for Loan Losses | | | 2,800 | | | | 2,800 | | | | 0.0 | % | | | 2,800 | | | | 0.0 | % | | | 8,400 | | | | 7,200 | | | | 16.7 | % |
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| 17 | | | Noninterest Income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 18 | | | Service Charges on Deposit Accounts | | | 8,162 | | | | 9,479 | | | | -13.9 | % | | | 8,629 | | | | -5.4 | % | | | 25,533 | | | | 27,017 | | | | -5.5 | % |
| 19 | | | Merchant Credit Card | | | 2,234 | | | | 2,163 | | | | 3.3 | % | | | 2,176 | | | | 2.7 | % | | | 6,631 | | | | 6,818 | | | | -2.7 | % |
| 20 | | | ATM Fees & Interchange | | | 1,004 | | | | 965 | | | | 4.0 | % | | | 1,021 | | | | -1.7 | % | | | 2,917 | | | | 2,792 | | | | 4.5 | % |
| 21 | | | Debit Card Fees | | | 1,259 | | | | 1,267 | | | | -0.6 | % | | | 1,245 | | | | 1.1 | % | | | 3,678 | | | | 3,656 | | | | 0.6 | % |
| 22 | | | Financial Services Commissions | | | 211 | | | | 129 | | | | 64.2 | % | | | 223 | | | | -5.1 | % | | | 583 | | | | 420 | | | | 38.9 | % |
| 23 | | | Mortgage Banking | | | 23 | | | | 26 | | | | -13.9 | % | | | 40 | | | | -43.0 | % | | | 82 | | | | 68 | | | | 20.3 | % |
| 24 | | | Trust Fees | | | 429 | | | | 319 | | | | 34.2 | % | | | 448 | | | | -4.4 | % | | | 1,257 | | | | 1,056 | | | | 19.1 | % |
| 25 | | | Gain on Acquisition | | | 178 | | | | 0 | | | | n/m | | | | 0 | | | | n/m | | | | 178 | | | | 48,844 | | | | n/m | |
| 26 | | | Other | | | 1,571 | | | | 1,613 | | | | -2.5 | % | | | 1,988 | | | | -20.9 | % | | | 5,452 | | | | 5,644 | | | | -3.4 | % |
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| 27 | | | Total Noninterest Income | | | 15,071 | | | | 15,961 | | | | -5.6 | % | | | 15,770 | | | | -4.4 | % | | | 46,311 | | | | 96,315 | | | | n/m | |
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| 28 | | | Noninterest Expense: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 29 | | | Salaries and Related Benefits | | | 15,481 | | | | 16,402 | | | | -5.6 | % | | | 15,476 | | | | 0.0 | % | | | 46,849 | | | | 50,221 | | | | -6.7 | % |
| 30 | | | Occupancy | | | 3,962 | | | | 4,008 | | | | -1.2 | % | | | 3,822 | | | | 3.7 | % | | | 11,561 | | | | 14,831 | | | | -22.1 | % |
| 31 | | | Equipment | | | 1,067 | | | | 1,789 | | | | -40.4 | % | | | 1,116 | | | | -4.3 | % | | | 3,234 | | | | 4,618 | | | | -30.0 | % |
| 32 | | | Outsourced Data Processing | | | 2,187 | | | | 2,258 | | | | -3.1 | % | | | 2,202 | | | | -0.7 | % | | | 6,629 | | | | 6,740 | | | | -1.6 | % |
| 33 | | | Amortization of Identifiable Intangibles | | | 1,573 | | | | 1,671 | | | | -5.8 | % | | | 1,540 | | | | 2.1 | % | | | 4,711 | | | | 5,051 | | | | -6.7 | % |
| 34 | | | Professional Fees | | | 950 | | | | 913 | | | | 4.1 | % | | | 867 | | | | 9.7 | % | | | 2,480 | | | | 2,580 | | | | -3.9 | % |
| 35 | | | FDIC Insurance Assessment | | | 1,268 | | | | 1,442 | | | | -12.1 | % | | | 1,260 | | | | 0.6 | % | | | 3,848 | | | | 4,820 | | | | -20.2 | % |
| 36 | | | Other | | | 5,020 | | | | 6,668 | | | | -24.7 | % | | | 5,812 | | | | -13.6 | % | | | 16,323 | | | | 19,079 | | | | -14.4 | % |
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| 37 | | | Total Noninterest Expense | | | 31,508 | | | | 35,151 | | | | -10.4 | % | | | 32,095 | | | | -1.8 | % | | | 95,635 | | | | 107,940 | | | | -11.4 | % |
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| 38 | | | Income Before Income Taxes | | | 32,870 | | | | 34,706 | | | | -5.3 | % | | | 32,808 | | | | 0.2 | % | | | 98,785 | | | | 149,550 | | | | n/m | |
| 39 | | | Income Tax Provision | | | 9,161 | | | | 9,449 | | | | -3.0 | % | | | 9,247 | | | | -0.9 | % | | | 27,939 | | | | 48,285 | | | | n/m | |
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| 40 | | | Net Income | | | 23,709 | | | | 25,257 | | | | -6.1 | % | | | 23,561 | | | | 0.6 | % | | | 70,846 | | | | 101,265 | | | | n/m | |
| 41 | | | Preferred Stock Dividends and Discount Accretion | | | 0 | | | | 1,466 | | | | n/m | | | | 0 | | | | n/m | | | | 0 | | | | 3,151 | | | | n/m | |
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| 42 | | | Net Income Applicable to Common Equity | | $ | 23,709 | | | $ | 23,791 | | | | -0.3 | % | | $ | 23,561 | | | | 0.6 | % | | $ | 70,846 | | | $ | 98,114 | | | | n/m | |
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| 43 | | | Average Common Shares Outstanding | | | 29,127 | | | | 29,210 | | | | -0.3 | % | | | 29,207 | | | | -0.3 | % | | | 29,187 | | | | 29,072 | | | | 0.4 | % |
| 44 | | | Diluted Average Common Shares Outstanding | | | 29,385 | | | | 29,429 | | | | -0.2 | % | | | 29,568 | | | | -0.6 | % | | | 29,515 | | | | 29,313 | | | | 0.7 | % |
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| 45 | | | Per Common Share Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 46 | | | Basic Earnings | | $ | 0.81 | | | $ | 0.81 | | | | 0.0 | % | | $ | 0.81 | | | | 0.0 | % | | $ | 2.43 | | | $ | 3.37 | | | | n/m | |
| 47 | | | Diluted Earnings | | | 0.81 | | | | 0.81 | | | | 0.0 | % | | | 0.80 | | | | 1.2 | % | | | 2.40 | | | | 3.35 | | | | n/m | |
| 48 | | | Dividends Paid | | | 0.36 | | | | 0.35 | | | | 2.9 | % | | | 0.36 | | | | 0.0 | % | | | 1.08 | | | | 1.06 | | | | 1.9 | % |