Westamerica Bancorporation Reports Second Quarter 2025 Financial Results

SAN RAFAEL, Calif., July 17, 2025 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (NASDAQ:WABC), parent company of Westamerica Bank, generated net income for the second quarter 2025 of $29.1 million and diluted earnings per common share ("EPS") of $1.12. Second quarter 2025 results compare to first quarter 2025 net income of $31.0 million and EPS of $1.16.

"Westamerica's second quarter 2025 results benefited from the Company's low-cost operating principles. The annualized cost of funding interest-earning loans, bonds and cash was 0.22 percent for the second quarter 2025. The Company recognized no provision for credit losses in the second quarter 2025. At June 30, 2025, nonperforming assets were $5.0 million and the allowance for credit losses on loans was $13.8 million. Westamerica operated efficiently, spending 39 percent of its revenue on operating costs in the second quarter 2025", said Chairman, President and CEO David Payne. "Second quarter 2025 results generated an annualized 11.2 percent return on average common equity. Westamerica paid a $0.46 per common share dividend during the second quarter 2025, and retired 773 thousand common shares using its share repurchase plan. Westamerica's capital ratios remain at historically high levels exceeding the highest regulatory guidelines," concluded Payne.

Net interest income on a fully-taxable equivalent (FTE) basis was $54.6 million for the second quarter 2025, compared to $56.4 million for the first quarter 2025. The annualized yield earned on loans, bonds and cash for the second quarter 2025 was 4.07 percent, compared to 4.14 percent for the first quarter 2025. The annualized cost of funding interest-earning loans, bonds and cash was 0.22 percent for the second quarter 2025, compared to 0.24 percent for the first quarter 2025.

The Company provided no provision for credit losses in the second quarter 2025 compared to a $550 thousand reversal of provision for credit losses in the first quarter of 2025. The allowance for credit losses on loans was $13.8 million at June 30, 2025 compared to $13.9 million at March 31, 2025.

Noninterest income for the second quarter 2025 totaled $10.3 million compared to $10.3 million for the first quarter 2025.

Noninterest expenses were $25.5 million for the second quarter 2025 and $25.1 million for the first quarter 2025. The increase in noninterest expense is primarily due to higher salaries and benefits expense due to more business days in the second quarter 2025 compared to the first quarter 2025 and higher occupancy and equipment expense.

The income tax provision (FTE) for the second quarter 2025 was $10.3 million compared to $11.1 million for the first quarter 2025.

Westamerica Bancorporation's wholly owned subsidiary Westamerica Bank, operates commercial banking and trust offices throughout Northern and Central California.

Westamerica Bancorporation Web Address: www.westamerica.com

For additional information contact:

Westamerica Bancorporation

1108 Fifth Avenue, San Rafael, CA 94901

Robert A. Thorson – Investor Relations Contact

707-863-6090

[email protected] 

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 March 31, 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 July 17, 2025
WESTAMERICA BANCORPORATION
FINANCIAL HIGHLIGHTS
June 30, 2025
1. Net Income Summary.
		(in thousands except per-share amounts)
								%
		Q2'2025			Q2'2024			Change		Q1'2025
	Net Interest and Loan Fee
	Income (FTE)	$	54,562		$	64,100		-14.9	%	$	56,390
	Reversal of Provision
	for Credit Losses		-			-		n/m			(550	)
	Noninterest Income		10,315			10,500		-1.8	%		10,321
	Noninterest Expense		25,529			26,130		-2.3	%		25,127
	Income Before Taxes (FTE)		39,348			48,470		-18.8	%		42,134
	Income Tax Provision (FTE)		10,282			13,008		-21.0	%		11,097
	Net Income	$	29,066		$	35,462		-18.0	%	$	31,037
	Average Common Shares
	Outstanding		25,889			26,680		-3.0	%		26,642
	Diluted Average Common
	Shares Outstanding		25,889			26,681		-3.0	%		26,642
	Operating Ratios:
	Basic Earnings Per Common
	Share	$	1.12		$	1.33		-15.8	%	$	1.16
	Diluted Earnings Per
	Common Share		1.12			1.33		-15.8	%		1.16
	Return On Assets (a)		1.93	%		2.18	%				2.03	%
	Return On Common
	Equity (a)		11.2	%		14.4	%				11.9	%
	Net Interest Margin (FTE) (a)		3.85	%		4.15	%				3.90	%
	Efficiency Ratio (FTE)		39.3	%		35.0	%				37.7	%
	Dividends Paid Per Common
	Share	$	0.46		$	0.44		4.5	%	$	0.44
	Common Dividend Payout
	Ratio		41	%		33	%				38	%
								%
		6/30'25YTD			6/30'24YTD			Change
	Net Interest and Loan Fee
	Income (FTE)	$	110,952		$	130,194		-14.8	%
	(Reversal of) Provision
	for Credit Losses		(550	)		300		n/m
	Noninterest Income		20,636			20,597		0.2	%
	Noninterest Expense		50,656			52,229		-3.0	%
	Income Before Taxes (FTE)		81,482			98,262		-17.1	%
	Income Tax Provision (FTE)		21,379			26,383		-19.0	%
	Net Income	$	60,103		$	71,879		-16.4	%
	Average Common Shares
	Outstanding		26,263			26,677		-1.6	%
	Diluted Average Common
	Shares Outstanding		26,263			26,678		-1.6	%
	Operating Ratios:
	Basic Earnings Per Common
	Share	$	2.29		$	2.69		-14.9	%
	Diluted Earnings Per
	Common Share		2.29			2.69		-14.9	%
	Return On Assets (a)		1.98	%		2.21	%
	Return On Common
	Equity (a)		11.6	%		14.8	%
	Net Interest Margin (FTE) (a)		3.87	%		4.23	%
	Efficiency Ratio (FTE)		38.5	%		34.6	%
	Dividends Paid Per Common
	Share	$	0.90		$	0.88		2.3	%
	Common Dividend Payout
	Ratio		39	%		33	%
2. Net Interest Income.
		(dollars in thousands)
								%
		Q2'2025			Q2'2024			Change		Q1'2025
	Interest and Loan Fee
	Income (FTE)	$	57,751		$	69,407		-16.8	%	$	59,786
	Interest Expense		3,189			5,307		-39.9	%		3,396
	Net Interest and Loan Fee
	Income (FTE)	$	54,562		$	64,100		-14.9	%	$	56,390
	Average Earning Assets	$	5,652,443		$	6,145,626		-8.0	%	$	5,794,836
	Average Interest-Bearing
	Liabilities		2,693,505			3,001,786		-10.3	%		2,770,099
	Yield on Earning Assets
	(FTE) (a)		4.07	%		4.50	%				4.14	%
	Cost of Funds (a)		0.22	%		0.35	%				0.24	%
	Net Interest Margin (FTE) (a)		3.85	%		4.15	%				3.90	%
	Interest Expense /
	Interest-Bearing
	Liabilities (a)		0.48	%		0.71	%				0.50	%
	Net Interest Spread (FTE) (a)		3.59	%		3.79	%				3.64	%
								%
		6/30'25YTD			6/30'24YTD			Change
	Interest and Loan Fee
	Income (FTE)	$	117,537		$	138,502		-15.1	%
	Interest Expense		6,585			8,308		-20.7	%
	Net Interest and Loan Fee
	Income (FTE)	$	110,952		$	130,194		-14.8	%
	Average Earning Assets	$	5,723,246		$	6,132,497		-6.7	%
	Average Interest-Bearing
	Liabilities		2,731,590			2,978,676		-8.3	%
	Yield on Earning Assets
	(FTE) (a)		4.11	%		4.50	%
	Cost of Funds (a)		0.24	%		0.27	%
	Net Interest Margin (FTE) (a)		3.87	%		4.23	%
	Interest Expense /
	Interest-Bearing
	Liabilities (a)		0.49	%		0.56	%
	Net Interest Spread (FTE) (a)		3.62	%		3.94	%
3. Loans & Other Earning Assets.
		(average volume, dollars in thousands)
								%
		Q2'2025			Q2'2024			Change		Q1'2025
	Total Assets	$	6,042,100		$	6,549,203		-7.7	%	$	6,187,321
	Total Earning Assets		5,652,443			6,145,626		-8.0	%		5,794,836
	Total Loans		762,216			838,016		-9.0	%		789,935
	Commercial Loans		115,943			133,605		-13.2	%		120,189
	Commercial Real Estate
	Loans		488,960			487,209		0.4	%		497,379
	Consumer Loans		157,313			217,202		-27.6	%		172,367
	Total Investment Securities		4,236,303			4,944,191		-14.3	%		4,395,565
	Debt Securities Available for
	Sale		3,400,199			4,079,896		-16.7	%		3,553,755
	Debt Securities Held to
	Maturity		836,104			864,295		-3.3	%		841,810
	Total Interest-Bearing Cash		653,924			363,419		79.9	%		609,336
	Loans / Deposits		15.7	%		16.1	%				15.9	%
								%
		6/30'25YTD			6/30'24YTD			Change
	Total Assets	$	6,114,310		$	6,537,562		-6.5	%
	Total Earning Assets		5,723,246			6,132,497		-6.7	%
	Total Loans		775,999			845,785		-8.3	%
	Commercial Loans		118,054			133,514		-11.6	%
	Commercial Real Estate
	Loans		493,146			488,099		1.0	%
	Consumer Loans		164,799			224,172		-26.5	%
	Total Investment Securities		4,315,494			5,021,365		-14.1	%
	Debt Securities Available for
	Sale		3,476,553			4,152,185		-16.3	%
	Debt Securities Held to
	Maturity		838,941			869,180		-3.5	%
	Total Interest-Bearing Cash		631,753			265,347		138.1	%
	Loans / Deposits		15.8	%		16.0	%
4. Deposits, Other Interest-Bearing Liabilities & Equity.
		(average volume, dollars in thousands)
								%
		Q2'2025			Q2'2024			Change		Q1'2025
	Total Deposits	$	4,841,803		$	5,202,620		-6.9	%	$	4,958,554
	Noninterest Demand		2,245,077			2,485,023		-9.7	%		2,293,059
	Interest-Bearing Transaction		908,367			981,703		-7.5	%		935,054
	Savings		1,611,845			1,642,806		-1.9	%		1,649,631
	Time greater than $100K		27,306			34,721		-21.4	%		29,460
	Time less than $100K		49,208			58,367		-15.7	%		51,350
	Total Short-Term Borrowings		96,779			284,189		-65.9	%		104,604
	Bank Term Funding Program
	Borrowings		-			200,000		n/m			-
	Securities Sold under
	Repurchase Agreements		96,779			84,189		15.0	%		104,604
	Shareholders' Equity		1,037,185			990,927		4.7	%		1,055,925
	Demand Deposits /
	Total Deposits		46.4	%		47.8	%				46.2	%
	Transaction & Savings
	Deposits / Total Deposits		98.4	%		98.2	%				98.4	%
								%
		6/30'25YTD			6/30'24YTD			Change
	Total Deposits	$	4,899,856		$	5,290,840		-7.4	%
	Noninterest Demand		2,268,936			2,508,702		-9.6	%
	Interest-Bearing Transaction		921,637			1,019,998		-9.6	%
	Savings		1,630,633			1,667,261		-2.2	%
	Time greater than $100K		28,377			35,427		-19.9	%
	Time less than $100K		50,273			59,452		-15.4	%
	Total Short-Term Borrowings		100,670			196,538		-48.8	%
	Bank Term Funding Program
	Borrowings		-			131,291		n/m
	Securities Sold under
	Repurchase Agreements		100,670			65,247		54.3	%
	Shareholders' Equity		1,046,504			978,384		7.0	%
	Demand Deposits /
	Total Deposits		46.3	%		47.4	%
	Transaction & Savings
	Deposits / Total Deposits		98.4	%		98.2	%
5. Interest Yields Earned & Rates Paid.
		(dollars in thousands)
		Q2'2025
		Average			Income/			Yield (a) /
		Volume			Expense			Rate (a)
	Interest & Loan Fee Income Earned:
	Total Earning Assets (FTE)	$	5,652,443		$	57,751		4.07	%
	Total Loans (FTE)		762,216			10,591		5.57	%
	Commercial Loans (FTE)		115,943			1,833		6.34	%
	Commercial Real Estate
	Loans		488,960			6,452		5.29	%
	Consumer Loans		157,313			2,306		5.88	%
	Total Investments (FTE)		4,236,303			39,887		3.75	%
	Total Debt Securities
	Available for Sale (FTE)		3,400,199			31,354		3.67	%
	Corporate Securities		1,945,959			12,898		2.65	%
	Collateralized Loan
	Obligations		792,914			12,405		6.19	%
	Agency Mortgage Backed
	Securities		273,083			2,334		3.42	%
	Securities of U.S.
	Government Sponsored
	Entities		311,923			2,777		3.56	%
	Obligations of States and
	Political Subdivisions
	(FTE)		62,093			506		3.26	%
	Other Debt Securities
	Available for Sale (FTE)		14,227			434		12.21	%
	Total Debt Securities Held to
	Maturity (FTE)		836,104			8,533		4.08	%
	Agency Mortgage Backed
	Securities		51,839			304		2.35	%
	Corporate Securities		737,787			7,816		4.24	%
	Obligations of States and
	Political Subdivisions
	(FTE)		46,478			413		3.56	%
	Total Interest-Bearing Cash		653,924			7,273		4.40	%
	Interest Expense Paid:
	Total Earning Assets		5,652,443			3,189		0.22	%
	Total Interest-Bearing
	Liabilities		2,693,505			3,189		0.48	%
	Total Interest-Bearing
	Deposits		2,596,726			3,045		0.47	%
	Interest-Bearing Transaction		908,367			44		0.02	%
	Savings		1,611,845			2,950		0.73	%
	Time less than $100K		49,208			37		0.30	%
	Time greater than $100K		27,306			14		0.21	%
	Total Short-Term Borrowings		96,779			144		0.60	%
	Securities Sold under
	Repurchase Agreements		96,779			144		0.60	%
	Net Interest Income and
	Margin (FTE)				$	54,562		3.85	%
		Q2'2024
		Average			Income/			Yield (a) /
		Volume			Expense			Rate (a)
	Interest & Loan Fee Income Earned:
	Total Earning Assets (FTE)	$	6,145,626		$	69,407		4.50	%
	Total Loans (FTE)		838,016			11,441		5.49	%
	Commercial Loans (FTE)		133,605			2,418		7.28	%
	Commercial Real Estate
	Loans		487,209			6,014		4.96	%
	Consumer Loans		217,202			3,009		5.57	%
	Total Investments (FTE)		4,944,191			53,005		4.27	%
	Total Debt Securities
	Available for Sale (FTE)		4,079,896			44,236		4.31	%
	Corporate Securities		2,090,829			14,366		2.75	%
	Collateralized Loan
	Obligations		1,347,475			24,620		7.23	%
	Agency Mortgage Backed
	Securities		241,391			1,465		2.43	%
	Securities of U.S.
	Government sponsored
	entities		309,395			2,777		3.59	%
	Obligations of States and
	Political Subdivisions
	(FTE)		72,319			543		3.01	%
	U.S. Treasury Securities		4,260			54		5.08	%
	Other Debt Securities
	Available for Sale (FTE)		14,227			411		11.55	%
	Total Debt Securities Held to
	Maturity (FTE)		864,295			8,769		4.06	%
	Agency Mortgage Backed
	Securities		70,804			401		2.27	%
	Corporate Securities		730,978			7,815		4.28	%
	Obligations of States and
	Political Subdivisions
	(FTE)		62,513			553		3.54	%
	Total Interest-Bearing Cash		363,419			4,961		5.40	%
	Interest Expense Paid:
	Total Earning Assets		6,145,626			5,307		0.35	%
	Total Interest-Bearing
	Liabilities		3,001,786			5,307		0.71	%
	Total Interest-Bearing
	Deposits		2,717,597			2,460		0.36	%
	Interest-Bearing Transaction		981,703			69		0.03	%
	Savings		1,642,806			2,322		0.57	%
	Time less than $100K		58,367			49		0.34	%
	Time greater than $100K		34,721			20		0.23	%
	Total Short-Term Borrowings		284,189			2,847		4.02	%
	Bank Term Funding Program
	Borrowings		200,000			2,692		5.40	%
	Securities Sold under
	Repurchase Agreements		84,189			155		0.74	%
	Net Interest Income and
	Margin (FTE)				$	64,100		4.15	%
6. Noninterest Income.
		(dollars in thousands except per-share amounts)
								%
		Q2'2025			Q2'2024			Change		Q1'2025
	Service Charges on Deposit
	Accounts	$	3,368		$	3,469		-2.9	%	$	3,381
	Merchant Processing
	Services		2,687			2,733		-1.7	%		2,733
	Debit Card Fees		1,664			1,706		-2.5	%		1,581
	Trust Fees		867			811		6.9	%		899
	ATM Processing Fees		482			540		-10.7	%		463
	Other Service Fees		450			450		0.0	%		429
	Life Insurance Gains		106			-		n/m			102
	Other Noninterest Income		691			791		-12.6	%		733
	Total Noninterest Income	$	10,315		$	10,500		-1.8	%	$	10,321
	Operating Ratios:
	Total Revenue (FTE)	$	64,877		$	74,600		-13.0	%	$	66,711
	Noninterest Income /
	Revenue (FTE)		15.9	%		14.1	%				15.5	%
	Service Charges /
	Avg. Deposits (a)		0.28	%		0.27	%				0.28	%
	Total Revenue (FTE) Per
	Avg. Common Share (a)	$	10.05		$	11.25		-10.6	%	$	10.16
								%
		6/30'25YTD			6/30'24YTD			Change
	Service Charges on Deposit
	Accounts	$	6,749		$	6,939		-2.7	%
	Merchant Processing
	Services		5,420			5,240		3.4	%
	Debit Card Fees		3,245			3,249		-0.1	%
	Trust Fees		1,766			1,605		10.0	%
	ATM Processing Fees		945			1,131		-16.4	%
	Other Service Fees		879			888		-1.0	%
	Life Insurance Gains		208			-		n/m
	Other Noninterest Income		1,424			1,545		-7.8	%
	Total Noninterest Income	$	20,636		$	20,597		0.2	%
	Operating Ratios:
	Total Revenue (FTE)	$	131,588		$	150,791		-12.7	%
	Noninterest Income /
	Revenue (FTE)		15.7	%		13.7	%
	Service Charges /
	Avg. Deposits (a)		0.28	%		0.26	%
	Total Revenue (FTE) Per
	Avg. Common Share (a)	$	10.10		$	11.37		-11.1	%
7. Noninterest Expense.
		(dollars in thousands)
								%
		Q2'2025			Q2'2024			Change		Q1'2025
	Salaries and Related Benefits	$	12,303		$	12,483		-1.4	%	$	12,126
	Occupancy and Equipment		5,154			5,158		-0.1	%		5,038
	Outsourced Data Processing		2,709			2,511		7.9	%		2,697
	Limited Partnership
	Operating Losses		915			1,440		-36.5	%		915
	Professional Fees		386			362		6.6	%		395
	Courier Service		687			686		0.1	%		688
	Other Noninterest Expense		3,375			3,490		-3.3	%		3,268
	Total Noninterest Expense	$	25,529		$	26,130		-2.3	%	$	25,127
	Operating Ratios:
	Noninterest Expense /
	Avg. Earning Assets (a)		1.81	%		1.71	%				1.76	%
	Noninterest Expense /
	Revenues (FTE)		39.3	%		35.0	%				37.7	%
								%
		6/30'25YTD			6/30'24YTD			Change
	Salaries and Related Benefits	$	24,429		$	25,069		-2.6	%
	Occupancy and Equipment		10,192			10,198		-0.1	%
	Outsourced Data Processing		5,406			5,047		7.1	%
	Limited Partnership
	Operating Losses		1,830			2,880		-36.5	%
	Professional Fees		781			764		2.2	%
	Courier Service		1,375			1,335		3.0	%
	Other Noninterest Expense		6,643			6,936		-4.2	%
	Total Noninterest Expense	$	50,656		$	52,229		-3.0	%
	Operating Ratios:
	Noninterest Expense /
	Avg. Earning Assets (a)		1.78	%		1.71	%
	Noninterest Expense /
	Revenues (FTE)		38.5	%		34.6	%
8. Allowance for Credit Losses.
		(dollars in thousands)
								%
		Q2'2025			Q2'2024			Change		Q1'2025
	Average Total Loans	$	762,216		$	838,016		-9.0	%	$	789,935
	Beginning of Period
	Allowance for Credit
	Losses on Loans (ACLL)	$	13,914		$	15,879		-12.4	%	$	14,780
	Reversal of Provision for
	Credit Losses		-			-		n/m			(550	)
	Net ACLL (Losses)
	Recoveries		(127	)		73		n/m			(316	)
	End of Period ACLL	$	13,787		$	15,952		-13.6	%	$	13,914
	Gross ACLL Recoveries /
	Gross ACLL Losses		87	%		105	%				82	%
	Net ACLL (Losses)
	Recoveries/
	Avg. Total Loans (a)		-0.07	%		0.04	%				-0.16	%
								%
		6/30'25YTD			6/30'24YTD			Change
	Average Total Loans	$	775,999		$	845,785		-8.3	%
	Beginning of Period ACLL	$	14,780		$	16,867		-12.4	%
	(Reversal of) Provision for
	Credit Losses		(550	)		300		n/m
	Net ACLL Losses		(443	)		(1,215	)	-63.5	%
	End of Period ACLL	$	13,787		$	15,952		-13.6	%
	Gross ACLL Recoveries /
	Gross ACLL Losses		83	%		66	%
	Net ACLL Losses /
	Avg. Total Loans (a)		-0.12	%		-0.29	%
		(dollars in thousands)
								%
		6/30/25			6/30/24			Change		3/31/25
	Allowance for Credit Losses
	on Loans	$	13,787		$	15,952		-13.6	%	$	13,914
	Allowance for Credit Losses
	on Held to Maturity
	Securities		1			1		0.0	%		1
	Total Allowance for Credit
	Losses	$	13,788		$	15,953		-13.6	%	$	13,915
	Allowance for Unfunded
	Credit Commitments	$	201		$	201		0.0	%	$	201
9. Credit Quality.
		(dollars in thousands)
								%
		6/30/25			6/30/24			Change		3/31/25
	Nonperforming Loans:
	Nonperforming Nonaccrual
	Loans	$	-		$	971		n/m		$	-
	Performing Nonaccrual
	Loans		4,553			-		n/m			-
	Total Nonaccrual Loans		4,553			971		368.9	%		-
	Accruing Loans 90+ Days
	Past Due		411			580		-29.1	%		277
	Total Nonperforming Loans	$	4,964		$	1,551		220.1	%	$	277
	Total Loans Outstanding	$	748,264		$	831,842		-10.0	%	$	771,030
	Total Assets		5,825,069			6,312,145		-7.7	%		5,966,624
	Loans:
	Allowance for Credit Losses
	on Loans	$	13,787		$	15,952		-13.6	%	$	13,914
	Allowance for Credit Losses
	on Loans / Loans		1.84	%		1.92	%				1.80	%
	Nonperforming Loans /
	Total Loans		0.66	%		0.19	%				0.04	%
10. Liquidity.
	At June 30, 2025, the Company had $626,437 thousand in cash balances. During the twelve months ending June 30, 2026, the Company expects to receive $288,000 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 June 30, 2025, the Company's debt securities which qualify as collateral for borrowing totaled $3,522,823 thousand. In the ordinary course of business, the Company pledges debt securities as collateral for certain depository customers; at June 30, 2025, the Company had pledged $715,788 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 June 30, 2025, the Company had pledged $703,398 thousand in debt securities at the Federal Reserve Bank. During the six months ended June 30, 2025, the Company's average borrowings from the Federal Reserve Bank and correspondent banks were $-0- thousand and $-0- thousand, respectively, and at June 30, 2025, the Company had no borrowings from the Federal Reserve Bank or other correspondent banks. At June 30, 2025, the Company had access to borrowing from the Federal Reserve up to $703,398 thousand based on collateral pledged at June 30, 2025. At June 30, 2025, the Company's estimated unpledged collateral qualifying debt securities totaled $1,683,788 thousand. Debt securities eligible as collateral are shown at market value.
										(in thousands)
										6/30/25
	Debt Securities Eligible as
	Collateral:
	Corporate Securities									$	2,517,133
	Collateralized Loan
	Obligations rated AAA										257,649
	Obligations of States and
	Political Subdivisions										106,428
	Agency Mortgage Backed
	Securities										339,710
	Securities of U.S. Government
	Sponsored Entities										301,903
	Total Debt Securities Eligible
	as Collateral									$	3,522,823
	Debt Securities Pledged
	as Collateral:
	Debt Securities Pledged
	at the Federal Reserve Bank									($	703,398	)
	Deposits by Public Entities										(715,788	)
	Securities Sold under
	Repurchase Agreements										(412,956	)
	Other										(6,893	)
	Total Debt Securities Pledged
	as Collateral									($	1,839,035	)
	Estimated Debt Securities
	Available to Pledge									$	1,683,788
11. Capital.
		(in thousands, except per-share amounts)
								%
		6/30/25			6/30/24			Change		3/31/25
	Shareholders' Equity	$	921,783		$	815,600		13.0	%	$	923,138
	Total Assets		5,825,069			6,312,145		-7.7	%		5,966,624
	Shareholders' Equity/
	Total Assets		15.82	%		12.92	%				15.47	%
	Shareholders' Equity/
	Total Loans		123.19	%		98.05	%				119.73	%
	Tangible Common Equity
	Ratio		14.03	%		11.21	%				13.71	%
	Common Shares Outstanding		25,587			26,683		-4.1	%		26,360
	Common Equity Per Share	$	36.03		$	30.57		17.9	%	$	35.02
	Market Value Per Common
	Share		48.44			48.53		-0.2	%		50.63
		(shares in thousands)
								%
		Q2'2025			Q2'2024			Change		Q1'2025
	Share Retirements (Issuances):
	Total Shares Retired		773			-		n/m			361
	Average Retirement Price	$	49.61		$	-		n/m		$	50.96
	Net Shares Retired (Issued)		773			(5	)	n/m			348
								%
		6/30'25YTD			6/30'24YTD			Change
	Total Shares Retired		1,134			4		n/m
	Average Retirement Price	$	49.88		$	45.58		n/m
	Net Shares Retired (Issued)		1,121			(12	)	n/m
12. Period-End Balance Sheets.
		(unaudited, dollars in thousands)
								%
		6/30/25			6/30/24			Change		3/31/25
	Assets:
	Cash and Due from Banks	$	626,437		$	486,124		28.9	%	$	727,336
	Debt Securities Available for
	Sale:
	Corporate Securities		1,792,021			1,855,618		-3.4	%		1,802,791
	Collateralized Loan
	Obligations		780,147			1,255,110		-37.8	%		822,111
	Agency Mortgage Backed
	Securities		291,543			222,806		30.9	%		250,844
	Securities of U.S.
	Government Sponsored
	Entities		301,903			291,206		3.7	%		299,722
	Obligations of States and
	Political Subdivisions		60,835			69,758		-12.8	%		60,581
	U.S. Treasury Securities		-			4,820		n/m			-
	Total Debt Securities
	Available for Sale		3,226,449			3,699,318		-12.8	%		3,236,049
	Debt Securities Held to
	Maturity:
	Agency Mortgage Backed
	Securities		49,878			67,777		-26.4	%		53,528
	Corporate Securities		738,846			732,049		0.9	%		737,146
	Obligations of States and
	Political Subdivisions (1)		45,715			61,042		-25.1	%		48,674
	Total Debt Securities
	Held to Maturity (1)		834,439			860,868		-3.1	%		839,348
	Loans		748,264			831,842		-10.0	%		771,030
	Allowance For Credit Losses
	on Loans		(13,787	)		(15,952	)	-13.6	%		(13,914	)
	Total Loans, net		734,477			815,890		-10.0	%		757,116
	Premises and Equipment, net		25,850			26,275		-1.6	%		25,722
	Identifiable Intangibles, net		19			234		-91.9	%		72
	Goodwill		121,673			121,673		0.0	%		121,673
	Other Assets		255,725			301,763		-15.3	%		259,308
	Total Assets	$	5,825,069		$	6,312,145		-7.7	%	$	5,966,624
	Liabilities and Shareholders'
	Equity:
	Deposits:
	Noninterest-Bearing	$	2,175,841		$	2,459,467		-11.5	%	$	2,241,802
	Interest-Bearing Transaction		894,774			936,186		-4.4	%		920,461
	Savings		1,603,974			1,646,781		-2.6	%		1,633,445
	Time		72,946			89,006		-18.0	%		78,387
	Total Deposits		4,747,535			5,131,440		-7.5	%		4,874,095
	Bank Term Funding
	Program Borrowings		-			200,000		n/m			-
	Securities Sold under
	Repurchase Agreements		101,210			100,167		1.0	%		113,219
	Total Short-Term
	Borrowed Funds		101,210			300,167		-66.3	%		113,219
	Other Liabilities		54,541			64,938		-16.0	%		56,172
	Total Liabilities		4,903,286			5,496,545		-10.8	%		5,043,486
	Shareholders' Equity:
	Common Equity:
	Paid-In Capital		456,964			474,618		-3.7	%		470,844
	Accumulated Other
	Comprehensive Loss		(116,747	)		(197,300	)	-40.8	%		(136,768	)
	Retained Earnings		581,566			538,282		8.0	%		589,062
	Total Shareholders' Equity		921,783			815,600		13.0	%		923,138
	Total Liabilities and
	Shareholders' Equity	$	5,825,069		$	6,312,145		-7.7	%	$	5,966,624
13. Income Statements.
		(unaudited, in thousands except per-share amounts)
								%
		Q2'2025			Q2'2024			Change		Q1'2025
	Interest and Loan Fee Income:
	Loans	$	10,523		$	11,354		-7.3	%	$	10,669
	Equity Securities		195			175		11.4	%		195
	Debt Securities Available
	for Sale		31,028			43,927		-29.4	%		33,430
	Debt Securities Held to
	Maturity		8,448			8,655		-2.4	%		8,494
	Interest-Bearing Cash		7,273			4,961		46.6	%		6,703
	Total Interest and Loan
	Fee Income		57,467			69,072		-16.8	%		59,491
	Interest Expense:
	Transaction Deposits		44			69		-36.2	%		46
	Savings Deposits		2,950			2,322		27.0	%		3,128
	Time Deposits		51			69		-26.1	%		55
	Bank Term Funding Program
	Borrowings		-			2,692		n/m			-
	Securities Sold under
	Repurchase Agreements		144			155		-6.7	%		167
	Total Interest Expense		3,189			5,307		-39.9	%		3,396
	Net Interest and Loan
	Fee Income		54,278			63,765		-14.9	%		56,095
	Reversal of Provision for
	Credit Losses		-			-		n/m			(550	)
	Noninterest Income:
	Service Charges on Deposit
	Accounts		3,368			3,469		-2.9	%		3,381
	Merchant Processing
	Services		2,687			2,733		-1.7	%		2,733
	Debit Card Fees		1,664			1,706		-2.5	%		1,581
	Trust Fees		867			811		6.9	%		899
	ATM Processing Fees		482			540		-10.7	%		463
	Other Service Fees		450			450		0.0	%		429
	Life Insurance Gains		106			-		n/m			102
	Other Noninterest Income		691			791		-12.6	%		733
	Total Noninterest Income		10,315			10,500		-1.8	%		10,321
	Noninterest Expense:
	Salaries and Related Benefits		12,303			12,483		-1.4	%		12,126
	Occupancy and Equipment		5,154			5,158		-0.1	%		5,038
	Outsourced Data Processing		2,709			2,511		7.9	%		2,697
	Limited Partnership
	Operating Losses		915			1,440		-36.5	%		915
	Professional Fees		386			362		6.6	%		395
	Courier Service		687			686		0.1	%		688
	Other Noninterest Expense		3,375			3,490		-3.3	%		3,268
	Total Noninterest Expense		25,529			26,130		-2.3	%		25,127
	Income Before Income Taxes		39,064			48,135		-18.8	%		41,839
	Income Tax Provision		9,998			12,673		-21.1	%		10,802
	Net Income	$	29,066		$	35,462		-18.0	%	$	31,037
	Average Common Shares
	Outstanding		25,889			26,680		-3.0	%		26,642
	Diluted Average Common
	Shares Outstanding		25,889			26,681		-3.0	%		26,642
	Per Common Share Data:
	Basic Earnings	$	1.12		$	1.33		-15.8	%	$	1.16
	Diluted Earnings		1.12			1.33		-15.8	%		1.16
	Dividends Paid		0.46			0.44		4.5	%		0.44
								%
		6/30'25YTD			6/30'24YTD			Change
	Interest and Loan Fee Income:
	Loans	$	21,192		$	22,678		-6.6	%
	Equity Securities		390			349		11.7	%
	Debt Securities Available
	for Sale		64,458			90,170		-28.5	%
	Debt Securities Held to
	Maturity		16,942			17,377		-2.5	%
	Interest-Bearing Cash		13,976			7,244		92.9	%
	Total Interest and Loan
	Fee Income		116,958			137,818		-15.1	%
	Interest Expense:
	Transaction Deposits		90			188		-52.1	%
	Savings Deposits		6,078			4,239		43.4	%
	Time Deposits		106			139		-23.7	%
	Bank Term Funding Program
	Borrowings		-			3,535		n/m
	Securities Sold under
	Repurchase Agreements		311			207		50.2	%
	Total Interest Expense		6,585			8,308		-20.7	%
	Net Interest and Loan
	Fee Income		110,373			129,510		-14.8	%
	(Reversal of) Provision
	for Credit Losses		(550	)		300		n/m
	Noninterest Income:
	Service Charges on Deposit		6,749			6,939		-2.7	%
	Accounts
	Merchant Processing
	Services		5,420			5,240		3.4	%
	Debit Card Fees		3,245			3,249		-0.1	%
	Trust Fees		1,766			1,605		10.0	%
	ATM Processing Fees		945			1,131		-16.4	%
	Other Service Fees		879			888		-1.0	%
	Life Insurance Gains		208			-		n/m
	Other Noninterest Income		1,424			1,545		-7.8	%
	Total Noninterest Income		20,636			20,597		0.2	%
	Noninterest Expense:
	Salaries and Related Benefits		24,429			25,069		-2.6	%
	Occupancy and Equipment		10,192			10,198		-0.1	%
	Outsourced Data Processing		5,406			5,047		7.1	%
	Limited Partnership
	Operating Losses		1,830			2,880		-36.5	%
	Professional Fees		781			764		2.2	%
	Courier Service		1,375			1,335		3.0	%
	Other Noninterest Expense		6,643			6,936		-4.2	%
	Total Noninterest Expense		50,656			52,229		-3.0	%
	Income Before Income Taxes		80,903			97,578		-17.1	%
	Income Tax Provision		20,800			25,699		-19.1	%
	Net Income	$	60,103		$	71,879		-16.4	%
	Average Common Shares
	Outstanding		26,263			26,677		-1.6	%
	Diluted Average Common
	Shares Outstanding		26,263			26,678		-1.6	%
	Per Common Share Data:
	Basic Earnings	$	2.29		$	2.69		-14.9	%
	Diluted Earnings		2.29			2.69		-14.9	%
	Dividends Paid		0.90			0.88		2.3	%
	Footnotes and Abbreviations:
	(1) Debt Securities Held To Maturity and Obligations of States and Political Subdivisions are net of related reserve for expected credit losses of $1 thousand at June 30, 2025, March 31, 2025 and June 30, 2024.
	(FTE) Fully Taxable Equivalent. The Company presents its net interest margin and net interest income on a FTE basis using the current statutory federal tax rate. Management believes the FTE basis is valuable to the reader because the Company's loan and investment securities portfolios contain a portion of municipal loans and securities that are federally tax exempt. The Company's tax exempt loans and securities composition may not be similar to that of other banks, therefore in order to reflect the impact of the federally tax exempt loans and securities on the net interest margin and net interest income for comparability with other banks, the Company presents its net interest margin and net interest income on a FTE basis.
	(a) Annualized