SAN RAFAEL, Calif., Jan.  16, 2025  (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the fourth quarter 2024 of $31.7 million and diluted earnings per common share ("EPS") of $1.19. Fourth quarter 2024 results include an increase to the book tax provision to reconcile the 2023 income tax provision to the filed 2023 tax returns, which reduced EPS $0.01. Fourth quarter 2024 results compare to third quarter 2024 net income of $35.1 million and EPS of $1.31, which included gains from life insurance and sales of other assets equivalent to EPS of $0.04.

"Westamerica’s fourth quarter 2024 results benefited from the Company’s valuable low-cost deposit base, of which 47 percent was represented by non-interest bearing checking accounts during the quarter; the annualized cost of funding our loan and bond portfolios was 0.24 percent in the quarter. Operating expenses remained well controlled at 37 percent of total revenues. The Company recognized no provision for credit losses. At December 31, 2024, nonperforming assets were stable at $0.7 million and the allowance for credit losses was $14.8 million” said Chairman, President and CEO David Payne. “Fourth quarter 2024 results generated an annualized 12.1 percent return on average common equity. Shareholders were paid a $0.44 per common share dividend during the fourth quarter 2024,” concluded Payne.

Net interest income on a fully-taxable equivalent (FTE) basis was $59.2 million for the fourth quarter 2024, compared to $62.5 million for the third quarter 2024. The annualized yield earned on loans, bonds and cash for the fourth quarter 2024 was 4.25 percent compared to 4.45 percent for the third quarter 2024. The annualized cost of funding the loan and bond portfolios was 0.24 percent for the fourth quarter 2024, compared to 0.37 percent for the third quarter 2024.

Noninterest income for the fourth quarter 2024 totaled $10.6 million compared to $11.9 million for the third quarter 2024. Third quarter 2024 results include $1.6 million in gains from life insurance and sales of other assets.

Noninterest expenses for the fourth quarter 2024 were $25.9 million compared to $26.3 million for the third quarter 2024.

The income tax provision for the fourth quarter 2024 includes a $305 thousand increase to reconcile the 2023 income tax provision to the filed 2023 tax returns.

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

Westamerica Bancorporation Web Address: www.westamerica.com

For additional information contact:
 Westamerica Bancorporation
 1108 Fifth Avenue, San Rafael, CA 94901
 Robert A. Thorson – SVP & Treasurer
 707-863-6840
 [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, 2023 filed on Form 10-K and quarterly report for the quarter ended September 30, 2024 filed on Form 10-Q, describe some of these factors, including certain credit, interest rate, operational, liquidity and market risks associated with the Company's business and operations. Other factors described in these reports include changes in business and economic conditions, competition, fiscal and monetary policies, disintermediation, cyber security risks, legislation including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the Sarbanes-Oxley Act of 2002 and the Gramm-Leach-Bliley Act of 1999, and mergers and acquisitions.

Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward looking statements are made.

Public Information January 16, 2025 WESTAMERICA BANCORPORATION FINANCIAL HIGHLIGHTS December 31, 2024  1. Net Income Summary.  (in thousands except per-share amounts) %  Q4'2024Q4'2023ChangeQ3'2024 Net Interest and Loan Fee  Income (FTE)$59,247 $69,738 -15.0%$62,465  Provision for  Credit Losses -  - n/m -  Noninterest Income 10,633  10,992 -3.3% 11,925  Noninterest Expense 25,853  25,517 1.3% 26,309  Income Before Taxes (FTE) 44,027  55,213 -20.3% 48,081  Income Tax Provision (FTE) 12,327  15,745 -21.7% 13,024  Net Income$31,700 $39,468 -19.7%$35,057   Average Common Shares  Outstanding 26,699  26,662 0.1% 26,685  Diluted Average Common  Shares Outstanding 26,701  26,664 0.1% 26,686   Operating Ratios:  Basic Earnings Per Common  Share$1.19 $1.48 -19.6%$1.31  Diluted Earnings Per  Common Share 1.19  1.48 -19.6% 1.31  Return On Assets (a) 2.02% 2.35%  2.16% Return On Common  Equity (a) 12.1% 16.7%  13.7% Net Interest Margin (FTE) (a) 4.01% 4.41%  4.08% Efficiency Ratio (FTE) 37.0% 31.6%  35.4%  Dividends Paid Per Common  Share$0.44 $0.44 0.0%$0.44  Common Dividend Payout  Ratio 37% 30%  33%  %  12/31'24YTD12/31'23YTDChange  Net Interest and Loan Fee  Income (FTE)$251,906 $281,673 -10.6%  Provision (Reversal  of Provision) for  Credit Losses (1) 300  (1,150)n/m  Noninterest Income 43,155  43,522 -0.8%  Noninterest Expense 104,391  103,216 1.1%  Income Before Taxes (FTE) 190,370  223,129 -14.7%  Income Tax Provision (FTE) 51,734  61,361 -15.7%  Net Income$138,636 $161,768 -14.3%   Average Common Shares  Outstanding 26,685  26,703 -0.1%  Diluted Average Common  Shares Outstanding 26,686  26,706 -0.1%   Operating Ratios:  Basic Earnings Per Common  Share$5.20 $6.06 -14.2%  Diluted Earnings Per  Common Share 5.20  6.06 -14.2%  Return On Assets 2.15% 2.35%  Return On Common  Equity 13.8% 18.1%  Net Interest Margin (FTE) 4.14% 4.37%  Efficiency Ratio (FTE) 35.4% 31.7%   Dividends Paid Per Common  Share$1.76 $1.72 2.3%  Common Dividend Payout  Ratio 34% 28%  2. Net Interest Income.  (dollars in thousands) %  Q4'2024Q4'2023ChangeQ3'2024  Interest and Loan Fee  Income (FTE)$62,713 $71,417 -12.2%$68,110  Interest Expense 3,466  1,679 106.4% 5,645  Net Interest and Loan Fee  Income (FTE)$59,247 $69,738 -15.0%$62,465   Average Earning Assets$5,850,620 $6,251,143 -6.4%$6,062,174  Average Interest-Bearing  Liabilities 2,796,675  2,966,038 -5.7% 2,950,093   Yield on Earning Assets  (FTE) (a) 4.25% 4.52%  4.45% Cost of Funds (a) 0.24% 0.11%  0.37% Net Interest Margin (FTE) (a) 4.01% 4.41%  4.08% Interest Expense /  Interest-Bearing  Liabilities (a) 0.49% 0.22%  0.76% Net Interest Spread (FTE) (a) 3.76% 4.30%  3.69%  %  12/31'24YTD12/31'23YTDChange  Interest and Loan Fee  Income (FTE)$269,325 $285,563 -5.7%  Interest Expense 17,419  3,890 347.8%  Net Interest and Loan Fee  Income (FTE)$251,906 $281,673 -10.6%   Average Earning Assets$6,043,966 $6,451,821 -6.3%  Average Interest-Bearing  Liabilities 2,925,742  3,128,115 -6.5%   Yield on Earning Assets  (FTE) 4.43% 4.43%  Cost of Funds 0.29% 0.06%  Net Interest Margin (FTE) 4.14% 4.37%  Interest Expense /  Interest-Bearing  Liabilities 0.60% 0.12%  Net Interest Spread (FTE) 3.83% 4.31%  3. Loans & Other Earning Assets.  (average volume, dollars in thousands) %  Q4'2024Q4'2023ChangeQ3'2024  Total Assets$6,243,799 $6,665,040 -6.3%$6,461,843  Total Earning Assets 5,850,620  6,251,143 -6.4% 6,062,174  Total Loans 821,767  873,635 -5.9% 831,418  Commercial Loans 131,088  139,535 -6.1% 136,160  Commercial Real Estate  Loans 503,546  490,645 2.6% 493,272  Consumer Loans 187,133  243,455 -23.1% 201,986  Total Investment Securities 4,557,436  5,182,557 -12.1% 4,736,024  Debt Securities Available for  Sale 3,710,378  4,298,396 -13.7% 3,881,678  Debt Securities Held to  Maturity 847,058  884,161 -4.2% 854,346  Total Interest-Bearing Cash 471,417  194,951 141.8% 494,732   Loans / Deposits 16.3% 15.7%  16.3%  %  12/31'24YTD12/31'23YTDChange   Total Assets$6,444,687 $6,871,366 -6.2%  Total Earning Assets 6,043,966  6,451,821 -6.3%  Total Loans 836,136  912,316 -8.4%  Commercial Loans 133,569  153,499 -13.0%  Commercial Real Estate  Loans 493,282  492,183 0.2%  Consumer Loans 209,285  266,634 -21.5%  Total Investment Securities 4,833,024  5,334,711 -9.4%  Debt Securities Available for  Sale 3,973,134  4,436,003 -10.4%  Debt Securities Held to  Maturity 859,890  898,708 -4.3%  Total Interest-Bearing Cash 374,806  204,794 83.0%   Loans / Deposits 16.2% 15.8%  4. Deposits, Other Interest-Bearing Liabilities & Equity.  (average volume, dollars in thousands) %  Q4'2024Q4'2023ChangeQ3'2024  Total Deposits$5,028,363 $5,573,281 -9.8%$5,092,244  Noninterest Demand 2,342,092  2,672,170 -12.4% 2,425,646  Interest-Bearing Transaction 934,876  1,085,864 -13.9% 937,694  Savings 1,666,542  1,713,803 -2.8% 1,639,997  Time greater than $100K 31,541  37,970 -16.9% 32,815  Time less than $100K 53,312  63,474 -16.0% 56,092  Total Short-Term Borrowings 110,404  64,927 70.0% 283,495  Bank Term Funding Program  Borrowings -  - n/m 167,391  Securities Sold under  Repurchase Agreements 110,404  64,927 70.0% 116,104  Shareholders' Equity 1,039,017  938,738 10.7% 1,016,642   Demand Deposits /  Total Deposits 46.6% 47.9%  47.6% Transaction & Savings  Deposits / Total Deposits 98.3% 98.2%  98.3%  %  12/31'24YTD12/31'23YTDChange   Total Deposits$5,174,942 $5,787,361 -10.6%  Noninterest Demand 2,445,945  2,748,544 -11.0%  Interest-Bearing Transaction 977,912  1,156,684 -15.5%  Savings 1,660,227  1,766,225 -6.0%  Time greater than $100K 33,794  48,076 -29.7%  Time less than $100K 57,064  67,832 -15.9%  Total Short-Term Borrowings 196,745  89,298 120.3%  Bank Term Funding Program  Borrowings 107,364  - n/m  Securities Sold under  Repurchase Agreements 89,381  89,298 0.1%  Shareholders' Equity 1,003,242  894,610 12.1%   Demand Deposits /  Total Deposits 47.3% 47.5%  Transaction & Savings  Deposits / Total Deposits 98.2% 98.0%  5. Interest Yields Earned & Rates Paid.  (dollars in thousands)  Q4'2024  AverageIncome/Yield (a) /  VolumeExpenseRate (a)  Interest & Loan Fee Income Earned:  Total Earning Assets (FTE)$5,850,620 $62,713 4.25%  Total Loans (FTE) 821,767  11,249 5.45%  Commercial Loans (FTE) 131,088  2,107 6.39%  Commercial Real Estate  Loans 503,546  6,477 5.12%  Consumer Loans 187,133  2,665 5.67%  Total Investments (FTE) 4,557,436  45,805 3.99%  Total Debt Securities  Available for Sale (FTE) 3,710,378  37,169 3.97%  Corporate Securities 2,038,474  14,011 2.75%  Collateralized Loan  Obligations 1,037,319  17,689 6.67%  Agency Mortgage Backed  Securities 240,259  1,688 2.81%  Securities of U.S.  Government Sponsored  Entities 310,617  2,776 3.58%  Obligations of States and  Political Subdivisions  (FTE) 64,575  507 3.14%  U.S. Treasury Securities 4,907  63 5.08%  Other Debt Securities  Available for Sale (FTE) 14,227  435 12.22%  Total Debt Securities Held to  Maturity (FTE) 847,058  8,636 4.08%  Agency Mortgage Backed  Securities 60,572  351 2.31%  Corporate Securities 734,395  7,815 4.26%  Obligations of States and  Political Subdivisions  (FTE) 52,091  470 3.61%  Total Interest-Bearing Cash 471,417  5,659 4.70%   Interest Expense Paid:  Total Earning Assets 5,850,620  3,466 0.24%  Total Interest-Bearing  Liabilities 2,796,675  3,466 0.49%  Total Interest-Bearing  Deposits 2,686,271  3,262 0.48%  Interest-Bearing Transaction 934,876  46 0.02%  Savings 1,666,542  3,148 0.75%  Time less than $100K 53,312  43 0.32%  Time greater than $100K 31,541  25 0.31%  Total Short-Term Borrowings 110,404  204 0.73%  Securities Sold under  Repurchase Agreements 110,404  204 0.73%   Net Interest Income and  Margin (FTE) $59,247 4.01%   Q4'2023  AverageIncome/Yield (a) /  VolumeExpenseRate (a)  Interest & Loan Fee Income Earned:  Total Earning Assets (FTE)$6,251,143 $71,417 4.52%  Total Loans (FTE) 873,635  11,695 5.31%  Commercial Loans (FTE) 139,535  2,503 7.12%  Commercial Real Estate  Loans 490,645  5,945 4.81%  Consumer Loans 243,455  3,247 5.29%  Total Investments (FTE) 5,182,557  57,032 4.35%  Total Debt Securities  Available for Sale (FTE) 4,298,396  48,094 4.42%  Corporate Securities 2,129,736  14,687 2.76%  Collateralized Loan  Obligations 1,508,494  28,041 7.27%  Agency Mortgage Backed  Securities 264,514  1,627 2.46%  Securities of U.S.  Government sponsored  entities 308,234  2,777 3.60%  Obligations of States and  Political Subdivisions  (FTE) 73,191  549 3.00%  Other Debt Securities  Available for Sale (FTE) 14,227  413 11.62%  Total Debt Securities Held to  Maturity (FTE) 884,161  8,938 4.04%  Agency Mortgage Backed  Securities 81,789  456 2.23%  Corporate Securities 727,579  7,816 4.30%  Obligations of States and  Political Subdivisions  (FTE) 74,793  666 3.56%  Total Interest-Bearing Cash 194,951  2,690 5.40%   Interest Expense Paid:  Total Earning Assets 6,251,143  1,679 0.11%  Total Interest-Bearing  Liabilities 2,966,038  1,679 0.22%  Total Interest-Bearing  Deposits 2,901,111  1,635 0.22%  Interest-Bearing Transaction 1,085,864  128 0.05%  Savings 1,713,803  1,431 0.33%  Time less than $100K 63,474  51 0.32%  Time greater than $100K 37,970  25 0.26%  Total Short-Term Borrowings 64,927  44 0.26%  Securities Sold under  Repurchase Agreements 64,927  44 0.26%   Net Interest Income and  Margin (FTE) $69,738 4.41%  6. Noninterest Income.  (dollars in thousands except per-share amounts) %  Q4'2024Q4'2023ChangeQ3'2024  Service Charges on Deposit  Accounts$3,501 $3,540 -1.1%$3,585  Merchant Processing  Services 2,735  2,863 -4.5% 2,474  Debit Card Fees 1,902  2,067 -8.0% 1,702  Trust Fees 867  764 13.5% 846  ATM Processing Fees 506  622 -18.6% 533  Other Service Fees 428  445 -3.8% 454  Life Insurance Gains -  1 n/m 202  Other Noninterest Income 694  690 0.6% 2,129  Total Noninterest Income$10,633 $10,992 -3.3%$11,925   Operating Ratios:  Total Revenue (FTE)$69,880 $80,730 -13.4%$74,390  Noninterest Income /  Revenue (FTE) 15.2% 13.6%  16.0% Service Charges /  Avg. Deposits (a) 0.28% 0.25%  0.28% Total Revenue (FTE) Per  Avg. Common Share (a)$10.41 $12.01 -13.3%$11.09   %  12/31'24YTD12/31'23YTDChange  Service Charges on Deposit  Accounts$14,025 $14,169 -1.0%  Merchant Processing  Services 10,449  11,280 -7.4%  Debit Card Fees 6,853  7,185 -4.6%  Trust Fees 3,318  3,122 6.3%  ATM Processing Fees 2,170  2,618 -17.1%  Other Service Fees 1,770  1,765 0.3%  Life Insurance Gains 202  279 n/m  Securities Losses -  (125)n/m  Other Noninterest Income 4,368  3,229 35.3%  Total Noninterest Income$43,155 $43,522 -0.8%   Operating Ratios:  Total Revenue (FTE)$295,061 $325,195 -9.3%  Noninterest Income /  Revenue (FTE) 14.6% 13.4%  Service Charges /  Avg. Deposits 0.27% 0.24%  Total Revenue (FTE) Per  Avg. Common Share$11.06 $12.18 -9.2%  7. Noninterest Expense.  (dollars in thousands) %  Q4'2024Q4'2023ChangeQ3'2024  Salaries and Related Benefits$12,461 $12,156 2.5%$12,762  Occupancy and Equipment 5,219  4,958 5.3% 5,256  Outsourced Data Processing 2,610  2,441 6.9% 2,614  Limited Partnership  Operating Losses 1,095  1,440 -24.0% 1,210  Professional Fees 369  389 -5.1% 337  Courier Service 692  681 1.6% 682  Other Noninterest Expense 3,407  3,452 -1.3% 3,448  Total Noninterest Expense$25,853 $25,517 1.3%$26,309   Operating Ratios:  Noninterest Expense /  Avg. Earning Assets (a) 1.76% 1.62%  1.73% Noninterest Expense /  Revenues (FTE) 37.0% 31.6%  35.4%  %  12/31'24YTD12/31'23YTDChange   Salaries and Related Benefits$50,292 $47,871 5.1%  Occupancy and Equipment 20,673  20,520 0.7%  Outsourced Data Processing 10,271  9,846 4.3%  Limited Partnership  Operating Losses 5,185  5,754 -9.9%  Professional Fees 1,470  1,751 -16.0%  Courier Service 2,709  2,652 2.1%  Other Noninterest Expense 13,791  14,822 -7.0%  Total Noninterest Expense$104,391 $103,216 1.1%   Operating Ratios:  Noninterest Expense /  Avg. Earning Assets 1.73% 1.60%  Noninterest Expense /  Revenues (FTE) 35.4% 31.7%  8. Allowance for Credit Losses.  (dollars in thousands) %  Q4'2024Q4'2023ChangeQ3'2024  Average Total Loans$821,767 $873,635 -5.9%$831,418   Beginning of Period  Allowance for Credit  Losses on Loans (ACLL)$15,318 $17,744 -13.7%$15,952  Provision for  Credit Losses -  - n/m -  Net ACLL Losses (538) (877)-38.7% (634) End of Period ACLL$14,780 $16,867 -12.4%$15,318   Gross ACLL Recoveries /  Gross ACLL Losses 63% 60%  62% Net ACLL Losses /  Avg. Total Loans (a) -0.26% -0.40%  -0.30%  %  12/31'24YTD12/31'23YTDChange   Average Total Loans$836,136 $912,316 -8.4%   Beginning of Period ACLL$16,867 $20,284 -16.8%  Provision (Reversal  of Provision) for  Credit Losses (1) 300  (1,150)n/m  Net ACLL Losses (2,387) (2,267)5.3%  End of Period ACLL$14,780 $16,867 -12.4%   Gross ACLL Recoveries /  Gross ACLL Losses 64% 72%  Net ACLL Losses /  Avg. Total Loans -0.29% -0.25%   (dollars in thousands) %  12/31/2412/31/23Change9/30/24 Allowance for Credit Losses  on Loans$14,780 $16,867 -12.4%$15,318  Allowance for Credit Losses  on Held to Maturity  Securities 1  1 49.1% 1  Total Allowance for Credit  Losses$14,781 $16,868 -12.4%$15,319   Allowance for Unfunded  Credit Commitments$201 $201 0.0%$201  9. Credit Quality.  (dollars in thousands) %  12/31/2412/31/23Change9/30/24  Nonperforming Loans:  Nonperforming Nonaccrual  Loans$201 $401 -49.9%$252  Performing Nonaccrual  Loans -  2 n/m -  Total Nonaccrual Loans 201  403 -50.1% 252  Accruing Loans 90+ Days  Past Due 534  388 37.6% 667  Total Nonperforming Loans$735 $791 -7.1%$919   Total Loans Outstanding$820,300 $866,602 -5.3%$833,967   Total Assets 6,076,274  6,364,592 -4.5% 6,161,143   Loans:  Allowance for Credit Losses  on Loans$14,780 $16,867 -12.4%$15,318  Allowance for Credit Losses  on Loans / Loans 1.80% 1.95%  1.84% Nonperforming Loans /  Total Loans 0.09% 0.09%  0.11% 10. Liquidity.   At December 31, 2024, the Company had $601,494 thousand in cash balances. During the twelve months ending December 31, 2025, the Company expects to receive $309,000 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 December 31, 2024, the Company’s debt securities which qualify as collateral for borrowing totaled $3,534,099 thousand. In the ordinary course of business, the Company pledges debt securities as collateral for certain depository customers; at December 31, 2024, the Company had pledged $726,784 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 December 31, 2024, the Company had pledged $766,606 thousand in debt securities at the Federal Reserve Bank. During the twelve months ended December 31, 2024, the Company’s average borrowings from the Federal Reserve Bank and other correspondent banks were $107,364 thousand and $-0- thousand, respectively, and at December 31, 2024, the Company had no borrowings from the Federal Reserve Bank or other correspondent banks. At December 31, 2024, the Company had access to borrowing from the Federal Reserve up to $766,606 thousand based on collateral pledged at December 31, 2024. At December 31, 2024, the Company’s estimated unpledged collateral qualifying debt securities totaled $1,597,486 thousand. Debt securities eligible as collateral are shown at market value.  (in thousands) 12/31/24 Debt Securities Eligible as  Collateral:  Corporate Securities   $2,539,147  Collateralized Loan  Obligations rated AAA    311,650  Obligations of States and  Political Subdivisions    113,082  Agency Mortgage Backed  Securities    273,148  Securities of U.S. Government  Sponsored Entities    292,117  U.S. Treasury Securities    4,955  Total Debt Securities Eligible  as Collateral   $3,534,099  Debt Securities Pledged  as Collateral:  Debt Securities Pledged  at the Federal Reserve Bank   ($766,606) Deposits by Public Entities    (726,784) Securities Sold under  Repurchase Agreements    (434,205) Other    (9,018) Total Debt Securities Pledged  as Collateral   ($1,936,613)  Estimated Debt Securities  Available to Pledge   $1,597,486  11. Capital.  (in thousands, except per-share amounts) %  12/31/2412/31/23Change9/30/24  Shareholders' Equity$889,957 $772,894 15.1%$909,040  Total Assets 6,076,274  6,364,592 -4.5% 6,161,143  Shareholders' Equity/  Total Assets 14.65% 12.14%  14.75% Shareholders' Equity/  Total Loans 108.49% 89.19%  109.00% Tangible Common Equity  Ratio 12.90% 10.43%  13.03% Common Shares Outstanding 26,708  26,671 0.1% 26,686  Common Equity Per Share$33.32 $28.98 15.0%$34.06  Market Value Per Common  Share 52.46  56.41 -7.0% 49.42   (shares in thousands) %  Q4'2024Q4'2023ChangeQ3'2024 Share (Issuances) Retirements:  Total Shares Retired -  - n/m -  Average Retirement Price$- $- n/m$-  Net Shares Issued (22) (22)n/m (3)  %  12/31'24YTD12/31'23YTDChange   Total Shares Retired 4  274 n/m  Average Retirement Price$45.58 $50.11 n/m  Net Shares (Issued) Retired (37) 242 n/m  12. Period-End Balance Sheets.  (unaudited, dollars in thousands) %  12/31/2412/31/23Change9/30/24 Assets:  Cash and Due from Banks$601,494 $190,314 216.1%$502,945   Debt Securities Available for  Sale:  Corporate Securities 1,835,937  1,909,548 -3.9% 1,901,617  Collateralized Loan  Obligations 982,589  1,484,597 -33.8% 1,078,920  Agency Mortgage Backed  Securities 218,026  239,454 -8.9% 227,565  Securities of U.S.  Government Sponsored  Entities 292,117  294,919 -1.0% 303,609  Obligations of States and  Political Subdivisions 62,186  71,283 -12.8% 63,876  U.S. Treasury Securities 4,955  - n/m 4,899  Total Debt Securities  Available for Sale 3,395,810  3,999,801 -15.1% 3,580,486   Debt Securities Held to  Maturity:  Agency Mortgage Backed  Securities 57,927  78,565 -26.3% 62,745  Corporate Securities 735,447  728,650 0.9% 733,748  Obligations of States and  Political Subdivisions (2) 51,260  71,181 -28.0% 53,768  Total Debt Securities  Held to Maturity (2) 844,634  878,396 -3.8% 850,261   Loans 820,300  866,602 -5.3% 833,967  Allowance For Credit Losses  on Loans (14,780) (16,867)-12.4% (15,318) Total Loans, net 805,520  849,735 -5.2% 818,649   Premises and Equipment, net 26,133  27,016 -3.3% 26,129  Identifiable Intangibles, net 125  347 -63.9% 178  Goodwill 121,673  121,673 0.0% 121,673  Other Assets 280,885  297,310 -5.5% 260,822   Total Assets$6,076,274 $6,364,592 -4.5%$6,161,143   Liabilities and Shareholders'  Equity:  Deposits:  Noninterest-Bearing$2,333,389 $2,605,844 -10.5%$2,375,958  Interest-Bearing Transaction 953,863  1,072,233 -11.0% 925,455  Savings 1,642,360  1,699,388 -3.4% 1,677,332  Time 82,238  96,802 -15.0% 86,305  Total Deposits 5,011,850  5,474,267 -8.4% 5,065,050   Securities Sold under  Repurchase Agreements 120,322  58,162 106.9% 132,487  Total Short-Term  Borrowed Funds 120,322  58,162 106.9% 132,487   Other Liabilities 54,145  59,269 -8.6% 54,566  Total Liabilities 5,186,317  5,591,698 -7.2% 5,252,103   Shareholders' Equity:  Common Equity:  Paid-In Capital 476,506  473,171 0.7% 475,096  Accumulated Other  Comprehensive Loss (168,104) (190,282)-11.7% (127,653) Retained Earnings 581,555  490,005 18.7% 561,597  Total Shareholders' Equity 889,957  772,894 15.1% 909,040   Total Liabilities and  Shareholders' Equity$6,076,274 $6,364,592 -4.5%$6,161,143  13. Income Statements.  (unaudited, in thousands except per-share amounts) %  Q4'2024Q4'2023ChangeQ3'2024 Interest and Loan Fee Income:  Loans$11,167 $11,606 -3.8%$11,441  Equity Securities 195  174 12.1% 175  Debt Securities Available  for Sale 36,843  47,783 -22.9% 40,829  Debt Securities Held to  Maturity 8,538  8,799 -3.0% 8,587  Interest-Bearing Cash 5,659  2,690 110.4% 6,762  Total Interest and Loan  Fee Income 62,402  71,052 -12.2% 67,794   Interest Expense:  Transaction Deposits 46  128 -64.1% 47  Savings Deposits 3,148  1,431 120.0% 2,990  Time Deposits 68  76 -10.5% 76  Bank Term Funding Program  Borrowings -  - n/m 2,278  Securities Sold under  Repurchase Agreements 204  44 359.1% 254  Total Interest Expense 3,466  1,679 106.4% 5,645   Net Interest and Loan  Fee Income 58,936  69,373 -15.0% 62,149   Provision for Credit Losses -  - n/m -   Noninterest Income:  Service Charges on Deposit  Accounts 3,501  3,540 -1.1% 3,585  Merchant Processing  Services 2,735  2,863 -4.5% 2,474  Debit Card Fees 1,902  2,067 -8.0% 1,702  Trust Fees 867  764 13.5% 846  ATM Processing Fees 506  622 -18.6% 533  Other Service Fees 428  445 -3.8% 454  Life Insurance Gains -  1 n/m 202  Other Noninterest Income 694  690 0.6% 2,129  Total Noninterest Income 10,633  10,992 -3.3% 11,925   Noninterest Expense:  Salaries and Related Benefits 12,461  12,156 2.5% 12,762  Occupancy and Equipment 5,219  4,958 5.3% 5,256  Outsourced Data Processing 2,610  2,441 6.9% 2,614  Limited Partnership  Operating Losses 1,095  1,440 -24.0% 1,210  Professional Fees 369  389 -5.1% 337  Courier Service 692  681 1.6% 682  Other Noninterest Expense 3,407  3,452 -1.3% 3,448  Total Noninterest Expense 25,853  25,517 1.3% 26,309   Income Before Income Taxes 43,716  54,848 -20.3% 47,765  Income Tax Provision 12,016  15,380 -21.9% 12,708  Net Income$31,700 $39,468 -19.7%$35,057   Average Common Shares  Outstanding 26,699  26,662 0.1% 26,685  Diluted Average Common  Shares Outstanding 26,701  26,664 0.1% 26,686   Per Common Share Data:  Basic Earnings$1.19 $1.48 -19.6%$1.31  Diluted Earnings 1.19  1.48 -19.6% 1.31  Dividends Paid 0.44  0.44 0.0% 0.44   %  12/31'24YTD12/31'23YTDChange  Interest and Loan Fee Income:  Loans$45,286 $47,116 -3.9%  Equity Securities 719  630 14.1%  Debt Securities Available  for Sale 167,842  190,039 -11.7%  Debt Securities Held to  Maturity 34,502  35,557 -3.0%  Interest-Bearing Cash 19,665  10,671 84.3%  Total Interest and Loan  Fee Income 268,014  284,013 -5.6%   Interest Expense:  Transaction Deposits 281  457 -38.5%  Savings Deposits 10,377  2,993 246.7%  Time Deposits 283  320 -11.6%  Bank Term Funding Program  Borrowings 5,813  - n/m  Securities Sold under  Repurchase Agreements 665  120 454.2%  Total Interest Expense 17,419  3,890 347.8%   Net Interest and Loan  Fee Income 250,595  280,123 -10.5%   Provision (Reversal  of Provision) for  Credit Losses (1) 300  (1,150)n/m   Noninterest Income:  Service Charges on Deposit 14,025  14,169 -1.0%  Accounts  Merchant Processing  Services 10,449  11,280 -7.4%  Debit Card Fees 6,853  7,185 -4.6%  Trust Fees 3,318  3,122 6.3%  ATM Processing Fees 2,170  2,618 -17.1%  Other Service Fees 1,770  1,765 0.3%  Life Insurance Gains 202  279 n/m  Securities Losses -  (125)n/m  Other Noninterest Income 4,368  3,229 35.3%  Total Noninterest Income 43,155  43,522 -0.8%   Noninterest Expense:  Salaries and Related Benefits 50,292  47,871 5.1%  Occupancy and Equipment 20,673  20,520 0.7%  Outsourced Data Processing 10,271  9,846 4.3%  Limited Partnership  Operating Losses 5,185  5,754 -9.9%  Professional Fees 1,470  1,751 -16.0%  Courier Service 2,709  2,652 2.1%  Other Noninterest Expense 13,791  14,822 -7.0%  Total Noninterest Expense 104,391  103,216 1.1%   Income Before Income Taxes 189,059  221,579 -14.7%  Income Tax Provision 50,423  59,811 -15.7%  Net Income$138,636 $161,768 -14.3%   Average Common Shares  Outstanding 26,685  26,703 -0.1%  Diluted Average Common  Shares Outstanding 26,686  26,706 -0.1%   Per Common Share Data:  Basic Earnings$5.20 $6.06 -14.2%  Diluted Earnings 5.20  6.06 -14.2%  Dividends Paid 1.76  1.72 2.3%    Footnotes and Abbreviations:   (1) A recovery in excess of principal charged off on the loan in the first quarter 2023 resulted in a $1,550 thousand reversal of the allowance for credit loss provision in the first quarter 2023.  (2) Debt Securities Held To Maturity and Obligations of States and Political Subdivisions are net of related reserve for expected credit losses of $1 thousand at December 31, 2024, September 30, 2024 and December 31, 2023.  (FTE) Fully Taxable Equivalent. The Company presents its net interest margin and net interest income on a FTE basis using the current statutory federal tax rate. Management believes the FTE basis is valuable to the reader because the Company’s loan and investment securities portfolios contain a portion of municipal loans and securities that are federally tax exempt. The Company’s tax exempt loans and securities composition may not be similar to that of other banks, therefore in order to reflect the impact of the federally tax exempt loans and securities on the net interest margin and net interest income for comparability with other banks, the Company presents its net interest margin and net interest income on a FTE basis.  (a) Annualized