Westamerica Bancorporation Reports First Quarter 2025 Financial Results

/EIN News/ -- SAN RAFAEL, Calif., April 17, 2025 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the first quarter 2025 of $31.0 million and diluted earnings per common share ("EPS") of $1.16. First quarter 2025 results include a reversal of provision for credit losses of $550 Thousand, which increased EPS $0.01. These results compare to fourth quarter 2024 net income of $31.7 million and EPS of $1.19.

“Westamerica’s first quarter 2025 results benefited from the Company’s valuable low-cost deposit base, of which 46 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 38 percent of total revenues and credit quality remained stable with nonperforming assets of $277 thousand at March 31, 2025,” said Chairman, President and CEO David Payne. “First quarter 2025 results generated an annualized 11.9 percent return on average common equity. Shareholders were paid a $0.44 per common share dividend during the first quarter 2025,” concluded Payne.

Net interest income on a fully-taxable equivalent (FTE) basis was $56.4 million for the first quarter 2025, compared to $59.2 million for the fourth quarter 2024. The annualized yield earned on loans, bonds and cash for the first quarter 2025 was 4.14 percent compared to 4.25 percent for the fourth quarter 2024. The annualized cost of funding the loan and bond portfolios was 0.24 percent for the first quarter 2025 unchanged from the fourth quarter 2024.

The Company recognized a $550 thousand reversal of provision for credit losses in the first quarter 2025. The Allowance for Credit Losses on Loans was $13.9 million at March 31, 2025.

Noninterest income for the first quarter 2025 totaled $10.3 million compared to $10.6 million for the fourth quarter 2024.

Noninterest expenses for the first quarter 2025 were $25.1 million compared to $25.9 million for the fourth quarter 2024. The decline in noninterest expense is primarily due to lower salaries and benefits expense due to fewer business days in the first quarter 2025 compared to the fourth quarter 2024, lower occupancy and equipment expense, and lower estimated operating losses from limited partnership investments.

The income tax provision (FTE) for the first quarter 2025 was $11.1 million compared to $12.3 million for the fourth quarter 2024. The fourth quarter 2024 income tax provision 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 – Investor Relations Contact
                707-863-6090
                investments@westamerica.com

FORWARD-LOOKING INFORMATION:

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

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

Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors — many of which are beyond the Company's control — could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. The Company's most recent reports filed with the Securities and Exchange Commission, including the annual report for the year ended December 31, 2024 filed on Form 10-K and quarterly report for the quarter ended 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 April 17, 2025
WESTAMERICA BANCORPORATION
FINANCIAL HIGHLIGHTS
March 31, 2025
1. Net Income Summary.
		(in thousands except per-share amounts)
								%
		Q1'2025			Q1'2024			Change		Q4'2024
	Net Interest and Loan Fee
	Income (FTE)	$	56,390		$	66,094		-14.7	%	$	59,247
	(Reversal of ) Provision
	for Credit Losses		(550	)		300		n/m			-
	Noninterest Income		10,321			10,097		2.2	%		10,633
	Noninterest Expense		25,127			26,099		-3.7	%		25,853
	Income Before Taxes (FTE)		42,134			49,792		-15.4	%		44,027
	Income Tax Provision (FTE)		11,097			13,375		-17.0	%		12,327
	Net Income	$	31,037		$	36,417		-14.8	%	$	31,700
	Average Common Shares
	Outstanding		26,642			26,674		-0.1	%		26,699
	Diluted Average Common
	Shares Outstanding		26,642			26,675		-0.1	%		26,701
	Operating Ratios:
	Basic Earnings Per Common
	Share	$	1.16		$	1.37		-15.3	%	$	1.19
	Diluted Earnings Per
	Common Share		1.16			1.37		-15.3	%		1.19
	Return On Assets (a)		2.03	%		2.24	%				2.02	%
	Return On Common
	Equity (a)		11.9	%		15.2	%				12.1	%
	Net Interest Margin (FTE) (a)		3.90	%		4.30	%				4.01	%
	Efficiency Ratio (FTE)		37.7	%		34.3	%				37.0	%
	Dividends Paid Per Common
	Share	$	0.44		$	0.44		0.0	%	$	0.44
	Common Dividend Payout
	Ratio		38	%		32	%				37	%
2. Net Interest Income.
		(dollars in thousands)
								%
		Q1'2025			Q1'2024			Change		Q4'2024
	Interest and Loan Fee
	Income (FTE)	$	59,786		$	69,095		-13.5	%	$	62,713
	Interest Expense		3,396			3,001		13.2	%		3,466
	Net Interest and Loan Fee
	Income (FTE)	$	56,390		$	66,094		-14.7	%	$	59,247
	Average Earning Assets	$	5,794,836		$	6,119,368		-5.3	%	$	5,850,620
	Average Interest-Bearing
	Liabilities		2,770,099			2,955,565		-6.3	%		2,796,675
	Yield on Earning Assets
	(FTE) (a)		4.14	%		4.50	%				4.25	%
	Cost of Funds (a)		0.24	%		0.20	%				0.24	%
	Net Interest Margin (FTE) (a)		3.90	%		4.30	%				4.01	%
	Interest Expense /
	Interest-Bearing
	Liabilities (a)		0.50	%		0.41	%				0.49	%
	Net Interest Spread (FTE) (a)		3.64	%		4.09	%				3.76	%
3. Loans & Other Earning Assets.
		(average volume, dollars in thousands)
								%
		Q1'2025			Q1'2024			Change		Q4'2024
	Total Assets	$	6,187,321		$	6,525,921		-5.2	%	$	6,243,799
	Total Earning Assets		5,794,836			6,119,368		-5.3	%		5,850,620
	Total Loans		789,935			853,553		-7.5	%		821,767
	Commercial Loans		120,189			133,422		-9.9	%		131,088
	Commercial Real Estate
	Loans		497,379			488,989		1.7	%		503,546
	Consumer Loans		172,367			231,142		-25.4	%		187,133
	Total Investment Securities		4,395,565			5,098,539		-13.8	%		4,557,436
	Debt Securities Available for
	Sale		3,553,755			4,224,474		-15.9	%		3,710,378
	Debt Securities Held to
	Maturity		841,810			874,065		-3.7	%		847,058
	Total Interest-Bearing Cash		609,336			167,276		264.3	%		471,417
	Loans / Deposits		15.9	%		15.9	%				16.3	%
4. Deposits, Other Interest-Bearing Liabilities & Equity.
		(average volume, dollars in thousands)
								%
		Q1'2025			Q1'2024			Change		Q4'2024
	Total Deposits	$	4,958,554		$	5,379,060		-7.8	%	$	5,028,363
	Noninterest Demand		2,293,059			2,532,381		-9.5	%		2,342,092
	Interest-Bearing Transaction		935,054			1,058,292		-11.6	%		934,876
	Savings		1,649,631			1,691,716		-2.5	%		1,666,542
	Time greater than $100K		29,460			36,135		-18.5	%		31,541
	Time less than $100K		51,350			60,536		-15.2	%		53,312
	Total Short-Term Borrowings		104,604			108,886		-3.9	%		110,404
	Bank Term Funding Program
	Borrowings		-			62,582		n/m			-
	Securities Sold under
	Repurchase Agreements		104,604			46,304		125.9	%		110,404
	Shareholders' Equity		1,055,925			965,840		9.3	%		1,039,017
	Demand Deposits /
	Total Deposits		46.2	%		47.1	%				46.6	%
	Transaction & Savings
	Deposits / Total Deposits		98.4	%		98.2	%				98.3	%
5. Interest Yields Earned & Rates Paid.
		(dollars in thousands)
		Q1'2025
		Average			Income/			Yield (a) /
		Volume			Expense			Rate (a)
	Interest & Loan Fee Income Earned:
	Total Earning Assets (FTE)	$	5,794,836		$	59,786		4.14	%
	Total Loans (FTE)		789,935			10,744		5.51	%
	Commercial Loans (FTE)		120,189			1,845		6.21	%
	Commercial Real Estate
	Loans		497,379			6,473		5.28	%
	Consumer Loans		172,367			2,426		5.70	%
	Total Investments (FTE)		4,395,565			42,339		3.85	%
	Total Debt Securities
	Available for Sale (FTE)		3,553,755			33,753		3.80	%
	Corporate Securities		1,991,278			13,522		2.72	%
	Collateralized Loan
	Obligations		915,873			14,422		6.30	%
	Agency Mortgage Backed
	Securities		254,126			2,034		3.20	%
	Securities of U.S.
	Government Sponsored
	Entities		311,297			2,777		3.57	%
	Obligations of States and
	Political Subdivisions
	(FTE)		62,651			496		3.17	%
	U.S. Treasury Securities		4,303			54		5.13	%
	Other Debt Securities
	Available for Sale (FTE)		14,227			448		12.60	%
	Total Debt Securities Held to
	Maturity (FTE)		841,810			8,586		4.08	%
	Agency Mortgage Backed
	Securities		56,006			329		2.35	%
	Corporate Securities		736,089			7,815		4.25	%
	Obligations of States and
	Political Subdivisions
	(FTE)		49,715			442		3.56	%
	Total Interest-Bearing Cash		609,336			6,703		4.40	%
	Interest Expense Paid:
	Total Earning Assets		5,794,836			3,396		0.24	%
	Total Interest-Bearing
	Liabilities		2,770,099			3,396		0.50	%
	Total Interest-Bearing
	Deposits		2,665,495			3,229		0.49	%
	Interest-Bearing Transaction		935,054			46		0.02	%
	Savings		1,649,631			3,128		0.77	%
	Time less than $100K		51,350			38		0.30	%
	Time greater than $100K		29,460			17		0.24	%
	Total Short-Term Borrowings		104,604			167		0.65	%
	Securities Sold under
	Repurchase Agreements		104,604			167		0.65	%
	Net Interest Income and
	Margin (FTE)				$	56,390		3.90	%
		(dollars in thousands)
		Q1'2024
		Average			Income/			Yield (a) /
		Volume			Expense			Rate (a)
	Interest & Loan Fee Income Earned:
	Total Earning Assets (FTE)	$	6,119,368		$	69,095		4.50	%
	Total Loans (FTE)		853,553			11,413		5.38	%
	Commercial Loans (FTE)		133,422			2,385		7.19	%
	Commercial Real Estate
	Loans		488,989			5,911		4.86	%
	Consumer Loans		231,142			3,117		5.42	%
	Total Investments (FTE)		5,098,539			55,399		4.32	%
	Total Debt Securities
	Available for Sale (FTE)		4,224,474			46,552		4.38	%
	Corporate Securities		2,114,861			14,555		2.75	%
	Collateralized Loan
	Obligations		1,461,182			26,700		7.23	%
	Agency Mortgage Backed
	Securities		252,828			1,552		2.45	%
	Securities of U.S.
	Government sponsored
	entities		308,807			2,777		3.60	%
	Obligations of States and
	Political Subdivisions
	(FTE)		72,569			544		3.00	%
	Other Debt Securities
	Available for Sale (FTE)		14,227			424		11.92	%
	Total Debt Securities Held to
	Maturity (FTE)		874,065			8,847		4.05	%
	Agency Mortgage Backed
	Securities		76,062			427		2.25	%
	Corporate Securities		729,273			7,816		4.29	%
	Obligations of States and
	Political Subdivisions
	(FTE)		68,730			604		3.52	%
	Total Interest-Bearing Cash		167,276			2,283		5.40	%
	Interest Expense Paid:
	Total Earning Assets		6,119,368			3,001		0.20	%
	Total Interest-Bearing
	Liabilities		2,955,565			3,001		0.41	%
	Total Interest-Bearing
	Deposits		2,846,679			2,106		0.30	%
	Interest-Bearing Transaction		1,058,292			119		0.05	%
	Savings		1,691,716			1,917		0.46	%
	Time less than $100K		60,536			49		0.33	%
	Time greater than $100K		36,135			21		0.23	%
	Total Short-Term Borrowings		108,886			895		3.30	%
	Bank Term Funding Program
	Borrowings		62,582			843		5.40	%
	Securities Sold under
	Repurchase Agreements		46,304			52		0.45	%
	Net Interest Income and
	Margin (FTE)				$	66,094		4.30	%
6. Noninterest Income.
		(dollars in thousands except per-share amounts)
								%
		Q1'2025			Q1'2024			Change		Q4'2024
	Service Charges on Deposit
	Accounts	$	3,381		$	3,470		-2.6	%	$	3,501
	Merchant Processing
	Services		2,733			2,507		9.0	%		2,735
	Debit Card Fees		1,581			1,543		2.5	%		1,902
	Trust Fees		899			794		13.2	%		867
	ATM Processing Fees		463			591		-21.7	%		506
	Other Service Fees		429			438		-2.1	%		428
	Life Insurance Gains		102			-		n/m			-
	Other Noninterest Income		733			754		-2.8	%		694
	Total Noninterest Income	$	10,321		$	10,097		2.2	%	$	10,633
	Operating Ratios:
	Total Revenue (FTE)	$	66,711		$	76,191		-12.4	%	$	69,880
	Noninterest Income /
	Revenue (FTE)		15.5	%		13.3	%				15.2	%
	Service Charges /
	Avg. Deposits (a)		0.28	%		0.26	%				0.28	%
	Total Revenue (FTE) Per
	Avg. Common Share (a)	$	10.16		$	11.49		-11.6	%	$	10.41
7. Noninterest Expense.
		(dollars in thousands)
								%
		Q1'2025			Q1'2024			Change		Q4'2024
	Salaries and Related Benefits	$	12,126		$	12,586		-3.7	%	$	12,461
	Occupancy and Equipment		5,038			5,040		-0.0	%		5,219
	Outsourced Data Processing		2,697			2,536		6.3	%		2,610
	Limited Partnership
	Operating Losses		915			1,440		-36.5	%		1,095
	Professional Fees		395			402		-1.7	%		369
	Courier Service		688			649		6.0	%		692
	Other Noninterest Expense		3,268			3,446		-5.2	%		3,407
	Total Noninterest Expense	$	25,127		$	26,099		-3.7	%	$	25,853
	Operating Ratios:
	Noninterest Expense /
	Avg. Earning Assets (a)		1.76	%		1.72	%				1.76	%
	Noninterest Expense /
	Revenues (FTE)		37.7	%		34.3	%				37.0	%
8. Allowance for Credit Losses.
		(dollars in thousands)
								%
		Q1'2025			Q1'2024			Change		Q4'2024
	Average Total Loans	$	789,935		$	853,553		-7.5	%	$	821,767
	Beginning of Period
	Allowance for Credit
	Losses on Loans (ACLL)	$	14,780		$	16,867		-12.4	%	$	15,318
	(Reversal of ) Provision
	for Credit Losses		(550	)		300		n/m			-
	Net ACLL Losses		(316	)		(1,288	)	-75.5	%		(538	)
	End of Period ACLL	$	13,914		$	15,879		-12.4	%	$	14,780
	Gross ACLL Recoveries /
	Gross ACLL Losses		82	%		36	%				63	%
	Net ACLL Losses /
	Avg. Total Loans (a)		-0.16	%		-0.61	%				-0.26	%
		(dollars in thousands)
								%
		3/31/25			3/31/24			Change		12/31/24
	Allowance for Credit Losses
	on Loans	$	13,914		$	15,879		-12.4	%	$	14,780
	Allowance for Credit Losses
	on Held to Maturity
	Securities		1			1		0.0	%		1
	Total Allowance for Credit
	Losses	$	13,915		$	15,880		-12.4	%	$	14,781
	Allowance for Unfunded
	Credit Commitments	$	201		$	201		0.0	%	$	201
9. Credit Quality.
		(dollars in thousands)
								%
		3/31/25			3/31/24			Change		12/31/24
	Nonperforming Loans:
	Nonperforming Nonaccrual
	Loans	$	-		$	957		n/m		$	201
	Performing Nonaccrual
	Loans		-			1		n/m			-
	Total Nonaccrual Loans		-			958		n/m			201
	Accruing Loans 90+ Days
	Past Due		277			525		-47.2	%		534
	Total Nonperforming Loans	$	277		$	1,483		-81.3	%	$	735
	Total Loans Outstanding	$	771,030		$	844,677		-8.7	%	$	820,300
	Total Assets		5,966,624			6,464,685		-7.7	%		6,076,274
	Loans:
	Allowance for Credit Losses
	on Loans	$	13,914		$	15,879		-12.4	%	$	14,780
	Allowance for Credit Losses
	on Loans / Loans		1.80	%		1.88	%				1.80	%
	Nonperforming Loans /
	Total Loans		0.04	%		0.18	%				0.09	%
10. Liquidity.
	At March 31, 2025, the Company had $727,336 thousand in cash balances. During the twelve months ending March 31, 2026, the Company expects to receive $265,000 thousand in principal payments from its debt securities. If additional operational liquidity is required, the Company can pledge debt securities as collateral for borrowing purposes; at March 31, 2025, the Company’s debt securities which qualify as collateral for borrowing totaled $3,498,151 thousand. In the ordinary course of business, the Company pledges debt securities as collateral for certain depository customers; at March 31, 2025, the Company had pledged $713,752 thousand in debt securities for depository customers. In the ordinary course of business, the Company pledges debt securities as collateral for borrowing from the Federal Reserve Bank; at March 31, 2025, the Company had pledged $724,966 thousand in debt securities at the Federal Reserve Bank. During the three months ended March 31, 2025, the Company’s average borrowings from the Federal Reserve Bank and other correspondent banks were $-0- thousand and $-0- thousand, respectively, and at March 31, 2025, the Company had no borrowings from the Federal Reserve Bank or other correspondent banks. At March 31, 2025, the Company had access to borrowing from the Federal Reserve up to $724,966 thousand based on collateral pledged at March 31, 2025. At March 31, 2025, the Company’s estimated unpledged collateral qualifying debt securities totaled $1,615,433 thousand. Debt securities eligible as collateral are shown at market value.
										(in thousands)
										3/31/25
	Debt Securities Eligible as
	Collateral:
	Corporate Securities									$	2,517,299
	Collateralized Loan
	Obligations rated AAA										269,817
	Obligations of States and
	Political Subdivisions										109,065
	Agency Mortgage Backed
	Securities										302,248
	Securities of U.S. Government
	Sponsored Entities										299,722
	Total Debt Securities Eligible
	as Collateral									$	3,498,151
	Debt Securities Pledged
	as Collateral:
	Debt Securities Pledged
	at the Federal Reserve Bank									($	724,966	)
	Deposits by Public Entities										(713,752	)
	Securities Sold under
	Repurchase Agreements										(439,287	)
	Other										(4,713	)
	Total Debt Securities Pledged
	as Collateral									($	1,882,718	)
	Estimated Debt Securities
	Available to Pledge									$	1,615,433
11. Capital.
		(in thousands, except per-share amounts)
								%
		3/31/25			3/31/24			Change		12/31/24
	Shareholders' Equity	$	923,138		$	791,691		16.6	%	$	889,957
	Total Assets		5,966,624			6,464,685		-7.7	%		6,076,274
	Shareholders' Equity/
	Total Assets		15.47	%		12.25	%				14.65	%
	Shareholders' Equity/
	Total Loans		119.73	%		93.73	%				108.49	%
	Tangible Common Equity
	Ratio		13.71	%		10.56	%				12.90	%
	Common Shares Outstanding		26,360			26,678		-1.2	%		26,708
	Common Equity Per Share	$	35.02		$	29.68		18.0	%	$	33.32
	Market Value Per Common
	Share		50.63			48.88		3.6	%		52.46
		(shares in thousands)
								%
		Q1'2025			Q1'2024			Change		Q4'2024
	Share Retirements (Issuances):
	Total Shares Retired		361			4		n/m			-
	Average Retirement Price	$	50.96		$	45.58		n/m		$	-
	Net Shares Retired (Issued)		348			(7	)	n/m			(22	)
12. Period-End Balance Sheets.
		(unaudited, dollars in thousands)
								%
		3/31/25			3/31/24			Change		12/31/24
	Assets:
	Cash and Due from Banks	$	727,336		$	434,250		67.5	%	$	601,494
	Debt Securities Available for
	Sale:
	Corporate Securities		1,802,791			1,879,980		-4.1	%		1,835,937
	Collateralized Loan
	Obligations		822,111			1,420,584		-42.1	%		982,589
	Agency Mortgage Backed
	Securities		250,844			225,564		11.2	%		218,026
	Securities of U.S.
	Government Sponsored
	Entities		299,722			292,583		2.4	%		292,117
	Obligations of States and
	Political Subdivisions		60,581			70,466		-14.0	%		62,186
	U.S. Treasury Securities		-			-		n/m			4,955
	Total Debt Securities
	Available for Sale		3,236,049			3,889,177		-16.8	%		3,395,810
	Debt Securities Held to
	Maturity:
	Agency Mortgage Backed
	Securities		53,528			73,023		-26.7	%		57,927
	Corporate Securities		737,146			730,350		0.9	%		735,447
	Obligations of States and
	Political Subdivisions (1)		48,674			65,352		-25.5	%		51,260
	Total Debt Securities
	Held to Maturity (1)		839,348			868,725		-3.4	%		844,634
	Loans		771,030			844,677		-8.7	%		820,300
	Allowance For Credit Losses
	on Loans		(13,914	)		(15,879	)	-12.4	%		(14,780	)
	Total Loans, net		757,116			828,798		-8.6	%		805,520
	Premises and Equipment, net		25,722			26,458		-2.8	%		26,133
	Identifiable Intangibles, net		72			291		-75.2	%		125
	Goodwill		121,673			121,673		0.0	%		121,673
	Other Assets		259,308			295,313		-12.2	%		280,885
	Total Assets	$	5,966,624		$	6,464,685		-7.7	%	$	6,076,274
	Liabilities and Shareholders'
	Equity:
	Deposits:
	Noninterest-Bearing	$	2,241,802		$	2,514,161		-10.8	%	$	2,333,389
	Interest-Bearing Transaction		920,461			1,066,038		-13.7	%		953,863
	Savings		1,633,445			1,681,921		-2.9	%		1,642,360
	Time		78,387			92,805		-15.5	%		82,238
	Total Deposits		4,874,095			5,354,925		-9.0	%		5,011,850
	Bank Term Funding
	Program Borrowings		-			200,000		n/m			-
	Securities Sold under
	Repurchase Agreements		113,219			50,334		124.9	%		120,322
	Total Short-Term
	Borrowed Funds		113,219			250,334		-54.8	%		120,322
	Other Liabilities		56,172			67,735		-17.1	%		54,145
	Total Liabilities		5,043,486			5,672,994		-11.1	%		5,186,317
	Shareholders' Equity:
	Common Equity:
	Paid-In Capital		470,844			473,989		-0.7	%		476,506
	Accumulated Other
	Comprehensive Loss		(136,768	)		(196,857	)	-30.5	%		(168,104	)
	Retained Earnings		589,062			514,559		14.5	%		581,555
	Total Shareholders' Equity		923,138			791,691		16.6	%		889,957
	Total Liabilities and
	Shareholders' Equity	$	5,966,624		$	6,464,685		-7.7	%	$	6,076,274
13. Income Statements.
		(unaudited, in thousands except per-share amounts)
								%
		Q1'2025			Q1'2024			Change		Q4'2024
	Interest and Loan Fee Income:
	Loans	$	10,669		$	11,324		-5.8	%	$	11,167
	Equity Securities		195			174		12.1	%		195
	Debt Securities Available
	for Sale		33,430			46,243		-27.7	%		36,843
	Debt Securities Held to
	Maturity		8,494			8,722		-2.6	%		8,538
	Interest-Bearing Cash		6,703			2,283		193.6	%		5,659
	Total Interest and Loan
	Fee Income		59,491			68,746		-13.5	%		62,402
	Interest Expense:
	Transaction Deposits		46			119		-61.3	%		46
	Savings Deposits		3,128			1,917		63.2	%		3,148
	Time Deposits		55			70		-21.4	%		68
	Bank Term Funding Program
	Borrowings		-			843		n/m			-
	Securities Sold under
	Repurchase Agreements		167			52		222.1	%		204
	Total Interest Expense		3,396			3,001		13.2	%		3,466
	Net Interest and Loan
	Fee Income		56,095			65,745		-14.7	%		58,936
	(Reversal of) Provision
	for Credit Losses		(550	)		300		n/m			-
	Noninterest Income:
	Service Charges on Deposit
	Accounts		3,381			3,470		-2.6	%		3,501
	Merchant Processing
	Services		2,733			2,507		9.0	%		2,735
	Debit Card Fees		1,581			1,543		2.5	%		1,902
	Trust Fees		899			794		13.2	%		867
	ATM Processing Fees		463			591		-21.7	%		506
	Other Service Fees		429			438		-2.1	%		428
	Life Insurance Gains		102			-		n/m			-
	Other Noninterest Income		733			754		-2.8	%		694
	Total Noninterest Income		10,321			10,097		2.2	%		10,633
	Noninterest Expense:
	Salaries and Related Benefits		12,126			12,586		-3.7	%		12,461
	Occupancy and Equipment		5,038			5,040		-0.0	%		5,219
	Outsourced Data Processing		2,697			2,536		6.3	%		2,610
	Limited Partnership
	Operating Losses		915			1,440		-36.5	%		1,095
	Professional Fees		395			402		-1.7	%		369
	Courier Service		688			649		6.0	%		692
	Other Noninterest Expense		3,268			3,446		-5.2	%		3,407
	Total Noninterest Expense		25,127			26,099		-3.7	%		25,853
	Income Before Income Taxes		41,839			49,443		-15.4	%		43,716
	Income Tax Provision		10,802			13,026		-17.1	%		12,016
	Net Income	$	31,037		$	36,417		-14.8	%	$	31,700
	Average Common Shares
	Outstanding		26,642			26,674		-0.1	%		26,699
	Diluted Average Common
	Shares Outstanding		26,642			26,675		-0.1	%		26,701
	Per Common Share Data:
	Basic Earnings	$	1.16		$	1.37		-15.3	%	$	1.19
	Diluted Earnings		1.16			1.37		-15.3	%		1.19
	Dividends Paid		0.44			0.44		0.0	%		0.44
	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 March 31, 2025, December 31, 2024 and March 31, 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