SAN RAFAEL, Calif., Oct. 19, 2017 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq:WABC), parent company of Westamerica Bank, generated net income for the third quarter 2017 of $15.0 million and diluted earnings per common share ("EPS") of $0.57, compared to second quarter 2017 net income of $15.8 million and EPS of $0.60 and third quarter 2016 net income of $15.6 million and EPS of $0.61. Financial results for both the second quarter 2017 and third quarter 2016 include a reversal of provision for loan losses of $1.9 million and $3.2 million, respectively.

"Third quarter 2017 net income benefited from higher noninterest income and lower noninterest expense. Merchant processing fees and debit card fees have been growing, and we have been successful in further reducing our operating costs.  Asset quality remained very high with nonperforming assets totaling only $7.6 million at September 30, 2017," said Chairman, President and CEO David Payne.  "Westamerica generated an annualized 10 percent return on average shareholders' common equity for the third quarter 2017, and paid a quarterly dividend of $0.39 per common share," concluded Payne.

The annualized net interest margin on a fully taxable equivalent basis was 3.10 percent for the third quarter 2017, compared to 3.12 percent for the second quarter 2017, and 3.21 percent for the third quarter 2016. Net interest income on a fully taxable equivalent basis was $35.7 million for the third quarter 2017, compared to $35.8 million for the second quarter 2017, and $36.2 million for the third quarter 2016. The annualized funding cost of deposits and other interest-bearing borrowings, as a percentage of average earning assets, was 0.04 percent for the third quarter 2017, compared to 0.04 percent for the second quarter 2017 and 0.05 percent for the third quarter 2016. Checking and savings deposits, which earn relatively low interest rates and are less volatile than time deposits during periods of rising market interest rates, represented 95 percent of average total deposits during the third quarter 2017.

The Company recognized no provision for loan losses for the third quarter 2017 given stable nonperforming loan volumes and other credit quality attributes. The Company recognized a reversal of provision for loan losses of $1.9 million for the second quarter 2017 given realization of net recoveries of prior loan losses of $1.1 million and improvements in credit quality. The Company recognized a reversal of provision for loan losses of $3.2 million for the third quarter 2016 given realization of net recoveries of prior loan losses of $649 thousand and significant declines in the volume of nonperforming loans. At September 30, 2017, the allowance for loan losses totaled $23.6 million.

Noninterest income for the third quarter 2017 totaled $12.5 million, compared to $12.1 million for the second quarter 2017 and $11.6 million for the third quarter 2016. The increase in third quarter 2017 noninterest income relative to the prior quarters was primarily due to higher merchant processing fees and debit card fees.

Noninterest expense for the third quarter 2017 totaled $24.1 million, compared to $24.4 million for the second quarter 2017 and $26.1 million for the third quarter 2016. The $2 million reduction in noninterest expense from the third quarter 2016 to the third quarter 2017 was due to reductions in professional fees, limited partnership operating losses, intangible amortization, and correspondent service charges, offset in part by higher outsourced automation and other real estate owned expenses.

At September 30, 2017, Westamerica Bancorporation's tangible common equity-to-asset ratio was 8.98 percent, and assets totaled $5.4 billion. Westamerica Bancorporation, through its 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 Bancorporation1108 Fifth Avenue, San Rafael, CA 94901Robert A. Thorson - SVP & Chief Financial Officer707-863-6840investments@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, 2016 filed on Form 10-K and quarterly report for the quarter ended June 30, 2017 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, legislation including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2011, 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 October 19, 2017    
WESTAMERICA BANCORPORATION        
FINANCIAL HIGHLIGHTS          
September 30, 2017          
             
1. Net Income Summary.          
    (in thousands except per-share amounts)  
        %    
    Q3'17 Q3'16 Change Q2'17  
             
  Net Interest and Fee Income (FTE) $ 35,680   $ 36,176   -1.4 % $ 35,764    
  Reversal of Provision for Loan Losses     -       (3,200 ) n/m       (1,900 )  
  Noninterest Income   12,548     11,598   8.2 %   12,123    
  Noninterest Expense   24,114     26,088   -7.6 %   24,396    
  Income Before Taxes (FTE)   24,114     24,886   -3.1 %   25,391    
  Income Tax Provision (FTE)   9,097     9,258   -1.7 %   9,592    
  Net Income $ 15,017   $ 15,628   -3.9 % $ 15,799    
             
  Average Common Shares Outstanding   26,309     25,641   2.6 %   26,299    
  Diluted Average Common Shares   26,404     25,687   2.8 %   26,402    
             
  Operating Ratios:          
  Basic Earnings Per Common Share $ 0.57   $ 0.61   -6.6 % $ 0.60    
  Diluted Earnings Per Common Share   0.57     0.61   -6.6 %   0.60    
  Return On Assets (a)   1.09 %   1.18 %     1.18 %  
  Return On Common Equity (a)   9.9 %   11.4 %     10.7 %  
  Net Interest Margin (FTE) (a)   3.10 %   3.21 %     3.12 %  
  Efficiency Ratio (FTE)   50.0 %   54.6 %     50.9 %  
             
  Dividends Paid Per Common Share $ 0.39   $ 0.39   0.0 % $ 0.39    
  Common Dividend Payout Ratio       68 %   64 %     65 %  
             
        %    
    9/30'17YTD 9/30'16YTD Change    
             
  Net Interest and Fee Income (FTE) $ 107,474   $ 109,118   -1.5 %    
  Reversal of Provision for Loan Losses     (1,900 )     (3,200 ) n/m      
  Noninterest Income   36,328     35,029   3.7 %    
  Noninterest Expense   73,125     77,175   -5.2 %    
  Income Before Taxes (FTE)   72,577     70,172   3.4 %    
  Income Tax Provision (FTE)   26,712     25,772   3.6 %    
  Net Income $ 45,865   $ 44,400   3.3 %    
             
  Average Common Shares Outstanding   26,260     25,558   2.7 %    
  Diluted Average Common Shares   26,379     25,595   3.1 %    
             
  Operating Ratios:          
  Basic Earnings Per Common Share $ 1.75   $ 1.74   0.6 %    
  Diluted Earnings Per Common Share   1.74     1.73   0.6 %    
  Return On Assets (a)   1.13 %   1.14 %      
  Return On Common Equity (a)   10.4 %   11.0 %      
  Net Interest Margin (FTE) (a)   3.12 %   3.27 %      
  Efficiency Ratio (FTE)   50.9 %   53.5 %      
             
  Dividends Paid Per Common Share $ 1.17   $ 1.17   0.0 %    
  Common Dividend Payout Ratio       67 %   68 %      
             
2. Net Interest Income.          
    (dollars in thousands)  
        %    
    Q3'17 Q3'16 Change Q2'17  
             
  Interest and Fee Income (FTE) $ 36,153   $ 36,699   -1.5 % $ 36,240    
  Interest Expense   473     523   -9.5 %   476    
  Net Interest and Fee Income (FTE) $ 35,680   $ 36,176   -1.4 % $ 35,764    
             
  Average Earning Assets $ 4,587,848   $ 4,489,317   2.2 % $ 4,598,296    
  Average Interest-          
    Bearing Liabilities   2,687,620     2,616,357   2.7 %   2,692,447    
             
  Yield on Earning Assets (FTE) (a)   3.14 %   3.26 %     3.16 %  
  Cost of Funds (a)   0.04 %   0.05 %     0.04 %  
  Net Interest Margin (FTE) (a)   3.10 %   3.21 %     3.12 %  
  Interest Expense/          
    Interest-Bearing Liabilities (a)   0.07 %   0.08 %     0.07 %  
  Net Interest Spread (FTE) (a)   3.07 %   3.18 %     3.09 %  
             
        %    
    9/30'17YTD 9/30'16YTD Change    
             
  Interest and Fee Income (FTE) $ 108,903   $ 110,734   -1.7 %    
  Interest Expense   1,429     1,616   -11.6 %    
  Net Interest and Fee Income (FTE) $ 107,474   $ 109,118   -1.5 %    
             
  Average Earning Assets $ 4,601,931   $ 4,448,261   3.5 %    
  Average Interest-          
    Bearing Liabilities   2,694,785     2,605,584   3.4 %    
             
  Yield on Earning Assets (FTE) (a)   3.16 %   3.32 %      
  Cost of Funds (a)   0.04 %   0.05 %      
  Net Interest Margin (FTE) (a)   3.12 %   3.27 %      
  Interest Expense/          
    Interest-Bearing Liabilities (a)   0.07 %   0.08 %      
  Net Interest Spread (FTE) (a)   3.09 %   3.24 %      
             
3. Loans & Other Earning Assets.          
    (average volume, dollars in thousands)  
        %    
    Q3'17 Q3'16 Change Q2'17  
             
  Total Assets $ 5,441,612   $ 5,253,502   3.6 % $ 5,385,085    
  Total Earning Assets   4,587,848     4,489,317   2.2 %   4,598,296    
  Total Loans   1,287,740     1,386,186   -7.1 %   1,333,135    
    Commercial Loans   324,727     343,727   -5.5 %   349,979    
    Commercial RE Loans     566,794     572,044   -0.9 %   566,570    
    Consumer Loans   396,219     470,415   -15.8 %   416,586    
  Total Investment Securities   3,300,108     3,103,131   6.3 %   3,265,161    
    Available For Sale (Market)   2,066,568     1,660,680   24.4 %   1,982,997    
    Held To Maturity   1,233,540     1,442,451   -14.5 %   1,282,164    
      Unrealized Gain   4,039     29,100   n/m     3,438    
             
  Loans/Deposits   27.3 %   30.2 %     28.6 %  
             
        %    
    9/30'17YTD 9/30'16YTD Change    
             
  Total Assets $ 5,407,661   $ 5,204,418   3.9 %    
  Total Earning Assets   4,601,931     4,448,261   3.5 %    
  Total Loans   1,325,128     1,447,061   -8.4 %    
    Commercial Loans   343,091     356,781   -3.8 %    
    Commercial RE Loans     563,980     604,741   -6.7 %    
    Consumer Loans   418,057     485,539   -13.9 %    
  Total Investment Securities   3,276,803     3,001,200   9.2 %    
    Available For Sale (Market)   1,997,324     1,594,253   25.3 %    
    Held To Maturity   1,279,479     1,406,947   -9.1 %    
      Unrealized Gain   4,039     29,100   n/m      
             
  Loans/Deposits   28.2 %   31.8 %      
             
4. Deposits, Other Interest-Bearing Liabilities & Equity.      
    (average volume, dollars in thousands)  
        %    
    Q3'17 Q3'16 Change Q2'17  
             
  Total Deposits $ 4,714,579   $ 4,588,762   2.7 % $ 4,669,424    
    Noninterest Demand     2,103,042     2,041,045   3.0 %   2,048,155    
    Interest Bearing Transaction   891,532     850,215   4.9 %   880,470    
    Savings   1,475,969     1,427,247   3.4 %   1,491,283    
    Time greater than $100K   108,673     118,113   -8.0 %   110,762    
    Time less than $100K   135,363     152,142   -11.0 %   138,754    
  Total Short-Term Borrowings   76,083     68,640   10.8 %   71,178    
  Shareholders' Equity   599,473     545,771   9.8 %   593,028    
             
  Demand Deposits/          
    Total Deposits   44.6 %   44.5 %     43.9 %  
  Transaction & Savings            
    Deposits / Total Deposits   94.8 %   94.1 %     94.7 %  
             
        %    
    9/30'17YTD 9/30'16YTD Change    
             
  Total Deposits $ 4,692,330   $ 4,552,819   3.1 %    
    Noninterest Demand     2,069,521     2,010,058   3.0 %    
    Interest Bearing Transaction   884,171     859,437   2.9 %    
    Savings   1,489,643     1,406,338   5.9 %    
    Time greater than $100K   110,512     120,418   -8.2 %    
    Time less than $100K   138,483     156,568   -11.6 %    
  Total Short-Term Borrowings   71,976     62,823   14.6 %    
  Shareholders' Equity   591,691     537,010   10.2 %    
             
  Demand Deposits/          
    Total Deposits   44.1 %   44.1 %      
  Transaction & Savings            
    Deposits / Total Deposits   94.7 %   93.9 %      
             
5. Interest Yields Earned & Rates Paid.        
    (dollars in thousands)    
    Q3'17    
    Average Income/ Yield (a) /    
    Volume Expense Rate    
             
  Interest & Fee Income Earned          
    Total Earning Assets (FTE) $ 4,587,848   $ 36,153   3.14 %    
    Total Loans (FTE)     1,287,740     15,349   4.73 %    
      Commercial Loans (FTE)   324,727     3,959   4.84 %    
      Commercial RE Loans     566,794     7,806   5.46 %    
      Consumer Loans   396,219     3,584   3.59 %    
    Total Investments (FTE)   3,300,108     20,804   2.52 %    
             
  Interest Expense Paid          
    Total Earning Assets     4,587,848     473   0.04 %    
    Total Interest-Bearing Liabilities   2,687,620     473   0.07 %    
    Total Interest-Bearing Deposits   2,611,537     461   0.07 %    
      Interest-Bearing Transaction   891,532     60   0.03 %    
      Savings   1,475,969     220   0.06 %    
      Time less than $100K   135,363     78   0.23 %    
      Time greater than $100K   108,673     103   0.38 %    
    Total Short-Term Borrowings     76,083     12   0.06 %    
             
  Net Interest Income and            
  Margin (FTE)   $ 35,680   3.10 %    
             
    Q3'16    
    Average Income/ Yield (a) /    
    Volume Expense Rate    
             
  Interest & Fee Income Earned          
    Total Earning Assets (FTE) $ 4,489,317   $ 36,699   3.26 %    
    Total Loans (FTE)   1,386,186     17,260   4.95 %    
      Commercial Loans (FTE)   343,727     4,302   4.98 %    
      Commercial RE Loans     572,044     8,832   6.14 %    
      Consumer Loans   470,415     4,126   3.49 %    
    Total Investments (FTE)   3,103,131     19,439   2.51 %    
             
  Interest Expense Paid          
    Total Earning Assets     4,489,317     523   0.05 %    
    Total Interest-Bearing Liabilities   2,616,357     523   0.08 %    
    Total Interest-Bearing Deposits   2,547,717     512   0.08 %    
      Interest-Bearing Transaction   850,215     64   0.03 %    
      Savings   1,427,247     229   0.06 %    
      Time less than $100K   152,142     95   0.25 %    
      Time greater than $100K   118,113     124   0.42 %    
    Total Short-Term Borrowings     68,640     11   0.06 %    
             
  Net Interest Income and          
  Margin (FTE)   $ 36,176   3.21 %    
             
6. Noninterest Income.          
    (dollars in thousands except per-share amounts)  
        %    
    Q3'17 Q3'16 Change Q2'17  
             
  Service Charges on Deposits $ 4,989   $ 5,303   -5.9 % $ 4,945    
  Merchant Processing Services   2,153     1,532   40.6 %   2,052    
  Debit Card Fees   1,784     1,587   12.4 %   1,586    
  Other Service Fees   652     671   -2.9 %   662    
  ATM Processing Fees   684     600   14.0 %   654    
  Trust Fees   718     686   4.7 %   716    
  Financial Services Commissions   148     118   25.4 %   142    
  Other Income   1,420     1,101   29.1 %   1,366    
  Total Noninterest Income $ 12,548   $ 11,598   8.2 % $ 12,123    
             
    Total Revenue (FTE) $ 48,228   $ 47,774   1.0 % $ 47,887    
    Noninterest Income/Revenue (FTE)   26.0 %   24.3 %     25.3 %  
    Service Charges/Avg. Deposits (a)   0.42 %   0.46 %     0.42 %  
    Total Revenues (FTE) Per Avg.            
  Common Share (a) $ 7.27   $ 7.41   -1.9 % $ 7.30    
             
        %    
    9/30'17YTD 9/30'16YTD Change    
             
  Service Charges on Deposits $ 14,857   $ 15,790   -5.9 %    
  Merchant Processing Services   6,080     4,699   29.4 %    
  Debit Card Fees   4,851     4,724   2.7 %    
  Other Service Fees   1,964     1,951   0.7 %    
  ATM Processing Fees   1,914     1,860   2.9 %    
  Trust Fees   2,136     2,004   6.6 %    
  Financial Services Commissions   484     411   18.0 %    
  Other Income   4,042     3,590   12.6 %    
  Total Noninterest Income $ 36,328   $ 35,029   3.7 %    
             
    Total Revenue (FTE) $ 143,802   $ 144,147   -0.2 %    
    Noninterest Income/Revenue (FTE)   25.3 %   24.3 %      
    Service Charges/Avg. Deposits (a)   0.42 %   0.46 %      
    Total Revenues (FTE) Per Avg.            
  Common Share (a) $ 7.32   $ 7.53   -2.8 %    
             
7. Noninterest Expense.          
    (dollars in thousands)  
        %    
    Q3'17 Q3'16 Change Q2'17  
             
  Salaries & Benefits $ 12,816   $ 13,063   -1.9 % $ 12,981    
  Occupancy   3,665     3,749   -2.2 %   3,509    
  Outsourced Data Processing   2,383     2,114   12.7 %   2,188    
  Amortization of            
    Identifiable Intangibles   760     867   -12.4 %   762    
  Professional Fees   512     1,693   -69.8 %   410    
  Furniture & Equipment   1,242     1,211   2.5 %   1,267    
  Other Real Estate Owned   221     (206 ) n/m     (126 )  
  Courier Service   451     451   0.0 %   438    
  Other Operating   2,064     3,146   -34.4 %   2,967    
  Total Noninterest Expense $ 24,114   $ 26,088   -7.6 % $ 24,396    
             
  Noninterest Expense/          
    Avg. Earning Assets (a)   2.09 %   2.31 %     2.13 %  
  Noninterest Expense/Revenues (FTE)   50.0 %   54.6 %     50.9 %  
             
        %    
    9/30'17YTD 9/30'16YTD Change    
             
  Salaries & Benefits $ 38,867   $ 39,067   -0.5 %    
  Occupancy   10,807     10,546   2.5 %    
  Outsourced Data Processing   6,710     6,375   5.3 %    
  Amortization of            
    Identifiable Intangibles   2,322     2,642   -12.1 %    
  Professional Fees   1,533     3,183   -51.8 %    
  Furniture & Equipment   3,764     3,611   4.2 %    
  Other Real Estate Owned   54     (487 ) n/m      
  Courier Service   1,310     1,458   -10.2 %    
  Other Operating   7,758     10,780   -28.0 %    
  Total Noninterest Expense $ 73,125   $ 77,175   -5.2 %    
             
  Noninterest Expense/          
    Avg. Earning Assets (a)   2.12 %   2.32 %      
  Noninterest Expense/Revenues (FTE)   50.9 %   53.5 %      
             
8. Allowance for Loan Losses.          
    (dollars in thousands)  
        %    
    Q3'17 Q3'16 Change Q2'17  
             
  Average Total Loans $ 1,287,740   $ 1,386,186   -7.1 % $ 1,333,135    
             
  Allowance for Loan Loss (ALL)          
  Beginning of Period   $ 24,103   $ 28,910   -16.6 % $ 24,919    
  Reversal of Provision for Loan Losses         -       (3,200 ) n/m       (1,900 )  
  Net ALL (Losses) Recoveries   (475 )   649   n/m     1,084    
  ALL End of Period $ 23,628   $ 26,359   -10.4 % $ 24,103    
  ALL Recoveries/Gross ALL Losses       53 %   134 %     158 %  
             
  Net ALL Losses (Recoveries) /          
  Avg. Total Loans (a)   0.15 %   -0.19 %     -0.33 %  
             
        %    
    9/30'17YTD 9/30'16YTD Change    
             
  Average Total Loans $ 1,325,128   $ 1,447,061   -8.4 %    
             
  Allowance for Loan Loss (ALL)          
  Beginning of Period   $ 25,954   $ 29,771   -12.8 %    
  Reversal of Provision for Loan Losses         (1,900 )     (3,200 ) n/m      
  Net ALL Losses   (426 )   (212 ) n/m      
  ALL End of Period $ 23,628   $ 26,359   -10.4 %    
  ALL Recoveries/Gross ALL Losses       91 %   96 %      
             
  Net ALL Losses/          
  Avg. Total Loans (a)   0.04 %   0.02 %      
             
9. Credit Quality.          
    (dollars in thousands)  
        %    
    9/30/17 9/30/16 Change 6/30/17  
             
  Nonperforming Loans (1):          
    Nonperforming Nonaccrual $ 1,498   $ 1,861   -19.5 % $ 2,215    
    Performing Nonaccrual     4,285       4,432   -3.3 %     4,480    
  Total Nonaccrual Loans   5,783     6,293   -8.1 %   6,695    
  90+ Days Past Due Accruing Loans   434     487   -10.9 %   186    
  Total   6,217     6,780   -8.3 %   6,881    
  Repossessed Loan Collateral (1)   1,426     3,032   -53.0 %   1,645    
    Total Nonperforming Assets (1) $ 7,643   $ 9,812   -22.1 % $ 8,526    
             
  Total Loans Outstanding   $ 1,284,782   $ 1,364,329   -5.8 % $ 1,318,341    
             
  Total Assets   $ 5,445,808   $ 5,306,778   2.6 % $ 5,393,350    
             
  Loans:          
  Allowance for Loan Losses $ 23,628   $ 26,359   -10.4 % $ 24,103    
  Allowance/Loans   1.84 %   1.93 %     1.83 %  
  Nonperforming Loans/Total Loans   0.48 %   0.50 %     0.52 %  
             
10. Capital.          
    (in thousands, except per-share amounts)  
        %    
    9/30/17 9/30/16 Change 6/30/17  
             
  Shareholders' Equity $ 603,957   $ 562,996   7.3 % $ 595,594    
  Total Assets   5,445,808     5,306,778   2.6 %   5,393,350    
             
  Shareholders' Equity/          
    Total Assets   11.09 %   10.61 %     11.04 %  
  Shareholders' Equity/          
    Total Loans   47.01 %   41.27 %     45.18 %  
  Tangible Common Equity Ratio   8.98 %   8.37 %     8.90 %  
  Common Shares Outstanding   26,319     25,665   2.5 %   26,304    
  Common Equity Per Share $ 22.95   $ 21.94   4.6 % $ 22.64    
  Market Value Per Common Share $ 59.54   $ 50.88   17.0 % $ 56.04    
             
  Share Repurchase Programs          
    (shares in thousands)  
        %    
    Q3'17 Q3'16 Change Q2'17  
             
  Total Shares Repurchased     -       -   n/m       6    
    Average Repurchase Price $ -   $ -   n/m   $ 56.51    
  Net Shares Issued   (15 )   (33 ) n/m     (21 )  
             
        %    
    9/30'17YTD 9/30'16YTD Change    
             
  Total Shares Repurchased   6     137   n/m      
    Average Repurchase Price $ 56.51   $ 41.94   n/m      
  Net Shares Issued   (412 )   (137 ) n/m      
             
11. Period-End Balance Sheets.          
    (unaudited, dollars in thousands)  
        %    
    9/30/17 9/30/16 Change 6/30/17  
  Assets:          
    Cash and Due from Banks $ 561,757   $ 471,367   19.2 % $ 529,362    
             
   Investment Securities:          
    Available For Sale   2,090,477     1,762,408   18.6 %   1,976,156    
    Held to Maturity   1,204,240     1,411,019   -14.7 %   1,261,321    
             
   Loans   1,284,782     1,364,329   -5.8 %   1,318,341    
   Allowance For Loan Losses   (23,628 )   (26,359 ) -10.4 %   (24,103 )  
   Total Loans, net   1,261,154     1,337,970   -5.7 %   1,294,238    
             
    Other Real Estate Owned   1,426     3,032   -53.0 %   1,645    
    Premises and Equipment, net   35,507     37,059   -4.2 %   35,564    
    Identifiable Intangibles, net   4,605     7,789   -40.9 %   5,365    
    Goodwill     121,673     121,673   0.0 %   121,673    
    Other Assets   164,969     154,461   6.8 %   168,026    
             
  Total Assets $ 5,445,808   $ 5,306,778   2.6 % $ 5,393,350    
             
  Liabilities and Shareholders' Equity:          
    Deposits:          
      Noninterest Bearing $ 2,128,342   $ 2,064,988   3.1 % $ 2,079,608    
      Interest-Bearing Transaction   873,145     851,885   2.5 %   885,516    
      Savings   1,491,168     1,462,860   1.9 %   1,470,978    
      Time   241,925     265,137   -8.8 %   246,468    
    Total Deposits   4,734,580     4,644,870   1.9 %   4,682,570    
             
    Short-Term Borrowed Funds   66,337     56,358   17.7 %   75,769    
    Other Liabilities   40,934     42,554   -3.8 %   39,417    
  Total Liabilities   4,841,851     4,743,782   2.1 %   4,797,756    
             
  Shareholders' Equity:          
    Common Equity:          
      Paid-In Capital   427,188     393,134   8.7 %   426,012    
      Accumulated Other          
        Comprehensive (Loss) Income   (3,433 )   9,001   n/m     (5,864 )  
    Retained Earnings   180,202     160,861   12.0 %   175,446    
  Total Shareholders' Equity   603,957     562,996   7.3 %   595,594    
             
  Total Liabilities and            
    Shareholders' Equity $ 5,445,808   $ 5,306,778   2.6 % $ 5,393,350    
             
12. Income Statements.          
    (unaudited, in thousands except per-share amounts)  
        %    
    Q3'17 Q3'16 Change Q2'17  
  Interest & Fee Income:          
    Loans $ 15,082   $ 16,968   -11.1 % $ 15,468    
    Investment Securities:          
      Available for Sale   11,347     8,796   29.0 %   10,709    
      Held to Maturity   6,716     7,704   -12.8 %   6,986    
  Total Interest & Fee Income   33,145     33,468   -1.0 %   33,163    
             
  Interest Expense:          
    Transaction Deposits   60     64   -7.5 %   57    
    Savings Deposits   220     229   -3.8 %   222    
    Time Deposits   181     219   -17.1 %   186    
    Short-Term Borrowed Funds   12     11   12.0 %   11    
  Total Interest Expense   473     523   -9.5 %   476    
             
  Net Interest Income   32,672     32,945   -0.8 %   32,687    
             
  Reversal of Provision for Loan Losses     -       (3,200 ) n/m       (1,900 )  
             
  Noninterest Income:          
    Service Charges     4,989     5,303   -5.9 %   4,945    
    Merchant Processing Services   2,153     1,532   40.6 %   2,052    
    Debit Card Fees   1,784     1,587   12.4 %   1,586    
    Other Service Fees   652     671   -2.9 %   662    
    ATM Processing Fees   684     600   14.0 %   654    
    Trust Fees   718     686   4.7 %   716    
    Financial Services Commissions   148     118   25.4 %   142    
    Other   1,420     1,101   29.1 %   1,366    
  Total Noninterest Income   12,548     11,598   8.2 %   12,123    
             
  Noninterest Expense:          
    Salaries and   Benefits   12,816     13,063   -1.9 %   12,981    
    Occupancy     3,665     3,749   -2.2 %   3,509    
    Outsourced Data Processing   2,383     2,114   12.7 %   2,188    
    Amortization of Identifiable Intangibles   760     867   -12.4 %   762    
    Professional Fees   512     1,693   -69.8 %   410    
    Furniture & Equipment   1,242     1,211   2.5 %   1,267    
    Other Real Estate Owned   221     (206 ) n/m     (126 )  
    Courier Service   451     451   0.0 %   438    
    Other   2,064     3,146   -34.4 %   2,967    
  Total Noninterest Expense   24,114     26,088   -7.6 %   24,396    
             
  Income Before Income Taxes   21,106     21,655   -2.5 %   22,314    
  Income Tax Provision   6,089     6,027   1.0 %   6,515    
  Net Income $ 15,017   $ 15,628   -3.9 % $ 15,799    
             
  Average Common Shares Outstanding   26,309     25,641   2.6 %   26,299    
  Diluted Common Shares Outstanding   26,404     25,687   2.8 %   26,402    
             
  Per Common Share Data:          
    Basic Earnings $ 0.57   $ 0.61   -6.6 % $ 0.60    
    Diluted Earnings   0.57     0.61   -6.6 %   0.60    
    Dividends Paid   0.39     0.39   0.0 %   0.39    
        %    
    9/30'17YTD 9/30'16YTD Change    
  Interest & Fee Income:          
    Loans $ 46,330   $ 52,904   -12.4 %    
    Investment Securities:          
      Available for Sale   32,305     24,855   30.0 %    
      Held to Maturity   20,997     23,083   -9.0 %    
  Total Interest & Fee Income   99,632     100,842   -1.2 %    
             
  Interest Expense:          
    Transaction Deposits   174     201   -13.7 %    
    Savings Deposits   665     677   -1.6 %    
    Time Deposits   556     708   -21.5 %    
    Short-Term Borrowed Funds   34     30   12.1 %    
  Total Interest Expense   1,429     1,616   -11.6 %    
             
  Net Interest Income   98,203     99,226   -1.0 %    
             
  Reversal of Provision for Loan Losses     (1,900 )     (3,200 ) n/m      
             
  Noninterest Income:          
    Service Charges     14,857     15,790   -5.9 %    
    Merchant Processing Services   6,080     4,699   29.4 %    
    Debit Card Fees   4,851     4,724   2.7 %    
    Other Service Fees   1,964     1,951   0.7 %    
    ATM Processing Fees   1,914     1,860   2.9 %    
    Trust Fees   2,136     2,004   6.6 %    
    Financial Services Commissions   484     411   18.0 %    
    Other   4,042     3,590   12.6 %    
  Total Noninterest Income   36,328     35,029   3.7 %    
             
  Noninterest Expense:          
    Salaries and   Benefits   38,867     39,067   -0.5 %    
    Occupancy     10,807     10,546   2.5 %    
    Outsourced Data Processing   6,710     6,375   5.3 %    
    Amortization of Identifiable Intangibles   2,322     2,642   -12.1 %    
    Professional Fees   1,533     3,183   -51.8 %    
    Furniture & Equipment   3,764     3,611   4.2 %    
    Other Real Estate Owned   54     (487 ) n/m      
    Courier Service   1,310     1,458   -10.2 %    
    Other   7,758     10,780   -28.0 %    
  Total Noninterest Expense   73,125     77,175   -5.2 %    
             
  Income Before Income Taxes   63,306     60,280   5.0 %    
  Income Tax Provision   17,441     15,880   9.8 %    
  Net Income $ 45,865   $ 44,400   3.3 %    
             
  Average Common Shares Outstanding   26,260     25,558   2.7 %    
  Diluted Common Shares Outstanding   26,379     25,595   3.1 %    
             
  Per Common Share Data:          
  Basic Earnings $ 1.75   $ 1.74   0.6 %    
  Diluted Earnings   1.74     1.73   0.6 %    
  Dividends Paid   1.17     1.17   0.0 %    
             
  The Company has determined that it will be obligated to provide refunds of revenuerecognized in prior years to customers.   The Company is not yet able to quantify theamount of refunds.   The Company will provide additional information when adetermination of the probable amount of these obligations is made.    
             
  Footnotes and Abbreviations:          
  (FTE) Fully Taxable Equivalent. The Company presents its net interest margin and netinterest 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'sloan and investment securities portfolios contain a relatively large portion ofmunicipal loans and securities that are federally tax exempt.   The Company's taxexempt 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 andsecurities on the net interest margin and net interest income for comparability withother banks, the Company presents its net interest margin and net interest income ona FTE basis.    
  (a) Annualized          
  (1) All originated and purchased non performing loans and repossessed loan collateralhave been combined as of Q1 '17.   Prior period presentation has been updated,accordingly.    
             

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