Form 8-K
8-K — WESTAMERICA BANCORPORATION
Accession: 0001171843-26-004727
Filed: 2026-07-16
Period: 2026-07-16
CIK: 0000311094
SIC: 6021 (NATIONAL COMMERCIAL BANKS)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — f8k_071626.htm (Primary)
EX-99.1 — PRESS RELEASE (exh_991.htm)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K — FORM 8-K
8-K (Primary)
Filename: f8k_071626.htm · Sequence: 1
Form 8-K
False000031109400003110942026-07-162026-07-16iso4217:USDxbrli:sharesiso4217:USDxbrli:shares
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 8-K
_________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 16, 2026
_______________________________
WESTAMERICA BANCORPORATION
(Exact name of registrant as specified in its charter)
_______________________________
California 001-09383 94-2156203
(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
1108 Fifth Avenue
San Rafael, California 94901
(Address of Principal Executive Offices) (Zip Code)
(707) 863-6000
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
_______________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, no par value WABC The Nasdaq Stock Market, LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On July 16, 2026, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
Exhibit 99.1 Press Release dated July 16, 2026
Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
WESTAMERICA BANCORPORATION
Date: July 16, 2026 By: /s/ Anela Jonas
Anela Jonas
Senior Vice President and Chief Financial Officer
EX-99.1 — PRESS RELEASE
EX-99.1
Filename: exh_991.htm · Sequence: 2
EdgarFiling
EXHIBIT 99.1
Westamerica Bancorporation Reports Second Quarter 2026 Financial Results
SAN RAFAEL, Calif., July 16, 2026 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the second quarter 2026 of $27.4 million and diluted earnings per common share ("EPS") of $1.17. Second quarter 2026 results compare to first quarter 2026 net income of $27.4 million and EPS of $1.13.
"Westamerica’s second quarter 2026 results benefited from the Company’s low-cost operating principles. The annualized cost of funding interest-earning loans, bonds and cash was 0.24 percent for the second quarter 2026. Operating expenses were well controlled and credit quality remained stable with nonperforming assets of $808 thousand at June 30, 2026”, said Chairman, President and CEO David Payne. “Second quarter 2026 results generated an annualized 11.3 percent return on average common equity. Westamerica paid a $0.48 per common share dividend during the second quarter 2026, and retired 753 thousand common shares using its share repurchase plan,” concluded Payne.
Net interest income on a fully-taxable equivalent (FTE) basis was $52.7 million for the second quarter 2026, compared to $52.7 million for the first quarter 2026. The annualized yield earned on loans, bonds and cash for the second quarter 2026 was 4.01 percent, compared to 3.98 percent for the first quarter 2026. The annualized cost of funding interest-earning loans, bonds and cash was 0.24 percent for the second quarter 2026, unchanged from the first quarter 2026.
The Company provided no provision for credit losses in the second quarter 2026 compared to a $300 thousand reversal of provision for credit losses in the first quarter of 2026. The Allowance for Credit Losses on Loans was $10.8 million at June 30, 2026 compared to $11.2 million at March 31, 2026.
Noninterest income for the second quarter 2026 totaled $10.3 million compared to $9.6 million for the first quarter 2026. The increase in noninterest income is primarily due to higher merchant processing fees, debit card fees and unrealized gains recognized on equity securities.
Noninterest expense for the second quarter 2026 totaled $26.0 million compared to $25.9 million for the first quarter 2026. The increase in noninterest expense is primarily due to higher salaries and benefits expense due to one more business day in the second quarter 2026 compared to the first quarter 2026 and higher professional fees partially offset by lower occupancy and equipment expense.
The income tax provision (FTE) for the second quarter 2026 was $9.5 million compared to $9.3 million for the first quarter 2026.
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, 2025 filed on Form 10-K and quarterly report for the quarter ended March 31, 2026 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 16, 2026
WESTAMERICA BANCORPORATION
FINANCIAL HIGHLIGHTS
June 30, 2026
1. Net Income Summary.
(in thousands except per-share amounts)
%
Q2'2026 Q2'2025 Change Q1'2026
Net Interest and Loan Fee
Income (FTE) $ 52,674 $ 54,562 -3.5 % $ 52,690
(Reversal of) Provision
for Credit Losses - - n/m (300 )
Noninterest Income 10,294 10,315 -0.2 % 9,607
Noninterest Expense 26,037 25,529 2.0 % 25,911
Income Before Taxes (FTE) 36,931 39,348 -6.1 % 36,686
Income Tax Provision (FTE) 9,546 10,282 -7.2 % 9,331
Net Income $ 27,385 $ 29,066 -5.8 % $ 27,355
Average Common Shares
Outstanding 23,306 25,889 -10.0 % 24,306
Diluted Average Common
Shares Outstanding 23,319 25,889 -9.9 % 24,306
Operating Ratios:
Basic Earnings Per Common
Share $ 1.17 $ 1.12 4.9 % $ 1.13
Diluted Earnings Per
Common Share 1.17 1.12 4.5 % 1.13
Return On Assets (a) 1.84 % 1.93 % 1.84 %
Return On Common
Equity (a) 11.3 % 11.2 % 11.0 %
Net Interest Margin (FTE) (a) 3.77 % 3.85 % 3.74 %
Efficiency Ratio (FTE) 41.3 % 39.3 % 41.6 %
Dividends Paid Per Common
Share $ 0.48 $ 0.46 4.3 % $ 0.46
Common Dividend Payout
Ratio 41 % 41 % 41 %
%
6/30'26YTD 6/30'25YTD Change
Net Interest and Loan Fee
Income (FTE) $ 105,364 $ 110,952 -5.0 %
Reversal of Provision
for Credit Losses (300 ) (550 ) n/m
Noninterest Income 19,901 20,636 -3.6 %
Noninterest Expense 51,948 50,656 2.6 %
Income Before Taxes (FTE) 73,617 81,482 -9.7 %
Income Tax Provision (FTE) 18,877 21,379 -11.7 %
Net Income $ 54,740 $ 60,103 -8.9 %
Average Common Shares
Outstanding 23,804 26,263 -9.4 %
Diluted Average Common
Shares Outstanding 23,810 26,263 -9.3 %
Operating Ratios:
Basic Earnings Per Common
Share $ 2.30 $ 2.29 0.4 %
Diluted Earnings Per
Common Share 2.30 2.29 0.4 %
Return On Assets (a) 1.84 % 1.98 %
Return On Common
Equity (a) 11.1 % 11.6 %
Net Interest Margin (FTE) (a) 3.75 % 3.87 %
Efficiency Ratio (FTE) 41.5 % 38.5 %
Dividends Paid Per Common
Share $ 0.94 $ 0.90 4.4 %
Common Dividend Payout
Ratio 41 % 39 %
2. Net Interest Income.
(dollars in thousands)
%
Q2'2026 Q2'2025 Change Q1'2026
Interest and Loan Fee
Income (FTE) $ 55,995 $ 57,751 -3.0 % $ 55,985
Interest Expense 3,321 3,189 4.1 % 3,295
Net Interest and Loan Fee
Income (FTE) $ 52,674 $ 54,562 -3.5 % $ 52,690
Average Earning Assets $ 5,577,857 $ 5,652,443 -1.3 % $ 5,644,066
Average Interest-Bearing
Liabilities 2,766,057 2,693,505 2.7 % 2,754,298
Yield on Earning Assets
(FTE) (a) 4.01 % 4.07 % 3.98 %
Cost of Funds (a) 0.24 % 0.22 % 0.24 %
Net Interest Margin (FTE) (a) 3.77 % 3.85 % 3.74 %
Interest Expense /
Interest-Bearing
Liabilities (a) 0.48 % 0.48 % 0.49 %
Net Interest Spread (FTE) (a) 3.53 % 3.59 % 3.49 %
%
6/30'26YTD 6/30'25YTD Change
Interest and Loan Fee
Income (FTE) $ 111,980 $ 117,537 -4.7 %
Interest Expense 6,616 6,585 0.5 %
Net Interest and Loan Fee
Income (FTE) $ 105,364 $ 110,952 -5.0 %
Average Earning Assets $ 5,610,780 $ 5,723,246 -2.0 %
Average Interest-Bearing
Liabilities 2,760,211 2,731,590 1.0 %
Yield on Earning Assets
(FTE) (a) 3.99 % 4.11 %
Cost of Funds (a) 0.24 % 0.24 %
Net Interest Margin (FTE) (a) 3.75 % 3.87 %
Interest Expense /
Interest-Bearing
Liabilities (a) 0.48 % 0.49 %
Net Interest Spread (FTE) (a) 3.51 % 3.62 %
3. Loans & Other Earning Assets.
(average volume, dollars in thousands)
%
Q2'2026 Q2'2025 Change Q1'2026
Total Assets $ 5,967,886 $ 6,042,100 -1.2 % $ 6,034,899
Total Earning Assets 5,577,857 5,652,443 -1.3 % 5,644,066
Total Loans 682,900 762,216 -10.4 % 708,613
Commercial Loans 107,763 115,943 -7.1 % 110,159
Commercial Real Estate
Loans 465,156 488,960 -4.9 % 477,402
Consumer Loans 109,981 157,313 -30.1 % 121,052
Total Investment Securities 4,569,681 4,236,303 7.9 % 4,469,072
Debt Securities Available for
Sale 3,759,010 3,385,972 11.0 % 3,643,302
Debt Securities Held to
Maturity 796,225 836,104 -4.8 % 811,170
Equity Securities 14,446 14,227 1.5 % 14,600
Total Interest-Bearing Cash 325,276 653,924 -50.3 % 466,381
Loans / Deposits 14.2 % 15.7 % 14.7 %
%
6/30'26YTD 6/30'25YTD Change
Total Assets $ 6,001,208 $ 6,114,310 -1.8 %
Total Earning Assets 5,610,780 5,723,246 -2.0 %
Total Loans 695,686 775,999 -10.3 %
Commercial Loans 108,955 118,054 -7.7 %
Commercial Real Estate
Loans 471,245 493,146 -4.4 %
Consumer Loans 115,486 164,799 -29.9 %
Total Investment Securities 4,519,655 4,315,494 4.7 %
Debt Securities Available for
Sale 3,701,476 3,462,326 6.9 %
Debt Securities Held to
Maturity 803,656 838,941 -4.2 %
Equity Securities 14,523 14,227 2.1 %
Total Interest-Bearing Cash 395,439 631,753 -37.4 %
Loans / Deposits 14.5 % 15.8 %
4. Deposits, Other Interest-Bearing Liabilities & Equity.
(average volume, dollars in thousands)
%
Q2'2026 Q2'2025 Change Q1'2026
Total Deposits $ 4,795,518 $ 4,841,803 -1.0 % $ 4,822,635
Noninterest Demand 2,168,936 2,245,077 -3.4 % 2,206,530
Interest-Bearing Transaction 931,438 908,367 2.5 % 920,543
Savings 1,630,311 1,611,845 1.1 % 1,628,180
Time greater than $100K 22,335 27,306 -18.2 % 23,738
Time less than $100K 42,498 49,208 -13.6 % 43,644
Total Short-Term Borrowings 139,475 96,779 44.1 % 138,193
Securities Sold under
Repurchase Agreements 139,475 96,779 44.1 % 138,193
Shareholders' Equity 971,898 1,037,185 -6.3 % 1,008,613
Demand Deposits /
Total Deposits 45.2 % 46.4 % 45.8 %
Transaction & Savings
Deposits / Total Deposits 98.6 % 98.4 % 98.6 %
%
6/30'26YTD 6/30'25YTD Change
Total Deposits $ 4,809,002 $ 4,899,856 -1.9 %
Noninterest Demand 2,187,629 2,268,936 -3.6 %
Interest-Bearing Transaction 926,021 921,637 0.5 %
Savings 1,629,251 1,630,633 -0.1 %
Time greater than $100K 23,033 28,377 -18.8 %
Time less than $100K 43,068 50,273 -14.3 %
Total Short-Term Borrowings 138,838 100,670 37.9 %
Securities Sold under
Repurchase Agreements 138,838 100,670 37.9 %
Shareholders' Equity 990,154 1,046,504 -5.4 %
Demand Deposits /
Total Deposits 45.5 % 46.3 %
Transaction & Savings
Deposits / Total Deposits 98.6 % 98.4 %
5. Interest Yields Earned & Rates Paid.
(dollars in thousands)
Q2'2026
Average Income/ Yield (a) /
Volume Expense Rate (a)
Interest & Loan Fee Income Earned:
Total Earning Assets (FTE) $ 5,577,857 $ 55,995 4.01 %
Total Loans (FTE) 682,900 9,719 5.71 %
Commercial Loans (FTE) 107,763 1,642 6.11 %
Commercial Real Estate
Loans 465,156 6,338 5.46 %
Consumer Loans 109,981 1,739 6.34 %
Total Investment Securities (FTE) 4,569,681 43,275 3.78 %
Total Debt Securities
Available for Sale (FTE) 3,759,010 34,629 3.68 %
Corporate Securities 1,923,302 13,161 2.74 %
Collateralized Loan
Obligations 247,344 3,506 5.61 %
Agency Mortgage Backed
Securities 1,237,212 14,898 4.82 %
Securities of U.S.
Government Sponsored
Entities 307,779 2,709 3.52 %
Obligations of States and
Political Subdivisions
(FTE) 43,373 355 3.27 %
Total Debt Securities Held to
Maturity (FTE) 796,225 8,184 4.11 %
Agency Mortgage Backed
Securities 43,018 274 2.54 %
Corporate Securities 732,792 7,716 4.21 %
Obligations of States and
Political Subdivisions
(FTE) 20,415 194 3.80 %
Equity Securities (FTE) 14,446 462 12.79 %
Total Interest-Bearing Cash 325,276 3,001 3.65 %
Interest Expense Paid:
Total Earning Assets 5,577,857 3,321 0.24 %
Total Interest-Bearing
Liabilities 2,766,057 3,321 0.48 %
Total Interest-Bearing
Deposits 2,626,582 3,110 0.48 %
Interest-Bearing Transaction 931,438 45 0.02 %
Savings 1,630,311 3,024 0.74 %
Time less than $100K 42,498 31 0.29 %
Time greater than $100K 22,335 10 0.18 %
Total Short-Term Borrowings 139,475 211 0.60 %
Securities Sold under
Repurchase Agreements 139,475 211 0.60 %
Net Interest Income and
Margin (FTE) $ 52,674 3.77 %
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 Investment Securities (FTE) 4,236,303 39,887 3.75 %
Total Debt Securities
Available for Sale (FTE) 3,385,972 30,920 3.64 %
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 %
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 %
Equity Securities (FTE) 14,227 434 12.21 %
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 %
6. Noninterest Income.
(dollars in thousands except per-share amounts)
%
Q2'2026 Q2'2025 Change Q1'2026
Service Charges on Deposit
Accounts $ 3,380 $ 3,368 0.4 % $ 3,332
Merchant Processing
Services 2,840 2,687 5.7 % 2,739
Debit Card Fees 1,462 1,664 -12.1 % 1,324
Trust Fees 965 867 11.3 % 927
ATM Processing Fees 484 482 0.4 % 450
Other Service Fees 445 450 -1.1 % 408
Bank Owned
Life Insurance Gains - 106 n/m -
Unrealized Gains (Losses)
on Equity Securities 36 - n/m (247 )
Other Noninterest Income 682 691 -1.3 % 674
Total Noninterest Income $ 10,294 $ 10,315 -0.2 % $ 9,607
Operating Ratios:
Total Revenue (FTE) $ 62,968 $ 64,877 -2.9 % $ 62,297
Noninterest Income /
Revenue (FTE) 16.3 % 15.9 % 15.4 %
Service Charges /
Avg. Deposits (a) 0.28 % 0.28 % 0.28 %
Total Revenue (FTE) Per
Avg. Common Share (a) $ 10.84 $ 10.05 7.8 % $ 10.39
%
6/30'26YTD 6/30'25YTD Change
Service Charges on Deposit
Accounts $ 6,712 $ 6,749 -0.5 %
Merchant Processing
Services 5,579 5,420 2.9 %
Debit Card Fees 2,786 3,245 -14.1 %
Trust Fees 1,892 1,766 7.1 %
ATM Processing Fees 934 945 -1.2 %
Other Service Fees 853 879 -3.0 %
Bank Owned
Life Insurance Gains - 208 n/m
Unrealized Losses on
Equity Securities (211 ) - n/m
Other Noninterest Income 1,356 1,424 -4.8 %
Total Noninterest Income $ 19,901 $ 20,636 -3.6 %
Operating Ratios:
Total Revenue (FTE) $ 125,265 $ 131,588 -4.8 %
Noninterest Income /
Revenue (FTE) 15.9 % 15.7 %
Service Charges /
Avg. Deposits (a) 0.28 % 0.28 %
Total Revenue (FTE) Per
Avg. Common Share (a) $ 10.61 $ 10.10 5.0 %
7. Noninterest Expense.
(dollars in thousands)
%
Q2'2026 Q2'2025 Change Q1'2026
Salaries and Related Benefits $ 12,541 $ 12,303 1.9 % $ 12,325
Occupancy and Equipment 5,209 5,154 1.1 % 5,427
Outsourced Data Processing 2,781 2,709 2.7 % 2,788
Limited Partnership
Operating Losses 1,110 915 21.3 % 1,110
Professional Fees 660 386 71.0 % 462
Courier Service 765 687 11.4 % 734
Other Noninterest Expense 2,971 3,375 -12.0 % 3,065
Total Noninterest Expense $ 26,037 $ 25,529 2.0 % $ 25,911
Operating Ratios:
Noninterest Expense /
Avg. Earning Assets (a) 1.87 % 1.81 % 1.86 %
Noninterest Expense /
Revenues (FTE) 41.3 % 39.3 % 41.6 %
%
6/30'26YTD 6/30'25YTD Change
Salaries and Related Benefits $ 24,866 $ 24,429 1.8 %
Occupancy and Equipment 10,636 10,192 4.4 %
Outsourced Data Processing 5,569 5,406 3.0 %
Limited Partnership
Operating Losses 2,220 1,830 21.3 %
Professional Fees 1,122 781 43.7 %
Courier Service 1,499 1,375 9.0 %
Other Noninterest Expense 6,036 6,643 -9.1 %
Total Noninterest Expense $ 51,948 $ 50,656 2.6 %
Operating Ratios:
Noninterest Expense /
Avg. Earning Assets (a) 1.87 % 1.78 %
Noninterest Expense /
Revenues (FTE) 41.5 % 38.5 %
8. Allowance for Credit Losses.
(dollars in thousands)
%
Q2'2026 Q2'2025 Change Q1'2026
Average Total Loans $ 682,900 $ 762,216 -10.4 % $ 708,613
Beginning of Period
Allowance for Credit
Losses on Loans (ACLL) $ 11,151 $ 13,914 -19.9 % $ 11,573
(Reversal of) Provision
for Credit Losses - - n/m (300 )
Net ACLL Losses (361 ) (127 ) 184.3 % (122 )
End of Period ACLL $ 10,790 $ 13,787 -21.7 % $ 11,151
Gross ACLL Recoveries /
Gross ACLL Losses 58 % 87 % 85 %
Net ACLL Losses /
Avg. Total Loans (a) -0.21 % -0.07 % -0.07 %
%
6/30'26YTD 6/30'25YTD Change
Average Total Loans $ 695,686 $ 775,999 -10.3 %
Beginning of Period ACLL $ 11,573 $ 14,780 -21.7 %
Reversal of Provision for
Credit Losses (300 ) (550 ) n/m
Net ACLL Losses (483 ) (443 ) 9.0 %
End of Period ACLL $ 10,790 $ 13,787 -21.7 %
Gross ACLL Recoveries /
Gross ACLL Losses 71 % 83 %
Net ACLL Losses /
Avg. Total Loans (a) -0.14 % -0.12 %
(dollars in thousands)
%
6/30/26 6/30/25 Change 3/31/26
Allowance for Credit Losses
on Loans $ 10,790 $ 13,787 -21.7 % $ 11,151
Allowance for Credit Losses
on Held to Maturity
Securities 1 1 0.0 % 1
Total Allowance for Credit
Losses $ 10,791 $ 13,788 -21.7 % $ 11,152
Allowance for Unfunded
Credit Commitments $ 201 $ 201 0.0 % $ 201
9. Credit Quality.
(dollars in thousands)
%
6/30/26 6/30/25 Change 3/31/26
Nonperforming Loans:
Nonperforming Nonaccrual
Loans $ 183 $ - n/m $ 380
Performing Nonaccrual
Loans 342 4,553 -92.5 % 785
Total Nonaccrual Loans 525 4,553 -88.5 % 1,165
Accruing Loans 90+ Days
Past Due 283 411 -31.1 % 277
Total Nonperforming Loans $ 808 $ 4,964 -83.7 % $ 1,442
Total Loans Outstanding $ 668,833 $ 748,264 -10.6 % $ 696,204
Total Assets 5,805,061 5,825,069 -0.3 % 5,864,450
Loans:
Allowance for Credit Losses
on Loans $ 10,790 $ 13,787 -21.7 % $ 11,151
Allowance for Credit Losses
on Loans / Loans 1.61 % 1.84 % 1.60 %
Nonperforming Loans /
Total Loans 0.12 % 0.66 % 0.21 %
10. Capital.
(in thousands, except per-share amounts)
%
6/30/26 6/30/25 Change 3/31/26
Shareholders' Equity $ 853,148 $ 921,783 -7.4 % $ 882,690
Total Assets 5,805,061 5,825,069 -0.3 % 5,864,450
Shareholders' Equity/
Total Assets 14.70 % 15.82 % 15.05 %
Shareholders' Equity/
Total Loans 127.56 % 123.19 % 126.79 %
Tangible Common Equity
Ratio 12.87 % 14.03 % 13.25 %
Common Shares Outstanding 23,002 25,587 -10.1 % 23,631
Common Equity Per Share $ 37.09 $ 36.03 3.0 % $ 37.35
Market Value Per Common
Share 58.67 48.44 21.1 % 52.15
(shares in thousands)
%
Q2'2026 Q2'2025 Change Q1'2026
Share Retirements (Issuances):
Total Shares Retired 753 773 n/m 1,001
Average Retirement Price $ 55.14 $ 49.61 n/m $ 50.94
Net Shares Retired 629 773 n/m 992
%
6/30'26YTD 6/30'25YTD Change
Total Shares Retired 1,754 1,134 n/m
Average Retirement Price $ 52.74 $ 49.88 n/m
Net Shares Retired 1,621 1,121 n/m
11. Period-End Balance Sheets.
(unaudited, dollars in thousands)
%
6/30/26 6/30/25 Change 3/31/26
Assets:
Cash and Due from Banks $ 301,934 $ 626,437 -51.8 % $ 397,284
Debt Securities Available for
Sale:
Corporate Securities 1,796,083 1,792,021 0.2 % 1,835,522
Collateralized Loan
Obligations 208,302 780,147 -73.3 % 293,987
Agency Mortgage Backed
Securities 1,297,830 291,543 345.2 % 1,123,422
Securities of U.S.
Government Sponsored
Entities 296,531 301,903 -1.8 % 298,502
Obligations of States and
Political Subdivisions 40,431 60,835 -33.5 % 45,422
Total Debt Securities
Available for Sale 3,639,177 3,226,449 12.8 % 3,596,855
Debt Securities Held to
Maturity:
Agency Mortgage Backed
Securities 58,202 49,878 16.7 % 41,271
Corporate Securities 733,806 738,846 -0.7 % 732,168
Obligations of States and
Political Subdivisions (1) 15,838 45,715 -65.4 % 26,119
Total Debt Securities
Held to Maturity (1) 807,846 834,439 -3.2 % 799,558
Loans 668,833 748,264 -10.6 % 696,204
Allowance For Credit Losses
on Loans (10,790 ) (13,787 ) -21.7 % (11,151 )
Total Loans, net 658,043 734,477 -10.4 % 685,053
Premises and Equipment, net 25,592 25,850 -1.0 % 25,968
Identifiable Intangibles, net - 19 n/m -
Goodwill 121,673 121,673 0.0 % 121,673
Other Assets 250,796 255,725 -1.9 % 238,059
Total Assets $ 5,805,061 $ 5,825,069 -0.3 % $ 5,864,450
Liabilities and Shareholders'
Equity:
Deposits:
Noninterest-Bearing $ 2,141,783 $ 2,175,841 -1.6 % $ 2,135,925
Interest-Bearing Transaction 908,521 894,774 1.5 % 939,285
Savings 1,660,534 1,603,974 3.5 % 1,643,599
Time 61,939 72,946 -15.1 % 64,943
Total Deposits 4,772,777 4,747,535 0.5 % 4,783,752
Securities Sold under
Repurchase Agreements 131,813 101,210 30.2 % 144,456
Total Short-Term
Borrowed Funds 131,813 101,210 30.2 % 144,456
Other Liabilities 47,323 54,541 -13.2 % 53,552
Total Liabilities 4,951,913 4,903,286 1.0 % 4,981,760
Shareholders' Equity:
Common Equity:
Paid-In Capital 415,038 456,964 -9.2 % 422,348
Accumulated Other
Comprehensive Loss (117,592 ) (116,747 ) 0.7 % (107,267 )
Retained Earnings 555,702 581,566 -4.4 % 567,609
Total Shareholders' Equity 853,148 921,783 -7.4 % 882,690
Total Liabilities and
Shareholders' Equity $ 5,805,061 $ 5,825,069 -0.3 % $ 5,864,450
12. Income Statements.
(unaudited, in thousands except per-share amounts)
%
Q2'2026 Q2'2025 Change Q1'2026
Interest and Loan Fee Income:
Loans $ 9,663 $ 10,523 -8.2 % $ 9,879
Equity Securities 433 408 6.1 % 446
Debt Securities Available
for Sale 34,556 30,815 12.1 % 32,695
Debt Securities Held to
Maturity 8,144 8,448 -3.6 % 8,494
Interest-Bearing Cash 3,001 7,273 -58.7 % 4,256
Total Interest and Loan
Fee Income 55,797 57,467 -2.9 % 55,770
Interest Expense:
Transaction Deposits 45 44 2.3 % 45
Savings Deposits 3,024 2,950 2.5 % 3,002
Time Deposits 41 51 -19.6 % 42
Securities Sold under
Repurchase Agreements 211 144 46.1 % 206
Total Interest Expense 3,321 3,189 4.1 % 3,295
Net Interest and Loan
Fee Income 52,476 54,278 -3.3 % 52,475
(Reversal of) Provision
for Credit Losses - - n/m (300 )
Noninterest Income:
Service Charges on Deposit
Accounts 3,380 3,368 0.4 % 3,332
Merchant Processing
Services 2,840 2,687 5.7 % 2,739
Debit Card Fees 1,462 1,664 -12.1 % 1,324
Trust Fees 965 867 11.3 % 927
ATM Processing Fees 484 482 0.4 % 450
Other Service Fees 445 450 -1.1 % 408
Bank Owned
Life Insurance Gains - 106 n/m -
Other Noninterest Income 718 691 3.9 % 427
Total Noninterest Income 10,294 10,315 -0.2 % 9,607
Noninterest Expense:
Salaries and Related Benefits 12,541 12,303 1.9 % 12,325
Occupancy and Equipment 5,209 5,154 1.1 % 5,427
Outsourced Data Processing 2,781 2,709 2.7 % 2,788
Limited Partnership
Operating Losses 1,110 915 21.3 % 1,110
Professional Fees 660 386 71.0 % 462
Courier Service 765 687 11.4 % 734
Other Noninterest Expense 2,971 3,375 -12.0 % 3,065
Total Noninterest Expense 26,037 25,529 2.0 % 25,911
Income Before Income Taxes 36,733 39,064 -6.0 % 36,471
Income Tax Provision 9,348 9,998 -6.5 % 9,116
Net Income $ 27,385 $ 29,066 -5.8 % $ 27,355
Average Common Shares
Outstanding 23,306 25,889 -10.0 % 24,306
Diluted Average Common
Shares Outstanding 23,319 25,889 -9.9 % 24,306
Per Common Share Data:
Basic Earnings $ 1.17 $ 1.12 4.9 % $ 1.13
Diluted Earnings 1.17 1.12 4.5 % 1.13
Dividends Paid 0.48 0.46 4.3 % 0.46
%
6/30'26YTD 6/30'25YTD Change
Interest and Loan Fee Income:
Loans $ 19,542 $ 21,192 -7.8 %
Equity Securities 879 830 5.9 %
Debt Securities Available
for Sale 67,251 64,018 5.0 %
Debt Securities Held to
Maturity 16,638 16,942 -1.8 %
Interest-Bearing Cash 7,257 13,976 -48.1 %
Total Interest and Loan
Fee Income 111,567 116,958 -4.6 %
Interest Expense:
Transaction Deposits 90 90 0.0 %
Savings Deposits 6,026 6,078 -0.9 %
Time Deposits 83 106 -21.7 %
Securities Sold under
Repurchase Agreements 417 311 34.1 %
Total Interest Expense 6,616 6,585 0.5 %
Net Interest and Loan
Fee Income 104,951 110,373 -4.9 %
Reversal of Provision
for Credit Losses (300 ) (550 ) n/m
Noninterest Income:
Service Charges on Deposit 6,712 6,749 -0.5 %
Accounts
Merchant Processing
Services 5,579 5,420 2.9 %
Debit Card Fees 2,786 3,245 -14.1 %
Trust Fees 1,892 1,766 7.1 %
ATM Processing Fees 934 945 -1.2 %
Other Service Fees 853 879 -3.0 %
Bank Owned
Life Insurance Gains - 208 n/m
Other Noninterest Income 1,145 1,424 -19.6 %
Total Noninterest Income 19,901 20,636 -3.6 %
Noninterest Expense:
Salaries and Related Benefits 24,866 24,429 1.8 %
Occupancy and Equipment 10,636 10,192 4.4 %
Outsourced Data Processing 5,569 5,406 3.0 %
Limited Partnership
Operating Losses 2,220 1,830 21.3 %
Professional Fees 1,122 781 43.7 %
Courier Service 1,499 1,375 9.0 %
Other Noninterest Expense 6,036 6,643 -9.1 %
Total Noninterest Expense 51,948 50,656 2.6 %
Income Before Income Taxes 73,204 80,903 -9.5 %
Income Tax Provision 18,464 20,800 -11.2 %
Net Income $ 54,740 $ 60,103 -8.9 %
Average Common Shares
Outstanding 23,804 26,263 -9.4 %
Diluted Average Common
Shares Outstanding 23,810 26,263 -9.3 %
Per Common Share Data:
Basic Earnings $ 2.30 $ 2.29 0.4 %
Diluted Earnings 2.30 2.29 0.4 %
Dividends Paid 0.94 0.90 4.4 %
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, 2026, March 31, 2026 and June 30, 2025.
(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
Certain amounts in prior periods have been reclassified to conform to the current presentation.
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