8-K

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):  January 20, 2022

_______________________________

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 January 20, 2022, 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 January 20, 2022

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: January 20, 2022	By:	/s/ Jesse Leavitt
		Jesse Leavitt
		Senior Vice President and Chief Financial Officer

EdgarFiling EXHIBIT 99.1

Westamerica Bancorporation Reports Fourth Quarter 2021 Financial Results

SAN RAFAEL, Calif., Jan. 20, 2022 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the fourth quarter 2021 of $21.7 million and diluted earnings per common share ("EPS") of $0.81. Fourth quarter 2021 results compare to net income of $22.1 million and EPS of $0.82 for the third quarter 2021, which included “make-whole” interest income on corporate bonds redeemed before maturity, which increased EPS $0.02.

"Westamerica’s operating expenses remained well managed in the fourth quarter 2021, delivering fifty-six percent of revenue to pre-tax income. Checking and savings deposits represented ninety-eight percent of the Company’s average deposit base during the fourth quarter 2021, placing limited reliance on higher-costing time deposits. Credit quality remained solid with nonperforming loans of $1.0 million at December 30, 2021,” said Chairman, President and CEO David Payne. “Fourth quarter 2021 results generated an annualized 11.2 percent return on average common equity. Shareholders were paid a $0.42 per common share dividend during the fourth quarter 2021, representing fifty-two percent of diluted earnings per share,” concluded Payne.

Net interest income on a fully-taxable equivalent (FTE) basis was $43.1 million for the fourth quarter 2021, compared to $44.0 million for the third quarter 2021, which included “make-whole” interest income on corporate bonds redeemed prior to maturity of $732 thousand. Interest income on Paycheck Protection Program (“PPP”) loans was $1.2 million for the fourth quarter 2021, compared to $1.9 million for the third quarter 2021. Average PPP loan balances declined to $69 million for the fourth quarter 2021 from $145 million for the third quarter 2021; at December 31, 2021 PPP loans totaled $46 million. Checking and savings deposits represented ninety-eight percent of the Company’s average deposit base during the fourth quarter 2021, generating a low 0.03 percent annualized cost of funding interest-earning assets.

At December 31, 2021, nonperforming loans totaled $1.0 million and the allowance for credit losses on loans was $23.5 million. The Company continues to work with loan customers requesting loan payment deferrals due to economic weakness caused by the pandemic. At December 31, 2021, loans with deferred payments totaled $84 thousand, all of which were consumer automobile loans.

Noninterest income for the fourth quarter 2021 totaled $10.8 million, compared to noninterest income for the third quarter 2021 of $11.3 million.

Noninterest expense for the fourth quarter 2021 was $23.9 million compared to $24.7 million for the third quarter 2021; the lower fourth quarter operating expenses were primarily personnel benefit costs and other expenses.

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
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, 2020 filed on Form 10-K and quarterly report for the quarter ended September 30, 2021 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 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 January 20, 2022
WESTAMERICA BANCORPORATION
FINANCIAL HIGHLIGHTS
December 31, 2021
1. Net Income Summary.
				%
		Q4'2020		Change		Q3'2021
	Net Interest and Fee Income (FTE)	43,292		-0.4	%	43,952
	Provision for Credit Losses			n/m
	Noninterest Income			-22.3	%
	Noninterest Expense			-2.6	%
	Income Before Taxes (FTE)			-8.1	%
	Income Tax Provision (FTE)			-6.1	%
	Net Income	23,838		-8.9	%	22,063
	Average Common Shares Outstanding			0.1	%
	Diluted Average Common Shares			0.1	%
	Operating Ratios:
	Basic Earnings Per Common Share	0.89		-9.0	%	0.82
	Diluted Earnings Per Common Share			-9.0	%
	Return On Assets (a)		%
	Return On Common Equity (a)		%
	Net Interest Margin (FTE) (a)		%
	Efficiency Ratio (FTE)		%
	Dividends Paid Per Common Share	0.41		2.4	%	0.41
	Common Dividend Payout Ratio		%
				%
		12/31'20YTD		Change
	Net Interest and Fee Income (FTE)	167,682		3.9	%
	Provision for Credit Losses			n/m
	Noninterest Income			-5.0	%
	Noninterest Expense			-0.8	%
	Income Before Taxes (FTE)			8.4	%
	Income Tax Provision (FTE)			10.5	%
	Net Income	80,413		7.6	%
	Average Common Shares Outstanding			-0.3	%
	Diluted Average Common Shares			-0.3	%
	Operating Ratios:
	Basic Earnings Per Common Share	2.98		8.1	%
	Diluted Earnings Per Common Share			8.1	%
	Return On Assets		%
	Return On Common Equity		%
	Net Interest Margin (FTE)		%
	Efficiency Ratio (FTE)		%
	Dividends Paid Per Common Share	1.64		0.6	%
	Common Dividend Payout Ratio		%
2. Net Interest Income.
				%
		Q4'2020		Change		Q3'2021
	Interest and Fee Income (FTE)	43,773		-0.3	%	44,444
	Interest Expense			4.8	%
	Net Interest and Fee Income (FTE)	43,292		-0.4	%	43,952
	Average Earning Assets	6,156,749		12.4	%	6,754,281
	Average Interest-
	Bearing Liabilities			14.3	%
	Yield on Earning Assets (FTE) (a)		%
	Cost of Funds (a)		%
	Net Interest Margin (FTE) (a)		%
	Interest Expense/
	Interest-Bearing Liabilities (a)		%
	Net Interest Spread (FTE) (a)		%
				%
		12/31'20YTD		Change
	Interest and Fee Income (FTE)	169,506		3.9	%
	Interest Expense			7.2	%
	Net Interest and Fee Income (FTE)	167,682		3.9	%
	Average Earning Assets	5,760,548		15.1	%
	Average Interest-
	Bearing Liabilities			16.5	%
	Yield on Earning Assets (FTE)		%
	Cost of Funds		%
	Net Interest Margin (FTE)		%
	Interest Expense/
	Interest-Bearing Liabilities		%
	Net Interest Spread (FTE)		%
3. Loans & Other Earning Assets.
				%
		Q4'2020		Change		Q3'2021
	Total Assets	6,562,753		11.8	%	7,158,462
	Total Earning Assets			12.4	%
	Total Loans			-14.7	%
	Total Commercial Loans			-39.3	%
	Paycheck Protection Program (PPP) Loans			-69.8	%
	Commercial Loans			-4.3	%
	Commercial RE Loans			-4.1	%
	Consumer Loans			0.7	%
	Total Investment Securities			9.8	%
	Debt Securities Available For Sale			16.7	%
	Debt Securities Held To Maturity			-39.0	%
	Total Interest-Bearing Cash			117.3	%
	Loans/Deposits		%
				%
		12/31'20YTD		Change
	Total Assets	6,174,470		14.0	%
	Total Earning Assets			15.1	%
	Total Loans			-3.6	%
	Total Commercial Loans			-2.8	%
	PPP Loans			0.5	%
	Commercial Loans			-5.2	%
	Commercial RE Loans			-4.3	%
	Consumer Loans			-3.0	%
	Total Investment Securities			10.4	%
	Debt Securities Available For Sale			18.5	%
	Debt Securities Held To Maturity			-34.9	%
	Total Interest-Bearing Cash			130.7	%
	Loans/Deposits		%
4. Deposits, Other Interest-Bearing Liabilities & Equity.
				%
		Q4'2020		Change		Q3'2021
	Total Deposits	5,655,768		12.3	%	6,223,500
	Noninterest Demand			10.5	%
	Interest-Bearing Transaction			16.2	%
	Savings			14.6	%
	Time greater than 100K			-7.6	%
	Time less than 100K			-8.7	%
	Total Short-Term Borrowings			23.5	%
	Shareholders' Equity			6.4	%
	Demand Deposits/
	Total Deposits		%
	Transaction & Savings
	Deposits / Total Deposits		%
				%
		12/31'20YTD		Change
	Total Deposits	5,306,177		15.0	%
	Noninterest Demand			14.1	%
	Interest-Bearing Transaction			19.8	%
	Savings			15.5	%
	Time greater than 100K			-4.4	%
	Time less than 100K			-8.7	%
	Total Short-Term Borrowings			42.0	%
	Other Borrowed Funds			-69.6	%
	Shareholders' Equity			5.5	%
	Demand Deposits/
	Total Deposits		%
	Transaction & Savings
	Deposits / Total Deposits		%
5. Interest Yields Earned & Rates Paid.
		Income/		Yield (a) /
		Expense		Rate (a)
	Interest & Fee Income Earned
	Total Earning Assets (FTE)	43,621		2.52	%
	Total Loans (FTE)			4.78	%
	Total Commercial Loans (FTE)			4.88	%
	PPP Loans			6.96	%
	Commercial Loans (FTE)			4.13	%
	Commercial RE Loans			4.79	%
	Consumer Loans			4.68	%
	Total Investments (FTE)			2.47	%
	Total Interest-Bearing Cash			0.15	%
	Interest Expense Paid
	Total Earning Assets			0.03	%
	Total Interest-Bearing Liabilities			0.06	%
	Total Interest-Bearing Deposits			0.06	%
	Interest-Bearing Transaction			0.03	%
	Savings			0.06	%
	Time less than 100K			0.20	%
	Time greater than 100K			0.37	%
	Total Short-Term Borrowings			0.07	%
	Net Interest Income and
	Margin (FTE)	43,117		2.49	%
		Income/		Yield (a) /
		Expense		Rate (a)
	Interest & Fee Income Earned
	Total Earning Assets (FTE)	43,773		2.84	%
	Total Loans (FTE)			4.67	%
	Total Commercial Loans (FTE)			4.16	%
	PPP Loans			4.08	%
	Commercial Loans (FTE)			4.24	%
	Commercial RE Loans			5.16	%
	Consumer Loans			4.47	%
	Total Investments (FTE)			2.58	%
	Total Interest-Bearing Cash			0.10	%
	Interest Expense Paid
	Total Earning Assets			0.03	%
	Total Interest-Bearing Liabilities			0.06	%
	Total Interest-Bearing Deposits			0.06	%
	Interest-Bearing Transaction			0.03	%
	Savings			0.06	%
	Time less than 100K			0.20	%
	Time greater than 100K			0.45	%
	Total Short-Term Borrowings			0.07	%
	Net Interest Income and
	Margin (FTE)	43,292		2.81	%
6. Noninterest Income.
				%
		Q4'2020		Change		Q3'2021
	Service Charges on Deposits	3,452		3.7	%	3,578
	Merchant Processing Services			10.6	%
	Debit Card Fees			5.1	%
	Trust Fees			10.3	%
	ATM Processing Fees			-14.4	%
	Other Service Fees			-1.8	%
	Financial Services Commissions			45.5	%
	Gains on Sales of Real Property			n/m
	Other Noninterest Income			-13.1	%
	Total Noninterest Income	13,959		-22.3	%	11,282
	Total Revenue (FTE)	57,251		-5.8	%	55,234
	Noninterest Income/Revenue (FTE)		%
	Service Charges/Avg. Deposits (a)		%
	Total Revenues (FTE) Per Avg.
	Common Share (a)	8.49		-6.1	%	8.16
				%
		12/31'20YTD		Change
	Service Charges on Deposits	14,149		-3.2	%
	Merchant Processing Services			17.5	%
	Debit Card Fees			11.0	%
	Trust Fees			9.9	%
	ATM Processing Fees			0.3	%
	Other Service Fees			2.6	%
	Financial Services Commissions			-4.3	%
	Gains on Sales of Real Property			-100.0	%
	Securities Gains			n/m
	Other Noninterest Income			-26.8	%
	Total Noninterest Income	45,637		-5.0	%
	Total Revenue (FTE)	213,319		2.0	%
	Noninterest Income/Revenue (FTE)		%
	Service Charges/Avg. Deposits		%
	Total Revenues (FTE) Per Avg./
	Common Share	7.92		2.3	%
7. Noninterest Expense.
				%
		Q4'2020		Change		Q3'2021
	Salaries & Benefits	12,291		-7.0	%	11,813
	Occupancy and Equipment			-4.2	%
	Outsourced Data Processing			-0.1	%
	Professional Fees			4.8	%
	Courier Service			13.9	%
	Amortization of
	Identifiable Intangibles			-5.8	%
	Other Noninterest Expense			8.9	%
	Total Noninterest Expense	24,545		-2.6	%	24,697
	Noninterest Expense/
	Avg. Earning Assets (a)		%
	Noninterest Expense/Revenues (FTE)		%
				%
		12/31'20YTD		Change
	Salaries & Benefits	50,749		-5.4	%
	Occupancy and Equipment			-2.5	%
	Outsourced Data Processing			1.9	%
	Professional Fees			34.3	%
	Courier Service			8.8	%
	Amortization of
	Identifiable Intangibles			-6.3	%
	Other Noninterest Expense			9.3	%
	Total Noninterest Expense	98,566		-0.8	%
	Noninterest Expense/
	Avg. Earning Assets		%
	Noninterest Expense/Revenues (FTE)		%
8. Allowance for Credit Losses.
				%
		Q4'2020		Change		Q3'2021
	Average Total Loans	1,286,480		-14.7	%	1,176,114
	Beginning of Period Allowance for
	Credit Losses on Loans (ACLL)	24,142		-1.1	%	23,737
	Provision for Credit Losses			n/m
	Net ACLL (Losses) Recoveries		)	24.7	%
	End of Period ACLL	23,854		-1.4	%	23,882
	Gross ACLL Recoveries /
	Gross ACLL Losses		%
	Net ACLL Losses (Recoveries) /
	Avg. Total Loans (a)		%
				%
		12/31'20YTD		Change
	Average Total Loans	1,239,144		-3.6	%
	Prior Period ACLL	19,484		22.4	%
	Adoption of ASU 2016-13(1)			n/m
	Beginning of Period ACLL			10.9	%
	Provision for Credit Losses			n/m
	Net ACLL Losses		)	-82.5	%
	End of Period ACLL	23,854		-1.4	%
	Gross ACLL Recoveries /
	Gross ACLL Losses		%
	Net ACLL Losses /
	Avg. Total Loans		%
				%
		12/31/20		Change		9/30/21
	Allowance for Credit Losses on Loans	23,854		-1.4	%	23,882
	Allowance for Credit Losses on
	HTM Securities (2)			-22.3	%
	Total Allowance for Credit Losses	23,863		-1.4	%	23,889
	Allowance for Unfunded
	Credit Commitments	101		99.3	%	101
9. Credit Quality.
				%
		12/31/20		Change		9/30/21
	Nonperforming Loans:
	Nonperforming Nonaccrual	526		-49.6	%	801
	Performing Nonaccrual			-88.8	%
	Total Nonaccrual Loans			-84.0	%
	90+ Days Past Due Accruing Loans			-24.7	%
	Total	4,779		-78.4	%	1,774
	Total Loans Outstanding	1,256,243		-15.0	%	1,132,472
	Total Assets			10.6	%
	Loans:
	Allowance for Credit Losses on Loans	23,854		-1.4	%	23,882
	Allowance for Credit Losses on Loans /
	Loans		%
	Nonperforming Loans/Total Loans		%
10. Capital.
				%
		12/31/20		Change		9/30/21
	Shareholders' Equity	844,809		-2.1	%	837,953
	Total Assets			10.6	%
	Shareholders' Equity/
	Total Assets		%
	Shareholders' Equity/
	Total Loans		%
	Tangible Common Equity Ratio		%
	Common Shares Outstanding			0.2	%
	Common Equity Per Share	31.51		-2.3	%	31.19
	Market Value Per Common Share			4.4	%
				%
		Q4'2020		Change		Q3'2021
	Share Repurchase Programs:
	Total Shares Repurchased			n/m
	Average Repurchase Price	52.22		n/m
	Net Shares Repurchased (Issued)			n/m
				%
		12/31'20YTD		Change
	Total Shares Repurchased			n/m
	Average Repurchase Price	51.63		n/m
	Net Shares (Issued) Repurchased			n/m
11. Period-End Balance Sheets.
				%
		12/31/20		Change		9/30/21
	Assets:
	Cash and Due from Banks	621,275		82.2	%	1,011,048
	Debt Securities Available For Sale			14.2	%
	Debt Securities Held To Maturity (3)			-40.6	%
	Loans			-15.0	%
	Allowance For Credit Losses on Loans		)	-1.4	%
	Total Loans, net			-15.2	%
	Premises and Equipment, net			-5.1	%
	Identifiable Intangibles, net			-24.3	%
	Goodwill			0.0	%
	Other Assets			16.0	%
	Total Assets	6,747,931		10.6	%	7,403,573
	Liabilities and Shareholders' Equity:
	Deposits:
	Noninterest-Bearing	2,725,177		12.6	%	2,988,329
	Interest-Bearing Transaction			14.4	%
	Savings			13.9	%
	Time			-8.2	%
	Total Deposits			12.8	%
	Short-Term Borrowed Funds			42.6	%
	Other Liabilities			-34.5	%
	Total Liabilities			12.4	%
	Shareholders' Equity:
	Common Equity:
	Paid-In Capital			1.1	%
	Accumulated Other
	Comprehensive Income			n/m
	Retained Earnings			15.9	%
	Total Shareholders' Equity			-2.1	%
	Total Liabilities and
	Shareholders' Equity	6,747,931		10.6	%	7,403,573
12. Income Statements.
				%
		Q4'2020		Change		Q3'2021
	Interest & Fee Income:
	Loans	14,999		-12.5	%	14,789
	Equity Securities			17.3	%
	Debt Securities Available For Sale (4)			10.6	%
	Debt Securities Held To Maturity			-34.7	%
	Interest-Bearing Cash			226.8	%
	Total Interest & Fee Income			0.2	%
	Interest Expense:
	Transaction Deposits			5.6	%
	Savings Deposits			14.6	%
	Time Deposits			-19.0	%
	Short-Term Borrowed Funds			31.5	%
	Total Interest Expense			4.8	%
	Net Interest Income			0.1	%
	Provision for Credit Losses			n/m
	Noninterest Income:
	Service Charges			3.7	%
	Merchant Processing Services			10.6	%
	Debit Card Fees			5.1	%
	Trust Fees			10.3	%
	ATM Processing Fees			-14.4	%
	Other Service Fees			-1.8	%
	Financial Services Commissions			45.5	%
	Gains on Sales of Real Property			n/m
	Other Noninterest Income			-13.1	%
	Total Noninterest Income			-22.3	%
	Noninterest Expense:
	Salaries and Benefits			-7.0	%
	Occupancy and Equipment			-4.2	%
	Outsourced Data Processing			-0.1	%
	Professional Fees			4.8	%
	Courier Service			13.9	%
	Amortization of Identifiable Intangibles			-5.8	%
	Other Noninterest Expense			8.9	%
	Total Noninterest Expense			-2.6	%
	Income Before Income Taxes			-7.6	%
	Income Tax Provision			-3.8	%
	Net Income	23,838		-8.9	%	22,063
	Average Common Shares Outstanding			0.1	%
	Diluted Common Shares Outstanding			0.1	%
	Per Common Share Data:
	Basic Earnings	0.89		-9.0	%	0.82
	Diluted Earnings			-9.0	%
	Dividends Paid			2.4	%
				%
		12/31'20YTD		Change
	Interest & Fee Income:
	Loans	59,377		-3.1	%
	Equity Securities			9.3	%
	Debt Securities Available For Sale (4)			15.4	%
	Debt Securities Held To Maturity			-34.5	%
	Interest-Bearing Cash			-2.8	%
	Total Interest & Fee Income			4.6	%
	Interest Expense:
	Transaction Deposits			13.5	%
	Savings Deposits			15.4	%
	Time Deposits			-15.6	%
	Short-Term Borrowed Funds			47.2	%
	Other Borrowed Funds			-100.0	%
	Total Interest Expense			7.2	%
	Net Interest Income			4.5	%
	Provision for Credit Losses			n/m
	Noninterest Income:
	Service Charges			-3.2	%
	Merchant Processing Services			17.5	%
	Debit Card Fees			11.0	%
	Trust Fees			9.9	%
	ATM Processing Fees			0.3	%
	Other Service Fees			2.6	%
	Financial Services Commissions			-4.3	%
	Gains on Sales of Real Property			n/m
	Securities Gains			n/m
	Other Operating			-26.8	%
	Total Noninterest Income			-5.0	%
	Noninterest Expense:
	Salaries and Benefits			-5.4	%
	Occupancy and Equipment			-2.5	%
	Outsourced Data Processing			1.9	%
	Professional Fees			34.3	%
	Courier Service			8.8	%
	Amortization of Identifiable Intangibles			-6.3	%
	Other Operating			9.3	%
	Total Noninterest Expense			-0.8	%
	Income Before Income Taxes			9.6	%
	Income Tax Provision			15.6	%
	Net Income	80,413		7.6	%
	Average Common Shares Outstanding			-0.3	%
	Diluted Common Shares Outstanding			-0.3	%
	Per Common Share Data:
	Basic Earnings	2.98		8.1	%
	Diluted Earnings			8.1	%
	Dividends Paid			0.6	%
	Footnotes and Abbreviations:
	(1) Effective January 1, 2020, the Company adopted Accounting Standards Update (ASU) 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments ("CECL"), resulting in a period opening adjustment to the allowance for credit losses for loans and held-to-maturity debt securities, other liabilities, deferred tax assets, and shareholders' equity.
	(2) In the third quarter 2021, the Company recorded a 2 thousand reversal of provision for credit losses on Debt Securities Held To Maturity and the balance of the allowance for credit losses on Debt Securities Held To Maturity was reduced from 9 thousand at June 30, 2021 to 7 thousand at September 30, 2021.
	(3) The Company adopted ASU 2016-13, effective January 1, 2020. Debt Securities Held To Maturity of 306,396 thousand at December 31, 2021, 356,106 thousand at September 30, 2021 and 515,589 thousand at December 31, 2020 are net of related reserve for expected credit losses of 7 thousand, 7 thousand and 9 thousand, respectively.
	(4) Interest income on Debt Securities Available For Sale included make-whole interest income on called corporate bonds of 732 thousand in the third quarter 2021, 1.4 million in the second quarter 2021 and 700 thousand in the first quarter 2021.
	(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 relatively large 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

All values are in US Dollars.