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 Bancorporation
1108 Fifth Avenue, San Rafael, CA 94901
Robert A. Thorson – SVP & Chief Financial Officer
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, 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 revenue recognized in prior years to customers.  The Company is not yet able to quantify the amount of refunds.  The Company will provide additional information when a determination of the probable amount of these obligations is made.
	Footnotes and Abbreviations:
	(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
	(1) All originated and purchased non performing loans and repossessed loan collateral have been combined as of Q1 '17.  Prior period presentation has been updated, accordingly.