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Midas Edge

WESTAMERICA BANCORPORATION

For the period ended Mar 31, 2024. Filed May 9, 2024.

View on SEC.gov

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 9, 2024

WABC$60.05+0.4%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

Item 1. Financial Statements

WESTAMERICA BANCORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
At March 31,At December 31,
20242023
(In thousands)
Assets:
Cash and due from banks$434,250$190,314
Debt securities available for sale3,889,1773,999,801
Debt securities held to maturity, net of allowance for credit losses of $1 at March 31, 2024 and December 31, 2023 (Fair value of $829,455 at March 31, 2024 and $849,562 at December 31, 2023)868,725878,396
Loans844,677866,602
Allowance for credit losses on loans(15,879)(16,867)
Loans, net of allowance for credit losses on loans828,798849,735
Premises and equipment, net26,45827,016
Identifiable intangibles, net291347
Goodwill121,673121,673
Other assets295,313297,310
Total Assets$6,464,685$6,364,592
Liabilities:
Noninterest-bearing deposits$2,514,161$2,605,844
Interest-bearing deposits2,840,7642,868,423
Total deposits5,354,9255,474,267
Bank Term Funding Program borrowings200,000-
Securities sold under repurchase agreements50,33458,162
Other liabilities67,73559,269
Total Liabilities5,672,9945,591,698
Contingencies (Note 10)
Shareholders' Equity:
Common stock (no par value), authorized: 150,000 shares issued and outstanding: 26,678 at March 31, 2024 and 26,671 at December 31, 2023473,954473,136
Deferred compensation3535
Accumulated other comprehensive loss(196,857)(190,282)
Retained earnings514,559490,005
Total Shareholders' Equity791,691772,894
Total Liabilities and Shareholders' Equity$6,464,685$6,364,592

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WESTAMERICA BANCORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
For the
Three Months Ended
March 31,
20242023
(In thousands,
except per share data)
Interest and Fee Income:
Loans$11,324$11,740
Equity securities174152
Debt securities available for sale46,24346,810
Debt securities held to maturity8,7228,980
Interest-bearing cash2,2831,942
Total Interest and Fee Income68,74669,624
Interest Expense:
Deposits2,106458
Bank Term Funding Program borrowings843-
Securities sold under repurchase agreements5213
Total Interest Expense3,001471
Net Interest and Fee Income65,74569,153
Provision (Reversal of Provision) for Credit Losses300(1,550)
Net Interest and Fee Income After Provision (Reversal of Provision) for Credit Losses65,44570,703
Noninterest Income:
Service charges on deposit accounts3,4703,465
Merchant processing services2,5072,637
Debit card fees1,5431,642
Trust fees794765
ATM processing fees591654
Other service fees438399
Other noninterest income754987
Total Noninterest Income10,09710,549
Noninterest Expense:
Salaries and related benefits12,58612,067
Occupancy and equipment5,0405,485
Outsourced data processing services2,5362,444
Limited partnership operating losses1,4401,434
Courier service649615
Professional fees402476
Other noninterest expense3,4463,689
Total Noninterest Expense26,09926,210
Income Before Income Taxes49,44355,042
Provision for income taxes13,02614,591
Net Income$36,417$40,451
Average Common Shares Outstanding26,67426,859
Average Diluted Common Shares Outstanding26,67526,866
Per Common Share Data:
Basic earnings$1.37$1.51
Diluted earnings1.371.51
Dividends paid0.440.42

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WESTAMERICA BANCORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited)
For the Three Months Ended
March 31,
20242023
(In thousands)
Net income$36,417$40,451
Other comprehensive income (loss):
Changes in net unrealized losses on debt securities available for sale(9,335)34,830
Deferred tax benefit (expense)2,760(10,298)
Changes in net unrealized losses on debt securities available for sale, net of tax(6,575)24,532
Total comprehensive income$29,842$64,983

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WESTAMERICA BANCORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(unaudited)
Accumulated
Common · Other
Shares · Common · Deferred · Comprehensive · Retained
OutstandingStockCompensationIncome (Loss)EarningsTotal
(In thousands except per share data)
Balance, December 31, 202226,913$475,086$35$(256,105)$383,094$602,110
Net income for the period40,45140,451
Other comprehensive income24,53224,532
Restricted stock activity9508508
Stock based compensation-339339
Stock awarded to employees-3535
Retirement of common stock(274)(4,844)(8,903)(13,747)
Dividends ($0.42 per share)(11,303)(11,303)
Balance, March 31, 202326,648$471,124$35$(231,573)$403,339$642,925
Balance, December 31, 202326,671$473,136$35$(190,282)$490,005$772,894
Net income for the period36,41736,417
Other comprehensive loss(6,575)(6,575)
Restricted stock activity11505505
Stock based compensation-364364
Stock awarded to employees-3131
Retirement of common stock(4)(82)(128)(210)
Dividends ($0.44 per share)(11,735)(11,735)
Balance, March 31, 202426,678$473,954$35$(196,857)$514,559$791,691

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WESTAMERICA BANCORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
For the Three Months
Ended March 31,
20242023
(In thousands)
Operating Activities:
Net income$36,417$40,451
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization/accretion2,9623,044
Provision (reversal of provision) for credit losses300(1,550)
Net amortization of deferred net loan fees(150)(128)
Stock option compensation expense364339
Net changes in:
Interest income receivable568(118)
Income taxes payable9,74214,336
Deferred tax asset3,285254
Other assets5961,930
Interest expense payable1,00932
Other liabilities(2,881)(3,508)
Net Cash Provided by Operating Activities52,21255,082
Investing Activities:
Net repayments of loans20,78719,213
Purchases of Federal Reserve Bank stock-(2,192)
Proceeds from maturity/calls of debt securities available for sale98,966147,030
Proceeds from maturity/calls of debt securities held to maturity11,2088,073
Purchases of premises and equipment(122)(511)
Net Cash Provided by Investing Activities130,839171,613
Financing Activities:
Net change in deposits(119,342)(325,975)
Net change in borrowings192,17225,296
Retirement of common stock(210)(13,747)
Common stock dividends paid(11,735)(11,303)
Net Cash Provided by (Used in) Financing Activities60,885(325,729)
Net Change In Cash and Due from Banks243,936(99,034)
Cash and Due from Banks at Beginning of Period190,314294,236
Cash and Due from Banks at End of Period$434,250$195,202
Supplemental Cash Flow Disclosures:
Supplemental disclosure of noncash activities:
Right-of-use assets acquired in exchange for operating lease liabilities$2,641$1,144
Supplemental disclosure of cash flow activities:
Cash paid for amounts included in operating lease liabilities1,6321,519
Interest paid for the period1,992439

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.