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Midas Edge

WESTAMERICA BANCORPORATION

For the period ended Jun 30, 2024. Filed Aug 8, 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.

Jun 30, 2024 · Filed Aug 8, 2024

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

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Contents

Item 1. Financial Statements

CONSOLIDATED BALANCE SHEETS

At June 30,At December 31,
20242023
(In thousands)
Assets:
Cash and due from banks$486,124$190,314
Debt securities available for sale3,699,3183,999,801
Debt securities held to maturity, net of allowance for credit losses of $1 at June 30, 2024 and December 31, 2023 (Fair value of $817,071 at June 30, 2024 and $849,562 at December 31, 2023)860,868878,396
Loans831,842866,602
Allowance for credit losses on loans(15,952)(16,867)
Loans, net of allowance for credit losses on loans815,890849,735
Premises and equipment, net26,27527,016
Identifiable intangibles, net234347
Goodwill121,673121,673
Other assets301,763297,310
Total Assets$6,312,145$6,364,592
Liabilities:
Noninterest-bearing deposits$2,459,467$2,605,844
Interest-bearing deposits2,671,9732,868,423
Total deposits5,131,4405,474,267
Bank Term Funding Program borrowings200,000-
Securities sold under repurchase agreements100,16758,162
Other liabilities64,93859,269
Total Liabilities5,496,5455,591,698
Contingencies (Note 10)
Shareholders' Equity:
Common stock (no par value), authorized: 150,000 shares issued and outstanding: 26,683 at June 30, 2024 and 26,671 at December 31, 2023474,583473,136
Deferred compensation3535
Accumulated other comprehensive loss(197,300)(190,282)
Retained earnings538,282490,005
Total Shareholders' Equity815,600772,894
Total Liabilities and Shareholders' Equity$6,312,145$6,364,592
  • 4 -

CONSOLIDATED STATEMENTS OF INCOME

For the Three Months · For the Six Months
Ended June 30,
2024202320242023
(In thousands, except per share data)
Interest and Loan Fee Income:
Loans$11,354$11,845$22,678$23,585
Equity securities175152349304
Debt securities available for sale43,92747,45290,17094,262
Debt securities held to maturity8,6558,93017,37717,910
Interest-bearing cash4,9612,1107,2444,052
Total Interest and Loan Fee Income69,07270,489137,818140,113
Interest Expense:
Deposits2,4605824,5661,040
Bank Term Funding Program borrowings2,692-3,535-
Securities sold under repurchase agreements1552520738
Total Interest Expense5,3076078,3081,078
Net Interest and Loan Fee Income63,76569,882129,510139,035
Provision (Reversal of Provision) for Credit Losses--300(1,550)
Net Interest and Loan Fee Income After
Provision (Reversal of Provision) for Credit Losses63,76569,882129,210140,585
Noninterest Income:
Service charges on deposit accounts3,4693,4596,9396,924
Merchant processing services2,7332,8695,2405,506
Debit card fees1,7061,7593,2493,401
Trust fees8118101,6051,575
ATM processing fees5407021,1311,356
Other service fees450458888857
Securities losses-(125)-(125)
Other noninterest income7917681,5451,755
Total Noninterest Income10,50010,70020,59721,249
Noninterest Expense:
Salaries and related benefits12,48311,82825,06923,895
Occupancy and equipment5,1585,01210,19810,497
Outsourced data processing services2,5112,4885,0474,932
Limited partnership operating losses1,4401,4402,8802,874
Courier service6866111,3351,226
Professional fees362485764961
Other noninterest expense3,4903,9756,9367,664
Total Noninterest Expense26,13025,83952,22952,049
Income Before Income Taxes48,13554,74397,578109,785
Provision for income taxes12,67314,49525,69929,086
Net Income$35,462$40,248$71,879$80,699
Average Common Shares Outstanding26,68026,64826,67726,753
Average Diluted Common Shares Outstanding26,68126,64826,67826,756
Per Common Share Data:
Basic earnings$1.33$1.51$2.69$3.02
Diluted earnings1.331.512.693.02
Dividends paid0.440.420.880.84
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months · For the Six Months
Ended June 30,
2024202320242023
(In thousands)
Net income$35,462$40,248$71,879$80,699
Other comprehensive (loss) income:
Changes in net unrealized losses/gains on debt securities available for sale(629)(29,063)(9,964)5,767
Deferred tax benefit (expense)1868,5932,946(1,705)
Changes in net unrealized losses/gains on debt securities available for sale, net of tax(443)(20,470)(7,018)4,062
Total comprehensive income$35,019$19,778$64,861$84,761
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CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

Accumulated
Common · Other
Shares · Common · Deferred · Comprehensive · Retained
OutstandingStockCompensation(Loss) IncomeEarningsTotal
(In thousands except dividend per share)
Balance, March 31, 202426,678$473,954$35$(196,857)$514,559$791,691
Net income for the period35,46235,462
Other comprehensive loss(443)(443)
Exercise of stock options5203203
Stock based compensation-409409
Stock awarded to employees-1717
Dividends ($0.44 per share)(11,739)(11,739)
Balance, June 30, 202426,683$474,583$35$(197,300)$538,282$815,600
Balance, December 31, 202326,671$473,136$35$(190,282)$490,005$772,894
Net income for the period71,87971,879
Other comprehensive loss(7,018)(7,018)
Exercise of stock options5203203
Restricted stock activity11505505
Stock based compensation-773773
Stock awarded to employees-4848
Retirement of common stock(4)(82)(128)(210)
Dividends ($0.88 per share)(23,474)(23,474)
Balance, June 30, 202426,683$474,583$35$(197,300)$538,282$815,600
Balance, March 31, 202326,648$471,124$35$(231,573)$403,339$642,925
Net income for the period40,24840,248
Other comprehensive loss(20,470)(20,470)
Stock based compensation-339339
Stock awarded to employees-1212
Dividends ($0.42 per share)(11,192)(11,192)
Balance, June 30, 202326,648$471,475$35$(252,043)$432,395$651,862
Balance, December 31, 202226,913$475,086$35$(256,105)$383,094$602,110
Net income for the period80,69980,699
Other comprehensive income4,0624,062
Restricted stock activity9508508
Stock based compensation-678678
Stock awarded to employees-4747
Retirement of common stock(274)(4,844)(8,903)(13,747)
Dividends ($0.84 per share)(22,495)(22,495)
Balance, June 30, 202326,648$471,475$35$(252,043)$432,395$651,862
  • 7 -

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Six Months
Ended June 30,
20242023
(In thousands)
Operating Activities:
Net income$71,879$80,699
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization/accretion5,8165,752
Provision (reversal of provision) for credit losses300(1,550)
Stock option compensation expense773678
Amortization of deferred loan fees(306)(269)
Securities losses-125
Net change in:
Interest income receivable4,234(222)
Income taxes payable(11,555)28,144
Deferred income taxes3,000942
Other assets(48)173
Interest expense payable3,71138
Other liabilities(6,558)(6,848)
Net Cash Provided by Operating Activities71,246107,662
Investing Activities:
Net repayments of loans33,85137,370
Purchases of debt securities available for sale(4,767)-
Proceeds from sale/maturity/calls of debt securities available for sale299,754286,702
Proceeds from maturity/calls of debt securities held to maturity20,61218,525
Purchases of Federal Reserve Bank stock-(2,326)
Purchases of premises and equipment(583)(590)
Net Cash Provided by Investing Activities348,867339,681
Financing Activities:
Net change in:
Deposits(342,827)(519,363)
Short-term borrowings242,00580,213
Exercise of stock options203-
Retirement of common stock(210)(13,747)
Common stock dividends paid(23,474)(22,495)
Net Cash Used in Financing Activities(124,303)(475,392)
Net Change in Cash and Due from Banks295,810(28,049)
Cash and Due from Banks at Beginning of Period190,314294,236
Cash and Due from Banks at End of Period$486,124$266,187
Supplemental Cash Flow Disclosures:
Supplemental disclosure of non cash activities:
Right-of-use assets acquired in exchange for operating lease liabilities$2,970$3,934
Securities purchases pending settlement9,051-
Supplemental disclosure of cash flow activities:
Cash paid for amounts included in operating lease liabilities3,2693,052
Interest paid for the period4,5971,040
Income tax payments for the period34,255-
  • 8 -
ContentsView on SEC.gov

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