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Midas Edge

WESTAMERICA BANCORPORATION

For the period ended Sep 30, 2024. Filed Nov 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.

Sep 30, 2024 · Filed Nov 8, 2024

WABC$59.84+0.1%Stored close · as of Nov 6, 2026

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Contents

Item 1. Financial Statements

CONSOLIDATED BALANCE SHEETS

At September 30,At December 31,
20242023
(In thousands)
Assets:
Cash and due from banks$502,945$190,314
Debt securities available for sale3,580,4863,999,801
Debt securities held to maturity, net of allowance for credit losses of $1 at September 30, 2024 and December 31, 2023 (Fair value of $837,080 at September 30, 2024 and $849,562 at December 31, 2023)850,261878,396
Loans833,967866,602
Allowance for credit losses on loans(15,318)(16,867)
Loans, net of allowance for credit losses on loans818,649849,735
Premises and equipment, net26,12927,016
Identifiable intangibles, net178347
Goodwill121,673121,673
Other assets260,822297,310
Total Assets$6,161,143$6,364,592
Liabilities:
Noninterest-bearing deposits$2,375,958$2,605,844
Interest-bearing deposits2,689,0922,868,423
Total deposits5,065,0505,474,267
Securities sold under repurchase agreements132,48758,162
Other liabilities54,56659,269
Total Liabilities5,252,1035,591,698
Contingencies (Note 10)
Shareholders' Equity:
Common stock (no par value), authorized: 150,000 shares issued and outstanding: 26,686 at September 30, 2024 and 26,671 at December 31, 2023475,061473,136
Deferred compensation3535
Accumulated other comprehensive loss(127,653)(190,282)
Retained earnings561,597490,005
Total Shareholders' Equity909,040772,894
Total Liabilities and Shareholders' Equity$6,161,143$6,364,592

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CONSOLIDATED STATEMENTS OF INCOME

For the Three Months · For the Nine Months
Ended September 30,
2024202320242023
(In thousands, except per share data)
Interest and Loan Fee Income:
Loans$11,441$11,925$34,119$35,510
Equity securities175152524456
Debt securities available for sale40,82947,994130,999142,256
Debt securities held to maturity8,5878,84825,96426,758
Interest-bearing cash6,7623,92914,0067,981
Total Interest and Loan Fee Income67,79472,848205,612212,961
Interest Expense:
Deposits3,1131,0957,6792,135
Bank Term Funding Program borrowings2,278-5,813-
Securities sold under repurchase agreements2543846176
Total Interest Expense5,6451,13313,9532,211
Net Interest and Loan Fee Income62,14971,715191,659210,750
Provision (Reversal of Provision) for Credit Losses-400300(1,150)
Net Interest and Loan Fee Income After Provision (Reversal of Provision) for Credit Losses62,14971,315191,359211,900
Noninterest Income:
Service charges on deposit accounts3,5853,70510,52410,629
Merchant processing services2,4742,9117,7148,417
Debit card fees1,7021,7174,9515,118
Trust fees8467832,4512,358
ATM processing fees5336401,6641,996
Other service fees4544631,3421,320
Life insurance gains202278202278
Securities losses---(125)
Other noninterest income2,1297843,6742,539
Total Noninterest Income11,92511,28132,52232,530
Noninterest Expense:
Salaries and related benefits12,76211,82037,83135,715
Occupancy and equipment5,2565,06515,45415,562
Outsourced data processing services2,6142,4737,6617,405
Limited partnership operating losses1,2101,4404,0904,314
Courier service6827452,0171,971
Professional fees3374011,1011,362
Other noninterest expense3,4483,70610,38411,370
Total Noninterest Expense26,30925,65078,53877,699
Income Before Income Taxes47,76556,946145,343166,731
Provision for income taxes12,70815,34538,40744,431
Net Income$35,057$41,601$106,936$122,300
Average Common Shares Outstanding26,68526,64826,68026,718
Average Diluted Common Shares Outstanding26,68626,65026,68126,721
Per Common Share Data:
Basic earnings$1.31$1.56$4.01$4.58
Diluted earnings1.311.564.014.58
Dividends paid0.440.441.321.28

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months · For the Nine Months
Ended September 30,
2024202320242023
(In thousands)
Net income$35,057$41,601$106,936$122,300
Other comprehensive income (loss):
Changes in net unrealized losses/gains on debt securities available for sale98,879(47,797)88,915(42,030)
Deferred tax (expense) benefit(29,232)14,131(26,286)12,426
Changes in net unrealized losses/gains on debt securities available for sale, net of tax69,647(33,666)62,629(29,604)
Total comprehensive income$104,704$7,935$169,565$92,696

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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, June 30, 202426,683$474,583$35$(197,300)$538,282$815,600
Net income for the period35,05735,057
Other comprehensive income69,64769,647
Exercise of stock options29595
Stock based compensation-371371
Stock awarded to employees11212
Dividends ($0.44 per share)(11,742)(11,742)
Balance, September 30, 202426,686$475,061$35$(127,653)$561,597$909,040
Balance, December 31, 202326,671$473,136$35$(190,282)$490,005$772,894
Net income for the period106,936106,936
Other comprehensive income62,62962,629
Exercise of stock options7298298
Restricted stock activity11505505
Stock based compensation-1,1441,144
Stock awarded to employees16060
Retirement of common stock(4)(82)(128)(210)
Dividends ($1.32 per share)(35,216)(35,216)
Balance, September 30, 202426,686$475,061$35$(127,653)$561,597$909,040
Balance, June 30, 202326,648$471,475$35$(252,043)$432,395$651,862
Net income for the period41,60141,601
Other comprehensive loss(33,666)(33,666)
Stock based compensation-339339
Stock awarded to employees11313
Dividends ($0.44 per share)(11,726)(11,726)
Balance, September 30, 202326,649$471,827$35$(285,709)$462,270$648,423
Balance, December 31, 202226,913$475,086$35$(256,105)$383,094$602,110
Net income for the period122,300122,300
Other comprehensive loss(29,604)(29,604)
Restricted stock activity9508508
Stock based compensation-1,0171,017
Stock awarded to employees16060
Retirement of common stock(274)(4,844)(8,903)(13,747)
Dividends ($1.28 per share)(34,221)(34,221)
Balance, September 30, 202326,649$471,827$35$(285,709)$462,270$648,423

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CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Nine Months
Ended September 30,
20242023
(In thousands)
Operating Activities:
Net income$106,936$122,300
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization8,2378,760
Provision (Reversal of credit provision) for credit losses300(1,150)
Net amortization of deferred loan fees(354)(424)
Stock option compensation expense1,1441,017
Life insurance gains(202)(278)
Securities losses-125
Net gain on sale of other assets(1,367)-
Income taxes (receivable) payable(6,027)43,323
Net changes in:
Interest income receivable6,441(2,039)
Other assets(711)(336)
Net deferred tax asset1,6791,107
Interest expense payable14153
Other liabilities(4,418)(6,269)
Net Cash Provided by Operating Activities111,799166,189
Investing Activities:
Net repayments of loans31,14071,672
Purchases of debt securities available for sale(13,636)-
Proceeds from sale/maturity/calls of debt securities available for sale515,196376,842
Proceeds from maturity/calls of debt securities held to maturity32,79231,530
Purchases of Federal Reserve Bank stock-(2,326)
Proceeds from life insurance policies1,059-
Proceeds from sale of other assets5,378-
Purchases of premises and equipment(1,077)(897)
Net Cash Provided by Investing Activities570,852476,821
Financing activities:
Net change in deposits(409,217)(526,277)
Net change in short-term borrowings74,32557,549
Exercise of stock options298-
Retirement of common stock(210)(13,747)
Common stock dividends paid(35,216)(34,221)
Net Cash Used in Financing Activities(370,020)(516,696)
Net Change In Cash and Due from Banks312,631126,314
Cash and Due from Banks at Beginning of Period190,314294,236
Cash and Due from Banks at End of Period$502,945$420,550
Supplemental Cash Flow Disclosures:
Supplemental disclosure of non cash activities:
Right-of-use assets acquired in exchange for operating lease liabilities$4,553$7,160
Supplemental disclosure of cash flow activities:
Cash paid for amounts included in operating lease liabilities4,8884,604
Interest paid for the period13,8122,158
Income tax payments for the period42,755-

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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.