WESTAMERICA BANCORPORATION

For the period ended Mar 31, 2025. Filed May 9, 2025.

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, 2025 · Filed May 9, 2025

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

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Contents

Item 1. Financial Statements

WESTAMERICA BANCORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
	At March 31,	At December 31,
	2025	2024
(In thousands)
Assets:
Cash and due from banks	$727,336	$601,494
Debt securities available for sale	3,236,049	3,395,810
Debt securities held to maturity, net of allowance for credit losses of $1 at March 31, 2025 and December 31, 2024 (Fair value of $813,125 at March 31, 2025 and $807,838 at December 31, 2024)	839,348	844,634
Loans	771,030	820,300
Allowance for credit losses on loans	(13,914)	(14,780)
Loans, net of allowance for credit losses on loans	757,116	805,520
Premises and equipment, net	25,722	26,133
Identifiable intangibles, net	72	125
Goodwill	121,673	121,673
Other assets	259,308	280,885
Total Assets	$5,966,624	$6,076,274
Liabilities:
Noninterest-bearing deposits	$2,241,802	$2,333,389
Interest-bearing deposits	2,632,293	2,678,461
Total deposits	4,874,095	5,011,850
Securities sold under repurchase agreements	113,219	120,322
Other liabilities	56,172	54,145
Total Liabilities	5,043,486	5,186,317
Contingencies (Note 10)
Shareholders' Equity:
Common stock and additional paid-in-capital Common stock (no par value), authorized: 150,000 shares issued and outstanding: 26,360 at March 31, 2025 and 26,708 at December 31, 2024	470,809	476,471
Deferred compensation	35	35
Accumulated other comprehensive loss	(136,768)	(168,104)
Retained earnings	589,062	581,555
Total Shareholders' Equity	923,138	889,957
Total Liabilities and Shareholders' Equity	$5,966,624	$6,076,274

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WESTAMERICA BANCORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
	For the
	Three Months Ended
	March 31,
	2025	2024
	(In thousands,
	except per share data)
Interest and Fee Income:
Loans	$10,669	$11,324
Equity securities	195	174
Debt securities available for sale	33,430	46,243
Debt securities held to maturity	8,494	8,722
Interest-bearing cash	6,703	2,283
Total Interest and Fee Income	59,491	68,746
Interest Expense:
Deposits	3,229	2,106
Bank Term Funding Program borrowings	-	843
Securities sold under repurchase agreements	167	52
Total Interest Expense	3,396	3,001
Net Interest and Fee Income	56,095	65,745
(Reversal of) Provision for Credit Losses	(550)	300
Net Interest and Fee Income After (Reversal of) Provision for Credit Losses	56,645	65,445
Noninterest Income:
Service charges on deposit accounts	3,381	3,470
Merchant processing services	2,733	2,507
Debit card fees	1,581	1,543
Trust fees	899	794
ATM processing fees	463	591
Other service fees	429	438
Life insurance gains	102	-
Other noninterest income	733	754
Total Noninterest Income	10,321	10,097
Noninterest Expense:
Salaries and related benefits	12,126	12,586
Occupancy and equipment	5,038	5,040
Outsourced data processing services	2,697	2,536
Limited partnership operating losses	915	1,440
Courier service	688	649
Professional fees	395	402
Other noninterest expense	3,268	3,446
Total Noninterest Expense	25,127	26,099
Income Before Income Taxes	41,839	49,443
Provision for income taxes	10,802	13,026
Net Income	$31,037	$36,417
Average Common Shares Outstanding	26,642	26,674
Average Diluted Common Shares Outstanding	26,642	26,675
Per Common Share Data:
Basic earnings	$1.16	$1.37
Diluted earnings	1.16	1.37
Dividends paid	0.44	0.44

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WESTAMERICA BANCORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited)
	For the Three Months Ended
	March 31,
	2025	2024
(In thousands)
Net income	$31,037	$36,417
Other comprehensive income (loss):
Changes in net unrealized losses on debt securities available for sale	44,489	(9,335)
Deferred tax (expense) benefit	(13,153)	2,760
Changes in net unrealized losses on debt securities available for sale, net of tax	31,336	(6,575)
Total comprehensive income	$62,373	$29,842

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WESTAMERICA BANCORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(unaudited)
Common · Accumulated
Common · Stock and · Other
Shares · Additional · Deferred · Comprehensive · Retained
	Outstanding	Paid-in Capital	Compensation	(Loss) Income	Earnings	Total
(In thousands except per share data)
Balance, December 31, 2023	26,671	$473,136	$35	$(190,282)	$490,005	$772,894
Net income for the period					36,417	36,417
Other comprehensive loss				(6,575)		(6,575)
Restricted stock activity	11	505				505
Stock based compensation	-	364				364
Stock awarded to employees	-	31				31
Retirement of common stock	(4)	(82)			(128)	(210)
Dividends ($0.44 per share)					(11,735)	(11,735)
Balance, March 31, 2024	26,678	$473,954	$35	$(196,857)	$514,559	$791,691
Balance, December 31, 2024	26,708	$476,471	$35	$(168,104)	$581,555	$889,957
Net income for the period					31,037	31,037
Other comprehensive income				31,336		31,336
Restricted stock activity	12	623				623
Stock based compensation	-	300				300
Stock awarded to employees	1	41				41
Excise tax on net common stock repurchases		(179)				(179)
Retirement of common stock	(361)	(6,447)			(11,778)	(18,225)
Dividends ($0.44 per share)					(11,752)	(11,752)
Balance, March 31, 2025	26,360	$470,809	$35	$(136,768)	$589,062	$923,138

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WESTAMERICA BANCORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
	For the Three Months
	Ended March 31,
	2025	2024
(In thousands)
Operating Activities:
Net income	$31,037	$36,417
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization/accretion	2,009	2,962
(Reversal of) provision for credit losses	(550)	300
Net amortization of deferred net loan cost (fees)	83	(150)
Stock option compensation expense	300	364
Life insurance gains	(102)	-
Net changes in:
Interest income receivable	2,483	568
Income taxes payable	5,538	9,742
Deferred tax asset	5,263	3,285
Other assets	827	596
Interest expense payable	155	1,009
Other liabilities	(4,649)	(2,881)
Net Cash Provided by Operating Activities	42,394	52,212
Investing Activities:
Net repayments of loans	48,871	20,787
Proceeds from life insurance policies	506	-
Purchases of debt securities available for sale	(38,994)	-
Proceeds from maturity/calls of debt securities available for sale	241,235	98,966
Proceeds from maturity/calls of debt securities held to maturity	6,864	11,208
Purchases of premises and equipment	(199)	(122)
Net Cash Provided by Investing Activities	258,283	130,839
Financing Activities:
Net change in deposits	(137,755)	(119,342)
Net change in borrowings	(7,103)	192,172
Retirement of common stock	(18,225)	(210)
Common stock dividends paid	(11,752)	(11,735)
Net Cash (Used in) Provided by Financing Activities	(174,835)	60,885
Net Change In Cash and Due from Banks	125,842	243,936
Cash and Due from Banks at Beginning of Period	601,494	190,314
Cash and Due from Banks at End of Period	$727,336	$434,250
Supplemental Cash Flow Disclosures:
Supplemental disclosure of noncash activities:
Right-of-use assets acquired in exchange for operating lease liabilities	$3,494	$2,641
Supplemental disclosure of cash flow activities:
Cash paid for amounts included in operating lease liabilities	1,636	1,632
Interest paid for the period	3,241	1,992

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