Westamerica (WABC) came out with quarterly earnings of $1.16 per share, beating the Zacks Consensus Estimate of $1.09 per share. This compares to earnings of $1.37 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 6.42%. A quarter ago, it was expected that this holding company for Westamerica Bank would post earnings of $1.21 per share when it actually produced earnings of $1.19, delivering a surprise of -1.65%.Over the last fou ...

Financial Performance - Westamerica Bancorporation reported net income of $31.0 million for Q1 2025, with diluted EPS of $1.16, compared to net income of $31.7 million and EPS of $1.19 in Q4 2024[1][11]. - The annualized return on average common equity was 11.9% in Q1 2025, down from 15.2% in Q1 2024[2][11]. - Net Income decreased by 14.8% to $31,037 million in Q1'2025 from $36,417 million in Q1'2024[34]. - Average Diluted Earnings per Common Share decreased by 15.3% to $1.16 in Q1'2025 from $1.37 in Q1'2024[34]. Income and Expenses - The company experienced a 14.7% decrease in net interest income (FTE) to $56.4 million in Q1 2025, down from $66.1 million in Q1 2024[3][11]. - Noninterest income for Q1 2025 totaled $10.3 million, a slight increase of 2.2% from $10.1 million in Q1 2024[4][11]. - Total Noninterest Income increased by 2.2% to $10,321 million in Q1'2025 from $10,097 million in Q1'2024[34]. - Noninterest expenses decreased by 3.7% to $25.1 million in Q1 2025, compared to $25.9 million in Q4 2024, primarily due to lower salaries and benefits[5][11]. - Total Noninterest Expense decreased by 3.7% to $25,127 million in Q1'2025 from $26,099 million in Q1'2024[34]. - Total Interest and Loan Fee Income decreased by 13.5% to $59,491 million in Q1'2025 from $68,746 million in Q1'2024[33]. - Net Interest and Loan Fee Income fell by 14.7% to $56,095 million in Q1'2025 compared to $65,745 million in Q1'2024[33]. Assets and Liabilities - Total assets decreased by 5.2% to $6.19 billion in Q1 2025, down from $6.53 billion in Q1 2024[15][11]. - Total assets decreased by 7.7% to $5,966,624,000 from $6,464,685,000 year-over-year[28]. - Total deposits fell by 7.8% to $4.96 billion in Q1 2025, compared to $5.38 billion in Q1 2024[17][11]. - Total deposits decreased by 9.0% to $4,874,095,000 from $5,354,925,000 year-over-year[31]. - Total loans outstanding decreased by 8.7% to $771,030,000 from $844,677,000 year-over-year[24]. - Total interest-bearing liabilities were $2,770,099, with an interest expense of $3,396 and a rate of 0.50%[19]. Credit Losses - The company recognized a reversal of provision for credit losses of $550 thousand in Q1 2025, with an allowance for credit losses on loans at $13.9 million[4][11]. - The allowance for credit losses on loans at the end of Q1'2025 was $13,914, a decrease of 12.4% from $15,879 in Q1'2024[23]. - Provision for Credit Losses showed a reversal of $550 million in Q1'2025 compared to a provision of $300 million in Q1'2024[33]. - The gross allowance for credit losses recoveries to gross losses ratio improved to 82% in Q1'2025 from 36% in Q1'2024[23]. - Total nonperforming loans decreased by 81.3% to $277,000 from $1,483,000 year-over-year[24]. Shareholder Information - The company paid a dividend of $0.44 per common share during Q1 2025, maintaining the same payout as in Q1 2024[12][11]. - Common equity per share increased by 18.0% to $35.02 from $29.68 year-over-year[28]. - Average retirement price for total shares retired was $50.96, with 361 shares retired[28]. Other Financial Metrics - Cash balances increased by 67.5% to $727,336,000 from $434,250,000 year-over-year[30]. - Interest-Bearing Cash increased significantly by 193.6% to $6,703 million in Q1'2025 from $2,283 million in Q1'2024[33]. - Merchant processing services revenue increased by 9.0% to $2,733 in Q1'2025 compared to $2,507 in Q1'2024[22]. - Trust Fees increased by 13.2% to $899 million in Q1'2025 from $794 million in Q1'2024[34].

Financial Performance - Westamerica Bancorporation reported a net income of $31.0 million for Q1 2025, with diluted earnings per share (EPS) of $1.16, compared to $31.7 million and $1.19 in Q4 2024 [1][12] - The first quarter results included a reversal of provision for credit losses amounting to $550 thousand, which positively impacted EPS by $0.01 [1][4] - The annualized return on average common equity for Q1 2025 was 11.9% [2] Income and Expenses - Net interest income on a fully-taxable equivalent (FTE) basis was $56.4 million in Q1 2025, down from $59.2 million in Q4 2024, reflecting a 14.7% decrease year-over-year [3][13] - Noninterest income totaled $10.3 million in Q1 2025, slightly up from $10.1 million in Q1 2024 but down from $10.6 million in Q4 2024 [4][24] - Noninterest expenses decreased to $25.1 million in Q1 2025 from $25.9 million in Q4 2024, primarily due to lower salaries and benefits expenses [5][25] Asset Quality - The allowance for credit losses on loans was $13.9 million as of March 31, 2025, down from $15.9 million a year earlier [4][26] - Nonperforming loans decreased significantly to $277 thousand, down 81.3% from $1.5 million in Q1 2024 [26] Deposits and Loans - Total deposits were $4.96 billion in Q1 2025, a decrease of 7.8% from $5.38 billion in Q1 2024 [18] - Total loans outstanding were $789.9 million, down 7.5% from $853.6 million in Q1 2024 [17] Capital and Liquidity - Shareholders' equity increased to $1.06 billion as of March 31, 2025, up 9.3% from $965.8 million a year earlier [32] - The company had $727.3 million in cash balances and expects to receive $265 million in principal payments from debt securities over the next twelve months [28]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark one) Commission File Number: 001-09383 WESTAMERICA BANCORPORATION (Exact name of the registrant as specified in its charter) CALIFORNIA 94-2156203 (State or Other Jurisdiction (I.R.S. Employer of Incorporation or Organization) Identification Number) 1108 FIFTH AVENUE, SAN RAFAEL, CALIFORNIA 94901 (Address of principal executive offices) (zip code) Registrant's telephone number, including area code: (707) 863-6000 Securit ...

Core Viewpoint - Westamerica Bancorporation's Board of Directors has approved a stock repurchase plan for up to 2,000,000 shares, representing approximately 7.5% of the company's outstanding common stock as of December 31, 2024, to be executed before March 31, 2026 [1][2]. Group 1 - The stock repurchase plan reflects Westamerica's financial strength, conservative risk profile, and reliable earnings stream as stated by Chairman, President, and CEO David Payne [2]. - The repurchase will occur in the open market or through privately negotiated transactions [1]. - Westamerica Bancorporation operates banking and trust offices throughout Northern and Central California through its wholly owned subsidiary, Westamerica Bank [2].

Company Performance - Westamerica (WABC) reported quarterly earnings of $1.19 per share, missing the Zacks Consensus Estimate of $1.21 per share, and down from $1.48 per share a year ago, representing an earnings surprise of -1.65% [1] - The company posted revenues of $69.57 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 0.64%, and down from $80.37 million year-over-year [2] - Over the last four quarters, Westamerica has surpassed consensus EPS estimates only once and has topped consensus revenue estimates just once [2] Stock Performance - Westamerica shares have lost about 1.1% since the beginning of the year, while the S&P 500 has gained 1.2% [3] - The current Zacks Rank for Westamerica is 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the coming quarter is $1.12 on revenues of $67.15 million, and for the current fiscal year, it is $4.40 on revenues of $265.59 million [7] - The outlook for the industry, specifically the Banks - West sector, is currently in the top 35% of over 250 Zacks industries, suggesting a favorable environment for stock performance [8]

Financial Performance - Net income for Q4 2024 was $31.7 million, with diluted EPS of $1.19, a decrease of 19.7% compared to Q4 2023[1][10] - Total Revenue (FTE) decreased by 9.3% to $295,061 thousand compared to $325,195 thousand in Q4 2023[24] - Net income decreased by 19.7% to $31,700 million compared to $39,468 million in the previous year[36] - Basic earnings per share decreased by 19.6% to $1.19 from $1.48[36] Income and Expenses - Net interest income (FTE) for Q4 2024 was $59.2 million, down 15.0% from $69.7 million in Q4 2023[3][10] - Noninterest income totaled $10.6 million in Q4 2024, a decrease of 3.3% from $11.9 million in Q3 2024[4][10] - Total Noninterest Income declined by 3.3% to $10,633 thousand from $11,925 thousand in Q4 2023[23] - Total noninterest income fell by 3.3% to $10,633 million from $10,992 million[36] - Total interest and loan fee income decreased by 12.2% to $62,402 from $71,052 year-over-year[35] - Net interest and loan fee income declined by 15.0% to $58,936 compared to $69,373 in the previous year[35] - Total interest expense surged by 347.8% to $17,419 million from $3,890 million[37] - Total Noninterest Expense increased by 1.3% to $25,853 thousand compared to $25,517 thousand in Q4 2023[25] Asset and Liability Management - Total assets decreased by 6.3% year-over-year to $6,243,799 million in Q4'2024 from $6,665,040 million in Q4'2023[16] - Total deposits decreased by 9.8% year-over-year to $5,028,363 million in Q4'2024 from $5,573,281 million in Q4'2023[19] - Total loans declined by 5.9% to $821,767 million in Q4'2024 compared to $873,635 million in Q4'2023[16] - Total short-term borrowings increased by 70.0% to $110,404 million in Q4'2024 from $64,927 million in Q4'2023[19] - Total interest-bearing cash increased by 141.8% to $471,417 million in Q4'2024 from $194,951 million in Q4'2023[16] Loan and Deposit Trends - Consumer loans saw a significant drop of 23.1%, falling to $187,133 million in Q4'2024 from $243,455 million in Q4'2023[16] - Noninterest demand deposits fell by 12.4% to $2,342,092 million in Q4'2024 compared to $2,672,170 million in Q4'2023[19] - Average Total Loans decreased by 5.9% to $821,767 thousand from $873,635 thousand in Q4 2023[27] - Loans decreased by 5.3% to $820,300 from $866,602[34] Equity and Ratios - Shareholders' equity rose by 10.7% to $1,039,017 million in Q4'2024 from $938,738 million in Q4'2023[19] - The return on average common equity for Q4 2024 was 12.1%, down from 16.7% in Q4 2023[2][10] - The tangible common equity ratio improved to 12.90% from 10.43% year-over-year[33] - The loans to deposits ratio improved slightly to 16.3% in Q4'2024 from 15.7% in Q4'2023[16] Market and Operational Metrics - The efficiency ratio (FTE) for Q4 2024 was 37.0%, up from 31.6% in Q4 2023[10] - Nonperforming assets remained stable at $0.7 million as of December 31, 2024[2] - Nonperforming Loans decreased by 7.1% to $735 thousand from $791 thousand in Q4 2023[28] - Trust fees increased by 13.5% to $867 million compared to $764 million[36] - Operating losses decreased by 24.0% to $1,095 million from $1,440 million[36] Cash and Liquidity - Cash balances at December 31, 2024, were $601,494 thousand, with expected principal payments of $309,000 thousand from debt securities[29] - The Company had access to borrowing from the Federal Reserve up to $766,606 thousand based on collateral pledged at December 31, 2024[29] - Cash and due from banks surged by 216.1% to $601,494, compared to $190,314 last year[34] Investment and Securities - Total investment securities decreased by 12.1% to $4,557,436 million in Q4'2024 from $5,182,557 million in Q4'2023[16] - Total debt securities available for sale decreased by 15.1% to $3,395,810 from $3,999,801[34]

Core Viewpoint - Westamerica Bancorporation reported a net income of $31.7 million for Q4 2024, reflecting a decrease from $35.1 million in Q3 2024, with diluted earnings per share (EPS) of $1.19, down from $1.31 in the previous quarter [1][2]. Financial Performance - The net interest income on a fully-taxable equivalent (FTE) basis was $59.2 million for Q4 2024, compared to $62.5 million in Q3 2024, marking a 15.0% decrease [3][9]. - Noninterest income totaled $10.6 million in Q4 2024, down from $11.9 million in Q3 2024, which included $1.6 million in gains from life insurance and asset sales [4][21]. - Total noninterest expenses were $25.9 million in Q4 2024, slightly lower than $26.3 million in Q3 2024 [4][24]. Asset and Liability Management - Total assets decreased to $6.24 billion in Q4 2024 from $6.46 billion in Q3 2024, a decline of 3.4% [15]. - Total deposits fell to $5.03 billion in Q4 2024, down 9.8% from $5.57 billion in Q4 2023 [17]. - The company maintained a stable nonperforming asset level of $0.7 million as of December 31, 2024 [2]. Capital and Returns - The annualized return on average common equity was 12.1% for Q4 2024, down from 16.7% in Q4 2023 [2][9]. - Shareholders received a dividend of $0.44 per common share during Q4 2024, consistent with the previous quarter [2][9]. Loan and Investment Portfolio - Total loans decreased to $821.8 million in Q4 2024, down 5.9% from $873.6 million in Q4 2023 [15]. - The annualized yield on loans, bonds, and cash was 4.25% in Q4 2024, compared to 4.45% in Q3 2024 [3][12]. Cost of Funds - The annualized cost of funding the loan and bond portfolios was 0.24% in Q4 2024, a decrease from 0.37% in Q3 2024 [3][12].

Financial Performance - Total interest and loan fee income for Q3 2024 was $67,794, a decrease of 7.1% from $72,848 in Q3 2023[14] - Net income for Q3 2024 was $35,057, down 15.5% from $41,601 in Q3 2023[14] - Basic earnings per share for Q3 2024 were $1.31, compared to $1.56 in Q3 2023, reflecting a decline of 16.0%[14] - Total noninterest income for Q3 2024 was $11,925, an increase of 5.7% from $11,281 in Q3 2023[14] - Total noninterest expense for Q3 2024 was $26,309, up 2.6% from $25,650 in Q3 2023[14] - The company reported a total comprehensive income of $104,704 for Q3 2024, significantly higher than $7,935 in Q3 2023[16] - The company paid dividends of $0.44 per share in Q3 2024, consistent with Q3 2023[14] - Net income for the period ended September 30, 2024, was $106,936 thousand, compared to $122,300 thousand for the same period in 2023, reflecting a decrease of approximately 12.5%[20] - Total shareholders' equity as of September 30, 2024, was $909,040 thousand, an increase from $648,423 thousand as of September 30, 2023, representing a growth of approximately 40.1%[18] Credit Losses and Loan Quality - The provision for credit losses was $0 in Q3 2024, compared to a reversal of $400 in Q3 2023[14] - The allowance for credit losses increased to $15,318,000 as of September 30, 2024, compared to $16,867,000 at the end of 2023, reflecting a reduction of approximately 9.2%[65] - The credit risk profile shows that $807,651,000 of loans were assigned a "Pass" grade, representing the majority of the total loans outstanding[68] - The company reported no debt securities held to maturity on nonaccrual status or past due 30 days or more as of September 30, 2024[62] - The total allowance for credit losses for the nine months ended September 30, 2024, was $15,318,000, reflecting a decrease from the previous year[67] - The company maintains a Loan Review Department that performs independent evaluations of loans, ensuring compliance with regulatory standards[67] - Nonaccrual loans totaled $403 thousand, with no allowance for credit losses allocated to these loans as of September 30, 2024[70] - The risk category of loans showed $22,595 thousand classified as pass grade, with $2,672 thousand as substandard[73] Deposits and Cash Flow - The company experienced a net change in deposits of $(409,217) thousand for the period ended September 30, 2024, compared to $(526,277) thousand in the prior year, indicating a smaller outflow[20] - As of September 30, 2024, total deposits amounted to $5,065,050 thousand, a decrease from $5,474,267 thousand on December 31, 2023, representing a decline of approximately 7.5%[102] - Noninterest-bearing deposits were $2,375,958 thousand at September 30, 2024, down from $2,605,844 thousand at December 31, 2023, indicating a decrease of about 8.8%[102] - The company reported net cash provided by operating activities for the period ended September 30, 2024, of $111,799 thousand, down from $166,189 thousand in the previous year, indicating a decline of about 32.7%[20] - The company experienced a net cash used in financing activities of $370,020 thousand for the period ended September 30, 2024, compared to $516,696 thousand in the previous year, reflecting a reduction of approximately 28.3%[20] Investment Securities - The company reported total debt securities available for sale at an amortized cost of $3,761,718 thousand and a fair value of $3,580,486 thousand as of September 30, 2024, reflecting gross unrealized losses of $183,797 thousand[47] - The amortized cost of debt securities held to maturity was $850,262 thousand, with a fair value of $837,080 thousand, indicating gross unrealized losses of $15,152 thousand[47] - The total amortized cost of all debt securities was $4,611,980 thousand, with a fair value of $4,417,566 thousand, resulting in total gross unrealized losses of $198,949 thousand[48] - The company reported gross unrealized gains of $2,565 thousand on debt securities available for sale as of September 30, 2024[47] - The company holds $2,057,115 thousand in corporate securities, with a fair value of $1,901,617 thousand, reflecting significant unrealized losses[47] - The total fair value of debt securities available for sale was $2,906,499 thousand, with significant unrealized losses concentrated in corporate securities[52] Economic Outlook and Management Strategies - The company anticipates continued economic uncertainty and competitive pressure in the banking industry affecting future performance[9] - Management continues to evaluate the impacts of inflation, Federal Reserve's monetary policy, and climate changes on the Company's business[2] - The company does not intend to sell any debt securities available for sale with material unrealized losses, indicating a long-term holding strategy[54] - The Company continuously monitors market conditions, including interest rate changes and credit ratings, to assess the impact on the value of its debt securities[56] - The company aims to improve its credit loss allowance by closely monitoring the delinquency and nonaccrual status of its loan portfolio[81]

Core Points - Westamerica Bancorporation declared a quarterly cash dividend of $0.44 per share for shareholders of record as of November 4, 2024, payable on November 15, 2024 [1] - The company reported a net income of $35.1 million for the three months ended September 30, 2024, translating to $1.31 diluted earnings per common share [1] - The Chairman, President, and CEO, David Payne, emphasized that the dividend reflects Westamerica's reliable earnings, financial strength, and conservative risk profile [1] Financial Performance - Westamerica Bancorporation's net income for Q3 2024 was $35.1 million [1] - Diluted earnings per common share for the same period were reported at $1.31 [1] Corporate Information - Westamerica Bancorporation operates through its wholly owned subsidiary, Westamerica Bank, with banking and trust offices located throughout Northern and Central California [1] - The company's website is www.westamerica.com [1]