Westamerica Bancorporation(WABC) - 2024 Q4 - Annual Results

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]