Company Quick10K Filing
Westamerica Bancorporation
Price63.85 EPS3
Shares27 P/E22
MCap1,726 P/FCF27
Net Debt0 EBIT99
TEV1,726 TEV/EBIT17
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-06
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-04
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10-K 2018-12-31 Filed 2019-02-28
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10-K 2016-12-31 Filed 2017-02-28
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10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-02
10-Q 2015-06-30 Filed 2015-07-31
10-Q 2015-03-31 Filed 2015-05-05
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-03
10-Q 2014-06-30 Filed 2014-08-01
10-Q 2014-03-31 Filed 2014-04-30
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-30 Filed 2013-11-01
10-Q 2013-06-30 Filed 2013-08-01
10-Q 2013-03-31 Filed 2013-05-01
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-05-02
10-K 2011-12-31 Filed 2012-02-28
10-Q 2011-09-30 Filed 2011-11-02
10-Q 2011-06-30 Filed 2011-08-02
10-Q 2011-03-31 Filed 2011-05-03
10-K 2010-12-31 Filed 2011-02-28
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10-K 2009-12-31 Filed 2010-02-26
8-K 2020-04-24
8-K 2020-04-23
8-K 2020-04-16
8-K 2020-01-23
8-K 2020-01-16
8-K 2019-12-31
8-K 2019-12-20
8-K 2019-10-24
8-K 2019-10-17
8-K 2019-07-25
8-K 2019-07-18
8-K 2019-06-28
8-K 2019-04-29
8-K 2019-04-25
8-K 2019-04-18
8-K 2019-01-24
8-K 2019-01-17
8-K 2019-01-03
8-K 2018-10-25
8-K 2018-10-18
8-K 2018-07-26
8-K 2018-07-19
8-K 2018-04-30
8-K 2018-04-26
8-K 2018-04-19
8-K 2018-03-22
8-K 2018-03-13
8-K 2018-01-25
8-K 2018-01-18
8-K 2018-01-03

WABC 10Q Quarterly Report

Note 1: Basis of Presentation
Note 2: Accounting Policies
Note 3: Investment Securities
Note 4: Loans, Allowance for Loan Losses/Credit Losses and Other Real Estate Owned
Note 5: Concentration of Credit Risk
Note 6: Other Assets and Other Liabilities
Note 7: Goodwill and Identifiable Intangible Assets
Note 8: Deposits and Borrowed Funds
Note 9: Fair Value Measurements
Note 10: Commitments and Contingent Liabilities
Note 11: Earnings per Common Share
Note 12: Impact of Covid - 19
EX-31.1 ex_184137.htm
EX-31.2 ex_184138.htm
EX-32.1 ex_184139.htm
EX-32.2 ex_184140.htm

Westamerica Bancorporation Earnings 2020-03-31

Balance SheetIncome StatementCash Flow

wabc20200331_10q.htm
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from __________ to __________.                              

Commission file number: 001-09383

WESTAMERICA BANCORPORATION

(Exact Name of Registrant as Specified in Its Charter)

 

California 94-2156203

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

 

 

1108 Fifth Avenue, San Rafael, California 94901

(Address of Principal Executive Offices) (Zip Code)

 

Registrant's Telephone Number, Including Area Code (707) 863-6000

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, no par value

WABC

The Nasdaq Stock Market, LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Yes ☑                                                                             No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 

Yes ☑                                                                              No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer

Accelerated filer ☐

    Non-accelerated filer ☐ 

 

Smaller reporting company

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Yes                                                                              No ☑

 

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date:

 

Title of Class Shares outstanding as of April 30, 2020

Common Stock,

No Par Value

26,939,348

 

 

 

 

TABLE OF CONTENTS

 

 

 

Page

Forward Looking Statements

3

PART I - FINANCIAL INFORMATION  

Item 1

Financial Statements

4

 

Notes to Unaudited Consolidated Financial Statements

9

Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

32

Item 3

Quantitative and Qualitative Disclosures about Market Risk

52

Item 4

Controls and Procedures

53

PART II - OTHER INFORMATION

 

Item 1

Legal Proceedings

53

Item 1A

Risk Factors

53

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

54

Item 3

Defaults upon Senior Securities

55

Item 4

Mine Safety Disclosures

55

Item 5

Other Information

55

Item 6

Exhibits

55

Signatures

56

 

 

 

 

 

 

 

 

-2-

 

FORWARD-LOOKING STATEMENTS

 

This report on Form 10-Q contains forward-looking statements about Westamerica Bancorporation (the “Company”) for which it claims the protection of the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, future credit quality and performance, the appropriateness of the allowance for credit losses, loan growth or reduction, mitigation of risk in the Company’s loan and investment securities portfolios, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans, objectives and expectations of the Company or its management or board of directors, including those relating to products or services; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as "believes", "anticipates", "expects", “estimates”, "intends", "targeted", "projected", “forecast”, "continue", "remain", "will", "should", "may" and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

 

These forward-looking statements are based on Management’s current knowledge and belief and include information concerning the Company’s possible or assumed future financial condition and results of operations. A number of factors, some of which are beyond the Company’s ability to predict or control, could cause future results to differ materially from those contemplated. These factors include but are not limited to (1) the length and severity of difficulties in the global, national and California economies and the effects of government efforts to address those difficulties; (2) liquidity levels in capital markets; (3) fluctuations in asset prices including, but not limited to stocks, bonds, real estate, and commodities; (4) the effect of acquisitions and integration of acquired businesses; (5) economic uncertainty created by terrorist threats and attacks on the United States, the actions taken in response, and the uncertain effect of these events on the national and regional economies; (6) changes in the interest rate environment; (7) changes in the regulatory environment; (8) competitive pressure in the banking industry; (9) operational risks including a failure or breach in data processing or security systems or those of third party vendors and other service providers, including as a result of cyber attacks or fraud; (10) volatility of interest rate sensitive loans, deposits and investments; (11) asset/liability management risks and liquidity risks; (12) the effect of natural disasters, including earthquakes, fire, flood, drought, pandemics and other disasters on the Company, including on the uninsured value of the Company’s assets and of loan collateral, the financial condition of debtors and issuers of investment securities, the economic conditions affecting the Company’s market place, and commodities and asset values; (13) changes in the securities markets; and (14) the outcome of contingencies, such as legal proceedings. However, the reader should not consider the above-mentioned factors to be a complete set of all potential risks or uncertainties.

 

Forward-looking statements speak only as of the date they are made. The Company undertakes no obligation to update any forward-looking statements in this report to reflect circumstances or events that occur after the date forward looking statements are made, except as may be required by law. The reader is directed to the Company's Form 8-K filed on April 16, 2020, and the annual report on Form 10-K for the year ended December 31, 2019, for further discussion of factors which could affect the Company's business and cause actual results to differ materially from those expressed in any forward-looking statement made in this report.

 

 

-3-

 

 

PART I - FINANCIAL INFORMATION

Item 1      Financial Statements

 

WESTAMERICA BANCORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

   

At March 31,

   

At December 31,

 
   

2020

   

2019

 
   

(In thousands)

 

Assets:

               

Cash and due from banks

  $ 304,628     $ 373,421  

Debt securities available for sale

    3,210,689       3,078,846  

Debt securities held to maturity (DSHTM), net of allowance for credit losses (DSHTM) of $16 at March 31, 2020 and $ - at December 31, 2019 (Fair value of $695,860 at March 31, 2020 and $744,296 at December 31, 2019)

    681,821       738,072  

Loans

    1,121,243       1,126,664  

Allowance for credit losses (loans)

    (24,804 )     (19,484 )

Loans, net of allowance for credit losses (loans)

    1,096,439       1,107,180  

Other real estate owned

    43       43  

Premises and equipment, net

    35,403       34,597  

Identifiable intangibles, net

    1,318       1,391  

Goodwill

    121,673       121,673  

Other assets

    176,112       164,332  

Total Assets

  $ 5,628,126     $ 5,619,555  
                 

Liabilities:

               

Noninterest-bearing deposits

  $ 2,183,283     $ 2,240,112  

Interest-bearing deposits

    2,616,143       2,572,509  

Total deposits

    4,799,426       4,812,621  

Short-term borrowed funds

    52,664       30,928  

Other liabilities

    70,490       44,589  

Total Liabilities

    4,922,580       4,888,138  
                 

Contingencies (Note 10)

               
                 

Shareholders' Equity:

               

Common stock (no par value), authorized - 150,000 shares Issued and outstanding: 26,932 at March 31, 2020 and 27,062 at December 31, 2019

    465,701       465,460  

Deferred compensation

    771       771  

Accumulated other comprehensive income

    171       26,051  

Retained earnings

    238,903       239,135  

Total Shareholders' Equity

    705,546       731,417  

Total Liabilities and Shareholders' Equity

  $ 5,628,126     $ 5,619,555  

 

See accompanying notes to unaudited consolidated financial statements.

 

-4-

 

 

WESTAMERICA BANCORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

 

   

For the

 
   

Three Months Ended

 
   

March 31,

 
   

2020

   

2019

 
   

(In thousands,

 
   

except per share data)

 

Interest and Fee Income:

               

Loans

  $ 13,809     $ 14,797  

Equity securities

    103       98  

Debt securities available for sale

    21,315       17,521  

Debt securities held to maturity

    3,908       5,329  

Interest-bearing cash

    856       1,738  

Total Interest and Fee Income

    39,991       39,483  

Interest Expense:

               

Deposits

    434       485  

Short-term borrowed funds

    8       9  

Total Interest Expense

    442       494  

Net Interest and Fee Income

    39,549       38,989  

Provision for Credit Losses

    4,300       -  

Net Interest and Fee Income After Provision For Credit Losses

    35,249       38,989  

Noninterest Income:

               

Service charges on deposit accounts

    4,248       4,504  

Merchant processing services

    2,358       2,558  

Debit card fees

    1,468       1,507  

Trust fees

    777       717  

ATM processing fees

    579       633  

Other service fees

    506       577  

Financial services commissions

    125       101  

Securities gains

    -       24  

Other noninterest income

    1,587       958  

Total Noninterest Income

    11,648       11,579  

Noninterest Expense:

               

Salaries and related benefits

    13,018       13,108  

Occupancy and equipment

    4,932       5,048  

Outsourced data processing services

    2,405       2,369  

Courier service

    491       442  

Professional fees

    389       665  

Amortization of identifiable intangibles

    73       310  

Other noninterest expense

    3,356       3,241  

Total Noninterest Expense

    24,664       25,183  

Income Before Income Taxes

    22,233       25,385  

Provision for income taxes

    5,271       5,739  

Net Income

  $ 16,962     $ 19,646  
                 

Average Common Shares Outstanding

    27,068       26,841  

Average Diluted Common Shares Outstanding

    27,139       26,912  

Per Common Share Data:

               

Basic earnings

  $ 0.63     $ 0.73  

Diluted earnings

    0.63       0.73  

Dividends paid

    0.41       0.40  

 

See accompanying notes to unaudited consolidated financial statements.

 

-5-

 

 

WESTAMERICA BANCORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited)

 

   

For the Three Months Ended

 
   

March 31,

 
   

2020

   

2019

 
   

(In thousands)

 

Net income

  $ 16,962     $ 19,646  

Other comprehensive income (loss):

               

Changes in net unrealized gains on debt securities available for sale

    (36,744 )     40,813  

Deferred tax benefit (expense)

    10,864       (12,066 )

Changes in net unrealized gains on debt securities available for sale, net of tax

    (25,880 )     28,747  

Total comprehensive (loss) income

  $ (8,918 )   $ 48,393  

 

 

See accompanying notes to unaudited consolidated financial statements.

 

 

 

 

 

 

 

 

-6-

 

 

WESTAMERICA BANCORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

(unaudited)

 

                           

Accumulated

                 
   

Common

                   

Other

                 
   

Shares

   

Common

   

Deferred

   

Comprehensive

   

Retained

         
   

Outstanding

   

Stock

   

Compensation

   

(Loss) Income

   

Earnings

   

Total

 
   

(In thousands except dividend per share)

 
                                                 

Balance, December 31, 2018

    26,730     $ 448,351     $ 1,395     $ (39,996 )   $ 205,841     $ 615,591  

Cumulative effect of bond premium amortization adjustment, net of tax

                                    (2,801 )     (2,801 )

Adjusted Balance, January 1, 2019

    26,730       448,351       1,395       (39,996 )     203,040       612,790  

Net income for the period

                                    19,646       19,646  

Other comprehensive income

                            28,747               28,747  

Shares issued from stock warrant exercise, net of repurchase

    51                                       -  

Exercise of stock options

    120       5,771                               5,771  

Restricted stock activity

            624       (624 )                     -  

Stock based compensation

            541                               541  

Stock awarded to employees

    -       17                               17  

Dividends ($0.40 per share)

                                    (10,745 )     (10,745 )

Balance, March 31, 2019

    26,901     $ 455,304     $ 771     $ (11,249 )   $ 211,941     $ 656,767  
                                                 

Balance, December 31, 2019

    27,062     $ 465,460     $ 771     $ 26,051     $ 239,135     $ 731,417  

Adoption of ASU 2016-13

                                    52       52  

Adjusted Balance, January 1, 2020

    27,062       465,460       771       26,051       239,187       731,469  

Net income for the period

                                    16,962       16,962