Westamerica Bancorporation Files Q2 2024 10-Q

TL;DR

**WABC Q2 10-Q filed. Financials look steady.**

AI Summary

Westamerica Bancorporation filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and disclosures relevant to investors and stakeholders are presented.

Why It Matters

This filing provides crucial insights into Westamerica Bancorporation's financial health and operational performance during the second quarter of 2024, impacting investor decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 2024-08-08 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• WESTAMERICA BANCORPORATION (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240808 (date) — Filing date
• 0000311094 (company) — Central Index Key for Westamerica Bancorporation

FAQ

Filing Documents

• wabc20240630_10q.htm (10-Q) — 4001KB
• ex_706013.htm (EX-31.1) — 8KB
• ex_706014.htm (EX-31.2) — 9KB
• ex_706015.htm (EX-32.1) — 5KB
• ex_706016.htm (EX-32.2) — 5KB
• 0001171843-24-004595.txt ( ) — 16141KB
• wabc-20240630.xsd (EX-101.SCH) — 82KB
• wabc-20240630_def.xml (EX-101.DEF) — 496KB
• wabc-20240630_lab.xml (EX-101.LAB) — 435KB
• wabc-20240630_pre.xml (EX-101.PRE) — 527KB
• wabc-20240630_cal.xml (EX-101.CAL) — 64KB
• wabc20240630_10q_htm.xml (XML) — 4387KB

Forward Looking Statements

Forward Looking Statements 3

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 4 Item 1

Financial Statements

Financial Statements 4 Notes to Unaudited Consolidated Financial Statements 9 Item 2

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 3

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 55 Item 4

Controls and Procedures

Controls and Procedures 55

- OTHER INFORMATION

PART II - OTHER INFORMATION 55 Item 1

Legal Proceedings

Legal Proceedings 55 Item 1A

Risk Factors

Risk Factors 55 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 55 Item 3 Defaults upon Senior Securities 56 Item 4 Mine Safety Disclosures 56 Item 5 Other Information 56 Item 6 Exhibits 56

Signatures

Signatures 57 - 2 -

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report on Form 10-Q contains "forward-looking statements" within the meaning of 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, stock repurchases, 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 the current knowledge and belief of the management ("Management") of Westamerica Bancorporation (the "Company") 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 any 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 values including, but not limited to stocks, bonds, real estate, and co

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1 Financial Statements WESTAMERICA BANCORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited) At June 30, At December 31, 2024 2023 (In thousands) Assets: Cash and due from banks $ 486,124 $ 190,314 Debt securities available for sale 3,699,318 3,999,801 Debt securities held to maturity, net of allowance for credit losses of $ 1 at June 30, 2024 and December 31, 2023 (Fair value of $ 817,071 at June 30, 2024 and $ 849,562 at December 31, 2023) 860,868 878,396 Loans 831,842 866,602 Allowance for credit losses on loans ( 15,952 ) ( 16,867 ) Loans, net of allowance for credit losses on loans 815,890 849,735 Premises and equipment, net 26,275 27,016 Identifiable intangibles, net 234 347 Goodwill 121,673 121,673 Other assets 301,763 297,310 Total Assets $ 6,312,145 $ 6,364,592 Liabilities: Noninterest-bearing deposits $ 2,459,467 $ 2,605,844 Interest-bearing deposits 2,671,973 2,868,423 Total deposits 5,131,440 5,474,267 Bank Term Funding Program borrowings 200,000 - Securities sold under repurchase agreements 100,167 58,162 Other liabilities 64,938 59,269 Total Liabilities 5,496,545 5,591,698 Contingencies (Note 10) Shareholders' Equity: Common stock ( no par value), authorized: 150,000 shares issued and outstanding: 26,683 at June 30, 2024 and 26,671 at December 31, 2023 474,583 473,136 Deferred compensation 35 35 Accumulated other comprehensive loss ( 197,300 ) ( 190,282 ) Retained earnings 538,282 490,005 Total Shareholders' Equity 815,600 772,894 Total Liabilities and Shareholders' Equity $ 6,312,145 $ 6,364,592 See accompanying notes to unaudited consolidated financial statements. - 4 - WESTAMERICA BANCORPORATION CONSOLIDATED STATEMENTS OF INCOME (Unaudited) For the Three Months For the Six Months Ended June 30, 2024 2023 2024 2023 (In thousands, except per share data) Interest and Loan Fee Income