Westamerica Bancorporation Files Q3 2024 10-Q

TL;DR

WABC Q3 2024 10-Q filed. Financials look solid.

AI Summary

Westamerica Bancorporation filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third 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 third quarter of 2024, impacting investor decisions.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not indicate any immediate or significant new risks.

Key Numbers

• 2024-09-30 — Period End Date (Latest reported quarter)
• 2024-01-01 — Period Start Date (Latest reported quarter)

Key Players & Entities

• WESTAMERICA BANCORPORATION (company) — Filer
• 0000311094 (company) — Central Index Key
• 20240930 (date) — Period of Report
• 20241108 (date) — Filed as of Date

FAQ

Filing Documents

• wabc20240930_10q.htm (10-Q) — 4014KB
• ex_740752.htm (EX-31.1) — 9KB
• ex_740753.htm (EX-31.2) — 9KB
• ex_740754.htm (EX-32.1) — 4KB
• ex_740755.htm (EX-32.2) — 4KB
• 0001171843-24-006167.txt ( ) — 16343KB
• wabc-20240930.xsd (EX-101.SCH) — 82KB
• wabc-20240930_def.xml (EX-101.DEF) — 502KB
• wabc-20240930_lab.xml (EX-101.LAB) — 441KB
• wabc-20240930_pre.xml (EX-101.PRE) — 533KB
• wabc-20240930_cal.xml (EX-101.CAL) — 64KB
• wabc20240930_10q_htm.xml (XML) — 4460KB

Forward Looking Statements

Forward Looking Statements 3

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 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 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 September 30, At December 31, 2024 2023 (In thousands) Assets: Cash and due from banks $ 502,945 $ 190,314 Debt securities available for sale 3,580,486 3,999,801 Debt securities held to maturity, net of allowance for credit losses of $ 1 at September 30, 2024 and December 31, 2023 (Fair value of $ 837,080 at September 30, 2024 and $ 849,562 at December 31, 2023) 850,261 878,396 Loans 833,967 866,602 Allowance for credit losses on loans ( 15,318 ) ( 16,867 ) Loans, net of allowance for credit losses on loans 818,649 849,735 Premises and equipment, net 26,129 27,016 Identifiable intangibles, net 178 347 Goodwill 121,673 121,673 Other assets 260,822 297,310 Total Assets $ 6,161,143 $ 6,364,592 Liabilities: Noninterest-bearing deposits $ 2,375,958 $ 2,605,844 Interest-bearing deposits 2,689,092 2,868,423 Total deposits 5,065,050 5,474,267 Securities sold under repurchase agreements 132,487 58,162 Other liabilities 54,566 59,269 Total Liabilities 5,252,103 5,591,698 Contingencies (Note 10) Shareholders' Equity: Common stock ( no par value), authorized: 150,000 shares issued and outstanding: 26,686 at September 30, 2024 and 26,671 at December 31, 2023 475,061 473,136 Deferred compensation 35 35 Accumulated other comprehensive loss ( 127,653 ) ( 190,282 ) Retained earnings 561,597 490,005 Total Shareholders' Equity 909,040 772,894 Total Liabilities and Shareholders' Equity $ 6,161,143 $ 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 Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands, except per share data) Interest and Loan Fee Income: Loans $ 11,441 $