Westamerica Bancorporation Announces Stock Repurchase Plan

Rhea-AI Summary

Westamerica Bancorporation's Board of Directors has approved a share repurchase plan for up to 1,750,000 shares, representing approximately 6.5% of its outstanding common stock as of June 30, 2021. This initiative is set to occur on the open market or through private transactions before September 1, 2022. Chairman David Payne noted this decision reflects the company's consistent profitability and strong capital position. For the three months ending June 30, 2021, Westamerica reported a net income of $22.6 million, or $0.84 diluted earnings per share.

Positive

• Share repurchase plan of 1,750,000 shares may enhance shareholder value.
• Reported net income of $22.6 million reflects strong profitability.
• Solid capital levels and asset quality bolster investor confidence.

Negative

• None.

SAN RAFAEL, Calif., July 22, 2021 (GLOBE NEWSWIRE) -- Westamerica Bancorporation’s Board of Directors approved a plan to repurchase, as conditions warrant, up to 1,750,000 shares of the Company’s common stock on the open market or in privately negotiated transactions prior to September 1, 2022. The repurchase plan represents approximately 6.5 percent of the Company’s common stock outstanding as of June 30, 2021.

Chairman, President and CEO David Payne stated, “This share repurchase program recognizes Westamerica’s consistent profitability, healthy capital level, and solid asset quality.”

On July 15, 2021, Westamerica reported $22.6 million in net income for the three months ended June 30, 2021 or $0.84 diluted earnings per common share.

Westamerica Bancorporation, through its wholly owned subsidiary, Westamerica Bank, operates banking and trust offices throughout Northern and Central California.

Westamerica Bancorporation Web Address: www.westamerica.com

For additional information contact:
Westamerica Bancorporation
1108 Fifth Avenue, San Rafael, CA 94901
Robert A. Thorson – SVP & Treasurer
707-863-6840
investments@westamerica.com

FORWARD-LOOKING INFORMATION:

The following appears in accordance with the Private Securities Litigation Reform Act of 1995:

This press release may contain forward-looking statements about the Company, including descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe," “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.”

Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors — many of which are beyond the Company’s control — could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. The Company’s most recent reports filed with the Securities and Exchange Commission, including the annual report for the year ended December 31, 2020 filed on Form 10-K and quarterly report for the quarter ended March 31, 2021, filed on Form 10-Q, describe some of these factors, including certain credit, interest rate, operational, liquidity and market risks associated with the Company’s business and operations. Other factors described in these reports include changes in business and economic conditions, competition, fiscal and monetary policies, disintermediation, cyber security risks, legislation including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2011, the Sarbanes-Oxley Act of 2002 and the Gramm-Leach-Bliley Act of 1999, and mergers and acquisitions.

Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward-looking statements are made.

FAQ

What is the share repurchase plan approved by Westamerica Bancorporation?

Westamerica Bancorporation's Board has approved a plan to repurchase up to 1,750,000 shares of its common stock, which is about 6.5% of its outstanding shares.

When does the Westamerica Bancorporation share repurchase plan end?

The share repurchase plan is set to conclude by September 1, 2022.

What was Westamerica Bancorporation's net income for the second quarter of 2021?

Westamerica Bancorporation reported a net income of $22.6 million for the three months ending June 30, 2021.

How much is Westamerica Bancorporation's diluted earnings per share for Q2 2021?

The diluted earnings per share for Westamerica Bancorporation for Q2 2021 were $0.84.

What does the share repurchase by Westamerica Bancorporation indicate about the company?

The share repurchase indicates Westamerica's strong profitability and healthy capital levels, reflecting confidence in its future.