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Westamerica Bancorporation Reports Fourth Quarter 2024 Financial Results

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Westamerica Bancorporation (WABC) reported Q4 2024 net income of $31.7 million with diluted EPS of $1.19, compared to Q3 2024 net income of $35.1 million and EPS of $1.31. The Q4 results include a tax provision adjustment reducing EPS by $0.01.

Key highlights include a low-cost deposit base with 47% in non-interest bearing checking accounts, and an annualized funding cost of 0.24%. Net interest income (FTE) was $59.2 million, down from $62.5 million in Q3. The loan and bond portfolio yield decreased to 4.25% from 4.45% in Q3.

Noninterest income totaled $10.6 million, while noninterest expenses were $25.9 million. The company maintained stable nonperforming assets at $0.7 million with an allowance for credit losses of $14.8 million. WABC achieved a 12.1% annualized return on equity and paid a $0.44 per share dividend.

Westamerica Bancorporation (WABC) ha riportato un utile netto per il quarto trimestre del 2024 pari a 31,7 milioni di dollari, con un utile per azione diluito (EPS) di 1,19 dollari, rispetto a un utile netto di 35,1 milioni di dollari e un EPS di 1,31 dollari per il terzo trimestre del 2024. I risultati del quarto trimestre includono un aggiustamento della provvista fiscale che riduce l'EPS di 0,01 dollari.

Tra i punti salienti c'è una base di depositi a basso costo, con il 47% in conti correnti non remunerati, e un costo di finanziamento annualizzato dello 0,24%. Il reddito netto da interessi (FTE) è stato di 59,2 milioni di dollari, in calo rispetto ai 62,5 milioni di dollari del terzo trimestre. Il rendimento del portafoglio prestiti e obbligazioni è diminuito al 4,25% rispetto al 4,45% del terzo trimestre.

Il reddito da non interessi ha totalizzato 10,6 milioni di dollari, mentre le spese non interessate sono state di 25,9 milioni di dollari. La società ha mantenuto stabili gli attivi non performanti a 0,7 milioni di dollari con una riserva per perdite sui crediti di 14,8 milioni di dollari. WABC ha ottenuto un ritorno annualizzato sugli equity del 12,1% e ha distribuito un dividendo di 0,44 dollari per azione.

Westamerica Bancorporation (WABC) reportó un ingreso neto del cuarto trimestre de 2024 de 31.7 millones de dólares con una utilidad por acción diluida (EPS) de 1.19 dólares, en comparación con un ingreso neto de 35.1 millones de dólares y un EPS de 1.31 dólares en el tercer trimestre de 2024. Los resultados del cuarto trimestre incluyen un ajuste en la provisión fiscal que reduce el EPS en 0.01 dólares.

Los puntos destacados incluyen una base de depósitos de bajo costo con un 47% en cuentas corrientes sin intereses, y un costo de financiamiento anualizado del 0.24%. Los ingresos por intereses netos (FTE) fueron de 59.2 millones de dólares, en comparación con los 62.5 millones de dólares en el tercer trimestre. El rendimiento de la cartera de préstamos y bonos disminuyó al 4.25% desde el 4.45% en el tercer trimestre.

Los ingresos no relacionados con intereses totalizaron 10.6 millones de dólares, mientras que los gastos no relacionados con intereses fueron 25.9 millones de dólares. La empresa mantuvo estables los activos no rentables en 0.7 millones de dólares con una provisión para pérdidas de crédito de 14.8 millones de dólares. WABC logró un retorno anualizado sobre el capital del 12.1% y pagó un dividendo de 0.44 dólares por acción.

웨스트아메리카 은행지주(Westamerica Bancorporation, WABC)는 2024년 4분기 순이익이 3170만 달러로, 희석 주당 순이익(EPS)이 1.19 달러라고 보고했습니다. 이는 2024년 3분기 순이익 3510만 달러와 EPS 1.31 달러에 비해 감소한 수치입니다. 4분기 결과에는 EPS를 0.01달러 줄이는 세금 조정이 포함되어 있습니다.

주요 하이라이트에는 47%의 무이자 체크 계좌가 포함된 저비용 예금 기반과 연간 자금 조달 비용이 0.24%라는 점이 있습니다. 순이자 수익(FTE)은 5920만 달러로, 3분기의 6250만 달러에서 감소했습니다. 대출 및 채권 포트폴리오 수익률은 3분기 4.45%에서 4.25%로 감소했습니다.

비이자 수익은 1060만 달러에 달했고, 비이자 비용은 2590만 달러였습니다. 회사는 70만 달러의 비수익 자산에 대해 1480만 달러의 대손충당금을 유지했습니다. WABC는 12.1%의 연간 자산 수익률을 달성했으며, 주당 0.44달러의 배당금을 지급했습니다.

Westamerica Bancorporation (WABC) a déclaré un revenu net pour le quatrième trimestre 2024 de 31,7 millions de dollars avec un BPA dilué de 1,19 dollar, contre un revenu net de 35,1 millions de dollars et un BPA de 1,31 dollar pour le troisième trimestre 2024. Les résultats du quatrième trimestre incluent un ajustement de la provision fiscale réduisant le BPA de 0,01 dollar.

Les principaux points forts comprennent une base de dépôts à faible coût avec 47 % de comptes chèques non rémunérés et un coût de financement annualisé de 0,24 %. Le revenu net d'intérêts (FTE) était de 59,2 millions de dollars, en baisse par rapport à 62,5 millions de dollars au troisième trimestre. Le rendement du portefeuille de prêts et d'obligations a diminué à 4,25 % contre 4,45 % au troisième trimestre.

Le revenu non lié aux intérêts s'est élevé à 10,6 millions de dollars, tandis que les charges non liées aux intérêts étaient de 25,9 millions de dollars. L'entreprise a maintenu des actifs non performants stables à 0,7 million de dollars avec une provision pour pertes sur créances de 14,8 millions de dollars. WABC a réalisé un rendement annualisé des capitaux propres de 12,1 % et a distribué un dividende de 0,44 dollar par action.

Westamerica Bancorporation (WABC) berichtete über einen Nettogewinn von 31,7 Millionen Dollar für das vierte Quartal 2024 mit einem verwässerten Gewinn pro Aktie (EPS) von 1,19 Dollar, verglichen mit einem Nettogewinn von 35,1 Millionen Dollar und einem EPS von 1,31 Dollar im dritten Quartal 2024. Die Ergebnisse des vierten Quartals beinhalten eine Steuerbereinigung, die das EPS um 0,01 Dollar verringert.

Zu den wichtigsten Highlights gehört eine kostengünstige Einlagenbasis, die zu 47 % aus nicht verzinslichen Girokonten besteht, sowie Kosten für die Finanzierung von jährlich 0,24 %. Der Nettozinsertrag (FTE) betrug 59,2 Millionen Dollar, was einem Rückgang von 62,5 Millionen Dollar im dritten Quartal entspricht. Die Rendite des Kredit- und Anleiheportfolios fiel im dritten Quartal von 4,45 % auf 4,25 %.

Die Nichtzinsgewinne beliefen sich auf insgesamt 10,6 Millionen Dollar, während die Nichtzinsaufwendungen bei 25,9 Millionen Dollar lagen. Das Unternehmen hielt die notleidenden Vermögenswerte stabil bei 0,7 Millionen Dollar, mit einer Rückstellung für Kreditverluste von 14,8 Millionen Dollar. WABC erzielte eine annualisierte Rendite auf das Eigenkapital von 12,1 % und zahlte eine Dividende von 0,44 Dollar pro Aktie.

Positive
  • Strong deposit base with 47% non-interest bearing checking accounts
  • Low funding cost of 0.24%, down from 0.37% in Q3
  • No provision for credit losses required
  • Stable nonperforming assets at $0.7 million
  • 12.1% annualized return on equity
Negative
  • Net income decreased to $31.7M from $35.1M in Q3 2024
  • EPS declined to $1.19 from $1.31 in Q3 2024
  • Net interest income fell to $59.2M from $62.5M in Q3
  • Portfolio yield decreased to 4.25% from 4.45% in Q3
  • Noninterest income declined to $10.6M from $11.9M in Q3

Insights

The Q4 2024 results reveal a mixed financial performance for Westamerica Bancorporation. The net income of $31.7 million represents a 9.7% decrease from Q3's $35.1 million. The bank's core strengths lie in its efficient deposit structure, with 47% in non-interest bearing accounts providing a significant cost advantage. The remarkably low funding cost of 0.24% demonstrates exceptional liability management in a high-rate environment.

Key metrics show both resilience and challenges: the 12.1% return on equity remains healthy, though compressed from previous quarters. The stable nonperforming assets of $0.7 million and robust allowance for credit losses at $14.8 million indicate strong asset quality. However, the decline in net interest income from $62.5 million to $59.2 million and yield compression from 4.45% to 4.25% suggest margin pressure that could impact future earnings.

The operational efficiency metrics are particularly noteworthy, with the cost-to-income ratio maintained at 37%, reflecting superior expense management. The reduction in noninterest expenses from $26.3 million to $25.9 million demonstrates continued cost discipline. However, the decline in noninterest income to $10.6 million from $11.9 million (excluding one-time gains) indicates potential pressure on fee-based revenue streams.

The bank's funding model stands out in the current environment. With nearly half of deposits in non-interest bearing accounts, Westamerica maintains a significant competitive advantage in funding costs compared to peers. This structural advantage provides a buffer against interest rate volatility and supports sustainable profitability despite yield pressures on the asset side.

SAN RAFAEL, Calif., Jan. 16, 2025 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the fourth quarter 2024 of $31.7 million and diluted earnings per common share ("EPS") of $1.19. Fourth quarter 2024 results include an increase to the book tax provision to reconcile the 2023 income tax provision to the filed 2023 tax returns, which reduced EPS $0.01. Fourth quarter 2024 results compare to third quarter 2024 net income of $35.1 million and EPS of $1.31, which included gains from life insurance and sales of other assets equivalent to EPS of $0.04.

"Westamerica’s fourth quarter 2024 results benefited from the Company’s valuable low-cost deposit base, of which 47 percent was represented by non-interest bearing checking accounts during the quarter; the annualized cost of funding our loan and bond portfolios was 0.24 percent in the quarter. Operating expenses remained well controlled at 37 percent of total revenues. The Company recognized no provision for credit losses. At December 31, 2024, nonperforming assets were stable at $0.7 million and the allowance for credit losses was $14.8 million” said Chairman, President and CEO David Payne. “Fourth quarter 2024 results generated an annualized 12.1 percent return on average common equity. Shareholders were paid a $0.44 per common share dividend during the fourth quarter 2024,” concluded Payne.

Net interest income on a fully-taxable equivalent (FTE) basis was $59.2 million for the fourth quarter 2024, compared to $62.5 million for the third quarter 2024. The annualized yield earned on loans, bonds and cash for the fourth quarter 2024 was 4.25 percent compared to 4.45 percent for the third quarter 2024. The annualized cost of funding the loan and bond portfolios was 0.24 percent for the fourth quarter 2024, compared to 0.37 percent for the third quarter 2024.

Noninterest income for the fourth quarter 2024 totaled $10.6 million compared to $11.9 million for the third quarter 2024. Third quarter 2024 results include $1.6 million in gains from life insurance and sales of other assets.

Noninterest expenses for the fourth quarter 2024 were $25.9 million compared to $26.3 million for the third quarter 2024.

The income tax provision for the fourth quarter 2024 includes a $305 thousand increase to reconcile the 2023 income tax provision to the filed 2023 tax returns.

Westamerica Bancorporation’s wholly owned subsidiary Westamerica Bank, operates commercial 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, 2023 filed on Form 10-K and quarterly report for the quarter ended September 30, 2024 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 2010, 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.

    
  Public Information January 16, 2025 
WESTAMERICA BANCORPORATION    
FINANCIAL HIGHLIGHTS    
December 31, 2024    
      
1. Net Income Summary.    
  (in thousands except per-share amounts)
    % 
  Q4'2024Q4'2023ChangeQ3'2024
 Net Interest and Loan Fee    
 Income (FTE)$59,247 $69,738 -15.0%$62,465 
 Provision for    
 Credit Losses -  - n/m - 
 Noninterest Income 10,633  10,992 -3.3% 11,925 
 Noninterest Expense 25,853  25,517 1.3% 26,309 
 Income Before Taxes (FTE) 44,027  55,213 -20.3% 48,081 
 Income Tax Provision (FTE) 12,327  15,745 -21.7% 13,024 
 Net Income$31,700 $39,468 -19.7%$35,057 
      
 Average Common Shares    
 Outstanding 26,699  26,662 0.1% 26,685 
 Diluted Average Common    
 Shares Outstanding 26,701  26,664 0.1% 26,686 
      
 Operating Ratios:    
 Basic Earnings Per Common    
 Share$1.19 $1.48 -19.6%$1.31 
 Diluted Earnings Per    
 Common Share 1.19  1.48 -19.6% 1.31 
 Return On Assets (a) 2.02% 2.35%  2.16%
 Return On Common    
 Equity (a) 12.1% 16.7%  13.7%
 Net Interest Margin (FTE) (a) 4.01% 4.41%  4.08%
 Efficiency Ratio (FTE) 37.0% 31.6%  35.4%
      
 Dividends Paid Per Common    
 Share$0.44 $0.44 0.0%$0.44 
 Common Dividend Payout    
 Ratio 37% 30%  33%
      
    % 
  12/31'24YTD12/31'23YTDChange 
 Net Interest and Loan Fee    
 Income (FTE)$251,906 $281,673 -10.6% 
 Provision (Reversal    
 of Provision) for    
 Credit Losses (1) 300  (1,150)n/m 
 Noninterest Income 43,155  43,522 -0.8% 
 Noninterest Expense 104,391  103,216 1.1% 
 Income Before Taxes (FTE) 190,370  223,129 -14.7% 
 Income Tax Provision (FTE) 51,734  61,361 -15.7% 
 Net Income$138,636 $161,768 -14.3% 
      
 Average Common Shares    
 Outstanding 26,685  26,703 -0.1% 
 Diluted Average Common    
 Shares Outstanding 26,686  26,706 -0.1% 
      
 Operating Ratios:    
 Basic Earnings Per Common    
 Share$5.20 $6.06 -14.2% 
 Diluted Earnings Per    
 Common Share 5.20  6.06 -14.2% 
 Return On Assets 2.15% 2.35%  
 Return On Common    
 Equity 13.8% 18.1%  
 Net Interest Margin (FTE) 4.14% 4.37%  
 Efficiency Ratio (FTE) 35.4% 31.7%  
      
 Dividends Paid Per Common    
 Share$1.76 $1.72 2.3% 
 Common Dividend Payout    
 Ratio 34% 28%  
      
2. Net Interest Income.    
  (dollars in thousands)
    % 
  Q4'2024Q4'2023ChangeQ3'2024
      
 Interest and Loan Fee    
 Income (FTE)$62,713 $71,417 -12.2%$68,110 
 Interest Expense 3,466  1,679 106.4% 5,645 
 Net Interest and Loan Fee    
 Income (FTE)$59,247 $69,738 -15.0%$62,465 
      
 Average Earning Assets$5,850,620 $6,251,143 -6.4%$6,062,174 
 Average Interest-Bearing    
 Liabilities 2,796,675  2,966,038 -5.7% 2,950,093 
      
 Yield on Earning Assets    
 (FTE) (a) 4.25% 4.52%  4.45%
 Cost of Funds (a) 0.24% 0.11%  0.37%
 Net Interest Margin (FTE) (a) 4.01% 4.41%  4.08%
 Interest Expense /    
 Interest-Bearing    
 Liabilities (a) 0.49% 0.22%  0.76%
 Net Interest Spread (FTE) (a) 3.76% 4.30%  3.69%
      
    % 
  12/31'24YTD12/31'23YTDChange 
 Interest and Loan Fee    
 Income (FTE)$269,325 $285,563 -5.7% 
 Interest Expense 17,419  3,890 347.8% 
 Net Interest and Loan Fee    
 Income (FTE)$251,906 $281,673 -10.6% 
      
 Average Earning Assets$6,043,966 $6,451,821 -6.3% 
 Average Interest-Bearing    
 Liabilities 2,925,742  3,128,115 -6.5% 
      
 Yield on Earning Assets    
 (FTE) 4.43% 4.43%  
 Cost of Funds 0.29% 0.06%  
 Net Interest Margin (FTE) 4.14% 4.37%  
 Interest Expense /    
 Interest-Bearing    
 Liabilities 0.60% 0.12%  
 Net Interest Spread (FTE) 3.83% 4.31%  
      
3. Loans & Other Earning Assets.    
  (average volume, dollars in thousands)
    % 
  Q4'2024Q4'2023ChangeQ3'2024
      
 Total Assets$6,243,799 $6,665,040 -6.3%$6,461,843 
 Total Earning Assets 5,850,620  6,251,143 -6.4% 6,062,174 
 Total Loans 821,767  873,635 -5.9% 831,418 
 Commercial Loans 131,088  139,535 -6.1% 136,160 
 Commercial Real Estate    
 Loans 503,546  490,645 2.6% 493,272 
 Consumer Loans 187,133  243,455 -23.1% 201,986 
 Total Investment Securities 4,557,436  5,182,557 -12.1% 4,736,024 
 Debt Securities Available for    
 Sale 3,710,378  4,298,396 -13.7% 3,881,678 
 Debt Securities Held to    
 Maturity 847,058  884,161 -4.2% 854,346 
 Total Interest-Bearing Cash 471,417  194,951 141.8% 494,732 
      
 Loans / Deposits 16.3% 15.7%  16.3%
      
    % 
  12/31'24YTD12/31'23YTDChange 
      
 Total Assets$6,444,687 $6,871,366 -6.2% 
 Total Earning Assets 6,043,966  6,451,821 -6.3% 
 Total Loans 836,136  912,316 -8.4% 
 Commercial Loans 133,569  153,499 -13.0% 
 Commercial Real Estate    
 Loans 493,282  492,183 0.2% 
 Consumer Loans 209,285  266,634 -21.5% 
 Total Investment Securities 4,833,024  5,334,711 -9.4% 
 Debt Securities Available for    
 Sale 3,973,134  4,436,003 -10.4% 
 Debt Securities Held to    
 Maturity 859,890  898,708 -4.3% 
 Total Interest-Bearing Cash 374,806  204,794 83.0% 
      
 Loans / Deposits 16.2% 15.8%  
      
4. Deposits, Other Interest-Bearing Liabilities & Equity.  
  (average volume, dollars in thousands)
    % 
  Q4'2024Q4'2023ChangeQ3'2024
      
 Total Deposits$5,028,363 $5,573,281 -9.8%$5,092,244 
 Noninterest Demand 2,342,092  2,672,170 -12.4% 2,425,646 
 Interest-Bearing Transaction 934,876  1,085,864 -13.9% 937,694 
 Savings 1,666,542  1,713,803 -2.8% 1,639,997 
 Time greater than $100K 31,541  37,970 -16.9% 32,815 
 Time less than $100K 53,312  63,474 -16.0% 56,092 
 Total Short-Term Borrowings 110,404  64,927 70.0% 283,495 
 Bank Term Funding Program    
 Borrowings -  - n/m 167,391 
 Securities Sold under    
 Repurchase Agreements 110,404  64,927 70.0% 116,104 
 Shareholders' Equity 1,039,017  938,738 10.7% 1,016,642 
      
 Demand Deposits /    
 Total Deposits 46.6% 47.9%  47.6%
 Transaction & Savings    
 Deposits / Total Deposits 98.3% 98.2%  98.3%
      
    % 
  12/31'24YTD12/31'23YTDChange 
      
 Total Deposits$5,174,942 $5,787,361 -10.6% 
 Noninterest Demand 2,445,945  2,748,544 -11.0% 
 Interest-Bearing Transaction 977,912  1,156,684 -15.5% 
 Savings 1,660,227  1,766,225 -6.0% 
 Time greater than $100K 33,794  48,076 -29.7% 
 Time less than $100K 57,064  67,832 -15.9% 
 Total Short-Term Borrowings 196,745  89,298 120.3% 
 Bank Term Funding Program    
 Borrowings 107,364  - n/m   
 Securities Sold under    
 Repurchase Agreements 89,381  89,298 0.1% 
 Shareholders' Equity 1,003,242  894,610 12.1% 
      
 Demand Deposits /    
 Total Deposits 47.3% 47.5%  
 Transaction & Savings    
 Deposits / Total Deposits 98.2% 98.0%  
      
5. Interest Yields Earned & Rates Paid.    
  (dollars in thousands) 
  Q4'2024 
  AverageIncome/Yield (a) / 
  VolumeExpenseRate (a) 
 Interest & Loan Fee Income Earned:    
 Total Earning Assets (FTE)$5,850,620 $62,713 4.25% 
 Total Loans (FTE) 821,767  11,249 5.45% 
 Commercial Loans (FTE) 131,088  2,107 6.39% 
 Commercial Real Estate    
 Loans 503,546  6,477 5.12% 
 Consumer Loans 187,133  2,665 5.67% 
 Total Investments (FTE) 4,557,436  45,805 3.99% 
 Total Debt Securities    
 Available for Sale (FTE) 3,710,378  37,169 3.97% 
 Corporate Securities 2,038,474  14,011 2.75% 
 Collateralized Loan    
    Obligations 1,037,319  17,689 6.67% 
 Agency Mortgage Backed    
    Securities 240,259  1,688 2.81% 
 Securities of U.S.    
    Government Sponsored    
    Entities 310,617  2,776 3.58% 
 Obligations of States and    
    Political Subdivisions    
    (FTE) 64,575  507 3.14% 
 U.S. Treasury Securities 4,907  63 5.08% 
 Other Debt Securities    
    Available for Sale (FTE) 14,227  435 12.22% 
 Total Debt Securities Held to    
 Maturity (FTE) 847,058  8,636 4.08% 
 Agency Mortgage Backed    
    Securities 60,572  351 2.31% 
 Corporate Securities 734,395  7,815 4.26% 
 Obligations of States and    
    Political Subdivisions    
    (FTE) 52,091  470 3.61% 
 Total Interest-Bearing Cash 471,417  5,659 4.70% 
      
 Interest Expense Paid:    
 Total Earning Assets 5,850,620  3,466 0.24% 
 Total Interest-Bearing    
 Liabilities 2,796,675  3,466 0.49% 
 Total Interest-Bearing    
 Deposits 2,686,271  3,262 0.48% 
 Interest-Bearing Transaction 934,876  46 0.02% 
 Savings 1,666,542  3,148 0.75% 
 Time less than $100K 53,312  43 0.32% 
 Time greater than $100K 31,541  25 0.31% 
 Total Short-Term Borrowings 110,404  204 0.73% 
 Securities Sold under    
 Repurchase Agreements 110,404  204 0.73% 
      
 Net Interest Income and    
 Margin (FTE) $59,247 4.01% 
      
  Q4'2023 
  AverageIncome/Yield (a) / 
  VolumeExpenseRate (a) 
 Interest & Loan Fee Income Earned:    
 Total Earning Assets (FTE)$6,251,143 $71,417 4.52% 
 Total Loans (FTE) 873,635  11,695 5.31% 
 Commercial Loans (FTE) 139,535  2,503 7.12% 
 Commercial Real Estate    
 Loans 490,645  5,945 4.81% 
 Consumer Loans 243,455  3,247 5.29% 
 Total Investments (FTE) 5,182,557  57,032 4.35% 
 Total Debt Securities    
 Available for Sale (FTE) 4,298,396  48,094 4.42% 
 Corporate Securities 2,129,736  14,687 2.76% 
 Collateralized Loan    
    Obligations 1,508,494  28,041 7.27% 
 Agency Mortgage Backed    
    Securities 264,514  1,627 2.46% 
 Securities of U.S.    
    Government sponsored    
    entities 308,234  2,777 3.60% 
 Obligations of States and    
    Political Subdivisions    
    (FTE) 73,191  549 3.00% 
 Other Debt Securities    
    Available for Sale (FTE) 14,227  413 11.62% 
 Total Debt Securities Held to    
 Maturity (FTE) 884,161  8,938 4.04% 
 Agency Mortgage Backed    
    Securities 81,789  456 2.23% 
 Corporate Securities 727,579  7,816 4.30% 
 Obligations of States and    
    Political Subdivisions    
    (FTE) 74,793  666 3.56% 
 Total Interest-Bearing Cash 194,951  2,690 5.40% 
      
 Interest Expense Paid:    
 Total Earning Assets 6,251,143  1,679 0.11% 
 Total Interest-Bearing    
 Liabilities 2,966,038  1,679 0.22% 
 Total Interest-Bearing    
 Deposits 2,901,111  1,635 0.22% 
 Interest-Bearing Transaction 1,085,864  128 0.05% 
 Savings 1,713,803  1,431 0.33% 
 Time less than $100K 63,474  51 0.32% 
 Time greater than $100K 37,970  25 0.26% 
 Total Short-Term Borrowings 64,927  44 0.26% 
 Securities Sold under    
 Repurchase Agreements 64,927  44 0.26% 
      
 Net Interest Income and    
 Margin (FTE) $69,738 4.41% 
      
6. Noninterest Income.    
  (dollars in thousands except per-share amounts)
    % 
  Q4'2024Q4'2023ChangeQ3'2024
      
 Service Charges on Deposit    
 Accounts$3,501 $3,540 -1.1%$3,585 
 Merchant Processing    
 Services 2,735  2,863 -4.5% 2,474 
 Debit Card Fees 1,902  2,067 -8.0% 1,702 
 Trust Fees 867  764 13.5% 846 
 ATM Processing Fees 506  622 -18.6% 533 
 Other Service Fees 428  445 -3.8% 454 
 Life Insurance Gains -  1 n/m 202 
 Other Noninterest Income 694  690 0.6% 2,129 
 Total Noninterest Income$10,633 $10,992 -3.3%$11,925 
      
 Operating Ratios:    
 Total Revenue (FTE)$69,880 $80,730 -13.4%$74,390 
 Noninterest Income /    
 Revenue (FTE) 15.2% 13.6%  16.0%
 Service Charges /    
 Avg. Deposits (a) 0.28% 0.25%  0.28%
 Total Revenue (FTE) Per    
 Avg. Common Share (a)$10.41 $12.01 -13.3%$11.09 
      
    % 
  12/31'24YTD12/31'23YTDChange 
 Service Charges on Deposit    
 Accounts$14,025 $14,169 -1.0% 
 Merchant Processing    
 Services 10,449  11,280 -7.4% 
 Debit Card Fees 6,853  7,185 -4.6% 
 Trust Fees 3,318  3,122 6.3% 
 ATM Processing Fees 2,170  2,618 -17.1% 
 Other Service Fees 1,770  1,765 0.3% 
 Life Insurance Gains 202  279 n/m 
 Securities Losses -  (125)n/m 
 Other Noninterest Income 4,368  3,229 35.3% 
 Total Noninterest Income$43,155 $43,522 -0.8% 
      
 Operating Ratios:    
 Total Revenue (FTE)$295,061 $325,195 -9.3% 
 Noninterest Income /    
 Revenue (FTE) 14.6% 13.4%  
 Service Charges /    
 Avg. Deposits 0.27% 0.24%  
 Total Revenue (FTE) Per    
 Avg. Common Share$11.06 $12.18 -9.2% 
      
7. Noninterest Expense.    
  (dollars in thousands)
    % 
  Q4'2024Q4'2023ChangeQ3'2024
      
 Salaries and Related Benefits$12,461 $12,156 2.5%$12,762 
 Occupancy and Equipment 5,219  4,958 5.3% 5,256 
 Outsourced Data Processing 2,610  2,441 6.9% 2,614 
 Limited Partnership    
 Operating Losses 1,095  1,440 -24.0% 1,210 
 Professional Fees 369  389 -5.1% 337 
 Courier Service 692  681 1.6% 682 
 Other Noninterest Expense 3,407  3,452 -1.3% 3,448 
 Total Noninterest Expense$25,853 $25,517 1.3%$26,309 
      
 Operating Ratios:    
 Noninterest Expense /    
 Avg. Earning Assets (a) 1.76% 1.62%  1.73%
 Noninterest Expense /    
 Revenues (FTE) 37.0% 31.6%  35.4%
      
    % 
  12/31'24YTD12/31'23YTDChange 
      
 Salaries and Related Benefits$50,292 $47,871 5.1% 
 Occupancy and Equipment 20,673  20,520 0.7% 
 Outsourced Data Processing 10,271  9,846 4.3% 
 Limited Partnership    
 Operating Losses 5,185  5,754 -9.9% 
 Professional Fees 1,470  1,751 -16.0% 
 Courier Service 2,709  2,652 2.1% 
 Other Noninterest Expense 13,791  14,822 -7.0% 
 Total Noninterest Expense$104,391 $103,216 1.1% 
      
 Operating Ratios:    
 Noninterest Expense /    
 Avg. Earning Assets 1.73% 1.60%  
 Noninterest Expense /    
 Revenues (FTE) 35.4% 31.7%  
      
8. Allowance for Credit Losses.    
  (dollars in thousands)
    % 
  Q4'2024Q4'2023ChangeQ3'2024
      
 Average Total Loans$821,767 $873,635 -5.9%$831,418 
      
 Beginning of Period    
 Allowance for Credit    
 Losses on Loans (ACLL)$15,318 $17,744 -13.7%$15,952 
 Provision for    
 Credit Losses -  - n/m - 
 Net ACLL Losses (538) (877)-38.7% (634)
 End of Period ACLL$14,780 $16,867 -12.4%$15,318 
      
 Gross ACLL Recoveries /    
 Gross ACLL Losses 63% 60%  62%
 Net ACLL Losses /    
 Avg. Total Loans (a) -0.26% -0.40%  -0.30%
      
    % 
  12/31'24YTD12/31'23YTDChange 
      
 Average Total Loans$836,136 $912,316 -8.4% 
      
 Beginning of Period ACLL$16,867 $20,284 -16.8% 
 Provision (Reversal    
 of Provision) for    
 Credit Losses (1) 300  (1,150)n/m 
 Net ACLL Losses (2,387) (2,267)5.3% 
 End of Period ACLL$14,780 $16,867 -12.4% 
      
 Gross ACLL Recoveries /    
 Gross ACLL Losses 64% 72%  
 Net ACLL Losses /    
 Avg. Total Loans -0.29% -0.25%  
      
  (dollars in thousands)
    % 
  12/31/2412/31/23Change9/30/24
 Allowance for Credit Losses    
 on Loans$14,780 $16,867 -12.4%$15,318 
 Allowance for Credit Losses    
 on Held to Maturity    
 Securities 1  1 49.1% 1 
 Total Allowance for Credit    
 Losses$14,781 $16,868 -12.4%$15,319 
      
 Allowance for Unfunded    
 Credit Commitments$201 $201 0.0%$201 
      
9. Credit Quality.    
  (dollars in thousands)
    % 
  12/31/2412/31/23Change9/30/24
      
 Nonperforming Loans:    
 Nonperforming Nonaccrual    
 Loans$201 $401 -49.9%$252 
 Performing Nonaccrual    
 Loans -  2 n/m - 
 Total Nonaccrual Loans 201  403 -50.1% 252 
 Accruing Loans 90+ Days    
 Past Due 534  388 37.6% 667 
 Total Nonperforming Loans$735 $791 -7.1%$919 
      
 Total Loans Outstanding$820,300 $866,602 -5.3%$833,967 
      
 Total Assets 6,076,274  6,364,592 -4.5% 6,161,143 
      
 Loans:    
 Allowance for Credit Losses    
 on Loans$14,780 $16,867 -12.4%$15,318 
 Allowance for Credit Losses    
 on Loans / Loans 1.80% 1.95%  1.84%
 Nonperforming Loans /    
 Total Loans 0.09% 0.09%  0.11%
      
10. Liquidity.    
      
 At December 31, 2024, the Company had $601,494 thousand in cash balances. During the twelve months ending December 31, 2025, the Company expects to receive $309,000 thousand in principal payments from its debt securities. If additional operational liquidity is required, the Company can pledge debt securities as collateral for borrowing purposes; at December 31, 2024, the Company’s debt securities which qualify as collateral for borrowing totaled $3,534,099 thousand. In the ordinary course of business, the Company pledges debt securities as collateral for certain depository customers; at December 31, 2024, the Company had pledged $726,784 thousand in debt securities for depository customers. In the ordinary course of business, the Company pledges debt securities as collateral for borrowing from the Federal Reserve Bank; at December 31, 2024, the Company had pledged $766,606 thousand in debt securities at the Federal Reserve Bank. During the twelve months ended December 31, 2024, the Company’s average borrowings from the Federal Reserve Bank and other correspondent banks were $107,364 thousand and $-0- thousand, respectively, and at December 31, 2024, the Company had no borrowings from the Federal Reserve Bank or other correspondent banks. At December 31, 2024, the Company had access to borrowing from the Federal Reserve up to $766,606 thousand based on collateral pledged at December 31, 2024. At December 31, 2024, the Company’s estimated unpledged collateral qualifying debt securities totaled $1,597,486 thousand. Debt securities eligible as collateral are shown at market value.
      
     (in thousands)
     12/31/24
 Debt Securities Eligible as    
 Collateral:    
 Corporate Securities   $2,539,147 
 Collateralized Loan    
 Obligations rated AAA    311,650 
 Obligations of States and    
 Political Subdivisions    113,082 
 Agency Mortgage Backed    
 Securities    273,148 
 Securities of U.S. Government    
 Sponsored Entities    292,117 
 U.S. Treasury Securities    4,955 
 Total Debt Securities Eligible    
 as Collateral   $3,534,099 
 Debt Securities Pledged    
 as Collateral:    
 Debt Securities Pledged    
 at the Federal Reserve Bank   ($766,606)
 Deposits by Public Entities    (726,784)
 Securities Sold under    
 Repurchase Agreements    (434,205)
 Other    (9,018)
 Total Debt Securities Pledged    
 as Collateral   ($1,936,613)
      
 Estimated Debt Securities    
 Available to Pledge   $1,597,486 
      
11. Capital.    
  (in thousands, except per-share amounts)
    % 
  12/31/2412/31/23Change9/30/24
      
 Shareholders' Equity$889,957 $772,894 15.1%$909,040 
 Total Assets 6,076,274  6,364,592 -4.5% 6,161,143 
 Shareholders' Equity/    
 Total Assets 14.65% 12.14%  14.75%
 Shareholders' Equity/    
 Total Loans 108.49% 89.19%  109.00%
 Tangible Common Equity    
 Ratio 12.90% 10.43%  13.03%
 Common Shares Outstanding 26,708  26,671 0.1% 26,686 
 Common Equity Per Share$33.32 $28.98 15.0%$34.06 
 Market Value Per Common    
 Share 52.46  56.41 -7.0% 49.42 
      
  (shares in thousands)
    % 
  Q4'2024Q4'2023ChangeQ3'2024
 Share (Issuances) Retirements:    
 Total Shares Retired -  - n/m - 
 Average Retirement Price$- $- n/m$- 
 Net Shares Issued (22) (22)n/m (3)
      
    % 
  12/31'24YTD12/31'23YTDChange 
      
 Total Shares Retired 4  274 n/m 
 Average Retirement Price$45.58 $50.11 n/m 
 Net Shares (Issued) Retired (37) 242 n/m 
      
12. Period-End Balance Sheets.    
  (unaudited, dollars in thousands)
    % 
  12/31/2412/31/23Change9/30/24
 Assets:    
 Cash and Due from Banks$601,494 $190,314 216.1%$502,945 
      
 Debt Securities Available for    
 Sale:    
 Corporate Securities 1,835,937  1,909,548 -3.9% 1,901,617 
 Collateralized Loan    
 Obligations 982,589  1,484,597 -33.8% 1,078,920 
 Agency Mortgage Backed    
 Securities 218,026  239,454 -8.9% 227,565 
 Securities of U.S.    
 Government Sponsored    
 Entities 292,117  294,919 -1.0% 303,609 
 Obligations of States and    
 Political Subdivisions 62,186  71,283 -12.8% 63,876 
 U.S. Treasury Securities 4,955  - n/m 4,899 
 Total Debt Securities    
    Available for Sale 3,395,810  3,999,801 -15.1% 3,580,486 
      
 Debt Securities Held to    
 Maturity:    
 Agency Mortgage Backed    
 Securities 57,927  78,565 -26.3% 62,745 
 Corporate Securities 735,447  728,650 0.9% 733,748 
 Obligations of States and    
 Political Subdivisions (2) 51,260  71,181 -28.0% 53,768 
    Total Debt Securities    
       Held to Maturity (2) 844,634  878,396 -3.8% 850,261 
      
 Loans 820,300  866,602 -5.3% 833,967 
 Allowance For Credit Losses    
 on Loans (14,780) (16,867)-12.4% (15,318)
 Total Loans, net 805,520  849,735 -5.2% 818,649 
      
 Premises and Equipment, net 26,133  27,016 -3.3% 26,129 
 Identifiable Intangibles, net 125  347 -63.9% 178 
 Goodwill 121,673  121,673 0.0% 121,673 
 Other Assets 280,885  297,310 -5.5% 260,822 
      
 Total Assets$6,076,274 $6,364,592 -4.5%$6,161,143 
      
 Liabilities and Shareholders'    
 Equity:    
 Deposits:    
 Noninterest-Bearing$2,333,389 $2,605,844 -10.5%$2,375,958 
 Interest-Bearing Transaction 953,863  1,072,233 -11.0% 925,455 
 Savings 1,642,360  1,699,388 -3.4% 1,677,332 
 Time 82,238  96,802 -15.0% 86,305 
 Total Deposits 5,011,850  5,474,267 -8.4% 5,065,050 
      
 Securities Sold under    
 Repurchase Agreements 120,322  58,162 106.9% 132,487 
    Total Short-Term    
       Borrowed Funds 120,322  58,162 106.9% 132,487 
      
 Other Liabilities 54,145  59,269 -8.6% 54,566 
 Total Liabilities 5,186,317  5,591,698 -7.2% 5,252,103 
      
 Shareholders' Equity:    
 Common Equity:    
 Paid-In Capital 476,506  473,171 0.7% 475,096 
 Accumulated Other    
 Comprehensive Loss (168,104) (190,282)-11.7% (127,653)
 Retained Earnings 581,555  490,005 18.7% 561,597 
 Total Shareholders' Equity 889,957  772,894 15.1% 909,040 
      
    Total Liabilities and    
       Shareholders' Equity$6,076,274 $6,364,592 -4.5%$6,161,143 
      
13. Income Statements.    
  (unaudited, in thousands except per-share amounts)
    % 
  Q4'2024Q4'2023ChangeQ3'2024
 Interest and Loan Fee Income:    
 Loans$11,167 $11,606 -3.8%$11,441 
 Equity Securities 195  174 12.1% 175 
 Debt Securities Available    
 for Sale 36,843  47,783 -22.9% 40,829 
 Debt Securities Held to    
 Maturity 8,538  8,799 -3.0% 8,587 
 Interest-Bearing Cash 5,659  2,690 110.4% 6,762 
 Total Interest and Loan    
 Fee Income 62,402  71,052 -12.2% 67,794 
      
 Interest Expense:    
 Transaction Deposits 46  128 -64.1% 47 
 Savings Deposits 3,148  1,431 120.0% 2,990 
 Time Deposits 68  76 -10.5% 76 
 Bank Term Funding Program    
 Borrowings -  - n/m 2,278 
 Securities Sold under    
 Repurchase Agreements 204  44 359.1% 254 
 Total Interest Expense 3,466  1,679 106.4% 5,645 
      
 Net Interest and Loan    
 Fee Income 58,936  69,373 -15.0% 62,149 
      
 Provision for Credit Losses -  - n/m - 
      
 Noninterest Income:    
 Service Charges on Deposit    
 Accounts 3,501  3,540 -1.1% 3,585 
 Merchant Processing    
 Services 2,735  2,863 -4.5% 2,474 
 Debit Card Fees 1,902  2,067 -8.0% 1,702 
 Trust Fees 867  764 13.5% 846 
 ATM Processing Fees 506  622 -18.6% 533 
 Other Service Fees 428  445 -3.8% 454 
 Life Insurance Gains -  1 n/m 202 
 Other Noninterest Income 694  690 0.6% 2,129 
 Total Noninterest Income 10,633  10,992 -3.3% 11,925 
      
 Noninterest Expense:    
 Salaries and Related Benefits 12,461  12,156 2.5% 12,762 
 Occupancy and Equipment 5,219  4,958 5.3% 5,256 
 Outsourced Data Processing 2,610  2,441 6.9% 2,614 
 Limited Partnership    
 Operating Losses 1,095  1,440 -24.0% 1,210 
 Professional Fees 369  389 -5.1% 337 
 Courier Service 692  681 1.6% 682 
 Other Noninterest Expense 3,407  3,452 -1.3% 3,448 
 Total Noninterest Expense 25,853  25,517 1.3% 26,309 
      
 Income Before Income Taxes 43,716  54,848 -20.3% 47,765 
 Income Tax Provision 12,016  15,380 -21.9% 12,708 
 Net Income$31,700 $39,468 -19.7%$35,057 
      
 Average Common Shares    
 Outstanding 26,699  26,662 0.1% 26,685 
 Diluted Average Common    
 Shares Outstanding 26,701  26,664 0.1% 26,686 
      
 Per Common Share Data:    
 Basic Earnings$1.19 $1.48 -19.6%$1.31 
 Diluted Earnings 1.19  1.48 -19.6% 1.31 
 Dividends Paid 0.44  0.44 0.0% 0.44 
      
    % 
  12/31'24YTD12/31'23YTDChange 
 Interest and Loan Fee Income:    
 Loans$45,286 $47,116 -3.9% 
 Equity Securities 719  630 14.1% 
 Debt Securities Available    
 for Sale 167,842  190,039 -11.7% 
 Debt Securities Held to    
 Maturity 34,502  35,557 -3.0% 
 Interest-Bearing Cash 19,665  10,671 84.3% 
 Total Interest and Loan    
 Fee Income 268,014  284,013 -5.6% 
      
 Interest Expense:    
 Transaction Deposits 281  457 -38.5% 
 Savings Deposits 10,377  2,993 246.7% 
 Time Deposits 283  320 -11.6% 
 Bank Term Funding Program    
 Borrowings 5,813  - n/m 
 Securities Sold under    
 Repurchase Agreements 665  120 454.2% 
 Total Interest Expense 17,419  3,890 347.8% 
      
 Net Interest and Loan    
 Fee Income 250,595  280,123 -10.5% 
      
 Provision (Reversal    
 of Provision) for    
 Credit Losses (1) 300  (1,150)n/m 
      
 Noninterest Income:    
 Service Charges on Deposit 14,025  14,169 -1.0% 
 Accounts    
 Merchant Processing    
 Services 10,449  11,280 -7.4% 
 Debit Card Fees 6,853  7,185 -4.6% 
 Trust Fees 3,318  3,122 6.3% 
 ATM Processing Fees 2,170  2,618 -17.1% 
 Other Service Fees 1,770  1,765 0.3% 
 Life Insurance Gains 202  279 n/m 
 Securities Losses -  (125)n/m 
 Other Noninterest Income 4,368  3,229 35.3% 
 Total Noninterest Income 43,155  43,522 -0.8% 
      
 Noninterest Expense:    
 Salaries and Related Benefits 50,292  47,871 5.1% 
 Occupancy and Equipment 20,673  20,520 0.7% 
 Outsourced Data Processing 10,271  9,846 4.3% 
 Limited Partnership    
 Operating Losses 5,185  5,754 -9.9% 
 Professional Fees 1,470  1,751 -16.0% 
 Courier Service 2,709  2,652 2.1% 
 Other Noninterest Expense 13,791  14,822 -7.0% 
 Total Noninterest Expense 104,391  103,216 1.1% 
      
 Income Before Income Taxes 189,059  221,579 -14.7% 
 Income Tax Provision 50,423  59,811 -15.7% 
 Net Income$138,636 $161,768 -14.3% 
      
 Average Common Shares    
 Outstanding 26,685  26,703 -0.1% 
 Diluted Average Common    
 Shares Outstanding 26,686  26,706 -0.1% 
      
 Per Common Share Data:    
 Basic Earnings$5.20 $6.06 -14.2% 
 Diluted Earnings 5.20  6.06 -14.2% 
 Dividends Paid 1.76  1.72 2.3% 
      
      
 Footnotes and Abbreviations:    
      
 (1) A recovery in excess of principal charged off on the loan in the first quarter 2023 resulted in a $1,550 thousand reversal of the allowance for credit loss provision in the first quarter 2023.
      
 (2) Debt Securities Held To Maturity and Obligations of States and Political Subdivisions are net of related reserve for expected credit losses of $1 thousand at December 31, 2024, September 30, 2024 and December 31, 2023.
      
 (FTE) Fully Taxable Equivalent. The Company presents its net interest margin and net interest income on a FTE basis using the current statutory federal tax rate. Management believes the FTE basis is valuable to the reader because the Company’s loan and investment securities portfolios contain a portion of municipal loans and securities that are federally tax exempt. The Company’s tax exempt loans and securities composition may not be similar to that of other banks, therefore in order to reflect the impact of the federally tax exempt loans and securities on the net interest margin and net interest income for comparability with other banks, the Company presents its net interest margin and net interest income on a FTE basis.
      
 (a) Annualized    

FAQ

What was Westamerica Bancorporation's (WABC) EPS in Q4 2024?

WABC reported diluted earnings per share (EPS) of $1.19 in Q4 2024, which included a $0.01 reduction due to tax provision adjustments.

How much was WABC's net interest income in Q4 2024?

WABC's net interest income on a fully-taxable equivalent basis was $59.2 million for Q4 2024, compared to $62.5 million in Q3 2024.

What was WABC's return on equity in Q4 2024?

WABC achieved an annualized 12.1% return on average common equity in Q4 2024.

How much did WABC pay in dividends for Q4 2024?

WABC paid shareholders a dividend of $0.44 per common share during Q4 2024.

What was WABC's cost of funding in Q4 2024?

The annualized cost of funding loan and bond portfolios was 0.24% in Q4 2024, down from 0.37% in Q3 2024.

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Westamerica Bancorporation

NASDAQ:WABC

WABC Rankings

#2282 Ranked by Market Cap
#953 Ranked by Dividends

WABC Latest News

Oct 24, 2024
Westamerica Bancorporation Declares Quarterly Cash Dividend
Oct 17, 2024
Westamerica Bancorporation Reports Third Quarter 2024 Financial Results
Jul 25, 2024
Westamerica Bancorporation Declares Quarterly Cash Dividend
Jul 18, 2024
Westamerica Bancorporation Reports Second Quarter 2024 Financial Results
Apr 25, 2024
Westamerica Bancorporation Declares Quarterly Cash Dividend

WABC Stock Data

1.37B
25.43M
4.64%
78.13%
0.68%
Banks - Regional
National Commercial Banks
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United States of America
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