Westamerica Bancorporation Reports First Quarter 2025 Financial Results

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Apr 17, 2025

SAN RAFAEL, Calif., April 17, 2025 (GLOBE NEWSWIRE) -- Westamerica Bancorporation ( WABC), parent company of Westamerica Bank, generated net income for the first quarter 2025 of $31.0 million and diluted earnings per common share ("EPS") of $1.16. First quarter 2025 results include a reversal of provision for credit losses of $550 Thousand, which increased EPS $0.01. These results compare to fourth quarter 2024 net income of $31.7 million and EPS of $1.19.

“Westamerica’s first quarter 2025 results benefited from the Company’s valuable low-cost deposit base, of which 46 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 38 percent of total revenues and credit quality remained stable with nonperforming assets of $277 thousand at March 31, 2025,” said Chairman, President and CEO David Payne. “First quarter 2025 results generated an annualized 11.9 percent return on average common equity. Shareholders were paid a $0.44 per common share dividend during the first quarter 2025,” concluded Payne.

Net interest income on a fully-taxable equivalent (FTE) basis was $56.4 million for the first quarter 2025, compared to $59.2 million for the fourth quarter 2024. The annualized yield earned on loans, bonds and cash for the first quarter 2025 was 4.14 percent compared to 4.25 percent for the fourth quarter 2024. The annualized cost of funding the loan and bond portfolios was 0.24 percent for the first quarter 2025 unchanged from the fourth quarter 2024.

The Company recognized a $550 thousand reversal of provision for credit losses in the first quarter 2025. The Allowance for Credit Losses on Loans was $13.9 million at March 31, 2025.

Noninterest income for the first quarter 2025 totaled $10.3 million compared to $10.6 million for the fourth quarter 2024.

Noninterest expenses for the first quarter 2025 were $25.1 million compared to $25.9 million for the fourth quarter 2024. The decline in noninterest expense is primarily due to lower salaries and benefits expense due to fewer business days in the first quarter 2025 compared to the fourth quarter 2024, lower occupancy and equipment expense, and lower estimated operating losses from limited partnership investments.

The income tax provision (FTE) for the first quarter 2025 was $11.1 million compared to $12.3 million for the fourth quarter 2024. The fourth quarter 2024 income tax provision 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 – Investor Relations Contact
707-863-6090
[email protected]

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, 2024 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 April 17, 2025
WESTAMERICA BANCORPORATION
FINANCIAL HIGHLIGHTS
March 31, 2025
1. Net Income Summary.
(in thousands except per-share amounts)
%
Q1'2025Q1'2024ChangeQ4'2024
Net Interest and Loan Fee
Income (FTE)$56,390$66,094-14.7%$59,247
(Reversal of ) Provision
for Credit Losses(550)300n/m-
Noninterest Income10,32110,0972.2%10,633
Noninterest Expense25,12726,099-3.7%25,853
Income Before Taxes (FTE)42,13449,792-15.4%44,027
Income Tax Provision (FTE)11,09713,375-17.0%12,327
Net Income$31,037$36,417-14.8%$31,700
Average Common Shares
Outstanding26,64226,674-0.1%26,699
Diluted Average Common
Shares Outstanding26,64226,675-0.1%26,701
Operating Ratios:
Basic Earnings Per Common
Share$1.16$1.37-15.3%$1.19
Diluted Earnings Per
Common Share1.161.37-15.3%1.19
Return On Assets (a)2.03%2.24%2.02%
Return On Common
Equity (a)11.9%15.2%12.1%
Net Interest Margin (FTE) (a)3.90%4.30%4.01%
Efficiency Ratio (FTE)37.7%34.3%37.0%
Dividends Paid Per Common
Share$0.44$0.440.0%$0.44
Common Dividend Payout
Ratio 38%32%37%
2. Net Interest Income.
(dollars in thousands)
%
Q1'2025Q1'2024ChangeQ4'2024
Interest and Loan Fee
Income (FTE)$59,786$69,095-13.5%$62,713
Interest Expense3,3963,00113.2%3,466
Net Interest and Loan Fee
Income (FTE)$56,390$66,094-14.7%$59,247
Average Earning Assets$5,794,836$6,119,368-5.3%$5,850,620
Average Interest-Bearing
Liabilities2,770,0992,955,565-6.3%2,796,675
Yield on Earning Assets
(FTE) (a)4.14%4.50%4.25%
Cost of Funds (a)0.24%0.20%0.24%
Net Interest Margin (FTE) (a)3.90%4.30%4.01%
Interest Expense /
Interest-Bearing
Liabilities (a)0.50%0.41%0.49%
Net Interest Spread (FTE) (a)3.64%4.09%3.76%
3. Loans & Other Earning Assets.
(average volume, dollars in thousands)
%
Q1'2025Q1'2024ChangeQ4'2024
Total Assets$6,187,321$6,525,921-5.2%$6,243,799
Total Earning Assets5,794,8366,119,368-5.3%5,850,620
Total Loans789,935853,553-7.5%821,767
Commercial Loans120,189133,422-9.9%131,088
Commercial Real Estate
Loans 497,379488,9891.7%503,546
Consumer Loans172,367231,142-25.4%187,133
Total Investment Securities4,395,5655,098,539-13.8%4,557,436
Debt Securities Available for
Sale3,553,7554,224,474-15.9%3,710,378
Debt Securities Held to
Maturity841,810874,065-3.7%847,058
Total Interest-Bearing Cash609,336167,276264.3%471,417
Loans / Deposits15.9%15.9%16.3%
4. Deposits, Other Interest-Bearing Liabilities & Equity.
(average volume, dollars in thousands)
%
Q1'2025Q1'2024ChangeQ4'2024
Total Deposits$4,958,554$5,379,060-7.8%$5,028,363
Noninterest Demand 2,293,0592,532,381-9.5%2,342,092
Interest-Bearing Transaction935,0541,058,292-11.6%934,876
Savings1,649,6311,691,716-2.5%1,666,542
Time greater than $100K29,46036,135-18.5%31,541
Time less than $100K51,35060,536-15.2%53,312
Total Short-Term Borrowings104,604108,886-3.9%110,404
Bank Term Funding Program
Borrowings-62,582n/m-
Securities Sold under
Repurchase Agreements104,60446,304125.9%110,404
Shareholders' Equity1,055,925965,8409.3%1,039,017
Demand Deposits /
Total Deposits46.2%47.1%46.6%
Transaction & Savings
Deposits / Total Deposits98.4%98.2%98.3%
5. Interest Yields Earned & Rates Paid.
(dollars in thousands)
Q1'2025
AverageIncome/Yield (a) /
VolumeExpenseRate (a)
Interest & Loan Fee Income Earned:
Total Earning Assets (FTE)$5,794,836$59,7864.14%
Total Loans (FTE)789,93510,7445.51%
Commercial Loans (FTE)120,1891,8456.21%
Commercial Real Estate
Loans 497,3796,4735.28%
Consumer Loans172,3672,4265.70%
Total Investments (FTE)4,395,56542,3393.85%
Total Debt Securities
Available for Sale (FTE)3,553,75533,7533.80%
Corporate Securities1,991,27813,5222.72%
Collateralized Loan
Obligations915,87314,4226.30%
Agency Mortgage Backed
Securities254,1262,0343.20%
Securities of U.S.
Government Sponsored
Entities311,2972,7773.57%
Obligations of States and
Political Subdivisions
(FTE)62,6514963.17%
U.S. Treasury Securities4,303545.13%
Other Debt Securities
Available for Sale (FTE)14,22744812.60%
Total Debt Securities Held to
Maturity (FTE)841,8108,5864.08%
Agency Mortgage Backed
Securities56,0063292.35%
Corporate Securities736,0897,8154.25%
Obligations of States and
Political Subdivisions
(FTE)49,7154423.56%
Total Interest-Bearing Cash609,3366,7034.40%
Interest Expense Paid:
Total Earning Assets 5,794,8363,3960.24%
Total Interest-Bearing
Liabilities2,770,0993,3960.50%
Total Interest-Bearing
Deposits2,665,4953,2290.49%
Interest-Bearing Transaction935,054460.02%
Savings1,649,6313,1280.77%
Time less than $100K51,350380.30%
Time greater than $100K29,460170.24%
Total Short-Term Borrowings 104,6041670.65%
Securities Sold under
Repurchase Agreements104,6041670.65%
Net Interest Income and
Margin (FTE)$56,3903.90%
(dollars in thousands)
Q1'2024
AverageIncome/Yield (a) /
VolumeExpenseRate (a)
Interest & Loan Fee Income Earned:
Total Earning Assets (FTE)$6,119,368$69,0954.50%
Total Loans (FTE)853,55311,4135.38%
Commercial Loans (FTE)133,4222,3857.19%
Commercial Real Estate
Loans 488,9895,9114.86%
Consumer Loans231,1423,1175.42%
Total Investments (FTE)5,098,53955,3994.32%
Total Debt Securities
Available for Sale (FTE)4,224,47446,5524.38%
Corporate Securities2,114,86114,5552.75%
Collateralized Loan
Obligations1,461,18226,7007.23%
Agency Mortgage Backed
Securities252,8281,5522.45%
Securities of U.S.
Government sponsored
entities308,8072,7773.60%
Obligations of States and
Political Subdivisions
(FTE)72,5695443.00%
Other Debt Securities
Available for Sale (FTE)14,22742411.92%
Total Debt Securities Held to
Maturity (FTE)874,0658,8474.05%
Agency Mortgage Backed
Securities76,0624272.25%
Corporate Securities729,2737,8164.29%
Obligations of States and
Political Subdivisions
(FTE)68,7306043.52%
Total Interest-Bearing Cash167,2762,2835.40%
Interest Expense Paid:
Total Earning Assets 6,119,3683,0010.20%
Total Interest-Bearing
Liabilities2,955,5653,0010.41%
Total Interest-Bearing
Deposits2,846,6792,1060.30%
Interest-Bearing Transaction1,058,2921190.05%
Savings1,691,7161,9170.46%
Time less than $100K60,536490.33%
Time greater than $100K36,135210.23%
Total Short-Term Borrowings 108,8868953.30%
Bank Term Funding Program
Borrowings62,5828435.40%
Securities Sold under
Repurchase Agreements46,304520.45%
Net Interest Income and
Margin (FTE)$66,0944.30%
6. Noninterest Income.
(dollars in thousands except per-share amounts)
%
Q1'2025Q1'2024ChangeQ4'2024
Service Charges on Deposit
Accounts$3,381$3,470-2.6%$3,501
Merchant Processing
Services2,7332,5079.0%2,735
Debit Card Fees1,5811,5432.5%1,902
Trust Fees89979413.2%867
ATM Processing Fees463591-21.7%506
Other Service Fees429438-2.1%428
Life Insurance Gains102-n/m-
Other Noninterest Income733754-2.8%694
Total Noninterest Income$10,321$10,0972.2%$10,633
Operating Ratios:
Total Revenue (FTE)$66,711$76,191-12.4%$69,880
Noninterest Income /
Revenue (FTE)15.5%13.3%15.2%
Service Charges /
Avg. Deposits (a)0.28%0.26%0.28%
Total Revenue (FTE) Per
Avg. Common Share (a)$10.16$11.49-11.6%$10.41
7. Noninterest Expense.
(dollars in thousands)
%
Q1'2025Q1'2024ChangeQ4'2024
Salaries and Related Benefits$12,126$12,586-3.7%$12,461
Occupancy and Equipment5,0385,040-0.0%5,219
Outsourced Data Processing2,6972,5366.3%2,610
Limited Partnership
Operating Losses9151,440-36.5%1,095
Professional Fees395402-1.7%369
Courier Service6886496.0%692
Other Noninterest Expense3,2683,446-5.2%3,407
Total Noninterest Expense$25,127$26,099-3.7%$25,853
Operating Ratios:
Noninterest Expense /
Avg. Earning Assets (a)1.76%1.72%1.76%
Noninterest Expense /
Revenues (FTE)37.7%34.3%37.0%
8. Allowance for Credit Losses.
(dollars in thousands)
%
Q1'2025Q1'2024ChangeQ4'2024
Average Total Loans$789,935$853,553-7.5%$821,767
Beginning of Period
Allowance for Credit
Losses on Loans (ACLL)$14,780$16,867-12.4%$15,318
(Reversal of ) Provision
for Credit Losses(550)300n/m-
Net ACLL Losses(316)(1,288)-75.5%(538)
End of Period ACLL$13,914$15,879-12.4%$14,780
Gross ACLL Recoveries /
Gross ACLL Losses 82%36%63%
Net ACLL Losses /
Avg. Total Loans (a)-0.16%-0.61%-0.26%
(dollars in thousands)
%
3/31/253/31/24Change12/31/24
Allowance for Credit Losses
on Loans$13,914$15,879-12.4%$14,780
Allowance for Credit Losses
on Held to Maturity
Securities110.0%1
Total Allowance for Credit
Losses$13,915$15,880-12.4%$14,781
Allowance for Unfunded
Credit Commitments$201$2010.0%$201
9. Credit Quality.
(dollars in thousands)
%
3/31/253/31/24Change12/31/24
Nonperforming Loans:
Nonperforming Nonaccrual
Loans$ - $957n/m$201
Performing Nonaccrual
Loans-1n/m-
Total Nonaccrual Loans-958n/m201
Accruing Loans 90+ Days
Past Due277525-47.2%534
Total Nonperforming Loans$277$1,483-81.3%$735
Total Loans Outstanding $771,030$844,677-8.7%$820,300
Total Assets 5,966,6246,464,685-7.7%6,076,274
Loans:
Allowance for Credit Losses
on Loans$13,914$15,879-12.4%$14,780
Allowance for Credit Losses
on Loans / Loans1.80%1.88%1.80%
Nonperforming Loans /
Total Loans0.04%0.18%0.09%
10. Liquidity.
At March 31, 2025, the Company had $727,336 thousand in cash balances. During the twelve months ending March 31, 2026, the Company expects to receive $265,000 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 March 31, 2025, the Company’s debt securities which qualify as collateral for borrowing totaled $3,498,151 thousand. In the ordinary course of business, the Company pledges debt securities as collateral for certain depository customers; at March 31, 2025, the Company had pledged $713,752 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 March 31, 2025, the Company had pledged $724,966 thousand in debt securities at the Federal Reserve Bank. During the three months ended March 31, 2025, the Company’s average borrowings from the Federal Reserve Bank and other correspondent banks were $-0- thousand and $-0- thousand, respectively, and at March 31, 2025, the Company had no borrowings from the Federal Reserve Bank or other correspondent banks. At March 31, 2025, the Company had access to borrowing from the Federal Reserve up to $724,966 thousand based on collateral pledged at March 31, 2025. At March 31, 2025, the Company’s estimated unpledged collateral qualifying debt securities totaled $1,615,433 thousand. Debt securities eligible as collateral are shown at market value.
(in thousands)
3/31/25
Debt Securities Eligible as
Collateral:
Corporate Securities$2,517,299
Collateralized Loan
Obligations rated AAA269,817
Obligations of States and
Political Subdivisions109,065
Agency Mortgage Backed
Securities302,248
Securities of U.S. Government
Sponsored Entities299,722
Total Debt Securities Eligible
as Collateral$3,498,151
Debt Securities Pledged
as Collateral:
Debt Securities Pledged
at the Federal Reserve Bank($724,966)
Deposits by Public Entities(713,752)
Securities Sold under
Repurchase Agreements(439,287)
Other(4,713)
Total Debt Securities Pledged
as Collateral($1,882,718)
Estimated Debt Securities
Available to Pledge$1,615,433
11. Capital.
(in thousands, except per-share amounts)
%
3/31/253/31/24Change12/31/24
Shareholders' Equity$923,138$791,69116.6%$889,957
Total Assets5,966,6246,464,685-7.7%6,076,274
Shareholders' Equity/
Total Assets15.47%12.25%14.65%
Shareholders' Equity/
Total Loans119.73%93.73%108.49%
Tangible Common Equity
Ratio13.71%10.56%12.90%
Common Shares Outstanding26,36026,678-1.2%26,708
Common Equity Per Share$35.02$29.6818.0%$33.32
Market Value Per Common
Share50.6348.883.6%52.46
(shares in thousands)
%
Q1'2025Q1'2024ChangeQ4'2024
Share Retirements (Issuances):
Total Shares Retired3614n/m-
Average Retirement Price$50.96$45.58n/m$-
Net Shares Retired (Issued)348(7)n/m(22)
12. Period-End Balance Sheets.
(unaudited, dollars in thousands)
%
3/31/253/31/24Change12/31/24
Assets:
Cash and Due from Banks$727,336$434,25067.5%$601,494
Debt Securities Available for
Sale:
Corporate Securities1,802,7911,879,980-4.1%1,835,937
Collateralized Loan
Obligations822,1111,420,584-42.1%982,589
Agency Mortgage Backed
Securities250,844225,56411.2%218,026
Securities of U.S.
Government Sponsored
Entities299,722292,5832.4%292,117
Obligations of States and
Political Subdivisions60,58170,466-14.0%62,186
U.S. Treasury Securities--n/m4,955
Total Debt Securities
Available for Sale3,236,0493,889,177-16.8%3,395,810
Debt Securities Held to
Maturity:
Agency Mortgage Backed
Securities53,52873,023-26.7%57,927
Corporate Securities737,146730,3500.9%735,447
Obligations of States and
Political Subdivisions (1)48,67465,352-25.5%51,260
Total Debt Securities
Held to Maturity (1)839,348868,725-3.4%844,634
Loans771,030844,677-8.7%820,300
Allowance For Credit Losses
on Loans(13,914)(15,879)-12.4%(14,780)
Total Loans, net757,116828,798-8.6%805,520
Premises and Equipment, net25,72226,458-2.8%26,133
Identifiable Intangibles, net72291-75.2%125
Goodwill 121,673121,6730.0%121,673
Other Assets259,308295,313-12.2%280,885
Total Assets$5,966,624$6,464,685-7.7%$6,076,274
Liabilities and Shareholders'
Equity:
Deposits:
Noninterest-Bearing$2,241,802$2,514,161-10.8%$2,333,389
Interest-Bearing Transaction920,4611,066,038-13.7%953,863
Savings1,633,4451,681,921-2.9%1,642,360
Time78,38792,805-15.5%82,238
Total Deposits4,874,0955,354,925-9.0%5,011,850
Bank Term Funding
Program Borrowings-200,000n/m-
Securities Sold under
Repurchase Agreements113,21950,334124.9%120,322
Total Short-Term
Borrowed Funds113,219250,334-54.8%120,322
Other Liabilities56,17267,735-17.1%54,145
Total Liabilities5,043,4865,672,994-11.1%5,186,317
Shareholders' Equity:
Common Equity:
Paid-In Capital470,844473,989-0.7%476,506
Accumulated Other
Comprehensive Loss(136,768)(196,857)-30.5%(168,104)
Retained Earnings589,062514,55914.5%581,555
Total Shareholders' Equity923,138791,69116.6%889,957
Total Liabilities and
Shareholders' Equity$5,966,624$6,464,685-7.7%$6,076,274
13. Income Statements.
(unaudited, in thousands except per-share amounts)
%
Q1'2025Q1'2024ChangeQ4'2024
Interest and Loan Fee Income:
Loans$10,669$11,324-5.8%$11,167
Equity Securities19517412.1%195
Debt Securities Available
for Sale33,43046,243-27.7%36,843
Debt Securities Held to
Maturity8,4948,722-2.6%8,538
Interest-Bearing Cash6,7032,283193.6%5,659
Total Interest and Loan
Fee Income59,49168,746-13.5%62,402
Interest Expense:
Transaction Deposits46119-61.3%46
Savings Deposits3,1281,91763.2%3,148
Time Deposits5570-21.4%68
Bank Term Funding Program
Borrowings-843n/m-
Securities Sold under
Repurchase Agreements16752222.1%204
Total Interest Expense3,3963,00113.2%3,466
Net Interest and Loan
Fee Income56,09565,745-14.7%58,936
(Reversal of) Provision
for Credit Losses(550)300n/m-
Noninterest Income:
Service Charges on Deposit
Accounts3,3813,470-2.6%3,501
Merchant Processing
Services2,7332,5079.0%2,735
Debit Card Fees1,5811,5432.5%1,902
Trust Fees89979413.2%867
ATM Processing Fees463591-21.7%506
Other Service Fees429438-2.1%428
Life Insurance Gains102-n/m-
Other Noninterest Income733754-2.8%694
Total Noninterest Income10,32110,0972.2%10,633
Noninterest Expense:
Salaries and Related Benefits12,12612,586-3.7%12,461
Occupancy and Equipment5,0385,040-0.0%5,219
Outsourced Data Processing2,6972,5366.3%2,610
Limited Partnership
Operating Losses9151,440-36.5%1,095
Professional Fees395402-1.7%369
Courier Service6886496.0%692
Other Noninterest Expense3,2683,446-5.2%3,407
Total Noninterest Expense25,12726,099-3.7%25,853
Income Before Income Taxes41,83949,443-15.4%43,716
Income Tax Provision10,80213,026-17.1%12,016
Net Income$31,037$36,417-14.8%$31,700
Average Common Shares
Outstanding26,64226,674-0.1%26,699
Diluted Average Common
Shares Outstanding26,64226,675-0.1%26,701
Per Common Share Data:
Basic Earnings$1.16$1.37-15.3%$1.19
Diluted Earnings1.161.37-15.3%1.19
Dividends Paid0.440.440.0%0.44
Footnotes and Abbreviations:
(1) 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 March 31, 2025, December 31, 2024 and March 31, 2024.
(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
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