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Westamerica Bancorporation Reports First Quarter 2022 Financial Results

·19-min read
Westamerica Bancorporation
Westamerica Bancorporation

SAN RAFAEL, Calif., April 21, 2022 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the first quarter 2022 of $22.6 million and diluted earnings per common share ("EPS") of $0.84. First quarter 2022 results compare to net income of $21.7 million and EPS of $0.81 for the fourth quarter 2021.

"Westamerica is well positioned for rising interest rates. The Company’s interest-earning assets include meaningful amounts of instruments with variable interest rates, and average checking and savings deposits represented ninety-eight percent of the Company’s deposit base for the first quarter 2022, demonstrating minimal reliance on higher-costing time deposits. Operating expenses remained well managed in the first quarter 2022, delivering fifty-five percent of revenue to pre-tax income. Credit quality remained solid with nonperforming loans of $915 thousand at March 31, 2022,” said Chairman, President and CEO David Payne. “First quarter 2022 results generated an annualized 11.8 percent return on average common equity. Shareholders were paid a $0.42 per common share dividend during the first quarter 2022, representing fifty percent of diluted earnings per share,” concluded Payne.

Net interest income on a fully-taxable equivalent (FTE) basis was $43.8 million for the first quarter 2022, compared to $43.1 million for the fourth quarter 2021. Interest income on Paycheck Protection Program (“PPP”) loans was $849 thousand for the first quarter 2022, compared to $1.2 million for the fourth quarter 2021.

Interest-earning assets with variable interest rates at March 31, 2022 included $1.6 billion in collateralized loan obligations for which interest rates reset quarterly, and $922 million in interest-bearing cash balances for which the interest rate changes concurrently with Federal Open Market Committee adjustments to the federal funds rate.

At March 31, 2022, nonperforming loans totaled $915 thousand and the allowance for credit losses on loans was $22.9 million.

Noninterest income for the first quarter 2022 totaled $11.6 million, compared to noninterest income for the fourth quarter 2021 of $10.8 million. Noninterest income for the first quarter 2022 included a $1.2 million reconciling payment from a payments network.

Noninterest expenses for the first quarter 2022 was $24.9 million compared to $23.9 million for the fourth quarter 2021; the higher first quarter noninterest expenses were primarily the seasonal increase in payroll taxes, wage and salary adjustments to comply with California minimum wage laws, and higher estimated operating losses on limited partnership investments in low-income housing properties.

The fully-tax equivalent (FTE) tax rate for the first quarter 2022 was 25.9 percent, compared to 27.7 percent for the fourth quarter 2021; the lower first quarter tax rate is primarily attributable to higher estimated tax credits from limited partnership investments in low-income housing properties.

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, 2021 filed on Form 10-K and quarterly report for the quarter ended September 30, 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.



Public Information April 21, 2022

WESTAMERICA BANCORPORATION

FINANCIAL HIGHLIGHTS

March 31, 2022

1. Net Income Summary.

(in thousands except per-share amounts)

%

Q1'2022

Q1'2021

Change

Q4'2021

Net Interest and Fee Income (FTE)

$43,807

$42,583

2.9

%

$43,117

Provision for Credit Losses

-

-

n/m

-

Noninterest Income(1)

11,576

10,189

13.6

%

10,842

Noninterest Expense

24,875

24,906

-0.1

%

23,912

Income Before Taxes (FTE)

30,508

27,866

9.5

%

30,047

Income Tax Provision (FTE)

7,892

7,719

2.2

%

8,327

Net Income

$22,616

$20,147

12.3

%

$21,720

Average Common Shares Outstanding

26,870

26,821

0.2

%

26,866

Diluted Average Common Shares

26,885

26,842

0.2

%

26,875

Operating Ratios:

Basic Earnings Per Common Share

$0.84

$0.75

12.0

%

$0.81

Diluted Earnings Per Common Share

0.84

0.75

12.0

%

0.81

Return On Assets (a)

1.24

%

1.23

%

1.17

%

Return On Common Equity (a)

11.8

%

11.1

%

11.2

%

Net Interest Margin (FTE) (a)

2.51

%

2.74

%

2.49

%

Efficiency Ratio (FTE)

44.9

%

47.2

%

44.3

%

Dividends Paid Per Common Share

$0.42

$0.41

2.4

%

$0.42

Common Dividend Payout Ratio

50

%

55

%

52

%

2. Net Interest Income.

(dollars in thousands)

%

Q1'2022

Q1'2021

Change

Q4'2021

Interest and Fee Income (FTE)

$44,287

$43,058

2.9

%

$43,621

Interest Expense

480

475

1.1

%

504

Net Interest and Fee Income (FTE)

$43,807

$42,583

2.9

%

$43,117

Average Earning Assets

$6,998,234

$6,244,622

12.1

%

$6,919,528

Average Interest-

Bearing Liabilities

3,546,146

3,130,227

13.3

%

3,468,111

Yield on Earning Assets (FTE) (a)

2.54

%

2.77

%

2.52

%

Cost of Funds (a)

0.03

%

0.03

%

0.03

%

Net Interest Margin (FTE) (a)

2.51

%

2.74

%

2.49

%

Interest Expense/

Interest-Bearing Liabilities (a)

0.05

%

0.06

%

0.06

%

Net Interest Spread (FTE) (a)

2.49

%

2.71

%

2.46

%

3. Loans & Other Earning Assets.

(average volume, dollars in thousands)

%

Q1'2022

Q1'2021

Change

Q4'2021

Total Assets

$7,406,321

$6,650,164

11.4

%

$7,334,977

Total Earning Assets

6,998,234

6,244,622

12.1

%

6,919,528

Total Loans

1,029,724

1,251,540

-17.7

%

1,097,698

Total Commercial Loans

207,901

395,473

-47.4

%

259,007

Paycheck Protection Program (PPP) Loans

35,871

188,971

-81.0

%

68,870

Commercial Loans

172,030

206,502

-16.7

%

190,137

Commercial RE Loans

524,040

559,191

-6.3

%

538,177

Consumer Loans

297,783

296,876

0.3

%

300,514

Total Investment Securities

4,947,846

4,440,621

11.4

%

4,866,476

Debt Securities Available For Sale

4,655,983

3,947,549

17.9

%

4,533,494

Debt Securities Held To Maturity

291,863

493,072

-40.8

%

332,982

Total Interest-Bearing Cash

1,020,664

552,461

84.7

%

955,354

Loans/Deposits

16.1

%

21.8

%

17.3

%

4. Deposits, Other Interest-Bearing Liabilities & Equity.

(average volume, dollars in thousands)

%

Q1'2022

Q1'2021

Change

Q4'2021

Total Deposits

$6,393,458

$5,748,070

11.2

%

$6,349,137

Noninterest Demand

3,005,065

2,713,632

10.7

%

3,022,787

Interest-Bearing Transaction

1,265,100

1,130,760

11.9

%

1,245,385

Savings

1,980,092

1,746,815

13.4

%

1,934,220

Time greater than $100K

64,172

71,241

-9.9

%

65,920

Time less than $100K

79,029

85,622

-7.7

%

80,825

Total Short-Term Borrowings

157,753

95,575

65.1

%

141,761

Other Borrowed Funds

-

214

-100.0

%

-

Shareholders' Equity

776,225

735,496

5.5

%

766,358

Demand Deposits/

Total Deposits

47.0

%

47.2

%

47.6

%

Transaction & Savings

Deposits / Total Deposits

97.8

%

97.3

%

97.7

%

5. Interest Yields Earned & Rates Paid.

(dollars in thousands)

Q1'2022

Average

Income/

Yield (a) /

Volume

Expense

Rate (a)

Interest & Fee Income Earned

Total Earning Assets (FTE)

$6,998,234

$44,287

2.54

%

Total Loans (FTE)

1,029,724

13,038

5.14

%

Total Commercial Loans (FTE)

207,901

2,843

5.55

%

PPP Loans

35,871

849

9.60

%

Commercial Loans (FTE)

172,030

1,994

4.70

%

Commercial RE Loans

524,040

6,731

5.21

%

Consumer Loans

297,783

3,464

4.72

%

Total Investments (FTE)

4,947,846

30,770

2.49

%

Total Debt Securities Available For Sale (FTE)

4,655,983

28,862

2.48

%

Corporate Securities

2,701,476

18,488

2.74

%

Collateralized Loan Obligations

1,464,266

7,045

1.92

%

Agency Mortgage Backed Securities

385,900

2,256

2.34

%

Obligations of States and Political Subdivisions (FTE)

89,998

694

3.08

%

Other Debt Securities Available For Sale (FTE)

14,343

379

10.56

%

Total Debt Securities Held To Maturity (FTE)

291,863

1,908

2.61

%

Agency Mortgage Backed Securities

141,733

646

1.82

%

Obligations of States and Political Subdivisions (FTE)

150,130

1,262

3.36

%

Total Interest-Bearing Cash

1,020,664

479

0.19

%

Interest Expense Paid

Total Earning Assets

6,998,234

480

0.03

%

Total Interest-Bearing Liabilities

3,546,146

480

0.05

%

Total Interest-Bearing Deposits

3,388,393

452

0.05

%

Interest-Bearing Transaction

1,265,100

88

0.03

%

Savings

1,980,092

283

0.06

%

Time less than $100K

79,029

40

0.21

%

Time greater than $100K

64,172

41

0.26

%

Total Short-Term Borrowings

157,753

28

0.07

%

Net Interest Income and

Margin (FTE)

$43,807

2.51

%

(dollars in thousands)

Q1'2021

Average

Income/

Yield (a) /

Volume

Expense

Rate (a)

Interest & Fee Income Earned

Total Earning Assets (FTE)

$6,244,622

$43,058

2.77

%

Total Loans (FTE)

1,251,540

14,684

4.76

%

Total Commercial Loans (FTE)

395,473

4,005

4.11

%

PPP Loans

188,971

1,853

3.98

%

Commercial Loans (FTE)

206,502

2,152

4.23

%

Commercial RE Loans

559,191

7,341

5.32

%

Consumer Loans

296,876

3,338

4.56

%

Total Investments (FTE)

4,440,621

28,236

2.54

%

Total Debt Securities Available For Sale (FTE)

3,947,549

25,190

2.55

%

Corporate Securities

2,028,885

15,417

3.04

%

Collateralized Loan Obligations

1,187,138

6,171

2.08

%

Agency Mortgage Backed Securities

599,690

2,409

1.61

%

Obligations of States and Political Subdivisions (FTE)

102,742

824

3.21

%

Other Debt Securities Available For Sale (FTE)

29,094

369

5.07

%

Total Debt Securities Held To Maturity (FTE)

493,072

3,046

2.47

%

Agency Mortgage Backed Securities

228,768

900

1.57

%

Obligations of States and Political Subdivisions (FTE)

264,304

2,146

3.25

%

Total Interest-Bearing Cash

552,461

138

0.10

%

Interest Expense Paid

Total Earning Assets

6,244,622

475

0.03

%

Total Interest-Bearing Liabilities

3,130,227

475

0.06

%

Total Interest-Bearing Deposits

3,034,438

459

0.06

%

Interest-Bearing Transaction

1,130,760

89

0.03

%

Savings

1,746,815

250

0.06

%

Time less than $100K

85,622

42

0.20

%

Time greater than $100K

71,241

78

0.44

%

Total Short-Term Borrowings

95,575

16

0.07

%

Other Borrowed Funds

214

-

0.35

%

Net Interest Income and

Margin (FTE)

$42,583

2.74

%

6. Noninterest Income.

(dollars in thousands except per-share amounts)

%

Q1'2022

Q1'2021

Change

Q4'2021

Service Charges on Deposits

$3,582

$3,304

8.4

%

$3,580

Merchant Processing Services

2,623

2,560

2.5

%

3,000

Debit Card Fees(1)

2,872

1,601

79.4

%

1,727

Trust Fees

843

801

5.2

%

844

ATM Processing Fees

451

601

-25.0

%

488

Other Service Fees

449

469

-4.2

%

449

Financial Services Commissions

117

70

67.1

%

96

Other Noninterest Income

639

783

-18.4

%

658

Total Noninterest Income

$11,576

$10,189

13.6

%

$10,842

Total Revenue (FTE)

$55,383

$52,772

4.9

%

$53,959

Noninterest Income/Revenue (FTE)

20.9

%

19.3

%

20.1

%

Service Charges/Avg. Deposits (a)

0.23

%

0.23

%

0.22

%

Total Revenues (FTE) Per Avg.

Common Share (a)

$8.36

$7.98

4.8

%

$7.97

7. Noninterest Expense.

(dollars in thousands)

%

Q1'2022

Q1'2021

Change

Q4'2021

Salaries & Benefits

$11,920

$12,665

-5.9

%

$11,436

Occupancy and Equipment

4,746

4,880

-2.7

%

4,692

Outsourced Data Processing

2,437

2,390

2.0

%

2,357

Professional Fees

736

942

-21.9

%

757

Courier Service

582

504

15.5

%

572

Amortization of

Identifiable Intangibles

64

69

-7.2

%

65

Other Noninterest Expense

4,390

3,456

27.0

%

4,033

Total Noninterest Expense

$24,875

$24,906

-0.1

%

$23,912

Noninterest Expense/

Avg. Earning Assets (a)

1.44

%

1.62

%

1.37

%

Noninterest Expense/Revenues (FTE)

44.9

%

47.2

%

44.3

%

8. Allowance for Credit Losses.

(dollars in thousands)

%

Q1'2022

Q1'2021

Change

Q4'2021

Average Total Loans

$1,029,724

$1,251,540

-17.7

%

$1,097,698

Beginning of Period Allowance for

Credit Losses on Loans (ACLL)

$23,514

$23,854

-1.4

%

$23,882

Provision for Credit Losses

-

-

n/m

-

Net ACLL (Losses)

(589

)

(371

)

58.8

%

(368

)

End of Period ACLL

$22,925

$23,483

-2.4

%

$23,514

Gross ACLL Recoveries /

Gross ACLL Losses

51

%

60

%

64

%

Net ACLL Losses /

Avg. Total Loans (a)

0.23

%

0.12

%

0.13

%

(dollars in thousands)

%

3/31/22

3/31/21

Change

12/31/21

Allowance for Credit Losses on Loans

$22,925

$23,483

-2.4

%

$23,514

Allowance for Credit Losses on

HTM Securities(2)

7

9

-22.3

%

7

Total Allowance for Credit Losses

$22,932

$23,492

-2.4

%

$23,521

Allowance for Unfunded

Credit Commitments

$201

$101

99.3

%

$201

9. Credit Quality.

(dollars in thousands)

%

3/31/22

3/31/21

Change

12/31/21

Nonperforming Loans:

Nonperforming Nonaccrual

$63

$402

-84.3

%

$265

Performing Nonaccrual

421

3,569

-88.2

%

427

Total Nonaccrual Loans

484

3,971

-87.8

%

692

90+ Days Past Due Accruing Loans

431

132

226.5

%

339

Total Nonaccrual Loans

$915

$4,103

-77.7

%

$1,031

Total Loans Outstanding

$1,002,514

$1,293,756

-22.5

%

$1,068,126

Total Assets

7,306,417

6,912,481

5.7

%

7,461,026

Loans:

Allowance for Credit Losses on Loans

$22,925

$23,483

-2.4

%

$23,514

Allowance for Credit Losses on Loans /

Loans

2.29

%

1.82

%

2.20

%

Nonperforming Loans/Total Loans

0.09

%

0.32

%

0.10

%

10. Capital.

(in thousands, except per-share amounts)

%

3/31/22

3/31/21

Change

12/31/21

Shareholders' Equity

$701,744

$812,132

-13.6

%

$827,102

Total Assets

7,306,417

6,912,481

5.7

%

7,461,026

Shareholders' Equity/

Total Assets

9.60

%

11.75

%

11.09

%

Shareholders' Equity/

Total Loans

70.00

%

62.77

%

77.43

%

Tangible Common Equity Ratio

8.06

%

10.15

%

9.60

%

Common Shares Outstanding

26,883

26,864

0.1

%

26,866

Common Equity Per Share

$26.10

$30.23

-13.7

%

$30.79

Market Value Per Common Share

60.50

62.78

-3.6

%

57.73

(shares in thousands)

%

Q1'2022

Q1'2021

Change

Q4'2021

Share Repurchase Programs:

Total Shares Repurchased

3

4

n/m

-

Average Repurchase Price

$58.66

$61.09

n/m

$

-

Net Shares (Issued)

(17

)

(57

)

n/m

-

11. Period-End Balance Sheets.

(unaudited, dollars in thousands)

%

3/31/22

3/31/21

Change

12/31/21

Assets:

Cash and Due from Banks

$1,037,593

$866,457

19.8

%

$1,132,085

Debt Securities Available For Sale:

Corporate Securities

2,547,118

2,149,366

18.5

%

2,746,735

Collateralized Loan Obligations

1,616,584

1,157,452

39.7

%

1,386,355

Agency Mortgage Backed Securities

363,181

577,490

-37.1

%

411,726

Obligations of States and Political Subdivisions (FTE)

89,595

106,117

-15.6

%

93,920

Other Debt Securities Available For Sale (FTE)

110

145

-24.0

%

119

Total Debt Securities Available For Sale

4,616,588

3,990,570

15.7

%

4,638,855

Debt Securities Held To Maturity:

Agency Mortgage Backed Securities

133,754

213,730

-37.4

%

148,390

Obligations of States and Political Subdivisions (FTE)(2)

146,766

255,539

-42.6

%

158,006

Total Debt Securities Held To Maturity(2)

280,520

469,259

-40.2

%

306,396

Loans

1,002,514

1,293,756

-22.5

%

1,068,126

Allowance For Credit Losses on Loans

(22,925

)

(23,483

)

-2.4

%

(23,514

)

Total Loans, net

979,589

1,270,273

-22.9

%

1,044,612

Premises and Equipment, net

30,626

32,216

-4.9

%

31,155

Identifiable Intangibles, net

771

1,035

-25.5

%

835

Goodwill

121,673

121,673

0.0

%

121,673

Other Assets

239,057

160,998

48.5

%

185,415

Total Assets

$7,306,417

$6,912,481

5.7

%

$7,461,026

Liabilities and Shareholders' Equity:

Deposits:

Noninterest-Bearing

$3,000,268

$2,798,542

7.2

%

$3,069,080

Interest-Bearing Transaction

1,279,165

1,179,484

8.5

%

1,260,869

Savings

1,984,719

1,791,636

10.8

%

1,940,395

Time

141,722

154,171

-8.1

%

143,612

Total Deposits

6,405,874

5,923,833

8.1

%

6,413,956

Short-Term Borrowed Funds

124,442

95,479

30.3

%

146,246

Other Borrowed Funds

-

1,681

-100.0

%

-

Other Liabilities

74,357

79,356

-6.3

%

73,722

Total Liabilities

6,604,673

6,100,349

8.3

%

6,633,924

Shareholders' Equity:

Common Equity:

Paid-In Capital

472,470

469,885

0.6

%

471,043

Accumulated Other

Comprehensive Income

(88,300

)

68,901

n/m

49,664

Retained Earnings

317,574

273,346

16.2

%

306,395

Total Shareholders' Equity

701,744

812,132

-13.6

%

827,102

Total Liabilities and

Shareholders' Equity

$7,306,417

$6,912,481

5.7

%

$7,461,026

12. Income Statements.

(unaudited, in thousands except per-share amounts)

%

Q1'2022

Q1'2021

Change

Q4'2021

Interest & Fee Income:

Loans

$12,942

$14,581

-11.2

%

$13,124

Equity Securities

128

110

16.4

%

129

Debt Securities Available For Sale

28,566

24,889

14.8

%

27,598

Debt Securities Held To Maturity

1,644

2,598

-36.7

%

1,824

Interest-Bearing Cash

479

138

247.1

%

366

Total Interest & Fee Income

43,759

42,316

3.4

%

43,041

Interest Expense:

Transaction Deposits

88

89

-1.1

%

95

Savings Deposits

283

250

13.2

%

282

Time Deposits

81

120

-32.5

%

102

Short-Term Borrowed Funds

28

16

75.0

%

25

Total Interest Expense

480

475

1.0

%

504

Net Interest Income

43,279

41,841

3.4

%

42,537

Provision for Credit Losses

-

-

n/m

-

Noninterest Income:

Service Charges

3,582

3,304

8.4

%

3,580

Merchant Processing Services

2,623

2,560

2.5

%

3,000

Debit Card Fees(1)

2,872

1,601

79.4

%

1,727

Trust Fees

843

801

5.2

%

844

ATM Processing Fees

451

601

-25.0

%

488

Other Service Fees

449

469

-4.2

%

449

Financial Services Commissions

117

70

67.1

%

96

Other Noninterest Income

639

783

-18.4

%

658

Total Noninterest Income

11,576

10,189

13.6

%

10,842

Noninterest Expense:

Salaries and Benefits

11,920

12,665

-5.9

%

11,436

Occupancy and Equipment

4,746

4,880

-2.7

%

4,692

Outsourced Data Processing

2,437

2,390

2.0

%

2,357

Professional Fees

736

942

-21.9

%

757

Courier Service

582

504

15.5

%

572

Amortization of Identifiable Intangibles

64

69

-7.2

%

65

Other Noninterest Expense

4,390

3,456

27.0

%

4,033

Total Noninterest Expense

24,875

24,906

-0.1

%

23,912

Income Before Income Taxes

29,980

27,124

10.5

%

29,467

Income Tax Provision

7,364

6,977

5.5

%

7,747

Net Income

$22,616

$20,147

12.3

%

$21,720

Average Common Shares Outstanding

26,870

26,821

0.2

%

26,866

Diluted Common Shares Outstanding

26,885

26,842

0.2

%

26,875

Per Common Share Data:

Basic Earnings

$0.84

$0.75

12.0

%

$0.81

Diluted Earnings

0.84

0.75

12.0

%

0.81

Dividends Paid

0.42

0.41

2.4

%

0.42

Footnotes and Abbreviations:

(1)The Company received a $1.2 million reconciling payment from a payments network in the first quarter 2022.

(2)Debt Securities Held To Maturity and Obligations of States and Political Subdivisions are net of related reserve for expected credit losses of $7 thousand at March 31, 2022 and December 31, 2021 and $9 thousand at March 31, 2021.

(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 relatively large 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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