Page 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of the Report (Date of earliest event reported):
April 13, 2004
Commission File Number: 001-9383
WESTAMERICA BANCORPORATION
--------------------------
(Exact name of registrant as specified in its chapter)
CALIFORNIA
----------
(State of incorporation)
94-2156203
----------
(I.R.S. Employer Identification Number)
1108 Fifth Avenue, San Rafael, California 94901
-----------------------------------------------
(Address of principal executive offices and zip code)
(707) 863-8000
--------------
(Registrant's area code and telephone number)
Page 2
Item 7: Exhibits
----------------
99.1 Press release dated April 13, 2004
Item 12: Results of Operations and Financial Condition
-------------------------------------------------------
On April 13, 2004 Westamerica Bancorporation announced their quarterly
earnings for the first quarter of 2004. A copy of the press release is
attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by
reference.
Page 3
Signatures
Pursuant to the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Westamerica Bancorporation
/s/ DENNIS R. HANSEN
------------------------------------
Dennis R. Hansen, SVP and Controller
April 15, 2004
Page 4
INDEX TO EXHIBITS
-----------------
Sequentially
Exhibit No. Description Number Page
----------- ------------------------- -------------
(99.1) Press release dated 5-15
April 13, 2004
Page 5
FOR IMMEDIATE RELEASE
April 13, 2004
WESTAMERICA BANCORPORATION REPORTS RECORD QUARTERLY
EARNINGS FOR FIRST QUARTER 2004
San Rafael, CA: Westamerica Bancorporation (NASDAQ: WABC), parent company
of Westamerica Bank, today reported record quarterly net income for the
first quarter of 2004 of $24.3 million or $.74 diluted earnings per share,
up from $23.0 million or $.69 diluted earnings per share for the first
quarter of 2003. The return on equity (ROE) for the first quarter of 2004
was 30.5 percent, and the return on assets (ROA) was 2.20 percent, compared
to 29.6 percent and 2.22 percent, respectively, in the first quarter of
2003.
"We are pleased with first quarter results, especially the stabilization of
our net interest margin compared to the fourth quarter of 2003, stable loan
volume and controlled expenses. Our 5.27 percent margin and 38.2 percent
efficiency ratio helped deliver our record earnings level. Annualized net
loan losses to average loans were 0.15 percent, unchanged from full-year
2003 levels," said Chairman, President and CEO David Payne. "Westamerica's
return on equity and return on assets remain at high levels relative to the
banking industry," added Payne.
Net interest income on a fully taxable equivalent basis was $54.6 million in
the first quarter of 2004, compared to $54.8 million in the prior quarter
and to $54.1 million in the first quarter of 2003. The first quarter 2004
net interest margin on a fully taxable equivalent basis was 5.27 percent, up
one basis point from 5.26 percent in the prior quarter and compared to 5.58
percent for the first quarter of 2003.
Page 6
The provision for loan losses was $750 thousand for the first quarter of
2004 unchanged from the previous quarter and down from $900 thousand for the
first quarter of 2003. Net loan losses totaled $825 thousand or 0.15
percent of average loans (annualized) in the first quarter of 2004.
Noninterest income in the first quarter of 2004 totaled $10.9 million, up
$374 thousand from the previous quarter, and up $491 thousand from the first
quarter of 2003. The increase in the first quarter of 2004 from the previous
quarter included higher gains on sale of OREO and service charges on deposit
accounts, offset in part by lower financial services commissions and
merchant credit card income. The increase in the first quarter 2004 from the
first quarter 2003 included higher gains on sale of OREO, service charges on
deposit accounts and debit card fees, offset in part by lower mortgage
banking income. First quarter 2004 noninterest income includes securities
gains totaling $1.8 million and losses on extinguishment of FHLB advances
totaling $1.8 million.
Noninterest expense for the first quarter of 2004 totaled $25.0 million,
down $166 thousand from the previous quarter, and down $543 thousand from
the first quarter of 2003. The reduction in the first quarter of 2004 from
the previous quarter included lower occupancy and equipment, professional
fees, and loan related expenses, offset in part by higher employee benefits
and merchant card expense. The reduction in the first quarter of 2004 from
the first quarter of 2003 included lower salaries, occupancy and equipment,
amortization of core deposit intangibles, and merchant card expense, offset
in part by higher telephone expenses and operational losses. The efficiency
ratio for first quarter 2004 was 38.2 percent compared with 38.6 percent in
the prior quarter and 39.6 percent in the first quarter of 2003.
Shareholders' equity was $339 million at March 31, 2004, essentially
unchanged from $337 million at March 31, 2003. The Company's equity-to-asset
ratio was 7.7 percent at March 31, 2004, compared to 7.7 percent at March
31, 2003. Net repurchases of the Company's common stock in the first
quarter 2004 totaled approximately 500 thousand shares.
At March 31, 2004, the Company had total assets of $4.4 billion, up one
percent from March 31, 2003. At March 31, 2004, total loans outstanding
were $2.3 billion, essentially unchanged from December 31, 2003.
Page 7
Westamerica Bancorporation, through its wholly owned subsidiary Westamerica
Bank, operates 87 branches and two trust offices throughout 22 Northern and
Central California counties.
Westamerica Bancorporation Web Address: www.westamerica.com
For additional information contact:
Westamerica Bancorporation
Robert A. Thorson - SVP & Treasurer
707-863-6840
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 annual and quarterly reports filed with the Securities
and Exchange Commission, including the Company's Form 10-K for the year
ended December 31, 2003, describe some of these factors, including certain
credit, market, operational, liquidity and interest rate 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, legislation
including the Sarbanes-Oxley Act of 2002 and the Gramm-Leach-Bliley Act of
1999, the combination of the former Kerman State Bank, and other 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.
#####
Page 8
WESTAMERICA BANCORPORATION Public Information April 13, 2004
FINANCIAL HIGHLIGHTS
March 31, 2004
1. Net Income Summary.
(dollars in thousands except per-share data)
Q1'04 / Q1'04 /
Q1'04 Q1'03 Q1'03 Q4'03 Q4'03
------------------------------------------------------
1. Net Interest Income (Fully $54,605 $54,062 1.0% $54,758 -0.3%
Taxable Equivalent)
2. Loan Loss Provision 750 900 -16.7% 750 0.0%
3. Noninterest Income:
4. Investment Securities Gains 1,788 15 n/m 0 n/m
5. Loss on Extinguishment of Deb (1,814) 0 n/m 0 n/m
6. Other 10,892 10,360 5.1% 10,492 3.8%
----------------------- ------------
7. Total Noninterest Income 10,866 10,375 4.7% 10,492 3.6%
----------------------- ------------
8. Noninterest Expense 24,992 25,535 -2.1% 25,158 -0.7%
9. Income Tax Provision (FTE) 15,415 14,990 2.8% 15,035 2.5%
----------------------- ------------
10.Net Income $24,314 $23,012 5.7% $24,307 0.0%
======================= ============
11.Average Shares Outstanding 32,051 33,110 -3.2% 32,523 -1.4%
12.Diluted Average Shares 32,662 33,565 -2.7% 33,154 -1.5%
Outstanding
13.Operating Ratios:
14. Basic Earnings Per Share $0.76 $0.70 9.1% $0.75 1.5%
15. Diluted Earnings Per Share 0.74 0.69 8.6% 0.73 1.5%
16. Return On Assets 2.20% 2.22% 2.17%
17. Return On Equity 30.5% 29.6% 29.4%
18. Net Interest Margin (FTE) 5.27% 5.58% 5.26%
19. Efficiency Ratio (FTE) 38.2% 39.6% 38.6%
20.Dividends Paid Per Share $0.26 $0.24 8.3% $0.26 0.0%
21.Dividend Payout Ratio 35% 35% 35%
2. Net Interest Income.
(dollars in thousands)
Q1'04 / Q1'04 /
Q1'04 Q1'03 Q1'03 Q4'03 Q4'03
------------------------------------------------------
1. Interest and Fee Income (FTE) $60,120 $61,799 -2.7% $60,521 -0.7%
2. Interest Expense 5,515 7,737 -28.7% 5,763 -4.3%
----------------------- ------------
3. Net Interest Income (FTE) $54,605 $54,062 1.0% $54,758 -0.3%
======================= ============
4. Average Earning Assets $4,157,061 $3,906,020 6.4%$4,149,994 0.2%
5. Average Interest-Bearing 2,880,558 2,730,272 5.5% 2,842,273 1.3%
Liabilities
6. Yield on Earning Assets (FTE) 5.80% 6.38% 5.81%
7. Cost of Funds 0.53% 0.80% 0.55%
8. Net Interest Margin (FTE) 5.27% 5.58% 5.26%
9. Interest Expense/Interest 0.77% 1.14% 0.80%
Bearing Liabilities
10.Net Interest Spread (FTE) 5.03% 5.24% 5.01%
Page 9
WESTAMERICA BANCORPORATION Public Information April 13, 2004
3. Loans & Other Earning Assets.
(average volume, dollars in thousands)
Q1'04 / Q1'04 /
Q1'04 Q1'03 Q1'03 Q4'03 Q4'03
------------------------------------------------------
1. Total Assets $4,451,674 $4,201,864 5.9%$4,451,423 0.0%
2. Total Earning Assets 4,157,061 3,906,020 6.4% 4,149,994 0.2%
3. Total Loans 2,281,900 2,424,017 -5.9% 2,285,717 -0.2%
4. Commercial Loans 1,421,530 1,567,405 -9.3% 1,443,303 -1.5%
5. Consumer Loans 860,370 856,612 0.4% 842,414 2.1%
6. Total Investment Securities 1,875,161 1,482,003 26.5% 1,864,277 0.6%
7. Available For Sale (Market Va 1,344,306 986,413 36.3% 1,312,412 2.4%
8. Held To Maturity 530,855 495,590 7.1% 551,865 -3.8%
9. HTM Unrealized Gain (Loss) 9,008 10,684 -15.7% 7,352 22.5%
at Period-End
10.Loans / Deposits 66.4% 73.3% 64.5%
4. Deposits & Other Interest-Bearing Liabilities.
(average volume, dollars in thousands)
Q1'04 / Q1'04 /
Q1'04 Q1'03 Q1'03 Q4'03 Q4'03
------------------------------------------------------
1. Total Deposits $3,437,549 $3,306,929 3.9%$3,542,433 -3.0%
2. Noninterest Demand 1,209,299 1,117,566 8.2% 1,243,860 -2.8%
3. Interest-Bearing Transaction 564,703 557,227 1.3% 569,965 -0.9%
4. Savings 1,040,497 965,313 7.8% 1,085,299 -4.1%
5. Other Time >$100K 340,403 348,780 -2.4% 348,405 -2.3%
6. Other Time < $100K 282,647 318,043 -11.1% 294,904 -4.2%
7. Total Short-Term Borrowings 533,158 348,479 53.0% 418,896 27.3%
8. Fed Funds Purchased 399,075 175,553 127.3% 270,515 47.5%
9. Other Short-Term Funds 134,083 172,926 -22.5% 148,381 -9.6%
10.FHLB Debt 96,613 170,000 -43.2% 105,000 -8.0%
11.Long-Term Debt 22,537 22,430 0.5% 19,804 13.8%
12.Shareholders' Equity 320,390 315,132 1.7% 328,209 -2.4%
13.Demand Deposits / Total Deposit 35.2% 33.8% 35.1%
14.Transaction & Savings Deposits 81.9% 79.8% 81.8%
/ Total Deposits
Page 10
WESTAMERICA BANCORPORATION Public Information April 13, 2004
5. Interest Yields Earned & Rates Paid.
' (dollars in thousands)
---------------------------------- ----------------------------------
Q1'04 Q4'03 Q1'03
Average Income/ Yield/ Yield/ Average Income/ Yield/
Volume Expense Rate Rate Volume Expense Rate
----------------------------------------------------------------------------
1. Interest Income Earned to:
2. Total Earning Assets (FTE) $4,157,061 $60,120 5.80% 5.81%$3,906,020 $61,799 6.38%
3. Total Loans (FTE) 2,281,900 35,390 6.23% 6.39% 2,424,017 41,704 6.97%
4. Commercial Loans (FTE) 1,421,530 24,333 6.91% 7.17% 1,567,405 28,639 7.54%
5. Consumer Loans 860,370 11,057 5.21% 5.39% 856,612 13,065 6.18%
6. Total Investment Securities ( 1,875,161 24,730 5.28% 5.10% 1,482,003 20,095 5.42%
7. Interest Expense Paid to:
8. Total Earning Assets 4,157,061 5,515 0.53% 0.55% 3,906,020 7,737 0.80%
9. Total Interest-Bearing 2,880,558 5,515 0.77% 0.80% 2,730,272 7,737 1.14%
Liabilities
10. Total Interest-Bearing Deposi 2,228,250 3,153 0.57% 0.62% 2,189,363 4,907 0.91%
11. Interest-Bearing Transacti 564,703 112 0.08% 0.09% 557,227 242 0.18%
12. Savings 1,040,497 1,111 0.52% 0.59% 965,313 1,708 0.83%
13. Other Time < $100K 282,647 1,004 1.43% 1.46% 318,043 1,525 1.95%
14. Other Time >$100K 340,403 926 1.09% 1.16% 348,780 1,432 1.66%
15. Total Short-Term Borrowings 533,158 1,131 0.84% 0.80% 348,479 851 0.98%
16. Fed Funds Purchased 399,075 1,006 1.00% 0.99% 175,553 547 1.25%
17. Other Short-Term Funds 134,083 125 0.38% 0.45% 172,926 304 0.71%
18. FHLB Debt 96,613 896 3.75% 3.70% 170,000 1,575 3.72%
19. Long-Term Debt 22,537 335 5.95% 6.20% 22,430 404 7.18%
20.Net Interest Income and Margin (FTE) $54,605 5.27% 5.26% $54,062 5.58%
6. Noninterest Income.
(dollars in thousands)
Q1'04 / Q1'04 /
Q1'04 Q1'03 Q1'03 Q4'03 Q4'03
------------------------------------------------------
1. Service Charges on Deposit $6,868 $6,425 6.9% $6,572 4.5%
Accounts
2. Merchant Credit Card Income 825 862 -4.3% 864 -4.5%
3. ATM Fees & Interchange 583 560 4.1% 573 1.7%
4. Debit Card Fees 549 494 11.1% 512 7.2%
5. Financial Services Fees 187 207 -9.7% 227 -17.6%
6. Mortgage Banking Income 133 226 -41.2% 139 -4.3%
7. Trust Fees 250 238 5.0% 235 6.4%
8. Other Income 1,497 1,348 11.1% 1,370 9.3%
----------------------- ------------
9. Sub-total 10,892 10,360 5.1% 10,492 3.8%
10.Investment Securities Gains 1,788 15 0 n/m
11.Loss on Extinguishment of Debt (1,814) 0 0 n/m
----------------------- ------------
12.Total Noninterest Income $10,866 $10,375 4.7% $10,492 3.6%
======================= ============
13.Operating Ratios:
14. Total Revenue (FTE) $65,471 $64,437 1.6% $65,250 0.3%
15. Noninterest Income 16.6% 16.1% 16.1%
/ Revenue (FTE)
16. Service Charges / Deposits 0.80% 0.79% 0.74%
(annualized)
17. Total Revenue Per Share $8.22 $7.89 4.1% $7.96 3.2%
(annualized)
Page 11
WESTAMERICA BANCORPORATION Public Information April 13, 2004
7. Noninterest Expense.
(dollars in thousands)
Q1'04 / Q1'04 /
Q1'04 Q1'03 Q1'03 Q4'03 Q4'03
------------------------------------------------------
1. Salaries & Benefits $13,526 $13,698 -1.3% $13,183 2.6%
2. Occupancy 2,948 2,995 -1.6% 3,037 -2.9%
3. Equipment 1,162 1,374 -15.4% 1,290 -9.9%
4. Data Processing 1,517 1,559 -2.7% 1,523 -0.4%
5. Courier 884 929 -4.8% 900 -1.8%
6. Postage 395 420 -6.0% 422 -6.4%
7. Telephone 572 425 34.6% 530 7.9%
8. Professional Fees 409 413 -1.0% 486 -15.8%
9. Stationery & Supplies 288 318 -9.4% 344 -16.3%
10.Loan Expense 255 276 -7.6% 326 -21.8%
11.Merchant Card Expense 272 342 -20.5% 207 31.4%
12.Operational Losses 243 173 40.5% 297 -18.2%
13.Amortization of Core Deposit 136 249 -45.4% 165 -17.6%
Intangibles
14.Other Operating 2,385 2,364 0.9% 2,448 -2.6%
----------------------- ------------
15.Total Noninterest Expense $24,992 $25,535 -2.1% $25,158 -0.7%
======================= ============
16.Full Time Equivalent Staff 1,001 1,047 -4.4% 1,007 -0.6%
17.Average Assets / Full Time $4,447 $4,013 10.8% $4,420 0.6%
Equivalent Staff
18.Operating Ratios:
19. FTE Revenue / Full Time $263 $250 5.4% $257 2.3%
Equivalent Staff (annualized)
20. Noninterest Expense / Earnin 2.42% 2.65% 2.41%
Assets (annualized)
21. Noninterest Expense / Revenu 38.2% 39.6% 38.6%
Page 12
WESTAMERICA BANCORPORATION Public Information April 13, 2004
8. Loan Loss Provision.
(dollars in thousands)
Q1'04 / Q1'04 /
Q1'04 Q1'03 Q1'03 Q4'03 Q4'03
------------------------------------------------------
1. Loan Loss Provision $750 $900 -16.7% $750 0.0%
2. Gross Loan Losses 1,558 2,028 -23.2% 1,542 1.0%
3. Net Loan Losses 826 973 -15.1% 1,020 -19.0%
4. Recoveries/Gross Losses 47% 52% 34%
5. Average Total Loans $2,281,900 $2,424,017 -5.9%$2,285,717 -0.2%
6. Net Loan Losses / Loans 0.15% 0.16% 0.18%
(annualized)
7. Loan Loss Provision / Loans 0.13% 0.15% 0.13%
(annualized)
8. Loan Loss Provision 90.8% 92.5% 73.5%
/ Net Loan Losses
9. Credit Quality.
(dollars in thousands)
3/31/04 / 3/31/04 /
3/31/04 3/31/03 3/31/03 12/31/03 12/31/03 9/30/03 6/30/03
----------------------------------------------------------------------------
1. Nonperforming Nonaccrual Loans $5,045 $6,402 -21.2% $5,759 -12.4% $5,484 $5,484
2. Performing Nonaccrual Loans 2,212 2,471 -10.5% 1,658 33.4% 2,145 1,353
----------------------- ------------ -----------------------
3. Total Nonaccrual Loans 7,257 8,873 -18.2% 7,417 -2.2% 7,629 6,837
4. Accruing Loans 90+ Days 190 320 -40.6% 199 -4.5% 272 386
Past Due ----------------------- ------------ -----------------------
5. Total Nonperforming Loans 7,447 9,193 -19.0% 7,616 -2.2% 7,901 7,223
6. Repossessed Collateral 80 88 -9.1% 90 n 742 1,888
7. Total Nonperforming Loans & ----------------------- ------------ -----------------------
8. Repossessed Collateral $7,527 $9,281 -18.9% $7,706 -2.3% $8,643 $9,111
======================= ============ =======================
9. Classified Loans $22,965 $32,505 -29.3% $23,460 -2.1% $23,479 $27,324
======================= ============ =======================
10.Allowance for Loan Losses $53,834 $54,154 -0.6% $53,910 -0.1% $54,180 $54,159
11.Total Loans Outstanding 2,322,881 2,456,161 -5.4% 2,323,330 -0.0% 2,364,418 2,406,889
12.Total Assets 4,424,816 4,386,455 0.9% 4,576,385 -3.3% 4,482,793 4,564,692
13.Allowance for Loan Losses 2.32% 2.20% 2.32% 2.29% 2.25%
/ Total Loans
14.Nonperforming Loans/Total Loans 0.32% 0.37% 0.33% 0.33% 0.30%
15.Nonperforming Loans & Repossessed
16. Assets/Total Assets 0.17% 0.21% 0.17% 0.19% 0.20%
17.Allowance/Nonperforming Loans 723% 589% 708% 686% 750%
18.Allowance for Loan Losses 234% 167% 230% 231% 198%
/ Classified Loans
19.Classified Loans /
20. (Equity + Allowance 5.9% 8.3% 6.0% 5.8% 6.6%
for Loan Losses)
Page 13
WESTAMERICA BANCORPORATION Public Information April 13, 2004
10.Capital.
(dollars in thousands, except per-share amounts)
3/31/04 / 3/31/04 /
3/31/04 3/31/03 3/31/03 12/31/03 12/31/03 9/30/03 6/30/03
----------------------------------------------------------------------------
1. Shareholders' Equity $338,600 $336,946 0.5% $340,371 -0.5% $350,922 $357,311
2. Tier I Regulatory Capital 295,076 294,297 0.3% 304,734 -3.2% 312,308 308,534
3. Total Regulatory Capital 335,535 333,545 0.6% 342,627 -2.1% 350,380 347,219
4. Total Assets 4,424,816 4,386,455 0.9% 4,576,385 -3.3% 4,482,793 4,564,692
5. Risk-Adjusted Assets 2,983,467 3,114,609 -4.2% 3,007,545 -0.8% 3,018,061 3,067,975
6. Shareholders' Equity / 7.65% 7.68% 7.44% 7.83% 7.83%
Total Assets
7. Shareholders' Equity / 14.58% 13.72% 14.65% 14.84% 14.85%
Total Loans
8. Tier I Capital /Total Assets 6.67% 6.71% 6.66% 6.97% 6.76%
9. Tier I Capital / 9.89% 9.45% 10.13% 10.35% 10.06%
Risk-Adjusted Assets
10.Total Capital / 11.25% 10.71% 11.39% 11.61% 11.32%
Risk-Adjusted Assets
11.Shares Outstanding 31,787 32,907 -3.4% 32,287 -1.6% 32,723 32,937
12.Book Value Per Share ($) $10.65 $10.24 4.0% $10.54 1.0% $10.72 $10.85
13.Market Value Per Share ($) 50.46 39.49 27.8% 49.78 1.4% 44.48 43.08
14.Share Repurchase Programs
(shares in thousands)
Q1'04 / Q1'04 /
Q1'04 Q1'03 Q1'03 Q4'03 Q4'03
------------------------------------------------------
15.Total Shares Repurchased 574 568 1.1% 530 8.3%
/ Canceled
16. Average Repurchase Price $49.88 $40.34 23.6% $50.80 -1.8%
17.Net Shares Repurchased 500 504 -0.7% 436 14.8%
Page 14
WESTAMERICA BANCORPORATION Public Information April 13, 2004
11.Period-End Balance Sheets.
(dollars in thousands)
3/31/04 / 3/31/04 /
3/31/04 3/31/03 3/31/03 12/31/03 12/31/03 9/30/03 6/30/03
----------------------------------------------------------------------------
1. Assets:
2. Cash and Money Market Assets $167,183 $186,914 -10.6% $190,162 -12.1% $189,902 $202,193
3. Investment Securities 1,219,364 1,048,386 16.3% 1,413,911 -13.8% 1,245,311 1,251,341
Available For Sale
4. Investment Securities 586,171 520,896 12.5% 535,377 9.5% 569,996 588,231
Held to Maturity
5. Loans, gross 2,322,881 2,456,161 -5.4% 2,323,330 -0.0% 2,364,418 2,406,889
6. Allowance For Loan Losses (53,834) (54,154) -0.6% (53,910) -0.1% (54,180) (54,159)
----------------------- ------------ -----------------------
7. Loans, net 2,269,047 2,402,007 -5.5% 2,269,420 -0.0% 2,310,238 2,352,730
----------------------- ------------ -----------------------
8. Premises and Equipment 35,412 36,543 -3.1% 35,748 -0.9% 35,566 36,408
9. Core Deposit Intangible Asset 3,302 3,931 -16.0% 3,438 -4.0% 3,602 3,800
10. Goodwill 18,996 18,996 0.0% 18,996 0.0% 18,996 18,996
11. Interest Receivable and 125,341 168,782 -25.7% 109,333 14.6% 109,182 110,993
Other Assets ----------------------- ------------ -----------------------
12.Total Assets $4,424,816 $4,386,455 0.9%$4,576,385 -3.3%$4,482,793 $4,564,692
======================= ============ =======================
13.Liabilities and
Shareholders' Equity:
14. Deposits:
15. Noninterest Bearing $1,210,829 $1,129,455 7.2%$1,240,379 -2.4%$1,213,577 $1,184,847
16. Interest-Bearing 562,369 553,105 1.7% 561,696 0.1% 559,031 554,568
Transaction
17. Savings 1,049,435 980,291 7.1% 1,058,082 -0.8% 1,039,406 962,267
18. Time 624,543 667,237 -6.4% 603,834 3.4% 724,115 751,949
----------------------- ------------ -----------------------
19. Total Deposits 3,447,176 3,330,088 3.5% 3,463,991 -0.5% 3,536,129 3,453,631
----------------------- ------------ -----------------------
20. Short-Term Borrowed Funds 491,704 416,219 18.1% 590,646 -16.8% 433,348 393,287
21. FHLB Debt 20,000 170,000 -88.2% 105,000 105,000 170,000
22. Debt Financing and 21,429 21,393 0.2% 24,643 -13.0% 9,643 21,393
Notes Payable
23. Liability For Interest, 105,907 111,809 -5.3% 51,734 104.7% 47,751 169,070
Taxes and Other ----------------------- ------------ -----------------------
24.Total Liabilities 4,086,216 4,049,509 0.9% 4,236,014 -3.5% 4,131,871 4,207,381
----------------------- ------------ -----------------------
25.Shareholders' Equity:
26. Paid-In Capital $219,301 $215,291 1.9% $220,285 -0.4% $220,527 $219,060
27. Unrealized Gain on Investment
28. Securities Available For Sal 21,213 20,710 2.4% 13,191 60.8% 16,004 26,001
29. Retained Earnings 98,086 100,945 -2.8% 106,895 -8.2% 114,391 112,250
----------------------- ------------ -----------------------
30.Total Shareholders' Equity 338,600 336,946 0.5% 340,371 -0.5% 350,922 357,311
----------------------- ------------ -----------------------
31.Total Liabilities and $4,424,816 $4,386,455 0.9%$4,576,385 -3.3%$4,482,793 $4,564,692
Shareholders' Equity ======================= ============ =======================
Page 15
WESTAMERICA BANCORPORATION Public Information April 13, 2004
12.Income Statements.
(dollars in thousands, except per-share amounts)
Q1'04 / Q1'04 /
Q1'04 Q1'03 Q1'03 Q4'03 Q4'03
------------------------------------------------------
1. Interest and Fee Income:
2. Loans $34,023 $40,413 -15.8% $35,435 -4.0%
3. Money Market Assets 0 3 -100.0% 2 -100.0%
and Funds Sold
4. Investment Securities 15,248 11,474 32.9% 13,802 10.5%
Available For Sale
5. Investment Securities 5,140 5,235 -1.8% 5,572 -7.8%
Held to Maturity ----------------------- ------------
6. Total Interest Income 54,411 57,125 -4.8% 54,811 -0.7%
----------------------- ------------
7. Interest Expense:
8. Transaction Deposits 112 242 -53.7% 129 -13.2%
9. Savings Deposits 1,111 1,708 -35.0% 1,381 -19.6%
10. Time Deposits 1,930 2,957 -34.7% 2,112 -8.6%
11. Short-Term Borrowed Funds 1,131 851 32.9% 856 32.1%
12. Federal Home Loan Bank 896 1,575 -43.1% 979 -8.5%
Advances
13. Debt Financing and 335 404 -17.1% 306 9.5%
Notes Payable ----------------------- ------------
14.Total Interest Expense 5,515 7,737 -28.7% 5,763 -4.3%
----------------------- ------------
15.Net Interest Income 48,896 49,388 -1.0% 49,048 -0.3%
----------------------- ------------
16.Provision for Loan Losses 750 900 -16.7% 750 0.0%
----------------------- ------------
17.Noninterest Income:
18. Service Charges on Deposit 6,868 6,425 6.9% 6,572 4.5%
Accounts
19. Merchant Credit Card 825 862 -4.3% 864 -4.5%
20. Financial Services Commission 187 207 -9.7% 227 -17.6%
21. Mortgage Banking 133 226 -41.2% 139 -4.3%
22. Trust Fees 250 238 5.0% 235 6.4%
23. Securities Gains 1,788 15 n/m 0 n/m
24. Loss on Extinguishment of Deb (1,814) 0 n/m 0 n/m
25. Other 2,629 2,402 9.5% 2,455 7.1%
----------------------- ------------
26.Total Noninterest Income 10,866 10,375 4.7% 10,492 3.6%
----------------------- ------------
27.Noninterest Expense:
28. Salaries and Related Benefits 13,526 13,698 -1.3% 13,183 2.6%
29. Occupancy 2,948 2,995 -1.6% 3,037 -2.9%
30. Equipment 1,162 1,374 -15.4% 1,290 -9.9%
31. Data Processing 1,517 1,559 -2.7% 1,523 -0.4%
32. Professional Fees 409 413 -1.0% 486 -15.8%
33. Other 5,430 5,496 -1.2% 5,639 -3.7%
----------------------- ------------
34.Total Noninterest Expense 24,992 25,535 -2.1% 25,158 -0.7%
----------------------- ------------
35.Income Before Income Taxes 34,020 33,328 2.1% 33,632 1.2%
36.Provision for income taxes 9,706 10,316 -5.9% 9,325 4.1%
----------------------- ------------
37.Net Income $24,314 $23,012 5.7% $24,307 0.0%
======================= ============
38.Average Shares Outstanding 32,051 33,110 -3.2% 32,523 -1.4%
39.Diluted Average Shares 32,662 33,565 -2.7% 33,154 -1.5%
Outstanding
40.Per Share Data:
41. Basic Earnings $0.76 $0.70 9.1% $0.75 1.5%
42. Diluted Earnings 0.74 0.69 8.6% 0.73 1.5%
43. Dividends Paid 0.26 0.24 8.3% 0.26 0.0%