SAN RAFAEL, Calif., April 17, 2012 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq:WABC), parent company of Westamerica Bank, today reported net income for the first quarter 2012 of $21.0 million and diluted earnings per common share ("EPS") of $0.75. First quarter 2012 results compare to fourth quarter 2011 net income of $21.8 million and EPS of $0.77, and to first quarter 2011 net income of $22.4 million and EPS of $0.77. First quarter 2012 net income represented an annualized return on shareholders' equity of 15.5 percent.
"Westamerica remains highly profitable in spite of the protracted low-interest rate environment. Our first quarter 2012 net interest margin was 5.12 percent, which is supported by a low-cost funding base with 81 percent of our Bank's deposits represented by checking and savings deposits. Operating expenses remain well contained, declining $600 thousand from the prior quarter. Credit quality improved with nonperforming assets declining $20 million during the first quarter of 2012," said Chairman, President and CEO David Payne. "Westamerica paid a $0.37 per common share dividend in the first quarter 2012 and our common shares outstanding were reduced 233 thousand shares under our share repurchase plan. Westamerica's capital ratios remain at historically high levels," added Payne.
Net interest income on a fully taxable equivalent basis was $51.7 million for the first quarter 2012, compared to $53.4 million for the fourth quarter 2011 and to $55.0 million for the first quarter 2011. The change in net interest income is due to reductions in yields on loans and investment securities, which have declined during this period of low market interest rates. The change in net interest income is also attributable to reduced loan volumes, placing greater reliance on lower-yielding investment securities. Westamerica's purchased loans declined due to credit administration practices with higher-risk borrowers. Loan originations have been impacted by competitive loan pricing which, in Management's opinion, does not provide adequate forward earnings potential. To offset the decline in interest income, rates paid on interest-bearing deposits and borrowings have been reduced to minimize interest expense. The first quarter 2012 net interest margin on a fully taxable equivalent basis was 5.12 percent, compared to 5.24 percent and 5.35 percent for the fourth and first quarters of 2011, respectively.
The provision for loan losses was $2.8 million for the first quarter 2012, unchanged from the fourth and first quarters of 2011. First quarter 2012 net loan losses charged against the allowance for loan losses totaled $3.5 million, compared to $3.1 million and $4.1 million for the fourth and first quarters of 2011, respectively. At March 31, 2012, the allowance for loan losses totaled $31.9 million, and nonperforming originated loans totaled $16.7 million. At March 31, 2012, nonperforming purchased FDIC-indemnified loans totaled $7.2 million, net of purchase discounts of $3.6 million, and nonperforming purchased non-indemnified loans totaled $21.0 million, net of purchase discounts of $6.0 million.
Noninterest income for the first quarter 2012 totaled $14.7 million, compared to $14.9 million in the prior quarter and $14.7 million in the first quarter 2011.
Noninterest expense for the first quarter 2012 totaled $30.0 million, compared to $30.7 million in the prior quarter and $31.3 million in the first quarter 2011. The decline in noninterest expenses from the prior quarter was due to lower costs related to managing nonperforming assets and lower occupancy costs, offset in part by higher payroll taxes and other employee benefits. The decline in expenses from the first quarter 2011 was due to lower deposit insurance assessments and lower outsourced data processing costs.
At March 31, 2012, Westamerica Bancorporation's tangible common equity-to-asset ratio was 8.4 percent, Westamerica Bancorporation's total regulatory capital ratio was16.1 percent, and Westamerica Bank's total regulatory capital ratio was 15.6 percent. At March 31, 2012, the Company's assets totaled $5.1 billion and loans outstanding totaled $2.4 billion. Westamerica Bancorporation, through its wholly owned subsidiary Westamerica Bank, operates commercial banking and trust offices throughout Northern and Central California.
Westamerica Bancorporation Web Address: www.westamerica.com
The Westamerica Bancorporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3638
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, 2011 filed on Form 10-K and quarterly report for the quarter ended September 30, 2011 filed on Form 10-Q, 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 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 17, 2012 | |||||
| WESTAMERICA BANCORPORATION | |||||
| FINANCIAL HIGHLIGHTS | |||||
| March 31, 2012 | |||||
| 1. Net Income Summary. | |||||
| (in thousands except per-share amounts) | |||||
| % | |||||
| Q1'12 | Q1'11 | Change | Q4'11 | ||
| Net Interest Income (FTE) | $51,699 | $54,993 | -6.0% | $53,362 | |
| Provision for Loan Losses | 2,800 | 2,800 | 0.0% | 2,800 | |
| Noninterest Income | 14,669 | 14,743 | -0.5% | 14,857 | |
| Noninterest Expense | 30,034 | 31,323 | -4.1% | 30,663 | |
| Income Before Taxes (FTE) | 33,534 | 35,613 | -5.8% | 34,756 | |
| Income Tax Provision (FTE) | 12,529 | 13,231 | -5.3% | 12,951 | |
| Net Income | $21,005 | $22,382 | -6.2% | $21,805 | |
| Average Common Shares Outstanding | 28,051 | 29,021 | -3.3% | 28,296 | |
| Diluted Average Common Shares | 28,111 | 29,225 | -3.8% | 28,334 | |
| Operating Ratios: | |||||
| Basic Earnings Per Common Share | $0.75 | $0.77 | -2.6% | $0.77 | |
| Diluted Earnings Per Common Share | 0.75 | 0.77 | -2.6% | 0.77 | |
| Return On Assets (a) | 1.68% | 1.84% | 1.73% | ||
| Return On Common Equity (a) | 15.5% | 16.6% | 15.9% | ||
| Net Interest Margin (FTE) (a) | 5.12% | 5.35% | 5.24% | ||
| Efficiency Ratio (FTE) | 45.3% | 44.9% | 44.9% | ||
| Dividends Paid Per Common Share | $0.37 | $0.36 | 2.8% | $0.37 | |
| Common Dividend Payout Ratio | 49% | 47% | 48% | ||
| 2. Net Interest Income. | |||||
| (dollars in thousands) | |||||
| % | |||||
| Q1'12 | Q1'11 | Change | Q4'11 | ||
| Interest and Fee Income (FTE) | $53,258 | $57,296 | -7.0% | $55,217 | |
| Interest Expense | 1,559 | 2,303 | -32.3% | 1,855 | |
| Net Interest Income (FTE) | $51,699 | $54,993 | -6.0% | $53,362 | |
| Average Earning Assets | $4,060,271 | $4,153,110 | -2.2% | $4,052,476 | |
| Average Interest-- | |||||
| Bearing Liabilities | 2,843,612 | 2,870,661 | -0.9% | 2,846,417 | |
| Yield on Earning Assets (FTE) (a) | 5.27% | 5.57% | 5.42% | ||
| Cost of Funds (a) | 0.15% | 0.22% | 0.18% | ||
| Net Interest Margin (FTE) (a) | 5.12% | 5.35% | 5.24% | ||
| Interest Expense/ | |||||
| Interest-Bearing Liabilities (a) | 0.22% | 0.34% | 0.26% | ||
| Net Interest Spread (FTE) (a) | 5.05% | 5.23% | 5.16% | ||
| 3. Loans & Other Earning Assets. | |||||
| (average volume, dollars in thousands) | |||||
| % | |||||
| Q1'12 | Q1'11 | Change | Q4'11 | ||
| Total Assets | $5,030,935 | $4,940,998 | 1.8% | $5,013,227 | |
| Total Earning Assets | 4,060,271 | 4,153,110 | -2.2% | 4,052,476 | |
| Total Loans | 2,467,839 | 2,870,307 | -14.0% | 2,587,303 | |
| Commercial Loans | 523,089 | 713,981 | -26.7% | 575,607 | |
| Commercial RE Loans | 1,091,025 | 1,251,610 | -12.8% | 1,139,249 | |
| Consumer Loans | 853,725 | 904,716 | -5.6% | 872,447 | |
| Total Investment Securities | 1,592,432 | 1,282,803 | 24.1% | 1,465,173 | |
| Available For Sale (Market) | 637,232 | 705,570 | -9.7% | 667,514 | |
| Held To Maturity | 955,200 | 577,233 | 65.5% | 797,659 | |
| Unrealized Gain | 22,946 | 12,975 | n/m | 24,690 | |
| Loans/Deposits | 58.0% | 69.4% | 60.9% | ||
| 4. Deposits & Other Interest-Bearing Liabilities. | |||||
| (average volume, dollars in thousands) | |||||
| % | |||||
| Q1'12 | Q1'11 | Change | Q4'11 | ||
| Total Deposits | $4,253,764 | $4,138,799 | 2.8% | $4,248,191 | |
| Noninterest Demand | 1,576,058 | 1,463,075 | 7.7% | 1,559,801 | |
| Interest Bearing Transaction | 751,283 | 716,111 | 4.9% | 727,617 | |
| Savings | 1,133,261 | 1,077,203 | 5.2% | 1,145,110 | |
| Time greater than $100K | 512,427 | 548,238 | -6.5% | 521,742 | |
| Time less than $100K | 280,735 | 334,172 | -16.0% | 293,921 | |
| Total Short-Term Borrowings | 114,906 | 110,848 | 3.7% | 106,973 | |
| Federal Home Loan Bank Advances | 26,000 | 57,771 | -55.0% | 26,054 | |
| Term Repurchase Agreement | 10,000 | -- | n/m | 10,000 | |
| Debt Financing and Notes Payable | 15,000 | 26,318 | -43.0% | 15,000 | |
| Shareholders' Equity | 546,676 | 545,203 | 0.3% | 545,654 | |
| Demand Deposits/ | |||||
| Total Deposits | 37.1% | 35.4% | 36.7% | ||
| Transaction & Savings | |||||
| Deposits / Total Deposits | 81.4% | 78.7% | 80.8% | ||
| 5. Interest Yields Earned & Rates Paid. | ||||
| (dollars in thousands) | ||||
| Q1'12 | ||||
| Average | Income/ | Yield (a) / | ||
| Volume | Expense | Rate | ||
| Interest & Fee Income Earned | ||||
| Total Earning Assets (FTE) | $4,060,271 | $53,258 | 5.27% | |
| Total Loans (FTE) | 2,467,839 | 36,372 | 5.93% | |
| Commercial Loans (FTE) | 523,089 | 8,389 | 6.45% | |
| Commercial RE Loans | 1,091,025 | 18,249 | 6.73% | |
| Consumer Loans | 853,725 | 9,734 | 4.59% | |
| Total Investments (FTE) | 1,592,432 | 16,886 | 4.24% | |
| Interest Expense Paid | ||||
| Total Earning Assets | 4,060,271 | 1,559 | 0.15% | |
| Total Interest-Bearing Liabilities | 2,843,612 | 1,559 | 0.22% | |
| Total Interest-Bearing Deposits | 2,677,706 | 1,187 | 0.18% | |
| Interest-Bearing Transaction | 751,283 | 90 | 0.05% | |
| Savings | 1,133,261 | 236 | 0.08% | |
| Time less than $100K | 280,735 | 438 | 0.63% | |
| Time greater than $100K | 512,427 | 423 | 0.33% | |
| Total Short-Term Borrowings | 114,906 | 27 | 0.10% | |
| Federal Home Loan Bank Advances | 26,000 | 120 | 1.85% | |
| Term Repurchase Agreement | 10,000 | 25 | 0.97% | |
| Debt Financing and Notes Payable | 15,000 | 200 | 5.35% | |
| Net Interest Income and | ||||
| Margin (FTE) | $51,699 | 5.12% | ||
| Q1'11 | |||
| Average | Income/ | Yield (a) / | |
| Volume | Expense | Rate | |
| Interest & Fee Income Earned | |||
| Total Earning Assets (FTE) | $4,153,110 | $57,296 | 5.57% |
| Total Loans (FTE) | 2,870,307 | 42,233 | 5.97% |
| Commercial Loans (FTE) | 713,981 | 10,911 | 6.20% |
| Commercial RE Loans | 1,251,610 | 19,929 | 6.46% |
| Consumer Loans | 904,716 | 11,393 | 5.11% |
| Total Investments (FTE) | 1,282,803 | 15,063 | 4.70% |
| Interest Expense Paid | |||
| Total Earning Assets | 4,153,110 | 2,303 | 0.22% |
| Total Interest-Bearing Liabilities | 2,870,661 | 2,303 | 0.34% |
| Total Interest-Bearing Deposits | 2,675,724 | 1,890 | 0.29% |
| Interest-Bearing Transaction | 716,111 | 198 | 0.11% |
| Savings | 1,077,203 | 473 | 0.18% |
| Time less than $100K | 334,172 | 413 | 0.50% |
| Time greater than $100K | 548,238 | 806 | 0.60% |
| Total Short-Term Borrowings | 110,848 | 62 | 0.22% |
| Federal Home Loan Bank Advances | 57,771 | 151 | 1.05% |
| Term Repurchase Agreement | -- | -- | -- |
| Debt Financing and Notes Payable | 26,318 | 200 | 3.05% |
| Net Interest Income and | |||
| Margin (FTE) | $54,993 | 5.35% | |
| 6. Noninterest Income. | |||||
| (dollars in thousands except per-share amounts) | |||||
| % | |||||
| Q1'12 | Q1'11 | Change | Q4'11 | ||
| Service Charges on Deposits | $7,095 | $7,521 | -5.7% | $6,994 | |
| Merchant Processing Services | 2,393 | 2,171 | 10.2% | 2,515 | |
| Debit Card Fees | 1,163 | 1,201 | -3.2% | 1,204 | |
| ATM Processing Fees | 933 | 935 | -0.2% | 904 | |
| Trust Fees | 489 | 493 | -0.7% | 480 | |
| Financial Services Commissions | 171 | 29 | n/m | 165 | |
| Other Income | 2,425 | 2,393 | 1.3% | 2,595 | |
| Total Noninterest Income | $14,669 | $14,743 | -0.5% | $14,857 | |
| Total Revenue (FTE) | $66,368 | $69,736 | -4.8% | $68,219 | |
| Noninterest Income/Revenue (FTE) | 22.1% | 21.1% | 21.8% | ||
| Service Charges/Avg. Deposits (a) | 0.67% | 0.74% | 0.65% | ||
| Total Revenues (FTE) Per Avg. | |||||
| Common Share (a) | $9.52 | $9.75 | -2.4% | $9.57 | |
| 7. Noninterest Expense. | |||||
| (dollars in thousands) | |||||
| % | |||||
| Q1'12 | Q1'11 | Change | Q4'11 | ||
| Salaries & Benefits | $15,046 | $15,075 | -0.2% | $14,113 | |
| Occupancy | 3,934 | 4,025 | -2.3% | 4,124 | |
| Outsourced Data Processing | 2,083 | 2,456 | -15.2% | 2,101 | |
| Amortization of | |||||
| Identifiable Intangibles | 1,402 | 1,548 | -9.4% | 1,470 | |
| Professional Fees | 767 | 850 | -9.8% | 1,314 | |
| Equipment | 851 | 933 | -8.8% | 922 | |
| Other Real Estate Owned | 230 | 145 | 59.2% | 623 | |
| Courier Service | 785 | 843 | -7.0% | 806 | |
| Deposit Insurance Assessment | 750 | 1,220 | -38.5% | 740 | |
| Loan Expense | 627 | 394 | 59.1% | 589 | |
| Telephone | 376 | 435 | -13.5% | 420 | |
| Postage | 372 | 368 | 1.0% | 383 | |
| Operational Losses | 173 | 248 | -30.3% | 236 | |
| Stationery & Supplies | 243 | 323 | -24.7% | 340 | |
| Other Operating | 2,395 | 2,460 | -2.6% | 2,482 | |
| Total Noninterest Expense | $30,034 | $31,323 | -4.1% | $30,663 | |
| Noninterest Expense/ | |||||
| Avg. Earning Assets (a) | 2.98% | 3.06% | 3.00% | ||
| Noninterest Expense/Revenues (FTE) | 45.3% | 44.9% | 44.9% | ||
| 8. Provision for Loan Losses. | |||||
| (dollars in thousands) | |||||
| % | |||||
| Q1'12 | Q1'11 | Change | Q4'11 | ||
| Average Total Loans | $2,467,839 | $2,870,307 | -14.0% | $2,587,303 | |
| Avg. Total Purchased | |||||
| Covered Loans (1) | 512,966 | 674,806 | -24.0% | 559,451 | |
| Avg. Total Purchased | |||||
| Non-Covered Loans (2) | 119,503 | 193,440 | -38.2% | 132,576 | |
| Avg. Total Originated Loans | 1,835,370 | 2,002,061 | -8.3% | 1,895,276 | |
| Allowance for Loan Loss (ALL) | |||||
| Beginning of Period | $32,597 | $35,636 | -8.5% | $32,893 | |
| Provision for Loan Losses | 2,800 | 2,800 | 0.0% | 2,800 | |
| Net ALL Losses | (3,514) | (4,115) | -14.6% | (3,096) | |
| ALL End of Period | $31,883 | $34,321 | -7.1% | $32,597 | |
| ALL Recoveries/Gross ALL Losses | 25% | 22% | 50% | ||
| Net ALL Losses/Avg. Loans: | |||||
| Originated Loans (a) | 0.69% | 0.83% | 0.53% | ||
| Purchased Covered Loans (1)(a) | 0.28% | -- | 0.40% | ||
| Purchased Non-Covered Loans (2)(a) | -- | -- | -- | ||
| 9. Credit Quality. | |||||
| (dollars in thousands) | |||||
| % | |||||
| 3/31/12 | 3/31/11 | Change | 12/31/11 | ||
| Nonperforming Originated Loans: | |||||
| Nonperforming Nonaccrual | $9,976 | $21,222 | -53.0% | $10,291 | |
| Performing Nonaccrual | 6,374 | 234 | n/m | 5,256 | |
| Total Nonaccrual Loans | 16,350 | 21,456 | -23.8% | 15,547 | |
| 90+ Days Past Due Accruing Loans | 359 | 439 | -18.2% | 2,047 | |
| Total | 16,709 | 21,895 | -23.7% | 17,594 | |
| Repossessed Loan Collateral | 13,624 | 12,057 | 13.0% | 14,868 | |
| Total Originated | |||||
| Nonperforming Assets | 30,333 | 33,952 | -10.7% | 32,462 | |
| Nonperforming Purchased Covered Loans (1): | |||||
| Nonperforming Nonaccrual | 4,510 | 26,953 | -83.3% | 9,388 | |
| Performing Nonaccrual | 2,165 | 6,705 | -67.7% | 4,924 | |
| Total Nonaccrual Loans | 6,675 | 33,658 | -80.2% | 14,312 | |
| 90+ Days Past Due Accruing Loans | 520 | 251 | 107.2% | 241 | |
| Total | 7,195 | 33,909 | -78.8% | 14,553 | |
| Repossessed Purchased Covered | |||||
| Loan Collateral (1) | 15,810 | 20,914 | -24.4% | 19,135 | |
| Total Nonperforming Purchased | |||||
| Covered Assets (1) | 23,005 | 54,823 | -58.0% | 33,688 | |
| Nonperforming Purchased Non-Covered Loans (2): | |||||
| Nonperforming Nonaccrual | 13,948 | 33,975 | -58.9% | 16,170 | |
| Performing Nonaccrual | 7,056 | 7,613 | -7.3% | 7,037 | |
| Total Nonaccrual Loans | 21,004 | 41,588 | -49.5% | 23,207 | |
| 90+ Days Past Due Accruing Loans | -- | 18 | n/m | 34 | |
| Total | 21,004 | 41,606 | -49.5% | 23,241 | |
| Repossessed Purchased Non-Covered | |||||
| Loan Collateral (2) | 6,543 | 2,556 | n/m | 11,632 | |
| Total Nonperforming Purchased | |||||
| Non-Covered Assets (2) | 27,547 | 44,162 | -37.6% | 34,873 | |
| Total Nonperforming Assets | $80,885 | $132,937 | -39.2% | $101,023 | |
| Total Originated Loans Outstanding | $1,819,162 | $1,986,976 | -8.4% | $1,862,607 | |
| Total Purchased Covered | |||||
| Loans Outstanding (1) | 491,103 | 660,456 | -25.6% | 535,278 | |
| Total Purchased Non-Covered | |||||
| Loans Outstanding (2) | 112,179 | 187,203 | -40.1% | 125,921 | |
| Total Loans Outstanding | $2,422,444 | $2,834,635 | -14.5% | $2,523,806 | |
| Total Assets | $5,060,257 | $4,937,429 | 2.5% | $5,042,161 | |
| Originated Loans: | |||||
| Allowance for Loan Losses | $31,883 | $34,321 | -7.1% | $32,597 | |
| Allowance/Originated Loans | 1.75% | 1.73% | 1.75% | ||
| Nonperforming Originated Loans/ | |||||
| Total Originated Loans | 0.92% | 1.10% | 0.94% | ||
| Allowance/Originated | |||||
| Nonperforming Loans | 191% | 157% | 185% | ||
| Purchased Covered Loans (1): | |||||
| Fair Value Discount on Purchased | |||||
| Covered Loans | $37,503 | $57,184 | $46,282 | ||
| Discount/Purchased Covered | |||||
| Loans, gross | 7.09% | 7.97% | 7.96% | ||
| Nonperforming Purchased Covered Loans/ | |||||
| Total Purchased Covered Loans | 1.47% | 5.13% | 2.72% | ||
| Purchased Non-Covered Loans (2): | |||||
| Fair Value Discount on Purchased | |||||
| Non-Covered Loans | $9,960 | $28,931 | $10,211 | ||
| Discount/Purchased Non-Covered | 8.15% | 13.39% | 7.50% | ||
| Loans, gross | |||||
| Nonperforming Purchased Non-Covered Loans/ | |||||
| Total Purchased Non-Covered Loans | 18.72% | 22.23% | 18.46% | ||
| 10. Capital. | |||||
| (in thousands, except per-share amounts) | |||||
| % | |||||
| 3/31/12 | 3/31/11 | Change | 12/31/11 | ||
| Shareholders' Equity | $559,528 | $550,915 | 1.6% | $558,641 | |
| Tier I Regulatory Capital | 409,203 | 416,671 | -1.8% | 408,266 | |
| Total Regulatory Capital | 444,180 | 454,584 | -2.3% | 444,659 | |
| Total Assets | 5,060,257 | 4,937,429 | 2.5% | 5,042,161 | |
| Risk-Adjusted Assets | 2,759,789 | 2,879,621 | -4.2% | 2,808,303 | |
| Shareholders' Equity/ | |||||
| Total Assets | 11.06% | 11.16% | 11.08% | ||
| Shareholders' Equity/ | |||||
| Total Loans | 23.10% | 19.44% | 22.13% | ||
| Tier I Capital/Total Assets | 8.09% | 8.44% | 8.10% | ||
| Tier I Capital/ | |||||
| Risk-Adjusted Assets | 14.83% | 14.47% | 14.54% | ||
| Total Regulatory Capital/ | |||||
| Risk-Adjusted Assets | 16.09% | 15.79% | 15.83% | ||
| Tangible Common Equity Ratio | 8.36% | 8.28% | 8.35% | ||
| Common Shares Outstanding | 27,917 | 28,920 | -3.5% | 28,150 | |
| Common Equity Per Share | $20.04 | $19.05 | 5.2% | $19.85 | |
| Market Value Per Common Share | $48.00 | $51.37 | -6.6% | $43.90 | |
| Share Repurchase Programs | |||||
| (shares in thousands) | |||||
| % | |||||
| Q1'12 | Q1'11 | Change | Q4'11 | ||
| Total Shares Repurchased | 249 | 239 | 4.3% | 361 | |
| Average Repurchase Price | $46.86 | $50.47 | -7.2% | $42.83 | |
| Net Shares Repurchased | 233 | 170 | 36.8% | 151 | |
| 11. Period-End Balance Sheets. | |||||
| (unaudited, dollars in thousands) | |||||
| % | |||||
| 3/31/12 | 3/31/11 | Change | 12/31/11 | ||
| Assets: | |||||
| Cash and Money Market Assets | $541,102 | $348,499 | 55.3% | $530,045 | |
| Investment Securities: | |||||
| Available For Sale | 639,738 | 741,603 | -13.7% | 638,753 | |
| Held to Maturity | 1,038,493 | 591,923 | 75.4% | 922,803 | |
| Purchased Covered Loans (1) | 491,103 | 660,456 | -25.6% | 535,278 | |
| Purchased Non-Covered Loans (2) | 112,179 | 187,203 | -40.1% | 125,921 | |
| Originated Loans | 1,819,162 | 1,986,976 | -8.4% | 1,862,607 | |
| Allowance For Loan Losses | (31,883) | (34,321) | -7.1% | (32,597) | |
| Total Loans, net | 2,390,561 | 2,800,314 | -14.6% | 2,491,209 | |
| Non-Covered Other Real Estate | |||||
| Owned | 20,167 | 14,613 | 38.0% | 26,500 | |
| Covered Other Real Estate | |||||
| Owned (1) | 15,810 | 20,914 | -24.4% | 19,135 | |
| Premises and Equipment, net | 37,827 | 35,704 | 5.9% | 36,548 | |
| Identifiable Intangibles, net | 27,227 | 33,056 | -17.6% | 28,629 | |
| Goodwill | 121,673 | 121,673 | 0.0% | 121,673 | |
| Other Assets | 227,659 | 229,130 | -0.6% | 226,866 | |
| Total Assets | $5,060,257 | $4,937,429 | 2.5% | $5,042,161 | |
| Liabilities and Shareholders' Equity: | |||||
| Deposits: | |||||
| Noninterest Bearing | $1,575,687 | $1,476,590 | 6.7% | $1,562,254 | |
| Interest-Bearing Transaction | 748,149 | 689,475 | 8.5% | 734,988 | |
| Savings | 1,143,027 | 1,098,018 | 4.1% | 1,148,178 | |
| Time | 782,141 | 876,290 | -10.7% | 804,501 | |
| Total Deposits | 4,249,004 | 4,140,373 | 2.6% | 4,249,921 | |
| Short-Term Borrowed Funds | 106,683 | 104,359 | 2.2% | 115,689 | |
| Federal Home Loan Bank Advances | 25,967 | 51,490 | n/m | 26,023 | |
| Term Repurchase Agreement | 10,000 | -- | n/m | 10,000 | |
| Debt Financing and Notes Payable | 15,000 | 26,108 | -42.5% | 15,000 | |
| Other Liabilities | 94,075 | 64,184 | 46.6% | 66,887 | |
| Total Liabilities | 4,500,729 | 4,386,514 | 2.6% | 4,483,520 | |
| Shareholders' Equity: | |||||
| Common Equity: | |||||
| Paid-In Capital | 378,590 | 381,866 | -0.9% | 380,835 | |
| Accumulated Other | |||||
| Comprehensive Income | 12,180 | 2,526 | n/m | 11,369 | |
| Retained Earnings | 168,758 | 166,523 | 1.3% | 166,437 | |
| Total Shareholders' Equity | 559,528 | 550,915 | 1.6% | 558,641 | |
| Total Liabilities and | |||||
| Shareholders' Equity | $5,060,257 | $4,937,429 | 2.5% | $5,042,161 | |
| 12. Income Statements. | |||||
| (unaudited, in thousands except per-share amounts) | |||||
| % | |||||
| Q1'12 | Q1'11 | Change | Q4'11 | ||
| Interest & Fee Income: | |||||
| Loans | $35,656 | $41,363 | -13.8% | $38,139 | |
| Investment Securities: | |||||
| Available for Sale | 4,788 | 5,218 | -8.2% | 5,167 | |
| Held to Maturity | 7,854 | 5,913 | 32.8% | 7,115 | |
| Total Interest Income | 48,298 | 52,494 | -8.0% | 50,421 | |
| Interest Expense: | |||||
| Transaction Deposits | 90 | 198 | -54.6% | 144 | |
| Savings Deposits | 236 | 473 | -50.0% | 356 | |
| Time Deposits | 861 | 1,219 | -29.4% | 961 | |
| Short-Term Borrowed Funds | 27 | 62 | -55.8% | 46 | |
| Federal Home Loan Bank Advances | 120 | 151 | -21.0% | 122 | |
| Term Repurchase Agreement | 25 | -- | n/m | 25 | |
| Debt Financing and Notes Payable | 200 | 200 | 0.0% | 201 | |
| Total Interest Expense | 1,559 | 2,303 | -32.3% | 1,855 | |
| Net Interest Income | 46,739 | 50,191 | -6.9% | 48,566 | |
| Provision for Loan Losses | 2,800 | 2,800 | 0.0% | 2,800 | |
| Noninterest Income: | |||||
| Service Charges | 7,095 | 7,521 | -5.7% | 6,994 | |
| Merchant Processing Services | 2,393 | 2,171 | 10.2% | 2,515 | |
| Debit Card Fees | 1,163 | 1,201 | -3.2% | 1,204 | |
| ATM Processing Fees | 933 | 935 | -0.2% | 904 | |
| Trust Fees | 489 | 493 | -0.7% | 480 | |
| Financial Services Commissions | 171 | 29 | n/m | 165 | |
| Other | 2,425 | 2,393 | 1.3% | 2,595 | |
| Total Noninterest Income | 14,669 | 14,743 | -0.5% | 14,857 | |
| Noninterest Expense: | |||||
| Salaries and Benefits | 15,046 | 15,075 | -0.2% | 14,113 | |
| Occupancy | 3,934 | 4,025 | -2.3% | 4,124 | |
| Outsourced Data Processing | 2,083 | 2,456 | -15.2% | 2,101 | |
| Amortization of Identifiable Intangibles | 1,402 | 1,548 | -9.4% | 1,470 | |
| Professional Fees | 767 | 850 | -9.8% | 1,314 | |
| Equipment | 851 | 933 | -8.8% | 922 | |
| Other Real Estate Owned | 230 | 145 | 59.2% | 623 | |
| Courier Service | 785 | 843 | -7.0% | 806 | |
| Deposit Insurance Assessment | 750 | 1,220 | -38.5% | 740 | |
| Other | 4,186 | 4,228 | -1.0% | 4,450 | |
| Total Noninterest Expense | 30,034 | 31,323 | -4.1% | 30,663 | |
| Income Before Income Taxes | 28,574 | 30,811 | -7.3% | 29,960 | |
| Income Tax Provision | 7,569 | 8,429 | -10.2% | 8,155 | |
| Net Income | $21,005 | $22,382 | -6.2% | $21,805 | |
| Average Common Shares Outstanding | 28,051 | 29,021 | -3.3% | 28,296 | |
| Diluted Common Shares Outstanding | 28,111 | 29,225 | -3.8% | 28,334 | |
| Per Common Share Data: | |||||
| Basic Earnings | $0.75 | $0.77 | -2.6% | $0.77 | |
| Diluted Earnings | 0.75 | 0.77 | -2.6% | 0.77 | |
| Dividends Paid | 0.37 | 0.36 | 2.8% | 0.37 | |
| Footnotes and Abbreviations: | |||||
| (FTE) Fully Taxable Equivalent | |||||
| (a) Annualized | |||||
| (1) Purchased covered loans represent purchased loans on which losses are shared with the FDIC per a Loss Sharing Agreement. Purchased covered loans were recorded at estimated fair value at February 6, 2009, the date of purchase. | |||||
| (2) Purchased non-covered loans represent purchased loans recorded at estimated fair value at August 20, 2010, the date of purchase. | |||||
CONTACT: Westamerica Bancorporation
Robert A. Thorson - SVP & Chief Financial Officer
707-863-6840