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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 

For the quarterly period ended June 30, 2020

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 

For the transition period from __________ to __________.

 

Commission file number: 001-09383

WESTAMERICA BANCORPORATION

(Exact Name of Registrant as Specified in Its Charter)

 

California94-2156203

(State or Other Jurisdiction of 

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

 

1108 Fifth Avenue, San Rafael, California 94901

(Address of Principal Executive Offices) (Zip Code)

 

Registrant's Telephone Number, Including Area Code (707) 863-6000

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, no par value

WABC

The Nasdaq Stock Market, LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Yes ☒                                                                                       No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 

Yes ☒                                                                                       No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer ☒

Accelerated filer ☐

    Non-accelerated filer  

 

Smaller reporting company

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Yes                                                                                        No ☒

 

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date:

 

Title of ClassShares outstanding as of July 29, 2020

Common Stock, 

No Par Value

26,932,929

 

 

 

 

TABLE OF CONTENTS

 

 

 

Page

Forward Looking Statements

3

PART I - FINANCIAL INFORMATION

 

Item 1

 

Financial Statements

4

 

 

Notes to Unaudited Consolidated Financial Statements

 9

Item 2

 

Management's Discussion and Analysis of Financial Condition and Results of Operations

33

Item 3

 

Quantitative and Qualitative Disclosures about Market Risk

56

Item 4

 

Controls and Procedures

56

PART II - OTHER INFORMATION

 

Item 1

 

Legal Proceedings

56

Item 1A

 

Risk Factors

56

Item 2

 

Unregistered Sales of Equity Securities and Use of Proceeds

58

Item 3

 

Defaults upon Senior Securities

58

Item 4

 

Mine Safety Disclosures

58

Item 5

 

Other Information

58

Item 6

 

Exhibits

59

Signatures

60

 

 

 

 

-2-

 

 

FORWARD-LOOKING STATEMENTS

 

This report on Form 10-Q contains forward-looking statements about Westamerica Bancorporation (the “Company”) for which it claims the protection of the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, future credit quality and performance, the appropriateness of the allowance for credit losses, loan growth or reduction, mitigation of risk in the Company’s loan and investment securities portfolios, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of plans, objectives and expectations of the Company or its management or board of directors, including those relating to products or services; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as "believes", "anticipates", "expects", “estimates”, "intends", "targeted", "projected", “forecast”, "continue", "remain", "will", "should", "may" and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

 

These forward-looking statements are based on Management’s current knowledge and belief and include information concerning the Company’s possible or assumed future financial condition and results of operations. A number of factors, some of which are beyond the Company’s ability to predict or control, could cause future results to differ materially from those contemplated. These factors include but are not limited to (1) the length and severity of difficulties in the global, national and California economies and the effects of government efforts to address those difficulties; (2) liquidity levels in capital markets; (3) fluctuations in asset prices including, but not limited to stocks, bonds, real estate, and commodities; (4) the effect of acquisitions and integration of acquired businesses; (5) economic uncertainty created by riots, terrorist threats and attacks on the United States, the actions taken in response, and the uncertain effect of these events on the local, regional and national economies; (6) changes in the interest rate environment; (7) changes in the regulatory environment; (8) competitive pressure in the banking industry; (9) operational risks including a failure or breach in data processing or security systems or those of third party vendors and other service providers, including as a result of cyber attacks or fraud; (10) volatility of interest rate sensitive loans, deposits and investments; (11) asset/liability management risks and liquidity risks; (12) the effect of natural disasters, including earthquakes, fire, flood, drought, pandemics and other disasters on the Company, including on the uninsured value of the Company’s assets and of loan collateral, the financial condition of debtors and issuers of investment securities, the economic conditions affecting the Company’s market place, and commodities and asset values; (13) changes in the securities markets; and (14) the duration and severity of the COVID-19 pandemic and governmental responses to the pandemic; and (15) the outcome of contingencies, such as legal proceedings. However, the reader should not consider the above-mentioned factors to be a complete set of all potential risks or uncertainties.

 

Forward-looking statements speak only as of the date they are made. The Company undertakes no obligation to update any forward-looking statements in this report to reflect circumstances or events that occur after the date forward looking statements are made, except as may be required by law. The reader is directed to the Company's Form 8-K filed on April 16, 2020, and the annual report on Form 10-K for the year ended December 31, 2019, for further discussion of factors which could affect the Company's business and cause actual results to differ materially from those expressed in any forward-looking statement made in this report.

 

 

-3-

 

PART I - FINANCIAL INFORMATION

Item 1      Financial Statements

 

 

WESTAMERICA BANCORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

  

At June 30,

  

At December 31,

 
  

2020

  

2019

 
  

(In thousands)

 

Assets:

        

Cash and due from banks

 $500,820  $373,421 

Debt securities available for sale

  3,708,370   3,078,846 

Debt securities held to maturity, net of allowance for credit losses of $16 at June 30, 2020 and $ - at December 31, 2019 (Fair value of $656,390 at June 30, 2020 and $744,296 at December 31, 2019)

  638,281   738,072 

Loans

  1,316,359   1,126,664 

Allowance for credit losses on loans

  (24,529)  (19,484)

Loans, net of allowance for credit losses on loans

  1,291,830   1,107,180 

Other real estate owned

  43   43 

Premises and equipment, net

  34,061   34,597 

Identifiable intangibles, net

  1,245   1,391 

Goodwill

  121,673   121,673 

Other assets

  167,566   164,332 

Total Assets

 $6,463,889  $5,619,555 
         

Liabilities:

        

Noninterest-bearing deposits

 $2,702,885  $2,240,112 

Interest-bearing deposits

  2,765,527   2,572,509 

Total deposits

  5,468,412   4,812,621 

Short-term borrowed funds

  86,170   30,928 

Other liabilities

  101,231   44,589 

Total Liabilities

  5,655,813   4,888,138 
         

Contingencies (Note 10)

          
         

Shareholders' Equity:

        

Common stock (no par value), authorized - 150,000 shares Issued and outstanding: 26,933 at June 30, 2020 and 27,062 at December 31, 2019

  467,351   465,460 

Deferred compensation

  35   771 

Accumulated other comprehensive income

  93,732   26,051 

Retained earnings

  246,958   239,135 

Total Shareholders' Equity

  808,076   731,417 

Total Liabilities and Shareholders' Equity

 $6,463,889  $5,619,555 

 

See accompanying notes to unaudited consolidated financial statements.

 

-4-

 

 

WESTAMERICA BANCORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

 

   

For the Three Months

   

For the Six Months

 
   

Ended June 30,

 
   

2020

   

2019

   

2020

   

2019

 
   

(In thousands, except per share data)

 

Interest and Loan Fee Income:

                               

Loans

  $ 15,278     $ 14,822     $ 29,087     $ 29,619  

Equity securities

    103       99       206       197  

Debt securities available for sale

    22,429       17,823       43,744       35,344  

Debt securities held to maturity

    3,616       4,924       7,524       10,253  

Interest-bearing cash

    113       1,958       969       3,696  

Total Interest and Loan Fee Income

    41,539       39,626       81,530       79,109  

Interest Expense:

                               

Deposits

    424       478       858       963  

Short-term borrowed funds

    10       9       18       18  

Other borrowed funds

    1       -       1       -  

Total Interest Expense

    435       487       877       981  

Net Interest and Loan Fee Income

    41,104       39,139       80,653       78,128  

Provision for Credit Losses

    -       -       4,300       -  

Net Interest and Loan Fee Income After Provision for Credit Losses

    41,104       39,139       76,353       78,128  

Noninterest Income:

                               

Service charges on deposit accounts

    3,151       4,493       7,399       8,997  

Merchant processing services

    2,277       2,657       4,635       5,215  

Debit card fees

    1,459       1,641       2,927       3,148  

Trust fees

    714       749       1,491       1,466  

ATM processing fees

    518       722       1,097       1,355  

Other service fees

    420       585       926       1,162  

Financial services commissions

    123       93       248       194  

Securities gains

    71       26       71       50  

Life insurance gains

    -       433       -       433  

Other noninterest income

    821       889       2,408       1,847  

Total Noninterest Income

    9,554       12,288       21,202       23,867  

Noninterest Expense:

                               

Salaries and related benefits

    12,900       13,090       25,918       26,198  

Occupancy and equipment

    4,791       4,916       9,723       9,964  

Outsourced data processing services

    2,324       2,367       4,729       4,736  

Professional fees

    643       481       1,032       1,146  

Courier service

    508       451       999       893  

Amortization of identifiable intangibles

    73       79       146       389  

Loss contingency

    -       553       -       553  

Other noninterest expense

    3,515       3,624       6,871       6,865  

Total Noninterest Expense

    24,754       25,561       49,418       50,744  

Income Before Income Taxes

    25,904       25,866       48,137       51,251  

Provision for income taxes

    6,342       6,241       11,613       11,980  

Net Income

  $ 19,562     $ 19,625     $ 36,524     $ 39,271  
                                 

Average Common Shares Outstanding

    26,935       26,942       27,001       26,892  

Average Diluted Common Shares Outstanding

    26,951       26,987       27,024       26,950  

Per Common Share Data:

                               

Basic earnings

  $ 0.72     $ 0.73     $ 1.35     $ 1.46  

Diluted earnings

    0.72       0.73       1.35       1.46  

Dividends paid

    0.41       0.41       0.82       0.81  

 

See accompanying notes to unaudited consolidated financial statements.

 

-5-

 

 

WESTAMERICA BANCORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited)

 

   

For the Three Months

   

For the Six Months

 
   

Ended June 30,

 
   

2020

   

2019

   

2020

   

2019

 
   

(In thousands)

 

Net income

  $ 19,562     $ 19,625     $ 36,524     $ 39,271  

Other comprehensive income:

                               

Changes in net unrealized gains on debt securities available for sale

    132,902       34,602       96,158       75,415  

Deferred tax expense

    (39,291 )     (10,229 )     (28,427 )     (22,295 )

Reclassification of gains included in net income

    (71 )     -       (71 )     -  

Deferred tax expense on gains included in net income

    21       -       21       -  

Changes in net unrealized gains on debt securities available for sale, net of tax

    93,561       24,373       67,681       53,120  

Total comprehensive income

  $ 113,123     $ 43,998     $ 104,205     $ 92,391  

 

See accompanying notes to unaudited consolidated financial statements.

 

 

 

 

 

 

 

 

 

 

-6-

 

 

WESTAMERICA BANCORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

(unaudited)

 

              

Accumulated

         
  

Common

          

Other

         
  

Shares

  

Common

  

Deferred

  

Comprehensive

  

Retained

     
  

Outstanding

  

Stock

  

Compensation

  

Income (Loss)

  

Earnings

  

Total

 
  

(In thousands except dividend per share)

 
                         

Balance, March 31, 2020

  26,932  $465,701  $771  $171  $238,903  $705,546 

Net income for the period

                  19,562   19,562 

Other comprehensive income

              93,561       93,561 

Exercise of stock options

  13   572               572 

Restricted stock activity

  -   736   (736)          - 

Stock based compensation

      525               525 

Stock awarded to employees

  1   45               45 

Retirement of common stock

  (13)  (228)          (391)  (619)

Dividends ($0.41 per share)

                  (11,116)  (11,116)

Balance, June 30, 2020

  26,933  $467,351  $35  $93,732  $246,958  $808,076 
                         

Balance, December 31, 2019

  27,062  $465,460  $771  $26,051  $239,135  $731,417 

Adoption of ASU 2016-13

                  52   52 

Adjusted Balance, January 1, 2020

  27,062   465,460   771   26,051   239,187   731,469 

Net income for the period

                  36,524   36,524 

Other comprehensive income

              67,681       67,681 

Exercise of stock options

  53   2,838               2,838 

Restricted stock activity

  10   1,270   (736)          534 

Stock based compensation

      1,050               1,050 

Stock awarded to employees

  1   66               66 

Retirement of common stock

  (193)  (3,333)          (6,533)  (9,866)

Dividends ($0.82 per share)

                  (22,220)  (22,220)

Balance, June 30, 2020

  26,933  $467,351  $35  $93,732  $246,958  $808,076 
                         

Balance, March 31, 2019

  26,901  $455,304  $771  $(11,249) $211,941  $656,767 

Net income for the period

                  19,625   19,625 

Other comprehensive income

              24,373       24,373 

Exercise of stock options

  50   2,539               2,539 

Restricted stock activity

  18   1,073               1,073 

Stock based compensation

  -   541               541 

Stock awarded to employees

  1   48               48 

Retirement of common stock

  (8)  (136)          (352)  (488)

Dividends ($0.41 per share)

                  (11,041)  (11,041)

Balance, June 30, 2019

  26,962  $459,369  $771  $13,124  $220,173  $693,437 
                         

Balance, December 31, 2018

  26,730  $448,351  $1,395  $(39,996) $205,841  $615,591 

Cumulative effect of bond premium amortization adjustment, net of tax

                  (2,801)  (2,801)

Adjusted Balance, January 1, 2019

  26,730   448,351   1,395   (39,996)  203,040   612,790 

Net income for the period

                  39,271   39,271 

Other comprehensive income

              53,120       53,120 

Shares issued from stock warrant exercise, net of repurchase

  51                   - 

Exercise of stock options

  170   8,310               8,310 

Restricted stock activity

  18   1,697   (624)          1,073 

Stock based compensation

  -   1,082               1,082 

Stock awarded to employees

  1   65               65 

Retirement of common stock

  (8)  (136)          (352)  (488)

Dividends ($0.81 per share)

                  (21,786)  (21,786)

Balance, June 30, 2019

  26,962  $459,369  $771  $13,124  $220,173  $693,437 

 

See accompanying notes to unaudited consolidated financial statements.

 

-7-

 

 

WESTAMERICA BANCORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS 

(unaudited)

 

   

For the Six Months

 
   

Ended June 30,

 
   

2020

   

2019

 
   

(In thousands)

 

Operating Activities:

               

Net income

  $ 36,524     $ 39,271  

Adjustments to reconcile net income to net cash provided by operating activities:

               

Depreciation and amortization/accretion

    12,361       9,852  

Provision for credit losses

    4,300       -  

Stock option compensation expense

    1,050       1,082  

Securities gains

    (71 )     (50 )

Life insurance gains

    -       (433 )

Net change in:

               

Amortization of deferred loan fees

    (1,057 )     (215 )

Interest income receivable

    (3,526 )     (673 )

Income taxes receivable

    -       (6,549 )

Income taxes payable

    (585 )     -  

Deferred income taxes

    478       4,902  

Other assets

    (12,478 )     (20,013 )

Interest expense payable

    52       44  

Other liabilities

    28,875       12,323  

Net Cash Provided by Operating Activities

    65,923       39,541  
                 

Investing Activities:

               

Net (disbursements) repayments of loans

    (189,704 )     44,721  

Proceeds from life insurance policies

    -       1,273