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 15, 2003
Commission File Number: 001-9383
WESTAMERICA BANCORPORATION
--------------------------
(Exact name of registrant as specified in its charter)
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)
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Item 7: Exhibits
----------------
99.1 Press release dated April 15, 2003
Item 9: Regulation FD Disclosure
---------------------------------
(Furnished under Item 12)
This Current Report on Form 8-K is being furnished pursuant to Item 12, "Results
of Operations and Financial Condition," in accordance with interim guidance
promulgated by the Securities and Exchange Commission in Release No. 34-47583
that was issued March 27, 2003. See "Item 12: Results of Operations and
Financial Condition" below.
Item 12: Results of Operations and Financial Condition
-------------------------------------------------------
On April 15, 2003 Westamerica Bancorporation announced their quarterly earnings
for the first quarter of 2003. 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
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INDEX TO EXHIBITS
-----------------
Sequentially
Exhibit No. Description Number Page
----------- --------------------- -------------
(99.1) Press release dated 5-13
April 15, 2003
Page 5
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
April 15, 2003
WESTAMERICA BANCORPORATION FIRST QUARTER 2003 EARNINGS PER
SHARE INCREASE 10%
San Rafael, CA: Westamerica Bancorporation (NASDAQ: WABC), parent company of
Westamerica Bank, today reported net income for the first quarter of 2003 of
$23.0 million or $.69 diluted earnings per share, up from $21.7 million or $.63
diluted earnings per share for the first quarter of 2002. The return on equity
(ROE) for the first quarter of 2003 was 29.6 percent, and the return on
assets (ROA) was 2.22 percent, compared to 29.2 percent and 2.25 percent,
respectively, in the first quarter of 2002.
"We are pleased with first quarter results, especially our ability to sustain
superior credit quality through this period of economic uncertainty. We have
maintained our allowance for loan losses at $54 million or 2.2% of total loans,
while non-performing loans and OREO declined to $9.3 million, down 10% from
December 31, 2002," said Chairman, President and CEO David Payne. "Our balance
sheet continues to demonstrate our low-risk profile while delivering high levels
of profitability," added Payne.
Net interest income on a fully taxable equivalent basis was $54.1 million in
the first quarter of 2003, compared to $55.0 million in the prior quarter and
to $52.7 million in the first quarter of 2002. The first quarter 2003 net
interest margin on a taxable equivalent basis was 5.58 percent, compared to 5.71
percent in the prior quarter and to 5.86 percent for the first quarter of 2002.
The margin decrease is generally attributable to yields on loans and investments
declining more than the decline in rates paid on deposits and other funds.
The provision for loan losses was $900 thousand for the first quarter of 2003
unchanged from the previous quarter and first quarter of 2002. Net loan charge-
offs totaled $973 thousand or 0.16 percent of average loans (annualized) in the
first quarter of 2003. At March 31, 2003, the allowance for loan losses was
$54.2 million, or 2.20 percent of total loans.
Noninterest income in the first quarter of 2003 was $10.4 million, up from $10.0
million reported in the year-ago quarter. Higher fees on deposits, debit card
and ATM fees, mortgage banking income, and other fees were offset in part by
lower trust fees and financial services commissions in the first quarter of 2003
compared to first quarter of 2002.
Noninterest expense for the first quarter of 2003 totaled $25.5 million, down
$221 thousand from the prior quarter, and down $158 thousand from the first
quarter of 2002. The reduction in the first quarter of 2003 from the first
quarter of 2002 included $165 thousand lower personnel costs; lower incentives
were offset in part by higher employee benefit costs. The efficiency ratio for
first quarter 2003 was 39.6 percent compared with 41.0 percent first quarter
2002.
Page 6
Shareholders' equity was $337 million at March 31, 2003, up 9.5 percent from
$308 million at March 31, 2002. The Company's equity-to-asset ratio was 7.7
percent at March 31, 2003, compared to 7.8 percent at March 31, 2002. Net
repurchases of the Company's common stock in the first quarter 2003
totaled approximately 504 thousand shares.
At March 31, 2003, the Company had total assets of $4.4 billion, up 11 percent
from March 31, 2002. At March 31, 2003, total loans outstanding were $2.5
billion, essentially unchanged from March 31, 2002.
Westamerica Bancorporation, through its wholly owned subsidiary Westamerica
Bank, operates 89 branches and two trust offices throughout 23 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, 2002, 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 the former First Counties 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.
#####
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WESTAMERICA BANCORPORATION Public Information April 15, 2003
FINANCIAL HIGHLIGHTS
March 31, 2003
1. Net Income Summary.
(dollars in thousands except per-share amounts)
Q1'03 / Q1'03 /
Q1'03 Q1'02 Q1'02 Q4'02 Q4'02
----------------------------------------------------
1. Net Interest Income (FTE) $54,062 $52,712 2.6% $54,985 -1.7%
2. Loan Loss Provision 900 900 0.0% 900 0.0%
3. Noninterest Income 10,375 9,999 3.8% 10,214 1.6%
7. Noninterest Expense 25,535 25,693 -0.6% 25,756 -0.9%
8. Income Tax Provision (FTE) 14,990 14,459 3.7% 15,287 -1.9%
9. Net Income $23,012 $21,659 6.2% $23,256 -1.0%
---------------------- -----------
10.Average Shares Outstanding 33,110 34,071 -2.8% 33,495 -1.1%
11.Diluted Average Shares Outstanding 33,565 34,634 -3.1% 33,978 -1.2%
====================== ===========
12.Operating Ratios:
13. Basic Earnings Per Share $0.70 $0.64 9.3% $0.69 1.4%
14. Diluted Earnings Per Share 0.69 0.63 9.6% 0.68 1.5%
15. Return On Assets 2.22% 2.25% 2.23%
16. Return On Equity 29.6% 29.2% 29.2%
17. Net Interest Margin 5.58% 5.86% 5.71%
18. Efficiency Ratio 39.6% 41.0% 39.5%
19.Dividends Paid Per Share $0.24 $0.22 9.1% $0.24 0.0%
20.Dividend Payout Ratio 35% 35% 35%
2. Net Interest Income.
(dollars in thousands)
Q1'03 / Q1'03 /
Q1'03 Q1'02 Q1'02 Q4'02 Q4'02
----------------------------------------------------
1. Interest and Fee Income (FTE) $61,799 $63,133 -2.1% $63,519 -2.7%
2. Interest Expense 7,737 10,421 -25.8% 8,534 -9.3%
---------------------- -----------
3. Net Interest Income (FTE) $54,062 $52,712 2.6% $54,985 -1.7%
====================== ===========
4. Average Earning Assets $3,906,020 $3,631,344 7.6%$3,831,759 1.9%
5. Average Interest-Bearing Liabilities 2,730,272 2,560,713 6.6% 2,642,475 3.3%
6. Yield on Earning Assets (FTE) 6.38% 7.02% 6.60%
7. Cost of Funds 0.80% 1.16% 0.89%
8. Net Interest Margin (FTE) 5.58% 5.86% 5.71%
9. Interest Expense/Interest-Bearing
Liabilities 1.14% 1.65% 1.28%
10.Net Interest Spread (FTE) 5.24% 5.37% 5.32%
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WESTAMERICA BANCORPORATION Public Information April 15, 2003
3. Loans & Other Earning Assets.
(average volume, dollars in thousands)
Q1'03 / Q1'03 /
Q1'03 Q1'02 Q1'02 Q4'02 Q4'02
----------------------------------------------------
1. Total Assets $4,201,864 $3,911,060 7.4%$4,128,465 1.8%
2. Total Earning Assets 3,906,020 3,631,344 7.6% 3,831,759 1.9%
3. Total Loans 2,424,017 2,470,989 -1.9% 2,451,940 -1.1%
4. Commercial Loans 1,567,405 1,645,958 -4.8% 1,592,877 -1.6%
5. Consumer Loans 856,612 825,031 3.8% 859,063 -0.3%
6. Total Investment Securities 1,482,003 1,160,355 27.7% 1,379,819 7.4%
7. Available For Sale (Market Value) 986,413 951,610 3.7% 955,950 3.2%
8. Held To Maturity 495,590 208,745 137.4% 423,869 16.9%
9. Unrealized Gain at Period-End 10,684 8,062 32.5% 11,786 -9.4%
10.Loans/Deposits 73.3% 77.1% 73.9%
11.Loans/Earning Assets 62.1% 68.0% 64.0%
4. Deposits & Other Interest-Bearing Liabilities.
(average volume, dollars in thousands)
Q1'03 / Q1'03 /
Q1'03 Q1'02 Q1'02 Q4'02 Q4'02
----------------------------------------------------
1. Total Deposits $3,306,929 $3,206,717 3.1%$3,319,086 -0.4%
2. Noninterest Demand 1,117,566 1,013,418 10.3% 1,134,279 -1.5%
3. Interest-Bearing Transaction 557,227 522,286 6.7% 549,624 1.4%
4. Savings 965,313 891,724 8.3% 988,337 -2.3%
5. Other Time <$100K 318,043 350,383 -9.2% 326,294 -2.5%
6. Other Time > $100K 348,780 428,906 -18.7% 320,552 8.8%
7. Total Short-Term Borrowings 348,479 255,552 36.4% 263,061 32.5%
8. Fed Funds Purchased 175,553 80,752 117.4% 82,314 113.3%
9. Other Short-Term Funds 172,926 174,800 -1.1% 180,747 -4.3%
10.FHLB Debt 170,000 86,183 97.3% 170,000 0.0%
11.Long-Term Debt 22,430 25,679 -12.7% 24,607 -8.8%
12.Shareholders' Equity 315,132 301,014 4.7% 315,632 -0.2%
13.Demand Deposits/Total Deposits 33.8% 31.6% 34.2%
14.Low-Cost Deposits/Total Deposits 79.8% 75.7% 80.5%
5. Interest Yields Earned & Rates Paid.
(dollars in thousands)
Q1'03 Q4'02 Q1'02 2002
------------------------------ ---------------------------------
Average Income/ Yield/ Yield/ Average Income/ Yield/ Yield/
Volume Expense Rate Rate Volume Expense Rate Rate
------------------------------------------------------------------------------------
1. Interest Income Earned to:
2. Total Earning Assets (FTE) $3,906,020 $61,799 6.38% 6.60%$3,631,344 $63,133 7.02% 6.80%
3. Total Loans (FTE) 2,424,017 41,704 6.97% 7.14% 2,470,989 45,221 7.41% 7.30%
4. Commercial Loans (FTE) 1,567,405 28,588 7.54% 7.66% 1,645,958 30,469 7.55% 7.62%
5. Consumer Loans 856,612 13,116 6.18% 6.46% 825,031 14,752 7.21% 6.88%
6. Total Investment Securities (FTE) 1,482,003 20,095 5.42% 5.64% 1,160,355 17,912 6.18% 5.85%
7. Interest Expense Paid to:
8. Total Earning Assets 3,906,020 7,737 0.80% 0.89% 3,631,344 10,421 1.16% 1.04%
9. Total Interest-Bearing Liabilities 2,730,272 7,737 1.14% 1.28% 2,560,713 10,421 1.65% 1.50%
10. Total Interest-Bearing Deposits 2,189,363 4,907 0.91% 1.05% 2,193,299 8,141 1.51% 1.30%
11. Interest-Bearing Transaction 557,227 242 0.18% 0.23% 522,286 407 0.32% 0.29%
12. Savings 965,313 1,708 0.83% 0.96% 891,724 2,742 1.40% 1.22%
13. Other Time < $100K 318,043 1,526 1.95% 2.16% 350,383 2,394 2.77% 2.46%
14. Other Time >$100K 348,780 1,431 1.66% 1.96% 428,906 2,598 2.46% 2.30%
15. Total Short-Term Borrowings 348,479 851 0.98% 1.07% 255,552 1,026 1.64% 1.41%
16. Fed Funds Purchased 175,553 547 1.25% 1.38% 80,752 348 1.72% 1.62%
17. Other Short-Term Funds 172,926 304 0.71% 0.94% 174,800 678 1.60% 1.33%
18. FHLB Debt 170,000 1,575 3.72% 3.72% 86,183 793 3.72% 3.72%
19. Long-Term Debt 22,430 404 7.18% 7.18% 25,679 461 7.18% 7.18%
20.Net Interest Income and Margin (FTE) $54,062 5.58% 5.71% $52,712 5.86% 5.76%
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WESTAMERICA BANCORPORATION Public Information April 15, 2003
6. Noninterest Income.
(dollars in thousands)
Q1'03 / Q1'03 /
Q1'03 Q1'02 Q1'02 Q4'02 Q4'02
----------------------------------------------------
1. Service Charges on Deposit Accounts $6,425 $6,002 7.0% $6,184 3.9%
2. Merchant Credit Card Income 862 905 -4.8% 891 -3.3%
3. ATM Fees & Interchange 560 517 8.3% 576 -2.8%
4. Debit Card Fees 494 406 21.7% 542 -8.9%
5. Financial Services Fees 207 339 -38.9% 267 -22.5%
6. Mortgage Banking Income 226 187 20.9% 278 -18.7%
7. Trust Fees 238 311 -23.5% 246 -3.3%
8. Other Income 1,363 1,332 2.3% 1,230 10.8%
---------------------- -----------
9. Total Noninterest Income $10,375 $9,999 3.8% $10,214 1.6%
====================== ===========
10.Operating Ratios:
11. Total Revenue $64,437 $62,711 2.8% $65,199 -1.2%
12. Noninterest Income/Revenue 16.1% 15.9% 15.7%
13. Service Charges/Deposits (annualized) 0.79% 0.76% 0.74%
14. Total Revenue Per Share (annualized) $7.89 $7.46 5.7% $7.72 2.2%
7. Noninterest Expense.
(dollars in thousands)
Q1'03 / Q1'03 /
Q1'03 Q1'02 Q1'02 Q4'02 Q4'02
----------------------------------------------------
1. Salaries & Benefits $13,698 $13,863 -1.2% $13,373 2.4%
2. Occupancy 2,995 2,931 2.2% 3,068 -2.4%
3. Equipment 1,374 1,434 -4.2% 1,534 -10.4%
4. Data Processing 1,559 1,499 4.0% 1,535 1.6%
5. Courier 929 889 4.5% 929 0.0%
6. Postage 420 405 3.7% 402 4.5%
7. Telephone 425 409 3.9% 442 -3.8%
8. Professional Fees 413 371 11.3% 454 -9.0%
9. Stationery & Supplies 318 345 -7.8% 382 -16.8%
10.Loan Expense 276 333 -17.1% 323 -14.6%
11.Merchant Card Expense 342 340 0.6% 352 -2.8%
12.Operational Losses 173 231 -25.1% 284 -39.1%
13.OREO 1 49 -98.0% 91 -98.9%
14.Amortization of Core Deposit Intangible 249 201 23.9% 301 -17.3%
15.Amortization of Goodwill 0 0 0.0% 0 0.0%
16.Other Operating 2,363 2,393 -1.3% 2,286 3.4%
---------------------- -----------
19.Total Noninterest Expense $25,535 $25,693 -0.6% $25,756 -0.9%
====================== ===========
20.FTE Staff 1,047 1,081 -3.1% 1,062 -1.4%
21.Average Assets per FTE Staff $4,013 $3,618 10.9% $3,887 3.2%
22.Operating Ratios:
23. Revenue per FTE Staff (annualized) $250 $235 6.1% $244 2.5%
24. Noninterest Expense/Earning Assets 2.65% 2.87% 2.67%
25. Noninterest Expense/Revenues 39.6% 41.0% 39.5%
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WESTAMERICA BANCORPORATION Public Information April 15, 2003
8. Loan Loss Provision.
(dollars in thousands)
Q1'03 / Q1'03 /
Q1'03 Q1'02 Q1'02 Q4'02 Q4'02
----------------------------------------------------
1. Loan Loss Provision $900 $900 0.0% $900 0.0%
2. Gross Loan Losses 2,028 1,644 23.4% 1,593 27.3%
3. Net Loan Losses 973 838 16.1% 1,120 -13.1%
4. Recoveries/Gross Losses 52% 49% 30%
5. Average Total Loans $2,424,017 $2,470,989 -1.9%$2,451,940 -1.1%
6. Net Loan Losses/Loans (annualized) 0.16% 0.14% 0.18%
7. Loan Loss Provision/Loans (annualized) 0.15% 0.15% 0.15%
8. Loan Loss Provision/Net Loan Losses 92.5% 107.4% 80.4%
9. Credit Quality.
(dollars in thousands)
3/31/03 / 3/31/03 /
3/31/03 3/31/02 3/31/02 12/31/02 12/31/02 9/30/02 6/30/02
--------------------------------------------------------------------------
1. Nonperforming Nonaccrual Loans $6,402 $4,395 45.7% $5,717 12.0% $5,827 $6,980
2. Performing Nonaccrual Loans 2,471 3,195 -22.7% 3,464 -28.7% 3,845 3,279
---------------------- ----------- ----------------------
3. Total Nonaccrual Loans 8,873 7,590 16.9% 9,181 -3.4% 9,672 10,259
4. Accruing Loans 90+ Days Past Due 320 252 27.0% 738 -56.6% 257 189
---------------------- ----------- ----------------------
5. Total Nonperforming Loans 9,193 7,842 17.2% 9,919 -7.3% 9,929 10,448
6. Other Real Estate Owned 88 834 -89.4% 381 -76.9% 470 473
---------------------- ----------- ----------------------
7. Total Nonperforming Loans & OREO $9,281 $8,676 7.0% $10,300 -9.9% $10,399 $10,921
====================== =========== ======================
8. Classified Loans $32,505 $26,687 21.8% $34,001 -4.4% $33,743 $30,029
====================== =========== ======================
9. Allowance for Loan Losses $54,154 $52,147 3.8% $54,227 -0.1% $54,447 $54,324
10.Total Loans Outstanding 2,456,161 2,461,696 -0.2% 2,494,638 -1.5% 2,508,272 2,507,968
11.Total Assets 4,386,455 3,962,294 10.7% 4,224,867 3.8% 4,209,564 4,072,502
12.Allowance for Loan Losses/Total Loans 2.20% 2.12% 2.17% 2.17% 2.17%
13.Nonperforming Loans/Total Loans 0.37% 0.32% 0.40% 0.40% 0.42%
14.Nonperforming Loans & OREO/Total Assets 0.21% 0.22% 0.24% 0.25% 0.27%
15.Allowance/Nonperforming Loans 589% 665% 547% 548% 520%
16.Allowance for Loan Losses/Classified
Loans 167% 195% 159% 161% 181%
17.Classified Loans/
18. (Equity + Allowance for Loan Losses) 8.3% 7.4% 8.6% 8.7% 8.0%
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WESTAMERICA BANCORPORATION Public Information April 15, 2003
10.Capital.
(dollars in thousands, except per-share amounts)
3/31/03 / 3/31/03 /
3/31/03 3/31/02 3/31/02 12/31/02 12/31/02 9/30/02 6/30/02
--------------------------------------------------------------------------
1. Shareholders' Equity $336,946 $307,637 9.5% $341,499 -1.3% $335,440 $320,373
2. Tier I Regulatory Capital 294,297 280,753 4.8% 300,159 -2.0% 293,154 285,068
3. Total Regulatory Capital 333,545 321,040 3.9% 339,115 -1.6% 332,176 326,050
4. Total Assets 4,386,455 3,962,294 10.7% 4,224,867 3.8% 4,209,564 4,072,502
5. Risk-Adjusted Assets 3,114,609 3,007,930 3.5% 3,091,081 0.8% 3,094,892 3,062,007
6. Shareholders' Equity/Total Assets 7.68% 7.76% 8.08% 7.97% 7.87%
7. Shareholders' Equity/Total Loans 13.72% 12.50% 13.69% 13.37% 12.77%
8. Tier I Capital/Total Assets 6.71% 7.09% 7.10% 6.96% 7.00%
9. Tier I Capital/Risk-Adjusted Assets 9.45% 9.33% 9.71% 9.47% 9.31%
10.Total Capital/Risk-Adjusted Assets 10.71% 10.67% 10.97% 10.73% 10.65%
11.Shares Outstanding 32,907 33,831 -2.7% 33,411 -1.5% 33,602 33,753
12.Book Value Per Share ($) $10.24 $9.09 12.6% $10.22 0.2% $9.98 $9.49
13.Market Value Per Share ($) 39.49 42.75 -7.6% 40.18 -1.7% 40.28 39.18
14.Share Repurchase Programs
(shares in thousands)
Q1'03 / Q1'03 /
Q1'03 Q1'02 Q1'02 Q4'02 Q4'02
----------------------------------------------------
15.Total Shares Repurchased/Canceled 568 558 1.8% 248 129.0%
16. Average Repurchase Price $40.34 $41.15 -2.0% $40.92 -1.4%
17.Net Shares Repurchased 504 389 29.6% 191 163.9%
Page 12
WESTAMERICA BANCORPORATION Public Information April 15, 2003
11.Period-End Balance Sheets.
(dollars in thousands)
3/31/03 / 3/31/03 /
3/31/03 3/31/02 3/31/02 12/31/02 12/31/02 9/30/02 6/30/02
--------------------------------------------------------------------------
1. Assets:
2. Cash and Money Market Assets $186,914 $173,563 7.7% $223,210 -16.3% $175,666 $184,222
3. Investment Securities Available
For Sale S 1,048,386 975,256 7.5% 947,848 10.6% 1,003,833 986,392
4. Investment Securities Held to
Maturity 520,896 213,343 144.2% 438,985 18.7% 399,735 279,640
5. Loans, gross 2,456,161 2,461,696 -0.2% 2,494,638 -1.5% 2,508,272 2,507,968
6. Allowance For Loan Losses (54,154) (52,147) 3.8% (54,227) -0.1% (54,447) (54,324)
---------------------- ----------- ----------------------
7. Loans, net 2,402,007 2,409,549 -0.3% 2,440,411 -1.6% 2,453,825 2,453,644
---------------------- ----------- ----------------------
8. Other Real Estate Owned 88 834 -89.4% 381 -76.9% 470 473
9. Premises and Equipment 36,543 38,893 -6.0% 37,396 -2.3% 38,054 39,078
10. Core Deposit Intangible Assets 3,931 2,483 58.3% 4,180 -6.0% 4,481 4,782
11. Goodwill 17,996 16,329 10.2% 17,996 0.0% 17,996 17,996
12. Interest Receivable and Other Assets 169,694 132,044 28.5% 114,460 48.3% 115,504 106,275
---------------------- ----------- ----------------------
13.Total Assets $4,386,455 $3,962,294 10.7%$4,224,867 3.8%$4,209,564 $4,072,502
====================== =========== ======================
14.Liabilities and Shareholders' Equity:
15. Deposits:
16. Noninterest Bearing $1,129,455 $1,033,063 9.3%$1,146,828 -1.5%$1,105,313 $1,081,967
17. Interest-Bearing Transaction 553,105 540,131 2.4% 559,875 -1.2% 521,417 528,226
18. Savings 980,291 924,731 6.0% 952,319 2.9% 1,008,847 979,289
19. Time 667,237 753,199 -11.4% 635,043 5.1% 650,325 725,958
---------------------- ----------- ----------------------
20. Total Deposits 3,330,088 3,251,124 2.4% 3,294,065 1.1% 3,285,902 3,315,440
---------------------- ----------- ----------------------
21. Short-Term Borrowed Funds 416,219 185,326 124.6% 349,736 19.0% 335,989 228,635
22. Federal Home Loan Bank Advances 170,000 115,000 47.8% 170,000 0.0% 170,000 140,000
24. Debt Financing and Notes Payable 21,393 24,607 -13.1% 24,607 -13.1% 24,607 24,607
25. Liability For Interest, Taxes
and Other 111,809 78,600 42.3% 44,960 148.7% 57,626 43,447
---------------------- ----------- ----------------------
26.Total Liabilities 4,049,509 3,654,657 10.8% 3,883,368 4.3%$3,874,124 3,752,129
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27.Shareholders' Equity:
28. Paid-In Capital $203,549 $211,608 -3.8% $217,198 -6.3% $222,494 $226,551
29. Unrealized Gain on Investment
30. Securities Available For Sale 20,710 8,062 156.9% 19,152 8.1% 19,798 14,184
31. Retained Earnings 112,687 87,967 28.1% 105,149 7.2% 93,148 79,638
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32.Total Shareholders' Equity 336,946 307,637 9.5% 341,499 -1.3% 335,440 320,373
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32.Total Liabilities and Shareholders'
Equity $4,386,455 $3,962,294 10.7%$4,224,867 3.8%$4,209,564 $4,072,502
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Page 13
WESTAMERICA BANCORPORATION Public Information April 15, 2003
12.Income Statements.
(dollars in thousands, except per-share amounts)
Q1'03 / Q1'03 /
Q1'03 Q1'02 Q1'02 Q4'02 Q4'02
----------------------------------------------------
1. Interest and Fee Income:
2. Loans $40,413 $43,966 -8.1% $42,787 -5.5%
3. Money Market Assets and Funds Sold 3 0 2 50.0%
4. Investment Securities Available
For Sale 11,474 12,144 -5.5% 11,355 1.0%
5. Investment Securities Held to
Maturity 5,235 2,828 85.1% 4,908 6.7%
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6. Total Interest Income 57,125 58,938 -3.1% 59,052 -3.3%
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7. Interest Expense:
8. Transaction Deposits 242 407 -40.5% 318 -23.9%
9. Savings Deposits 1,708 2,742 -37.7% 2,089 -18.2%
10. Time Deposits 2,957 4,992 -40.8% 3,358 -11.9%
11. Short-Term Borrowed Funds 851 1,026 -17.1% 716 18.9%
12. Federal Home Loan Bank Advances 1,575 793 98.6% 1,610 -2.2%
13. Debt Financing and Notes Payable 404 461 -12.4% 443 -8.8%
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14.Total Interest Expense 7,737 10,421 -25.8% 8,534 -9.3%
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15.Net Interest Income 49,388 48,517 1.8% 50,518 -2.2%
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16.Provision for Loan Losses 900 900 0.0% 900 0.0%
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17.Noninterest Income:
18. Service Charges on Deposit Accounts 6,425 6,002 7.0% 6,184 3.9%
19. Merchant Credit Card 862 905 -4.8% 891 -3.3%
20. Financial Services Commissions 207 339 -38.9% 267 -22.5%
21. Mortgage Banking 226 187 20.9% 278 -18.7%
22. Trust Fees 238 311 -23.5% 246 -3.3%
23. Other 2,417 2,255 7.2% 2,348 2.9%
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24.Total Noninterest Income 10,375 9,999 3.8% 10,214 1.6%
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25.Noninterest Expense:
26. Salaries and Related Benefits 13,698 13,863 -1.2% 13,373 2.4%
27. Occupancy 2,995 2,931 2.2% 3,068 -2.4%
28. Equipment 1,374 1,434 -4.2% 1,534 -10.4%
29. Data Processing 1,559 1,499 4.0% 1,535 1.6%
30. Professional Fees 413 371 11.3% 454 -9.0%
31. Other Real Estate Owned 1 49 n/m 91 n/m
32. Other 5,495 5,546 -0.9% 5,701 -3.6%
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33.Total Noninterest Expense 25,535 25,693 -0.6% 25,756 -0.9%
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34.Income Before Income Taxes 33,328 31,923 4.4% 34,076 -2.2%
35.Provision for income taxes 10,316 10,264 0.5% 10,820 -4.7%
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36.Net Income $23,012 $21,659 6.2% $23,256 -1.0%
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37.Average Shares Outstanding 33,110 34,071 -2.8% 33,495 -1.1%
38.Diluted Average Shares Outstanding 33,565 34,634 -3.1% 33,978 -1.2%
39.Per Share Data:
40. Basic Earnings $0.70 $0.64 9.3% $0.69 1.4%
41. Diluted Earnings 0.69 0.63 9.6% 0.68 1.5%
42. Dividends Paid 0.24 0.22 9.1% 0.24 0.0%