Westamerica Bancorporation Reports First Quarter 2025 Financial Results

April 17, 2025 10:52 ET | Source: Westamerica Bancorporation SAN RAFAEL, Calif., April 17, 2025 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the first quarter 2025 of $31.0 million and diluted earnings per common share ("EPS") of $1.16. First quarter 2025 results include a reversal of provision for credit losses of $550 Thousand, which increased EPS $0.01. These results compare to fourth quarter 2024 net income of $31.7 million and EPS of $1.19. “Westamerica’s first quarter 2025 results benefited from the Company’s valuable low-cost deposit base, of which 46 percent was represented by non-interest bearing checking accounts during the quarter; the annualized cost of funding our loan and bond portfolios was 0.24 percent in the quarter. Operating expenses remained well controlled at 38 percent of total revenues and credit quality remained stable with nonperforming assets of $277 thousand at March 31, 2025,” said Chairman, President and CEO David Payne. “First quarter 2025 results generated an annualized 11.9 percent return on average common equity. Shareholders were paid a $0.44 per common share dividend during the first quarter 2025,” concluded Payne. Net interest income on a fully-taxable equivalent (FTE) basis was $56.4 million for the first quarter 2025, compared to $59.2 million for the fourth quarter 2024. The annualized yield earned on loans, bonds and cash for the first quarter 2025 was 4.14 percent compared to 4.25 percent for the fourth quarter 2024. The annualized cost of funding the loan and bond portfolios was 0.24 percent for the first quarter 2025 unchanged from the fourth quarter 2024. The Company recognized a $550 thousand reversal of provision for credit losses in the first quarter 2025. The Allowance for Credit Losses on Loans was $13.9 million at March 31, 2025. Noninterest income for the first quarter 2025 totaled $10.3 million compared to $10.6 million for the fourth quarter 2024. Noninterest expenses for the first quarter 2025 were $25.1 million compared to $25.9 million for the fourth quarter 2024. The decline in noninterest expense is primarily due to lower salaries and benefits expense due to fewer business days in the first quarter 2025 compared to the fourth quarter 2024, lower occupancy and equipment expense, and lower estimated operating losses from limited partnership investments. The income tax provision (FTE) for the first quarter 2025 was $11.1 million compared to $12.3 million for the fourth quarter 2024. The fourth quarter 2024 income tax provision includes a $305 thousand increase to reconcile the 2023 income tax provision to the filed 2023 tax returns. Westamerica Bancorporation’s wholly owned subsidiary Westamerica Bank, operates commercial banking and trust offices throughout Northern and Central California. Westamerica Bancorporation Web Address: www.westamerica.com For additional information contact: Westamerica Bancorporation 1108 Fifth Avenue, San Rafael, CA 94901 Robert A. Thorson – Investor Relations Contact 707-863-6090 investments@westamerica.comFORWARD-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, 2024 filed on Form 10-K and quarterly report for the quarter ended September 30, 2024 filed on Form 10-Q, describe some of these factors, including certain credit, interest rate, operational, liquidity and market risks associated with the Company's business and operations. Other factors described in these reports include changes in business and economic conditions, competition, fiscal and monetary policies, disintermediation, cyber security risks, legislation including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, 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, 2025 WESTAMERICA BANCORPORATION FINANCIAL HIGHLIGHTS March 31, 2025 1. Net Income Summary. (in thousands except per-share amounts) % Q1'2025Q1'2024ChangeQ4'2024 Net Interest and Loan Fee Income (FTE)$56,390 $66,094 -14.7%$59,247 (Reversal of ) Provision for Credit Losses (550) 300 n/m - Noninterest Income 10,321 10,097 2.2% 10,633 Noninterest Expense 25,127 26,099 -3.7% 25,853 Income Before Taxes (FTE) 42,134 49,792 -15.4% 44,027 Income Tax Provision (FTE) 11,097 13,375 -17.0% 12,327 Net Income$31,037 $36,417 -14.8%$31,700 Average Common Shares Outstanding 26,642 26,674 -0.1% 26,699 Diluted Average Common Shares Outstanding 26,642 26,675 -0.1% 26,701 Operating Ratios: Basic Earnings Per Common Share$1.16 $1.37 -15.3%$1.19 Diluted Earnings Per Common Share 1.16 1.37 -15.3% 1.19 Return On Assets (a) 2.03% 2.24% 2.02% Return On Common Equity (a) 11.9% 15.2% 12.1% Net Interest Margin (FTE) (a) 3.90% 4.30% 4.01% Efficiency Ratio (FTE) 37.7% 34.3% 37.0% Dividends Paid Per Common Share$0.44 $0.44 0.0%$0.44 Common Dividend Payout Ratio 38% 32% 37% 2. Net Interest Income. (dollars in thousands) % Q1'2025Q1'2024ChangeQ4'2024 Interest and Loan Fee Income (FTE)$59,786 $69,095 -13.5%$62,713 Interest Expense 3,396 3,001 13.2% 3,466 Net Interest and Loan Fee Income (FTE)$56,390 $66,094 -14.7%$59,247 Average Earning Assets$5,794,836 $6,119,368 -5.3%$5,850,620 Average Interest-Bearing Liabilities 2,770,099 2,955,565 -6.3% 2,796,675 Yield on Earning Assets (FTE) (a) 4.14% 4.50% 4.25% Cost of Funds (a) 0.24% 0.20% 0.24% Net Interest Margin (FTE) (a) 3.90% 4.30% 4.01% Interest Expense / Interest-Bearing Liabilities (a) 0.50% 0.41% 0.49% Net Interest Spread (FTE) (a) 3.64% 4.09% 3.76% 3. Loans & Other Earning Assets. (average volume, dollars in thousands) % Q1'2025Q1'2024ChangeQ4'2024 Total Assets$6,187,321 $6,525,921 -5.2%$6,243,799 Total Earning Assets 5,794,836 6,119,368 -5.3% 5,850,620 Total Loans 789,935 853,553 -7.5% 821,767 Commercial Loans 120,189 133,422 -9.9% 131,088 Commercial Real Estate Loans 497,379 488,989 1.7% 503,546 Consumer Loans 172,367 231,142 -25.4% 187,133 Total Investment Securities 4,395,565 5,098,539 -13.8% 4,557,436 Debt Securities Available for Sale 3,553,755 4,224,474 -15.9% 3,710,378 Debt Securities Held to Maturity 841,810 874,065 -3.7% 847,058 Total Interest-Bearing Cash 609,336 167,276 264.3% 471,417 Loans / Deposits 15.9% 15.9% 16.3% 4. Deposits, Other Interest-Bearing Liabilities & Equity. (average volume, dollars in thousands) % Q1'2025Q1'2024ChangeQ4'2024 Total Deposits$4,958,554 $5,379,060 -7.8%$5,028,363 Noninterest Demand 2,293,059 2,532,381 -9.5% 2,342,092 Interest-Bearing Transaction 935,054 1,058,292 -11.6% 934,876 Savings 1,649,631 1,691,716 -2.5% 1,666,542 Time greater than $100K 29,460 36,135 -18.5% 31,541 Time less than $100K 51,350 60,536 -15.2% 53,312 Total Short-Term Borrowings 104,604 108,886 -3.9% 110,404 Bank Term Funding Program Borrowings - 62,582 n/m - Securities Sold under Repurchase Agreements 104,604 46,304 125.9% 110,404 Shareholders' Equity 1,055,925 965,840 9.3% 1,039,017 Demand Deposits / Total Deposits 46.2% 47.1% 46.6% Transaction & Savings Deposits / Total Deposits 98.4% 98.2% 98.3% 5. Interest Yields Earned & Rates Paid. (dollars in thousands) Q1'2025 AverageIncome/Yield (a) / VolumeExpenseRate (a) Interest & Loan Fee Income Earned: Total Earning Assets (FTE)$5,794,836 $59,786 4.14% Total Loans (FTE) 789,935 10,744 5.51% Commercial Loans (FTE) 120,189 1,845 6.21% Commercial Real Estate Loans 497,379 6,473 5.28% Consumer Loans 172,367 2,426 5.70% Total Investments (FTE) 4,395,565 42,339 3.85% Total Debt Securities Available for Sale (FTE) 3,553,755 33,753 3.80% Corporate Securities 1,991,278 13,522 2.72% Collateralized Loan Obligations 915,873 14,422 6.30% Agency Mortgage Backed Securities 254,126 2,034 3.20% Securities of U.S. Government Sponsored Entities 311,297 2,777 3.57% Obligations of States and Political Subdivisions (FTE) 62,651 496 3.17% U.S. Treasury Securities 4,303 54 5.13% Other Debt Securities Available for Sale (FTE) 14,227 448 12.60% Total Debt Securities Held to Maturity (FTE) 841,810 8,586 4.08% Agency Mortgage Backed Securities 56,006 329 2.35% Corporate Securities 736,089 7,815 4.25% Obligations of States and Political Subdivisions (FTE) 49,715 442 3.56% Total Interest-Bearing Cash 609,336 6,703 4.40% Interest Expense Paid: Total Earning Assets 5,794,836 3,396 0.24% Total Interest-Bearing Liabilities 2,770,099 3,396 0.50% Total Interest-Bearing Deposits 2,665,495 3,229 0.49% Interest-Bearing Transaction 935,054 46 0.02% Savings 1,649,631 3,128 0.77% Time less than $100K 51,350 38 0.30% Time greater than $100K 29,460 17 0.24% Total Short-Term Borrowings 104,604 167 0.65% Securities Sold under Repurchase Agreements 104,604 167 0.65% Net Interest Income and Margin (FTE) $56,390 3.90% (dollars in thousands) Q1'2024 AverageIncome/Yield (a) / VolumeExpenseRate (a) Interest & Loan Fee Income Earned: Total Earning Assets (FTE)$6,119,368 $69,095 4.50% Total Loans (FTE) 853,553 11,413 5.38% Commercial Loans (FTE) 133,422 2,385 7.19% Commercial Real Estate Loans 488,989 5,911 4.86% Consumer Loans 231,142 3,117 5.42% Total Investments (FTE) 5,098,539 55,399 4.32% Total Debt Securities Available for Sale (FTE) 4,224,474 46,552 4.38% Corporate Securities 2,114,861 14,555 2.75% Collateralized Loan Obligations 1,461,182 26,700 7.23% Agency Mortgage Backed Securities 252,828 1,552 2.45% Securities of U.S. Government sponsored entities 308,807 2,777 3.60% Obligations of States and Political Subdivisions (FTE) 72,569 544 3.00% Other Debt Securities Available for Sale (FTE) 14,227 424 11.92% Total Debt Securities Held to Maturity (FTE) 874,065 8,847 4.05% Agency Mortgage Backed Securities 76,062 427 2.25% Corporate Securities 729,273 7,816 4.29% Obligations of States and Political Subdivisions (FTE) 68,730 604 3.52% Total Interest-Bearing Cash 167,276 2,283 5.40% Interest Expense Paid: Total Earning Assets 6,119,368 3,001 0.20% Total Interest-Bearing Liabilities 2,955,565 3,001 0.41% Total Interest-Bearing Deposits 2,846,679 2,106 0.30% Interest-Bearing Transaction 1,058,292 119 0.05% Savings 1,691,716 1,917 0.46% Time less than $100K 60,536 49 0.33% Time greater than $100K 36,135 21 0.23% Total Short-Term Borrowings 108,886 895 3.30% Bank Term Funding Program Borrowings 62,582 843 5.40% Securities Sold under Repurchase Agreements 46,304 52 0.45% Net Interest Income and Margin (FTE) $66,094 4.30% 6. Noninterest Income. (dollars in thousands except per-share amounts) % Q1'2025Q1'2024ChangeQ4'2024 Service Charges on Deposit Accounts$3,381 $3,470 -2.6%$3,501 Merchant Processing Services 2,733 2,507 9.0% 2,735 Debit Card Fees 1,581 1,543 2.5% 1,902 Trust Fees 899 794 13.2% 867 ATM Processing Fees 463 591 -21.7% 506 Other Service Fees 429 438 -2.1% 428 Life Insurance Gains 102 - n/m - Other Noninterest Income 733 754 -2.8% 694 Total Noninterest Income$10,321 $10,097 2.2%$10,633 Operating Ratios: Total Revenue (FTE)$66,711 $76,191 -12.4%$69,880 Noninterest Income / Revenue (FTE) 15.5% 13.3% 15.2% Service Charges / Avg. Deposits (a) 0.28% 0.26% 0.28% Total Revenue (FTE) Per Avg. Common Share (a)$10.16 $11.49 -11.6%$10.41 7. Noninterest Expense. (dollars in thousands) % Q1'2025Q1'2024ChangeQ4'2024 Salaries and Related Benefits$12,126 $12,586 -3.7%$12,461 Occupancy and Equipment 5,038 5,040 -0.0% 5,219 Outsourced Data Processing 2,697 2,536 6.3% 2,610 Limited Partnership Operating Losses 915 1,440 -36.5% 1,095 Professional Fees 395 402 -1.7% 369 Courier Service 688 649 6.0% 692 Other Noninterest Expense 3,268 3,446 -5.2% 3,407 Total Noninterest Expense$25,127 $26,099 -3.7%$25,853 Operating Ratios: Noninterest Expense / Avg. Earning Assets (a) 1.76% 1.72% 1.76% Noninterest Expense / Revenues (FTE) 37.7% 34.3% 37.0% 8. Allowance for Credit Losses. (dollars in thousands) % Q1'2025Q1'2024ChangeQ4'2024 Average Total Loans$789,935 $853,553 -7.5%$821,767 Beginning of Period Allowance for Credit Losses on Loans (ACLL)$14,780 $16,867 -12.4%$15,318 (Reversal of ) Provision for Credit Losses (550) 300 n/m - Net ACLL Losses (316) (1,288)-75.5% (538) End of Period ACLL$13,914 $15,879 -12.4%$14,780 Gross ACLL Recoveries / Gross ACLL Losses 82% 36% 63% Net ACLL Losses / Avg. Total Loans (a) -0.16% -0.61% -0.26% (dollars in thousands) % 3/31/253/31/24Change12/31/24 Allowance for Credit Losses on Loans$13,914 $15,879 -12.4%$14,780 Allowance for Credit Losses on Held to Maturity Securities 1 1 0.0% 1 Total Allowance for Credit Losses$13,915 $15,880 -12.4%$14,781 Allowance for Unfunded Credit Commitments$201 $201 0.0%$201 9. Credit Quality. (dollars in thousands) % 3/31/253/31/24Change12/31/24 Nonperforming Loans: Nonperforming Nonaccrual Loans$ - $957 n/m$201 Performing Nonaccrual Loans - 1 n/m - Total Nonaccrual Loans - 958 n/m 201 Accruing Loans 90+ Days Past Due 277 525 -47.2% 534 Total Nonperforming Loans$277 $1,483 -81.3%$735 Total Loans Outstanding $771,030 $844,677 -8.7%$820,300 Total Assets 5,966,624 6,464,685 -7.7% 6,076,274 Loans: Allowance for Credit Losses on Loans$13,914 $15,879 -12.4%$14,780 Allowance for Credit Losses on Loans / Loans 1.80% 1.88% 1.80% Nonperforming Loans / Total Loans 0.04% 0.18% 0.09% 10. Liquidity. At March 31, 2025, the Company had $727,336 thousand in cash balances. During the twelve months ending March 31, 2026, the Company expects to receive $265,000 thousand in principal payments from its debt securities. If additional operational liquidity is required, the Company can pledge debt securities as collateral for borrowing purposes; at March 31, 2025, the Company’s debt securities which qualify as collateral for borrowing totaled $3,498,151 thousand. In the ordinary course of business, the Company pledges debt securities as collateral for certain depository customers; at March 31, 2025, the Company had pledged $713,752 thousand in debt securities for depository customers. In the ordinary course of business, the Company pledges debt securities as collateral for borrowing from the Federal Reserve Bank; at March 31, 2025, the Company had pledged $724,966 thousand in debt securities at the Federal Reserve Bank. During the three months ended March 31, 2025, the Company’s average borrowings from the Federal Reserve Bank and other correspondent banks were $-0- thousand and $-0- thousand, respectively, and at March 31, 2025, the Company had no borrowings from the Federal Reserve Bank or other correspondent banks. At March 31, 2025, the Company had access to borrowing from the Federal Reserve up to $724,966 thousand based on collateral pledged at March 31, 2025. At March 31, 2025, the Company’s estimated unpledged collateral qualifying debt securities totaled $1,615,433 thousand. Debt securities eligible as collateral are shown at market value. (in thousands) 3/31/25 Debt Securities Eligible as Collateral: Corporate Securities $2,517,299 Collateralized Loan Obligations rated AAA 269,817 Obligations of States and Political Subdivisions 109,065 Agency Mortgage Backed Securities 302,248 Securities of U.S. Government Sponsored Entities 299,722 Total Debt Securities Eligible as Collateral $3,498,151 Debt Securities Pledged as Collateral: Debt Securities Pledged at the Federal Reserve Bank ($724,966) Deposits by Public Entities (713,752) Securities Sold under Repurchase Agreements (439,287) Other (4,713) Total Debt Securities Pledged as Collateral ($1,882,718) Estimated Debt Securities Available to Pledge $1,615,433 11. Capital. (in thousands, except per-share amounts) % 3/31/253/31/24Change12/31/24 Shareholders' Equity$923,138 $791,691 16.6%$889,957 Total Assets 5,966,624 6,464,685 -7.7% 6,076,274 Shareholders' Equity/ Total Assets 15.47% 12.25% 14.65% Shareholders' Equity/ Total Loans 119.73% 93.73% 108.49% Tangible Common Equity Ratio 13.71% 10.56% 12.90% Common Shares Outstanding 26,360 26,678 -1.2% 26,708 Common Equity Per Share$35.02 $29.68 18.0%$33.32 Market Value Per Common Share 50.63 48.88 3.6% 52.46 (shares in thousands) % Q1'2025Q1'2024ChangeQ4'2024 Share Retirements (Issuances): Total Shares Retired 361 4 n/m - Average Retirement Price$50.96 $45.58 n/m$- Net Shares Retired (Issued) 348 (7)n/m (22) 12. Period-End Balance Sheets. (unaudited, dollars in thousands) % 3/31/253/31/24Change12/31/24 Assets: Cash and Due from Banks$727,336 $434,250 67.5%$601,494 Debt Securities Available for Sale: Corporate Securities 1,802,791 1,879,980 -4.1% 1,835,937 Collateralized Loan Obligations 822,111 1,420,584 -42.1% 982,589 Agency Mortgage Backed Securities 250,844 225,564 11.2% 218,026 Securities of U.S. Government Sponsored Entities 299,722 292,583 2.4% 292,117 Obligations of States and Political Subdivisions 60,581 70,466 -14.0% 62,186 U.S. Treasury Securities - - n/m 4,955 Total Debt Securities Available for Sale 3,236,049 3,889,177 -16.8% 3,395,810 Debt Securities Held to Maturity: Agency Mortgage Backed Securities 53,528 73,023 -26.7% 57,927 Corporate Securities 737,146 730,350 0.9% 735,447 Obligations of States and Political Subdivisions (1) 48,674 65,352 -25.5% 51,260 Total Debt Securities Held to Maturity (1) 839,348 868,725 -3.4% 844,634 Loans 771,030 844,677 -8.7% 820,300 Allowance For Credit Losses on Loans (13,914) (15,879)-12.4% (14,780) Total Loans, net 757,116 828,798 -8.6% 805,520 Premises and Equipment, net 25,722 26,458 -2.8% 26,133 Identifiable Intangibles, net 72 291 -75.2% 125 Goodwill 121,673 121,673 0.0% 121,673 Other Assets 259,308 295,313 -12.2% 280,885 Total Assets$5,966,624 $6,464,685 -7.7%$6,076,274 Liabilities and Shareholders' Equity: Deposits: Noninterest-Bearing$2,241,802 $2,514,161 -10.8%$2,333,389 Interest-Bearing Transaction 920,461 1,066,038 -13.7% 953,863 Savings 1,633,445 1,681,921 -2.9% 1,642,360 Time 78,387 92,805 -15.5% 82,238 Total Deposits 4,874,095 5,354,925 -9.0% 5,011,850 Bank Term Funding Program Borrowings - 200,000 n/m - Securities Sold under Repurchase Agreements 113,219 50,334 124.9% 120,322 Total Short-Term Borrowed Funds 113,219 250,334 -54.8% 120,322 Other Liabilities 56,172 67,735 -17.1% 54,145 Total Liabilities 5,043,486 5,672,994 -11.1% 5,186,317 Shareholders' Equity: Common Equity: Paid-In Capital 470,844 473,989 -0.7% 476,506 Accumulated Other Comprehensive Loss (136,768) (196,857)-30.5% (168,104) Retained Earnings 589,062 514,559 14.5% 581,555 Total Shareholders' Equity 923,138 791,691 16.6% 889,957 Total Liabilities and Shareholders' Equity$5,966,624 $6,464,685 -7.7%$6,076,274 13. Income Statements. (unaudited, in thousands except per-share amounts) % Q1'2025Q1'2024ChangeQ4'2024 Interest and Loan Fee Income: Loans$10,669 $11,324 -5.8%$11,167 Equity Securities 195 174 12.1% 195 Debt Securities Available for Sale 33,430 46,243 -27.7% 36,843 Debt Securities Held to Maturity 8,494 8,722 -2.6% 8,538 Interest-Bearing Cash 6,703 2,283 193.6% 5,659 Total Interest and Loan Fee Income 59,491 68,746 -13.5% 62,402 Interest Expense: Transaction Deposits 46 119 -61.3% 46 Savings Deposits 3,128 1,917 63.2% 3,148 Time Deposits 55 70 -21.4% 68 Bank Term Funding Program Borrowings - 843 n/m - Securities Sold under Repurchase Agreements 167 52 222.1% 204 Total Interest Expense 3,396 3,001 13.2% 3,466 Net Interest and Loan Fee Income 56,095 65,745 -14.7% 58,936 (Reversal of) Provision for Credit Losses (550) 300 n/m - Noninterest Income: Service Charges on Deposit Accounts 3,381 3,470 -2.6% 3,501 Merchant Processing Services 2,733 2,507 9.0% 2,735 Debit Card Fees 1,581 1,543 2.5% 1,902 Trust Fees 899 794 13.2% 867 ATM Processing Fees 463 591 -21.7% 506 Other Service Fees 429 438 -2.1% 428 Life Insurance Gains 102 - n/m - Other Noninterest Income 733 754 -2.8% 694 Total Noninterest Income 10,321 10,097 2.2% 10,633 Noninterest Expense: Salaries and Related Benefits 12,126 12,586 -3.7% 12,461 Occupancy and Equipment 5,038 5,040 -0.0% 5,219 Outsourced Data Processing 2,697 2,536 6.3% 2,610 Limited Partnership Operating Losses 915 1,440 -36.5% 1,095 Professional Fees 395 402 -1.7% 369 Courier Service 688 649 6.0% 692 Other Noninterest Expense 3,268 3,446 -5.2% 3,407 Total Noninterest Expense 25,127 26,099 -3.7% 25,853 Income Before Income Taxes 41,839 49,443 -15.4% 43,716 Income Tax Provision 10,802 13,026 -17.1% 12,016 Net Income$31,037 $36,417 -14.8%$31,700 Average Common Shares Outstanding 26,642 26,674 -0.1% 26,699 Diluted Average Common Shares Outstanding 26,642 26,675 -0.1% 26,701 Per Common Share Data: Basic Earnings$1.16 $1.37 -15.3%$1.19 Diluted Earnings 1.16 1.37 -15.3% 1.19 Dividends Paid 0.44 0.44 0.0% 0.44 Footnotes and Abbreviations: (1) Debt Securities Held To Maturity and Obligations of States and Political Subdivisions are net of related reserve for expected credit losses of $1 thousand at March 31, 2025, December 31, 2024 and March 31, 2024. (FTE) Fully Taxable Equivalent. The Company presents its net interest margin and net interest income on a FTE basis using the current statutory federal tax rate. Management believes the FTE basis is valuable to the reader because the Company’s loan and investment securities portfolios contain a portion of municipal loans and securities that are federally tax exempt. The Company’s tax exempt loans and securities composition may not be similar to that of other banks, therefore in order to reflect the impact of the federally tax exempt loans and securities on the net interest margin and net interest income for comparability with other banks, the Company presents its net interest margin and net interest income on a FTE basis. (a) Annualized

Westamerica Bancorporation Reports First Quarter 2025 Financial Results

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