Westamerica Bancorporation Reports First Quarter 2017 Financial Results

by | Apr 20, 2017 | Globe Newswire

SAN RAFAEL, Calif., April 20, 2017 (GLOBE NEWSWIRE) — Westamerica Bancorporation (Nasdaq:WABC), parent company of Westamerica Bank, generated net income for the first quarter 2017 of $15.0 million and diluted earnings per common share (“EPS”) of $0.57. First quarter 2017 results reflect the Company’s prospective adoption of a new accounting standard related to the recognition of tax benefits derived from share based compensation; first quarter 2017 EPS measured $0.02 higher than would have been measured under accounting standards applied in 2016. First quarter 2017 results compare to fourth quarter 2016 net income of $14.5 million and EPS of $0.56, and first quarter 2016 net income of $14.2 million and EPS of $0.56.

“Average loan volumes were stable in the first quarter 2017 compared to the prior quarter, and our annualized fully tax equivalent net interest margin was 3.14 percent for the first quarter 2017. Credit quality improved with non-performing assets declining $3 million during the first quarter to total $9 million at March 31, 2017. Our noninterest expenses were $24.6 million in the first quarter 2017, a reduction of $1.3 million compared to the first quarter 2016,” said Chairman, President and CEO David Payne. “Westamerica generated an annualized 10 percent return on shareholders’ common equity for our shareholders in the first quarter 2017, and paid a quarterly dividend of $0.39 per common share,” concluded Payne.

The annualized net interest margin on a fully taxable equivalent basis was 3.14 percent for the first quarter 2017, compared to 3.15 percent for the fourth quarter 2016, and 3.34 percent for the first quarter 2016. Net interest income on a fully taxable equivalent basis was $36.0 million for the first quarter 2017, compared to $36.0 million for the fourth quarter 2016, and $36.4 million for the first quarter 2016. The Company’s average earning assets, loans and investment securities, were $58 million higher in the first quarter 2017 compared to the fourth quarter 2016 due to higher volumes of investment securities. The annualized funding cost of deposits and other interest-bearing borrowings, as a percentage of average earning assets, was 0.04 percent for the first quarter 2017, compared to 0.04 percent for the fourth quarter 2016 and 0.05 percent for the first quarter 2016. Checking and savings deposits, which earn relatively low interest rates and are less volatile than time deposits during periods of rising market interest rates, represented 95 percent of average total deposits during the first quarter 2017.

The provision for loan losses was zero for the first quarter 2017, fourth quarter 2016 and first quarter 2016.

Loan losses, net of loan loss recoveries, were $1.0 million for the first quarter 2017 compared to $405 thousand for the fourth quarter 2016 and $284 thousand for the first quarter 2016; the increase in net loan losses in the first quarter 2017 was due to higher charge-offs of consumer installment loans. At March 31, 2017, the allowance for loan losses totaled $24.9 million.

Noninterest income for the first quarter 2017 totaled $11.7 million, compared $11.5 million for the fourth quarter 2016 and to $11.7 million for the first quarter 2016.

Noninterest expense for the first quarter 2017 totaled $24.6 million, compared to $24.6 million for the fourth quarter 2016 and $25.9 million for the first quarter 2016. The $1.3 million reduction from the first quarter 2016 to the first quarter 2017 was due to reductions in professional fees, courier costs, postage, correspondent service charges, OREO expense, insurance premiums, limited partnership operating losses, and intangible amortization.

The first quarter 2017 income tax provision reflects the prospective adoption of Accounting Standards Update (“ASU”) 2016-09, “Improvements to Employee Share-Based Payment Accounting.” Upon granting non-qualified stock options (“NQSO”), the Company estimates the fair value of the grant and records such value as compensation expense over the attribution period in its financial statements. At the time the NQSO grant is exercised, the ultimate value of the grant is determined and represents taxable income to the grantee and a tax deduction for the Company. The difference between the estimated fair value expensed for financial statement purposes and the realized amount deducted for tax purposes requires a reconciling adjustment to the Company’s tax accounts. Prior to ASU 2016-09, the Company recognized the balancing entry as an adjustment to shareholders’ equity; upon the January 1, 2017 required adoption of ASU 2016-09, the Company must recognize the balancing entry as an adjustment to the provision for income taxes. The Company’s fully-tax equivalent tax rate was 34.8 percent for the first quarter 2017, compared to 37.0 percent for the fourth quarter 2016 and 36.3 percent for the first quarter 2016. The first quarter 2017 fully-tax equivalent tax rate would have been 37.7 percent under accounting rules applied in 2016.

At March 31, 2017, Westamerica Bancorporation’s tangible common equity-to-asset ratio was 8.68 percent, and assets totaled $5.4 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

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, 2016 filed on Form 10-K and quarterly report for the quarter ended September 30, 2016 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, 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 20, 2017    
WESTAMERICA BANCORPORATION      
FINANCIAL HIGHLIGHTS        
March 31, 2017        
           
1. Net Income Summary.        
    (in thousands except per-share amounts)
        %  
    Q1’17 Q1’16 Change Q4’16
           
  Net Interest and Fee Income (FTE) $ 36,030   $ 36,447   -1.1 % $ 35,959  
  Provision for Loan Losses     –       –     n/m       –  
  Noninterest Income   11,657     11,729   -0.6 %   11,545  
  Noninterest Expense   24,615     25,858   -4.8 %   24,577  
  Income Before Taxes (FTE)   23,072     22,318   3.4 %   22,927  
  Income Tax Provision (FTE)   8,023     8,092   -0.8 %   8,474  
  Net Income $ 15,049   $ 14,226   5.8 % $ 14,453  
           
  Average Common Shares Outstanding   26,171     25,445   2.9 %   25,773  
  Diluted Average Common Shares   26,329     25,468   3.4 %   25,925  
           
  Operating Ratios:        
  Basic Earnings Per Common Share $ 0.58   $ 0.56   3.6 % $ 0.56  
  Diluted Earnings Per Common Share   0.57     0.56   1.8 %   0.56  
  Return On Assets (a)   1.13 %   1.11 %     1.07 %
  Return On Common Equity (a)   10.5 %   10.9 %     10.3 %
  Net Interest Margin (FTE) (a)   3.14 %   3.34 %     3.15 %
  Efficiency Ratio (FTE)   51.6 %   53.7 %     51.7 %
           
  Dividends Paid Per Common Share $ 0.39   $ 0.39   0.0 % $ 0.39  
  Common Dividend Payout Ratio      68 %   70 %     70 %
           
2. Net Interest Income.        
    (dollars in thousands)
        %  
    Q1’17 Q1’16 Change Q4’16
           
  Interest and Fee Income (FTE) $ 36,510   $ 36,999   -1.3 % $ 36,459  
  Interest Expense   480     552   -13.0 %   500  
  Net Interest and Fee Income (FTE) $ 36,030   $ 36,447   -1.1 % $ 35,959  
           
  Average Earning Assets $ 4,620,001   $ 4,381,423   5.4 % $ 4,561,619  
  Average Interest-        
    Bearing Liabilities   2,704,472     2,601,408   4.0 %   2,681,585  
           
  Yield on Earning Assets (FTE) (a)   3.18 %   3.39 %     3.19 %
  Cost of Funds (a)   0.04 %   0.05 %     0.04 %
  Net Interest Margin (FTE) (a)   3.14 %   3.34 %     3.15 %
  Interest Expense/        
    Interest-Bearing Liabilities (a)   0.07 %   0.09 %     0.07 %
  Net Interest Spread (FTE) (a)   3.11 %   3.30 %     3.12 %
           
3. Loans & Other Earning Assets.        
    (average volume, dollars in thousands)
        %  
    Q1’17 Q1’16 Change Q4’16
           
  Total Assets $ 5,395,783   $ 5,174,804   4.3 % $ 5,370,412  
  Total Earning Assets   4,620,001     4,381,423   5.4 %   4,561,619  
  Total Loans   1,355,250     1,500,616   -9.7 %   1,356,350  
    Commercial Loans   354,896     370,131   -4.1 %   349,022  
    Commercial RE Loans    558,485     630,542   -11.4 %   546,145  
    Consumer Loans   441,869     499,943   -11.6 %   461,183  
  Total Investment Securities   3,264,751     2,880,807   13.3 %   3,205,269  
    Available For Sale (Market)   1,941,028     1,567,335   23.8 %   1,821,998  
    Held To Maturity   1,323,723     1,313,472   0.8 %   1,383,271  
    Unrealized (Loss) Gain   (1,676 )   23,669   n/m     (5,571 )
           
  Loans/Deposits   28.9 %   33.1 %     28.8 %
           
4. Deposits, Other Interest-Bearing Liabilities & Equity.    
    (average volume, dollars in thousands)
        %  
    Q1’17 Q1’16 Change Q4’16
           
  Total Deposits $ 4,692,746   $ 4,537,548   3.4 % $ 4,702,129  
    Noninterest Demand    2,056,858     1,993,986   3.2 %   2,077,213  
    Interest Bearing Transaction   880,387     872,464   0.9 %   871,947  
    Savings   1,501,961     1,387,217   8.3 %   1,492,748  
    Time greater than $100K   112,140     123,691   -9.3 %   113,781  
    Time less than $100K   141,400     160,190   -11.7 %   146,440  
  Total Short-Term Borrowings   68,584     57,846   18.6 %   56,669  
  Shareholders’ Equity   582,384     527,177   10.5 %   558,057  
           
  Demand Deposits/        
    Total Deposits   43.8 %   43.9 %     44.2 %
  Transaction & Savings         
    Deposits / Total Deposits   94.6 %   93.7 %     94.5 %
           
5. Interest Yields Earned & Rates Paid.      
    (dollars in thousands)  
    Q1’17  
    Average Income/ Yield (a) /  
    Volume Expense Rate  
           
  Interest & Fee Income Earned        
    Total Earning Assets (FTE) $ 4,620,001   $ 36,510   3.18 %  
    Total Loans (FTE)     1,355,250     16,069   4.81 %  
    Commercial Loans (FTE)   354,896     4,136   4.73 %  
    Commercial RE Loans    558,485     8,072   5.86 %  
    Consumer Loans   441,869     3,861   3.53 %  
    Total Investments (FTE)   3,264,751     20,441   2.50 %  
           
  Interest Expense Paid        
    Total Earning Assets    4,620,001     480   0.04 %  
    Total Interest-Bearing Liabilities   2,704,472     480   0.07 %  
    Total Interest-Bearing Deposits   2,635,888     469   0.07 %  
    Interest-Bearing Transaction   880,387     57   0.03 %  
    Savings   1,501,961     223   0.06 %  
    Time less than $100K   141,400     83   0.24 %  
    Time greater than $100K   112,140     106   0.38 %  
    Total Short-Term Borrowings    68,584     11   0.06 %  
           
  Net Interest Income and         
  Margin (FTE)   $ 36,030   3.14 %  
           
    Q1’16  
    Average Income/ Yield (a) /  
    Volume Expense Rate  
           
  Interest & Fee Income Earned        
    Total Earning Assets (FTE) $ 4,381,423   $ 36,999   3.39 %  
    Total Loans (FTE)   1,500,616     18,689   5.01 %  
    Commercial Loans (FTE)   370,131     4,541   4.93 %  
    Commercial RE Loans    630,542     9,776   6.24 %  
    Consumer Loans   499,943     4,372   3.51 %  
    Total Investments (FTE)   2,880,807     18,310   2.54 %  
           
  Interest Expense Paid        
    Total Earning Assets    4,381,423     552   0.05 %  
    Total Interest-Bearing Liabilities   2,601,408     552   0.09 %  
    Total Interest-Bearing Deposits   2,543,562     543   0.09 %  
    Interest-Bearing Transaction   872,464     70   0.03 %  
    Savings   1,387,217     223   0.06 %  
    Time less than $100K   160,190     113   0.28 %  
    Time greater than $100K   123,691     137   0.44 %  
    Total Short-Term Borrowings    57,846     9   0.07 %  
           
  Net Interest Income and        
  Margin (FTE)   $ 36,447   3.34 %  
           
6. Noninterest Income.        
    (dollars in thousands except per-share amounts)
        %  
    Q1’17 Q1’16 Change Q4’16
           
  Service Charges on Deposits $ 4,923   $ 5,248   -6.2 % $ 5,064  
  Merchant Processing Services   1,875     1,529   22.6 %   1,678  
  Debit Card Fees   1,481     1,516   -2.3 %   1,566  
  Other Service Fees   650     629   3.3 %   620  
  ATM Processing Fees   575     658   -12.6 %   551  
  Trust Fees   702     661   6.3 %   682  
  Financial Services Commissions   195     156   25.0 %   157  
  Other Income   1,256     1,332   -5.7 %   1,227  
  Total Noninterest Income $ 11,657   $ 11,729   -0.6 % $ 11,545  
           
    Total Revenue (FTE) $ 47,687   $ 48,176   -1.0 % $ 47,504  
    Noninterest Income/Revenue (FTE)   24.4 %   24.3 %     24.3 %
    Service Charges/Avg. Deposits (a)   0.43 %   0.47 %     0.43 %
    Total Revenues (FTE) Per Avg.         
  Common Share (a) $ 7.39   $ 7.61   -3.0 % $ 7.33  
           
7. Noninterest Expense.        
    (dollars in thousands)
        %  
    Q1’17 Q1’16 Change Q4’16
           
  Salaries & Benefits $ 13,070   $ 13,117   -0.4 % $ 12,439  
  Occupancy   3,633     3,398   6.9 %   3,570  
  Outsourced Data Processing   2,139     2,130   0.4 %   2,131  
  Amortization of         
    Identifiable Intangibles   800     905   -11.7 %   863  
  Professional Fees   611     732   -16.4 %   797  
  Furniture & Equipment   1,254     1,213   3.4 %   1,290  
  Other Real Estate Owned   (40 )   111   n/m     7  
  Courier Service   421     545   -22.8 %   494  
  Other Operating   2,727     3,707   -26.4 %   2,986  
  Total Noninterest Expense $ 24,615   $ 25,858   -4.8 % $ 24,577  
           
  Noninterest Expense/        
    Avg. Earning Assets (a)   2.16 %   2.37 %     2.14 %
  Noninterest Expense/Revenues (FTE)   51.6 %   53.7 %     51.7 %
           
8. Allowance for Loan Losses.        
    (dollars in thousands)
        %  
    Q1’17 Q1’16 Change Q4’16
           
  Average Total Loans $ 1,355,250   $ 1,500,616   -9.7 % $ 1,356,350  
           
  Allowance for Loan Loss (ALL)       
  Beginning of Period  $ 25,954   $ 29,771   -12.8 % $ 26,359  
  Provision for Loan Losses        –       –   n/m       –  
  Net ALL Losses   (1,035 )   (284 ) 264.0 %   (405 )
  ALL End of Period $ 24,919   $ 29,487   -15.5 % $ 25,954  
  ALL Recoveries/Gross ALL Losses      44 %   87 %     66 %
           
  Net ALL Losses/Avg. Total Loans (a)   0.31 %   0.08 %     0.12 %
           
9. Credit Quality.        
    (dollars in thousands)
        %  
    3/31/17 3/31/16 Change 12/31/16
           
  Nonperforming Loans (1):        
     Nonperforming Nonaccrual $ 2,382   $ 15,806   -84.9 % $ 3,956  
     Performing Nonaccrual     4,285       1,921   123.1 %     4,429  
   Total Nonaccrual Loans   6,667     17,727   -62.4 %   8,385  
   90+ Days Past Due Accruing Loans   373     260   43.5 %   497  
   Total   7,040     17,987   -60.9 %   8,882  
  Repossessed Loan Collateral (1)   2,136     8,438   -74.7 %   3,095  
   Total Nonperforming Assets (1) $ 9,176   $ 26,425   -65.3 % $ 11,977  
           
  Total Loans Outstanding  $ 1,351,090   $ 1,473,196   -8.3 % $ 1,352,711  
           
  Total Assets  $ 5,395,947   $ 5,199,868   3.8 % $ 5,366,083  
           
  Loans:        
  Allowance for Loan Losses $ 24,919   $ 29,487   -15.5 % $ 25,954  
  Allowance/Loans   1.84 %   2.00 %     1.92 %
  Nonperforming Loans/Total Loans   0.52 %   1.22 %     0.66 %
           
10. Capital.        
    (in thousands, except per-share amounts)
        %  
    3/31/17 3/31/16 Change 12/31/16
           
  Shareholders’ Equity $ 584,888   $ 538,973   8.5 % $ 561,367  
  Total Assets   5,395,947     5,199,868   3.8 %   5,366,083  
           
  Shareholders’ Equity/        
    Total Assets   10.84 %   10.37 %     10.46 %
  Shareholders’ Equity/        
    Total Loans   43.29 %   36.59 %     41.50 %
  Tangible Common Equity Ratio   8.68 %   8.04 %     8.26 %
  Common Shares Outstanding   26,283     25,438   3.3 %   25,907  
  Common Equity Per Share $ 22.25   $ 21.19   5.0 % $ 21.67  
  Market Value Per Common Share $ 55.83   $ 48.71   14.6 % $ 62.93  
           
  Share Repurchase Programs        
    (shares in thousands)
        %  
    Q1’17 Q1’16 Change Q4’16
           
  Total Shares Repurchased     –     130   n/m       –  
    Average Repurchase Price $ –   $ 41.53   n/m   $ –  
  Net Shares (Issued) Repurchased   (376 )   90   n/m     (242 )
           
11. Period-End Balance Sheets.        
    (unaudited, dollars in thousands)
        %  
    3/31/17 3/31/16 Change 12/31/16
  Assets:        
    Cash and Due from Banks $ 546,815   $ 471,164   16.1 % $ 462,271  
           
    Investment Securities:        
    Available For Sale   1,893,309     1,585,970   19.4 %   1,890,758  
    Held to Maturity   1,298,414     1,358,139   -4.4 %   1,346,312  
           
    Loans   1,351,090     1,473,196   -8.3 %   1,352,711  
    Allowance For Loan Losses   (24,919 )   (29,487 ) -15.5 %   (25,954 )
    Total Loans, net   1,326,171     1,443,709   -8.1 %   1,326,757  
           
    Other Real Estate Owned   2,136     8,438   -74.7 %   3,095  
    Premises and Equipment, net   36,025     38,045   -5.3 %   36,566  
    Identifiable Intangibles, net   6,127     9,526   -35.7 %   6,927  
    Goodwill    121,673     121,673   0.0 %   121,673  
    Other Assets   165,277     163,204   1.3 %   171,724  
           
  Total Assets $ 5,395,947   $ 5,199,868   3.8 % $ 5,366,083  
           
  Liabilities and Shareholders’ Equity:        
    Deposits:        
    Noninterest Bearing $ 2,046,390   $ 1,989,010   2.9 % $ 2,089,443  
    Interest-Bearing Transaction   905,588     855,008   5.9 %   865,701  
    Savings   1,494,854     1,393,919   7.2 %   1,493,427  
    Time   251,141     278,813   -9.9 %   256,170  
    Total Deposits   4,697,973     4,516,750   4.0 %   4,704,741  
           
    Short-Term Borrowed Funds   73,611     52,451   40.3 %   59,078  
    Other Liabilities   39,475     91,694   -56.9 %   40,897  
  Total Liabilities   4,811,059     4,660,895   3.2 %   4,804,716  
           
  Shareholders’ Equity:        
    Common Equity:        
    Paid-In Capital   424,203     381,426   11.2 %   406,139  
    Accumulated Other        
    Comprehensive Income   (9,443 )   6,619   n/m     (10,074 )
    Retained Earnings   170,128     150,928   12.7 %   165,302  
  Total Shareholders’ Equity   584,888     538,973   8.5 %   561,367  
           
  Total Liabilities and         
    Shareholders’ Equity $ 5,395,947   $ 5,199,868   3.8 % $ 5,366,083  
           
12. Income Statements.        
    (unaudited, in thousands except per-share amounts)
        %  
    Q1’17 Q1’16 Change Q4’16
  Interest & Fee Income:        
    Loans $ 15,780   $ 18,353   -14.0 % $ 16,235  
    Investment Securities:        
    Available for Sale   10,249     7,967   28.6 %   9,422  
    Held to Maturity   7,295     7,327   -0.4 %   7,552  
  Total Interest & Fee Income   33,324     33,647   -1.0 %   33,209  
           
  Interest Expense:        
    Transaction Deposits   57     70   -18.4 %   58  
    Savings Deposits   223     223   0.0 %   230  
    Time Deposits   189     250   -24.2 %   203  
    Short-Term Borrowed Funds   11     9   12.2 %   9  
  Total Interest Expense   480     552   -13.0 %   500  
           
  Net Interest Income   32,844     33,095   -0.8 %   32,709  
           
  Provision for Loan Losses     –       –   n/m       –  
           
  Noninterest Income:        
    Service Charges    4,923     5,248   -6.2 %   5,064  
    Merchant Processing Services   1,875     1,529   22.6 %   1,678  
    Debit Card Fees   1,481     1,516   -2.3 %   1,566  
    Other Service Fees   650     629   3.3 %   620  
    ATM Processing Fees   575     658   -12.6 %   551  
    Trust Fees   702     661   6.3 %   682  
    Financial Services Commissions   195     156   25.0 %   157  
    Other   1,256     1,332   -5.7 %   1,227  
  Total Noninterest Income   11,657     11,729   -0.6 %   11,545  
           
  Noninterest Expense:        
    Salaries and  Benefits   13,070     13,117   -0.4 %   12,439  
    Occupancy    3,633     3,398   6.9 %   3,570  
    Outsourced Data Processing   2,139     2,130   0.4 %   2,131  
    Amortization of Identifiable Intangibles   800     905   -11.7 %   863  
    Professional Fees   611     732   -16.4 %   797  
    Furniture & Equipment   1,254     1,213   3.4 %   1,290  
    Other Real Estate Owned   (40 )   111   n/m     7  
    Courier Service   421     545   -22.8 %   494  
    Other   2,727     3,707   -26.4 %   2,986  
  Total Noninterest Expense   24,615     25,858   -4.8 %   24,577  
           
  Income Before Income Taxes   19,886     18,966   4.9 %   19,677  
  Income Tax Provision   4,837     4,740   2.1 %   5,224  
  Net Income $ 15,049   $ 14,226   5.8 % $ 14,453  
           
  Average Common Shares Outstanding   26,171     25,445   2.9 %   25,773  
  Diluted Common Shares Outstanding   26,329     25,468   3.4 %   25,925  
           
  Per Common Share Data:        
    Basic Earnings $ 0.58   $ 0.56   3.6 % $ 0.56  
    Diluted Earnings   0.57     0.56   1.8 %   0.56  
    Dividends Paid   0.39     0.39   0.0 %   0.39  
           
  Footnotes and Abbreviations:  
  (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 relatively large 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 
  (1) All originated and purchased non performing loans and repossessed loan collateral have been combined as of 
  Q1 ’17.  Prior period presentation has been updated, accordingly. 
    
CONTACT: For additional information contact:
Westamerica Bancorporation
1108 Fifth Avenue, San Rafael, CA 94901
Robert A. Thorson – SVP & Chief Financial Officer
707-863-6840
[email protected]