Westamerica Bancorporation (WABC) 10-Year Financial Performance & Capital Metrics

WABC • • Banking & Credit

Financial ServicesRegional BanksCommunity & Regional Retail BankingWest Coast Community Banks

AboutWestamerica Bancorporation operates as a bank holding company for the Westamerica Bank that provides various banking products and services to individual and commercial customers. The company accepts various deposit products, including retail savings and checking accounts, as well as certificates of deposit. Its loan portfolio includes commercial, commercial and residential real estate, real estate construction, and consumer installment loans, as well as indirect automobile loans. It operates through 78 branch offices in 21 counties in Northern and Central California. The company was formerly known as Independent Bankshares Corporation and changed its name to Westamerica Bancorporation in 1983. The company was incorporated in 1972 and is headquartered in San Rafael, California.Show more

Net Interest Income $251M -10.5%
Total Revenue $311M -5.0%
Net Income $139M -14.3%
Return on Equity 16.67% -29.1%
Net Interest Margin 4.12% -6.3%
Efficiency Ratio 33.55% +6.5%
ROA 2.23% -8.3%
Equity / Assets 14.65% +20.6%
Book Value per Share 33.35 +15.2%
Tangible BV/Share 28.79 +18.1%
Debt/Equity 0.16 +56.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Dividend Aristocrat: 27 years of consecutive increases
✓Strong NIM of 4.1%
✓Efficient operations: 33.5% efficiency ratio
✓Well capitalized: 14.6% equity/assets
✓Good 3Y average ROE of 19.1%
✓Healthy dividend yield of 3.5%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.95%

5Y8.59%

3Y12.8%

TTM-

Profit (Net Income) CAGR

10Y8.62%

5Y11.52%

3Y17.02%

TTM-17.99%

EPS CAGR

10Y8.41%

5Y11.78%

3Y17.32%

TTM-16.21%

ROCE

10Y Avg17.39%

5Y Avg19.42%

3Y Avg23.99%

Latest21.29%

Peer Comparison

West Coast Community Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BCALSouthern California Bancorp	608.64M	18.83	85.59	45.45%	2.94%	11.23%	8.17%	0.17
CWBCCommunity West Bancshares	447.97M	23.38	51.96	51.89%	4.67%	6.95%	3.83%	0.56
GBCIGlacier Bancorp, Inc.	6.29B	48.39	28.80	11.64%	15.27%	6.57%	3.34%	1.18
GBFHGBank Financial Holdings Inc.	465.21M	32.36	23.28	2%	30.99%	11.8%	5.65%	0.22
BOHBank of Hawaii Corporation	2.86B	71.86	20.77	6.6%	14.57%	10.28%	5.9%	0.45
HFWAHeritage Financial Corporation	867.93M	25.56	20.61	4.64%	13.64%	6.33%	7.03%	0.47
HTBKHeritage Commerce Corp	786.28M	12.82	19.42	3.35%	16.12%	6.19%	4.75%	0.06
NRIMNorthrim BanCorp, Inc.	640.63M	29.00	17.47	23.77%	18.87%	19.99%		0.15

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	134.1M	133.8M	136.41M	149.76M	156.79M	164.03M	171.49M	219.83M	280.12M	250.59M
NII Growth %	-0.02%	-0%	0.02%	0.1%	0.05%	0.05%	0.05%	0.28%	0.27%	-0.11%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	136.53M	135.92M	138.31M	151.72M	158.68M	165.86M	173.44M	221.76M	284.01M	268.01M
Interest Expense	2.42M	2.12M	1.9M	1.96M	1.89M	1.82M	1.96M	1.93M	3.89M	17.42M
Loan Loss Provision	0	-3.2M	-1.9M	0	0	4.3M	0	0	-1.15M	300K
Non-Interest Income+	47.87M	46.57M	56M	48.15M	47.41M	42.1M	43.34M	45.12M	43.52M	43.16M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	184.4M	182.49M	194.31M	199.87M	206.09M	207.96M	216.79M	266.88M	327.54M	311.17M
Revenue Growth %	-0.04%	-0.01%	0.06%	0.03%	0.03%	0.01%	0.04%	0.23%	0.23%	-0.05%
Non-Interest Expense	105.3M	103.62M	107.14M	106.92M	98.99M	95.03M	97.81M	99.36M	103.22M	104.39M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	76.67M	79.96M	87.17M	91M	105.22M	106.8M	117.03M	165.59M	221.58M	189.06M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.03%	0.04%	0.09%	0.04%	0.16%	0.02%	0.1%	0.41%	0.34%	-0.15%
Pretax Income+	76.67M	79.96M	87.17M	91M	105.22M	106.8M	117.03M	165.59M	221.58M	189.06M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	17.92M	21.1M	37.15M	19.43M	24.83M	26.39M	30.52M	43.56M	59.81M	50.42M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	58.75M	58.85M	50.02M	71.56M	80.39M	80.41M	86.51M	122.03M	161.77M	138.64M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.03%	0%	-0.15%	0.43%	0.12%	0%	0.08%	0.41%	0.33%	-0.14%
Net Income (Continuing)	58.75M	58.85M	50.02M	71.56M	80.39M	80.41M	86.51M	122.03M	161.77M	138.64M
EPS (Diluted)+	2.30	2.29	1.89	2.67	2.98	2.98	3.22	4.54	6.06	5.20
EPS Growth %	-0.01%	-0%	-0.17%	0.41%	0.12%	0%	0.08%	0.41%	0.33%	-0.14%
EPS (Basic)	2.30	2.30	1.90	2.69	2.98	2.98	3.22	4.54	6.06	5.20
Diluted Shares Outstanding	25.58M	25.68M	26.42M	26.76M	27.01M	26.96M	26.87M	26.91M	26.71M	26.69M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	433.04M	462.27M	575M	420.28M	373.42M	621.27M	1.13B	294.24M	190.31M	601.49M
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	4.41B	4.58B	4.63B	4.84B	4.95B	5.83B	6.03B	6.22B	5.76B	5.07B
Investments Growth %	0.02%	0.04%	0.01%	0.05%	0.02%	0.18%	0.03%	0.03%	-0.07%	-0.12%
Long-Term Investments	2.84B	2.69B	2.44B	2.18B	1.87B	1.77B	1.39B	1.89B	1.76B	3.74B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	121.67M	121.67M	121.67M	121.67M	121.67M	121.67M	121.67M	121.67M	121.67M	121.67M
Intangible Assets	10.43M	6.93M	3.85M	1.93M	1.39M	1.1M	835K	583K	347K	125K
PP&E (Net)	38.69M	36.57M	35.3M	34.51M	51.73M	51.65M	49.13M	44.56M	45.83M	44.12M
Other Assets	82.97M	80.3M	88.02M	80.13M	82.69M	84.98M	89.85M	85.23M	90.4M	95.28M
Total Current Assets	2.03B	2.38B	2.8B	3.11B	3.48B	4.72B	5.81B	4.68B	4.25B	1.99B
Total Non-Current Assets	3.14B	2.99B	2.72B	2.46B	2.13B	2.03B	1.65B	2.27B	2.11B	4.09B
Total Assets+	5.17B	5.37B	5.51B	5.57B	5.62B	6.75B	7.46B	6.95B	6.36B	6.08B
Asset Growth %	0.03%	0.04%	0.03%	0.01%	0.01%	0.2%	0.11%	-0.07%	-0.08%	-0.05%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.02%	0.02%
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Total Debt+	106.06M	118.16M	116.94M	102.49M	78.99M	121.38M	164.23M	73.54M	76.98M	138.31M
Net Debt	-326.99M	-344.12M	-458.06M	-317.79M	-294.43M	-499.9M	-967.86M	-220.7M	-113.34M	-463.19M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Short-Term Debt	106.06M	118.16M	116.94M	102.49M	61.86M	102.55M	146.25M	57.79M	58.16M	120.32M
Other Liabilities	-10.04M	-18.18M	-21.75M	-16.4M	-3.48M	67.99M	53.24M	49.38M	40.45M	36.16M
Total Current Liabilities	4.65B	4.82B	4.94B	4.97B	4.87B	5.79B	6.56B	6.28B	5.53B	5.13B
Total Non-Current Liabilities	-10.04M	-18.18M	-21.75M	-16.4M	13.66M	112.6M	73.72M	65.13M	59.27M	54.15M
Total Liabilities	4.64B	4.8B	4.92B	4.95B	4.89B	5.9B	6.63B	6.35B	5.59B	5.19B
Total Equity+	532.21M	561.37M	590.24M	615.59M	731.42M	844.81M	827.1M	602.11M	772.89M	889.96M
Equity Growth %	0.01%	0.05%	0.05%	0.04%	0.19%	0.16%	-0.02%	-0.27%	0.28%	0.15%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.11%	0.11%	0.09%	0.12%	0.12%	0.1%	0.1%	0.17%	0.24%	0.17%
Book Value per Share	20.81	21.86	22.34	23.01	27.08	31.34	30.78	22.38	28.94	33.35
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	378.86M	404.61M	431.73M	448.35M	465.46M	466.01M	471.01M	475.09M	473.14M	476.47M
Additional Paid-in Capital	0	0	0	0	0	0	0	0	0	0
Retained Earnings	150.09M	165.3M	173.8M	205.84M	239.13M	264.36M	306.39M	383.09M	490M	581.55M
Accumulated OCI	675K	-10.07M	-16.83M	-40M	26.05M	114.41M	49.66M	-256.11M	-190.28M	-168.1M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	70.4M	77.64M	80.75M	96.63M	80.7M	107.74M	88.73M	113.7M	158.21M	141.57M
Operating CF Growth %	-0.14%	0.1%	0.04%	0.2%	-0.16%	0.34%	-0.18%	0.28%	0.39%	-0.11%
Net Income	58.75M	58.85M	50.02M	71.56M	80.39M	80.41M	86.51M	122.03M	161.77M	138.64M
Depreciation & Amortization	16.4M	19.94M	26.08M	24.4M	20.63M	22.65M	16.62M	16.57M	11.77M	10.4M
Deferred Taxes	0	0	0	0	0	0	0	3.02M	-869K	-8.42M
Other Non-Cash Items	548K	-4.33M	-10.7M	-1.03M	-910K	-3.82M	-5.61M	-2.63M	-1.88M	-1.54M
Working Capital Changes	-6.57M	1.68M	13.52M	-290K	-21.15M	6.63M	-10.2M	-26.59M	-13.94M	1.01M
Cash from Investing+	-102.26M	-197.26M	-73.26M	-253.56M	-22.3M	-748.92M	-306.08M	-631.29M	547.27M	715.68M
Purchase of Investments	-1.38B	-1.33B	-635.81M	-854.55M	-970.54M	-2.1B	-1.91B	-1.36B	0	-20.73M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	0	0	0	0	0	0
Other Investing	166.81M	190.79M	67.52M	83.76M	80.98M	-122.75M	193.75M	113.47M	88.47M	50.62M
Cash from Financing+	84.07M	148.85M	105.23M	2.22M	-105.27M	889.03M	728.16M	-320.26M	-809.4M	-446.07M
Dividends Paid	-39.12M	-39.92M	-41.3M	-42.63M	-43.94M	-44.28M	-44.3M	-45.18M	-45.95M	-46.96M
Share Repurchases	-14.73M	-5.42M	-314K	-524K	-488K	-16.5M	-232K	-218K	-13.75M	-210K
Stock Issued	0	0	0	0	0	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	-1000K	1000K	-607K	-1000K	-1000K	1000K	1000K	-1000K	370K	1000K
Other Financing	194.68M	188.15M	147.46M	52.6M	-40.52M	878.2M	728.99M	-186.41M	-750.07M	-461.06M
Net Change in Cash+	52.21M	29.23M	112.73M	-154.72M	-46.86M	247.85M	510.81M	-837.85M	-103.92M	411.18M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	380.84M	433.04M	462.27M	575M	420.28M	373.42M	621.27M	1.13B	294.24M	190.31M
Cash at End	433.04M	462.27M	575M	420.28M	373.42M	621.27M	1.13B	294.24M	190.31M	601.49M
Interest Paid	2.53M	2.2M	1.93M	1.93M	1.9M	1.83M	2.03M	1.94M	3.9M	17.43M
Income Taxes Paid	17.67M	19.26M	17.35M	13.63M	24.49M	26.46M	27.67M	39.84M	64.02M	57.26M
Free Cash Flow+	65.93M	75.82M	78.03M	93.51M	76.71M	105.54M	87.41M	112.89M	157.05M	139.83M
FCF Growth %	-0.16%	0.15%	0.03%	0.2%	-0.18%	0.38%	-0.17%	0.29%	0.39%	-0.11%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	11.1%	10.76%	8.69%	11.87%	11.94%	10.2%	10.35%	17.08%	23.53%	16.67%
Return on Assets (ROA)	1.15%	1.12%	0.92%	1.29%	1.44%	1.3%	1.22%	1.69%	2.43%	2.23%
Net Interest Margin	2.59%	2.49%	2.47%	2.69%	2.79%	2.43%	2.3%	3.16%	4.4%	4.12%
Efficiency Ratio	57.11%	56.78%	55.14%	53.49%	48.03%	45.7%	45.12%	37.23%	31.51%	33.55%
Equity / Assets	10.3%	10.46%	10.71%	11.05%	13.02%	12.52%	11.09%	8.66%	12.14%	14.65%
Book Value / Share	20.81	21.86	22.34	23.01	27.08	31.34	30.78	22.38	28.94	33.35
NII Growth	-1.94%	-0.23%	1.95%	9.79%	4.69%	4.62%	4.55%	28.19%	27.43%	-10.54%
Dividend Payout	66.59%	67.84%	82.56%	59.58%	54.66%	55.07%	51.21%	37.02%	28.41%	33.87%

Revenue by Segment

	2022	2023	2024
Deposit Account	14.49M	14.17M	14.03M
Deposit Account Growth	-	-2.22%	-1.02%
Credit Card, Merchant Discount	11.62M	11.28M	10.45M
Credit Card, Merchant Discount Growth	-	-2.95%	-7.37%
Debit Card	7.88M	7.18M	6.85M
Debit Card Growth	-	-8.81%	-4.62%
Fiduciary and Trust	3.22M	3.12M	3.32M
Fiduciary and Trust Growth	-	-2.92%	6.28%
ATM Processing Fees	2.16M	2.62M	2.17M
ATM Processing Fees Growth	-	21.20%	-17.11%
Financial Service, Other	1.81M	1.76M	1.77M
Financial Service, Other Growth	-	-2.38%	0.28%
Financial Services Commission	417K	336K	-
Financial Services Commission Growth	-	-19.42%	-

Frequently Asked Questions

Valuation & Price

Westamerica Bancorporation (WABC) has a price-to-earnings (P/E) ratio of 9.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Westamerica Bancorporation (WABC) saw revenue decline by 5.0% over the past year.

Yes, Westamerica Bancorporation (WABC) is profitable, generating $120.1M in net income for fiscal year 2024 (44.6% net margin).

Dividend & Returns

Yes, Westamerica Bancorporation (WABC) pays a dividend with a yield of 3.46%. This makes it attractive for income-focused investors.

Westamerica Bancorporation (WABC) has a return on equity (ROE) of 16.7%. This is reasonable for most industries.

Industry Metrics

Westamerica Bancorporation (WABC) has a net interest margin (NIM) of 4.1%. This indicates healthy earnings from lending activities.

Westamerica Bancorporation (WABC) has an efficiency ratio of 33.5%. This is excellent, indicating strong cost control.

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