Westamerica Bancorp Stock Research

Market Summary

USD39.19-0.14

Market Closed

-0.36%

WABC Alerts

1 major insider buys recently.
Big jump in Revenue (Y/Y)
Big jump in Earnings (Y/Y)

WABC Stock Price

WABC RSI Chart

WABC Valuation

Market Cap

1.0B

Price/Earnings (Trailing)

7.47

Price/Sales (Trailing)

4.22

EV/EBITDA

2.46

Price/Free Cashflow

7.69

WABC Price/Sales (Trailing)

WABC Profitability

EBT Margin

74.67%

Return on Equity

20.27%

Return on Assets

1.76%

Free Cashflow Yield

13.01%

WABC Fundamentals

WABC Revenue

Revenue (TTM)

247.6M

Revenue Y/Y

59.11%

Revenue Q/Q

0.62%

WABC Earnings

Earnings (TTM)

139.9M

Earnings Y/Y

78.86%

Earnings Q/Q

2.81%

Price Action

52 Week Range

35.1263.86

(Low)(High)

Last 7 days

-2.1%

Last 30 days

-3.3%

Last 90 days

-28.9%

Trailing 12 Months

-34.2%

WABC Financial Health

WABC Investor Care

Dividend Yield

4.29%

Dividend/Share (TTM)

1.68

Buy Backs (1Y)

0.87%

Diluted EPS (TTM)

5.2

Peers (Alternatives to Westamerica Bancorp)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
JPM	414.1B	128.7B	-0.56%	6.59%	10.99	3.22	5.79%	-0.71%
BAC	225.3B	98.0B	-3.48%	-21.76%	7.87	2.3	9.45%	-7.66%
WFC	156.8B	63.2B	3.09%	-9.51%	11.89	2.9	58.68%	-29.54%
PNC	51.3B	22.0B	-8.75%	-30.78%	8.39	2.43	11.93%	6.78%
USB	46.0B	21.5B	-10.56%	-40.33%	7.71	2.14	58.44%	-17.60%
FHN	9.9B	3.1B	-38.40%	-51.83%	11.04	3.7	46.06%	-0.93%
MID-CAP
CFR	6.6B	1.8B	-5.40%	-16.91%	10.07	3.77	72.29%	54.33%
BOKF	6.4B	1.6B	-0.12%	-1.10%	10.34	3.94	39.57%	16.01%
ZION	4.3B	3.1B	3.77%	-48.14%	4.72	1.39	35.84%	-10.10%
PNFP	3.9B	1.4B	-7.06%	-37.74%	6.87	2.8	33.23%	6.34%
SMALL-CAP
PRK	1.8B	408.0M	-6.41%	-15.37%	12.13	4.76	19.36%	-4.52%
TRMK	1.3B	637.0M	-9.00%	-25.21%	14.27	2.08	45.85%	-25.39%
WABC	1.0B	247.6M	-3.26%	-34.25%	7.47	4.22	41.59%	57.20%
HOPE	1.0B	809.6M	-8.13%	-41.35%	5.1	1.24	41.27%	-11.26%

Financials for Westamerica Bancorp

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Revenue	11.7%	248	222	196	179	175
EBITDA	6.4%	376	353	320	311	-
EBITDA Margin	-6.2%	1.69*	1.81*	1.79*	1.78*	-
Earnings Before Taxes	15.1%	191	166	141	123	120
EBT Margin	3.6%	0.75*	0.72*	0.69*	0.69*	-
Interest Expenses	13.5%	220	194	177	173	-
Net Income	14.6%	140	122	104	92.00	89.00
Net Income Margin	3.1%	0.55*	0.53*	0.51*	0.51*	-
Free Cahsflow	27.7%	113	88.00	85.00	87.00	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Assets	-3.6%	6,700	6,950	7,177	7,222	7,306
Net PPE	-1.7%	28.00	29.00	30.00	30.00	31.00
Goodwill	0%	122	122	122	122	122
Liabilities	-4.6%	6,058	6,348	6,638	6,605	6,605
. Short Term Borrowings	43.8%	83.00	58.00	77.00	118	124
Shareholder's Equity	6.8%	643	602	539	617	702
Retained Earnings	5.3%	403	383	355	332	318
Shares Outstanding	-1.0%	27.00	27.00	27.00	27.00	27.00

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Cashflow From Operations	20.5%	137	114	89.00	86.00	88.00
Cashflow From Investing	40.7%	-374	-631	-807	-595	-382
Cashflow From Financing	-89.0%	-605	-320	121	324	465
Dividend Payments	0.0%	45.00	45.00	45.00	45.00	45.00
Buy Backs	6206.0%	14.00	0.00	0.00	0.00	0.00

Risks for WABC

What is the probability of a big loss on WABC?

22.3%

Probability that Westamerica Bancorp stock will be more than 20% underwater in next one year

3.5%

Probability that Westamerica Bancorp stock will be more than 30% underwater in next one year.

Probability that Westamerica Bancorp stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does WABC drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Westamerica Bancorp was unfortunately bought at previous high price.

Drawdowns

Returns for WABC

Cumulative Returns on WABC

1.4%

10-Year Cumulative Returns

-0.5%

7-Year Cumulative Returns

-5.0%

5-Year Cumulative Returns

-10.6%

3-Year Cumulative Returns

What are the long-term rolling returns for WABC?

FIve years rolling returns for Westamerica Bancorp.

Annualized Returns

Which funds bought or sold WABC recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-05-26	ProShare Advisors LLC	sold off	-100	-244,183	-	-%
2023-05-22	AMERIPRISE FINANCIAL INC	reduced	-2.42	-1,690,140	4,628,860	-%
2023-05-22	Raleigh Capital Management Inc.	added	20.00	-377	3,173	-%
2023-05-18	JPMORGAN CHASE & CO	added	108	1,277,400	3,549,400	-%
2023-05-18	NEW YORK STATE COMMON RETIREMENT FUND	reduced	-2.00	-2,201,000	6,127,000	0.01%
2023-05-17	KB FINANCIAL PARTNERS, LLC	unchanged	-	-1,000	2,000	-%
2023-05-17	Thrivent Financial for Lutherans	added	69.68	446,000	2,075,000	-%
2023-05-17	Advisory Services Network, LLC	unchanged	-	-191	576	-%
2023-05-16	Pacific Center for Financial Services	new	-	8,417	8,417	-%
2023-05-16	JANE STREET GROUP, LLC	added	180	444,154	846,661	-%

Latest Funds Activity

Are funds buying WABC calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own WABC

No. of Funds

Westamerica Bancorp News

Schedule 13G FIlings of Westamerica Bancorp

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	price t rowe associates inc /md/	2.9%	785,265	SC 13G/A
Feb 09, 2023	vanguard group inc	12.63%	3,397,651	SC 13G/A
Feb 08, 2023	american century investment management inc	3.80%	1,022,892	SC 13G/A
Jan 24, 2023	blackrock inc.	14.1%	3,803,079	SC 13G
Feb 14, 2022	price t rowe associates inc /md/	13.5%	3,643,235	SC 13G/A
Feb 10, 2022	vanguard group inc	11.58%	3,109,991	SC 13G/A
Feb 04, 2022	american century investment management inc	5.79%	1,555,253	SC 13G/A
Jan 27, 2022	blackrock inc.	14.6%	3,931,787	SC 13G/A
Jan 25, 2022	blackrock inc.	14.6%	3,931,787	SC 13G
Feb 16, 2021	price t rowe associates inc /md/	12.7%	3,436,470	SC 13G/A

WABC Fair Value

Show Fair-Value

Recent SEC filings of Westamerica Bancorp

View All Filings

Date Filed	Form Type	Document
May 09, 2023	10-Q	Quarterly Report
May 04, 2023	4	Insider Trading
May 04, 2023	4	Insider Trading
Apr 28, 2023	8-K	Current Report
Apr 27, 2023	8-K	Current Report
Apr 27, 2023	4	Insider Trading
Apr 20, 2023	8-K	Current Report
Mar 31, 2023	8-K	Current Report
Mar 21, 2023	ARS	ARS
Mar 17, 2023	DEFA14A	DEFA14A

Latest Insider Trading transactions for WABC

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-05-04	Hassid Michele R.	bought	9,990	37.7	265	-
2023-05-04	Chiesa Melanie Martella	bought	9,172	36.69	250	-
2023-04-27	Wondeh Inez	bought	19,988	40.38	495	-
2023-03-01	Ensinger George S	sold (taxes)	-31,286	55.375	-565	svp/human resources div. mgr
2023-03-01	THORSON JOHN A	sold (taxes)	-54,046	55.375	-976	svp/treasurer
2023-03-01	DONOHOE BRIAN J	sold (taxes)	-29,348	55.375	-530	svp/operations and systems mgr
2023-01-26	Ensinger George S	acquired	-	-	1,290	svp/human resources div. mgr
2023-01-26	DONOHOE BRIAN J	acquired	-	-	1,260	svp/operations and systems mgr
2023-01-26	THORSON JOHN A	acquired	-	-	1,950	svp/treasurer
2022-11-03	Hassid Michele R.	bought	10,453	60.4272	173	-

About Westamerica Bancorp

David L. Payne

www.westamerica.com

640

Westamerica 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.

WABC Income Statement

2023-03-31

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest and Fee Income:
Loans	$ 11,740	$ 12,942
Equity securities	152	128
Debt securities available for sale	46,810	28,566
Debt securities held to maturity	8,980	1,644
Interest-bearing cash	1,942	479
Total Interest and Fee Income	69,624	43,759
Interest Expense:
Deposits	458	452
Short-term borrowed funds	13	28
Total Interest Expense	471	480
Net Interest and Fee Income	69,153	43,279
Reversal of Provision for Credit Losses	(1,550)	0
Net Interest and Fee Income After Reversal of Provision For Credit Losses	70,703	43,279
Noninterest Income:
Other noninterest income	898	639
Total Noninterest Income	10,549	11,576
Noninterest Expense:
Salaries and related benefits	12,067	11,920
Occupancy and equipment	5,485	4,746
Outsourced data processing services	2,444	2,437
Investment loss included in pre-tax income	1,434	1,431
Courier service	615	582
Professional fees	476	736
Other noninterest expense	3,689	3,023
Total Noninterest Expense	26,210	24,875
Income Before Income Taxes	55,042	29,980
Provision for income taxes	14,591	7,364
Net Income	$ 40,451	$ 22,616
Average Common Shares Outstanding (in shares)	26,859	26,870
Average Diluted Common Shares Outstanding (in shares)	26,866	26,885
Per Common Share Data:
Basic earnings (in dollars per share)	$ 1.51	$ 0.84
Diluted earnings (in dollars per share)	1.51	0.84
Dividends paid (in dollars per share)	$ 0.42	$ 0.42
Deposit Account [Member]
Noninterest Income:
Noninterest income revenue	$ 3,465	$ 3,582
Credit Card, Merchant Discount [Member]
Noninterest Income:
Noninterest income revenue	2,637	2,623
Debit Card [Member]
Noninterest Income:
Noninterest income revenue	1,642	2,872
Fiduciary and Trust [Member]
Noninterest Income:
Noninterest income revenue	765	843
ATM Processing Fees [Member]
Noninterest Income:
Noninterest income revenue	654	451
Financial Service, Other [Member]
Noninterest Income:
Noninterest income revenue	399	449
Financial Services Commission [Member]
Noninterest Income:
Noninterest income revenue	$ 89	$ 117

WABC Balance Sheet

2023-03-31

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Cash and due from banks	$ 195,202	$ 294,236
Debt securities available for sale	4,217,513	4,331,743
Debt securities held to maturity, net of allowance for credit losses of $1 at March 31, 2023 and December 31, 2022 (Fair value of $875,268 at March 31, 2023 and $873,511 at December 31, 2022)	909,319	915,913
Loans	938,628	958,488
Allowance for credit losses on loans	(19,509)	(20,284)
Loans, net of allowance for credit losses on loans	919,119	938,204
Premises and equipment, net	28,331	28,819
Identifiable intangibles, net	523	583
Goodwill	121,673	121,673
Other assets	308,791	319,146
Total Assets	6,700,471	6,950,317
Liabilities:
Noninterest-bearing deposits	2,788,992	2,947,277
Interest-bearing deposits	3,110,323	3,278,013
Total deposits	5,899,315	6,225,290
Short-term borrowed funds	83,088	57,792
Other liabilities	75,143	65,125
Total Liabilities	6,057,546	6,348,207
Contingencies (Note 10)
Shareholders' Equity:
Common stock (no par value), authorized: 150,000 shares Issued and outstanding: 26,648 at March 31, 2023 and 26,913 at December 31, 2022	471,124	475,086
Deferred compensation	35	35
Accumulated other comprehensive loss	(231,573)	(256,105)
Retained earnings	403,339	383,094
Total Shareholders' Equity	642,925	602,110
Total Liabilities and Shareholders' Equity	$ 6,700,471	$ 6,950,317