Westamerica Bancorporation Reports First Quarter 2014 Earnings

Westamerica Bancorporation Reports First Quarter 2014 Earnings  SAN RAFAEL, Calif., April 15, 2014 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq:WABC), parent company of Westamerica Bank, generated net income for the first quarter 2014 of $15.3 million and diluted earnings per common share ("EPS") of $0.58. First quarter 2014 results compare to net income of $16.1 million and EPS of $0.60 for the prior quarter, and net income of $17.3 million and EPS of $0.64 for the first quarter 2013.  "Westamerica's credit quality continued to improve, as nonperforming assets and loan charge-offs again declined in the first quarter 2014. Nonperforming assets declined by $5 million, or 14 percent from the prior quarter. Net loan losses were $584 thousand in the first quarter 2014, down from $1.8 million in the prior quarter. As a result, we further reduced our provision for loan losses to $1.0 million for the first quarter 2014 from $1.6 million in the prior quarter. Low market interest rates contributed to continued pressure on our net interest margin, but the impact was moderated by consistent control over operating costs reducing expenses by $1.1 million in the first quarter 2014 compared to the fourth quarter 2013," said Chairman, President and CEO David Payne. "Our first quarter earnings delivered a relatively high annualized return on common equity of 11.6 percent for our shareholders," concluded Payne.  Net interest income on a fully taxable equivalent ("FTE") basis was $38.9 million for the first quarter 2014, compared to $40.1 million for the prior quarter and $43.8 million for the first quarter 2013. Net interest income declined as market interest rates on many loan products remain below the yields earned on older-dated loans and on the overall loan portfolio. The Company is reducing its exposure to rising interest rates by purchasing shorter-duration investment securities which carry lower yields than longer-duration securities. The annualized interest cost of funding the Company's loans and investment securities was 0.09 percent for the first quarter 2014 compared to 0.10 percent for the prior quarter and 0.12 percent for the first quarter 2013. The annualized net interest margin on a fully taxable equivalent basis was 3.83 percent for the first quarter 2014, compared to 3.92 percent for the prior quarter and 4.27 percent for the first quarter 2013.  The provision for loan losses was $1.0 million for the first quarter 2014 compared to $1.6 million for the prior quarter and $2.8 million for the first quarter 2013. Net loan losses charged against the allowance for loan losses totaled $584 thousand for the first quarter 2014, compared to $1.8 million for the prior quarter and $2.7 million for the first quarter 2013. At March 31, 2014, the allowance for loan losses totaled $32.1 million; nonperforming originated loans totaled $5.0 million; and nonperforming purchased loans totaled $12.8 million, net of purchase discounts of $0.5 million.  Noninterest income for the first quarter 2014 totaled $13.0 million, compared to $14.0 million for the prior quarter and $14.3 million for the first quarter 2013. Noninterest income was lower in the first quarter 2014 due to fewer processing days compared to the prior quarter and lower levels of customer transaction activity during the first quarter 2014. Fourth quarter 2013 other noninterest income included a recovery on a purchased loan.  Noninterest expense for the first quarter 2014 totaled $26.9 million, compared to $28.0 million in the prior quarter and $28.7 million for the first quarter 2013. First quarter 2014 expenses declined from the earlier periods due to lower professional fees, lower OREO expenses, net of disposition gains, and other reduced costs. Fourth quarter 2013 personnel costs increased as the Company's share price performance increased the expense for share-based compensation.  At March 31, 2014, Westamerica Bancorporation's tangible common equity-to-asset ratio was 8.4 percent, assets totaled $4.9 billion and loans outstanding totaled $1.8 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, 2013 filed on Form 10-K and quarterly report for the quarter ended September 30, 2013 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.  WESTAMERICA BANCORPORATION FINANCIAL HIGHLIGHTS March 31, 2014                                                                  1. Net Income Summary.                                                                             (in thousands except per-share amounts)                                                      %                                             Q1'14      Q1'13      Change      Q4'13                                                                  Net Interest and Fee Income (FTE) $38,864    $43,835    -11.3%      $40,050 Provision for Loan Losses         1,000      2,800      -64.3%      1,600 Noninterest Income                12,990     14,278     -9.0%       14,030 Noninterest Expense               26,873     28,677     -6.3%       27,987 Income Before Taxes (FTE)         23,981     26,636     -10.0%      24,493 Income Tax Provision (FTE)        8,674      9,365      -7.4%       8,437 Net Income                        $15,307    $17,271    -11.4%      $16,056                                                                  Average Common Shares Outstanding 26,433     27,145     -2.6%       26,609 Diluted Average Common Shares     26,537     27,157     -2.3%       26,754                                                                  Operating Ratios:                                                 Basic Earnings Per Common Share   $0.58      $0.64      -9.4%       $0.60 Diluted Earnings Per Common Share 0.58       0.64       -9.4%       0.60 Return On Assets (a)              1.27%      1.43%                 1.31% Return On Common Equity (a)       11.6%      12.9%                 11.8% Net Interest Margin (FTE) (a)     3.83%      4.27%                 3.92% Efficiency Ratio (FTE)            51.8%      49.3%                 51.8%                                                                  Dividends Paid Per Common Share   $0.38      $0.37      2.7%        $0.38 Common Dividend Payout Ratio     66%        58%                   63%                                                                  2. Net Interest Income.                                                                            (dollars in thousands)                                                      %                                             Q1'14      Q1'13      Change      Q4'13                                                                  Interest and Fee Income (FTE)     $39,762    $45,087    -11.8%      $41,074 Interest Expense                  898        1,252      -28.3%      1,024 Net Interest and Fee Income (FTE) $38,864    $43,835    -11.3%      $40,050                                                                  Average Earning Assets            $4,093,087 $4,135,863 -1.0%       $4,062,976 Average Interest-                                                 Bearing Liabilities               2,534,251  2,664,391  -4.9%       2,523,585                                                                  Yield on Earning Assets (FTE) (a) 3.92%      4.39%                 4.02% Cost of Funds (a)                 0.09%      0.12%                 0.10% Net Interest Margin (FTE) (a)     3.83%      4.27%                 3.92% Interest Expense/                                                 Interest-Bearing Liabilities (a)  0.14%      0.19%                 0.16% Net Interest Spread (FTE) (a)     3.78%      4.20%                 3.86%                                                                  3. Loans & Other Earning Assets.                                                                   (average volume, dollars in thousands)                                                      %                                             Q1'14      Q1'13      Change      Q4'13                                                                  Total Assets                      $4,889,940 $4,908,483 -0.4%       $4,876,884 Total Earning Assets              4,093,087  4,135,863  -1.0%       4,062,976 Total Loans                       1,822,065  2,077,989  -12.3%      1,846,700 Commercial Loans                  388,997    404,892    -3.9%       364,534 Commercial RE Loans              788,270    904,841    -12.9%      817,090 Consumer Loans                    644,798    768,256    -16.1%      665,076 Total Investment Securities       2,271,022  2,057,874  10.4%       2,216,276 Available For Sale (Market)       1,147,966  902,633    27.2%       1,081,164 Held To Maturity                  1,123,056  1,155,241  -2.8%       1,135,112 Unrealized (Loss) Gain            (6,502)    23,283     n/m         (19,623)                                                                  Loans/Deposits                    43.3%      49.5%                 44.1%                                                                  4. Deposits, Other Interest-Bearing Liabilities &                                    Equity.                                  (average volume, dollars in thousands)                                                      %                                             Q1'14      Q1'13      Change      Q4'13                                                                  Total Deposits                    $4,209,723 $4,199,229 0.2%        $4,189,135 Noninterest Demand               1,768,464  1,643,348  7.6%        1,759,495 Interest Bearing Transaction      781,779    766,810    2.0%        763,924 Savings                           1,192,651  1,158,454  3.0%        1,160,422 Time greater than $100K           258,202    390,518    -33.9%      288,691 Time less than $100K              208,627    240,099    -13.1%      216,603 Total Short-Term Borrowings       62,472     57,733     8.2%        54,208 Federal Home Loan Bank Advances   20,520     25,777     -20.4%      24,846 Term Repurchase Agreement         10,000     10,000    0.0%        10,000 Debt Financing                    --        15,000     n/m         4,891 Shareholders' Equity              533,159    541,874    -1.6%       537,709                                                                  Demand Deposits/                                                  Total Deposits                    42.0%      39.1%                 42.0% Transaction & Savings                                            Deposits / Total Deposits         88.9%      85.0%                 87.9%                                                                  5. Interest Yields Earned & Rates                                 Paid.                                  (dollars in thousands)                                              Q1'14                                                               Average    Income/    Yield (a) /                                   Volume     Expense    Rate                                                                          Interest & Fee Income Earned                                      Total Earning Assets (FTE)        $4,093,087 $39,762    3.92%        Total Loans (FTE)                 1,822,065  23,359     5.19%        Commercial Loans (FTE)            388,997    5,575      5.81%        Commercial RE Loans              788,270    11,923     6.13%        Consumer Loans                    644,798    5,861      3.67%        Total Investments (FTE)           2,271,022  16,403     2.89%                                                                         Interest Expense Paid                                             Total Earning Assets             4,093,087  898        0.09%        Total Interest-Bearing            2,534,251  898        0.14%        Liabilities Total Interest-Bearing Deposits   2,441,259  754        0.13%        Interest-Bearing Transaction      781,779    67         0.03%        Savings                           1,192,651  234        0.08%        Time less than $100K              208,627    221        0.43%        Time greater than $100K           258,202    232        0.36%        Total Short-Term Borrowings      62,472     20         0.13%        Federal Home Loan Bank Advances   20,520     99         1.97%        Term Repurchase Agreement         10,000     25         1.01%                                                                         Net Interest Income and                                          Margin (FTE)                                $38,864    3.83%                                                                                                          Q1'13                                                               Average    Income/    Yield (a) /                                   Volume     Expense    Rate                                                                          Interest & Fee Income Earned                                      Total Earning Assets (FTE)        $4,135,863 $45,087    4.39%        Total Loans (FTE)                 2,077,989  27,989     5.46%        Commercial Loans (FTE)            404,892    6,254      6.26%        Commercial RE Loans              904,841    14,128     6.33%        Consumer Loans                    768,256    7,607      4.02%        Total Investments (FTE)           2,057,874  17,098     3.32%                                                                         Interest Expense Paid                                             Total Earning Assets             4,135,863  1,252      0.12%        Total Interest-Bearing            2,664,391  1,252      0.19%        Liabilities Total Interest-Bearing Deposits   2,555,881  899        0.14%        Interest-Bearing Transaction      766,810    66         0.03%        Savings                           1,158,454  230        0.08%        Time less than $100K              240,099    299        0.51%        Time greater than $100K           390,518    304        0.32%        Total Short-Term Borrowings      57,733     11         0.08%        Federal Home Loan Bank Advances   25,777     118        1.86%        Term Repurchase Agreement         10,000    24        0.96%        Debt Financing                    15,000     200        5.35%                                                                         Net Interest Income and                                           Margin (FTE)                                $43,835    4.27%                                                                        6. Noninterest Income.                                                                     (dollars in thousands except per-share amounts)                                                      %                                     Q1'14         Q1'13         Change    Q4'13                                                                Service Charges on Deposits $6,010        $6,542        -8.1%     $6,266 Merchant Processing         1,924         2,409         -20.2%    2,058 Services Debit Card Fees             1,405         1,358         3.5%      1,527 Other Service Fees          661           762           -13.3%    672 ATM Processing Fees         620           705           -12.1%    630 Trust Fees                  654           568           15.2%     593 Financial Services          171           180           -4.8%     218 Commissions Other Income                1,545         1,754         -11.9%    2,066 Total Noninterest Income    $12,990       $14,278       -9.0%     $14,030                                                                Total Revenue (FTE)         $51,854       $58,113       -10.8%    $54,080 Noninterest Income/Revenue  25.1%         24.6%                  25.9% (FTE) Service Charges/Avg.        0.58%         0.63%                  0.59% Deposits (a) Total Revenues (FTE) Per                                        Avg. Common Share (a)            $7.96         $8.68         -8.4%     $8.06                                                                7. Noninterest Expense.                                                                    (dollars in thousands)                                                      %                                     Q1'14         Q1'13         Change    Q4'13                                                                Salaries & Benefits         $14,126       $14,403       -1.9%     $14,340 Occupancy                   3,727         3,886         -4.1%     3,784 Outsourced Data Processing  2,105         2,157         -2.4%     2,112 Amortization of                                                Identifiable Intangibles    1,105         1,219         -9.4%     1,157 Professional Fees           430           635           -32.4%    947 Furniture & Equipment       1,005         880           14.2%     994 Other Real Estate Owned     (350)         334           n/m       245 Courier Service             610           741           -17.7%    664 Other Operating             4,115         4,422         -6.9%     3,744 Total Noninterest Expense   $26,873       $28,677       -6.3%     $27,987                                                                Noninterest Expense/                                            Avg. Earning Assets (a)     2.66%         2.81%                  2.73% Noninterest                 51.8%         49.3%                  51.8% Expense/Revenues (FTE)                                                                8. Provision for Loan                                           Losses.                            (dollars in thousands)                                                      %                                     Q1'14         Q1'13         Change    Q4'13                                                                Average Total Loans         $1,822,065    $2,077,989    -12.3%    $1,846,700                                                                Allowance for Loan Loss                                         (ALL) Beginning of Period        $31,693       $30,234       4.8%      $31,916 Provision for Loan Losses  1,000         2,800         -64.3%    1,600 Net ALL Losses              (584)         (2,680)       -78.2%    (1,823) ALL End of Period           $32,109       $30,354       5.8%      $31,693 ALL Recoveries/Gross ALL    56%           29%                    41% Losses                                                                Net ALL Losses/Avg. Total   0.13%         0.52%                  0.39% Loans (a)                                                                9. Credit Quality.                                                                         (dollars in thousands)                                                      %                                     3/31/14       3/31/13       Change    12/31/13                                                                Nonperforming Originated                                        Loans: Nonperforming Nonaccrual    $4,784        $7,005        -31.7%    $5,301 Performing Nonaccrual       39            1,154         -96.6%    75 Total Nonaccrual Loans      4,823         8,159         -40.9%    5,376 90+ Days Past Due Accruing  196           305           -35.7%    410 Loans Total                       5,019         8,464         -40.7%    5,786 Repossessed Loan Collateral 5,347         7,691         -30.5%    5,527 Total Nonperforming                                             Originated Assets           10,366        16,155        -35.8%    11,313                                                                Nonperforming Purchased                                         Covered Loans (1,3): Nonperforming Nonaccrual    86            9,578         n/m       11,672 Performing Nonaccrual       --           2,299         n/m       636 Total Nonaccrual Loans      86            11,877        n/m       12,308 90+ Days Past Due Accruing  --           88            n/m       -- Loans Total                       86            11,965        n/m       12,308 Repossessed Purchased                                           Covered Loan Collateral (1,3)       585           13,713        n/m       7,793 Total Nonperforming                                             Purchased Covered Assets (1,3)        671           25,678        n/m       20,101                                                                Nonperforming Purchased                                         Non-Covered Loans (2,3): Nonperforming Nonaccrual    11,578        6,052        n/m       2,920 Performing Nonaccrual       902           3,060        n/m       698 Total Nonaccrual Loans      12,480        9,112        n/m       3,618 90+ Days Past Due Accruing  209          --           n/m       -- Loans Total                       12,689        9,112        n/m       3,618 Repossessed Purchased                                           Non-Covered Loan Collateral (2,3)       6,254        1,980        n/m       -- Total Nonperforming                                             Purchased Non-Covered Assets (2,3)    18,943        11,092       n/m       3,618                                                                Total Nonperforming Assets  $29,980       $52,925       -43.4%    $35,032                                                                Total Originated Loans      $1,529,502    $1,613,396    -5.2%     $1,523,284 Outstanding Total Purchased Covered                                        Loans Outstanding (1,3)     18,969        353,034       n/m       250,670 Total Purchased                                                 Non-Covered Loans Outstanding (2,3)     267,848       70,504       n/m       53,790 Total Loans Outstanding    $1,816,319    $2,036,934    -10.8%    $1,827,744                                                                Total Assets               $4,921,042    $4,887,844    0.7%      $4,847,055                                                                Loans:                                                          Allowance for Loan Losses   $32,109       $30,354       5.8%      $31,693 Allowance/Loans             1.77%         1.49%                  1.73% Nonperforming Loans/Total   0.98%         1.45%                  1.19% Loans                                                                Purchased Covered Loans                                         (1,3): Fair Value Discount on                                          Purchased Covered Loans               $643          $22,660                $10,933 Discount/Purchased Covered                                      Loans, gross                3.28%         6.03%                  4.18% Nonperforming Purchased                                         Covered Loans/ Total Purchased Covered     0.45%         3.39%                  4.91% Loans                                                                Purchased Non-Covered Loans                                     (2,3): Fair Value Discount on                                          Purchased Non-Covered Loans           $12,140       $4,586                 $3,245 Discount/Purchased          4.34%         6.11%                  5.69% Non-Covered Loans, gross                                                    Nonperforming Purchased                                         Non-Covered Loans/ Total Purchased Non-Covered 4.74%         12.92%                 6.73% Loans                                                                10. Capital.                                                                               (in thousands, except per-share amounts)                                                      %                                     3/31/14       3/31/13       Change    12/31/13                                                                Shareholders' Equity        $540,883      $558,980      -3.2%     $542,934 Tier I Regulatory Capital   399,886       408,643       -2.1%     405,798 Total Regulatory Capital    442,274       444,401       -0.5%     446,331                                                                Total Assets                4,921,042     4,887,844     0.7%      4,847,055 Risk-Adjusted Assets        2,910,773     2,778,938     4.7%      2,759,311                                                                Shareholders' Equity/                                           Total Assets                10.99%        11.44%                 11.20% Shareholders' Equity/                                           Total Loans                 29.78%        27.44%                 29.71% Tier I Capital/Total Assets 8.13%         8.36%                  8.37% Tier I Capital/                                                 Risk-Adjusted Assets        13.74%        14.71%                 14.71% Total Regulatory Capital/                                       Risk-Adjusted Assets        15.19%        15.99%                 16.18% Tangible Common Equity      8.40%         8.75%                  8.56% Ratio Common Shares Outstanding   26,299        27,018        -2.7%     26,510 Common Equity Per Share     $20.57        $20.69        -0.6%     $20.48 Market Value Per Common     $54.08        $45.33        19.3%     $56.46 Share                                                                Share Repurchase Programs                                                                  (shares in thousands)                                                      %                                     Q1'14         Q1'13         Change    Q4'13                                                                Total Shares Repurchased    437           347           26.0%     326 Average Repurchase Price    $51.93        $44.47        16.8%     $53.74 Net Shares Repurchased      211           195           8.1%      68                                                                11. Period-End Balance                                          Sheets.                            (unaudited, dollars in thousands)                                                      %                                     3/31/14       3/31/13       Change    12/31/13 Assets:                                                         Cash and Due from Banks     $428,840      $355,459      20.6%     $472,028                                                                Investment Securities:                                          Available For Sale          1,240,288     972,176       27.6%     1,079,381 Held to Maturity            1,110,329     1,162,358     -4.5%     1,132,299                                                                Loans                       1,816,319     2,036,934     -10.8%    1,827,744 Allowance For Loan Losses   (32,109)      (30,354)      5.8%      (31,693) Total Loans, net            1,784,210     2,006,580     -11.1%    1,796,051                                                                Other Real Estate Owned     12,186        23,384        -47.9%    13,320 Premises and Equipment, net 36,675        38,519        -4.8%     37,314 Identifiable Intangibles,   17,452        22,042        -20.8%    18,557 net Goodwill                   121,673       121,673       0.0%      121,673 Other Assets                169,389       185,653       -8.8%     176,432                                                                Total Assets                $4,921,042    $4,887,844    0.7%      $4,847,055                                                                Liabilities and                                                 Shareholders' Equity: Deposits:                                                       Noninterest Bearing         $1,778,034    $1,621,887    9.6%      $1,740,182 Interest-Bearing            771,299       771,268       0.0%      763,088 Transaction Savings                     1,207,881     1,160,976     4.0%      1,167,744 Time                        457,569       607,819       -24.7%    492,767 Total Deposits              4,214,783     4,161,950     1.3%      4,163,781                                                                Short-Term Borrowed Funds   64,382        61,854        4.1%      62,668 Federal Home Loan Bank      20,437        25,743        -20.6%    20,577 Advances Term Repurchase Agreement   10,000        10,000       0.0%      10,000 Debt Financing              --           15,000        n/m       -- Other Liabilities           70,557        54,317        29.9%     47,095 Total Liabilities           4,380,159     4,328,864     1.2%      4,304,121                                                                Shareholders' Equity:                                           Common Equity:                                                  Paid-In Capital             386,201       376,680       2.5%      381,657 Accumulated Other                                               Comprehensive Income        8,856         15,372        -42.4%    4,313 Retained Earnings           145,826       166,928       -12.6%    156,964 Total Shareholders' Equity  540,883       558,980       -3.2%     542,934                                                                Total Liabilities and                                          Shareholders' Equity        $4,921,042    $4,887,844    0.7%      $4,847,055                                                                12. Income Statements.                                                                     (unaudited, in thousands except per-share amounts)                                                      %                                     Q1'14         Q1'13         Change    Q4'13 Interest & Fee Income:                                          Loans                       $22,901       $27,399       -16.4%    $23,931 Investment Securities:                                          Available for Sale          5,630         5,336         5.5%      5,528 Held to Maturity            7,033         7,730         -9.0%     7,247 Total Interest & Fee Income 35,564        40,465        -12.1%    36,706                                                                Interest Expense:                                               Transaction Deposits        67            66            1.5%      67 Savings Deposits            234           230           1.9%      232 Time Deposits               453           603           -25.0%    494 Short-Term Borrowed Funds   20            11            85.6%     20 Federal Home Loan Bank      99            118           -15.8%    120 Advances Term Repurchase Agreement   25            24           4.5%      24 Debt Financing              --           200           n/m       67 Total Interest Expense      898           1,252         -28.3%    1,024                                                                Net Interest Income         34,666        39,213        -11.6%    35,682                                                                Provision for Loan Losses   1,000         2,800         -64.3%    1,600                                                                Noninterest Income:                                             Service Charges            6,010         6,542         -8.1%     6,266 Merchant Processing         1,924         2,409         -20.2%    2,058 Services Debit Card Fees             1,405         1,358         3.5%      1,527 Other Service Fees          661           762           -13.3%    672 ATM Processing Fees         620           705           -12.1%    630 Trust Fees                  654           568           15.2%     593 Financial Services          171           180           -4.8%     218 Commissions Other                       1,545         1,754         -11.9%    2,066 Total Noninterest Income    12,990        14,278        -9.0%     14,030                                                                Noninterest Expense:                                            Salaries andBenefits       14,126        14,403        -1.9%     14,340 Occupancy                  3,727         3,886         -4.1%     3,784 Outsourced Data Processing  2,105         2,157         -2.4%     2,112 Amortization of             1,105         1,219         -9.4%     1,157 Identifiable Intangibles Professional Fees           430           635           -32.4%    947 Furniture & Equipment       1,005         880           14.2%     994 Other Real Estate Owned     (350)         334           n/m       245 Courier Service             610           741           -17.7%    664 Other                       4,115         4,422         -6.9%     3,744 Total Noninterest Expense   26,873        28,677        -6.3%     27,987                                                                Income Before Income Taxes  19,783        22,014        -10.1%    20,125 Income Tax Provision        4,476         4,743         -5.6%     4,069 Net Income                  $15,307       $17,271       -11.4%    $16,056                                                                Average Common Shares       26,433        27,145        -2.6%     26,609 Outstanding Diluted Common Shares       26,537        27,157        -2.3%     26,754 Outstanding                                                                Per Common Share Data:                                          Basic Earnings              $0.58         $0.64         -9.4%     $0.60 Diluted Earnings            0.58          0.64          -9.4%     0.60 Dividends Paid              0.38          0.37          2.7%      0.38                                                                 Footnotes and Abbreviations: (FTE) Fully Taxable Equivalent (a) Annualized (1) Purchased covered loans and repossessed loan collateral represent assets purchased in a business combination on which losses are shared with the FDIC per a Loss-Sharing Agreement. (2) Purchased non-covered loans and repossessed loan collateral represent assets purchased in a business combination. (3) The FDIC indemnification of non-single family assets acquired from the former County Bank expired 2/6/14 and were reclassified into purchased non-covered loans and repossessed loan collateral.  CONTACT: Westamerica Bancorporation          Robert A. Thorson - SVP & Chief Financial Officer          707-863-6840  Westamerica Bancorporation Logo  
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