Note 18 - Westamerica Bancorporation (Parent Company Only Condensed Financial Information)

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Note 18: Westamerica Bancorporation (Parent Company Only Condensed Financial Information)

Statements of Income and Comprehensive Income

	For the Years Ended December 31,
	2023			2022			2021
	(In thousands)
Dividends from subsidiaries	$	110,769		$	70,267		$	29,279
Interest income		57			49			44
Other income		11,935			11,386			11,608
Total income		122,761			81,702			40,931
Salaries and benefits		5,710			5,832			6,612
Other expense		2,315			2,609			2,279
Total expense		8,025			8,441			8,891
Income before taxes and equity in undistributed income of subsidiaries		114,736			73,261			32,040
Income tax expense		(1,179	)		(881	)		(645	)
Earnings of subsidiaries greater than subsidiary dividends		48,211			49,654			55,114
Net income		161,768			122,034			86,509
Other comprehensive income (loss), net of tax		65,823			(305,769	)		(64,748	)
Comprehensive income (loss)	$	227,591		$	(183,735	)	$	21,761

[The remainder of this page intentionally left blank]

Balance Sheets

	At December 31,
	2023		2022
	(In thousands)
Assets
Cash	$	154,999	$	99,478
Investment in Westamerica Bank		578,535		464,500
Investment in non-bank subsidiaries		451		453
Premises and equipment, net		9,123		9,411
Accounts receivable from Westamerica Bank		341		245
Other assets		45,694		44,831
Total assets	$	789,143	$	618,918
Liabilities
Accounts payable to Westamerica Bank	$	71	$	40
Other liabilities		16,178		16,768
Total liabilities		16,249		16,808
Shareholders' equity		772,894		602,110
Total liabilities and shareholders' equity	$	789,143	$	618,918

Statements of Cash Flows

	For the Years Ended December 31,
	2023			2022			2021
	(In thousands)
Operating Activities
Net income	$	161,768		$	122,034		$	86,509
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		539			563			569
Decrease (increase) in accounts receivable from affiliates		1,224			(771	)		117
Increase in other assets		(2,048	)		(1,639	)		(1,223	)
Stock option compensation expense		1,356			1,309			1,419
Provision for deferred income tax		1,179			881			645
(Decrease) increase in other liabilities		(1,326	)		(38	)		254
Earnings of subsidiaries greater than subsidiary dividends		(48,211	)		(49,654	)		(55,114	)
Net Cash Provided by Operating Activities		114,481			72,685			33,176
Investing Activities
Purchases of equipment		(209	)		(5	)		(78	)
Net Cash Used in Investing Activities		(209	)		(5	)		(78	)
Financing Activities
Exercise of stock options		950			2,255			3,017
Retirement of common stock		(13,747	)		(218	)		(232	)
Common stock dividends paid		(45,954	)		(45,182	)		(44,304	)
Net Cash Used in Financing Activities		(58,751	)		(43,145	)		(41,519	)
Net change in cash and due from banks		55,521			29,535			(8,421	)
Cash and due from banks at beginning of period		99,478			69,943			78,364
Cash and due from banks at end of period	$	154,999		$	99,478		$	69,943
Supplemental Cash Flow Disclosures:
Supplemental disclosure of cash flow activities:
Income tax payments for the period	$	64,017			39,840			27,673

[The remainder of this page intentionally left blank]