Price Target Changed • 1h
Price target increased by 9.1% to US$60.00 Up from US$55.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of US$58.40. Stock is up 13% over the past year. The company is forecast to post earnings per share of US$4.48 for next year compared to US$4.52 last year. Declared Dividend • Apr 27
First quarter dividend increased to US$0.48 Dividend of US$0.48 is 4.3% higher than last year. Ex-date: 4th May 2026 Payment date: 15th May 2026 Dividend yield will be 3.4%, which is about the same as the industry average. Sustainability & Growth The dividend has increased by an average of 1.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 2.5% over the next year. However, it would need to fall by 54% to increase the payout ratio to a potentially unsustainable range. Recent Insider Transactions Derivative • Apr 26
Senior VP & Risk Officer notifies of intention to sell stock Curtis Belton intends to sell 11k shares in the next 90 days after lodging an Intent To Sell Form on the 24th of April. If the sale is conducted around the recent share price of US$54.81, it would amount to US$581k. Curtis currently holds less than 1% of total shares outstanding. Company insiders have collectively sold US$125k more than they bought, via options and on-market transactions in the last 12 months. Announcement • Apr 24
Westamerica Bancorporation Declares Quarterly Cash Dividend, Payable on May 15, 2026 Westamerica Bancorporation declared a quarterly cash dividend of $0.48 per share, which represents a two cent per share increase from the prior quarter, on common stock outstanding to shareholders of record at the close of business May 4, 2026. The dividend is payable May 15, 2026. New Risk • Apr 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Announcement • Apr 15
Westamerica Bancorporation Appoints Carter Welch to its Board of Directors and Member of the Audit and Loan & Investment Committees Westamerica Bancorporation announced the appointment of Carter Welch to its Board of Directors. Carter Welch has nearly 40 years of leadership experience across financial services, consumer products, technology, manufacturing, and professional services. In addition to being a Director of Westamerica Bank, Mr. Welch will serve as a member of the Audit and Loan & Investment committees. Mr. Welch is a Business Advisor, Consultant & Fractional CMO at The Fig Tree Group and The Shirlaws Group, marketing and strategy consulting firms serving a wide range of industries. His experience includes advising leadership teams on strategy, growth, risk, culture and execution. Carter Welch’s background as a corporate strategist and senior executive in marketing, sales leadership, business development and industry positioning will provide the Board with expertise in risk-informed decision-making for long-term growth. Mr. Welch earned a BA degree in History & Liberal Arts from Bowdoin College. Mr. Welch has served on church-based boards and in leadership for youth organizations including youth sports, and as Committee Chair for Cub Scouts. Announcement • Mar 16
Westamerica Bancorporation, Annual General Meeting, Apr 23, 2026 Westamerica Bancorporation, Annual General Meeting, Apr 23, 2026. Location: westamerica bancorporation, 4550 mangels blvd., california, fairfield United States Reported Earnings • Mar 02
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: US$4.53 (down from US$5.20 in FY 2024). Revenue: US$258.4m (down 12% from FY 2024). Net income: US$116.2m (down 16% from FY 2024). Profit margin: 45% (down from 47% in FY 2024). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 3.82% (down from 4.14% in FY 2024). Cost-to-income ratio: 39.3% (up from 35.4% in FY 2024). Non-performing loans: 0.25% (up from 0.09% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.1%. Revenue is expected to decline by 5.0% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 9.0%. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 3% per year. Declared Dividend • Jan 26
Fourth quarter dividend of US$0.46 announced Shareholders will receive a dividend of US$0.46. Ex-date: 2nd February 2026 Payment date: 13th February 2026 Dividend yield will be 3.7%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (40% payout ratio) and is expected to be well covered in 3 years' time (47% forecast payout ratio). The dividend has increased by an average of 1.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 8.1% over the next 2 years. However, it would need to fall by 55% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Jan 16
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: US$4.53 (down from US$5.20 in FY 2024). Revenue: US$258.4m (down 12% from FY 2024). Net income: US$116.2m (down 16% from FY 2024). Profit margin: 45% (down from 47% in FY 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.1%. Revenue is expected to decline by 5.0% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 8.9%. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 4% per year. Declared Dividend • Oct 26
Third quarter dividend of US$0.46 announced Shareholders will receive a dividend of US$0.46. Ex-date: 3rd November 2025 Payment date: 14th November 2025 Dividend yield will be 3.8%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (39% payout ratio) and is expected to be well covered in 3 years' time (47% forecast payout ratio). The dividend has increased by an average of 1.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 15% over the next 2 years. However, it would need to fall by 56% to increase the payout ratio to a potentially unsustainable range. Announcement • Oct 23
Westamerica Bancorporation Declares Quarterly Cash Dividend, Payable on November 15, 2025 The Board of Directors of Westamerica Bancorporation declared a quarterly cash dividend of $0.46 per share on common stock outstanding to shareholders of record at the close of business November 3, 2025. The dividend is payable November 14, 2025. Reported Earnings • Oct 18
Third quarter 2025 earnings: EPS exceeds analyst expectations Third quarter 2025 results: EPS: US$1.12 (down from US$1.31 in 3Q 2024). Revenue: US$63.7m (down 14% from 3Q 2024). Net income: US$28.3m (down 19% from 3Q 2024). Profit margin: 44% (down from 48% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.2%. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Declared Dividend • Jul 28
Second quarter dividend of US$0.46 announced Shareholders will receive a dividend of US$0.46. Ex-date: 4th August 2025 Payment date: 15th August 2025 Dividend yield will be 3.7%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 1.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 10% over the next year. However, it would need to fall by 59% to increase the payout ratio to a potentially unsustainable range. Announcement • Jul 24
Westamerica Bancorporation Declares Quarterly Cash Dividend, Payable on August 15, 2025 The Board of Directors of Westamerica Bancorporation declared a quarterly cash dividend of $0.46 per share on common stock outstanding to shareholders of record at the close of business August 4, 2025. The dividend is payable August 15, 2025. Reported Earnings • Jul 18
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: US$1.10 (down from US$1.33 in 2Q 2024). Revenue: US$64.6m (down 13% from 2Q 2024). Net income: US$29.1m (down 18% from 2Q 2024). Profit margin: 45% (down from 48% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) exceeded analyst estimates by 4.7%. Revenue is expected to decline by 5.8% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 7.6%. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Jun 19
Westamerica Bancorporation to Report Q2, 2025 Results on Jul 17, 2025 Westamerica Bancorporation announced that they will report Q2, 2025 results at 11:30 AM, US Eastern Standard Time on Jul 17, 2025 Declared Dividend • Apr 27
First quarter dividend increased to US$0.46 Dividend of US$0.46 is 4.5% higher than last year. Ex-date: 5th May 2025 Payment date: 16th May 2025 Dividend yield will be 3.7%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 1.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 11% over the next year. However, it would need to fall by 61% to increase the payout ratio to a potentially unsustainable range. Announcement • Apr 24
Westamerica Bancorporation Declares Quarterly Cash Dividend, Payable on May 16, 2025 The Board of Directors of Westamerica Bancorporation declared a quarterly cash dividend of $0.46 per share, which represents a two cent per share increase from the prior quarter, on common stock outstanding to shareholders of record at the close of business May 5, 2025. The dividend is payable May 16, 2025. Reported Earnings • Apr 17
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: US$1.17 (down from US$1.37 in 1Q 2024). Revenue: US$66.9m (down 12% from 1Q 2024). Net income: US$31.0m (down 15% from 1Q 2024). Profit margin: 46% (down from 48% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.5%. Revenue is expected to decline by 6.4% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 7.0%. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Mar 28
Westamerica Bancorporation to Report Q1, 2025 Results on Apr 17, 2025 Westamerica Bancorporation announced that they will report Q1, 2025 results at 8:30 AM, Pacific Standard Time on Apr 17, 2025 Announcement • Mar 17
Westamerica Bancorporation, Annual General Meeting, Apr 24, 2025 Westamerica Bancorporation, Annual General Meeting, Apr 24, 2025. Location: westamerica bancorporation, 4550 mangels blvd., california, fairfield United States Reported Earnings • Mar 04
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: US$5.20 (down from US$6.06 in FY 2023). Revenue: US$293.2m (down 9.6% from FY 2023). Net income: US$138.6m (down 14% from FY 2023). Profit margin: 47% (down from 50% in FY 2023). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 4.14% (down from 4.37% in FY 2023). Cost-to-income ratio: 35.4% (up from 31.7% in FY 2023). Non-performing loans: 0.09% (no change from 0.09% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is expected to decline by 7.3% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 7.2%. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Declared Dividend • Jan 27
Fourth quarter dividend of US$0.44 announced Dividend of US$0.44 is the same as last year. Ex-date: 3rd February 2025 Payment date: 14th February 2025 Dividend yield will be 3.4%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by earnings (34% payout ratio) and is expected to be well covered in 3 years' time (44% forecast payout ratio). The dividend has increased by an average of 1.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 24% over the next 2 years. However, it would need to fall by 62% to increase the payout ratio to a potentially unsustainable range. Announcement • Jan 24
Westamerica Bancorporation Announces Executive Changes Westamerica Bancorporation announced the retirement of John Robert" A. Thorson, Senior Vice President and Treasurer, effective January 24, 2025, following over 35 years of service. Westamerica Bancorporation announced the appointment of John Sousa as Senior Vice President and Treasurer effective January 27, 2025. Mr. Sousa joined the Company in July 2024 as Vice President and Assistant Treasurer. Prior to joining the Company, Mr. Sousa was responsible for investment portfolio management, wholesale funding and derivatives execution at Bank of the West for over thirteen years. Announcement • Jan 23
Westamerica Bancorporation Declares Quarterly Cash Dividend, Payable on February 14, 2025 The Board of Directors of Westamerica Bancorporation declared a quarterly cash dividend of $0.44 per share on common stock outstanding to shareholders of record at the close of business February 3, 2025. The dividend is payable February 14, 2025. Reported Earnings • Jan 16
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: US$5.20 (down from US$6.06 in FY 2023). Revenue: US$293.2m (down 9.6% from FY 2023). Net income: US$138.6m (down 14% from FY 2023). Profit margin: 47% (down from 50% in FY 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is expected to decline by 7.8% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 6.4%. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Declared Dividend • Oct 28
Third quarter dividend of US$0.44 announced Dividend of US$0.44 is the same as last year. Ex-date: 4th November 2024 Payment date: 15th November 2024 Dividend yield will be 3.4%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by earnings (32% payout ratio) and is expected to be well covered in 3 years' time (44% forecast payout ratio). The dividend has increased by an average of 1.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 28% over the next 2 years. However, it would need to fall by 64% to increase the payout ratio to a potentially unsustainable range. Announcement • Oct 25
Westamerica Bancorporation Declares A Quarterly Cash Dividend, Payable on November 15, 2024 The Board of Directors of Westamerica Bancorporation declared a quarterly cash dividend of $0.44 per share on common stock outstanding to shareholders of record at the close of business November 4, 2024. The dividend is payable November 15, 2024. Reported Earnings • Oct 18
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: US$1.31 (down from US$1.56 in 3Q 2023). Revenue: US$73.9m (down 10% from 3Q 2023). Net income: US$35.1m (down 16% from 3Q 2023). Profit margin: 48% (down from 51% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 5.9%. Revenue is expected to decline by 7.0% p.a. on average during the next 3 years, while revenues in the Banks industry in the US are expected to grow by 6.6%. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Oct 01
Westamerica Bancorporation to Report Q3, 2024 Results on Oct 17, 2024 Westamerica Bancorporation announced that they will report Q3, 2024 results at 11:30 AM, US Eastern Standard Time on Oct 17, 2024 Declared Dividend • Jul 29
Second quarter dividend of US$0.44 announced Dividend of US$0.44 is the same as last year. Ex-date: 5th August 2024 Payment date: 16th August 2024 Dividend yield will be 3.2%, which is about the same as the industry average. Sustainability & Growth The dividend has increased by an average of 1.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 16% over the next year. However, it would need to fall by 66% to increase the payout ratio to a potentially unsustainable range. Announcement • Jul 26
Westamerica Bancorporation Declares Quarterly Cash Dividend, Payable on August 16, 2024 The Board of Directors of Westamerica Bancorporation declared a quarterly cash dividend of $0.44 per share on common stock outstanding to shareholders of record at the close of business August 5, 2024. The dividend is payable August 16, 2024. Reported Earnings • Jul 19
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: US$1.33 (down from US$1.51 in 2Q 2023). Revenue: US$74.3m (down 7.8% from 2Q 2023). Net income: US$35.5m (down 12% from 2Q 2023). Profit margin: 48% (down from 50% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.3%. Revenue is expected to decline by 8.2% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 5.7%. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$56.60, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Banks industry in the US. Total returns to shareholders of 12% over the past three years. Announcement • Jun 26
Westamerica Bancorporation to Report Q2, 2024 Results on Jul 18, 2024 Westamerica Bancorporation announced that they will report Q2, 2024 results at 11:30 AM, US Eastern Standard Time on Jul 18, 2024 Reported Earnings • May 10
First quarter 2024 earnings: EPS in line with expectations, revenues disappoint First quarter 2024 results: EPS: US$1.37 (down from US$1.51 in 1Q 2023). Revenue: US$75.5m (down 7.0% from 1Q 2023). Net income: US$36.4m (down 10.0% from 1Q 2023). Profit margin: 48% (down from 50% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is expected to decline by 7.8% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 6.0%. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Declared Dividend • Apr 29
First quarter dividend of US$0.44 announced Shareholders will receive a dividend of US$0.44. Ex-date: 3rd May 2024 Payment date: 17th May 2024 Dividend yield will be 3.7%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 1.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 11% over the next year. However, it would need to fall by 67% to increase the payout ratio to a potentially unsustainable range. Announcement • Apr 26
Westamerica Bancorporation Declares Quarterly Cash Dividend, Payable on May 17, 2024 The Board of Directors of Westamerica Bancorporation declared a quarterly cash dividend of $0.44 per share on common stock outstanding to shareholders of record at the close of business May 6, 2024. The dividend is payable May 17, 2024. Reported Earnings • Apr 18
First quarter 2024 earnings: EPS in line with expectations, revenues disappoint First quarter 2024 results: EPS: US$1.37 (down from US$1.51 in 1Q 2023). Revenue: US$75.5m (down 7.0% from 1Q 2023). Net income: US$36.4m (down 10.0% from 1Q 2023). Profit margin: 48% (down from 50% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is expected to decline by 6.9% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 5.8%. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • Mar 23
Westamerica Bancorporation to Report Q1, 2024 Results on Apr 18, 2024 Westamerica Bancorporation announced that they will report Q1, 2024 results at 11:30 AM, US Eastern Standard Time on Apr 18, 2024 Announcement • Mar 16
Westamerica Bancorporation, Annual General Meeting, Apr 25, 2024 Westamerica Bancorporation, Annual General Meeting, Apr 25, 2024, at 10:00 Pacific Standard Time. Location: Westamerica Bancorporation 4550 Mangels Blvd., Fairfield, California Fairfield California United States Agenda: To Elect eight directors to serve until the 2025 Annual Meeting of Shareholders; to Approve a non-binding advisory vote on the compensation of our named executive officers; to Ratify selection of independent auditor; and to Conduct other business that may properly come before the Annual Meeting and any adjournments or postponements. Reported Earnings • Mar 03
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: US$6.06 (up from US$4.54 in FY 2022). Revenue: US$324.5m (up 23% from FY 2022). Net income: US$161.8m (up 33% from FY 2022). Profit margin: 50% (up from 46% in FY 2022). The increase in margin was driven by higher revenue. Net interest margin (NIM): 4.37% (up from 3.17% in FY 2022). Cost-to-income ratio: 31.7% (down from 37.2% in FY 2022). Non-performing loans: 0.09% (up from 0.08% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is expected to decline by 6.9% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 5.8%. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Declared Dividend • Jan 29
Fourth quarter dividend of US$0.44 announced Shareholders will receive a dividend of US$0.44. Ex-date: 2nd February 2024 Payment date: 16th February 2024 Dividend yield will be 3.6%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (28% payout ratio) and is expected to be well covered in 3 years' time (38% forecast payout ratio). The dividend has increased by an average of 1.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 23% over the next 2 years. However, it would need to fall by 68% to increase the payout ratio to a potentially unsustainable range. Recent Insider Transactions • Jan 26
Chairman recently sold US$1.9m worth of stock On the 24th of January, David Payne sold around 39k shares on-market at roughly US$49.82 per share. This transaction amounted to 4.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was David's only on-market trade for the last 12 months. Announcement • Jan 26
Westamerica Bancorporation Declares Quarterly Cash Dividend, Payable on February 16, 2024 Westamerica Bancorporation declared a quarterly cash dividend of $0.44 per share on common stock outstanding to shareholders of record at the close of business February 5, 2024. The dividend is payable February 16, 2024. Reported Earnings • Jan 18
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: US$6.07 (up from US$4.54 in FY 2022). Revenue: US$324.8m (up 23% from FY 2022). Net income: US$161.8m (up 33% from FY 2022). Profit margin: 50% (up from 46% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is expected to decline by 6.3% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 5.0%. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Price Target Changed • Jan 10
Price target increased by 7.9% to US$59.00 Up from US$54.67, the current price target is an average from 3 analysts. New target price is 6.6% above last closing price of US$55.33. Stock is down 3.7% over the past year. The company is forecast to post earnings per share of US$6.04 for next year compared to US$4.54 last year. Announcement • Dec 29
Westamerica Bancorporation Appoints Alisa Belew to Its Board of Directors Westamerica Bancorporation announced the appointment of Alisa Belew to its Board of Directors. Ms. Belew is a Director of Newmark, one of the largest commercial real estate firms in the world. As Director, she specializes in the leasing and sales of commercial properties in Marin and Sonoma counties. Ms. Belew has a proven track record as a commercial real estate agent and has long-standing relationships with both institutional landlords and local ownership groups throughout the North Bay. In 2017, Ms. Belew was named a Newmark National Rising Star, and she has been a North Bay Top Producer from 2019 to present. As a valuable partner, Alisa anticipates her real estate clients’ needs and is creative in advising the best path forward for her clients. She finds the right solution for all involved due to her extensive experience in the market. Announcement • Dec 20
Westamerica Bancorporation Appoints Martin Camsey as Independent Member of the Board of Directors, Effective February 22, 2024 On December 14, 2023, the Westamerica Bancorporation Board of Directors appointed Martin Camsey to serve as an independent member of the Board of Directors effective February 22, 2024 until his successor is duly nominated, qualified, and elected. Mr. Camsey has more than 25 years of experience as a Chief Financial Officer and 36 years of experience as a Director. Announcement • Dec 15
Westamerica Bancorporation to Report Q4, 2023 Results on Jan 18, 2024 Westamerica Bancorporation announced that they will report Q4, 2023 results at 11:30 AM, US Eastern Standard Time on Jan 18, 2024 Announcement • Nov 03
Westamerica Bancorporation Announces Retirement of Ronald A. Nelson from Board of Directors Westamerica Bancorporation announced retirement of Ronald A. Nelson from Board of Directors. Mr. Nelson served as the Chair of the Employee Benefits and Compensation Committee, and a member of the Audit Committee, Compliance Committee, Nominating Committee, and Westamerica Bank’s Board of Directors. He served on the Company’s Board since 1988. Mr. Nelson did not advise the Company of any disagreement with the Company on any matter relating to its operations, policies or practices. Announcement • Oct 27
Westamerica Bancorporation Declares Quarterly Cash Dividend, Payable on November 17, 2023 Westamerica Bancorporation declared a quarterly cash dividend of $0.44 per share on common stock outstanding to shareholders of record at the close of business November 6, 2023. The dividend is payable November 17, 2023. Reported Earnings • Oct 22
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: US$1.56 (up from US$1.29 in 3Q 2022). Revenue: US$82.6m (up 14% from 3Q 2022). Net income: US$41.6m (up 20% from 3Q 2022). Profit margin: 50% (up from 48% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.4%. Earnings per share (EPS) also surpassed analyst estimates by 8.6%. Revenue is expected to decline by 4.6% p.a. on average during the next 3 years, while revenues in the Banks industry in the US are expected to grow by 4.2%. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Sep 28
Westamerica Bancorporation to Report Q3, 2023 Results on Oct 19, 2023 Westamerica Bancorporation announced that they will report Q3, 2023 results at 11:30 AM, US Eastern Standard Time on Oct 19, 2023 Announcement • Jul 28
Westamerica Bancorporation Declares Quarterly Cash Dividend, Payable on August 18, 2023 The Board of Directors of Westamerica Bancorporation declared a quarterly cash dividend of $0.44 per share on common stock outstanding to shareholders of record at the close of business August 7, 2023. The dividend is payable August 18, 2023. New Risk • Jul 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Jul 21
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: US$1.51 (up from US$0.94 in 2Q 2022). Revenue: US$80.6m (up 37% from 2Q 2022). Net income: US$40.2m (up 59% from 2Q 2022). Profit margin: 50% (up from 43% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 8.4%. Revenue is expected to decline by 3.8% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 4.4%. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 20
First quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2023 results: EPS: US$1.51 (up from US$0.84 in 1Q 2022). Revenue: US$81.3m (up 48% from 1Q 2022). Net income: US$40.5m (up 79% from 1Q 2022). Profit margin: 50% (up from 41% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) exceeded analyst estimates by 9.8%. Revenue is forecast to grow 3.4% p.a. on average during the next 2 years, compared to a 3.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 08
Price target decreased by 13% to US$55.33 Down from US$63.67, the current price target is an average from 3 analysts. New target price is 31% above last closing price of US$42.18. Stock is down 29% over the past year. The company is forecast to post earnings per share of US$5.45 for next year compared to US$4.54 last year. Buying Opportunity • Apr 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 28%. The fair value is estimated to be US$51.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.4% over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to grow by 17% in 2 years. Earnings is forecast to grow by 15% in the next 2 years. Buying Opportunity • Apr 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 28%. The fair value is estimated to be US$51.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.4% over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to grow by 17% in 2 years. Earnings is forecast to grow by 15% in the next 2 years. Price Target Changed • Mar 21
Price target decreased by 9.0% to US$63.67 Down from US$70.00, the current price target is an average from 3 analysts. New target price is 31% above last closing price of US$48.69. Stock is down 21% over the past year. The company is forecast to post earnings per share of US$5.66 for next year compared to US$4.54 last year. Reported Earnings • Mar 06
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: US$4.54 (up from US$3.22 in FY 2021). Revenue: US$264.0m (up 23% from FY 2021). Net income: US$122.0m (up 41% from FY 2021). Profit margin: 46% (up from 40% in FY 2021). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.17% (up from 2.62% in FY 2021). Cost-to-income ratio: 37.2% (down from 45.0% in FY 2021). Non-performing loans: 0.08% (down from 0.10% in FY 2021). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 3.9%. Revenue is forecast to grow 7.6% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Board Change • Feb 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 5 highly experienced directors. Independent Director Inez Wondeh was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jan 27
Westamerica Bancorporation Declares Quarterly Cash Dividend, Payable on February 17, 2023 The Board of Directors of Westamerica Bancorporation declared a quarterly cash dividend of $0.42 per share on common stock outstanding to shareholders of record at the close of business February 6, 2023. The dividend is payable February 17, 2023. Reported Earnings • Jan 20
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: US$4.54 (up from US$3.22 in FY 2021). Revenue: US$265.0m (up 23% from FY 2021). Net income: US$122.0m (up 41% from FY 2021). Profit margin: 46% (up from 40% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 3.9%. Revenue is forecast to grow 7.4% p.a. on average during the next 2 years, compared to a 6.2% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Major Estimate Revision • Oct 27
Consensus revenue estimates increase by 10% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from US$238.3m to US$262.3m. EPS estimate increased from US$3.77 to US$4.28 per share. Net income forecast to grow 43% next year vs 13% growth forecast for Banks industry in the US. Consensus price target up from US$66.67 to US$68.33. Share price rose 14% to US$61.50 over the past week. Reported Earnings • Oct 22
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: US$1.29 (up from US$0.82 in 3Q 2021). Revenue: US$72.1m (up 32% from 3Q 2021). Net income: US$34.8m (up 57% from 3Q 2021). Profit margin: 48% (up from 40% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 15%. Earnings per share (EPS) also surpassed analyst estimates by 29%. Revenue is forecast to grow 9.6% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jul 28
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from US$230.1m to US$241.5m. EPS estimate increased from US$3.52 to US$3.91 per share. Net income forecast to grow 24% next year vs 8.0% growth forecast for Banks industry in the US. Consensus price target broadly unchanged at US$67.50. Share price rose 5.5% to US$59.74 over the past week. Reported Earnings • Jul 22
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: US$0.94 (up from US$0.84 in 2Q 2021). Revenue: US$58.8m (up 7.2% from 2Q 2021). Net income: US$25.3m (up 12% from 2Q 2021). Profit margin: 43% (up from 41% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.1%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Over the next year, revenue is forecast to grow 8.6%, compared to a 15% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 27
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: US$0.84 (up from US$0.75 in 1Q 2021). Revenue: US$54.9m (up 5.4% from 1Q 2021). Net income: US$22.6m (up 12% from 1Q 2021). Profit margin: 41% (up from 39% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) also surpassed analyst estimates by 8.2%. Over the next year, revenue is forecast to grow 6.3%, compared to a 11% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 23
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: US$0.84 (up from US$0.75 in 1Q 2021). Revenue: US$54.9m (up 5.4% from 1Q 2021). Net income: US$22.6m (up 12% from 1Q 2021). Profit margin: 41% (up from 39% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) also surpassed analyst estimates by 8.2%. Over the next year, revenue is forecast to grow 6.3%, compared to a 11% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Buying Opportunity • Mar 24
Now 21% undervalued Over the last 90 days, the stock is up 5.2%. The fair value is estimated to be US$75.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.9% per annum over the last 3 years. Earnings per share has grown by 6.0% per annum over the last 3 years. Reported Earnings • Mar 02
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$3.22 (up from US$2.99 in FY 2020). Revenue: US$214.8m (up 4.6% from FY 2020). Net income: US$86.5m (up 7.6% from FY 2020). Profit margin: 40% (up from 39% in FY 2020). The increase in margin was driven by higher revenue. Net interest margin (NIM): 2.62% (down from 2.91% in FY 2020). Cost-to-income ratio: 45.0% (down from 46.2% in FY 2020). Non-performing loans: 0.10% (down from 0.38% in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 1.7%, compared to a 5.8% growth forecast for the banks industry in the US. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Buying Opportunity • Feb 24
Now 21% undervalued Over the last 90 days, the stock is up 1.2%. The fair value is estimated to be US$73.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.9% per annum over the last 3 years. Earnings per share has grown by 6.0% per annum over the last 3 years. Recent Insider Transactions • Feb 07
Insider recently sold US$59k worth of stock On the 3rd of February, George Ensinger sold around 1k shares on-market at roughly US$58.60 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$200k more than they bought in the last 12 months. Reported Earnings • Jan 22
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$3.22 (up from US$2.99 in FY 2020). Revenue: US$214.8m (up 4.6% from FY 2020). Net income: US$86.5m (up 7.6% from FY 2020). Profit margin: 40% (up from 39% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to stay flat compared to a 4.3% growth forecast for the banks industry in the US. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 24
Third quarter 2021 earnings released: EPS US$0.82 (vs US$0.74 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$54.6m (up 6.3% from 3Q 2020). Net income: US$22.1m (up 10.0% from 3Q 2020). Profit margin: 40% (up from 39% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Executive Departure • Aug 10
Independent Director Etta Allen has left the company On the 6th of August, Etta Allen's tenure as Independent Director ended after 33.6 years in the role. As of March 2021, Etta still personally held 10.94k shares (US$687k worth at the time). Etta is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.58 years. Reported Earnings • Jul 17
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$54.8m (up 8.2% from 2Q 2020). Net income: US$22.6m (up 15% from 2Q 2020). Profit margin: 41% (up from 39% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • May 08
First quarter 2021 earnings released: EPS US$0.75 (vs US$0.63 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$52.0m (up 11% from 1Q 2020). Net income: US$20.1m (up 19% from 1Q 2020). Profit margin: 39% (up from 36% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Apr 20
Independent Director recently sold US$141k worth of stock On the 19th of April, Catherine MacMillan sold around 2k shares on-market at roughly US$64.15 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$131k more than they bought in the last 12 months. Reported Earnings • Apr 18
First quarter 2021 earnings released: EPS US$0.75 (vs US$0.63 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$52.0m (up 11% from 1Q 2020). Net income: US$20.1m (up 19% from 1Q 2020). Profit margin: 39% (up from 36% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth.