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Note 18 - Westamerica Bancorporation (Parent Company Only Condensed Financial Information)
12 Months Ended
Dec. 31, 2020
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,

 
  

2020

  

2019

  

2018

 
  

(In thousands)

 

Dividends from subsidiaries

 $10,783  $80,067  $43,892 

Interest income

  56   54   33 

Other income

  11,438   8,778   9,447 

Total income

  22,277   88,899   53,372 

Salaries and benefits

  7,107   6,978   7,575 

Other expense

  2,206   3,729   3,181 

Total expense

  9,313   10,707   10,756 

Income before taxes and equity in undistributed income of subsidiaries

  12,964   78,192   42,616 

Income tax (expense) benefit

  (454)  636   919 

Earnings of subsidiaries greater than subsidiary dividends

  67,903   1,561   28,029 

Net income

  80,413   80,389   71,564 

Other comprehensive income (loss), net of tax

  88,361   66,047   (19,681)

Comprehensive income

 $168,774  $146,436  $51,883 

 

Balance Sheets

 

  

At December 31,

 
  

2020

  

2019

 
  

(In thousands)

 

Assets

        

Cash

 $78,364  $122,663 

Investment in Westamerica Bank

  730,248   573,931 

Investment in non-bank subsidiaries

  455   455 

Premises and equipment, net

  10,459   11,006 

Accounts receivable from Westamerica Bank

  257   231 

Other assets

  40,852   37,645 

Total assets

 $860,635  $745,931 

Liabilities

        

Accounts payable to Westamerica Bank

 $29  $33 

Other liabilities

  15,797   14,481 

Total liabilities

  15,826   14,514 

Shareholders' equity

  844,809   731,417 

Total liabilities and shareholders' equity

 $860,635  $745,931 

 

Statements of Cash Flows

 

  

For the Years Ended December 31,

 
  

2020

  

2019

  

2018

 
  

(In thousands)

 

Operating Activities

            

Net income

 $80,413  $80,389  $71,564 

Adjustments to reconcile net income to net cash provided by operating activities:

            

Depreciation and amortization

  608   449   361 

(Increase) decrease in accounts receivable from affiliates

  (150)  80   (43)

Increase in other assets

  (2,421)  (71)  (2,638)

Stock option compensation expense

  1,875   1,744   1,988 

Provision (benefit) for deferred income tax

  428   (315)  5,028 

Increase in other liabilities

  855   856   978 

Earnings of subsidiaries greater than subsidiary dividends

  (67,903)  (1,561)  (28,029)

Life insurance gains

  -   -   (585)

Gain on disposal of premises and equipment

  (61)  (1,055)  (538)

Net Cash Provided by Operating Activities

  13,644   80,516   48,086 

Investing Activities

            

Proceeds from life insurance policies

  -   -   1,169 

Net Cash Provided by Investing Activities

  -   -   1,169 

Financing Activities

            

Exercise of stock options

  2,838   13,699   13,373 

Retirement of common stock

  (16,496)  (488)  (524)

Common stock dividends paid

  (44,285)  (43,942)  (42,635)

Net Cash Used in Financing Activities

  (57,943)  (30,731)  (29,786)

Net change in cash and due from banks

  (44,299)  49,785   19,469 

Cash and due from banks at beginning of period

  122,663   72,878   53,409 

Cash and due from banks at end of period

 $78,364  $122,663  $72,878 

Supplemental Cash Flow Disclosures:

            

Supplemental disclosure of cash flow activities:

            

Interest paid for the period

 $-  $-  $- 

Income tax payments for the period

  26,462   24,491   13,627