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 | |
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