Profile: Westamerica Bancorp (WABC.O)
16 Mar 2018
Westamerica Bancorporation, incorporated on February 11, 1972, is a bank holding company. The Company provides a range of banking services to individual and corporate customers in Northern and Central California through its subsidiary bank, Westamerica Bank (WAB or the Bank). The principal communities served are located in Northern and Central California, from Mendocino, Lake and Nevada Counties in the north to Kern County in the south. The Company's strategic focus is on the banking needs of small businesses. The Bank owns capital stock of Community Banker Services Corporation (CBSC), a company engaged in providing the Company and its subsidiaries with data processing services and other support functions.
The Company provides a range of loans, including commercial loans, commercial real estate loans, construction loans, residential real estate loans, and consumer installment and other loans. As of December 31, 2016, the Company's total loans amounted to $1,352.71 million.
The Company maintains a securities portfolio consisting of securities issued by the United States Treasury, United States Government sponsored entities, agency and non-agency mortgage backed securities (MBS), non-agency commercial MBS, agency residential collateralized mortgage obligations (CMO), non-agency residential CMO, obligations of states and political subdivisions, asset-backed securities, corporate securities and other securities. As of December 31, 2016, the Company's total securities amounted to $1,890.76 million.
Source of Funds
The Company attracts deposits from local businesses and professionals, as well as through retail savings and checking accounts, and certificates of deposit. Its deposits consists of noninterest-bearing demand deposits and Interest bearing deposits, which include transaction, savings, time less than $100 thousand, and time $100 thousand or more. As of December 31, 2016, the Company's total deposits amounted to $4,704.74 million.
1108 5th Ave
SAN RAFAEL CA 94901-2916