SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT
Pursuant to Section 15(d) of
the Securities Exchange Act of 1934
For the fiscal year ended December 31, 1993
A. Full title of the Plan:
WESTAMERICA BANCORPORATION
TAX DEFERRED SAVINGS/RETIREMENT PLAN (ESOP)
The address of the Plan is the
same as the address of the issuer.
B. Name of Issuer of the securities held
pursuant to the Plan and the address
of its principal executive office:
WESTAMERICA BANCORPORATION
1108 Fifth Avenue
San Rafael, California 94901
<PAGE>
This Plan is subject to Employee Retirement Income Security Act of 1974.
INDEX TO THE FINANCIAL STATEMENTS
Independent Auditors' Report
Statements of Net Assets Available for Plan Benefits
December 31, 1993 and 1992
Statements of Changes in Net Assets Available for Plan Benefits
for the Years Ended December 31, 1993 and 1992
Notes to Financial Statements
Schedule I - Schedule of Assets Held for Investment Purposes
December 31, 1993 and 1992
Schedule II - Statement of Transactions Involving More Than
Five Percent of Plan Assets for the Years Ended
December 31, 1993 and 1992
Schedule III - Allocation of Net Assets Available for Plan
Benefits to Investment Programs - December 31, 1993 and 1992
Schedule IV - Allocation of Changes in Net Assets Available for
Plan Benefits to Investment Programs for the Years Ended
December 31, 1993 and 1992
Independent Auditors' Consent
Duly Authorized Signature
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Administrators of
Westamerica Bancorporation Tax Deferred
Savings/Retirement Plan (ESOP)
San Rafael, California
We have audited the accompanying statement of net assets available for plan
benefits, of Westamerica Bancorporation Tax Deferred Savings/Retirement
Plan (ESOP) as of December 31, 1993, and the related statement of changes
in net assets available for plan benefits for the year then ended. These
financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based
on our audit. The financial statements of Westamerica Bancorporation Tax
Deferred Savings/Retirement Plan (ESOP) as of December 31, 1992, were
audited by other auditors whose report dated June 28, 1993, expressed an
unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and the disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and the significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the net assets available for plan benefits of the
Plan as of December 31, 1993, and the changes in net assets available for
plan benefits for the year then ended in conformity with generally accepted
accounting principles.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary schedules on
pages 7 through 16 are presented for the purpose of additional analysis and
are not a required part of the basic financial statements but are
supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement
Income Security Act of 1974. The supplementary schedules have been
subjected to the auditing procedures applied in our audit of the basic
financial statements and, in our opinion, are fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
Pisenti & Brinker
Santa Rosa, California
June 15, 1994
<PAGE>
Westamerica Bancorporation
Tax Deferred Savings/Retirement Plan (ESOP)
Statements of Net Assets Available for Plan Benefits
December 31, 1993 and 1992
1993 1992
ASSETS
Investments, at fair value:
Westamerica Bancorporation Common
Stock (324,899 shares in 1993
and 297,727 shares in 1992) $8,853,498 $7,033,800
Bank of America CIT Short-Term
Investment Fund 902,938 247,195
Westamerica Bank Certificates
of Deposit 622,858 535,890
Bank of America CIT Index Fund
(Equity) 882,244 569,049
Bank of America International Equity
Fund 275,148 103,088
Loans to participants 280,468 152,075
----------- ----------
Total investments 11,817,154 8,641,097
Cash 4,295 47,741
Accrued interest receivable 8,261 8,779
----------- ----------
Total assets 11,829,710 8,697,617
LIABILITIES
Contributions payable 859 1,082
Payable to broker 11,104 ---
Refunds of excess contributions 65,949 32,538
----------- ----------
NET ASSETS AVAILABLE FOR
PLAN BENEFITS $11,751,798 $8,663,997
=========== ==========
See accompanying Notes to Financial Statements.
<PAGE>
Westamerica Bancorporation
Tax Deferred Savings/Retirement Plan (ESOP)
Statements of Changes in Net Assets Available for Plan Benefits
For the Years Ended December 31, 1993 and 1992
1993 1992
INCREASES (DECREASES) IN NET ASSETS ATTRIBUTED TO:
Contributions by participants $1,047,594 $864,903
Contributions by Westamerica
Bancorporation 406,724 341,309
Participant rollovers 6,334 71,436
Investment Income:
Dividends 717 1,015
Interest 28,619 36,988
Interest on participant loans 15,516 10,410
-----------------------
Total investment income 44,852 48,413
----------- ----------
Appreciation of investments 1,234,427 1,194,397
Distributions paid (828,936) (1,336,487)
Refunds of excess contributions (65,949) ---
Administrative expenses --- (630)
----------- ----------
Total increases 1,845,046 1,183,341
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, beginning of year 8,663,997 7,480,656
Merger of Assets from
Napa Valley Bancorp 401(k)
Employee Savings Plan 1,242,755 ---
----------- ----------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, end of year $11,751,798 $8,663,997
=========== ==========
See accompanying Notes to Financial Statements.
<PAGE>
WESTAMERICA BANCORPORATION
TAX DEFERRED SAVINGS/RETIREMENT PLAN (ESOP)
NOTES TO FINANCIAL STATEMENTS
NOTE 1: The Plan
The Westamerica Bancorporation Tax Deferred Savings/Retirement Plan (ESOP)
(the Plan), formerly called the Westamerica Bancorporation Supplemental
Retirement Plan, was established by Westamerica Bancorporation (the
Company) as a non-contributory profit sharing plan. The Plan was amended
to include a salary deferral feature pursuant to Section 401(k) of the
Internal Revenue Code. Concurrent with the amendment, all existing account
balances were invested in either common stock or certificates of deposit of
the Company, and all employee accounts were fully vested. The plan was
also amended and restated as an Employee Stock Ownership Plan (ESOP).
The Internal Revenue Service issued a favorable determination letter on
November 23, 1993, stating that the Plan qualifies under Internal Revenue
Code Section 401(a) and that the underlying trust is exempt from income tax
under Section 501(a). Continued qualification is dependent on the Plan's
future operation.
The Plan's eligibility provisions were amended effective April 1, 1991.
Prior to that time, a salaried employee hired to work 30 hours or more per
week became eligible to participate in the Plan on the date that such
employee first performed an hour of service for which he or she was
compensated by the Company and a salaried employee hired to work fewer than
30 hours per week became eligible to participate in the Plan only after
completing six months of service. After the amendment, a salaried employee
becomes eligible to participate in the Plan as of the first day of the Plan
quarter following his or her completion of a ninety day introductory
period. In addition to the amendment regarding eligibility requirements,
the Plan was also amended in three other respects, as follows:
First, effective January 1, 1991, the Company's matching contribution was
increased from 35 percent to 50 percent of the participant's elective
contribution, up to a maximum of 6 percent of the participants salary.
Second, effective April 1, 1991, any participant may elect, at the
beginning of any Plan quarter, to transfer up to 50 percent of his or her
Common Stock Fund into other investment funds provided under the Plan.
Third, effective April 1, 1991, a participant is allowed to borrow against
his or her Rollover Account. A Rollover Account consists of participant
contributions disbursed from other plans qualified under the Internal
Revenue Code and deposited in the Plan with in 60 days of receipt by the
participant.
<PAGE>
Participants may elect to defer compensation, through payroll deductions,
by any whole percentage up to 15 percent of compensation (not to exceed
$8,994 in 1993 and $8,728 in 1992) in any plan year. Participants may
direct that funds be invested in whole or in part in any of the five
investment funds as follows:
The Company Common Stock Fund, which is invested in Company Common
Stock;
The Money Market Savings Fund, which is invested in high-grade, short-term
money market instruments;
The CD Fund, which consists of certificates of deposit placed with
Westamerica Bank, a wholly owned subsidiary of the Company;
The Equity Index Fund, which is invested in common stock of 499 of the 500
common stock issues comprising the Standard & Poor's 500 Composite Stock
Price Index (the "Index"). The exception is BankAmerica Corporation stock.
Westamerica Bancorporation stock is not included in the Index.
The International Equity Fund, which is invested primarily in common stock
and equity related securities traded on major international markets outside
the U.S.
The Plan permits participants to borrow from their account and allows for
early hardship withdrawals. A participant may borrow the lesser of 50
percent of their total account balance, 100 percent of participant
contributions, or $50,000. In 1993 and 1992, total participant loans
funded were $219,052 and $133,053, respectively.
The Company makes a matching contribution to the Plan on the participant's
behalf equal to 50 percent of the participant's elective contribution up to
a maximum of 6 percent of the participant's compensation. These "matching
contributions" are invested in the Company Common Stock Fund. The Company
may, but is not obligated to, contribute additional amounts to the Company
Common Stock Fund. All contributions are 100 percent vested and non-
forfeitable with the exception that participants terminating employment
with the Company forfeit Company matching contributions in the plan quarter
of termination.
As of December 31, 1993, the Plan had 784 active participants of a total of
1,135 eligible participants. As of December 31, 1992, the Plan had 440
active participants.
The Plan is administered by the Board of Directors of the Company, which
has delegated this authority to the Company's Pension Management Committee.
This Committee has the responsibility for the general operation of the
Plan. All expenses of administration may be paid out of the Plan unless
paid by the Company. Bank of America NT & SA ("Trustee") is the trustee
for the Plan.
<PAGE>
NOTE 2: Significant Accounting Policies
a) Investments are stated at quoted market values as determined by
the Trustee by reference to published market data. Purchases and
sales of investments are recorded on a trade-date basis.
b) The Plan uses the accrual method of accounting in accordance
with generally accepted accounting principles.
c) The amount of investment gains and losses are determined based
on revalued cost. Revalued cost represents the market value
of the assets at the beginning of the plan year or historical
cost if an investment was acquired during the plan year.
d) Certain amounts in the prior year's financial statements have
been reclassified to conform with the current year's
presentation. These reclassifications have no effect on
previously reported net assets available for plan benefits.
NOTE 3: Transactions with Westamerica Bancorporation and Subsidiaries
At December 31, 1993 and 1992, time certificates of deposit were invested
in the Company's wholly owned subsidiary bank, Westamerica Bank, in the
amounts of $622,858 and $535,890, respectively. All such time certificates
of deposit were at market rates of interest. Total interest earned by the
Plan on these accounts was $20,504 in 1993 and $25,781 in 1992.
At December 31, 1993 and 1992, the Plan held 324,899 and 297,727 shares,
respectively, of common stock of the Company. Dividends earned on the
Company's common stock are paid directly to participants, based on shares
allocated to each participant account. Dividends earned on shares not
allocated to participant accounts are paid to the Plan and allocated to
participants based on their relative holdings of the Company's common stock
within the Plan. Total dividends earned by the Plan on these unallocated
shares were $717 in 1993 and $1,015 in 1992.
NOTE 4: Refunds of Excess Contributions
During 1993 and 1992 certain participants contributed more than the maximum
amount allowable under the Internal Revenue Code. The aggregate amounts of
contributions and earnings thereon to be returned to certain participants
as of December 31, 1993 and 1992 were $66,255 and $32,538, respectively.
The refunds were made subsequent to the Plan year end.
NOTE 5: Plan Termination
The Company has the right under the Plan to discontinue its contributions
at anytime and to terminate the Plan. In the event of Plan termination,
the participant's accounts are 100 percent vested and non-forfeitable.
<PAGE>
NOTE 6: Plan Merger
Due to the merger of Napa Valley Bancorp with and into Westamerica
Bancorporation, the Napa Valley Bancorp 401(k) Employee Savings Plan ("NVBC
Plan") was merged with and into the Plan on April 15, 1993. The Napa
Valley Bancorp Plan assets were transferred to the Trustee in December
1993.
<PAGE>
Westamerica Bancorporation
Schedule I
Schedule of Assets Held for Investment Purposes
As of December 31, 1993
Market
Issuer Cost Value
COMPANY COMMON STOCK FUND
Number of
Shares
324,899 Westamerica Bancorporation $5,166,826 $8,853,498*
Principal
Amount
Bank of America CIT Short-Term
41,078 Investment Fund, 3.30% 41,078 41,078*
----------- ----------
Total Common Stock Fund $5,207,904 $8,894,576
----------- ----------
MONEY MARKET SAVINGS FUND
Bank of America CIT Short-Term
839,386 Investment Fund, 3.30% $839,386 $839,386*
----------- ----------
Total Money Market Savings Fund $839,386 $839,386
----------- ----------
CERTIFICATE OF DEPOSIT FUND
Westamerica Bank Certificate
31,207 of Deposit, 3.55% due February 17, 1994 $31,207 $31,207
Westamerica Bank Certificate
213,737 of Deposit, 3.05% due October 5, 1994 213,737 213,737
Westamerica Bank Certificate
19,411 of Deposit, 3.05% due October 5, 1994 19,411 19,411
Westamerica Bank Certificate
34,590 of Deposit, 3.05% due October 12, 1994 34,590 34,590
Westamerica Bank Certificate
17,242 of Deposit, 3.05% due November 19, 1994 17,242 17,242
Westamerica Bank Certificate
14,863 of Deposit, 3.10% due August 31, 1994 14,863 14,863
Westamerica Bank Certificate
28,617 of Deposit, 3.15% due June 24, 1994 28,617 28,617
Westamerica Bank Certificate
132,000 of Deposit, 3.15% due June 24, 1994 132,000 132,000
<PAGE>
Westamerica Bank Certificate
131,191 of Deposit, 3.35% due July 23, 1994 131,191 131,191
Bank of America CIT Short-Term
6,288 Investment Fund, 3.30% 6,288 6,288*
----------- ----------
Total Certificate of Deposit Fund $629,146 $629,146
----------- ----------
EQUITY INDEX FUND
Number of
Shares
Bank of America CIT Index Fund
52,834 (Equity) $741,906 $882,244*
Principal
Amount
Bank of America CIT Short-Term
16,187 Investment Fund, 3.30% 16,187 16,187*
----------- ----------
Total Equity Index Fund $758,093 $898,431
----------- ----------
INTERNATIONAL EQUITY FUND
Number of
Shares
Bank of America International
9,929 Equity Fund $217,013 $275,148
----------- ----------
Total Equity Index Fund $217,013 $275,148
----------- ----------
LOANS TO PARTICIPANTS
Principal
Amount
Loans to Participants
280,468 7.00% to 16.00% $280,468 $280,468
----------- -----------
Total Participant Loans $280,468 $280,468
----------- -----------
TOTAL INVESTMENTS $7,932,010 $11,817,154
=========== ===========
(*) Investments representing greater than 5% of plan assets.
<PAGE>
Westamerica Bancorporation
Schedule I
Schedule of Assets Held for Investment Purposes
As of December 31, 1992
Market
Issuer Cost Value
COMPANY COMMON STOCK FUND
Number of
Shares
297,727 Westamerica Bancorporation $4,482,792 $7,033,800*
Principal
Amount
Bank of America CIT Short-Term
48,885 Investment Fund, 3.49% 48,885 48,885
---------- ----------
Total Common Stock Fund $4,531,677 $7,082,685
---------- ----------
MONEY MARKET SAVINGS FUND
Bank of America CIT Short-Term
177,468 Investment Fund, 3.49% $177,468 $177,468
---------- ----------
Total Money Market Savings Fund $177,468 $177,468
---------- ----------
CERTIFICATE OF DEPOSIT FUND
Westamerica Bank Certificate
28,616 of Deposit, 3.95% due June 24, 1993 $28,616 $28,616
Westamerica Bank Certificate
123,000 of Deposit, 3.95% due June 24, 1993 123,000 123,000
Westamerica Bank Certificate
43,981 of Deposit, 3.65% due July 23, 1993 43,981 43,981
Westamerica Bank Certificate
47,560 of Deposit, 3.08% due July 23, 1993 47,560 47,560
Westamerica Bank Certificate
51,000 of Deposit, 3.08% due July 23, 1993 51,000 51,000
Westamerica Bank Certificate
118,733 of Deposit, 3.30% due October 5, 1993 118,733 118,733
<PAGE>
Westamerica Bank Certificate
123,000 of Deposit, 3.30% due October 5, 1993 123,000 123,000
Bank of America CIT Short-Term
13,244 Investment Fund, 3.49% 13,244 13,244
---------- ----------
Total Certificate of Deposit Fund $549,134 $549,134
---------- ----------
EQUITY INDEX FUND
Number of
Shares
Bank of America CIT Index Fund
37,462 (Equity) $478,147 $569,049*
Principal
Amount
Bank of America CIT Short-Term
571 Investment Fund, 3.49% 571 571
---------- ----------
Total Equity Index Fund $478,718 $569,620
---------- ----------
INTERNATIONAL EQUITY FUND
Number of
Shares
Bank of America International
616 Equity Fund $101,732 $103,088
Principal
Amount
Bank of America CIT Short-Term
7,027 Investment Fund, 3.49% 7,027 7,027
---------- ----------
Total Equity Index Fund $108,759 $110,115
---------- ----------
LOANS TO PARTICIPANTS
Principal
Amount
Loans to Participants
152,075 7.00% to 16.00% $152,075 $152,075
---------- ----------
Total Participant Loans $152,075 $152,075
---------- ----------
TOTAL INVESTMENTS $5,997,831 $8,641,097
========== ==========
(*) Investments representing greater than 5% of plan assets.
<PAGE>
Westamerica Bancorporation
Tax Deferred Savings/Retirement Plan
Schedule II
Statement of Transactions Involving More
Than Five Percent (5%) of Plan Assets
For the Year Ended December 31, 1993
Principal
Amount/
Number of
Shares Issuer Cost Proceeds
PURCHASES
1,777,897 Bank of America CIT Short-Term $1,777,897 ---
Investment Fund
661,031 Westamerica Bank Certificates 661,031 ---
of Deposit
27,916 Westamerica Bancorporation 732,198 ---
Common Stock
MATURITIES & SALES
1,738,620 Bank of America Short-Term $1,738,620 $1,738,620
Investment Fund
669,063 Westamerica Bank Certificates 669,063 669,063
of Deposit
15,541 Westamerica Bancorporation 232,937 232,937
Common Stock
<PAGE>
Westamerica Bancorporation
Tax Deferred Savings/Retirement Plan
Schedule II
Statement of Transactions Involving More
Than Five Percent (5%) of Plan Assets
For the Year Ended December 31, 1992
Principal
Amount/
Number of
Shares Issuer Cost Proceeds
PURCHASES
1,764,479 Bank of America CIT Short Term $1,764,479 ---
Investment Fund
1,141,623 Westamerica Bank Certificate 1,141,623 ---
of Deposit
29,009 Westamerica Bancorporation 592,974 ---
Common Stock
MATURITIES & SALES
1,735,988 Bank of America CIT Short Term $1,735,988 $1,735,988
Investment Fund
1,059,067 Westamerica Bank Certificate 1,059,067 1,059,067
of Deposit
<PAGE>
<TABLE>
Westamerica Bancorporation
Tax Deferred Savings/Retirement Plan (ESOP)
Schedule III
Allocation of Net Assets Available for Plan Benefits to Investment Programs
As of December 31, 1993
<CAPTION>
Money
Company Market Certificate Equity International
Common Stock Savings of Deposit Index Equity Loans to
Fund Fund Fund Fund Fund Participants Total
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments, at market value (Notes 1 and 3)
Westamerica Bancorporation
Common Stock $8,853,498 $ --- $ --- $ --- $ --- $ --- $ 8,853,498
Bank of America CIT Short-Term
Investment Fund 41,078 839,386 6,288 16,187 --- --- 902,938
Westamerica Bank Certificates
of Deposit --- --- 622,858 --- --- --- 622,858
Bank of America CIT Index
Fund (Equity) --- --- --- 882,244 --- --- 882,244
Bank of America International
Equity Fund --- --- --- --- 275,148 --- 275,148
Loans to Participants --- --- --- --- --- 280,468 280,468
---------- -------- -------- -------- -------- -------- ------------
8,894,576 839,386 629,146 898,431 275,148 280,468 11,817,154
Cash 2,079 147 119 915 1,034 --- 4,295
Accrued interest receivable 96 572 7,570 21 1 --- 8,261
Due from (to) other funds (8,347) 295 1,894 3,945 2,213 --- ---
---------- -------- -------- -------- -------- -------- -----------
8,888,405 840,400 638,728 903,312 278,396 280,468 11,829,709
LIABILITIES
Contributions payable 563 (60) (21) 338 39 --- 859
Excess contributions
and earnings 38,258 3,190 6,689 10,718 7,096 --- 65,949
Payable to broker --- --- --- 11,104 --- --- 11,104
Intrafund transfers --- --- --- --- --- --- ---
---------- -------- -------- -------- -------- -------- -----------
NET ASSETS AVAILABLE FOR
PLAN BENEFITS $8,849,584 $837,271 $632,061 $881,152 $271,262 $280,468 $11,751,798
========== ======== ======== ======== ======== ======== ===========
</TABLE>
<PAGE>
<TABLE>
Westamerica Bancorporation
Tax Deferred Savings/Retirement Plan (ESOP)
Schedule III
Allocation of Net Assets Available for Plan Benefits to Investment Programs
As of December 31, 1992
<CAPTION>
Money
Company Market Certificate Equity International
Common Stock Savings of Deposit Index Equity Loans to
Fund Fund Fund Fund Fund Participants Total
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments, at market value (Notes 1 and 3)
Westamerica Bancorporation
Common Stock $7,033,800 $ --- $ --- $ --- $ --- $ --- $7,033,800
Bank of America CIT Short-Term
Investment Fund 48,885 177,468 13,244 571 7,027 --- 247,195
Westamerica Bank Certificates
of Deposit --- --- 535,890 --- --- --- 535,890
Bank of America CIT Index
Fund (Equity) --- --- --- 569,049 --- --- 569,049
Bank of America International
Equity Fund --- --- --- --- 103,088 --- 103,088
Loans to Participants --- --- --- --- --- 152,075 152,075
----------- -------- -------- -------- -------- -------- ----------
7,082,685 177,468 549,134 569,620 110,115 152,075 8,641,097
Cash 29,669 2,497 4,555 6,408 1,920 2,692 47,741
Accrued interest receivable 224 516 8,019 5 15 --- 8,779
Due from (to) other funds 1,822 129 79 571 91 (2,692) ---
---------- -------- -------- -------- -------- -------- ----------
7,114,400 180,610 561,787 576,604 112,141 152,075 8,697,617
LIABILITIES
Contributions payable (323) (39) 4,183 (2,698) (41) --- 1,082
Excess contributions
and earnings 17,016 1,430 2,164 9,670 2,258 --- 32,538
Intrafund transfers 2,081 (1,207) (2,363) 366 1,123 --- ---
---------- -------- -------- -------- -------- -------- ----------
NET ASSETS AVAILABLE FOR
PLAN BENEFITS $7,095,626 $180,426 $557,803 $569,266 $108,801 $152,075 $8,663,997
========== ======== ======== ======== ======== ======== ==========
</TABLE>
<PAGE>
<TABLE>
Westamerica Bancorporation
Tax Deferred Savings/Retirement Plan (ESOP)
Schedule IV
Allocation of Changes in Net Assets Available for Plan Benefits to Investment Programs
For the Year Ended December 31, 1993
Money
Company Market Certificate Equity International
Common Stock Savings of Deposit Index Equity Loans to
Fund Fund Fund Fund Fund Participants Total
<S> <C> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASES) IN NET ASSETS ATTRIBUTED TO:
Contributions by participants $ 502,531 $ 78,828 $121,040 $262,972 $ 82,223 $ --- $ 1,047,594
Contributions by Westamerica
Bancorporation 406,724 --- --- --- --- --- 406,724
Participant rollovers 981 531 --- 4,556 266 --- 6,334
Investment Income:
Dividends 717 --- --- --- --- --- 717
Interest 1,161 6,497 20,405 163 393 --- 28,619
Interest on participant loans 8,638 803 374 4,216 1,484 --- 15,516
---------- -------- -------- -------- -------- -------- ----------
Total Interest Income 10,516 7,300 20,779 4,379 1,877 --- 44,852
---------- -------- -------- -------- -------- -------- ----------
Appreciation (depreciation)
of investments 1,104,538 --- --- 69,073 60,816 --- 1,234,427
---------- -------- -------- -------- -------- -------- -----------
Distributions paid (583,633) (47,113) (88,853) (81,240) (10,375) (17,722) (828,936)
Inter-fund transfers (189,737) 25,546 45,934 86,156 32,101 --- ---
Excess contributions (38,258) (3,190) (6,689) (10,717) (7,095) --- (65,949)
Participant loans funded (122,808) (25,820) (19,419) (44,019) (6,986) 219,052 ---
Principal payments on ---
Participant loans 38,697 4,294 1,465 20,729 9,633 (74,818) ---
----------- -------- -------- -------- -------- -------- -----------
Total increases (decreases) 1,129,551 40,377 74,258 311,887 162,461 126,512 1,845,046
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, December 31, 1992 7,095,626 180,426 557,803 569,266 108,801 152,075 8,663,997
Merger of Assets from Former
Napa Valley Bancorp 401(k)
Employee Savings Plan 624,407 616,468 --- --- --- 1,880 1,242,755
---------- -------- -------- -------- --------- -------- -----------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, December 31, 1993 $8,849,584 $837,271 $632,061 $881,152 $271,262 $280,468 $11,751,798
========== ======== ======== ======== ======== ======== ===========
</TABLE>
<PAGE>
<TABLE>
Westamerica Bancorporation
Tax Deferred Savings/Retirement Plan (ESOP)
Schedule IV
Allocation of Changes in Net Assets Available for Plan Benefits to Investment Programs
For the Year Ended December 31, 1992
<CAPTION>
Money
Company Market Certificate Equity International
Common Stock Savings of Deposit Index Equity Loans to
Fund Fund Fund Fund Fund Participants Total
<S> <C> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASES) IN NET ASSETS ATTRIBUTED TO:
Contributions by participants $ 475,078 $ 57,681 $124,840 $161,264 $ 46,040 $ --- $ 864,903
Contributions by Westamerica
Bancorporation 341,309 --- --- --- --- --- 341,309
Participant rollovers 28,262 32,057 1,871 6,288 2,958 --- 71,436
Investment Income:
Dividends 1,015 --- --- --- --- --- 1,015
Interest 1,103 7,592 25,781 39 2,473 --- 36,988
Interest on participant loans 7,144 675 440 1,808 343 --- 10,410
---------- ---------- -------- -------- -------- -------- ----------
Total Interest Income 9,262 8,267 26,221 1,847 2,816 --- 48,413
---------- ---------- -------- -------- -------- -------- ----------
Appreciation (depreciation)
of investments 1,151,511 --- --- 40,966 1,920 --- 1,194,397
---------- --------- -------- -------- -------- -------- ----------
Distributions paid (904,484) (79,084) (230,113) (106,683) (4,902) (11,221) (1,336,487)
Inter-fund transfers (208,344) (3,446) 60,757 17,221 45,801 88,011 0
Administrative expenses (62) (490) (48) (6) (24) --- (630)
---------- -------- -------- -------- -------- -------- ----------
Total increases (decreases) 892,532 14,985 (16,472) 120,897 94,609 76,790 1,183,341
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, December 31, 1991 6,203,094 165,441 574,275 448,369 14,192 75,285 7,480,656
---------- -------- -------- -------- -------- -------- ----------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS, December 31, 1992 $7,095,626 $180,426 $557,803 $569,266 $108,801 $152,075 $8,663,997
========== ======== ======== ======== ======== ======== ==========
</TABLE>
<PAGE>
Consent
Pension Management Committee for the Westamerica Bancorporation Tax
Deferred Savings/Retirement Plan (ESOP).
We consent to incorporation by reference in the registration statements No.
2-99877, 33-23043, 33-46073 on Form S-8, of Westamerica Bancorporation Tax
Deferred Savings/Retirement Plan (ESOP) of our report dated June 15, 1994,
relating to the statements of net assets available for plan benefits of
Westamerica Bancorporation Tax Deferred Savings/Retirement Plan (ESOP) as
of December 31, 1993, and the related statements of changes in net assets
available for plan benefits for the year then ended, which report appears
in the December 31, 1993, annual report on Form 11-K of Westamerica
Bancorporation Tax Deferred Savings/Retirement Plan (ESOP).
Pisenti & Brinker
Santa Rosa, California
June 15, 1994
<PAGE>
SIGNATURE
Pursuant to the requirement of the Securities Exchange Act of 1934, the
trustees (or the persons who administer the employee benefit plan) have
duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
WESTAMERICA BANCORPORATION
TAX DEFERRED SAVINGS/RETIREMENT PLAN (ESOP)
Date: June 15, 1994 By: Dennis R. Hansen
Member, Pension Management Committee
