Welcome to our dedicated page for Westamerica Bancorporation news (Ticker: WABC), a resource for investors and traders seeking the latest updates and insights on Westamerica Bancorporation stock.
Westamerica Bancorporation (symbol: WABC) is a regional community bank headquartered in San Rafael, California. With approximately $7.5 billion in assets, the company primarily serves commercial clients, including smaller businesses, across central and northern California. Its service area extends from Mendocino and Lake counties to Kern County and reaches east to Nevada County.
The bank’s core business operations generate revenue through net interest income and deposit service charges, the latter forming a significant part of its noninterest income. A major milestone for the company was achieving a net interest income of $66.1 million on a fully-taxable equivalent (FTE) basis in the first quarter of 2024. This compares to $69.7 million in the fourth quarter of 2023, highlighting steady financial performance despite varying economic conditions.
Westamerica Bancorporation prides itself on maintaining a low-cost deposit base. In the first quarter of 2024, non-interest-bearing checking accounts comprised 47% of total deposits. This low-cost funding structure has allowed the company to fully fund its interest-earning assets without borrowing from the Federal Reserve Bank or correspondent banks. The annualized cost of funding loan and bond portfolios was 0.20% in the first quarter of 2024.
Operating expenses are another area where the company excels, consistently maintaining effective cost controls. For instance, first-quarter 2024 operating expenses constituted 34% of total revenues on a fully-taxable equivalent basis. This efficient management contributes to robust returns on equity, which were 15.2% annualized for the same period.
Despite economic fluctuations, Westamerica has maintained stable nonperforming assets, totaling $1.5 million in the first quarter of 2024. The company’s conservative loan underwriting practices have played a crucial role in achieving this stability. The Allowance for Credit Losses on Loans was $15.9 million at March 31, 2024, reflecting a proactive approach to risk management.
The company also reported strong noninterest income, totaling $10.1 million in the first quarter of 2024. Although this is a slight decrease from the $11.0 million reported in the fourth quarter of 2023, it includes various income streams such as debit card fees and merchant processing services fees.
Recent achievements of the company include a $0.44 per common share dividend paid to shareholders during the first quarter of 2024 and maintaining a high annualized yield earned on loans, bonds, and cash at 4.50%.
For additional information, contact:
Westamerica Bancorporation
1108 Fifth Avenue, San Rafael, CA 94901
Robert A. Thorson – SVP & Chief Financial Officer
707-863-6840
investments@westamerica.com
Westamerica Bancorporation (NASDAQ: WABC) has declared a quarterly cash dividend of $0.44 per share, payable on November 15, 2024, to shareholders of record as of November 4, 2024. The company reported net income of $35.1 million ($1.31 diluted earnings per share) for Q3 2024. CEO David Payne highlighted the company's reliable earnings, financial strength, and conservative risk profile. Westamerica operates banking and trust offices throughout Northern and Central California through its subsidiary, Westamerica Bank.
Westamerica Bancorporation (Nasdaq: WABC) reported its third quarter 2024 financial results. The company generated net income of $35.1 million and diluted earnings per share (EPS) of $1.31, including $0.04 EPS from gains on life insurance and asset sales. This compares to Q2 2024 net income of $35.5 million and EPS of $1.33.
Key highlights:
- 48% of deposits were non-interest bearing checking accounts
- Annualized cost of funding loan and bond portfolios was 0.37%
- Operating expenses were 35% of total revenues
- No provision for credit losses
- Nonperforming assets remained stable at $0.9 million
- Allowance for credit losses was $15.3 million
- Annualized return on average common equity was 13.7%
- $0.44 per share dividend paid
Net interest income (FTE) was $62.5 million, down from $64.1 million in Q2. The annualized yield on loans, bonds, and cash was 4.45%, compared to 4.50% in Q2. Noninterest income increased to $11.9 million from $10.5 million in Q2.
Westamerica Bancorporation (NASDAQ: WABC) has declared a quarterly cash dividend of $0.44 per share on common stock. The dividend will be payable on August 16, 2024, to shareholders of record as of August 5, 2024. CEO David Payne highlighted the company's reliable earnings, financial strength, and conservative risk profile. In its recent financial report, Westamerica announced net income of $35.5 million for Q2 2024, translating to $1.33 diluted earnings per share. Westamerica Bank, the company's subsidiary, operates banking and trust offices throughout Northern and Central California.
Westamerica Bancorporation (Nasdaq: WABC) reported second quarter 2024 financial results, with net income of $35.5 million and diluted EPS of $1.33. This compares to Q1 2024 net income of $36.4 million and EPS of $1.37. Key highlights include:
- Annualized cost of funding interest-earning assets: 0.35%
- No provision for credit losses due to net loan recoveries
- Efficiency ratio: 35%
- Annualized return on average common equity: 14.4%
- Quarterly dividend: $0.44 per share
- Net interest income (FTE): $64.1 million, down from $66.1 million in Q1
- Noninterest income: $10.5 million, up from $10.1 million in Q1
- Noninterest expenses: $26.1 million, unchanged from Q1
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