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) declared a quarterly cash dividend of $0.42 per share on common stock, payable on August 19, 2022, to shareholders recorded by August 8, 2022. Additionally, the Board approved a share repurchase plan for up to 1,750,000 shares, representing 6.5% of outstanding stock as of June 30, 2022. The company's net income for Q2 2022 was $25.3 million, with diluted earnings per share of $0.94, reflecting financial strength and a conservative risk profile.
Westamerica Bancorporation (WABC) reported a net income of $25.3 million in Q2 2022, translating to a diluted EPS of $0.94. This reflects an increase from $22.6 million and $0.84 in Q1 2022. The bank benefitted from its variable-rate bonds and maintained a solid credit quality with nonperforming loans at $861 thousand. The annualized return on average common equity was 12.9%. Shareholders received a dividend of $0.42 per share. Net interest income increased to $48.0 million, while noninterest expenses decreased to $24.6 million.
Westamerica Bancorporation (NASDAQ: WABC) has declared a quarterly cash dividend of $0.42 per share, payable on May 20, 2022, to shareholders of record as of May 9, 2022. The decision highlights the company's reliable earnings and financial strength. For Q1 2022, Westamerica reported a net income of $22.6 million, equating to $0.84 diluted earnings per share. This reflects the company’s conservative risk profile and commitment to returning value to shareholders.
Westamerica Bancorporation (WABC) reported a net income of $22.6 million and diluted earnings per share (EPS) of $0.84 for Q1 2022, showing growth from $21.7 million and $0.81 EPS in Q4 2021.
The bank's return on average common equity was 11.8%, supported by well-managed operating expenses at 55% of revenue. Nonperforming loans were low at $915 thousand.
WABC increased noninterest income to $11.6 million, while noninterest expenses rose to $24.9 million due to seasonal factors.
Westamerica Bancorporation (NASDAQ: WABC) has declared a quarterly cash dividend of $0.42 per share for shareholders of record as of February 7, 2022, payable on February 18, 2022. The company's net income for Q4 2021 was reported at $21.7 million, translating to $0.81 diluted earnings per share. Chairman David Payne noted the dividend reflects Westamerica’s reliable earnings, financial strength, and conservative risk profile.
Westamerica Bancorporation (Nasdaq: WABC) reported a net income of $21.7 million for Q4 2021, resulting in diluted EPS of $0.81. This is a slight decrease from Q3 2021's net income of $22.1 million and EPS of $0.82, which benefitted from $0.02 in 'make-whole' interest income. The firm's operating expenses were well managed, yielding 56% of revenue to pre-tax income. Nonperforming loans stood at $1.0 million, and the annualized return on average common equity was 11.2%. A dividend of $0.42 per share was declared, representing 52% of diluted EPS.
Westamerica Bancorporation has appointed Inez Wondeh to its Board of Directors, enhancing its leadership team. Wondeh brings over 20 years of healthcare industry experience, previously serving as CEO of BASS Medical Group since 2019. She played a vital role in executing growth strategies at BASS, contributing to its expansion across the Bay Area. Wondeh holds degrees in Business Administration and Public Administration, and she is also the founder of the Ngozi Educational and Health Care Foundation. This strategic appointment aims to bolster the bank's growth.
The Board of Directors of Westamerica Bancorporation (NASDAQ: WABC) has declared a quarterly cash dividend of $0.42 per share, payable on November 19, 2021, to shareholders of record as of November 8, 2021. This decision reflects the bank's strong earnings and financial stability, with $22.1 million in net income reported for Q3 2021.
Chairman David Payne emphasized that this dividend increase acknowledges Westamerica's consistent revenue stream, illustrating the bank's commitment to returning value to shareholders.
Westamerica Bancorporation (Nasdaq: WABC) reported a third quarter 2021 net income of $22.1 million, with diluted earnings per share (EPS) of $0.82. This reflects a slight decline from $22.6 million and $0.84 EPS in Q2 2021, attributed to “make-whole” interest income variations. The company reported a low 0.03% annualized cost of funding and a solid credit quality with nonperforming loans at $1.8 million. Shareholders received a dividend of $0.41 per share, maintaining an 11.6% annualized return on average common equity.
Westamerica Bancorporation's Board of Directors has approved a share repurchase plan for up to 1,750,000 shares, representing approximately 6.5% of its outstanding common stock as of June 30, 2021. This initiative is set to occur on the open market or through private transactions before September 1, 2022. Chairman David Payne noted this decision reflects the company's consistent profitability and strong capital position. For the three months ending June 30, 2021, Westamerica reported a net income of $22.6 million, or $0.84 diluted earnings per share.
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