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 $0.41 per share for shareholders of record as of August 2, 2021. The payment date is set for August 13, 2021. Chairman and CEO David Payne highlighted the company's strong capital levels, asset quality, and profitability, evidenced by a net income of $22.6 million ($0.84 diluted EPS) for the quarter ended June 30, 2021. With banking and trust offices across Northern and Central California, Westamerica continues to demonstrate solid performance amidst evolving market conditions.
Westamerica Bancorporation (WABC) reported a net income of $22.6 million and diluted earnings per share (EPS) of $0.84 for Q2 2021, reflecting an increase from $20.1 million and $0.75 EPS in Q1 2021. The results benefited from make-whole interest income, boosting EPS by $0.04. Average total deposits rose by $327 million quarter-over-quarter. Net interest income on a fully-taxable equivalent basis was $44.5 million, up from $42.6 million. The bank's credit quality remained stable, with nonperforming loans at $4.4 million.
Westamerica Bancorporation (NASDAQ: WABC) declared a quarterly cash dividend of $0.41 per share, payable on May 14, 2021, to shareholders of record by May 3, 2021. Chairman David Payne emphasized the company's strong capital, asset quality, and profitability amidst reporting $20.1 million in net income for Q1 2021, translating to $0.75 diluted earnings per share. These financial metrics reflect a solid position for the company moving forward.
Westamerica Bancorporation (WABC) reported a net income of $20.1 million and diluted EPS of $0.75 for Q1 2021. This reflects a decline from Q4 2020, where net income was $23.8 million and EPS was $0.89. The quarter included $91 million in loans originated under the Paycheck Protection Program. Total deposits grew by $92 million. Credit quality remained stable with nonperforming loans at $4.1 million. The company generated an 11.1 percent return on average common equity and paid a $0.41 dividend.
Westamerica Bancorporation (NASDAQ: WABC) announced a quarterly cash dividend of $0.41 per share to shareholders of record by February 8, 2021, with a payment date set for February 19, 2021. This decision reflects the company's healthy capital levels, sound asset quality, and profitability, as per CEO David Payne. Additionally, Westamerica reported a net income of $23.8 million for Q4 2020, translating to $0.89 diluted earnings per share.
Westamerica Bancorporation (WABC) reported a fourth-quarter 2020 net income of $23.8 million, achieving diluted earnings per share (EPS) of $0.89. This represents an increase from $20.1 million and $0.74 in the previous quarter, and $20.7 million and $0.77 in the same quarter last year. The results benefited from a $1.9 million gain on called corporate bonds and adjustments to the tax provision. Operating expenses were $24.5 million, maintaining a favorable 43% expense-to-revenue ratio. The company maintained a stable credit quality with nonperforming loans of $4.8 million.
Westamerica Bancorporation (NASDAQ: WABC) has declared a quarterly cash dividend of $0.41 per share, payable on November 13, 2020, to shareholders of record by the close of business on November 2, 2020. The Chairman, David Payne, emphasized the company's strong capital levels and profitability. Additionally, Westamerica reported a net income of $20 million for Q3 2020, translating to $0.74 diluted earnings per share. This solid performance reflects the bank's robust asset quality and operational stability.
Westamerica Bancorporation (Nasdaq: WABC) reported a third quarter 2020 net income of $20.1 million and diluted EPS of $0.74, slightly up from $19.6 million and $0.72 in Q2 2020, yet down from $20.4 million and $0.75 in Q3 2019. The company's non-interest revenues increased by $922 thousand compared to the prior quarter, while net interest income fell to $41.8 million. The annualized return on average common equity was 11.2%, with a dividend of $0.41 per share. Credit quality remains stable despite loan payment deferrals amidst the pandemic.
Westamerica Bancorporation's Board has authorized a share repurchase program for up to 1,750,000 shares, representing 6.5% of its outstanding stock, aimed at enhancing shareholder value. This buyback will occur in open market or negotiated transactions until September 1, 2021. For the second quarter of 2020, the company reported a net income of $20 million, equating to $0.72 per diluted share. Chairman David Payne emphasized that the buyback reflects the bank's consistent profitability and strong capital position.
Westamerica Bancorporation (NASDAQ: WABC) declared a quarterly cash dividend of $0.41 per share, payable on August 14, 2020 to shareholders of record by August 3, 2020. Chairman David Payne highlighted the bank's solid capital levels, asset quality, and profitability. For the quarter ending June 30, 2020, Westamerica reported $20 million in net income, translating to $0.72 diluted earnings per share.
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