Westamerica Q3 net income $34.8M, EPS $1.29, up 37% from Q2

WESTAMERICA BANCORPORATION

2022-Q3 EPS reported $3.07

Diluted EPS $1.29 vs $0.94 in Q2 2022, including $0.03 life insurance gain.
Net interest income (FTE) $60.8M, up from $48.0M; loan/bond yield rose to 3.47% from 2.77%.
Funding cost remained 0.03%; non-interest bearing deposits 47% of average deposits.
Noninterest income $11.8M (incl. $923K life insurance gain), noninterest expense $24.8M.
Annualized ROAE 17.1%; paid $0.42 per common share dividend in Q3.

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