Westamerica reports record Q3 2023 EPS of $1.56, net income $41.6M

WESTAMERICA BANCORPORATION

2023-Q3 EPS reported $4.58

Net income $41.6M ($1.56 diluted EPS), up from Q2 2023 $40.2M ($1.51); ROE 18.3% annualized.
Net interest income (FTE) $72.1M, up from $70.3M QoQ; cost of funding 0.07%, low-cost deposit base with 48% non-interest checking.
Nonperforming assets stable at $1.2M; provision for credit losses $400K; allowance $17.7M at Sep 30.
Dividend paid $0.44 per share in Q3; no borrowings from Fed or correspondents; variable-rate assets $1.5B in CLOs.
Noninterest income $11.3M (incl. $278K life insurance gain); noninterest expenses $25.7M, well controlled.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

WESTAMERICA BANCORPORATION reported third quarter 2023 results: net income $41.6 million, EPS $1.56.

Period: third quarter 2023
Net income: $41.6 million
EPS: $1.56
Result: reported results

Exact text from the filing

Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the third quarter 2023 of $41.6 million and diluted earnings per common share (“EPS”) of $1.56

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Source: SEC EDGAR

accession 0001171843-23-006310

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