secwatch.observer — SEC 8-K summary
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Issuer:     WESTAMERICA BANCORPORATION (WABC)
CIK:        0000311094
Form:       8-K
Filed at:   2023-10-19T23:59:59+00:00
Accession:  0001171843-23-006310
Event type: earnings
Sentiment:  positive
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/311094/000117184323006310/0001171843-23-006310-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/311094/000117184323006310/f8k_101923.htm
  HTML page:      https://secwatch.observer/filing/0001171843-23-006310

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