Westamerica Q4 net income $39.5M ($1.48 EPS), down from Q3; low-cost deposits support margins

WESTAMERICA BANCORPORATION

2023-FY EPS reported $6.06

Net income $39.5M, diluted EPS $1.48 vs Q3 net income $41.6M, EPS $1.56; includes $0.02 tax-adjustment hit.
Net interest income (FTE) $69.7M, down from $72.1M in Q3; yield on earning assets 4.52%, cost of funds 0.11%.
Non-interest income $11.0M (Q3: $11.3M); non-interest expenses $25.5M (Q3: $25.7M); expenses well controlled.
Annualized return on average common equity 16.7%; quarterly dividend $0.44 per share paid in Q4.
48% of deposits are non-interest bearing; no brokered deposits or Fed borrowings during quarter.

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 0.95

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

Fourth quarter 2023 results compare to third quarter 2023 net income of $41.6 million and EPS of $1.56.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

WESTAMERICA BANCORPORATION reported fourth quarter 2023 results: net income $39.5 million, EPS $1.48.

Period: fourth quarter 2023
Net income: $39.5 million
EPS: $1.48
Result: reported results

Exact text from the filing

Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the fourth quarter 2023 of $39.5 million and diluted earnings per common share ("EPS") of $1.48.

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Source: SEC EDGAR

accession 0001171843-24-000294

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