Westamerica Bancorp Q1 2024 net income $36.4M, EPS $1.37, down from Q4

WESTAMERICA BANCORPORATION

2024-Q1 EPS reported $1.37

Net income $36.4M, diluted EPS $1.37; sequential decline from Q4 2023 net income $39.5M ($1.48 EPS).
Net interest income (FTE) $66.1M vs $69.7M in Q4; annualized yield on earning assets 4.50% vs 4.52%.
Noninterest income $10.1M, down $0.9M QoQ due to lower debit card fees ($524K) and merchant processing ($356K).
Noninterest expenses $26.1M vs $25.5M; salaries up $430K on seasonal payroll taxes and merit increases.
Funding cost rose to 0.20% from 0.11%; 47% of deposits are non-interest bearing checking accounts.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

WESTAMERICA BANCORPORATION reported first quarter 2024 results: net income $36.4 million, EPS $1.37.

Period: first quarter 2024
Net income: $36.4 million
EPS: $1.37
Result: reported results

Exact text from the filing

Westamerica Bancorporation Reports First Quarter 2024 Financial Results SAN RAFAEL, Calif., April 18, 2024 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the first quarter 2024 of $36.4 million and diluted earnings per common share ("EPS") of $1.37.

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Source: SEC EDGAR

accession 0001171843-24-002083

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