secwatch.observer — SEC 8-K summary
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Issuer:     WESTAMERICA BANCORPORATION (WABC)
CIK:        0000311094
Form:       8-K
Filed at:   2024-04-18T23:59:59+00:00
Accession:  0001171843-24-002083
Event type: earnings
Sentiment:  negative
Materiality: 0.60
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/311094/000117184324002083/0001171843-24-002083-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/311094/000117184324002083/f8k_041824.htm
  HTML page:      https://secwatch.observer/filing/0001171843-24-002083

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer