Westamerica Q3 EPS $1.31, net income $35.1M; stable credit and low funding costs

WESTAMERICA BANCORPORATION

2024-Q3 EPS reported $4.01

Net income $35.1M, diluted EPS $1.31 (incl. $0.04 gains from life insurance/asset sales); Q2 net income $35.5M, EPS $1.33.
Net interest income (FTE) $62.5M; yield on earning assets 4.45%, funding cost 0.37% annualized.
No provision for credit losses; nonperforming assets stable at $0.9M; allowance for credit losses $15.3M.
Noninterest income $11.9M (incl. $1.6M gains), noninterest expense $26.3M; efficiency ratio 35%.
Annualized return on average common equity 13.7%; quarterly cash dividend $0.44 per share paid.

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