Westamerica reports Q2 EPS $1.33, consensus $1.30

“Westamerica’s second quarter 2024 results benefited from the company’s low-cost operating principles. The annualized cost of funding our interest-earning loans, bonds and cash was 0.35% for the second quarter 2024. The company recognized no provision for credit losses due to $73,000 of net loan recoveries in the second quarter 2024 and $1.6M in nonperforming loans at June 30, 2024, while the allowance for credit losses on loans was $16M at June 30, 2024. Westamerica operated efficiently, spending 35% of its revenue on operating costs in the second quarter 2024”, said Chairman, President and CEO David Payne. “Second quarter 2024 results generated an annualized 14.4% return on average common equity. Shareholders were paid a 44c per common share dividend during the second quarter 2024,” concluded Payne.