Westamerica reports Q3 EPS $1.31, consensus $1.23

Net income for the third quarter of $35.1M and diluted EPS of $1.31 includes gains from life insurance and sales of other assets equivalent to 4c EPS, the company noted. “Westamerica’s third quarter 2024 results benefited from the Company’s valuable low-cost deposit base, of which 48 percent was represented by non-interest bearing checking accounts during the quarter; the annualized cost of funding our loan and bond portfolios was 0.37 percent in the quarter. Operating expenses remained well controlled at 35 percent of total revenues in the third quarter 2024. The Company recognized no provision for credit losses in the third quarter 2024. At September 30, 2024, nonperforming assets were stable at $0.9 million and the allowance for credit losses was $15.3 million. Third quarter 2024 results generated an annualized 13.7 percent return on average common equity. Shareholders were paid a $0.44 per common share dividend during the third quarter 2024,” said Chairman, President and CEO David Payne.