Westamerica reports Q4 EPS $1.19, consensus $1.18

Fourth quarter 2024 results include an increase to the book tax provision to reconcile the 2023 income tax provision to the filed 2023 tax returns, which reduced EPS 1c. Fourth quarter 2024 results compare to third quarter 2024 net income of $35.1M and EPS of $1.31, which included gains from life insurance and sales of other assets equivalent to EPS of 4c. Westamerica’s (WABC) fourth quarter 2024 results benefited from the Company’s valuable low-cost deposit base, of which 47 percent was represented by non-interest bearing checking accounts during the quarter; the annualized cost of funding our loan and bond portfolios was 0.24 percent in the quarter. Operating expenses remained well controlled at 37 percent of total revenues. The company recognized no provision for credit losses. At December 31, 2024, nonperforming assets were stable at $0.7M and the allowance for credit losses was $14.8M” said Chairman, President and CEO David Payne.