Westamerica (WABC) came out with quarterly earnings of $1.27 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $1.55 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this holding company for Westamerica Bank would post earnings of $1.32 per share when it actually produced earnings of $1.33, delivering a surprise of 0.76%. Over the last four quarters, the company has surpassed consensus EPS estimates just once. West ...

Financial Performance - Westamerica Bancorporation reported net income of $35.1 million for Q3 2024, with diluted EPS of $1.31, compared to $35.5 million and $1.33 EPS in Q2 2024[1][2]. - The annualized return on average common equity was 13.7% for Q3 2024, down from 14.4% in Q2 2024[2][6]. - Noninterest income increased to $11.9 million in Q3 2024, up 5.7% from $10.5 million in Q2 2024[3][6]. - Total Revenue (FTE) for Q3'2024 was $74,390, a decrease of 10.8% compared to Q3'2023's $83,373[18]. - Net income decreased by 15.7% to $35,057, down from $41,601[39]. - Basic earnings per share decreased by 16.0% to $1.31, compared to $1.56[39]. Interest Income and Expenses - Net interest income on a fully-taxable equivalent basis was $62.5 million in Q3 2024, a decrease of 13.4% from $72.1 million in Q3 2023[3][6]. - Interest expense surged by 531.1% year-over-year to $13,953,000, significantly impacting net interest income[11]. - Net interest and loan fee income (FTE) declined by 9.1% year-over-year to $192,659,000[11]. - Net Interest Income and Margin (FTE) for Q3'2024 was $72,092 with a margin of 4.43%, compared to $62,465 and 4.08% in Q3'2023[17]. - Net interest and loan fee income decreased by 13.3% to $62,149, down from $71,715[39]. - Total interest expense surged by 398.2% to $5,645, compared to $1,133[39]. Loans and Deposits - Total loans decreased by 9.1% year-over-year to $840,961,000[12]. - Consumer loans saw a significant decline of 21.0% year-over-year to $216,723,000[12]. - Total deposits decreased by 10.8% year-over-year to $5,224,158,000[14]. - Noninterest demand deposits decreased by 10.6% year-over-year to $2,480,815,000[14]. - Loans to deposits ratio improved to 16.1% from 15.8% year-over-year[12]. - Average total loans decreased by 9.1% to $840,961 thousand compared to $925,351 thousand in the previous year[25]. Expenses and Dividends - Operating expenses were 35% of total revenues in Q3 2024, with noninterest expenses totaling $26.3 million, slightly up from $26.1 million in Q2 2024[2][3]. - Total Noninterest Expense for Q3'2024 was $32,522, an increase of 8.0% from $30,120 in Q3'2023[22]. - Shareholders received a dividend of $0.44 per common share during Q3 2024, maintaining the same payout as in Q2 2024[2][6]. Credit Losses and Allowances - The company recognized no provision for credit losses in Q3 2024, with nonperforming assets stable at $0.9 million[2][3]. - The allowance for credit losses stood at $15.3 million as of September 30, 2024[2][3]. - Allowance for Credit Losses (ACLL) at the end of Q3'2024 was $15,318, down 13.7% from $17,744 in Q3'2023[24]. - Total nonperforming loans decreased by 25.8% to $919 thousand from $1,238 thousand year-over-year[27]. Assets and Equity - Total assets decreased by 6.2% to $6,161,143 thousand compared to $6,567,288 thousand in the previous year[31]. - Total shareholders' equity increased by 40.2% year-over-year to $909,040, compared to $648,423[37]. - Cash balances increased by 19.6% to $502,945 thousand from $420,550 thousand year-over-year[33].

Core Viewpoint - Westamerica Bancorporation reported a net income of $35.1 million for Q3 2024, slightly down from $35.5 million in Q2 2024, with diluted earnings per share (EPS) of $1.31 compared to $1.33 in the previous quarter [1][2]. Financial Performance - The net interest income on a fully-taxable equivalent (FTE) basis was $62.5 million for Q3 2024, down from $64.1 million in Q2 2024, reflecting a 13.4% decrease year-over-year [3][5]. - Noninterest income for Q3 2024 totaled $11.9 million, an increase from $10.5 million in Q2 2024, driven by $1.6 million in gains from life insurance and asset sales [3][22]. - Operating expenses were maintained at 35% of total revenues in Q3 2024, with noninterest expenses slightly increasing to $26.3 million from $26.1 million in Q2 2024 [2][3]. Asset Quality - The company recognized no provision for credit losses in Q3 2024, with nonperforming assets stable at $0.9 million and an allowance for credit losses of $15.3 million [2][3]. - The annualized return on average common equity was reported at 13.7% for Q3 2024, down from 14.4% in Q2 2024 [2][5]. Dividends and Shareholder Returns - Shareholders received a dividend of $0.44 per common share during Q3 2024, consistent with the previous quarter [2][5]. - The common dividend payout ratio was reported at 33% for Q3 2024, unchanged from Q2 2024 [5][9]. Deposits and Funding - Total deposits decreased to $5.09 billion in Q3 2024, down 11.0% from $5.72 billion in Q3 2023 [5][17]. - The company’s low-cost deposit base included 48% non-interest bearing checking accounts, with an annualized cost of funding the loan and bond portfolios at 0.37% for Q3 2024 [2][3]. Loan and Investment Portfolio - Total loans decreased to $831.4 million in Q3 2024, down 8.0% from $903.9 million in Q3 2023 [5][14]. - Total investment securities were reported at $4.74 billion, a decrease of 9.7% year-over-year [5][14].

Financial Performance - Total interest and loan fee income for Q2 2024 was $69,072,000, a decrease of 2% from $70,489,000 in Q2 2023[11]. - Net income for Q2 2024 was $35,462,000, down 12% from $40,248,000 in Q2 2023[11]. - Basic earnings per share for Q2 2024 were $1.33, compared to $1.51 in Q2 2023, reflecting a decrease of 12%[11]. - Total noninterest income for Q2 2024 was $10,500,000, slightly down from $10,700,000 in Q2 2023[11]. - Total noninterest expense increased to $26,130,000 in Q2 2024, up from $25,839,000 in Q2 2023, representing a rise of 1%[11]. - The provision for income taxes in Q2 2024 was $12,673,000, compared to $14,495,000 in Q2 2023, indicating a decrease of 13%[11]. - The company reported a total comprehensive income of $35,019,000 for Q2 2024, compared to $19,778,000 in Q2 2023[12]. - Net income for the period ending June 30, 2024, was $35,462 thousand, compared to $40,248 thousand for the same period in 2023, reflecting a decrease of approximately 12.5%[14]. - Net income for 2024 was $71,879,000, a decrease of 11% from $80,699,000 in 2023[17]. Shareholder Information - Dividends paid per share increased to $0.44 in Q2 2024 from $0.42 in Q2 2023, reflecting a growth of 5%[11]. - The company declared dividends of $0.44 per share for the second quarter of 2024, totaling $11,739 thousand, compared to $0.42 per share totaling $11,192 thousand in the same quarter of 2023[14]. - Average common shares outstanding for Q2 2024 were 26,680,000, slightly up from 26,648,000 in Q2 2023[11]. Asset and Liability Management - Cash and due from banks at the end of the period was $486,124 thousand, significantly up from $266,187 thousand at the end of the previous year[17]. - Total shareholders' equity increased to $815,600 thousand as of June 30, 2024, up from $772,894 thousand at the end of December 2023, representing a growth of about 5.5%[14]. - The total outstanding loans as of June 30, 2024, were $831,842 thousand, a decrease from $866,602 thousand as of December 31, 2023[54]. - Total deposits amounted to $5,131,440 thousand, a decrease from $5,474,267 thousand as of December 31, 2023, representing a decline of approximately 6.25%[92]. Credit Losses and Provisions - Total allowance for credit losses increased to $15,952,000, with a provision of $148,000 for the three months ended June 30, 2024[55]. - The balance at the beginning of the period for commercial credit losses was $3,765,000, while residential real estate was $5,758,000[55]. - Charge-offs for the period amounted to $(1,513,000), with recoveries of $1,471,000, resulting in a net charge-off of $(42,000)[55]. - The total allowance for credit losses for the six months ended June 30, 2023, was $18,480,000, with a reversal provision of $(1,550,000)[58]. - The company maintains an allowance for credit losses at a level considered adequate to provide for expected losses based on historical loss rates adjusted for current and expected conditions[31]. Debt Securities and Investments - Total debt securities available for sale amounted to $3,979,429,000 with unrealized losses of $280,940,000, resulting in a fair value of $3,699,318,000[41]. - The total amortized cost of debt securities held to maturity was $860,869,000, with a fair value of $817,071,000, reflecting unrealized losses of $43,822,000[41]. - The company evaluates available for sale debt securities for credit-related losses at least quarterly, recording an allowance for credit losses when fair value declines below amortized cost[25]. - The company does not intend to sell any debt securities available for sale with material unrealized losses[47]. - The company monitors interest rate changes and credit ratings, noting that unrealized losses were primarily due to higher risk-free interest rates affecting bond values[46]. Loan Portfolio Management - The company maintains a Loan Review Department that performs continuous evaluations of loans throughout the year[58]. - The total loans categorized as current and accruing amounted to $823,972,000, with an additional $4,758,000 in loans 30-59 days past due[60]. - The company reported no loan modifications made to borrowers experiencing financial difficulty during the six months ended June 30, 2024[61]. - The total credit risk profile showed a total of $805,379,000 in pass grade loans, with $25,128,000 classified as substandard[59]. - The company has no debt securities held to maturity on nonaccrual status or past due 30 days or more as of June 30, 2024[52]. Economic and Regulatory Environment - The Company anticipates that various factors, including economic conditions and regulatory changes, could impact future financial performance[6]. - The Company is currently evaluating the impact of FASB ASU 2023-09 on its consolidated financial statements, which enhances income tax disclosures[39]. - The Company adopted FASB ASU 2020-04 regarding reference rate reform, which did not have a material impact on its consolidated financial statements[37]. Miscellaneous - The carrying value of goodwill remained unchanged at $121,673 thousand as of June 30, 2024, with no impairment recognized during the reporting periods[89]. - The Company had access to borrowing from the Federal Reserve up to $867,510 thousand based on collateral pledged as of June 30, 2024[93]. - The Company did not exchange any Visa Class B-1 shares during the exchange offer that expired on May 3, 2024, maintaining a carrying value of $0 for these shares[85].

On July 18, 2024, Westamerica reported $35.5 million in net income for the three months ended June 30, 2024, or $1.33 diluted earnings per common share. The following appears in accordance with the Private Securities Litigation Reform Act of 1995: Westamerica Bancorporation Web Address: www.westamerica.com SAN RAFAEL, Calif., July 25, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of Westamerica Bancorporation (NASDAQ: WABC) today declared a quarterly cash dividend of $0.44 per share on common stock outsta ...

SAN RAFAEL, Calif., July 25, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of Westamerica Bancorporation (NASDAQ: WABC) today declared a quarterly cash dividend of $0.44 per share on common stock outstanding to shareholders of record at the close of business August 5, 2024. The dividend is payable August 16, 2024. Westamerica Bancorporation, through its wholly owned subsidiary, Westamerica Bank, operates banking and trust offices throughout Northern and Central California. FORWARD-LOOKING INFORMATION: For ...

This quarterly report represents an earnings surprise of 0.76%. A quarter ago, it was expected that this holding company for Westamerica Bank would post earnings of $1.39 per share when it actually produced earnings of $1.37, delivering a surprise of -1.44%. Westamerica, which belongs to the Zacks Banks - West industry, posted revenues of $74.27 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 0.02%. This compares to year-ago revenues of $80.58 million. The company has topped ...

EXHIBIT 99.1 Westamerica Bancorporation Reports Second Quarter 2024 Financial Results SAN RAFAEL, Calif., July 18, 2024 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the second quarter 2024 of $35.5 million and diluted earnings per common share ("EPS") of $1.33. Second quarter 2024 results compare to first quarter 2024 net income of $36.4 million and EPS of $1.37. "Westamerica's second quarter 2024 results benefited from the Compa ...

"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 percent for the second quarter 2024. The Company recognized no provision for credit losses due to $73 thousand of net loan recoveries in the second quarter 2024 and $1.6 million in nonperforming loans at June 30, 2024, while the allowance for credit losses on loans was $16.0 million at June 30, 2024. Westamerica operated eff ...

"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 percent for the second quarter 2024. The Company recognized no provision for credit losses due to $73 thousand of net loan recoveries in the second quarter 2024 and $1.6 million in nonperforming loans at June 30, 2024, while the allowance for credit losses on loans was $16.0 million at June 30, 2024. Westamerica operated eff ...