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Westamerica Bancorporation(WABC) - 2024 Q3 - Quarterly Results
WABCWestamerica Bancorporation(WABC)2024-10-17 16:20

Financial Performance - Westamerica Bancorporation reported net income of 35.1millionforQ32024,withdilutedEPSof35.1 million for Q3 2024, with diluted EPS of 1.31, compared to 35.5millionand35.5 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 11.9millioninQ32024,up5.711.9 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,adecreaseof10.874,390, a decrease of 10.8% compared to Q3'2023's 83,373[18]. - Net income decreased by 15.7% to 35,057,downfrom35,057, down from 41,601[39]. - Basic earnings per share decreased by 16.0% to 1.31,comparedto1.31, compared to 1.56[39]. Interest Income and Expenses - Net interest income on a fully-taxable equivalent basis was 62.5millioninQ32024,adecreaseof13.462.5 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,significantlyimpactingnetinterestincome[11].−Netinterestandloanfeeincome(FTE)declinedby9.113,953,000, 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 72,092withamarginof4.4372,092 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,downfrom62,149, down from 71,715[39]. - Total interest expense surged by 398.2% to 5,645,comparedto5,645, compared to 1,133[39]. Loans and Deposits - Total loans decreased by 9.1% year-over-year to 840,961,000[12].−Consumerloanssawasignificantdeclineof21.0840,961,000[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].−Noninterestdemanddepositsdecreasedby10.65,224,158,000[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 840,961thousandcomparedto840,961 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 26.3million,slightlyupfrom26.3 million, slightly up from 26.1 million in Q2 2024[2][3]. - Total Noninterest Expense for Q3'2024 was 32,522,anincreaseof8.032,522, an increase of 8.0% from 30,120 in Q3'2023[22]. - Shareholders received a dividend of 0.44percommonshareduringQ32024,maintainingthesamepayoutasinQ22024[2][6].CreditLossesandAllowances−ThecompanyrecognizednoprovisionforcreditlossesinQ32024,withnonperformingassetsstableat0.44 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 15.3millionasofSeptember30,2024[2][3].−AllowanceforCreditLosses(ACLL)attheendofQ3′2024was15.3 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 17,744inQ3′2023[24].−Totalnonperformingloansdecreasedby25.817,744 in Q3'2023[24]. - Total nonperforming loans decreased by 25.8% to 919 thousand from 1,238thousandyear−over−year[27].AssetsandEquity−Totalassetsdecreasedby6.21,238 thousand year-over-year[27]. Assets and Equity - Total assets decreased by 6.2% to 6,161,143 thousand compared to 6,567,288thousandinthepreviousyear[31].−Totalshareholders′equityincreasedby40.26,567,288 thousand in the previous year[31]. - Total shareholders' equity increased by 40.2% year-over-year to 909,040, compared to 648,423[37].−Cashbalancesincreasedby19.6648,423[37]. - Cash balances increased by 19.6% to 502,945 thousand from $420,550 thousand year-over-year[33].