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Westamerica Bancorporation Reports Fourth Quarter 2024 Financial Results
WABCWestamerica Bancorporation(WABC) GlobeNewswire·2025-01-16 16:04

Core Viewpoint - Westamerica Bancorporation reported a net income of 31.7millionforQ42024,reflectingadecreasefrom31.7 million for Q4 2024, reflecting a decrease from 35.1 million in Q3 2024, with diluted earnings per share (EPS) of 1.19,downfrom1.19, down from 1.31 in the previous quarter [1][2]. Financial Performance - The net interest income on a fully-taxable equivalent (FTE) basis was 59.2millionforQ42024,comparedto59.2 million for Q4 2024, compared to 62.5 million in Q3 2024, marking a 15.0% decrease [3][9]. - Noninterest income totaled 10.6millioninQ42024,downfrom10.6 million in Q4 2024, down from 11.9 million in Q3 2024, which included 1.6millioningainsfromlifeinsuranceandassetsales[4][21].−Totalnoninterestexpenseswere1.6 million in gains from life insurance and asset sales [4][21]. - Total noninterest expenses were 25.9 million in Q4 2024, slightly lower than 26.3millioninQ32024[4][24].AssetandLiabilityManagement−Totalassetsdecreasedto26.3 million in Q3 2024 [4][24]. Asset and Liability Management - Total assets decreased to 6.24 billion in Q4 2024 from 6.46billioninQ32024,adeclineof3.46.46 billion in Q3 2024, a decline of 3.4% [15]. - Total deposits fell to 5.03 billion in Q4 2024, down 9.8% from 5.57billioninQ42023[17].−Thecompanymaintainedastablenonperformingassetlevelof5.57 billion in Q4 2023 [17]. - The company maintained a stable nonperforming asset level of 0.7 million as of December 31, 2024 [2]. Capital and Returns - The annualized return on average common equity was 12.1% for Q4 2024, down from 16.7% in Q4 2023 [2][9]. - Shareholders received a dividend of 0.44percommonshareduringQ42024,consistentwiththepreviousquarter[2][9].LoanandInvestmentPortfolio−Totalloansdecreasedto0.44 per common share during Q4 2024, consistent with the previous quarter [2][9]. Loan and Investment Portfolio - Total loans decreased to 821.8 million in Q4 2024, down 5.9% from $873.6 million in Q4 2023 [15]. - The annualized yield on loans, bonds, and cash was 4.25% in Q4 2024, compared to 4.45% in Q3 2024 [3][12]. Cost of Funds - The annualized cost of funding the loan and bond portfolios was 0.24% in Q4 2024, a decrease from 0.37% in Q3 2024 [3][12].