Westamerica Bancorporation Reports First Quarter 2025 Financial Results

Financial Performance - Westamerica Bancorporation reported a net income of $31.0 million for Q1 2025, with diluted earnings per share (EPS) of$1.16, compared to $31.7 million and$1.19 in Q4 2024 [1][12] - The first quarter results included a reversal of provision for credit losses amounting to $550 thousand, which positively impacted EPS by$0.01 [1][4] - The annualized return on average common equity for Q1 2025 was 11.9% [2] Income and Expenses - Net interest income on a fully-taxable equivalent (FTE) basis was $56.4 million in Q1 2025, down from$59.2 million in Q4 2024, reflecting a 14.7% decrease year-over-year [3][13] - Noninterest income totaled $10.3 million in Q1 2025, slightly up from$10.1 million in Q1 2024 but down from $10.6 million in Q4 2024 [4][24] - Noninterest expenses decreased to$25.1 million in Q1 2025 from $25.9 million in Q4 2024, primarily due to lower salaries and benefits expenses [5][25] Asset Quality - The allowance for credit losses on loans was$13.9 million as of March 31, 2025, down from $15.9 million a year earlier [4][26] - Nonperforming loans decreased significantly to$277 thousand, down 81.3% from $1.5 million in Q1 2024 [26] Deposits and Loans - Total deposits were$4.96 billion in Q1 2025, a decrease of 7.8% from $5.38 billion in Q1 2024 [18] - Total loans outstanding were$789.9 million, down 7.5% from $853.6 million in Q1 2024 [17] Capital and Liquidity - Shareholders' equity increased to$1.06 billion as of March 31, 2025, up 9.3% from $965.8 million a year earlier [32] - The company had$727.3 million in cash balances and expects to receive $265 million in principal payments from debt securities over the next twelve months [28]