Westamerica Bancorporation(US:WABC) Globenewswireยท2025-04-17 14:52Financial 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]