Welcome to our dedicated page for Westamerica Bancorporation news (Ticker: WABC), a resource for investors and traders seeking the latest updates and insights on Westamerica Bancorporation stock.
Westamerica Bancorporation (WABC) is a California-based community bank specializing in commercial banking and trust services for regional businesses. This page provides investors and stakeholders with direct access to the company's official news, financial updates, and market developments.
Discover timely announcements including earnings reports, regulatory filings, and strategic initiatives. Our curated collection ensures you stay informed about WABC's operational milestones, leadership updates, and service expansions across Northern and Central California communities.
Key updates cover net interest income trends, deposit base management, and trust service innovations. Bookmark this page for consolidated access to press releases and financial disclosures from this established regional banking institution.
Westamerica Bancorporation (Nasdaq: WABC) reported its third quarter 2024 financial results. The company generated net income of $35.1 million and diluted earnings per share (EPS) of $1.31, including $0.04 EPS from gains on life insurance and asset sales. This compares to Q2 2024 net income of $35.5 million and EPS of $1.33.
Key highlights:
- 48% of deposits were non-interest bearing checking accounts
- Annualized cost of funding loan and bond portfolios was 0.37%
- Operating expenses were 35% of total revenues
- No provision for credit losses
- Nonperforming assets remained stable at $0.9 million
- Allowance for credit losses was $15.3 million
- Annualized return on average common equity was 13.7%
- $0.44 per share dividend paid
Net interest income (FTE) was $62.5 million, down from $64.1 million in Q2. The annualized yield on loans, bonds, and cash was 4.45%, compared to 4.50% in Q2. Noninterest income increased to $11.9 million from $10.5 million in Q2.
Westamerica Bancorporation (NASDAQ: WABC) has declared a quarterly cash dividend of $0.44 per share on common stock. The dividend will be payable on August 16, 2024, to shareholders of record as of August 5, 2024. CEO David Payne highlighted the company's reliable earnings, financial strength, and conservative risk profile. In its recent financial report, Westamerica announced net income of $35.5 million for Q2 2024, translating to $1.33 diluted earnings per share. Westamerica Bank, the company's subsidiary, operates banking and trust offices throughout Northern and Central California.
Westamerica Bancorporation (Nasdaq: WABC) reported second quarter 2024 financial results, with net income of $35.5 million and diluted EPS of $1.33. This compares to Q1 2024 net income of $36.4 million and EPS of $1.37. Key highlights include:
- Annualized cost of funding interest-earning assets: 0.35%
- No provision for credit losses due to net loan recoveries
- Efficiency ratio: 35%
- Annualized return on average common equity: 14.4%
- Quarterly dividend: $0.44 per share
- Net interest income (FTE): $64.1 million, down from $66.1 million in Q1
- Noninterest income: $10.5 million, up from $10.1 million in Q1
- Noninterest expenses: $26.1 million, unchanged from Q1
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