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 reports news on its role as the parent company of Westamerica Bank, which operates commercial banking and trust offices throughout Northern and Central California. Recurring updates cover quarterly financial results, deposit funding costs, loan and bond portfolio performance, credit-loss provisions, nonperforming assets and operating expense trends.
Company announcements also address common-stock dividends, share repurchase authorizations and board governance matters. Westamerica’s news frequently links capital returns and operating results to its banking model, including a low-cost deposit base and credit-quality disclosures.
Westamerica Bancorporation (WABC) reported a fourth-quarter 2020 net income of $23.8 million, achieving diluted earnings per share (EPS) of $0.89. This represents an increase from $20.1 million and $0.74 in the previous quarter, and $20.7 million and $0.77 in the same quarter last year. The results benefited from a $1.9 million gain on called corporate bonds and adjustments to the tax provision. Operating expenses were $24.5 million, maintaining a favorable 43% expense-to-revenue ratio. The company maintained a stable credit quality with nonperforming loans of $4.8 million.
Westamerica Bancorporation (NASDAQ: WABC) has declared a quarterly cash dividend of $0.41 per share, payable on November 13, 2020, to shareholders of record by the close of business on November 2, 2020. The Chairman, David Payne, emphasized the company's strong capital levels and profitability. Additionally, Westamerica reported a net income of $20 million for Q3 2020, translating to $0.74 diluted earnings per share. This solid performance reflects the bank's robust asset quality and operational stability.
Westamerica Bancorporation (Nasdaq: WABC) reported a third quarter 2020 net income of $20.1 million and diluted EPS of $0.74, slightly up from $19.6 million and $0.72 in Q2 2020, yet down from $20.4 million and $0.75 in Q3 2019. The company's non-interest revenues increased by $922 thousand compared to the prior quarter, while net interest income fell to $41.8 million. The annualized return on average common equity was 11.2%, with a dividend of $0.41 per share. Credit quality remains stable despite loan payment deferrals amidst the pandemic.
Westamerica Bancorporation's Board has authorized a share repurchase program for up to 1,750,000 shares, representing 6.5% of its outstanding stock, aimed at enhancing shareholder value. This buyback will occur in open market or negotiated transactions until September 1, 2021. For the second quarter of 2020, the company reported a net income of $20 million, equating to $0.72 per diluted share. Chairman David Payne emphasized that the buyback reflects the bank's consistent profitability and strong capital position.
Westamerica Bancorporation (NASDAQ: WABC) declared a quarterly cash dividend of $0.41 per share, payable on August 14, 2020 to shareholders of record by August 3, 2020. Chairman David Payne highlighted the bank's solid capital levels, asset quality, and profitability. For the quarter ending June 30, 2020, Westamerica reported $20 million in net income, translating to $0.72 diluted earnings per share.
Westamerica Bancorporation (WABC) reported a net income of $19.6 million for Q2 2020, with diluted earnings per share (EPS) of $0.72, up from $17.0 million and $0.63 in Q1 2020. The company funded $249 million in Paycheck Protection Program loans and maintained a stable credit quality with $4.6 million in nonperforming assets. Net interest income increased to $42.1 million, albeit with a declining annualized net interest margin of 2.99%. Total deposits rose by $371 million. Shareholders received a dividend of $0.41 per share.