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Mar 31, 2020
Westamerica Q1 2020 Earnings Report
Westamerica Bancorporation generated net income and EPS for Q1 2020.
Key Takeaways
Westamerica Bancorporation reported a net income of $17.0 million and diluted earnings per common share of $0.63 for the first quarter of 2020. The results include a $4.3 million provision for credit losses due to increased credit-risk from deteriorating economic conditions caused by the Covid-19 pandemic.
Net income for Q1 2020 was $17.0 million, with an EPS of $0.63.
A provision for credit losses of $4.3 million was included due to the Covid-19 pandemic.
The annualized net interest margin increased to 3.10 percent for Q1 2020.
Operating expenses were $24.7 million for Q1 2020, representing 47 percent of revenues.
Forward Guidance
The business environment is highly uncertain at this time given the Covid-19 impacts on society and the economy. Management expects developing increases in unemployment to result in higher credit-related losses, particularly consumer installment loans.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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