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Mar 31, 2024
Westamerica Q1 2024 Earnings Report
Westamerica Bancorporation's net income decreased in the first quarter of 2024, with EPS at $1.37.
Key Takeaways
Westamerica Bancorporation reported a net income of $36.4 million and EPS of $1.37 for Q1 2024. The company benefited from a low-cost deposit base and maintained well-controlled operating expenses.
Net income for Q1 2024 was $36.4 million, with EPS at $1.37.
47% of the deposit base was represented by non-interest bearing checking accounts.
The annualized cost of funding loan and bond portfolios was 0.20%.
Nonperforming assets remained relatively stable at $1.5 million.
Westamerica
Westamerica
Westamerica Revenue by Segment
Revenue by Segment
Net Interest Income Revenue
CapyFin.comNon-Interest Income Revenue
CapyFin.com Forward Guidance
This press release contains forward-looking statements about the Company, including descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance.
Positive Outlook
- Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts.
- They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may."
- Forward-looking statements speak only as of the date they are made.
- This press release may contain forward-looking statements about the Company.
- Descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance.
Challenges Ahead
- Forward-looking statements, by their nature, are subject to risks and uncertainties.
- A number of factors — many of which are beyond the Company's control — could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements.
- Changes in business and economic conditions
- Competition, fiscal and monetary policies, disintermediation, cyber security risks
- The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward looking statements are made.