Westamerica Q2 2023 Earnings Report

Westamerica Bancorporation reported net income of $40.2 million and EPS of $1.51 for Q2 2023, the highest second quarter results in Company history.

Key Takeaways

Westamerica Bancorporation reported strong second quarter results, with net income reaching $40.2 million and EPS at $1.51, marking the highest second quarter performance in the company's history. The company benefited from a low-cost deposit base and higher yields on variable-rate assets, while maintaining controlled operating expenses and stable credit quality.

Net income for Q2 2023 was $40.2 million, with EPS of $1.51, the highest second quarter results in Company history.

The annualized cost of funding loan and bond portfolios was 0.04 percent.

Customer deposits and shareholders’ equity fully funded interest earning assets during the quarter.

Nonperforming assets remained low at $853 thousand as of June 30, 2023.

Total Revenue

$81M

Previous year: $59.3M