Westamerica Q3 2023 Earnings Report

Generated the highest third quarter results in Company history.

Key Takeaways

Westamerica Bancorporation reported net income of $41.6 million and EPS of $1.56 for Q3 2023. Results benefited from a low-cost deposit base and well-controlled operating expenses. The company's customer deposits and shareholders’ equity fully funded interest earning assets.

Net income for the third quarter 2023 was $41.6 million, with EPS at $1.56.

Third quarter results included a life insurance gain which increased EPS $0.01.

The annualized cost of funding loan and bond portfolios was 0.07 percent.

Nonperforming assets remained stable at $1.2 million as of September 30, 2023.

Total Revenue

$83.4M

Previous year: $72.6M