Westamerica Q4 2020 Earnings Report
Key Takeaways
Westamerica Bancorporation reported a net income of $23.8 million and EPS of $0.89 for the fourth quarter of 2020. The results include a gain on the sale of a closed branch building, make-whole interest income on corporate bonds redeemed prior to maturity, and a customary adjustment to the tax provision. Credit quality remained stable with nonperforming loans of $4.8 million.
Net income for Q4 2020 was $23.8 million, with an EPS of $0.89.
Operating expenses represented 43% of revenues on a fully-taxable equivalent basis.
Net interest income (FTE) for Q4 2020 was $43.3 million, including $1.9 million from make-whole interest income.
Noninterest income for Q4 2020 totaled $14.0 million, including a $3.5 million gain on the sale of a closed branch building.