Westamerica Q4 2020 Earnings Report

Westamerica Bancorporation generated net income and EPS for Q4 2020.

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.

Total Revenue

$57.3M

Previous year: $52.2M