Westamerica Bancorporation Reports Q4 2024 Earnings

Westamerica Bancorp ( (WABC) ) has released its Q4 earnings. Here is a breakdown of the information Westamerica Bancorp presented to its investors.

Westamerica Bancorporation operates as a commercial banking and trust services provider through its subsidiary, Westamerica Bank, with branches across Northern and Central California. The company is known for its strong focus on low-cost deposit bases and efficient management of operating expenses.

In the fourth quarter of 2024, Westamerica Bancorporation reported a net income of $31.7 million with diluted earnings per common share of $1.19. This reflects a decline from the previous quarter’s net income of $35.1 million and EPS of $1.31. The results were impacted by an increase in the tax provision, reducing EPS by $0.01.

Key financial metrics show a decrease in net interest income to $59.2 million from $62.5 million in the prior quarter, with the net interest margin dropping to 4.01% from 4.08%. Noninterest income also fell slightly to $10.6 million. Despite these declines, operating expenses remained controlled at 37% of total revenues, and no provisions for credit losses were recognized.

Looking forward, the company’s management remains focused on leveraging its low-cost deposit base and maintaining disciplined expense management to navigate the evolving economic landscape. With stable nonperforming assets and a strong return on common equity at 12.1%, Westamerica Bancorporation is positioned to sustain its financial health in the coming quarters.