Westamerica reports Q1 EPS $1.37, consensus $1.37

“Westamerica’s first quarter 2024 results benefited from the company’s valuable low-cost deposit base, of which 47% was represented by non-interest bearing checking accounts during the quarter; the annualized cost of funding our loan and bond portfolios was 0.2% for the first quarter 2024. First quarter 2024 operating expenses remained well controlled at 34% of total revenues on a fully-taxable equivalent basis. Our consistent application of conservative loan underwriting practices resulted in relatively stable nonperforming assets totaling $1.5M,” said Chairman, President and CEO David Payne. “First quarter 2024 results generated an annualized 15.2% return on average common equity. Shareholders were paid a 44c per common share dividend during the first quarter 2024,” concluded Payne.