Westamerica reports Q3 EPS $1.56, consensus $1.44

Q3 results include a life insurance gain which increased EPS by 1c, the company noted. “Westamerica’s third quarter 2023 results benefited from the company’s valuable low-cost deposit base, of which 48% was represented by non-interest bearing checking accounts during the third quarter 2023. The annualized cost of funding our loan and bond portfolios was 0.07% in the third quarter 2023. The company’s customer deposits and shareholders’ equity fully funded our interest earning assets during the third quarter 2023; the company did not borrow from the Federal Reserve Bank or correspondent banks. Operating expenses remained well controlled. Nonperforming assets were a stable $1.2M at September 30, 2023,” said Chairman, President and CEO David Payne.