Westamerica reports Q4 EPS $1.46, consensus $1.45

"Westamerica’s fourth quarter 2022 results benefited from the Company’s valuable low-cost deposit base; the cost of funding our loan and bond portfolios was 0.03 percent in the fourth quarter 2022, unchanged from the prior quarter. Non-interest bearing deposits represented 47 percent of average deposits in the fourth quarter 2022. The fourth quarter also benefited from higher yields on variable-rate bonds, loans and cash. Operating expenses were well controlled and credit quality remained solid with nonperforming assets of $774 thousand at December 31, 2022," said Chairman, President and CEO David Payne. "Fourth quarter 2022 results generated an annualized 18.6 percent return on average common equity. Shareholders were paid a $0.42 per common share dividend during the fourth quarter 2022," concluded Payne.