Westamerica reports Q4 EPS $1.48, consensus $1.46

“Westamerica’s fourth quarter 2023 results benefited from the Company’s valuable low-cost deposit base, of which 48 percent was represented by non-interest bearing checking accounts during the quarter. The annualized cost of funding our loan and bond portfolios was 0.11 percent in the fourth quarter 2023. The Company’s customer deposits and shareholders’ equity fully funded our interest earning assets during the fourth quarter 2023; the Company did not take in brokered deposits, or borrow from the Federal Reserve Bank or correspondent banks. Operating expenses remained well controlled and nonperforming assets were stable,” said Chairman, President and CEO David Payne. “Fourth quarter 2023 results generated an annualized 16.7 percent return on average common equity. Shareholders were paid a $0.44 per common share dividend during the fourth quarter 2023,” concluded Payne.