Jul. 18 at 5:18 PM
$WABC Westamerica reports Q2 EPS
$1.33, consensus
$1.30
"Westamerica's second quarter 2024 results benefited from the company's low-cost operating principles. The annualized cost of funding our interest-earning loans, bonds and cash was 0.35% for the second quarter 2024. The company recognized no provision for credit losses due to
$73,000 of net loan recoveries in the second quarter 2024 and
$1.6M in nonperforming loans at June 30, 2024, while the allowance for credit losses on loans was
$16M at June 30, 2024.
Westamerica operated efficiently, spending 35% of its revenue on operating costs in the second quarter 2024", said Chairman, President and CEO David Payne. "Second quarter 2024 results generated an annualized 14.4% return on average common equity. Shareholders were paid a 44c per common share dividend during the second quarter 2024," concluded Payne.