SAN RAFAEL, Calif., Jan. 16, 2025 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the fourth quarter 2024 of $31.7 million and diluted earnings per common share ("EPS") of $1.19. Fourth quarter 2024 results include an increase to the book tax provision to reconcile the 2023 income tax provision to the filed 2023 tax returns, which reduced EPS $0.01. Fourth quarter 2024 results compare to third quarter 2024 net income of $35.1 million and EPS of $1.31, which included gains from life insurance and sales of other assets equivalent to EPS of $0.04.

"Westamerica's fourth quarter 2024 results benefited from the Company's valuable low-cost deposit base, of which 47 percent was represented by non-interest bearing checking accounts during the quarter; the annualized cost of funding our loan and bond portfolios was 0.24 percent in the quarter. Operating expenses remained well controlled at 37 percent of total revenues. The Company recognized no provision for credit losses. At December 31, 2024, nonperforming assets were stable at $0.7 million and the allowance for credit losses was $14.8 million” said Chairman, President and CEO David Payne. "Fourth quarter 2024 results generated an annualized 12.1 percent return on average common equity. Shareholders were paid a $0.44 per common share dividend during the fourth quarter 2024,” concluded Payne.

Net interest income on a fully-taxable equivalent (FTE) basis was $59.2 million for the fourth quarter 2024, compared to $62.5 million for the third quarter 2024. The annualized yield earned on loans, bonds and cash for the fourth quarter 2024 was 4.25 percent compared to 4.45 percent for the third quarter 2024. The annualized cost of funding the loan and bond portfolios was 0.24 percent for the fourth quarter 2024, compared to 0.37 percent for the third quarter 2024.

Noninterest income for the fourth quarter 2024 totaled $10.6 million compared to $11.9 million for the third quarter 2024. Third quarter 2024 results include $1.6 million in gains from life insurance and sales of other assets.

Noninterest expenses for the fourth quarter 2024 were $25.9 million compared to $26.3 million for the third quarter 2024.

The income tax provision for the fourth quarter 2024 includes a $305 thousand increase to reconcile the 2023 income tax provision to the filed 2023 tax returns.

Westamerica Bancorporation's wholly owned subsidiary Westamerica Bank, operates commercial banking and trust offices throughout Northern and Central California.

Westamerica Bancorporation Web Address: www.westamerica.com

For additional information contact:

           Westamerica Bancorporation

           1108 Fifth Avenue, San Rafael, CA 94901

           Robert A. Thorson - SVP & Treasurer

           707-863-6840

           investments@westamerica.com

FORWARD-LOOKING INFORMATION:

The following appears in accordance with the Private Securities Litigation Reform Act of 1995:

This press release may contain forward-looking statements about the Company, including descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may."

Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors - many of which are beyond the Company's control - could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. The Company's most recent reports filed with the Securities and Exchange Commission, including the annual report for the year ended December 31, 2023 filed on Form 10-K and quarterly report for the quarter ended September 30, 2024 filed on Form 10-Q, describe some of these factors, including certain credit, interest rate, operational, liquidity and market risks associated with the Company's business and operations. Other factors described in these reports include changes in business and economic conditions, competition, fiscal and monetary policies, disintermediation, cyber security risks, legislation including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the Sarbanes-Oxley Act of 2002 and the Gramm-Leach-Bliley Act of 1999, and mergers and acquisitions.

Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward looking statements are made.