Westamerica Q1 2024 net income falls 10% to $36.4 million; diluted EPS $1.37
Westamerica Bancorporation reported first quarter 2024 net income of $36.4 million, or $1.37 per diluted share, down from $40.5 million and $1.51 per share in the first quarter of 2023, and from $39.5 million and $1.48 in the fourth quarter of 2023. Total revenue on a fully taxable equivalent basis fell 4.9% year over year to $76.2 million, as net interest income declined and total deposits fell 11.3%. The results were furnished in an 8-K with the press release attached as Exhibit 99.1.
Key points
- Net income of $36.4 million, down 10.0% from $40.5 million in Q1 2023 and from $39.5 million in Q4 2023.
- Diluted EPS of $1.37, versus $1.51 in Q1 2023 and $1.48 in Q4 2023.
- Net interest and fee income (FTE) of $66.1 million, down 5.0% from $69.6 million a year earlier; cost of funds rose to 0.20% from 0.03%.
- Return on average common equity was 15.2%, versus 19.1% in Q1 2023; the company paid a $0.44 per share dividend in Q1 2024.
The filing
Written by AI on Nov 8, 2026, 6:58 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 18, 2024.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.