Westamerica Bancorporation Full Year 2024 Earnings: In Line With Expectations

Westamerica Bancorporation (NASDAQ:WABC) Full Year 2024 Results

Key Financial Results

• Revenue: US$293.2m (down 9.6% from FY 2023).
• Net income: US$138.6m (down 14% from FY 2023).
• Profit margin: 47% (down from 50% in FY 2023). The decrease in margin was driven by lower revenue.
• EPS: US$5.20 (down from US$6.06 in FY 2023).

WABC Banking Performance Indicators

• Net interest margin (NIM): 4.14% (down from 4.37% in FY 2023).
• Cost-to-income ratio: 35.4% (up from 31.7% in FY 2023).
• Non-performing loans: 0.09% (no change from 0.09% in FY 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Westamerica Bancorporation Meets Expectations

Revenue was in line with analyst estimates. Earnings per share (EPS) was also in line with analyst expectations.

In the last 12 months, the only revenue segment was Banking contributing US$293.2m. The largest operating expense was General & Administrative costs, amounting to US$85.4m (55% of total expenses). Explore how WABC's revenue and expenses shape its earnings.

Looking ahead, revenue is expected to decline by 7.3% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 7.2%.

Performance of the American Banks industry.

The company's share price is broadly unchanged from a week ago.

Risk Analysis

Before you take the next step you should know about the 1 warning sign for Westamerica Bancorporation that we have uncovered.

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