Westamerica Bancorporation reports first-quarter earnings of $36.4 million, a 32% increase from the previous year despite challenges related to the pandemic and economy

Westamerica Bancorporation (Nasdaq: WABC) has recently announced its first-quarter earnings for 2024, which totaled $36.4 million. Although this figure is approximately $3 million less than the previous quarter and $4 million less than the first quarter of the previous year, the bank’s earnings for the year as a whole totaled $161.8 million, marking a 32% increase from the previous year as it emerges from challenges related to the pandemic and the economy.

Net interest income for the first quarter of 2024 amounted to $66 million, slightly lower than the $69.5 million reported in the previous quarter. The institution continues to effectively manage its low-cost deposit base against the costs of services, according to President and CEO David Payne.

Total deposits for the first quarter of 2024 were $5.3 billion, which is slightly lower than both the fourth quarter of 2023 and over $600 million less than the same period last year due to a competitive market for deposits influenced by benchmark interest rates set by the Federal Reserve, particularly following the failures of regional banks like Silicon Valley Bank.

Noninterest income remained consistent at $10 million in Q1 2024, comparable to previous quarters in 2023 while noninterest expenses increased slightly to $26.1 million due primarily to higher payroll taxes. This was expected according to Senior Vice President and Chief Financial Officer Robert Thorson