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Westamerica Bancorporation (WABC-1.20%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports net income of $35.1 million for the third quarter of 2024, compared to $41.6 million in the same period of 2023. The decrease is attributed to a reduction in net interest and loan fee income.
Net interest and loan fee income for the third quarter of 2024 was $62.5 million, down from $72.1 million in the third quarter of 2023. This decline was due to lower average balances of investment debt securities and loans, and higher rates on interest-bearing liabilities.
Noninterest income for the third quarter of 2024 increased to $11.9 million from $11.3 million in the same period of 2023, primarily due to a gain on the sale of other assets.
Noninterest expense rose to $26.3 million in the third quarter of 2024 from $25.7 million in the third quarter of 2023, driven by higher salaries and benefits expenses.
The provision for credit losses was zero for the third quarter of 2024, compared to $400,000 in the same period of 2023.
The company reported total assets of $6.16 billion as of September 30, 2024, down from $6.57 billion at the end of 2023.
Total deposits were $5.07 billion at the end of the third quarter of 2024, compared to $5.47 billion at the end of 2023. The decline is attributed to competitive financial product pricing.
Westamerica Bancorporation's capital ratios remain strong, with a total risk-based capital ratio of 22.03% as of September 30, 2024.
The company continues to monitor the impacts of inflation, Federal Reserve monetary policy, and climate change on its operations and financial performance.
Westamerica Bancorporation does not currently engage in trading activities or use derivative instruments to manage interest rate risk.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Westamerica Bancorporation quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.