Westamerica Bancorp's Q3 net income dips
Westamerica Bancorp's Q3 net income dips
Overview
US regional bank's Q3 net income falls slightly
Net interest and loan fee income for Q3 dipped 0.6% from a year earlier
Company retired 51,000 shares under its repurchase plan in Q3
Outlook
Company did not provide specific financial guidance for the current or future periods
Result Drivers
LOW COSTS - Co said results benefited from low-cost operating principles
INVESTMENT IN SECURITIES - Excess cash from stable deposit balances was invested in higher interest earning investment securities, boosting net interest margin
NO CREDIT LOSS PROVISION - Co recognized no provision for credit losses in Q3
MERCHANT PROCESSING FEES - Higher merchant processing services fee income, including a one-time termination fee and increased transaction volumes, lifted noninterest income
Company press release: ID:nGNX7SYXKP
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 EPS |
| $1.22 |
|
Q3 Net Income |
| $28.16 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy."
Wall Street's median 12-month price target for Westamerica Bancorp is $64.00, about 9% above its October 14 closing price of $58.70
The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 13 three months ago
Reuters Recommended Reads
Oct 14 - US banks post solid third-quarter loan growth, but face more competition for deposits
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Oct 14 - Home BancShares Q3 revenue rises on net interest income strength
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)