Bank First vs Westamerica
This page compares Bank First Corp and Westamerica Bancorporation, highlighting their business models, financial performance, and market context. The content is presented in a neutral, accessible way to help readers understand how each company operates and the environments in which they compete. Educational content, not financial advice.
This page compares Bank First Corp and Westamerica Bancorporation, highlighting their business models, financial performance, and market context. The content is presented in a neutral, accessible way ...
Investment Analysis
Bank First
BFC
Pros
- Bank First has demonstrated strong growth in total assets, reaching $4.29 billion with a year-over-year increase of $207 million.
- The bank reported increasing loan balances with total loans growing by 4.9% annualized in Q3 2024, reflecting strong lending activity.
- It maintains a solid net interest margin (3.76%) with no provision for credit losses reported in recent quarters, indicating disciplined credit risk management.
Considerations
- Bank First's revenue declined by 11.60% in 2024 compared to the previous year, with net income decreasing by 11.98% over the same period.
- The company operates exclusively in Wisconsin, limiting geographical diversification and exposing it to regional economic risks.
- Its dividend yield is modest at 1.38%, which may be less attractive for income-focused investors relative to peers.
Westamerica
WABC
Pros
- Westamerica Bancorporation has a strong return on equity of 16.28%, well above its historical ten-year average of 12.94%, indicating efficient profitability.
- The bank operates 78 branches across 21 counties in Northern and Central California, offering a well-diversified regional footprint.
- Westamerica trades at a relatively low P/E ratio of 9.4 compared to the sector average, suggesting potential valuation appeal.
Considerations
- Its loan portfolio includes exposure to commercial real estate and construction loans, sectors that can be sensitive to economic downturns and interest rate volatility.
- The price/book ratio of 1.4x is higher than the sector average, which could imply a relatively rich valuation for asset basis.
- Revenue growth details are less pronounced recently, and earnings could be volatile due to the cyclical economic exposure in its California markets.
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