updated 4/19/2011 11:16:57 AM ET 2011-04-19T15:16:57

SAN RAFAEL, Calif., April 19, 2011 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq:WABC), parent company of Westamerica Bank, today reported net income for the first quarter of 2011 of $22.4 million and diluted earnings per common share ("EPS") of $0.77. First quarter 2011 results include expenses related to the integration of the former Sonoma Valley Bank of $393 thousand after tax, equivalent to $0.01 EPS. First quarter 2011 results compare to net income for the first quarter of 2010 of $23.6 million and EPS of $0.80.

"Westamerica remains highly profitable. Our first quarter 2011 net interest margin was 5.35 percent, supported by a relatively low 0.22 percent cost of funding our loan and investment portfolios. Operating expenses remain well contained, declining $200 thousand from the prior quarter. Credit quality improved with nonperforming assets declining $11 million during the first quarter of 2011," said Chairman, President and CEO David Payne. "Westamerica's regulatory capital ratios remain at historically high levels. We are pleased to be delivering a 17 percent return on our shareholders' equity in spite of our robust capital levels," added Payne.

Net interest income on a fully taxable equivalent basis was $55.0 million for the first quarter of 2011, compared to $56.4 million for the fourth quarter of 2010 and to $57.0 million for the first quarter of 2010. The change in net interest income is due to reductions in the net interest margin. Yields on interest-earning assets have declined due to relatively low interest rates prevailing in the market. Economic conditions and deleveraging by businesses and individuals have reduced loan volumes, placing greater reliance on lower-yielding investment securities. Rates on interest-bearing deposits and borrowings have declined to offset some of the decline in asset yields. The first quarter 2011 net interest margin on a fully taxable equivalent basis was 5.35 percent, compared to 5.39 percent and 5.60 percent for the fourth and first quarters of 2010, respectively.

The provision for loan losses was $2.8 million for the first quarter of 2011, unchanged from the fourth and first quarters of 2010. First quarter 2011 net loan losses totaled $4.1 million, or 0.83 percent (annualized) of average originated loans. Comparable net loan loss rates were 1.03 percent and 0.66 percent, respectively, for the fourth and first quarters of 2010. At March 31, 2011, the $34.3 million reserve for loan losses represented 157% of nonperforming originated loans and 206% of annualized first quarter 2011 net loan losses.

Noninterest income for the first quarter of 2011 totaled $14.7 million, compared to $15.1 million in the prior quarter and $15.5 million in the first quarter 2010. Service charges on deposit accounts were lower in both the first quarter 2011 and fourth quarter 2010 compared to the first quarter 2010 due to new overdraft regulations which were effective July 1, 2010.

Noninterest expense for the first quarter of 2011 totaled $31.3 million, compared to $31.5 million in the prior quarter and $32.0 million in the first quarter 2010. First quarter 2011 results include expenses related to the integration of the former Sonoma Valley Bank of $679 thousand, primarily outsourced data processing and personnel costs.

At March 31, 2011, Westamerica Bancorporation's tangible common equity-to-asset ratio was 8.3 percent, Westamerica Bancorporation's total regulatory capital ratio was 15.8 percent, and Westamerica Bank's total regulatory capital ratio was 15.5 percent. At March 31, 2011, the Company's assets totaled $4.9 billion and loans outstanding totaled $2.8 billion. Westamerica Bancorporation, through its wholly owned subsidiary Westamerica Bank, operates commercial banking and trust offices throughout Northern and Central California.

Westamerica Bancorporation Web Address: www.westamerica.com

FORWARD-LOOKING INFORMATION:

The following appears in accordance with the Private Securities Litigation Reform Act of 1995: 

This press release may contain forward-looking statements about the Company, including descriptions of plans or objectives of its management for future operations, products, or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may."

Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors - many of which are beyond the Company's control - could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. The Company's most recent reports filed with the Securities and Exchange Commission, including the annual report for the year ended December 31, 2010 filed on Form 10-K and quarterly report for the quarter ended September 30, 2010 filed on Form 10-Q, describe some of these factors, including certain credit, market, operational, liquidity and interest rate risks associated with the Company's business and operations. Other factors described in these reports include changes in business and economic conditions, competition, fiscal and monetary policies, disintermediation, legislation including the Dodd Frank Wall Street Reform and Consumer Protection Act of 2010 and the Sarbanes-Oxley Act of 2002, and mergers and acquisitions.

Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward looking statements are made. 

The Westamerica Bancorporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3638

 
Public Information April 19, 2011
WESTAMERICA BANCORPORATION
FINANCIAL HIGHLIGHTS
March 31, 2011
         
1. Net Income Summary.        
   (dollars in thousands except per-share amounts)
      %  
  Q1'11 Q1'10 Change Q4'10
         
Net Interest Income (FTE) $54,993 $57,029 -3.6% $56,412
Provision for Loan Losses 2,800 2,800 0.0% 2,800
Total Noninterest Income 14,743 15,470 -4.7% 15,143
Noninterest Expense 31,323 32,031 -2.2% 31,513
Income Before Taxes (FTE) 35,613 37,668 -5.5% 37,242
Income Tax Provision (FTE) 13,231 14,092 -6.1% 13,511
Net Income $22,382 $23,576 -5.1% $23,731
         
Average Common Shares Outstanding 29,021 29,228 -0.7% 29,103
Diluted Average Common Shares 29,225 29,596 -1.3% 29,341
         
Operating Ratios:        
Basic Earnings Per Common Share $0.77 $0.81 -4.9% $0.82
Diluted Earnings Per Common Share 0.77 0.80 -3.8% 0.81
Return On Assets (a) 1.84% 1.99%   1.87%
Return On Common Equity (a) 16.6% 18.8%   17.5%
Net Interest Margin (FTE) (a) 5.35% 5.60%   5.39%
Efficiency Ratio (FTE) 44.9% 44.2%   44.0%
         
Dividends Paid Per Common Share $0.36 $0.36 0.0% $0.36
Common Dividend Payout Ratio  47% 45%   44%
         
(FTE) Fully Taxable Equivalent        
(a) Annualized        
         
2. Net Interest Income.        
   (dollars in thousands)
      %  
  Q1'11 Q1'10 Change Q4'10
         
Interest and Fee Income (FTE) $57,296 $60,563 -5.4% $59,477
Interest Expense 2,303 3,534 -34.8% 3,065
Net Interest Income (FTE) $54,993 $57,029 -3.6% $56,412
         
Average Earning Assets $4,153,110 $4,111,345 1.0% $4,164,013
Average Interest--        
Bearing Liabilities 2,870,661 2,846,144 0.9% 2,964,999
         
Yield on Earning Assets (FTE) (a) 5.57% 5.95%   5.68%
Cost of Funds (a) 0.22% 0.35%   0.29%
Net Interest Margin (FTE) (a) 5.35% 5.60%   5.39%
Interest Expense/        
Interest-Bearing Liabilities (a) 0.34% 0.50%   0.41%
Net Interest Spread (FTE) (a) 5.23% 5.45%   5.27%
         
(FTE) Fully Taxable Equivalent        
(a) Annualized        
         
3. Loans & Other Earning Assets.        
   (average volume, dollars in thousands)
      %  
  Q1'11 Q1'10 Change Q4'10
         
Total Assets $4,940,998 $4,812,924 2.7% $5,032,157
Total Earning Assets 4,153,110 4,111,345 1.0% 4,164,013
Total Loans 2,870,307 2,996,628 -4.2% 2,958,095
Commercial Loans 713,981 796,249 -10.3% 744,830
Commercial RE Loans  1,251,610 1,238,344 1.1% 1,283,836
Consumer Loans 904,716 962,035 -6.0% 929,429
Total Investment Securities 1,282,803 1,114,717 15.1% 1,205,918
Available For Sale (Market) 705,570 403,950 74.7% 601,764
Held To Maturity 577,233 710,767 -18.8% 604,154
Unrealized Gain 12,975 11,183 n/m 13,983
         
Loans/Deposits 69.4% 75.8%   71.1%
         
4. Deposits & Other Interest-Bearing Liabilities.        
   (average volume, dollars in thousands)
      %  
  Q1'11 Q1'10 Change Q4'10
         
Total Deposits $4,138,799 $3,955,299 4.6% $4,159,497
Noninterest Demand  1,463,075 1,379,797 6.0% 1,468,098
Interest Bearing Transaction 716,111 663,519 7.9% 721,521
Savings 1,077,203 965,490 11.6% 1,063,554
Time greater than $100K 548,238 555,942 -1.4% 556,635
Time less than $100K 334,172 390,551 -14.4% 349,689
Total Short-Term Borrowings 110,848 219,558 -49.5% 181,349
Federal Home Loan Bank Advances 57,771 24,600 n/m 65,868
Long-Term Debt 26,318 26,484 -0.6% 26,383
Shareholders' Equity 545,203 507,406 7.4% 537,204
         
Demand Deposits/        
Total Deposits 35.4% 34.9%   35.3%
Transaction & Savings         
Deposits / Total Deposits 78.7% 76.1%   78.2%
         
5. Interest Yields Earned & Rates Paid.        
   (dollars in thousands)  
   Q1'11    
  Average Income/ Yield (a) /  
  Volume Expense Rate  
         
Interest Income Earned        
Total Earning Assets (FTE) $4,153,110 $57,296 5.57%  
Total Loans (FTE) 2,870,307 42,233 5.97%  
Commercial Loans (FTE) 713,981 10,911 6.20%  
Commercial RE Loans  1,251,610 19,929 6.46%  
Consumer Loans 904,716 11,393 5.11%  
Total Investments (FTE) 1,282,803 15,063 4.70%  
         
Interest Expense Paid        
Total Earning Assets  4,153,110 2,303 0.22%  
Total Interest-Bearing Liabilities 2,870,661 2,303 0.34%  
Total Interest-Bearing Deposits 2,675,724 1,890 0.29%  
Interest-Bearing Transaction 716,111 198 0.11%  
Savings 1,077,203 473 0.18%  
Time less than $100K 334,172 413 0.50%  
Time greater than $100K 548,238 806 0.60%  
Total Short-Term Borrowings  110,848 62 0.22%  
Federal Home Loan Bank Advances 57,771 151 1.05%  
Long-Term Debt 26,318 200 3.05%  
         
Net Interest Income and         
Margin (FTE)   $54,993 5.35%  
         
  Q1'10  
  Average Income/ Yield (a) /  
  Volume Expense Rate  
         
Interest Income Earned        
Total Earning Assets (FTE) $4,111,345 $60,563 5.95%  
Total Loans (FTE) 2,996,628 45,624 6.17%  
Commercial Loans (FTE) 796,249 12,205 6.22%  
Commercial RE Loans  1,238,344 20,294 6.65%  
Consumer Loans 962,035 13,125 5.53%  
Total Investments (FTE) 1,114,717 14,939 5.36%  
         
Interest Expense Paid        
Total Earning Assets  4,111,345 3,534 0.35%  
Total Interest-Bearing Liabilities 2,846,144 3,534 0.50%  
Total Interest-Bearing Deposits 2,575,502 2,488 0.39%  
Interest-Bearing Transaction 663,519 217 0.13%  
Savings 965,490 739 0.31%  
Time less than $100K 390,551 617 0.64%  
Time greater than $100K 555,942 915 0.67%  
Total Short-Term Borrowings  219,558 537 0.98%  
Federal Home Loan Bank Advances 24,600 84 1.37%  
Long-Term Debt 26,484 425 6.42%  
         
Net Interest Income and        
Margin (FTE)   $57,029 5.60%  
         
(FTE) Fully Taxable Equivalent        
(a) Annualized        
         
6. Noninterest Income.        
   (dollars in thousands except per-share amounts)
      %  
  Q1'11 Q1'10 Change Q4'10
         
Service Charges on Deposits $7,521 $8,742 -14.0% $7,984
Merchant Credit Card Income 2,171 2,221 -2.2% 2,427
ATM Fees & Interchange 935 891 4.9% 931
Debit Card Fees 1,201 1,174 2.4% 1,210
Financial Services Commissions 29 149 -80.2% 164
Trust Fees 493 381 29.2% 447
Other Income 2,393 1,912 25.1% 1,980
Total Noninterest Income $14,743 $15,470 -4.7% $15,143
         
Total Revenue (FTE) $69,736 $72,499 -3.8% $71,555
Noninterest Income/Revenue (FTE) 21.1% 21.3%   21.2%
Service Charges/Avg. Deposits (a) 0.74% 0.90%   0.76%
Total Revenues (FTE) Per Avg. Common Share (a) $9.75 $10.06 -3.1% $9.75
         
(FTE) Fully Taxable Equivalent        
(a) Annualized        
         
7. Noninterest Expense.        
   (dollars in thousands)
      %  
  Q1'11 Q1'10 Change Q4'10
         
Salaries & Benefits $15,075 $15,892 -5.1% $14,899
Occupancy 4,025 3,777 6.6% 4,073
Equipment 933 1,051 -11.2% 1,091
Outsourced Data Processing 2,456 2,240 9.7% 2,329
Courier 843 907 -7.0% 859
Postage 368 475 -22.5% 289
Telephone 435 389 11.8% 448
Professional Fees 850 663 28.3% 896
Stationery & Supplies 323 350 -8.0% 329
Loan Expense 394 418 -5.6% 391
Operational Losses 248 220 12.6% 213
Amortization of         
Identifiable Intangibles 1,548 1,598 -3.1% 1,622
FDIC Insurance Assessment 1,220 1,320 -7.6% 1,320
Other Operating 2,605 2,731 -4.6% 2,754
Total Noninterest Expense $31,323 $32,031 -2.2% $31,513
         
Average Full Time Equivalent Staff 1,001 1,032 -3.0% 1,006
         
Average Assets per Avg. FTE Staff $4,936 $4,664 5.8% $5,002
Revenues (FTE) per Avg. FTE Staff (a) 283 285 -0.7% 282
Noninterest Expense/        
Avg. Earning Assets (a) 3.06% 3.16%   3.00%
Noninterest Expense/Revenues (FTE) 44.9% 44.2%   44.0%
         
(FTE) Fully Taxable Equivalent        
(a) Annualized        
         
8. Provision for Loan Losses.        
   (dollars in thousands)
      %  
  Q1'11 Q1'10 Change Q4'10
         
Average Total Loans $2,870,307 $2,996,628 -4.2% $2,958,095
Avg. Total Purchased        
Covered Loans (1) 674,806 831,161 -18.8% 704,728
Avg. Total Purchased        
Non-Covered Loans (2) 193,440  -- n/m 207,450
Avg. Total Originated Loans 2,002,061 2,165,467 -7.5% 2,045,917
         
Provision for Loan Losses  $2,800 $2,800 0.0% $2,800
Gross Loan Losses  5,243 4,456 17.7% 6,342
Net Loan Losses  4,115 3,527 16.7% 5,293
Recoveries/Gross Losses  22% 21%   17%
Net Loan Losses/Avg.         
Originated Loans (a) 0.83% 0.66%   1.03%
Provision for Loan Losses/        
Avg. Originated Loans (a) 0.57% 0.52%   0.54%
Provision for Loan Losses/        
Net Loan Losses  68.0% 79.4%   52.9%
         
(a) Annualized        
(1) Covered loans represent purchased loans on which losses are shared with the FDIC per a Loss Sharing Agreement. Covered loans were recorded at estimated fair value at February 6, 2009, the date of purchase.     
(2) Purchased non-covered loans represent purchased loans recorded at estimated fair value at August 20, 2010, the date of purchase.    
         
9. Credit Quality.        
   (dollars in thousands)
      %  
  3/31/11 3/31/10 Change 12/31/10
         
Nonperforming Originated Loans:        
Nonperforming Nonaccrual $21,222 $20,230 4.9% $20,845
Performing Nonaccrual 234 57 n/m 23
Total Nonaccrual Loans 21,456 20,287 5.8% 20,868
90+ Days Past Due Accruing Loans 439 746 -41.2% 766
Total 21,895 21,033 4.1% 21,634
Repossessed Loan Collateral 12,057 14,266 -15.5% 11,424
Total Originated        
Nonperforming Assets 33,952 35,299 -3.8% 33,058
         
Nonperforming Purchased Covered Loans(1):        
Nonperforming Nonaccrual 26,953 52,431 -48.6% 28,581
Performing Nonaccrual 6,705 25,731 -73.9% 18,564
Total Nonaccrual Loans 33,658 78,162 -56.9% 47,145
90+ Days Past Due Accruing Loans 251 317 -20.8% 355
Total 33,909 78,479 -56.8% 47,500
Repossessed Purchased Covered         
Loan Collateral (1) 20,914 22,305 -6.2% 21,791
Total Nonperforming Purchased        
Covered Assets (1) 54,823 100,784 -45.6% 69,291
         
Nonperforming Purchased Non-Covered Loans (2):        
Nonperforming Nonaccrual 33,975  -- n/m 29,311
Performing Nonaccrual 7,613  -- n/m 9,852
Total Nonaccrual Loans 41,588  -- n/m 39,163
90+ Days Past Due Accruing Loans 18  -- n/m 1
Total 41,606  -- n/m 39,164
Repossessed Purchased Non-Covered         
Loan Collateral (2) 2,556  -- n/m 2,196
Total Nonperforming Purchased        
Non-Covered Assets (2) 44,162  -- n/m 41,360
         
Total Nonperforming Assets $132,937 $136,083 n/m $143,709
         
Total Originated Loans Outstanding $1,986,976 $2,146,580 -7.4% $2,029,541
Total Purchased Covered         
Loans Outstanding (1) 660,456 809,503 -18.4% 692,972
Total Purchased Non-Covered         
Loans Outstanding (2) 187,203  -- n/m 199,571
Total Loans Outstanding  $2,834,635 $2,956,083 -4.1% $2,922,084
         
Total Assets  $4,937,429 $4,745,495 4.0% $4,931,524
         
Originated Loans:        
Allowance for Loan Losses $34,321 $40,316 -14.9% $35,636
Allowance/Originated Loans 1.73% 1.88%   1.76%
Nonperforming Originated Loans/        
Total Originated Loans 1.10% 0.98%   1.07%
Allowance/Originated        
 Nonperforming Loans 157% 192%   165%
         
Purchased Covered Loans (1):        
Fair Value Discount on Purchased         
Covered Loans $57,184 $83,325   $61,784
Discount/Purchased Covered        
Loans, gross 7.97% 9.33%   8.19%
Nonperforming Purchased Covered Loans/        
Total Purchased Covered Loans 5.13% 9.69%   6.85%
         
Purchased Non-Covered Loans (2):        
Fair Value Discount on Purchased         
Non-Covered Loans $28,931 n/m   $32,381
Discount/Purchased Non-Covered 13.39% n/m   13.96%
Loans, gross        
Nonperforming Purchased Non-Covered Loans/        
Total Purchased Non-Covered Loans 22.23% n/m   19.62%
         
(1) Covered loans and repossessed loan collateral represent purchased assets on which losses are shared with the FDIC per a Loss-Sharing Agreement. Covered assets were recorded at estimated fair value at February 6, 2009, the date of purchase.   
(2) Purchased non-covered loans and other real estate owned represent purchased assets recorded at estimated fair value at August 20, 2010, the date of purchase.     
         
10. Capital         
  (dollars in thousands, except per-share amounts)
      %  
  3/31/11 3/31/10 Change 12/31/10
         
Shareholders' Equity 550,915 519,131 6.1% 545,287
Tier I Regulatory Capital 416,671 383,568 8.6% 412,463
Total Regulatory Capital 453,627 419,541 8.1% 449,876
         
Total Assets 4,937,429 4,745,495 4.0% 4,931,524
Risk-Adjusted Assets 2,871,524 2,758,122 4.1% 2,901,802
         
Shareholders' Equity/        
Total Assets 11.16% 10.94%   11.06%
Shareholders' Equity/        
Total Loans 19.44% 17.56%   18.66%
Tier I Capital/Total Assets 8.44% 8.08%   8.36%
Tier I Capital/        
Risk-Adjusted Assets 14.51% 13.91%   14.21%
Total Capital/        
Risk-Adjusted Assets 15.80% 15.21%   15.50%
Tangible Common Equity Ratio 8.28% 7.92%   8.15%
Common Shares Outstanding 28,920 29,206 -1.0% 29,090
Book Value Per Common Share $19.05 $17.77 7.2% $18.74
Market Value Per Common Share $51.37 $57.65 -10.9% $55.47
         
Share Repurchase Programs        
   (shares in thousands)
      %  
  Q1'11 Q1'10 Change Q4'10
         
Total Shares Repurchased 239 88 n/m 128
Average Repurchase Price $50.47 $54.75 -7.8% $50.35
Net Shares Repurchased 170 2 n/m 28
         
11. Period-End Balance Sheets.        
   (unaudited, dollars in thousands)
      %  
  3/31/11 3/31/10 Change 12/31/10
Assets:        
Cash and Money Market Assets $348,499 $253,571 37.4% $339,185
         
 Investment Securities:        
 Available For Sale 741,603 414,987 78.7% 671,484
 Held to Maturity 591,923 690,585 -14.3% 580,728
         
 Purchased Covered Loans (1) 660,456 809,503 -18.4% 692,972
 Purchased Non-Covered Loans (2) 187,203  -- n/m 199,571
 Originated Loans 1,986,976 2,146,580 -7.4% 2,029,541
 Allowance For Loan Losses (34,321) (40,316) -14.9% (35,636)
 Total Loans, net 2,800,314 2,915,767 -4.0% 2,886,448
         
 Non-Covered Other Real Estate Owned 14,613 14,266 2.4% 13,620
 Covered Other Real Estate Owned (1) 20,914 22,305 -6.2% 21,791
 Premises and Equipment 35,704 37,423 -4.6% 36,278
 Identifiable Intangibles 33,056 34,070 -3.0% 34,604
 Goodwill  121,673 121,699 0.0% 121,673
 Interest Receivable and Other 229,130 240,822 -4.9% 225,713
         
Total Assets $4,937,429 $4,745,495 4.0% $4,931,524
         
Liabilities and Shareholders' Equity:        
Deposits:        
Noninterest Bearing $1,476,590 $1,376,760 7.3% $1,454,663
Interest-Bearing Transaction 689,475 653,872 5.4% 718,885
Savings 1,098,018 957,126 14.7% 1,063,837
Time 876,290 907,271 -3.4% 895,576
Total Deposits 4,140,373 3,895,029 6.3% 4,132,961
         
Short-Term Borrowed Funds 104,359 211,756 -50.7% 107,385
Federal Home Loan Bank Advances 51,490 10,306 n/m 61,698
Debt Financing and Notes  26,108 26,464 -1.3% 26,363
Interest Payable and Other 64,184 82,809 -22.5% 57,830
Total Liabilities 4,386,514 4,226,364 3.8% 4,386,237
         
Shareholders' Equity:        
Common Equity:        
Paid-In Capital 381,866 371,982 2.7% 381,609
Accumulated Other        
Comprehensive Income 2,526 4,796 n/m 159
Retained Earnings 166,523 142,353 17.0% 163,519
Total Shareholders' Equity 550,915 519,131 6.1% 545,287
         
Total Liabilities and         
Shareholders' Equity $4,937,429 $4,745,495 4.0% $4,931,524
         
(1) Covered loans and repossessed loan collateral represent purchased assets on which losses are shared with the FDIC per a Loss-Sharing Agreement. Covered assets were recorded at estimated fair value at February 6, 2009, the date of purchase.
(2) Purchased non-covered loans represent purchased loans recorded at estimated fair value at August 20, 2010, the date of purchase.
         
12. Income Statements.        
  (unaudited, dollars in thousands except per-share amounts)
      %  
  Q1'11 Q1'10 Change Q4'10
Interest Income:        
Loans $41,363 $44,702 -7.5% $44,028
Money Market Assets   0 1 n/m  0
Investment Securities:        
Available for Sale 5,218 3,895 34.0% 4,657
Held to Maturity 5,913 7,405 -20.2% 6,186
Total Interest Income 52,494 56,003 -6.3% 54,871
         
Interest Expense:        
Transaction Deposits 198 217 -8.8% 233
Savings Deposits 473 739 -36.0% 585
Time Deposits 1,219 1,532 -20.4% 1,184
Short-Term Borrowed Funds 62 537 -88.5% 454
Federal Home Loan Bank Advances 151 84 79.6% 187
Debt Financing and Notes  200 425 -52.8% 422
Total Interest Expense 2,303 3,534 -34.8% 3,065
         
Net Interest Income 50,191 52,469 -4.3% 51,806
         
Provision for Loan Losses 2,800 2,800 0.0% 2,800
         
Noninterest Income:        
Service Charges  7,521 8,742 -14.0% 7,984
Merchant Credit Card 2,171 2,221 -2.2% 2,427
ATM Fees & Interchange 935 891 4.9% 931
Debit Card Fees 1,201 1,174 2.4% 1,210
Financial Services Commissions 29 149 -80.2% 164
Trust Fees 493 381 29.2% 447
Other 2,393 1,912 25.1% 1,980
Total Noninterest Income 14,743 15,470 -4.7% 15,143
         
Noninterest Expense:        
Salaries and Benefits 15,075 15,892 -5.1% 14,899
Occupancy  4,025 3,777 6.6% 4,073
Equipment  933 1,051 -11.2% 1,091
Outsourced Data Processing 2,456 2,240 9.7% 2,329
Amortization of Identifiable Intangibles 1,548 1,598 -3.1% 1,622
Courier Service 843 907 -7.0% 859
Professional Fees 850 663 28.3% 896
FDIC Insurance Assessment 1,220 1,320 -7.6% 1,320
Other 4,373 4,583 -4.6% 4,424
Total Noninterest Expense 31,323 32,031 -2.2% 31,513
         
Income Before Income Taxes 30,811 33,108 -6.9% 32,636
Income Tax Provision 8,429 9,532 -11.6% 8,905
Net Income $22,382 $23,576 -5.1% $23,731
         
Average Common Shares Outstanding 29,021 29,228 -0.7% 29,103
Diluted Common Shares Outstanding 29,225 29,596 -1.3% 29,341
         
Per Common Share Data:        
Basic Earnings $0.77 $0.81 -4.9% $0.82
Diluted Earnings 0.77 0.80 -3.8% 0.81
Dividends Paid 0.36 0.36 0.0% 0.36
CONTACT: Westamerica Bancorporation
         Robert A. Thorson - SVP & Chief Financial Officer
         707-863-6840

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

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Home equity rates View rates in your area
Home equity type Today +/- Chart
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