Business
Westamerica Bancorporation Reports First Quarter 2019 Financial Results
SAN RAFAEL, Calif., April 18, 2019 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq:WABC), parent company of Westamerica Bank, generated net income for
About this update from Westamerica Bancorporation
[{"type":"text","content":"SAN RAFAEL, Calif., April 18, 2019 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq:WABC), parent company of Westamerica Bank, generated net income for the first quarter 2019 of $19.6 million and diluted earnings per common share (\"EPS\") of $0.73. These results compare to net income of $19.1 million and EPS of $0.71 for the fourth quarter 2018 and net income of $17.5 million and EPS of $0.66 for the first quarter 2018.\"The annualized net interest margin increased to 3.12 percent for the first quarter 2019 from 3.06 percent in the fourth quarter 2018. The yields earned on loans and investment securities improved while our annualized funding costs were unchanged at 0.04 percent of our interest-earning assets. Operating expenses declined to $25.2 million for the first quarter 2019 from $25.8 million for the fourth quarter 2018; operating costs represented only 49 percent of revenues, on a fully-taxable equivalent basis, for the first quarter 2019. Asset quality remained high with nonperforming assets totaling only $4.4 million at March 31, 2019,\" said Chairman, President and CEO David Payne. \"First quarter 2019 results generated an annualized 12.2 percent return on average common equity,\" concluded Payne.Net interest income on a fully-taxable equivalent (FTE) basis was $40.2 million for the first quarter 2019, compared to $40.3 million for the fourth quarter 2018 and $37.3 million for the first quarter 2018. The annualized net interest margin (FTE) was 3.12 percent for the first quarter 2019, compared to 3.06 percent for the fourth quarter 2018 and 2.89 percent for the first quarter 2018. Average earning asset volumes declined in the first quarter 2019 compared to the fourth quarter 2018 as expected seasonal deposit declines reduced interest-bearing cash balances. Checking and savings deposits, which are less sensitive to rising interest rates than time deposits, represented ninety-six percent of the Company's average deposit base during the first quarter 2019.The Company recognized no provision for loan losses for the first quarter 2019 given low levels of nonperforming loans and other credit quality attributes.Noninterest income for the first quarter 2019 totaled $11.6 million, compared to $11.9 million for the fourth quarter 2018, and $12.0 million for the first quarter 2018.Noninterest expense for the first quarter ...