Business
Westamerica Bancorporation Reports Fourth Quarter 2019 Financial Results
SAN RAFAEL, Calif., Jan. 16, 2020 (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., Jan. 16, 2020 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the fourth quarter 2019 of $20.7 million and diluted earnings per common share (\"EPS\") of $0.77. These results compare to net income of $20.4 million and EPS of $0.75 for the third quarter 2019 and net income of $19.1 million and EPS of $0.71 for the fourth quarter 2018.\n “The annualized net interest margin was 3.08 percent during the fourth quarter 2019. Our annualized funding costs as a percentage of our interest-earning assets improved from 0.04 percent for the third quarter 2019 to 0.03 percent for the fourth quarter 2019. Operating expense represented only 46 percent of revenues for the fourth quarter 2019. Asset quality remained healthy during the fourth quarter 2019 with nonperforming assets totaling only $4.9 million at December 31, 2019,” said Chairman, President and CEO David Payne. “Annualized fourth quarter operating results generated a return on average shareholders’ equity of 11.8 percent, and the Company also paid its shareholders a $0.41 dividend per common share in the fourth quarter,” concluded Payne. Net interest income on a fully-taxable equivalent (FTE) basis was $40.5 million for the fourth quarter 2019, compared to $40.3 million for the third quarter 2019 and $40.3 million for the fourth quarter 2018. The annualized net interest margin (FTE) was 3.08 percent for the fourth quarter 2019, compared to 3.11 percent for the third quarter 2019 and 3.06 percent for the fourth quarter 2018. Checking and savings deposits, which pay much lower interest rates than time deposits, represented ninety-six percent of the Company’s average deposit base during the fourth quarter 2019. The Company recognized no provision for loan losses for the fourth quarter 2019 given low levels of nonperforming loans and other credit quality attributes. Noninterest income for the fourth quarter 2019 totaled $11.7 million, compared to $11.8 million for the third quarter 2019, and $11.9 million for the fourth quarter 2018. Noninterest expense for the fourth quarter 2019 totaled $24.2 million, compared to $24.0 million for the third quarter 2019. Noninterest expense for the fourth quarter 2019 was $1.6 million lower than the fourth quarter 2018 due to lower employee benefit costs, FD...