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Westamerica Bancorporation Reports Second Quarter 2022 Financial Results
SAN RAFAEL, Calif., July 21, 2022 (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., July 21, 2022 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the second quarter 2022 of $25.3 million and diluted earnings per common share (“EPS”) of $0.94. Second quarter 2022 results compare to net income of $22.6 million and EPS of $0.84 for the first quarter 2022. “Westamerica’s second quarter 2022 results benefited from the Company’s variable-rate bonds, cash and loans, a valuable deposit base with ninety-eight percent of deposits represented by checking and savings deposits, and well controlled operating expenses. Credit quality remained solid with nonperforming loans of $861 thousand at June 30, 2022,” said Chairman, President and CEO David Payne. “Second quarter 2022 results generated an annualized 12.9% return on average common equity. Shareholders were paid a $0.42 per common share dividend during the second quarter 2022,” concluded Payne. Net interest income on a fully-taxable equivalent (FTE) basis was $48.0 million for the second quarter 2022, compared to $43.8 million for the first quarter 2022. Interest income on Paycheck Protection Program (“PPP”) loans was $645 thousand for the second quarter 2022, compared to $849 thousand first quarter 2022. Variable rate assets at June 30, 2022 included $1.6 billion in collateralized loan obligations for which interest rates reset quarterly, and $640 million in interest-bearing cash balances for which the interest rate changes concurrently with Federal Open Market Committee adjustments to the federal funds rate. At June 30, 2022, nonperforming loans totaled $861 thousand and the allowance for credit losses on loans was $22.3 million. Noninterest income for the second quarter 2022 totaled $11.3 million, compared to noninterest income for the first quarter 2022 of $11.6 million. Noninterest income for the first quarter 2022 included a $1.2 million reconciling payment from a payments network. Merchant card processing fees increased $751 thousand from the first quarter 2022 to the second quarter 2022. Noninterest expenses for the second quarter 2022 were $24.6 million compared to $24.9 million for the first quarter 2022; the decline in noninterest expenses was primarily due to lower personnel salaries and benefits. The fully-tax equivalent (FTE) tax rate for the second quarter 2022 w...