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Westamerica in San Rafael, Calif., reported lower quarterly earnings largely because of a narrower net interest margin.
October 15 -
Westamerica Bancorporation (WABC) in San Rafael, Calif., reported another decline in quarterly profits as low interest rates continued to reduce yields on loans and investment securities.
July 15 -
Westamerica Bancorp. (WABC) in San Rafael, Calif., reported a dip in profits because of fewer customer transactions and a decline in loan revenue.
April 15
Westamerica Bancorp. in San Rafael, Calif., reported
The $5 billion-asset company's net income fell 6% from a year earlier, to $15 million. Earnings of 58 cents a share were in line with the average estimate of analysts polled by Bloomberg.
Lower returns from loans squeezed earnings. Net interest income fell 6%, to $33.5 million. The loan portfolio shrunk by 7%, to $1.7 billion, while the net interest margin compressed by 39 basis points, to 3.53%. Westamerica reported declines in commercial real estate and consumer lending volume.
Credit quality improved. The company slashed its loan-loss provision by 88%, to $200,000. Nonperforming assets fell 30%, to $24 million.
Lower fee revenue also weighed down results. Noninterest income fell 11%, to $12.5 million, mainly because of lower service charges on deposit accounts and debit cards.
Noninterest expenses fell 6%, to $23.3 million, largely due to lower salary costs.
