The $4.5 billion-asset Westamerica Bancorp in San Rafael, Calif., said its fourth-quarter earnings fell 8.9% from a year earlier, to $21.8 million, because of a decline in average earning assets and legal fees connected with litigation against Visa Inc.
Total earnings assets fell 5.9%, to $4.2 billion, while deposits declined 7.6%, to $3.4 million, Westamerica said Thursday. It also paid $2.3 million in legal expenses in the quarter to cover its exposure to the litigation.
Nonperforming assets rose 2% from the third quarter and 11% from a year earlier, to $5.8 million. The loan-loss provision rose to $475,000, from $70,000 a year earlier.
