Westamerica Bancorp. of San Rafael, Calif., reported a 90% surge in second-quarter earnings Tuesday as a recent acquisition and lower short-term interest rates more than offset increased credit costs.

The parent of Westamerica Bank, which has not had the same degree of loan losses as other lenders, also said it plans to redeem this month some of the preferred stock it issued to the Treasury Department. Westamerica received nearly $83 million in February through the Troubled Asset Relief Program.

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