This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Westamerica Bancorporation Reports Third Quarter 2010 Results

Westamerica Bancorporation ( NASDAQ: WABC), parent company of Westamerica Bank, today reported third quarter 2010 net income applicable to common equity of $23.7 million, or $0.81 diluted earnings per share (“EPS”), compared to $23.6 million, or $0.80 EPS in the prior quarter and $23.8 million, or $0.81 EPS in the third quarter 2009. Third quarter 2010 net income applicable to common equity represents an 18 percent annualized return on average common equity.

“Westamerica’s net interest margin was 5.54 percent in the third quarter 2010, supported by a very low 0.30 percent cost of funding. Our focus on growing checking and savings deposits helps maintain a lower funding cost relative to our peers. We also focus on delivering more of our revenue to the bottom line by operating in the most efficient manner possible. Our operating expenses declined $600 thousand from the prior quarter,” said Chairman, President and CEO David Payne. “The credit quality of legacy Westamerica loans remained stable during the quarter, while FDIC-indemnified nonperforming loans declined $4 million to $56 million at September 30, 2010. Common shareholders’ equity grew to $541 million at September 30, 2010 resulting in a total regulatory capital ratio of 14.9 percent. We were pleased to have deployed some of our excess capital during the quarter acquiring assets and assuming liabilities of the former Sonoma Valley Bank,” Payne added.

Third quarter 2010 operating results include net interest and fee income from acquired assets and assumed liabilities of the former Sonoma Valley Bank, which Westamerica purchased and assumed from the Federal Deposit Insurance Corporation (FDIC) on August 20, 2010. During the third quarter 2010, Westamerica incurred noninterest expenses of approximately $325 thousand due to duplicative operations and recorded a $178 thousand acquisition gain. Management anticipates integration activities will be completed in the first quarter 2011.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,812.19 +19.51 0.11%
S&P 500 2,089.14 +2.55 0.12%
NASDAQ 5,102.8080 +0.33 0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs