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 Fourth Quarter 2012 Earnings

The provision for loan losses was $2.8 million for the fourth quarter 2012, unchanged from the prior quarter and fourth quarter 2011. Net loan losses charged against the allowance for loan losses totaled $3.5 million for the fourth quarter 2012, compared to $3.4 million for the prior quarter and $3.1 million for the fourth quarter 2011. At December 31, 2012, the allowance for loan losses totaled $30.2 million; nonperforming originated loans totaled $12.2 million; nonperforming purchased FDIC-indemnified loans totaled $13.2 million, net of purchase discounts of $1.9 million; and nonperforming purchased non-indemnified loans totaled $7.5 million, net of purchase discounts of $2.0 million.

Noninterest income for the fourth quarter 2012 totaled $14.2 million, compared to $14.6 million in the third quarter 2012 and $14.9 million for the fourth quarter 2011.

Noninterest expense for the fourth quarter 2012 totaled $28.2 million, compared to $29.3 million in the prior quarter and $30.7 million in the fourth quarter 2011. Management is focused on reducing operating expenses over the near-term, primarily professional fees, repossessed loan collateral expenses and other problem loan related costs. Expenses related to repossessed loan collateral in the fourth quarter 2012 were lower by $357 thousand and $301 thousand compared to the third quarter 2012 and fourth quarter 2011, respectively. Professional fees were $553 thousand lower in the fourth quarter 2012 compared to the fourth quarter 2011. In addition, personnel related costs have declined primarily due to lower stock based compensation expense and a decline in the number of employees due to attrition.

At December 31, 2012, Westamerica Bancorporation's tangible common equity-to-asset ratio was 8.6 percent, assets totaled $5.0 billion and loans outstanding totaled $2.1 billion. Westamerica Bancorporation, through its wholly owned subsidiary Westamerica Bank, operates commercial banking and trust offices throughout Northern and Central California.

Westamerica Bancorporation Web Address:


The following appears in accordance with the Private Securities Litigation Reform Act of 1995:

2 of 3

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community


Chart of I:DJI
DOW 16,102.38 -272.38 -1.66%
S&P 500 1,921.22 -29.91 -1.53%
NASDAQ 4,683.9190 -49.5780 -1.05%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs