Westamerica Bancorp's Q3 net income dips
WABC•Westamerica Bancorp reported third-quarter net income of $28.16 million and earnings per share of $1.22. Net interest and loan fee income fell 0.6% from a year earlier, and the company repurchased 51,000 shares.
1. Quarterly results
Westamerica Bancorp's third-quarter net income dipped to $28.16 million, while earnings per share were $1.22. Net interest and loan fee income declined 0.6% year over year.
2. Income and expenses
The company said results benefited from low-cost operating principles and investment of excess cash in higher-interest-earning securities, which boosted net interest margin. It recorded no provision for credit losses. Higher merchant processing fee income, including a one-time termination fee and increased transaction volumes, lifted noninterest income.
3. Shares and guidance
Westamerica retired 51,000 shares under its repurchase plan during the quarter and provided no specific financial guidance for current or future periods.
