SAN RAFAEL -- Westamerica Bancorporation, parent company of Westamerica Bank, today reported a third quarter 2010 net interest income of $56.7 million, down nearly 8 percent from $61.6 million reported in the same quarter of last year.
“Our operating expenses declined $600 thousand from the prior quarter,” said David Payne, the president, chief executive officer and chairman of the bank.
Total assets were reported at $4.8 billion, a nearly 6 percent decrease from $5.1 billion reported last year at the same time.
Loans totaled $2.9 billion, about a 12 percent decrease from $3.3 billion last year. Provision for loan losses remained steady at $2.8 million.
Deposits were reported to be $4 billion, dipping about 2 percent from $4.1 billion the year before.
Westamerica recently purchased Sonoma Valley Bank in a regulator-assisted buyout.
“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,” Mr. Payne said.
