SAN RAFAEL -- Westamerica Bancorporation's board of directors declared a quarterly cash dividend of $0.37 per common stock share on Thursday, a one-cent increase per share from the previous quarter. Shareholders at the close of business on Nov. 7 will receive the payment on Nov. 18.

The San Rafael-based bank reported a net income of $22.4 million in the third quarter of 2011, with a diluted earnings per share of 79 cents.

Taxable interest income was $54.7 million for the quarter, down $2 million from the same quarter last year. The bank cited a reduction in net interest margin, the effect of low interest rates on interest-earning assets, decreased leveraging among business and individuals and competitive pricing conditions as reasons for the reduction.

The provision for loan losses remained at $2.8 million, the same as the previous quarter and in the same quarter 2010. The bank's net interest margin was 5.32 percent in Q3, versus 5.54 percent in the same quarter last year.

Net income-to-date by Sept. 30 was $66.08 million, versus $70.85 million at the same time last year. Total assets were $4.92 billion by the end of Q3, an $85 million increase from one year ago.