SAN RAFAEL -- Westamerica Bancorporation (Nasdaq: WABC), parent company of San Rafael-based Westamerica Bank, reported third-quarter net income dipped 16.5 percent, attributed to a tough banking and interest environment.
Net income was $16.7 million for the third quarter ended Sept. 30, compared with $20 million a year before.
The bank cited market pressure and a continued low interest rate environment as the reason for the decline. Earnings per share for the quarter were 63 cents, compared with 73 cents a year prior.
Loan volume declined by 15.9 percent over 12 months to $1.9 billion. The portfolio of investment securities increased by 15.5 percent to $2.2 billion form a year before.