Westamerica Bank Q2 earnings rise as deposits slip
San Rafael-based Westamerica Bancorporation, which is the parent company of Westamerica Bank, on Friday posted steady second-quarter earnings, when compared with the first quarter this year and an 8.8% jump from a year before.
The bank reported net income for the second quarter 2019 of $19.6 million, the same as the $19.6 million the company showed in the first quarter and up from $18.0 million income it showed in the second quarter of last year. That translates to quarterly diluted earnings per common share of 73 cents, up 8.9% from 67 cents in the second quarter of 2018.
“Net interest margin(s) remained stable and operating costs continued to be well controlled during the second quarter 2019,” Chairman, President and CEO David Payne said in the announcement.
The bank, which operates commercial banking and trust offices throughout Northern and Central California, noted its total assets declined to around $5.5 billion at midyear, from about $5.6 billion in in the first quarter.
Westamerica also showed a slight drop in deposits from the second quarter last year, decreasing 1.7% to $4.76 million from $4.85 million.
The bank’s board of directors approved an increase in the quarterly cash dividend, to 41 cents per share in April.