Westamerica Bancorporation (WABC) Reports In-Line Q2 EPS of 58c

Westamerica Bancorporation (NASDAQ: WABC) reported Q2 EPS of $0.58, in-line with the analyst estimate of $0.58.

"Westamerica's credit quality remained sound with nonperforming assets totaling $30 million at June 30, 2014, essentially unchanged from March 31, 2014. Our net loan losses remained below $1 million for the second consecutive quarter reflecting the improved quality of our loan portfolio. Our net interest margin was 3.76 percent in the second quarter, down from 3.83 percent in the prior quarter. Low market interest rates continued to pressure our net interest margin, particularly yields on the investment securities portfolio where we are purchasing shorter-duration, lower-yielding securities to prepare for rising interest rates. We are also focusing on managing our operating costs to efficient levels while providing superior customer service," said Chairman, President and CEO David Payne. "Our second quarter earnings delivered a relatively high annualized return on common equity of 11.6 percent for our shareholders, and we paid a $0.38 per share dividend during the quarter," concluded Payne.

For earnings history and earnings-related data on Westamerica Bancorporation (WABC) click here.

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