logo
  Join        Login             Stock Quote

Westamerica Bancorp (WABC) 4Q Earnings Decline 12 Pct

 January 17, 2013 02:07 PM
 


(By Balaseshan) WestAmerica Bancorporation (NASDAQ: WABC) reported a 12.2% decrease in quarterly earnings due to lower yields on loans and investment securities as well as reduced loan volumes. Despite revenue missing consensus, earnings came in line with Street's expectations.

Earnings for the fourth quarter were $19.14 million or $0.70 per share, down from $21.81 million or $0.77 per share last year.

Revenue fell 11.3% to $60.48 million, due to lower net interest income and non-interest income.

Analysts, on average, polled by Thomson Reuters had expected a profit of $0.70 on revenue of $61.01 million for the fourth quarter.

[Related -Looking For Dividend Stocks With Buffett's Criteria]

In the third quarter, the company posted earnings of $0.73 per share on revenue of $63.34 million.

Net interest income fell 13.3% to $46.28 million, due to reductions in yields on loans and investment securities, which have declined during this period of low market interest rates, as well as lower loan volumes, placing greater reliance on lower-yielding investment securities.

Net interest margin on a fully taxable equivalent basis was 4.49% for the latest quarter, compared to 4.67% for the prior quarter and 5.24% for the fourth quarter 2011.

Non-interest income declined 4.5% to $14.19 million. The provision for loan losses was $2.8 million, unchanged from the prior quarter and fourth quarter 2011.

At December 31, 2012, Westamerica Bancorp's tangible common equity-to-asset ratio was 8.6%, assets totaled $5.0 billion and loans outstanding totaled $2.1 billion.

[Related -Undervalued And Unloved Often Go Hand In Hand]

WABC is trading down 1.21% at $44.18 on Thursday. The stock has been trading between $40.50 and $49.53 for the past 52 weeks.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageSanDisk Corporation (SNDK) Q1 Earnings Preview: Heads or Tails on Pop or Drop

SanDisk Corporation (NASDAQ:SNDK) will publish its first quarter 2014 financial results press release via read on...

article imageEstee Lauder Companies Inc (EL): Goldman Sachs is Convicted EL Will Make Your Portfolio Prettier

Want to freshen up your portfolio? Goldman Sachs say to add Estee Lauder Companies Inc (NYSE:EL). The read on...

article imageYahoo! Inc. (YHOO) Q1 Earnings Preview: Another Bullish Surprise Coming

Yahoo! Inc. (NASDAQ:YHOO) will discuss the company's financial results for the first quarter ended March read on...

article imageThe Coca-Cola Company (KO) Q1 Earnings Preview: Guidance About to Fizzle?

The Coca-Cola Company (NYSE:KO) plans to release its first quarter earnings results before the market opens read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center

Related Articles:

Wait To Buy Financial Stocks
More Articles on: Finance



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.