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Westamerica Bancorporation (WABC) has reported 0.86 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $14.45 million, or $0.56 a share in the quarter, compared with $14.58 million, or $0.57 a share for the same period last year. Revenue during the quarter went down marginally by 0.84 percent to $44.25 million from $44.63 million in the previous year period. Net interest income for the quarter dropped 1.85 percent over the prior year period to $32.71 million. Non-interest income for the quarter rose 2.12 percent over the last year period to $11.54 million.
Efficiency ratio for the quarter improved to 51.70 percent from 53.10 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"Originated loan volumes declined one-half of one percent from September 30, 2016 to December 31, 2016, which represents improved results. Westamerica’s strategy following the 'great recession' has been to minimize interest rate risk by avoiding longer dated loans priced at historically low interest rates, which resulted in declining loan volumes. Our annualized fully tax equivalent net interest margin was 3.15 percent for the fourth quarter 2016; yields on loans and investment securities declined due to low market interest rates. Management has continued to focus on operating cost reductions in light of the market based pressures on our revenue. For the full year 2016, noninterest expenses were 3.4 percent lower than for 2015,” said Chairman, President and Chief executive officer David Payne. “Westamerica continued to generate relatively high returns within our industry, realizing a return on shareholders’ common equity of 10.9 percent for 2016. Total 2016 shareholder dividends of $1.56 per common share represent the highest level in the Company’s history,” concluded Payne.
Assets outpace liabilities growth
Total assets stood at $5,366.08 million as on Dec. 31, 2016, up 3.82 percent compared with $5,168.88 million on Dec. 31, 2015. On the other hand, total liabilities stood at $4,804.72 million as on Dec. 31, 2016, up 3.62 percent from $4,636.67 million on Dec. 31, 2015. Deposits stood at $4,704.74 million as on Dec. 31, 2016, up 3.61 percent compared with $4,540.66 million on Dec. 31, 2015.
Investments stood at $3,237.07 million as on Dec. 31, 2016, up 12.15 percent or $350.78 million from year-ago. Shareholders equity stood at $561.37 million as on Dec. 31, 2016, up 5.48 percent or $29.16 million from year-ago.
Return on assets moved down 5 basis points to 1.07 percent in the quarter from 1.12 percent in the last year period. At the same time, return on equity decreased 70 basis points to 10.30 percent in the quarter from 11 percent in the last year period.
Nonperforming assets moved down 51.23 percent or $12.58 million to $11.98 million on Dec. 31, 2016 from $24.56 million on Dec. 31, 2015.
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