Westamerica reports Q2 EPS 73c, consensus 73c
The company recognized no provision for loan losses for the second quarter, citing "low levels of nonperforming loans and other credit quality attributes." Chairman, President and CEO David Payne said: "Net interest margin remained stable and operating costs continued to be well controlled during the second quarter 2019. Net interest margin was 3.13% for the second quarter 2019 compared to 3.12% for the first quarter 2019. Operating expenses represented 49% of revenues, on a fully-taxable equivalent basis, for both the first and second quarters of 2019. Asset quality improved with nonperforming assets totaling only $4.1M at June 30, 2019 compared to $4.4M at March 31, 2019, and $6.0M at June 30, 2018. Second quarter 2019 results generated an annualized 11.7% return on average common equity, and the Board of Directors approved an increase in the quarterly cash dividend to 41c per share in April 2019."