Westamerica Bancorporation, the parent company of Westamerica Bank, has reported a net income of $52.82m, $1.80 diluted earnings per common share, for the first quarter of 2009, an increase of 97.3% compared to $26.78m, or $0.92 diluted earnings per common share, for the corresponding quarter of 2008.
Westamerica has said that the first quarter 2009 earnings include the results of operations of the former County Bank following the acquisition.
Net interest income for the first quarter of 2009 was $59.36m, an increase of 23.7% compared to $47.98m in the same quarter of 2008. Noninterest income for the first quarter of 2009 was $63.97m, compared to $19.38 million in the corresponding quarter of 2008.
Total assets grew $1.4 billion from $4 billion at December 31, 2008 to $5.4 billion at March 31, 2009 due to the County Bank acquisition.
David Payne, chairman, president and CEO of Westamerica Bancorporation, said: The integration of County Bank is proceeding consistent with our historical merger timelines. We would expect to complete the integration during the third quarter this year. County Bank loans and foreclosed loan collateral are covered by a loss-sharing agreement with the FDIC.
Annualized net losses on legacy Westamerica Bank loans represented 0.42% of such loans. We are pleased to have delivered an annualized return on our common shareholders’ equity, excluding the FAS 141R gain and tax refund, of 21% this quarter.
