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Article Last Updated: 1/20/2006 06:30 AM
Bank reports highest income
Westamerica Bancorporation on Thursday reported record net income of $107.4 million for 2005.
That figure compares to $95.2 million for 2004.
Diluted earnings per share for 2005 were $3.27, an 11 percent increase from $2.93 in 2004. Results for 2005 include available-for-sale securities losses, gains on the sale of real estate, and company owned life insurance proceeds, which combined to increase net income for the firm to $247,000.
Return on shareholders' equity for 2005 was 26 percent and return on assets was 2.12 percent, compared to 28.8 percent and 2.1 percent, respectively, in 2004. For the year 2005, shareholder dividends totaled $1.22 per share, an 11 percent increase from $1.10 per share in 2004.
'During the fourth quarter, our focus on reducing high-cost funding sources helped our net interest margin,' said CEO David Payne. 'We are pleased to be generating a 26 percent return on our shareholders' equity.'
Net income for the fourth quarter 2005 totaled $27.6 million.
Westamerica Bancorporation is parent company of Westamerica Bank, which has branches in Vacaville, Fairfield, Suisun, Benicia and Vallejo."
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