Westamerica Q2 net income $27.4M, EPS $1.17; net interest income flat, share repurchases continue

WESTAMERICA BANCORPORATION

Q2 net income $27.4M, diluted EPS $1.17 vs Q1 $27.4M and $1.13; annualized ROACE 11.3%.
Net interest income (FTE) $52.7M, unchanged from Q1; yield on earning assets 4.01% vs 3.98% Q1; cost of funds 0.24%.
No provision for credit losses in Q2; allowance for credit losses on loans $10.8M (down from $11.2M); nonperforming assets $808K.
Noninterest income $10.3M (up from $9.6M) driven by merchant processing, debit card fees, unrealized gains; noninterest expense $26.0M (up from $25.9M).
Paid $0.48 dividend per share in Q2; retired 753K shares via repurchase plan.

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