HOME ZACKS RESEARCH FUNDS PORTFOLIO BROKER RESEARCH MARKETS SCREENING EDUCATION SERVICES
Zacks Rank    Equity Research    Premium Home    My Account    Help    

PeopleandPicks.com is Zacks' Community Website
Find great stocks and great stock pickers in our online community. It's social, it's profitable and it's Free! Join the fun at PeopleandPicks.com
Quote:
Login Free Membership
Search:

 
Analyst Blog  

WABC Boosted by County Bank

April 20, 2009 | Comments: 0
Recommended this article (1)
Print    Share

WABC Results Benefit from County Bank Acquisition

WestAmerica Bancorp. (WABC - Analyst Report) reported its 1Q09 results today morning, after market open. The company does not hold a conference call.

The results included WABC's acquisition of County Bank from FDIC on February 6, 2009. Excluding the gains related to the acquisition and tax refund, we arrive at core earnings of $0.80 per share, three cents ahead of our estimate.

The results benefited from an impressive increase in the net interest income, mainly due to the acquisition. However, the net interest margin declined 9 bps sequentially to 5.35%, as a result of lower short-term interest rates.

Net interest income on a fully taxable equivalent (FTE) basis was $59.4 million for 1Q09, up from $49.9 million for 4Q08 and from $48.0 million for 1Q08, mainly due to the acquisition. NIM for the quarter was 5.35%, down from 5.44% for 4Q08 but up from 4.79% for 1Q08.

Noninterest income for the quarter was $15.1 million, up from $13.2 million for the prior quarter and from $13.7 million for 1Q08, primarily due to an increase in deposit service charges from the larger deposit base following the County Bank acquisition.

The provision for loan losses during the quarter was $1.8 million, up from $900,000 for 4Q08 and $600,000 for 1Q08. Net loan losses totaled $2.5 million or 0.42% of average, compared to 1.08% and 0.14%, respectively, for the prior and prior-year quarters.

Our estimates for FY09 and FY10 are currently under review. We reiterate our Hold recommendation on the shares.

Email

Print

Share

RSS

Rate Pos

Rate Neg

Comment
Read/Post Comments (0) | Recommended this article (1)
 Posting Comment...
There was a problem posting this this comment. Please try back later.
[CLICK TO CLOSE X]
Comments (Limit 1000 Characters - Used: 0)
Display Name: Email Address:  
 Loading Comments...
Be the first to comment on this article!
Best Stocks. Best Insight. Join Now...it's FREE!
Over 550,000 investors look forward to the timely insights in our email newsletter; Zacks Profit from the Pros. In each daily issue you will find:
  • Free  Four Zacks #1 Rank "Strong Buy" Stocks
  • Free  Timely Market Commentary
  • Free  Wealth Management Tips
  • Free  Profitable Strategy Screens
  • Free  Bull and Bear Stocks of the Day
Zacks FREE Registration

More Zacks Resources

Market Summary Nov 26, 2009 12:43 pm ET
DJIA 10464.4  30.69 0.29%
NASD 2176.05  6.87 0.32%
S&P 500 1110.63  4.98 0.45%
Sponsored Links