Westamerica Bank’s parent company reported net income of $35 million for the quarter ended September 30, a slight quarter-on-quarter decline and an annual decline of more than 15%.

Westamerica Bancorporation’s (Nasdaq: WABC) financial results released October 17 also showed a double decline for the quarter and year in net interest income, coming in at $62.46 million. The balance sheet barometer, which constitutes the difference between income generated by interest-bearing assets and liability costs, is down more than 13% compared to the total for the third quarter of 2023. This last quarter saw a slight decline by compared to the previous quarter of this year.

Noninterest income, which consists of earnings on fees, for the third quarter of 2024 was $11.92 million. This represents an increase of 13% per quarter and 5% per year.

However, noninterest expenses also increased by about $200,000 per year, to $26.3 million.

Despite the increase, Chairman and CEO David Payne said he was relieved that these operating expenses “remained well contained at 35% of total revenue in the third quarter of 2024.”

Westamerica’s deposits topped $5 billion this quarter, but they fell about $700 million year-over-year and more than $100 million from third-quarter 2023 totals.

With assets of $6.46 billion, Westamerica Bancorporation is a regional community bank providing consumer and commercial financing, operating in more than 80 locations throughout Northern and Central California.