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Westamerica Bancorporation Q4 net income falls

Net income for the fourth quarter of 2008 is $20.8 million or diluted earning

Westamerica Bancorporation, parent company of Westamerica Bank, has reported a net income for the fourth quarter of 2008 of $20.8 million, or diluted earning per share of $0.71, a decrease of 4.7% compared to a net income of $21.8 million, or diluted earning per share of $0.74 for the same period in 2007.

Net interest income on a fully taxable equivalent basis was $49.9 million in the fourth quarter of 2008 compared to $48.7 million in the fourth quarter of 2007. The fourth quarter 2008 net interest margin on a fully taxable equivalent basis was 5.44%, compared to 5.53% for the fourth quarter of 2007.

Westamerica reported a net income for the year ended December 31, 2008 of $59.8 million, or earning per share of $2.04, compared to net income of $89.8 million and earning per share of $2.98 for 2007.

For the full year 2008, net interest income and the net interest margin on a fully taxable equivalent basis were $196.3 million and 5.13%, compared to $185.3 million and 4.40%, respectively, for 2007.

Shareholders’ equity was $410 million at December 31, 2008 increased from $395 million at December 31, 2007. At December 31, 2008, the company’s assets totaled $4 billion and loans outstanding totaled $2.4 billion.