Westamerica Bancorporation Declares Regular Quarterly Cash Dividend

Westamerica Bancorporation

said that its board has declared a quarterly cash dividend of $0.39 per share on its outstanding common stock. According to the company, the dividend would be payable on May 20 to eligible shareholders. The company indicated that it fixed record date of May 9 for determining the shareholders name. Westamerica Chairman, President and CEO, David Payne, stated that "This dividend recognizes Westamerica's healthy capital level, stability in asset quality, and relatively high earnings level." The company, which has been paying a dividend since 1990, has boosted its dividend rate for 19 straight years. Its dividend offered a yield of 3.10 while the payout ratio was 67.0%. On April 21, the company reported that it earned a profit of $14.2 million for the three months ended March 31, 2016, or $0.56 earnings per share. Shares of the company traded 1.04% down on Thursday.