San Francisco-based Bank of the West on Tuesday reported a 3.5 percent increase in net income for the third quarter, $141.5 million as compared to $136.7 million in the same quarter last year.
Third quarter earnings were also 1.7 percent higher than earnings reported in the second quarter of 2007, bank officials said Tuesday.
Outstanding loans and leases increased 7.5 percent year-over-year in the third quarter, while deposits increased 2.4 percent to $37.25 percent. Assets were 5.3 percent higher than in the previous year.
“Our asset quality remains strong and our earnings growth is encouraging,” Chairman and CEO Don J. McGrath said in a statement.
Bank of the West’s holding company BancWest Corp., is a subsidiary of BNP Paribas.