Westamerica Bancorporation: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 16 April 2026: press release. The quarter’s numbers.

Key takeaways

Net income down, EPS slightly higher: Net income was $27.4 million and diluted EPS $1.13, against $27.8 million and $1.12 in the fourth quarter 2025. Net income was 11.9 percent below the first quarter 2025 level of $31.0 million. Source
Net interest income slipped from fourth quarter: Net interest and loan fee income on an FTE basis was $52.7 million, against $53.5 million in the fourth quarter 2025 and $56.4 million in the first quarter 2025. Source
Net interest margin eased to 3.74%: Net interest margin on an FTE basis was 3.74 percent, against 3.76 percent in the fourth quarter 2025 and 3.90 percent in the first quarter 2025. Source
Average loans down year on year: Average total loans were $708.6 million, down 10.3 percent from $789.9 million a year earlier. Consumer loans fell 29.8 percent and commercial real estate loans fell 4.0 percent. Source
Provision reversed $0.3 million: The company recorded a $300 thousand reversal of provision. The fourth quarter 2025 had no provision, and the first quarter 2025 had a $550 thousand reversal. Source
Shares retired under repurchase plan: The CEO cited 997 thousand shares retired. The table shows 1,001 thousand shares retired at an average price of $50.94, and 992 thousand net of issuance. Source

“Westamerica’s first quarter 2026 results benefited from the Company’s valuable low-cost deposit base, of which 46 percent was represented by non-interest bearing checking accounts during the quarter”
Chairman, President and CEO David Payne

Earnings and profit drivers

Net income down, EPS slightly higher: Net income was $27.4 million and diluted EPS $1.13, against $27.8 million and $1.12 in the fourth quarter 2025. Net income was 11.9 percent below the first quarter 2025 level of $31.0 million. Source
Pre-tax income lower than a year ago: Income before taxes on an FTE basis was $36.7 million, down 12.9 percent from $42.1 million in the first quarter 2025 and from $38.1 million in the fourth quarter 2025. Source
Tax provision fell on lower income: The FTE tax provision was $9.3 million, down from $10.3 million in the fourth quarter 2025 and $11.1 million a year earlier. The fourth quarter included a $628 thousand reconciliation to the 2024 filed tax returns. Source

Net interest income and margin

Net interest income slipped from fourth quarter: Net interest and loan fee income on an FTE basis was $52.7 million, against $53.5 million in the fourth quarter 2025 and $56.4 million in the first quarter 2025. Source
Net interest margin eased to 3.74%: Net interest margin on an FTE basis was 3.74 percent, against 3.76 percent in the fourth quarter 2025 and 3.90 percent in the first quarter 2025. Source
Earning-asset yield edged down: The yield on loans, bonds and cash was 3.98 percent, compared with 4.00 percent in the fourth quarter 2025 and 4.14 percent in the first quarter 2025 on the table basis. Source

“Operating expenses remained well controlled at 42 percent of total revenues and credit quality remained stable with nonperforming assets of $1.4 million at March 31, 2026”
Chairman, President and CEO David Payne

Noninterest income and expense

Noninterest income below fourth quarter: Noninterest income was $9.6 million, against $10.0 million in the fourth quarter 2025 and $10.3 million in the first quarter 2025, a 6.9 percent decline year on year. Source
Debit card fees and securities losses: Debit card fees were $1,324 thousand, down $174 thousand from the fourth quarter. Unrealized losses on equity securities were $247 thousand, compared with a $30 thousand gain in the fourth quarter. Source
Noninterest expense rose modestly: Noninterest expense was $25.9 million, against $25.5 million in the fourth quarter 2025 and $25.1 million a year earlier. Limited partnership operating losses rose 21.3 percent year on year to $1.1 million. Source
Seasonal payroll taxes lifted salaries: Salaries and related benefits were $12.3 million, up from $11.9 million in the fourth quarter 2025. The company cited seasonally higher payroll taxes and higher benefit costs. Source

Loans, deposits and funding cost

Average loans down year on year: Average total loans were $708.6 million, down 10.3 percent from $789.9 million a year earlier. Consumer loans fell 29.8 percent and commercial real estate loans fell 4.0 percent. Source
Average deposits edged lower: Average total deposits were $4,822.6 million, down 2.7 percent from a year earlier. Average noninterest-bearing demand deposits were $2,206.5 million, down 3.8 percent. Source
Funding cost held at 0.24 percent: The annualized cost of funding the loan and bond portfolios was 0.24 percent, unchanged from the fourth quarter 2025 and the first quarter 2025. Source

“First quarter 2026 results generated an annualized 11.0 percent return on average common equity.”
Chairman, President and CEO David Payne

Credit quality and allowance

Provision reversed $0.3 million: The company recorded a $300 thousand reversal of provision. The fourth quarter 2025 had no provision, and the first quarter 2025 had a $550 thousand reversal. Source
Allowance held at $11.2 million: The allowance for credit losses on loans was $11.2 million, against $11.6 million at December 31, 2025. The allowance equaled 1.60 percent of loans, compared with 1.59 percent at year-end. Source
Net credit losses were small: Net ACLL losses were $122 thousand, against $316 thousand in the first quarter 2025. The table states the ratio as -0.07 percent of average total loans. Source
Nonaccrual loans fell from year-end: Nonperforming nonaccrual loans were $380 thousand, down from $768 thousand at December 31, 2025. Performing nonaccrual loans rose to $785 thousand, and accruing loans 90 or more days past due were $277 thousand. Source

Capital and shareholder returns

Shares retired under repurchase plan: The CEO cited 997 thousand shares retired. The table shows 1,001 thousand shares retired at an average price of $50.94, and 992 thousand net of issuance. Source
Shareholders' equity down from year-end: Shareholders' equity was $882.7 million, against $933.5 million at December 31, 2025. Accumulated other comprehensive loss was $107.3 million, against $91.1 million at year-end. Source
Tangible common equity ratio 13.25%: The tangible common equity ratio was 13.25 percent, against 13.90 percent at December 31, 2025 and 13.71 percent a year earlier. Common shares outstanding were 23,631 thousand. Source

Footprint and balance sheet

Operates in Northern and Central California: The wholly owned subsidiary Westamerica Bank operates commercial banking and trust offices in Northern and Central California. Source
Cash balances declined: Cash and due from banks was $397.3 million, down from $567.8 million at December 31, 2025 and $727.3 million a year earlier. Source
Agency mortgage securities increased: Agency mortgage-backed securities available for sale were $1,123.4 million, up from $891.9 million at December 31, 2025. Source

Figures management reported

Figure	Reported
Net interest margin Source	3.74 percent (FTE)
Net interest income Source	$52.7 million (FTE)
Loans Source	$708.6 million average total loans
Deposits Source	$4,822.6 million average total deposits
Provision for credit losses Source	reversal of $300 thousand
Net charge-offs Source	$122 thousand net ACLL losses (-0.07 percent of average loans)
Nonperforming assets Source	$1.4 million
Efficiency ratio Source	41.6 percent (FTE)

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Westamerica Bancorporation Reports First Quarter 2026 Financial Results

SAN RAFAEL, Calif., April 16, 2026 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the first quarter 2026 of $27.4 million and diluted earnings per common share ("EPS") of $1.13. First quarter 2026 results include a reversal of provision for credit losses of $300 thousand, which increased EPS $0.01. These results compare to fourth quarter 2025 net income of $27.8 million and EPS of $1.12. Fourth quarter 2025 results include an increase to the book tax provision to reconcile the 2024 income tax provision to the filed 2024 tax returns, which reduced EPS $0.02.

"Westamerica’s first quarter 2026 results benefited from the Company’s valuable low-cost deposit base, of which 46 percent was represented by non-interest bearing checking accounts during the quarter; the annualized cost of funding our loan and bond portfolios was 0.24 percent in the quarter. Operating expenses remained well controlled at 42 percent of total revenues and credit quality remained stable with nonperforming assets of $1.4 million at March 31, 2026,” said Chairman, President and CEO David Payne. “First quarter 2026 results generated an annualized 11.0 percent return on average common equity. Shareholders were paid a $0.46 per common share dividend during the first quarter 2026 and 997 thousand shares were retired using the Company’s share repurchase plan,” concluded Payne.

Net interest income on a fully-taxable equivalent (FTE) basis was $52.7 million for the first quarter 2026, compared to $53.5 million for the fourth quarter 2025. The annualized yield earned on loans, bonds and cash for the first quarter 2026 was 3.98 percent compared to 4.00 percent for the fourth quarter 2025. The annualized cost of funding the loan and bond portfolios was 0.24 percent for the first quarter 2026 unchanged from the fourth quarter 2025.

The Company recognized a $300 thousand reversal of provision for credit losses in the first quarter 2026. The Allowance for Credit Losses on Loans was $11.2 million at March 31, 2026.

Noninterest income for the first quarter 2026 totaled $9.6 million compared to $10.0 million for the fourth quarter 2025. Debit card fees declined $174 thousand from the fourth quarter 2025 to the first quarter 2026 and the Company recognized unrealized securities losses of $247 thousand in the first quarter 2026.

Noninterest expenses for the first quarter 2026 were $25.9 million compared to $25.5 million for the fourth quarter 2025. Salaries and related benefits expense were higher in the first quarter 2026 when compared to fourth quarter 2025 due to seasonally higher payroll taxes and higher benefit costs.

The income tax provision (FTE) for the first quarter 2026 was $9.3 million compared to $10.3 million for the fourth quarter 2025. The fourth quarter 2025 income tax provision includes a $628 thousand increase to the book tax provision to reconcile the 2024 income tax provision to the filed 2024 tax returns.

Westamerica Bancorporation’s wholly owned subsidiary Westamerica Bank, operates commercial banking and trust offices throughout Northern and Central California.

Westamerica Bancorporation Web Address: www.westamerica.com

For additional information contact: Westamerica Bancorporation 1108 Fifth Avenue, San Rafael, CA 94901 Robert A. Thorson - Investor Relations Contact 707-863-6090 investments@westamerica.com FORWARD-LOOKING INFORMATION:

The following appears in accordance with the Private Securities Litigation Reform Act of 1995:

This press release may contain forward-looking statements about the Company, including descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may."

Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors - many of which are beyond the Company's control - could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. The Company's most recent reports filed with the Securities and Exchange Commission, including the annual report for the year ended December 31, 2025 filed on Form 10-K and quarterly report for the quarter ended September 30, 2025 filed on Form 10-Q, describe some of these factors, including certain credit, interest rate, operational, liquidity and market risks associated with the Company's business and operations. Other factors described in these reports include changes in business and economic conditions, competition, fiscal and monetary policies, disintermediation, cyber security risks, legislation including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the Sarbanes-Oxley Act of 2002 and the Gramm-Leach-Bliley Act of 1999, and mergers and acquisitions.

Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward looking statements are made.

	Public Information April 16, 2026
	(in thousands except per-share amounts)
	Q1'2026	Q1'2025	Change	Q4'2025
Net Interest and Loan Fee
Income (FTE)	$52,690	$56,390	-6.6%	$53,549
(Reversal of) Provision
for Credit Losses	(300)	(550)	n/m	-
Noninterest Income	9,607	10,321	-6.9%	10,003
Noninterest Expense	25,911	25,127	3.1%	25,466
Income Before Taxes (FTE)	36,686	42,134	-12.9%	38,086
Income Tax Provision (FTE)	9,331	11,097	-15.9%	10,279
Net Income	$27,355	$31,037	-11.9%	$27,807
Average Common Shares
Outstanding	24,306	26,642	-8.8%	24,849
Diluted Average Common
Shares Outstanding	24,306	26,642	-8.8%	24,849
Operating Ratios:
Basic Earnings Per Common
Share	$1.13	$1.16	-2.6%	$1.12
Diluted Earnings Per
Common Share	1.13	1.16	-2.6%	1.12
Return On Assets (a)	1.84%	2.03%		1.82%
Return On Common
Equity (a)	11.0%	11.9%		10.8%
Net Interest Margin (FTE) (a)	3.74%	3.90%		3.76%
Efficiency Ratio (FTE)	41.6%	37.7%		40.1%
Dividends Paid Per Common
Share	$0.46	$0.44	4.5%	$0.46
Common Dividend Payout
Ratio	41%	38%		41%
	(dollars in thousands)
	Q1'2026	Q1'2025	Change	Q4'2025
Interest and Loan Fee
Income (FTE)	$55,985	$59,786	-6.4%	$57,031
Interest Expense	3,295	3,396	-3.0%	3,482
Net Interest and Loan Fee
Income (FTE)	$52,690	$56,390	-6.6%	$53,549
Average Earning Assets	$5,644,066	$5,794,836	-2.6%	$5,666,854
Average Interest-Bearing
Liabilities	2,754,298	2,770,099	-0.6%	2,731,820
Yield on Earning Assets
(FTE) (a)	3.98%	4.14%		4.00%
Cost of Funds (a)	0.24%	0.24%		0.24%
Net Interest Margin (FTE) (a)	3.74%	3.90%		3.76%
Interest Expense /
Interest-Bearing
Liabilities (a)	0.49%	0.50%		0.51%
Net Interest Spread (FTE) (a)	3.49%	3.64%		3.49%
	(average volume, dollars in thousands)
	Q1'2026	Q1'2025	Change	Q4'2025
Total Assets	$6,034,899	$6,187,321	-2.5%	$6,055,696
Total Earning Assets	5,644,066	5,794,836	-2.6%	5,666,854
Total Loans	708,613	789,935	-10.3%	727,540
Commercial Loans	110,159	120,189	-8.3%	112,830
Commercial Real Estate
Loans	477,402	497,379	-4.0%	482,133
Consumer Loans	121,052	172,367	-29.8%	132,577
Total Investment Securities	4,469,072	4,395,565	1.7%	4,343,373
Debt Securities Available for
Sale	3,643,302	3,539,528	2.9%	3,504,978
Debt Securities Held to
Maturity	811,170	841,810	-3.6%	823,690
Equity Securities	14,600	14,227	2.6%	14,705
Total Interest-Bearing Cash	466,381	609,336	-23.5%	595,941
Loans / Deposits	14.7%	15.9%		15.0%
	(average volume, dollars in thousands)
	Q1'2026	Q1'2025	Change	Q4'2025
Total Deposits	$4,822,635	$4,958,554	-2.7%	$4,837,964
Noninterest Demand	2,206,530	2,293,059	-3.8%	2,236,646
Interest-Bearing Transaction	920,543	935,054	-1.6%	894,816
Savings	1,628,180	1,649,631	-1.3%	1,636,817
Time greater than $100K	23,738	29,460	-19.4%	24,428
Time less than $100K	43,644	51,350	-15.0%	45,257
Total Short-Term Borrowings	138,193	104,604	32.1%	130,502
Securities Sold under
Repurchase Agreements	138,193	104,604	32.1%	130,502
Shareholders' Equity	1,008,613	1,055,925	-4.5%	1,019,086
Demand Deposits /
Total Deposits	45.8%	46.2%		46.2%
Transaction & Savings
Deposits / Total Deposits	98.6%	98.4%		98.6%
	(dollars in thousands)
	Q1'2026
	Average	Income/	Yield (a) /
	Volume	Expense	Rate (a)
Interest & Loan Fee Income Earned:
Total Earning Assets (FTE)	$5,644,066	$55,985	3.98%
Total Loans (FTE)	708,613	9,936	5.68%
Commercial Loans (FTE)	110,159	1,692	6.21%
Commercial Real Estate
Loans	477,402	6,384	5.42%
Consumer Loans	121,052	1,860	6.23%
Total Investment Securities (FTE)	4,469,072	41,793	3.74%
Total Debt Securities
Available for Sale (FTE)	3,643,302	32,769	3.60%
Corporate Securities	1,920,776	12,642	2.63%
Collateralized Loan
Obligations	349,347	4,926	5.64%
Agency Mortgage Backed
Securities	1,018,548	12,123	4.76%
Securities of U.S.
Government Sponsored
Entities	308,433	2,720	3.53%
Obligations of States and
Political Subdivisions
(FTE)	46,198	358	3.10%
Total Debt Securities Held to
Maturity (FTE)	811,170	8,549	4.22%
Agency Mortgage Backed
Securities	42,622	254	2.38%
Corporate Securities	738,979	8,028	4.35%
Obligations of States and
Political Subdivisions
(FTE)	29,569	267	3.61%
Equity Securities (FTE)	14,600	475	13.02%
Total Interest-Bearing Cash	466,381	4,256	3.65%
Interest Expense Paid:
Total Earning Assets	5,644,066	3,295	0.24%
Total Interest-Bearing
Liabilities	2,754,298	3,295	0.49%
Total Interest-Bearing
Deposits	2,616,105	3,089	0.48%
Interest-Bearing Transaction	920,543	45	0.02%
Savings	1,628,180	3,002	0.75%
Time less than $100K	43,644	31	0.29%
Time greater than $100K	23,738	11	0.18%
Total Short-Term Borrowings	138,193	206	0.61%
Securities Sold under
Repurchase Agreements	138,193	206	0.61%
Net Interest Income and
Margin (FTE)		$52,690	3.74%
	Q1'2025
	Average	Income/	Yield (a) /
	Volume	Expense	Rate (a)
Interest & Loan Fee Income Earned:
Total Earning Assets (FTE)	$5,794,836	$59,786	4.14%
Total Loans (FTE)	789,935	10,744	5.51%
Commercial Loans (FTE)	120,189	1,845	6.21%
Commercial Real Estate
Loans	497,379	6,473	5.28%
Consumer Loans	172,367	2,426	5.70%
Total Investment Securities (FTE)	4,395,565	42,339	3.85%
Total Debt Securities
Available for Sale (FTE)	3,539,528	33,305	3.76%
Corporate Securities	1,991,278	13,522	2.72%
Collateralized Loan
Obligations	915,873	14,422	6.30%
Agency Mortgage Backed
Securities	254,126	2,034	3.20%
Securities of U.S.
Government sponsored
entities	311,297	2,777	3.57%
Obligations of States and
Political Subdivisions (FTE)	62,651	496	3.17%
U.S. Treasury Securities	4,303	54	5.13%
Total Debt Securities Held to
Maturity (FTE)	841,810	8,586	4.08%
Agency Mortgage Backed
Securities	56,006	329	2.35%
Corporate Securities	736,089	7,815	4.25%
Obligations of States and
Political Subdivisions (FTE)	49,715	442	3.56%
Equity Securities	14,227	448	12.60%
Total Interest-Bearing Cash	609,336	6,703	4.40%
Interest Expense Paid:
Total Earning Assets	5,794,836	3,396	0.24%
Total Interest-Bearing
Liabilities	2,770,099	3,396	0.50%
Total Interest-Bearing
Deposits	2,665,495	3,229	0.49%
Interest-Bearing Transaction	935,054	46	0.02%
Savings	1,649,631	3,128	0.77%
Time less than $100K	51,350	38	0.30%
Time greater than $100K	29,460	17	0.24%
Total Short-Term Borrowings	104,604	167	0.65%
Securities Sold under
Repurchase Agreements	104,604	167	0.65%
Net Interest Income and
Margin (FTE)		$56,390	3.90%
	(dollars in thousands except per-share amounts)
	Q1'2026	Q1'2025	Change	Q4'2025
Service Charges on Deposit
Accounts	$3,332	$3,381	-1.4%	$3,270
Merchant Processing
Services	2,739	2,733	0.2%	2,690
Debit Card Fees	1,324	1,581	-16.3%	1,498
Trust Fees	927	899	3.1%	923
ATM Processing Fees	450	463	-2.8%	484
Other Service Fees	408	429	-4.9%	426
Bank Owned
Life Insurance Gains	-	102	n/m	-
Unrealized (Losses) Gains
on Equity Securities	(247)	-	n/m	30
Other Noninterest Income	674	733	-8.0%	682
Total Noninterest Income	$9,607	$10,321	-6.9%	$10,003
Operating Ratios:
Total Revenue (FTE)	$62,297	$66,711	-6.6%	$63,552
Noninterest Income /
Revenue (FTE)	15.4%	15.5%		15.7%
Service Charges /
Avg. Deposits (a)	0.28%	0.28%		0.27%
Total Revenue (FTE) Per
Avg. Common Share (a)	$10.39	$10.16	2.3%	$10.15
	(dollars in thousands)
	Q1'2026	Q1'2025	Change	Q4'2025
Salaries and Related Benefits	$12,325	$12,126	1.6%	$11,871
Occupancy and Equipment	5,427	5,038	7.7%	5,426
Outsourced Data Processing	2,788	2,697	3.4%	2,701
Limited Partnership
Operating Losses	1,110	915	21.3%	891
Professional Fees	462	395	17.0%	540
Courier Service	734	688	6.7%	843
Other Noninterest Expense	3,065	3,268	-6.2%	3,194
Total Noninterest Expense	$25,911	$25,127	3.1%	$25,466
Operating Ratios:
Noninterest Expense /
Avg. Earning Assets (a)	1.86%	1.76%		1.78%
Noninterest Expense /
Revenues (FTE)	41.6%	37.7%		40.1%
	(dollars in thousands)
	Q1'2026	Q1'2025	Change	Q4'2025
Average Total Loans	$708,613	$789,935	-10.3%	$727,540
Beginning of Period
Allowance for Credit
Losses on Loans (ACLL)	$11,573	$14,780	-21.7%	$11,859
(Reversal of) Provision
for Credit Losses	(300)	(550)	n/m	-
Net ACLL Losses	(122)	(316)	-61.4%	(286)
End of Period ACLL	$11,151	$13,914	-19.9%	$11,573
Gross ACLL Recoveries /
Gross ACLL Losses	85%	82%		61%
Net ACLL Losses /
Avg. Total Loans (a)	-0.07%	-0.16%		-0.16%
	(dollars in thousands)
	3/31/26	3/31/25	Change	12/31/25
Allowance for Credit Losses
on Loans	$11,151	$13,914	-19.9%	$11,573
Allowance for Credit Losses
on Held to Maturity
Securities	1	1	0.0%	1
Total Allowance for Credit
Losses	$11,152	$13,915	-19.9%	$11,574
Allowance for Unfunded
Credit Commitments	$201	$201	0.0%	$201
	(dollars in thousands)
	3/31/26	3/31/25	Change	12/31/25
Nonperforming Loans:
Nonperforming Nonaccrual
Loans	$380	$-	n/m	$768
Performing Nonaccrual
Loans	785	-	n/m	706
Total Nonaccrual Loans	1,165	-	n/m	1,474
Accruing Loans 90+ Days
Past Due	277	277	0.0%	340
Total Nonperforming Loans	$1,442	$277	n/m	$1,814
Total Loans Outstanding	$696,204	$771,030	-9.7%	$726,482
Total Assets	5,864,450	5,966,624	-1.7%	5,960,180
Loans:
Allowance for Credit Losses
on Loans	$11,151	$13,914	-19.9%	$11,573
Allowance for Credit Losses
on Loans / Loans	1.60%	1.80%		1.59%
Nonperforming Loans /
Total Loans	0.21%	0.04%		0.25%
	(in thousands, except per-share amounts)
	3/31/26	3/31/25	Change	12/31/25
Shareholders' Equity	$882,690	$923,138	-4.4%	$933,509
Total Assets	5,864,450	5,966,624	-1.7%	5,960,180
Shareholders' Equity/
Total Assets	15.05%	15.47%		15.66%
Shareholders' Equity/
Total Loans	126.79%	119.73%		128.50%
Tangible Common Equity
Ratio	13.25%	13.71%		13.90%
Common Shares Outstanding	23,631	26,360	-10.4%	24,623
Common Equity Per Share	$37.35	$35.02	6.7%	$37.91
Market Value Per Common
Share	52.15	50.63	3.0%	47.83
	(shares in thousands)
	Q1'2026	Q1'2025	Change	Q4'2025
Share Retirements (Issuances):
Total Shares Retired	1,001	361	n/m	485
Average Retirement Price	$50.94	$50.96	n/m	$48.13
Net Shares Retired	992	348	n/m	484
	(unaudited, dollars in thousands)
	3/31/26	3/31/25	Change	12/31/25
Assets:
Cash and Due from Banks	$397,284	$727,336	-45.4%	$567,801
Debt Securities Available for
Sale:
Corporate Securities	1,835,522	1,802,791	1.8%	1,804,080
Collateralized Loan
Obligations	293,987	822,111	-64.2%	424,614
Agency Mortgage Backed
Securities	1,123,422	250,844	347.9%	891,906
Securities of U.S.
Government Sponsored
Entities	298,502	299,722	-0.4%	302,412
Obligations of States and
Political Subdivisions	45,422	60,581	-25.0%	45,722
Total Debt Securities
Available for Sale	3,596,855	3,236,049	11.1%	3,468,734
Debt Securities Held to
Maturity:
Agency Mortgage Backed
Securities	41,271	53,528	-22.9%	43,734
Corporate Securities	732,168	737,146	-0.7%	742,244
Obligations of States and
Political Subdivisions (1)	26,119	48,674	-46.3%	33,596
Total Debt Securities
Held to Maturity (1)	799,558	839,348	-4.7%	819,574
Loans	696,204	771,030	-9.7%	726,482
Allowance For Credit Losses
on Loans	(11,151)	(13,914)	-19.9%	(11,573)
Total Loans, net	685,053	757,116	-9.5%	714,909
Premises and Equipment, net	25,968	25,722	1.0%	25,722
Identifiable Intangibles, net	-	72	n/m	-
Goodwill	121,673	121,673	0.0%	121,673
Other Assets	238,059	259,308	-8.2%	241,767
Total Assets	$5,864,450	$5,966,624	-1.7%	$5,960,180
Liabilities and Shareholders'
Equity:
Deposits:
Noninterest-Bearing	$2,135,925	$2,241,802	-4.7%	$2,252,490
Interest-Bearing Transaction	939,285	920,461	2.0%	907,124
Savings	1,643,599	1,633,445	0.6%	1,613,384
Time	64,943	78,387	-17.2%	67,021
Total Deposits	4,783,752	4,874,095	-1.9%	4,840,019
Securities Sold under
Repurchase Agreements	144,456	113,219	27.6%	137,298
Total Short-Term
Borrowed Funds	144,456	113,219	27.6%	137,298
Other Liabilities	53,552	56,172	-4.7%	49,354
Total Liabilities	4,981,760	5,043,486	-1.2%	5,026,671
Shareholders' Equity:
Common Equity:
Paid-In Capital	422,348	470,844	-10.3%	440,015
Accumulated Other
Comprehensive Loss	(107,267)	(136,768)	-21.6%	(91,139)
Retained Earnings	567,609	589,062	-3.6%	584,633
Total Shareholders' Equity	882,690	923,138	-4.4%	933,509
Total Liabilities and
Shareholders' Equity	$5,864,450	$5,966,624	-1.7%	$5,960,180
	(unaudited, in thousands except per-share amounts)
	Q1'2026	Q1'2025	Change	Q4'2025
Interest and Loan Fee Income:
Loans	$9,879	$10,669	-7.4%	$10,233
Equity Securities	446	422	5.7%	433
Debt Securities Available
for Sale	32,695	33,203	-1.5%	31,779
Debt Securities Held to
Maturity	8,494	8,494	0.0%	8,355
Interest-Bearing Cash	4,256	6,703	-36.5%	5,988
Total Interest and Loan
Fee Income	55,770	59,491	-6.3%	56,788
Interest Expense:
Transaction Deposits	45	46	-2.2%	45
Savings Deposits	3,002	3,128	-4.0%	3,195
Time Deposits	42	55	-23.6%	45
Securities Sold under
Repurchase Agreements	206	167	23.5%	197
Total Interest Expense	3,295	3,396	-3.0%	3,482
Net Interest and Loan
Fee Income	52,475	56,095	-6.5%	53,306
(Reversal of) Provision
for Credit Losses	(300)	(550)	n/m	-
Noninterest Income:
Service Charges on Deposit
Accounts	3,332	3,381	-1.4%	3,270
Merchant Processing
Services	2,739	2,733	0.2%	2,690
Debit Card Fees	1,324	1,581	-16.3%	1,498
Trust Fees	927	899	3.1%	923
ATM Processing Fees	450	463	-2.8%	484
Other Service Fees	408	429	-4.9%	426
Bank Owned
Life Insurance Gains	-	102	n/m	-
Other Noninterest Income	427	733	-41.7%	712
Total Noninterest Income	9,607	10,321	-6.9%	10,003
Noninterest Expense:
Salaries and Related Benefits	12,325	12,126	1.6%	11,871
Occupancy and Equipment	5,427	5,038	7.7%	5,426
Outsourced Data Processing	2,788	2,697	3.4%	2,701
Limited Partnership
Operating Losses	1,110	915	21.3%	891
Professional Fees	462	395	17.0%	540
Courier Service	734	688	6.7%	843
Other Noninterest Expense	3,065	3,268	-6.2%	3,194
Total Noninterest Expense	25,911	25,127	3.1%	25,466
Income Before Income Taxes	36,471	41,839	-12.8%	37,843
Income Tax Provision	9,116	10,802	-15.6%	10,036
Net Income	$27,355	$31,037	-11.9%	$27,807
Average Common Shares
Outstanding	24,306	26,642	-8.8%	24,849
Diluted Average Common
Shares Outstanding	24,306	26,642	-8.8%	24,849
Per Common Share Data:
Basic Earnings	$1.13	$1.16	-2.6%	$1.12
Diluted Earnings	1.13	1.16	-2.6%	1.12
Dividends Paid	0.46	0.44	4.5%	0.46
Footnotes and Abbreviations:
(1) Debt Securities Held To Maturity and Obligations of States and Political Subdivisions are net of related reserve for expected credit losses of $1 thousand at March 31, 2026, December 31, 2025 and March 31, 2025.
(FTE) Fully Taxable Equivalent. The Company presents its net interest margin and net interest income on a FTE basis using the current statutory federal tax rate. Management believes the FTE basis is valuable to the reader because the Company’s loan and investment securities portfolios contain a portion of municipal loans and securities that are federally tax exempt. The Company’s tax exempt loans and securities composition may not be similar to that of other banks, therefore in order to reflect the impact of the federally tax exempt loans and securities on the net interest margin and net interest income for comparability with other banks, the Company presents its net interest margin and net interest income on a FTE basis.
(a) Annualized
Certain amounts in prior periods have been reclassified to conform to the current presentation.
WESTAMERICA BANCORPORATION
FINANCIAL HIGHLIGHTS
March 31, 2026
1. Net Income Summary.
2. Net Interest Income.
3. Loans & Other Earning Assets.
4. Deposits, Other Interest-Bearing Liabilities & Equity.
5. Interest Yields Earned & Rates Paid.
6. Noninterest Income.
7. Noninterest Expense.
8. Allowance for Credit Losses.
9. Credit Quality.
10. Capital.
11. Period-End Balance Sheets.
12. Income Statements.