Westamerica BancorporationNASDAQ: WABC

Westamerica Bancorporation Reports First Quarter 2026 Financial Results

· Issued by Westamerica Bancorporation via GlobeNewswire

On 6ix: 6ix.com/news/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 Bancorporation1108 Fifth Avenue, San Rafael, CA 94901Robert A. Thorson – Investor Relations Contact707-863-6090[email protected]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
WESTAMERICA BANCORPORATION
FINANCIAL HIGHLIGHTS
March 31, 2026
1. Net Income Summary.
(in thousands except per-share amounts)
%
Q1'2026Q1'2025ChangeQ4'2025
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 Income9,60710,321-6.9%10,003
Noninterest Expense25,91125,1273.1%25,466
Income Before Taxes (FTE)36,68642,134-12.9%38,086
Income Tax Provision (FTE)9,33111,097-15.9%10,279
Net Income$27,355$31,037-11.9%$27,807
Average Common Shares
Outstanding24,30626,642-8.8%24,849
Diluted Average Common
Shares Outstanding24,30626,642-8.8%24,849
Operating Ratios:
Basic Earnings Per Common
Share$1.13$1.16-2.6%$1.12
Diluted Earnings Per
Common Share1.131.16-2.6%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$0.444.5%$0.46
Common Dividend Payout
Ratio41%38%41%
2. Net Interest Income.
(dollars in thousands)
%
Q1'2026Q1'2025ChangeQ4'2025
Interest and Loan Fee
Income (FTE)$55,985$59,786-6.4%$57,031
Interest Expense3,2953,396-3.0%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
Liabilities2,754,2982,770,099-0.6%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%
3. Loans & Other Earning Assets.
(average volume, dollars in thousands)
%
Q1'2026Q1'2025ChangeQ4'2025
Total Assets$6,034,899$6,187,321-2.5%$6,055,696
Total Earning Assets5,644,0665,794,836-2.6%5,666,854
Total Loans708,613789,935-10.3%727,540
Commercial Loans110,159120,189-8.3%112,830
Commercial Real Estate
Loans477,402497,379-4.0%482,133
Consumer Loans121,052172,367-29.8%132,577
Total Investment Securities4,469,0724,395,5651.7%4,343,373
Debt Securities Available for
Sale3,643,3023,539,5282.9%3,504,978
Debt Securities Held to
Maturity811,170841,810-3.6%823,690
Equity Securities14,60014,2272.6%14,705
Total Interest-Bearing Cash466,381609,336-23.5%595,941
Loans / Deposits14.7%15.9%15.0%
4. Deposits, Other Interest-Bearing Liabilities & Equity.
(average volume, dollars in thousands)
%
Q1'2026Q1'2025ChangeQ4'2025
Total Deposits$4,822,635$4,958,554-2.7%$4,837,964
Noninterest Demand2,206,5302,293,059-3.8%2,236,646
Interest-Bearing Transaction920,543935,054-1.6%894,816
Savings1,628,1801,649,631-1.3%1,636,817
Time greater than $100K23,73829,460-19.4%24,428
Time less than $100K43,64451,350-15.0%45,257
Total Short-Term Borrowings138,193104,60432.1%130,502
Securities Sold under
Repurchase Agreements138,193104,60432.1%130,502
Shareholders' Equity1,008,6131,055,925-4.5%1,019,086
Demand Deposits /
Total Deposits45.8%46.2%46.2%
Transaction & Savings
Deposits / Total Deposits98.6%98.4%98.6%
5. Interest Yields Earned & Rates Paid.
(dollars in thousands)
Q1'2026
AverageIncome/Yield (a) /
VolumeExpenseRate (a)
Interest & Loan Fee Income Earned:
Total Earning Assets (FTE)$5,644,066$55,9853.98%
Total Loans (FTE)708,6139,9365.68%
Commercial Loans (FTE)110,1591,6926.21%
Commercial Real Estate
Loans477,4026,3845.42%
Consumer Loans121,0521,8606.23%
Total Investment Securities (FTE)4,469,07241,7933.74%
Total Debt Securities
Available for Sale (FTE)3,643,30232,7693.60%
Corporate Securities1,920,77612,6422.63%
Collateralized Loan
Obligations349,3474,9265.64%
Agency Mortgage Backed
Securities1,018,54812,1234.76%
Securities of U.S.
Government Sponsored
Entities308,4332,7203.53%
Obligations of States and
Political Subdivisions
(FTE)46,1983583.10%
Total Debt Securities Held to
Maturity (FTE)811,1708,5494.22%
Agency Mortgage Backed
Securities42,6222542.38%
Corporate Securities738,9798,0284.35%
Obligations of States and
Political Subdivisions
(FTE)29,5692673.61%
Equity Securities (FTE)14,60047513.02%
Total Interest-Bearing Cash466,3814,2563.65%
Interest Expense Paid:
Total Earning Assets5,644,0663,2950.24%
Total Interest-Bearing
Liabilities2,754,2983,2950.49%
Total Interest-Bearing
Deposits2,616,1053,0890.48%
Interest-Bearing Transaction920,543450.02%
Savings1,628,1803,0020.75%
Time less than $100K43,644310.29%
Time greater than $100K23,738110.18%
Total Short-Term Borrowings138,1932060.61%
Securities Sold under
Repurchase Agreements138,1932060.61%
Net Interest Income and
Margin (FTE)$52,6903.74%
Q1'2025
AverageIncome/Yield (a) /
VolumeExpenseRate (a)
Interest & Loan Fee Income Earned:
Total Earning Assets (FTE)$5,794,836$59,7864.14%
Total Loans (FTE)789,93510,7445.51%
Commercial Loans (FTE)120,1891,8456.21%
Commercial Real Estate
Loans497,3796,4735.28%
Consumer Loans172,3672,4265.70%
Total Investment Securities (FTE)4,395,56542,3393.85%
Total Debt Securities
Available for Sale (FTE)3,539,52833,3053.76%
Corporate Securities1,991,27813,5222.72%
Collateralized Loan
Obligations915,87314,4226.30%
Agency Mortgage Backed
Securities254,1262,0343.20%
Securities of U.S.
Government sponsored
entities311,2972,7773.57%
Obligations of States and
Political Subdivisions (FTE)62,6514963.17%
U.S. Treasury Securities4,303545.13%
Total Debt Securities Held to
Maturity (FTE)841,8108,5864.08%
Agency Mortgage Backed
Securities56,0063292.35%
Corporate Securities736,0897,8154.25%
Obligations of States and
Political Subdivisions (FTE)49,7154423.56%
Equity Securities14,22744812.60%
Total Interest-Bearing Cash609,3366,7034.40%
Interest Expense Paid:
Total Earning Assets5,794,8363,3960.24%
Total Interest-Bearing
Liabilities2,770,0993,3960.50%
Total Interest-Bearing
Deposits2,665,4953,2290.49%
Interest-Bearing Transaction935,054460.02%
Savings1,649,6313,1280.77%
Time less than $100K51,350380.30%
Time greater than $100K29,460170.24%
Total Short-Term Borrowings104,6041670.65%
Securities Sold under
Repurchase Agreements104,6041670.65%
Net Interest Income and
Margin (FTE)$56,3903.90%
6. Noninterest Income.
(dollars in thousands except per-share amounts)
%
Q1'2026Q1'2025ChangeQ4'2025
Service Charges on Deposit
Accounts$3,332$3,381-1.4%$3,270
Merchant Processing
Services2,7392,7330.2%2,690
Debit Card Fees1,3241,581-16.3%1,498
Trust Fees9278993.1%923
ATM Processing Fees450463-2.8%484
Other Service Fees408429-4.9%426
Bank Owned
Life Insurance Gains-102n/m-
Unrealized (Losses) Gains
on Equity Securities(247)-n/m30
Other Noninterest Income674733-8.0%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$10.162.3%$10.15
7. Noninterest Expense.
(dollars in thousands)
%
Q1'2026Q1'2025ChangeQ4'2025
Salaries and Related Benefits$12,325$12,1261.6%$11,871
Occupancy and Equipment5,4275,0387.7%5,426
Outsourced Data Processing2,7882,6973.4%2,701
Limited Partnership
Operating Losses1,11091521.3%891
Professional Fees46239517.0%540
Courier Service7346886.7%843
Other Noninterest Expense3,0653,268-6.2%3,194
Total Noninterest Expense$25,911$25,1273.1%$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%
8. Allowance for Credit Losses.
(dollars in thousands)
%
Q1'2026Q1'2025ChangeQ4'2025
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 Losses85%82%61%
Net ACLL Losses /
Avg. Total Loans (a)-0.07%-0.16%-0.16%
(dollars in thousands)
%
3/31/263/31/25Change12/31/25
Allowance for Credit Losses
on Loans$11,151$13,914-19.9%$11,573
Allowance for Credit Losses
on Held to Maturity
Securities110.0%1
Total Allowance for Credit
Losses$11,152$13,915-19.9%$11,574
Allowance for Unfunded
Credit Commitments$201$2010.0%$201
9. Credit Quality.
(dollars in thousands)
%
3/31/263/31/25Change12/31/25
Nonperforming Loans:
Nonperforming Nonaccrual
Loans$380$-n/m$768
Performing Nonaccrual
Loans785-n/m706
Total Nonaccrual Loans1,165-n/m1,474
Accruing Loans 90+ Days
Past Due2772770.0%340
Total Nonperforming Loans$1,442$277n/m$1,814
Total Loans Outstanding$696,204$771,030-9.7%$726,482
Total Assets5,864,4505,966,624-1.7%5,960,180
Loans:
Allowance for Credit Losses
on Loans$11,151$13,914-19.9%$11,573
Allowance for Credit Losses
on Loans / Loans1.60%1.80%1.59%
Nonperforming Loans /
Total Loans0.21%0.04%0.25%
10. Capital.
(in thousands, except per-share amounts)
%
3/31/263/31/25Change12/31/25
Shareholders' Equity$882,690$923,138-4.4%$933,509
Total Assets5,864,4505,966,624-1.7%5,960,180
Shareholders' Equity/
Total Assets15.05%15.47%15.66%
Shareholders' Equity/
Total Loans126.79%119.73%128.50%
Tangible Common Equity
Ratio13.25%13.71%13.90%
Common Shares Outstanding23,63126,360-10.4%24,623
Common Equity Per Share$37.35$35.026.7%$37.91
Market Value Per Common
Share52.1550.633.0%47.83
(shares in thousands)
%
Q1'2026Q1'2025ChangeQ4'2025
Share Retirements (Issuances):
Total Shares Retired1,001361n/m485
Average Retirement Price$50.94$50.96n/m$48.13
Net Shares Retired992348n/m484
11. Period-End Balance Sheets.
(unaudited, dollars in thousands)
%
3/31/263/31/25Change12/31/25
Assets:
Cash and Due from Banks$397,284$727,336-45.4%$567,801
Debt Securities Available for
Sale:
Corporate Securities1,835,5221,802,7911.8%1,804,080
Collateralized Loan
Obligations293,987822,111-64.2%424,614
Agency Mortgage Backed
Securities1,123,422250,844347.9%891,906
Securities of U.S.
Government Sponsored
Entities298,502299,722-0.4%302,412
Obligations of States and
Political Subdivisions45,42260,581-25.0%45,722
Total Debt Securities
Available for Sale3,596,8553,236,04911.1%3,468,734
Debt Securities Held to
Maturity:
Agency Mortgage Backed
Securities41,27153,528-22.9%43,734
Corporate Securities732,168737,146-0.7%742,244
Obligations of States and
Political Subdivisions (1)26,11948,674-46.3%33,596
Total Debt Securities
Held to Maturity (1)799,558839,348-4.7%819,574
Loans696,204771,030-9.7%726,482
Allowance For Credit Losses
on Loans(11,151)(13,914)-19.9%(11,573)
Total Loans, net685,053757,116-9.5%714,909
Premises and Equipment, net25,96825,7221.0%25,722
Identifiable Intangibles, net-72n/m-
Goodwill121,673121,6730.0%121,673
Other Assets238,059259,308-8.2%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 Transaction939,285920,4612.0%907,124
Savings1,643,5991,633,4450.6%1,613,384
Time64,94378,387-17.2%67,021
Total Deposits4,783,7524,874,095-1.9%4,840,019
Securities Sold under
Repurchase Agreements144,456113,21927.6%137,298
Total Short-Term
Borrowed Funds144,456113,21927.6%137,298
Other Liabilities53,55256,172-4.7%49,354
Total Liabilities4,981,7605,043,486-1.2%5,026,671
Shareholders' Equity:
Common Equity:
Paid-In Capital422,348470,844-10.3%440,015
Accumulated Other
Comprehensive Loss(107,267)(136,768)-21.6%(91,139)
Retained Earnings567,609589,062-3.6%584,633
Total Shareholders' Equity882,690923,138-4.4%933,509
Total Liabilities and
Shareholders' Equity$5,864,450$5,966,624-1.7%$5,960,180
12. Income Statements.
(unaudited, in thousands except per-share amounts)
%
Q1'2026Q1'2025ChangeQ4'2025
Interest and Loan Fee Income:
Loans$9,879$10,669-7.4%$10,233
Equity Securities4464225.7%433
Debt Securities Available
for Sale32,69533,203-1.5%31,779
Debt Securities Held to
Maturity8,4948,4940.0%8,355
Interest-Bearing Cash4,2566,703-36.5%5,988
Total Interest and Loan
Fee Income55,77059,491-6.3%56,788
Interest Expense:
Transaction Deposits4546-2.2%45
Savings Deposits3,0023,128-4.0%3,195
Time Deposits4255-23.6%45
Securities Sold under
Repurchase Agreements20616723.5%197
Total Interest Expense3,2953,396-3.0%3,482
Net Interest and Loan
Fee Income52,47556,095-6.5%53,306
(Reversal of) Provision
for Credit Losses(300)(550)n/m-
Noninterest Income:
Service Charges on Deposit
Accounts3,3323,381-1.4%3,270
Merchant Processing
Services2,7392,7330.2%2,690
Debit Card Fees1,3241,581-16.3%1,498
Trust Fees9278993.1%923
ATM Processing Fees450463-2.8%484
Other Service Fees408429-4.9%426
Bank Owned
Life Insurance Gains-102n/m-
Other Noninterest Income427733-41.7%712
Total Noninterest Income9,60710,321-6.9%10,003
Noninterest Expense:
Salaries and Related Benefits12,32512,1261.6%11,871
Occupancy and Equipment5,4275,0387.7%5,426
Outsourced Data Processing2,7882,6973.4%2,701
Limited Partnership
Operating Losses1,11091521.3%891
Professional Fees46239517.0%540
Courier Service7346886.7%843
Other Noninterest Expense3,0653,268-6.2%3,194
Total Noninterest Expense25,91125,1273.1%25,466
Income Before Income Taxes36,47141,839-12.8%37,843
Income Tax Provision9,11610,802-15.6%10,036
Net Income$27,355$31,037-11.9%$27,807
Average Common Shares
Outstanding24,30626,642-8.8%24,849
Diluted Average Common
Shares Outstanding24,30626,642-8.8%24,849
Per Common Share Data:
Basic Earnings$1.13$1.16-2.6%$1.12
Diluted Earnings1.131.16-2.6%1.12
Dividends Paid0.460.444.5%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.

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