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
[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 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% 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 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% 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 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% 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 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% 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 $55,985 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 AverageIncome/Yield (a) / VolumeExpenseRate (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% 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 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 7. Noninterest Expense. (dollars in thousands) % Q1'2026Q1'2025ChangeQ4'2025 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% 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 Losses 85% 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 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 9. Credit Quality. (dollars in thousands) % 3/31/263/31/25Change12/31/25 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% 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 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) % Q1'2026Q1'2025ChangeQ4'2025 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 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 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 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 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.