Westamerica Bancorporation Reports First Quarter 2026 Financial Results

Rhea-AI Summary

Westamerica Bancorporation (Nasdaq: WABC) reported first quarter 2026 net income of $27.4 million and diluted EPS of $1.13. Return on average common equity was 11.0%. Net interest income (FTE) was $52.7 million with a 0.24% cost of funds. The company paid a $0.46 quarterly dividend and retired 997,000 shares.

Loans and deposits declined modestly; allowance for credit losses was $11.2 million and nonperforming assets were $1.4 million at March 31, 2026.

Positive

• Net income of $27.4 million in Q1 2026
• Diluted EPS of $1.13 for Q1 2026
• Return on common equity of 11.0% (annualized)
• Quarterly dividend of $0.46 per share paid
• 997,000 shares retired under repurchase plan

Negative

• Net interest and loan fee income (FTE) down 6.6% QoQ
• Total loans down 10.3% year-over-year
• Noninterest income declined 6.9% YoY
• Efficiency ratio rose to 41.6% from 37.7% year-ago

News Market Reaction – WABC

+0.77%

+0.77% Session close to close

In the Apr 16 session, WABC gained 0.77%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details Q1 2026 results with net income of $27.4M, diluted EPS of $1.13, and an an...

Analysis

This announcement details Q1 2026 results with net income of $27.4M, diluted EPS of $1.13, and an annualized 11.0% return on common equity. The bank emphasizes a low-cost funding base, with an annualized 0.24% cost of funds and a 41.6% efficiency ratio. Credit quality appears stable, supported by a $300K reversal of credit losses. Investors may watch net interest income, deposit mix, and noninterest expense trends in upcoming quarters.

Key Figures

Net income: $27.4M Diluted EPS: $1.13 Credit loss provision: $300K reversal +5 more

8 metrics

Net income $27.4M Q1 2026 net income

Diluted EPS $1.13 Q1 2026 diluted EPS

Credit loss provision $300K reversal Q1 2026 provision for credit losses

Net interest income (FTE) $52.7M Q1 2026 net interest and loan fee income

Noninterest income $9.61M Q1 2026 noninterest income

Efficiency ratio (FTE) 41.6% Q1 2026 noninterest expense / revenues

ROE (annualized) 11.0% Q1 2026 return on common equity

Dividend per share $0.46 Q1 2026 common dividend paid

Previous Earnings Reports

5 past events · Latest: Oct 16 (Neutral)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Oct 16	Q3 2025 earnings	Neutral	-1.4%	Q3 2025 EPS $1.12, stable credit quality and efficiency metrics.
Jul 17	Q2 2025 earnings	Neutral	-0.0%	Q2 2025 net income $29.1M, EPS $1.12, strong 39% efficiency ratio.
Apr 17	Q1 2025 earnings	Neutral	+0.8%	Q1 2025 net income $31.0M, EPS $1.16, 46% non-interest checking.
Jan 16	Q4 2024 earnings	Neutral	-1.1%	Q4 2024 EPS $1.19, low-cost deposits and 0.24% funding cost.
Oct 17	Q3 2024 earnings	Positive	+1.6%	Q3 2024 EPS $1.31, 13.7% ROE and strong asset quality.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings releases have typically produced modest, mixed price reactions, with an average move of about -0.03% and no strong directional bias despite consistently solid profitability metrics.

Recent Company History

Recent earnings history shows WABC generating steady profitability with net income in the high-$20M to mid-$30M range and diluted EPS between $1.12–$1.31. Prior quarters highlighted strong efficiency ratios around the high-30s to low-40s, low funding costs, and solid returns on equity above 11%. This Q1 2026 report continues that pattern: EPS of $1.13, low-cost deposits, tight expense control, and stable credit quality, alongside ongoing dividends and buybacks.

Key Terms

provision for credit losses, nonperforming assets, net interest income, net interest margin, +4 more

8 terms

provision for credit losses financial

"First quarter 2026 results include a reversal of provision for credit losses..."

Provision for credit losses is an amount set aside by a financial institution to cover potential future losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution manage risks and stay financially healthy. For investors, it signals how cautious a lender is about potential loan defaults and can impact the company's profitability and financial stability.

nonperforming assets financial

"credit quality remained stable with nonperforming assets of $1.4 million..."

Nonperforming assets are loans or investments that are not generating expected payments or returns because the borrower has fallen behind on payments or the investment has lost value. They matter to investors because a high level of nonperforming assets can indicate financial trouble for a bank or institution, potentially affecting its stability and profitability.

net interest income financial

"Net interest income on a fully-taxable equivalent (FTE) basis was $52.7 million..."

Net interest income is the difference between the interest a financial institution earns on loans and investments and the interest it pays on deposits and borrowings. It matters to investors because it is a primary source of profit for banks and similar firms — like the gross margin on a store’s trade — and changes with loan growth, deposit costs and interest rates, so it signals core earning power and sensitivity to rate moves.

net interest margin financial

"Net Interest Margin (FTE) (a) | 3.74 % | 3.90 % | 3.76 %"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

efficiency ratio financial

"Efficiency Ratio (FTE) | 41.6 % | 37.7 % | 40.1 %"

A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.

return on common equity financial

"Return On Common Equity (a) | 11.0 % | 11.9 % | 10.8 %"

Return on common equity measures the profit a company generates for ordinary shareholders over a period, usually a year, by dividing net income available to those common shareholders by the average common shareholders’ equity. It tells investors how efficiently their invested dollars are being used—like checking how much profit each dollar of ownership produces—and helps compare profitability across companies and evaluate management performance.

fully-taxable equivalent (FTE) financial

"Net interest income on a fully-taxable equivalent (FTE) basis was $52.7 million..."

Fully-taxable equivalent (FTE) is a method that converts interest or yield from a tax-exempt investment into the pre-tax yield an investor would need from a taxable investment to match the same after-tax return. It lets investors compare “apples to apples” between tax-free and taxable securities by accounting for their personal tax rate, like adjusting prices for a coupon so you can see the true cost before choosing where to put money.

forward-looking statements regulatory

"This press release may contain forward-looking statements about the Company..."

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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
WESTAMERICA BANCORPORATION
FINANCIAL HIGHLIGHTS
March 31, 2026
1. Net Income Summary.
		(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	%
2. Net Interest Income.
		(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	%
3. Loans & Other Earning Assets.
		(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	%
4. Deposits, Other Interest-Bearing Liabilities & Equity.
		(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	%
5. Interest Yields Earned & Rates Paid.
		(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	%
6. Noninterest Income.
		(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
7. Noninterest Expense.
		(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	%
8. Allowance for Credit Losses.
		(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
9. Credit Quality.
		(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	%
10. Capital.
		(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
11. Period-End Balance Sheets.
		(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
12. Income Statements.
		(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.

FAQ

What were Westamerica (WABC) Q1 2026 earnings and EPS on April 16, 2026?

Westamerica reported Q1 2026 net income of $27.4 million and diluted EPS of $1.13. According to the company, results included a $300 thousand reversal of provision for credit losses that increased EPS by $0.01.

How did Westamerica's net interest income (FTE) perform in Q1 2026 for WABC?

Net interest income (FTE) for Q1 2026 was $52.7 million, slightly below the prior quarter. According to the company, yield on earning assets was 3.98% and cost of funds remained low at 0.24%.

What dividend did Westamerica (WABC) pay in Q1 2026 and what was the payout ratio?

Westamerica paid a $0.46 per common share dividend in Q1 2026. According to the company, the common dividend payout ratio was approximately 41%, reflecting continued shareholder distributions.

Did Westamerica (WABC) repurchase shares in Q1 2026 and how many were retired?

Yes. The company retired 997,000 shares during Q1 2026 under its share repurchase plan. According to the company, this reduced diluted average shares outstanding and supported EPS.

What credit quality metrics did Westamerica report for March 31, 2026 (WABC)?

Credit quality remained stable with nonperforming assets of $1.4 million and an allowance for credit losses on loans of $11.2 million. According to the company, a $300 thousand reversal of provision modestly affected reserve dynamics.