Westamerica (NASDAQ: WABC) Q1 2026 profit $27.4M, EPS $1.13

Q: How did Westamerica Bancorporation (WABC) perform in Q1 2026?

Westamerica Bancorporation reported net income of $27.4 million and diluted EPS of $1.13 for Q1 2026. Profitability remained solid with a 3.74% net interest margin and an 11.0% return on average common equity , despite lower earnings than a year earlier.

Q: How do Westamerica Bancorporation’s Q1 2026 results compare to Q1 2025?

Q1 2026 net income of $27.4 million was below Q1 2025’s $31.0 million , an 11.9% decline . Diluted EPS slipped from $1.16 to $1.13 , reflecting lower net interest income and a narrower net interest margin versus the prior-year quarter.

Q: How strong is Westamerica Bancorporation’s deposit base in Q1 2026?

In Q1 2026, average total deposits were $4.82 billion , with noninterest-bearing demand deposits at 45.8% of the total. This low-cost funding mix helped keep the overall cost of funds at a very low 0.24% during the quarter.

Q: How much capital did Westamerica Bancorporation return to shareholders in Q1 2026?

Westamerica Bancorporation paid a quarterly dividend of $0.46 per common share in Q1 2026 and retired about 1.0 million shares at an average price of $50.94 . Common shares outstanding decreased to 23.6 million at March 31, 2026.

Filing Impact

(Very High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Westamerica Bancorporation reported first quarter 2026 net income of $27.4 million, with diluted EPS of $1.13. Earnings were helped by a $300 thousand reversal of credit loss provisions, which added $0.01 per share.

Net interest income (fully taxable equivalent) was $52.7 million, and the net interest margin was 3.74%, down from 3.90% a year earlier. Operating efficiency remained strong, with noninterest expenses at 41.6% of total revenue. Return on average common equity was 11.0% for the quarter.

Asset quality stayed solid, with nonperforming loans of $1.4 million and an allowance for credit losses on loans of $11.2 million at March 31, 2026. The company paid a quarterly dividend of $0.46 per share and retired about 1.0 million shares under its repurchase plan.

Positive

None.

Negative

Net income declined to $27.4 million in Q1 2026 from $31.0 million a year earlier, an 11.9% decrease, driven by lower net interest income and a tighter net interest margin.

Insights

Solid profitability with modest margin pressure and lower year-over-year earnings.

Westamerica Bancorporation delivered Q1 2026 net income of $27.4 million and EPS of $1.13, down from $31.0 million and $1.16 in Q1 2025. Net interest income on a fully taxable equivalent basis fell 6.6% year over year to $52.7 million as net interest margin slipped from 3.90% to 3.74%.

Profitability remains attractive with a return on average common equity of 11.0% and an efficiency ratio of 41.6%. The funding profile is a strength: noninterest-bearing demand deposits averaged 45.8% of total deposits, helping keep cost of funds at just 0.24%. Credit quality stayed strong, with nonperforming loans at $1.4 million, only 0.21% of total loans.

Capital return was meaningful. The company paid a $0.46 dividend and retired 1.0 million shares at an average price of $50.94, reducing common shares outstanding by 10.4% year over year. While earnings are softer than a year ago, strong deposit mix, low funding costs, and solid asset quality support the overall financial profile.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Net income: $27.4M Diluted EPS: $1.13/share Net interest income (FTE): $52.7M +5 more

8 metrics

Net income $27.4M Q1 2026 net income attributable to common shareholders

Diluted EPS $1.13/share Q1 2026 diluted earnings per common share

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

Net interest margin (FTE) 3.74% Q1 2026 yield on earning assets less cost of funds

Return on common equity 11.0% Q1 2026 annualized return on average common equity

Efficiency ratio (FTE) 41.6% Q1 2026 noninterest expense as % of total revenue (FTE)

Nonperforming loans $1.4M Nonperforming loans at March 31, 2026

Common dividend $0.46/share Dividend paid per common share in Q1 2026

Key Terms

Net interest margin, Efficiency Ratio, Allowance for Credit Losses, Nonperforming Loans, +2 more

6 terms

Net interest margin financial

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

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 | %"

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.

Allowance for Credit Losses financial

"Allowance for Credit Losses on Loans was $11.2 million at March 31, 2026."

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

Nonperforming Loans financial

"Total Nonperforming Loans | $ | 1,442 |"

Nonperforming loans are loans on which borrowers have stopped making the scheduled interest or principal payments for an extended period (commonly 90 days or more) or are otherwise in serious danger of default. Think of them as IOUs that aren’t being repaid: they tie up a lender’s money, reduce future interest income, and force the lender to hold extra reserves or take losses. For investors, a rising share of nonperforming loans signals weakening credit quality, higher potential losses, and greater risk to a bank’s profitability and capital.

Tangible Common Equity Ratio financial

"Tangible Common Equity | | | | | Ratio | | 13.25 | %"

Tangible common equity ratio measures how much real, loss-absorbing capital common shareholders have relative to a company's tangible assets—calculated by removing intangible items (like goodwill) and preferred equity from total equity and comparing that net amount to tangible assets. Think of it as the thickness of a safety cushion made of solid, visible value rather than accounting entries; investors use it to judge how well a company could withstand losses and protect common shareholders' claims.

Fully Taxable Equivalent (FTE) financial

"Net Interest and Loan Fee Income (FTE) | $ | 52,690"

Earnings Snapshot

Net income: $27.4M

Q1 2026

Net income $27.4M -11.9% YoY

Diluted EPS $1.13 -2.6% YoY

Net interest income (FTE) $52.7M -6.6% YoY

Net interest margin (FTE) 3.74% -0.16 percentage points YoY

Return on average common equity 11.0% -0.9 percentage points YoY

Understanding 8-K Material Events →

04/16/2026 - 02:02 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 8-K

_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 16, 2026

_______________________________

WESTAMERICA BANCORPORATION

(Exact name of registrant as specified in its charter)

_______________________________

California	001-09383	94-2156203
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

1108 Fifth Avenue

San Rafael, California 94901

(Address of Principal Executive Offices) (Zip Code)

(707) 863-6000

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, no par value	WABC	The Nasdaq Stock Market, LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On April 16, 2026, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

Exhibit 99.1		Press Release dated April 16, 2026
Exhibit 104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	WESTAMERICA BANCORPORATION


Date: April 16, 2026	By:	/s/ Anela Jonas
		Anela Jonas
		Senior Vice President and Chief Financial Officer

EXHIBIT 99.1

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

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

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

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

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

0.02

Savings

1,628,180

3,002

0.75

Time less than $100K

43,644

0.29

Time greater than $100K

23,738

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

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

0.02

Savings

1,649,631

3,128

0.77

Time less than $100K

51,350

0.30

Time greater than $100K

29,460

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

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

0.27

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

Net ACLL Losses /

Avg. Total Loans (a)

-0.07

-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

0.0

Total Allowance for Credit

Losses

11,152

13,915

-19.9

11,574

Allowance for Unfunded

Credit Commitments

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

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

n/m

Goodwill

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

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

-2.2

Savings Deposits

3,002

3,128

-4.0

3,195

Time Deposits

-23.6

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.

Source: View Original Filing on SEC EDGAR

FAQ

How did Westamerica Bancorporation (WABC) perform in Q1 2026?

Westamerica Bancorporation reported net income of $27.4 million and diluted EPS of $1.13 for Q1 2026. Profitability remained solid with a 3.74% net interest margin and an 11.0% return on average common equity, despite lower earnings than a year earlier.

How do Westamerica Bancorporation’s Q1 2026 results compare to Q1 2025?

Q1 2026 net income of $27.4 million was below Q1 2025’s $31.0 million, an 11.9% decline. Diluted EPS slipped from $1.16 to $1.13, reflecting lower net interest income and a narrower net interest margin versus the prior-year quarter.

What was Westamerica Bancorporation’s net interest margin in Q1 2026?

Westamerica Bancorporation’s net interest margin on a fully taxable equivalent basis was 3.74% in Q1 2026. This compares with 3.90% in Q1 2025 and 3.76% in Q4 2025, indicating modest margin compression over the past year.

How strong is Westamerica Bancorporation’s deposit base in Q1 2026?

In Q1 2026, average total deposits were $4.82 billion, with noninterest-bearing demand deposits at 45.8% of the total. This low-cost funding mix helped keep the overall cost of funds at a very low 0.24% during the quarter.

What was Westamerica Bancorporation’s asset quality in Q1 2026?

Asset quality remained strong, with total nonperforming loans of $1.4 million at March 31, 2026, equal to 0.21% of total loans. The allowance for credit losses on loans stood at $11.2 million, representing 1.60% of total loans.

How much capital did Westamerica Bancorporation return to shareholders in Q1 2026?

Westamerica Bancorporation paid a quarterly dividend of $0.46 per common share in Q1 2026 and retired about 1.0 million shares at an average price of $50.94. Common shares outstanding decreased to 23.6 million at March 31, 2026.

What were Westamerica Bancorporation’s key efficiency metrics in Q1 2026?

The company’s efficiency ratio on a fully taxable equivalent basis was 41.6% in Q1 2026, reflecting tight expense control. Noninterest expense equaled 1.86% of average earning assets and 41.6% of total revenues, supporting strong operating leverage.

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EX-99.1 PRESS RELEASE 526.8 KB

Westamerica (NASDAQ: WABC) Q1 2026 profit $27.4M, EPS $1.13

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FAQ

How did Westamerica Bancorporation (WABC) perform in Q1 2026?

How do Westamerica Bancorporation’s Q1 2026 results compare to Q1 2025?

What was Westamerica Bancorporation’s net interest margin in Q1 2026?

How strong is Westamerica Bancorporation’s deposit base in Q1 2026?

What was Westamerica Bancorporation’s asset quality in Q1 2026?

How much capital did Westamerica Bancorporation return to shareholders in Q1 2026?

What were Westamerica Bancorporation’s key efficiency metrics in Q1 2026?

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