WESTAMERICA BANCORPORATION

For the period ended Mar 31, 2026. Filed May 8, 2026.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2026 · Filed May 8, 2026

WABC$60.05+0.4%Stored close · as of Nov 9, 2026

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Contents

Item 1. Financial Statements

WESTAMERICA BANCORPORATION
CONSOLIDATED BALANCE SHEETS
(unaudited)
	At March 31,	At December 31,
	2026	2025
(In thousands)
Assets:
Cash and due from banks	$397,284	$567,801
Debt securities available for sale	3,596,855	3,468,734
Debt securities held to maturity, net of allowance for credit losses of $1 at March 31, 2026 and December 31, 2025 (Fair value of $784,304 at March 31, 2026 and $812,580 at December 31, 2025)	799,558	819,574
Loans	696,204	726,482
Allowance for credit losses on loans	(11,151)	(11,573)
Loans, net of allowance for credit losses on loans	685,053	714,909
Premises and equipment, net	25,968	25,722
Goodwill	121,673	121,673
Other assets	238,059	241,767
Total Assets	$5,864,450	$5,960,180
Liabilities:
Noninterest-bearing deposits	$2,135,925	$2,252,490
Interest-bearing deposits	2,647,827	2,587,529
Total deposits	4,783,752	4,840,019
Securities sold under repurchase agreements	144,456	137,298
Other liabilities	53,552	49,354
Total Liabilities	4,981,760	5,026,671
Contingencies (Note 10)
Shareholders' Equity:
Common stock and additional paid-in-capital
Common stock (no par value), authorized: 150,000 shares issued and outstanding: 23,631 at March 31, 2026 and 24,623 at December 31, 2025	422,313	439,980
Deferred compensation	35	35
Accumulated other comprehensive loss	(107,267)	(91,139)
Retained earnings	567,609	584,633
Total Shareholders' Equity	882,690	933,509
Total Liabilities and Shareholders' Equity	$5,864,450	$5,960,180

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WESTAMERICA BANCORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
	For the
	Three Months Ended
	March 31,
	2026	2025
	(In thousands,
	except per share data)
Interest and Fee Income:
Loans	$9,879	$10,669
Equity securities	446	422
Debt securities available for sale	32,695	33,203
Debt securities held to maturity	8,494	8,494
Interest-bearing cash	4,256	6,703
Total Interest and Fee Income	55,770	59,491
Interest Expense:
Deposits	3,089	3,229
Securities sold under repurchase agreements	206	167
Total Interest Expense	3,295	3,396
Net Interest and Fee Income	52,475	56,095
Reversal of Provision for Credit Losses	(300)	(550)
Net Interest and Fee Income After Reversal of Provision for Credit Losses	52,775	56,645
Noninterest Income:
Service charges on deposit accounts	3,332	3,381
Merchant processing services	2,739	2,733
Debit card fees	1,324	1,581
Trust fees	927	899
ATM processing fees	450	463
Other service fees	408	429
Bank owned life insurance gains	-	102
Other noninterest income	427	733
Total Noninterest Income	9,607	10,321
Noninterest Expense:
Salaries and related benefits	12,325	12,126
Occupancy and equipment	5,427	5,038
Outsourced data processing services	2,788	2,697
Limited partnership operating losses	1,110	915
Courier service	734	688
Professional fees	462	395
Other noninterest expense	3,065	3,268
Total Noninterest Expense	25,911	25,127
Income Before Income Taxes	36,471	41,839
Provision for income taxes	9,116	10,802
Net Income	$27,355	$31,037
Average Common Shares Outstanding	24,306	26,642
Average Diluted Common Shares Outstanding	24,306	26,642
Per Common Share Data:
Basic earnings	$1.13	$1.16
Diluted earnings	1.13	1.16
Dividends paid	0.46	0.44

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WESTAMERICA BANCORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited)
	For the Three Months Ended
	March 31,
	2026	2025
(In thousands)
Net income	$27,355	$31,037
Other comprehensive income (loss):
Changes in net unrealized losses on debt securities available for sale	(22,897)	44,489
Deferred tax benefit (expense)	6,769	(13,153)
Changes in net unrealized losses on debt securities available for sale, net of tax	(16,128)	31,336
Total comprehensive income	$11,227	$62,373

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WESTAMERICA BANCORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(unaudited)
Common · Accumulated
Common · Stock and · Other
Shares · Additional · Deferred · Comprehensive · Retained
	Outstanding	Paid-in Capital	Compensation	(Loss) Income	Earnings	Total
(In thousands except per share data)
Balance, December 31, 2024	26,708	$476,471	$35	$(168,104)	$581,555	$889,957
Net income for the period					31,037	31,037
Other comprehensive income				31,336		31,336
Restricted stock activity	12	623				623
Stock based compensation	-	300				300
Stock awarded to employees	1	41				41
Excise tax on net common stock repurchases		(179)				(179)
Retirement of common stock	(361)	(6,447)			(11,778)	(18,225)
Dividends ($0.44 per share)					(11,752)	(11,752)
Balance, March 31, 2025	26,360	$470,809	$35	$(136,768)	$589,062	$923,138
Balance, December 31, 2025	24,623	$439,980	$35	$(91,139)	$584,633	$933,509
Net income for the period					27,355	27,355
Other comprehensive loss				(16,128)		(16,128)
Restricted stock activity	9	476				476
Stock based compensation	-	225				225
Stock awarded to employees	-	33				33
Excise tax on net common stock repurchases		(508)				(508)
Retirement of common stock	(1,001)	(17,893)			(33,110)	(51,003)
Dividends ($0.46 per share)					(11,269)	(11,269)
Balance, March 31, 2026	23,631	$422,313	$35	$(107,267)	$567,609	$882,690

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WESTAMERICA BANCORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
	For the Three Months
	Ended March 31,
	2026	2025
(In thousands)
Operating Activities:
Net income	$27,355	$31,037
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization/accretion	929	2,009
Reversal of provision for credit losses	(300)	(550)
Net amortization of deferred net loan cost	67	83
Stock option compensation expense	225	300
Bank owned life insurance gains	-	(102)
Income taxes payable (receivable)	6,123	5,538
Net changes in:
Interest income receivable	381	2,483
Equity securities held for trading	247	-
Net deferred tax asset	4,171	5,263
Other assets	(1,496)	827
Interest expense payable	130	155
Other liabilities	1,907	(4,649)
Net Cash Provided by Operating Activities	39,739	42,394
Investing Activities:
Net repayments of loans	30,089	48,871
Proceeds from bank owned life insurance policies	-	506
Purchases of debt securities available for sale	(333,409)	(38,994)
Proceeds from maturity/calls of debt securities available for sale	183,592	241,235
Proceeds from maturity/calls of debt securities held to maturity	21,868	6,864
Purchases of premises and equipment	(1,015)	(199)
Net Cash (Used in) Provided by Investing Activities	(98,875)	258,283
Financing Activities:
Net change in deposits	(56,267)	(137,755)
Net change in short-term borrowings	7,158	(7,103)
Retirement of common stock	(51,003)	(18,225)
Common stock dividends paid	(11,269)	(11,752)
Net Cash Used in Financing Activities	(111,381)	(174,835)
Net Change In Cash and Due from Banks	(170,517)	125,842
Cash and Due from Banks at Beginning of Period	567,801	601,494
Cash and Due from Banks at End of Period	$397,284	$727,336
Supplemental Cash Flow Disclosures:
Supplemental disclosure of noncash activities:
Right-of-use assets acquired in exchange for operating lease liabilities	$335	$3,494
Securities purchases pending settlement	2,217	-
Supplemental disclosure of cash flow activities:
Cash paid for amounts included in operating lease liabilities	1,675	1,636
Interest paid for the period	3,165	3,241

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**NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

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