WESTAMERICA BANCORPORATION

For the period ended Jun 30, 2026. Filed Aug 5, 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.

Jun 30, 2026 · Filed Aug 5, 2026

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

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Item 1. Financial Statements

WESTAMERICA BANCORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
	At June 30,	At December 31,
	2026	2025
(In thousands)
Assets:
Cash and due from banks	$301,934	$567,801
Debt securities available for sale	3,639,177	3,468,734
Debt securities held to maturity, net of allowance for credit losses of $1 at June 30, 2026 and December 31, 2025 (Fair value of $790,440 at June 30, 2026 and $812,580 at December 31, 2025)	807,846	819,574
Loans	668,833	726,482
Allowance for credit losses on loans	(10,790)	(11,573)
Loans, net of allowance for credit losses on loans	658,043	714,909
Premises and equipment, net	25,592	25,722
Goodwill	121,673	121,673
Other assets	250,796	241,767
Total Assets	$5,805,061	$5,960,180
Liabilities:
Noninterest-bearing deposits	$2,141,783	$2,252,490
Interest-bearing deposits	2,630,994	2,587,529
Total deposits	4,772,777	4,840,019
Securities sold under repurchase agreements	131,813	137,298
Other liabilities	47,323	49,354
Total Liabilities	4,951,913	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: 23,002 at June 30, 2026 and 24,623 at December 31, 2025	415,003	439,980
Deferred compensation	35	35
Accumulated other comprehensive loss	(117,592)	(91,139)
Retained earnings	555,702	584,633
Total Shareholders' Equity	853,148	933,509
Total Liabilities and Shareholders' Equity	$5,805,061	$5,960,180
See accompanying notes to unaudited consolidated financial statements.

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WESTAMERICA BANCORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
For the Three Months · For the Six Months
	Ended June 30,
	2026	2025	2026	2025
(In thousands, except per share data)
Interest and Loan Fee Income:
Loans	$9,663	$10,523	$19,542	$21,192
Equity securities	433	408	879	830
Debt securities available for sale	34,556	30,815	67,251	64,018
Debt securities held to maturity	8,144	8,448	16,638	16,942
Interest-bearing cash	3,001	7,273	7,257	13,976
Total Interest and Loan Fee Income	55,797	57,467	111,567	116,958
Interest Expense:
Deposits	3,110	3,045	6,199	6,274
Securities sold under repurchase agreements	211	144	417	311
Total Interest Expense	3,321	3,189	6,616	6,585
Net Interest and Loan Fee Income	52,476	54,278	104,951	110,373
Provision for (Reversal of) Credit Losses	-	-	(300)	(550)
Net Interest and Loan Fee Income After
Provision for (Reversal of) for Credit Losses	52,476	54,278	105,251	110,923
Noninterest Income:
Service charges on deposit accounts	3,380	3,368	6,712	6,749
Merchant processing services	2,840	2,687	5,579	5,420
Debit card fees	1,462	1,664	2,786	3,245
Trust fees	965	867	1,892	1,766
ATM processing fees	484	482	934	945
Other service fees	445	450	853	879
Bank owned life insurance gains	-	106	-	208
Other noninterest income	718	691	1,145	1,424
Total Noninterest Income	10,294	10,315	19,901	20,636
Noninterest Expense:
Salaries and related benefits	12,541	12,303	24,866	24,429
Occupancy and equipment	5,209	5,154	10,636	10,192
Outsourced data processing services	2,781	2,709	5,569	5,406
Limited partnership operating losses	1,110	915	2,220	1,830
Courier service	765	687	1,499	1,375
Professional fees	660	386	1,122	781
Other noninterest expense	2,971	3,375	6,036	6,643
Total Noninterest Expense	26,037	25,529	51,948	50,656
Income Before Income Taxes	36,733	39,064	73,204	80,903
Provision for income taxes	9,348	9,998	18,464	20,800
Net Income	$27,385	$29,066	$54,740	$60,103
Average Common Shares Outstanding	23,306	25,889	23,804	26,263
Average Diluted Common Shares Outstanding	23,319	25,889	23,810	26,263
Per Common Share Data:
Basic earnings	$1.17	$1.12	$2.30	$2.29
Diluted earnings	1.17	1.12	2.30	2.29
Dividends paid	0.48	0.46	0.94	0.90
See accompanying notes to unaudited consolidated financial statements.

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WESTAMERICA BANCORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
For the Three Months · For the Six Months
	Ended June 30,
	2026	2025	2026	2025
(In thousands)
Net income	$27,385	$29,066	$54,740	$60,103
Other comprehensive income (loss):
Changes in net unrealized losses on debt securities available for sale	(14,659)	28,424	(37,556)	72,913
Deferred tax benefit (expense)	4,334	(8,403)	11,103	(21,556)
Changes in net unrealized losses on debt securities available for sale, net of tax	(10,325)	20,021	(26,453)	51,357
Total comprehensive income	$17,060	$49,087	$28,287	$111,460
See accompanying notes to unaudited consolidated financial statements.

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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 dividend per share)
Balance, March 31, 2026	23,631	$422,313	$35	$(107,267)	$567,609	$882,690
Net income for the period					27,385	27,385
Other comprehensive loss				(10,325)		(10,325)
Exercise of stock options	123	6,341				6,341
Stock based compensation	-	225				225
Stock awarded to employees	1	22				22
Excise tax on net common stock repurchases		(406)				(406)
Retirement of common stock	(753)	(13,492)			(28,024)	(41,516)
Dividends ($0.48 per share)					(11,268)	(11,268)
Balance, June 30, 2026	23,002	$415,003	$35	$(117,592)	$555,702	$853,148
Balance, December 31, 2025	24,623	$439,980	$35	$(91,139)	$584,633	$933,509
Net income for the period					54,740	54,740
Other comprehensive loss				(26,453)		(26,453)
Exercise of stock options	123	6,341				6,341
Restricted stock activity	9	476				476
Stock based compensation	-	450				450
Stock awarded to employees	1	55				55
Excise tax on net common stock repurchases		(914)				(914)
Retirement of common stock	(1,754)	(31,385)			(61,134)	(92,519)
Dividends ($0.94 per share)					(22,537)	(22,537)
Balance, June 30, 2026	23,002	$415,003	$35	$(117,592)	$555,702	$853,148
Balance, March 31, 2025	26,360	$470,809	$35	$(136,768)	$589,062	$923,138
Net income for the period					29,066	29,066
Other comprehensive income				20,021		20,021
Stock based compensation	-	300				300
Stock awarded to employees	-	9				9
Excise tax on net common stock repurchases		(384)				(384)
Retirement of common stock	(773)	(13,805)			(24,542)	(38,347)
Dividends ($0.46 per share)					(12,020)	(12,020)
Balance, June 30, 2025	25,587	$456,929	$35	$(116,747)	$581,566	$921,783
Balance, December 31, 2024	26,708	$476,471	$35	$(168,104)	$581,555	$889,957
Net income for the period					60,103	60,103
Other comprehensive income				51,357		51,357
Restricted stock activity	12	623				623
Stock based compensation	-	600				600
Stock awarded to employees	1	50				50
Excise tax on net common stock repurchases		(563)				(563)
Retirement of common stock	(1,134)	(20,252)			(36,320)	(56,572)
Dividends ($0.90 per share)					(23,772)	(23,772)
Balance, June 30, 2025	25,587	$456,929	$35	$(116,747)	$581,566	$921,783

See accompanying notes to unaudited consolidated financial statements.

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WESTAMERICA BANCORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
	For the Six Months
	Ended June 30,
	2026	2025
(In thousands)
Operating Activities:
Net income	$54,740	$60,103
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization/accretion	1,665	4,221
Reversal of provision for credit losses	(300)	(550)
Stock option compensation expense	450	600
Amortization of deferred loan cost	141	161
Bank owned life insurance gains	-	(208)
Net change in:
Interest income receivable	1,446	4,435
Equity securities held for trading	211	-
Income taxes payable	(3,122)	(376)
Deferred income taxes	3,533	4,465
Other assets	(2,110)	(56)
Interest expense payable	147	141
Other liabilities	(1,525)	(7,025)
Net Cash Provided by Operating Activities	55,276	65,911
Investing Activities:
Net repayments of loans	57,025	71,432
Proceeds from bank owned life insurance policies	-	904
Purchases of debt securities available for sale	(600,154)	(88,992)
Proceeds from maturity/calls of debt securities available for sale	390,614	327,019
Purchases of debt securities held to maturity	(19,328)	-
Proceeds from maturity/calls of debt securities held to maturity	34,488	13,374
Purchases of premises and equipment	(1,320)	(934)
Net Cash (Used in) Provided by Investing Activities	(138,675)	322,803
Financing Activities:
Net change in:
Deposits	(67,242)	(264,315)
Short-term borrowings	(5,485)	(19,112)
Exercise of stock options	6,341	-
Retirement of common stock	(92,519)	(56,572)
Excise tax on net common stock repurchases	(1,026)	-
Common stock dividends paid	(22,537)	(23,772)
Net Cash Used in Financing Activities	(182,468)	(363,771)
Net Change in Cash and Due from Banks	(265,867)	24,943
Cash and Due from Banks at Beginning of Period	567,801	601,494
Cash and Due from Banks at End of Period	$301,934	$626,437
Supplemental Cash Flow Disclosures:
Supplemental disclosure of non cash activities:
Right-of-use assets acquired in exchange for operating lease liabilities	$2,989	$5,360
Supplemental disclosure of cash flow activities:
Cash paid for amounts included in operating lease liabilities	3,341	3,271
Interest paid for the period	6,469	6,444
Income tax payments for the period	19,230	16,710

See accompanying notes to unaudited consolidated financial statements.

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**NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.