WESTAMERICA BANCORPORATION

For the period ended Sep 30, 2026. Filed Nov 6, 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.

Sep 30, 2026 · Filed Nov 6, 2026

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

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Contents

Item 1. Financial Statements

CONSOLIDATED BALANCE SHEETS

	At September 30,	At December 31,
	2026	2025
(In thousands)
Assets:
Cash and due from banks	$322,510	$567,801
Debt securities available for sale	3,595,820	3,468,734
Debt securities held to maturity, net of allowance for credit losses of $1 at September 30, 2026 and December 31, 2025 (Fair value of $760,219 at September 30, 2026 and $812,580 at December 31, 2025)	798,717	819,574
Loans	658,198	726,482
Allowance for credit losses on loans	(10,513)	(11,573)
Loans, net of allowance for credit losses on loans	647,685	714,909
Premises and equipment, net	25,590	25,722
Goodwill	121,673	121,673
Other assets	281,779	241,767
Total Assets	$5,793,774	$5,960,180
Liabilities:
Noninterest-bearing deposits	$2,166,615	$2,252,490
Interest-bearing deposits	2,649,750	2,587,529
Total deposits	4,816,365	4,840,019
Securities sold under repurchase agreements	139,062	137,298
Other liabilities	48,675	49,354
Total Liabilities	5,004,102	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: 23,084 at September 30, 2026 and 24,623 at December 31, 2025	421,670	439,980
Deferred compensation	35	35
Accumulated other comprehensive loss	(202,792)	(91,139)
Retained earnings	570,759	584,633
Total Shareholders' Equity	789,672	933,509
Total Liabilities and Shareholders' Equity	$5,793,774	$5,960,180

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CONSOLIDATED STATEMENTS OF INCOME

For the Three Months · For the Nine Months
	Ended September 30,
	2026	2025	2026	2025
(In thousands, except per share data)
Interest and Loan Fee Income:
Loans	$9,512	$10,257	$29,054	$31,449
Equity securities	433	409	1,312	1,239
Debt securities available for sale	36,130	30,358	103,381	94,376
Debt securities held to maturity	8,287	8,370	24,925	25,312
Interest-bearing cash	2,607	7,840	9,864	21,816
Total Interest and Loan Fee Income	56,969	57,234	168,536	174,192
Interest Expense:
Deposits	3,387	3,453	9,586	9,727
Securities sold under repurchase agreements	232	192	649	503
Total Interest Expense	3,619	3,645	10,235	10,230
Net Interest and Loan Fee Income	53,350	53,589	158,301	163,962
(Reversal of) Provision for Credit Losses	-	-	(300)	(550)
Net Interest and Loan Fee Income After (Reversal of) Provision for Credit Losses	53,350	53,589	158,601	164,512
Noninterest Income:
Service charges on deposit accounts	3,436	3,317	10,148	10,066
Merchant processing services	3,273	2,860	8,852	8,280
Debit card fees	1,398	1,603	4,184	4,848
Trust fees	1,031	895	2,923	2,661
ATM processing fees	493	483	1,427	1,428
Other service fees	441	448	1,294	1,327
Bank owned life insurance gains	-	-	-	208
Other noninterest income	631	545	1,776	1,969
Total Noninterest Income	10,703	10,151	30,604	30,787
Noninterest Expense:
Salaries and related benefits	12,394	12,387	37,260	36,816
Occupancy and equipment	5,436	5,253	16,072	15,445
Outsourced data processing services	2,805	2,722	8,374	8,128
Limited partnership operating losses	1,110	915	3,330	2,745
Courier service	828	738	2,327	2,113
Professional fees	710	643	1,832	1,424
Other noninterest expense	2,935	3,142	8,971	9,785
Total Noninterest Expense	26,218	25,800	78,166	76,456
Income Before Income Taxes	37,835	37,940	111,039	118,843
Provision for income taxes	9,683	9,677	28,147	30,477
Net Income	$28,152	$28,263	$82,892	$88,366
Average Common Shares Outstanding	23,084	25,341	23,561	25,953
Average Diluted Common Shares Outstanding	23,123	25,341	23,579	25,953
Per Common Share Data:
Basic earnings	$1.22	$1.12	$3.52	$3.40
Diluted earnings	1.22	1.12	3.52	3.40
Dividends paid	0.48	0.46	1.42	1.36

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

For the Three Months · For the Nine Months
	Ended September 30,
	2026	2025	2026	2025
(In thousands)
Net Income	$28,152	$28,263	$82,892	$88,366
Other Comprehensive (Loss) Income:
Changes in net unrealized losses on debt securities available for sale	(120,961)	23,899	(158,517)	96,812
Deferred tax benefit (expense)	35,761	(7,065)	46,864	(28,621)
Changes in net unrealized losses on debt securities available for sale, net of tax	(85,200)	16,834	(111,653)	68,191
Total Comprehensive (loss) Income	$(57,048)	$45,097	$(28,761)	$156,557

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CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

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, June 30, 2026	23,002	$415,003	$35	$(117,592)	$555,702	$853,148
Net income for the period					28,152	28,152
Other comprehensive loss				(85,200)		(85,200)
Exercise of stock options	132	7,375				7,375
Stock based compensation	-	225				225
Stock awarded to employees	1	16				16
Excise tax on net common stock repurchases		(30)				(30)
Retirement of common stock	(51)	(919)			(2,001)	(2,920)
Dividends ($0.48 per share)					(11,094)	(11,094)
Balance, September 30, 2026	23,084	$421,670	$35	$(202,792)	$570,759	$789,672
Balance, December 31, 2025	24,623	$439,980	$35	$(91,139)	$584,633	$933,509
Net income for the period					82,892	82,892
Other comprehensive loss				(111,653)		(111,653)
Exercise of stock options	255	13,716				13,716
Restricted stock activity	9	476				476
Stock based compensation	-	675				675
Stock awarded to employees	2	71				71
Excise tax on net common stock repurchases		(944)				(944)
Retirement of common stock	(1,805)	(32,304)			(63,135)	(95,439)
Dividends ($1.42 per share)					(33,631)	(33,631)
Balance, September 30, 2026	23,084	$421,670	$35	$(202,792)	$570,759	$789,672
Balance, June 30, 2025	25,587	$456,929	$35	$(116,747)	$581,566	$921,783
Net income for the period					28,263	28,263
Other comprehensive income				16,834		16,834
Exercise of stock options	8	376				376
Stock based compensation	-	200				200
Stock awarded to employees	-	9				9
Excise tax on net common stock repurchases		(239)				(239)
Retirement of common stock	(488)	(8,710)			(15,169)	(23,879)
Dividends ($0.46 per share)					(11,701)	(11,701)
Balance, September 30, 2025	25,107	$448,565	$35	$(99,913)	$582,959	$931,646
Balance, December 31, 2024	26,708	$476,471	$35	$(168,104)	$581,555	$889,957
Net income for the period					88,366	88,366
Other comprehensive income				68,191		68,191
Exercise of stock options	8	376				376
Restricted stock activity	12	623				623
Stock based compensation	-	800				800
Stock awarded to employees	1	59				59
Excise tax on net common stock repurchases		(802)				(802)
Retirement of common stock	(1,622)	(28,962)			(51,489)	(80,451)
Dividends ($1.36 per share)					(35,473)	(35,473)
Balance, September 30, 2025	25,107	$448,565	$35	$(99,913)	$582,959	$931,646

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CONSOLIDATED STATEMENTS OF CASH FLOWS

	For the Nine Months
	Ended September 30,
	2026	2025
(In thousands)
Operating Activities:
Net income	$82,892	$88,366
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,865	6,098
Reversal of provision for credit losses	(300)	(550)
Net amortization of deferred loan cost	215	240
Stock option compensation expense	675	800
Bank owned life insurance gains	-	(208)
Income taxes payable	1,209	3,744
Net changes in:
Interest income receivable	1,420	5,222
Equity securities held for trading	219	90
Other assets	(3,396)	(644)
Net deferred tax asset	3,387	4,212
Interest expense payable	130	138
Other liabilities	616	(12,179)
Net Cash Provided by Operating Activities	88,932	95,329
Investing Activities:
Net repayments of loans	67,309	75,611
Purchases of debt securities available for sale	(816,604)	(393,826)
Proceeds from maturity/calls of debt securities available for sale	529,404	579,372
Purchases of debt securities held to maturity	(19,328)	-
Proceeds from maturity/calls of debt securities held to maturity	45,246	22,894
Proceeds from bank owned life insurance policies	-	904
Purchases of premises and equipment	(1,980)	(1,620)
Net Cash (Used in) Provided by Investing Activities	(195,953)	283,335
Financing Activities:
Net change in deposits	(23,654)	(218,671)
Net change in short-term borrowings	1,764	13,329
Exercise of stock options	13,716	376
Retirement of common stock	(95,439)	(80,451)
Excise tax on net common stock repurchases	(1,026)	-
Common stock dividends paid	(33,631)	(35,473)
Net Cash Used in Financing Activities	(138,270)	(320,890)
Net Change In Cash and Due from Banks	(245,291)	57,774
Cash and Due from Banks at Beginning of Period	567,801	601,494
Cash and Due from Banks at End of Period	$322,510	$659,268
Supplemental Cash Flow Disclosures:
Supplemental disclosure of non cash activities:
Right-of-use assets acquired in exchange for operating lease liabilities	$3,660	$8,895
Securities purchases pending settlement	-	4,298
Supplemental disclosure of cash flow activities:
Cash paid for amounts included in operating lease liabilities	4,991	4,899
Interest paid for the period	10,105	10,092
Income tax payments for the period	24,730	22,520

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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.