WABC Westamerica Bancorporation

NASDAQ
$57.92

Westamerica Bancorporation Reports Second Quarter 2026 Financial Results

Thursday, July 16, 2026 · 11:04 AM ET GlobeNewswire

SAN RAFAEL, Calif., July 16, 2026 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the second quarter 2026 of $27.4 million and diluted earnings per common share ("EPS") of $1.17. Second quarter 2026 results compare to first quarter 2026 net income of $27.4 million and EPS of $1.13.

"Westamerica’s second quarter 2026 results benefited from the Company’s low-cost operating principles. The annualized cost of funding interest-earning loans, bonds and cash was 0.24 percent for the second quarter 2026. Operating expenses were well controlled and credit quality remained stable with nonperforming assets of $808 thousand at June 30, 2026”, said Chairman, President and CEO David Payne. “Second quarter 2026 results generated an annualized 11.3 percent return on average common equity. Westamerica paid a $0.48 per common share dividend during the second quarter 2026, and retired 753 thousand common shares using its share repurchase plan,” concluded Payne.

Net interest income on a fully-taxable equivalent (FTE) basis was $52.7 million for the second quarter 2026, compared to $52.7 million for the first quarter 2026. The annualized yield earned on loans, bonds and cash for the second quarter 2026 was 4.01 percent, compared to 3.98 percent for the first quarter 2026. The annualized cost of funding interest-earning loans, bonds and cash was 0.24 percent for the second quarter 2026, unchanged from the first quarter 2026.

The Company provided no provision for credit losses in the second quarter 2026 compared to a $300 thousand reversal of provision for credit losses in the first quarter of 2026. The Allowance for Credit Losses on Loans was $10.8 million at June 30, 2026 compared to $11.2 million at March 31, 2026.

Noninterest income for the second quarter 2026 totaled $10.3 million compared to $9.6 million for the first quarter 2026. The increase in noninterest income is primarily due to higher merchant processing fees, debit card fees and unrealized gains recognized on equity securities.

Noninterest expense for the second quarter 2026 totaled $26.0 million compared to $25.9 million for the first quarter 2026. The increase in noninterest expense is primarily due to higher salaries and benefits expense due to one more business day in the second quarter 2026 compared to the first quarter 2026 and higher professional fees partially offset by lower occupancy and equipment expense.

The income tax provision (FTE) for the second quarter 2026 was $9.5 million compared to $9.3 million for the first quarter 2026.

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 March 31, 2026 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 July 16, 2026 
WESTAMERICA BANCORPORATION   
FINANCIAL HIGHLIGHTS    
June 30, 2026    
      
1. Net Income Summary.    
  (in thousands except per-share amounts)
    % 
  Q2'2026Q2'2025ChangeQ1'2026
      
 Net Interest and Loan Fee    
 Income (FTE)$52,674 $54,562 -3.5%$52,690 
 (Reversal of) Provision    
 for Credit Losses -  - n/m (300)
 Noninterest Income 10,294  10,315 -0.2% 9,607 
 Noninterest Expense 26,037  25,529 2.0% 25,911 
 Income Before Taxes (FTE) 36,931  39,348 -6.1% 36,686 
 Income Tax Provision (FTE) 9,546  10,282 -7.2% 9,331 
 Net Income$27,385 $29,066 -5.8%$27,355 
      
 Average Common Shares    
 Outstanding 23,306  25,889 -10.0% 24,306 
 Diluted Average Common    
 Shares Outstanding 23,319  25,889 -9.9% 24,306 
      
 Operating Ratios:    
 Basic Earnings Per Common    
 Share$1.17 $1.12 4.9%$1.13 
 Diluted Earnings Per    
 Common Share 1.17  1.12 4.5% 1.13 
 Return On Assets (a) 1.84% 1.93%  1.84%
 Return On Common    
 Equity (a) 11.3% 11.2%  11.0%
 Net Interest Margin (FTE) (a) 3.77% 3.85%  3.74%
 Efficiency Ratio (FTE) 41.3% 39.3%  41.6%
      
 Dividends Paid Per Common    
 Share$0.48 $0.46 4.3%$0.46 
 Common Dividend Payout    
 Ratio 41% 41%  41%
      
    % 
  6/30'26YTD6/30'25YTDChange 
      
 Net Interest and Loan Fee    
 Income (FTE)$105,364 $110,952 -5.0% 
 Reversal of Provision    
 for Credit Losses (300) (550)n/m 
 Noninterest Income 19,901  20,636 -3.6% 
 Noninterest Expense 51,948  50,656 2.6% 
 Income Before Taxes (FTE) 73,617  81,482 -9.7% 
 Income Tax Provision (FTE) 18,877  21,379 -11.7% 
 Net Income$54,740 $60,103 -8.9% 
      
 Average Common Shares    
 Outstanding 23,804  26,263 -9.4% 
 Diluted Average Common    
 Shares Outstanding 23,810  26,263 -9.3% 
      
 Operating Ratios:    
 Basic Earnings Per Common    
 Share$2.30 $2.29 0.4% 
 Diluted Earnings Per    
 Common Share 2.30  2.29 0.4% 
 Return On Assets (a) 1.84% 1.98%  
 Return On Common    
 Equity (a) 11.1% 11.6%  
 Net Interest Margin (FTE) (a) 3.75% 3.87%  
 Efficiency Ratio (FTE) 41.5% 38.5%  
      
 Dividends Paid Per Common    
 Share$0.94 $0.90 4.4% 
 Common Dividend Payout    
 Ratio 41% 39%  
      
2. Net Interest Income.    
  (dollars in thousands)
    % 
  Q2'2026Q2'2025ChangeQ1'2026
      
 Interest and Loan Fee    
 Income (FTE)$55,995 $57,751 -3.0%$55,985 
 Interest Expense 3,321  3,189 4.1% 3,295 
 Net Interest and Loan Fee    
 Income (FTE)$52,674 $54,562 -3.5%$52,690 
      
 Average Earning Assets$5,577,857 $5,652,443 -1.3%$5,644,066 
 Average Interest-Bearing    
 Liabilities 2,766,057  2,693,505 2.7% 2,754,298 
      
 Yield on Earning Assets    
 (FTE) (a) 4.01% 4.07%  3.98%
 Cost of Funds (a) 0.24% 0.22%  0.24%
 Net Interest Margin (FTE) (a) 3.77% 3.85%  3.74%
 Interest Expense /    
 Interest-Bearing    
 Liabilities (a) 0.48% 0.48%  0.49%
 Net Interest Spread (FTE) (a) 3.53% 3.59%  3.49%
      
    % 
  6/30'26YTD6/30'25YTDChange 
      
 Interest and Loan Fee    
 Income (FTE)$111,980 $117,537 -4.7% 
 Interest Expense 6,616  6,585 0.5% 
 Net Interest and Loan Fee    
 Income (FTE)$105,364 $110,952 -5.0% 
      
 Average Earning Assets$5,610,780 $5,723,246 -2.0% 
 Average Interest-Bearing    
 Liabilities 2,760,211  2,731,590 1.0% 
      
 Yield on Earning Assets    
 (FTE) (a) 3.99% 4.11%  
 Cost of Funds (a) 0.24% 0.24%  
 Net Interest Margin (FTE) (a) 3.75% 3.87%  
 Interest Expense /    
 Interest-Bearing    
 Liabilities (a) 0.48% 0.49%  
 Net Interest Spread (FTE) (a) 3.51% 3.62%  
      
3. Loans & Other Earning Assets.   
  (average volume, dollars in thousands)
    % 
  Q2'2026Q2'2025ChangeQ1'2026
      
 Total Assets$5,967,886 $6,042,100 -1.2%$6,034,899 
 Total Earning Assets 5,577,857  5,652,443 -1.3% 5,644,066 
 Total Loans 682,900  762,216 -10.4% 708,613 
 Commercial Loans 107,763  115,943 -7.1% 110,159 
 Commercial Real Estate    
 Loans 465,156  488,960 -4.9% 477,402 
 Consumer Loans 109,981  157,313 -30.1% 121,052 
 Total Investment Securities 4,569,681  4,236,303 7.9% 4,469,072 
 Debt Securities Available for    
 Sale 3,759,010  3,385,972 11.0% 3,643,302 
 Debt Securities Held to    
 Maturity 796,225  836,104 -4.8% 811,170 
 Equity Securities 14,446  14,227 1.5% 14,600 
 Total Interest-Bearing Cash 325,276  653,924 -50.3% 466,381 
      
 Loans / Deposits 14.2% 15.7%  14.7%
      
    % 
  6/30'26YTD6/30'25YTDChange 
      
 Total Assets$6,001,208 $6,114,310 -1.8% 
 Total Earning Assets 5,610,780  5,723,246 -2.0% 
 Total Loans 695,686  775,999 -10.3% 
 Commercial Loans 108,955  118,054 -7.7% 
 Commercial Real Estate    
 Loans 471,245  493,146 -4.4% 
 Consumer Loans 115,486  164,799 -29.9% 
 Total Investment Securities 4,519,655  4,315,494 4.7% 
 Debt Securities Available for    
 Sale 3,701,476  3,462,326 6.9% 
 Debt Securities Held to    
 Maturity 803,656  838,941 -4.2% 
 Equity Securities 14,523  14,227 2.1% 
 Total Interest-Bearing Cash 395,439  631,753 -37.4% 
      
 Loans / Deposits 14.5% 15.8%  
      
4. Deposits, Other Interest-Bearing Liabilities & Equity.  
  (average volume, dollars in thousands)
    % 
  Q2'2026Q2'2025ChangeQ1'2026
      
 Total Deposits$4,795,518 $4,841,803 -1.0%$4,822,635 
 Noninterest Demand 2,168,936  2,245,077 -3.4% 2,206,530 
 Interest-Bearing Transaction 931,438  908,367 2.5% 920,543 
 Savings 1,630,311  1,611,845 1.1% 1,628,180 
 Time greater than $100K 22,335  27,306 -18.2% 23,738 
 Time less than $100K 42,498  49,208 -13.6% 43,644 
 Total Short-Term Borrowings 139,475  96,779 44.1% 138,193 
 Securities Sold under    
 Repurchase Agreements 139,475  96,779 44.1% 138,193 
 Shareholders' Equity 971,898  1,037,185 -6.3% 1,008,613 
      
 Demand Deposits /    
 Total Deposits 45.2% 46.4%  45.8%
 Transaction & Savings    
 Deposits / Total Deposits 98.6% 98.4%  98.6%
      
    % 
  6/30'26YTD6/30'25YTDChange 
      
 Total Deposits$4,809,002 $4,899,856 -1.9% 
 Noninterest Demand 2,187,629  2,268,936 -3.6% 
 Interest-Bearing Transaction 926,021  921,637 0.5% 
 Savings 1,629,251  1,630,633 -0.1% 
 Time greater than $100K 23,033  28,377 -18.8% 
 Time less than $100K 43,068  50,273 -14.3% 
 Total Short-Term Borrowings 138,838  100,670 37.9% 
 Securities Sold under    
 Repurchase Agreements 138,838  100,670 37.9% 
 Shareholders' Equity 990,154  1,046,504 -5.4% 
      
 Demand Deposits /    
 Total Deposits 45.5% 46.3%  
 Transaction & Savings    
 Deposits / Total Deposits 98.6% 98.4%  
      
5. Interest Yields Earned & Rates Paid.   
  (dollars in thousands) 
  Q2'2026 
  AverageIncome/Yield (a) / 
  VolumeExpenseRate (a) 
      
 Interest & Loan Fee Income Earned:    
 Total Earning Assets (FTE)$5,577,857 $55,995 4.01% 
 Total Loans (FTE) 682,900  9,719 5.71% 
 Commercial Loans (FTE) 107,763  1,642 6.11% 
 Commercial Real Estate    
 Loans 465,156  6,338 5.46% 
 Consumer Loans 109,981  1,739 6.34% 
 Total Investment Securities (FTE) 4,569,681  43,275 3.78% 
 Total Debt Securities    
 Available for Sale (FTE) 3,759,010  34,629 3.68% 
 Corporate Securities 1,923,302  13,161 2.74% 
 Collateralized Loan    
 Obligations 247,344  3,506 5.61% 
 Agency Mortgage Backed    
 Securities 1,237,212  14,898 4.82% 
 Securities of U.S.    
 Government Sponsored    
 Entities 307,779  2,709 3.52% 
 Obligations of States and    
 Political Subdivisions    
 (FTE) 43,373  355 3.27% 
 Total Debt Securities Held to    
 Maturity (FTE) 796,225  8,184 4.11% 
 Agency Mortgage Backed    
 Securities 43,018  274 2.54% 
 Corporate Securities 732,792  7,716 4.21% 
 Obligations of States and    
 Political Subdivisions    
 (FTE) 20,415  194 3.80% 
 Equity Securities (FTE) 14,446  462 12.79% 
 Total Interest-Bearing Cash 325,276  3,001 3.65% 
      
 Interest Expense Paid:    
 Total Earning Assets 5,577,857  3,321 0.24% 
 Total Interest-Bearing    
 Liabilities 2,766,057  3,321 0.48% 
 Total Interest-Bearing    
 Deposits 2,626,582  3,110 0.48% 
 Interest-Bearing Transaction 931,438  45 0.02% 
 Savings 1,630,311  3,024 0.74% 
 Time less than $100K 42,498  31 0.29% 
 Time greater than $100K 22,335  10 0.18% 
 Total Short-Term Borrowings 139,475  211 0.60% 
 Securities Sold under    
 Repurchase Agreements 139,475  211 0.60% 
      
 Net Interest Income and    
 Margin (FTE) $52,674 3.77% 
      
  Q2'2025 
  AverageIncome/Yield (a) / 
  VolumeExpenseRate (a) 
      
 Interest & Loan Fee Income Earned:    
 Total Earning Assets (FTE)$5,652,443 $57,751 4.07% 
 Total Loans (FTE) 762,216  10,591 5.57% 
 Commercial Loans (FTE) 115,943  1,833 6.34% 
 Commercial Real Estate    
 Loans 488,960  6,452 5.29% 
 Consumer Loans 157,313  2,306 5.88% 
 Total Investment Securities (FTE) 4,236,303  39,887 3.75% 
 Total Debt Securities    
 Available for Sale (FTE) 3,385,972  30,920 3.64% 
 Corporate Securities 1,945,959  12,898 2.65% 
 Collateralized Loan    
 Obligations 792,914  12,405 6.19% 
 Agency Mortgage Backed    
 Securities 273,083  2,334 3.42% 
 Securities of U.S.    
 Government sponsored    
 Entities 311,923  2,777 3.56% 
 Obligations of States and    
 Political Subdivisions    
 (FTE) 62,093  506 3.26% 
 Total Debt Securities Held to    
 Maturity (FTE) 836,104  8,533 4.08% 
 Agency Mortgage Backed    
 Securities 51,839  304 2.35% 
 Corporate Securities 737,787  7,816 4.24% 
 Obligations of States and    
 Political Subdivisions    
 (FTE) 46,478  413 3.56% 
 Equity Securities (FTE) 14,227  434 12.21% 
 Total Interest-Bearing Cash 653,924  7,273 4.40% 
      
 Interest Expense Paid:    
 Total Earning Assets 5,652,443  3,189 0.22% 
 Total Interest-Bearing    
 Liabilities 2,693,505  3,189 0.48% 
 Total Interest-Bearing    
 Deposits 2,596,726  3,045 0.47% 
 Interest-Bearing Transaction 908,367  44 0.02% 
 Savings 1,611,845  2,950 0.73% 
 Time less than $100K 49,208  37 0.30% 
 Time greater than $100K 27,306  14 0.21% 
 Total Short-Term Borrowings 96,779  144 0.60% 
 Securities Sold under    
 Repurchase Agreements 96,779  144 0.60% 
      
 Net Interest Income and    
 Margin (FTE) $54,562 3.85% 
      
6. Noninterest Income.    
  (dollars in thousands except per-share amounts)
    % 
  Q2'2026Q2'2025ChangeQ1'2026
      
 Service Charges on Deposit    
 Accounts$3,380 $3,368 0.4%$3,332 
 Merchant Processing    
 Services 2,840  2,687 5.7% 2,739 
 Debit Card Fees 1,462  1,664 -12.1% 1,324 
 Trust Fees 965  867 11.3% 927 
 ATM Processing Fees 484  482 0.4% 450 
 Other Service Fees 445  450 -1.1% 408 
 Bank Owned    
 Life Insurance Gains -  106 n/m - 
 Unrealized Gains (Losses)    
 on Equity Securities 36  - n/m (247)
 Other Noninterest Income 682  691 -1.3% 674 
 Total Noninterest Income$10,294 $10,315 -0.2%$9,607 
      
 Operating Ratios:    
 Total Revenue (FTE)$62,968 $64,877 -2.9%$62,297 
 Noninterest Income /    
 Revenue (FTE) 16.3% 15.9%  15.4%
 Service Charges /    
 Avg. Deposits (a) 0.28% 0.28%  0.28%
 Total Revenue (FTE) Per    
 Avg. Common Share (a)$10.84 $10.05 7.8%$10.39 
      
    % 
  6/30'26YTD6/30'25YTDChange 
      
 Service Charges on Deposit    
 Accounts$6,712 $6,749 -0.5% 
 Merchant Processing    
 Services 5,579  5,420 2.9% 
 Debit Card Fees 2,786  3,245 -14.1% 
 Trust Fees 1,892  1,766 7.1% 
 ATM Processing Fees 934  945 -1.2% 
 Other Service Fees 853  879 -3.0% 
 Bank Owned    
 Life Insurance Gains -  208 n/m 
 Unrealized Losses on    
 Equity Securities (211) - n/m 
 Other Noninterest Income 1,356  1,424 -4.8% 
 Total Noninterest Income$19,901 $20,636 -3.6% 
      
 Operating Ratios:    
 Total Revenue (FTE)$125,265 $131,588 -4.8% 
 Noninterest Income /    
 Revenue (FTE) 15.9% 15.7%  
 Service Charges /    
 Avg. Deposits (a) 0.28% 0.28%  
 Total Revenue (FTE) Per    
 Avg. Common Share (a)$10.61 $10.10 5.0% 
      
7. Noninterest Expense.    
  (dollars in thousands)
    % 
  Q2'2026Q2'2025ChangeQ1'2026
      
 Salaries and Related Benefits$12,541 $12,303 1.9%$12,325 
 Occupancy and Equipment 5,209  5,154 1.1% 5,427 
 Outsourced Data Processing 2,781  2,709 2.7% 2,788 
 Limited Partnership    
 Operating Losses 1,110  915 21.3% 1,110 
 Professional Fees 660  386 71.0% 462 
 Courier Service 765  687 11.4% 734 
 Other Noninterest Expense 2,971  3,375 -12.0% 3,065 
 Total Noninterest Expense$26,037 $25,529 2.0%$25,911 
      
 Operating Ratios:    
 Noninterest Expense /    
 Avg. Earning Assets (a) 1.87% 1.81%  1.86%
 Noninterest Expense /    
 Revenues (FTE) 41.3% 39.3%  41.6%
      
    % 
  6/30'26YTD6/30'25YTDChange 
      
 Salaries and Related Benefits$24,866 $24,429 1.8% 
 Occupancy and Equipment 10,636  10,192 4.4% 
 Outsourced Data Processing 5,569  5,406 3.0% 
 Limited Partnership    
 Operating Losses 2,220  1,830 21.3% 
 Professional Fees 1,122  781 43.7% 
 Courier Service 1,499  1,375 9.0% 
 Other Noninterest Expense 6,036  6,643 -9.1% 
 Total Noninterest Expense$51,948 $50,656 2.6% 
      
 Operating Ratios:    
 Noninterest Expense /    
 Avg. Earning Assets (a) 1.87% 1.78%  
 Noninterest Expense /    
 Revenues (FTE) 41.5% 38.5%  
      
8. Allowance for Credit Losses.    
  (dollars in thousands)
    % 
  Q2'2026Q2'2025ChangeQ1'2026
      
 Average Total Loans$682,900 $762,216 -10.4%$708,613 
      
 Beginning of Period    
 Allowance for Credit    
 Losses on Loans (ACLL)$11,151 $13,914 -19.9%$11,573 
 (Reversal of) Provision    
 for Credit Losses -  - n/m (300)
 Net ACLL Losses (361) (127)184.3% (122)
 End of Period ACLL$10,790 $13,787 -21.7%$11,151 
      
 Gross ACLL Recoveries /    
 Gross ACLL Losses 58% 87%  85%
 Net ACLL Losses /    
 Avg. Total Loans (a) -0.21% -0.07%  -0.07%
      
    % 
  6/30'26YTD6/30'25YTDChange 
      
 Average Total Loans$695,686 $775,999 -10.3% 
      
 Beginning of Period ACLL$11,573 $14,780 -21.7% 
 Reversal of Provision for    
 Credit Losses (300) (550)n/m 
 Net ACLL Losses (483) (443)9.0% 
 End of Period ACLL$10,790 $13,787 -21.7% 
      
 Gross ACLL Recoveries /    
 Gross ACLL Losses 71% 83%  
 Net ACLL Losses /    
 Avg. Total Loans (a) -0.14% -0.12%  
      
  (dollars in thousands)
    % 
  6/30/266/30/25Change3/31/26
 Allowance for Credit Losses    
 on Loans$10,790 $13,787 -21.7%$11,151 
 Allowance for Credit Losses    
 on Held to Maturity    
 Securities 1  1 0.0% 1 
 Total Allowance for Credit    
 Losses$10,791 $13,788 -21.7%$11,152 
      
 Allowance for Unfunded    
 Credit Commitments$201 $201 0.0%$201 
      
9. Credit Quality.    
  (dollars in thousands)
    % 
  6/30/266/30/25Change3/31/26
      
 Nonperforming Loans:    
 Nonperforming Nonaccrual    
 Loans$183 $- n/m$380 
 Performing Nonaccrual    
 Loans 342  4,553 -92.5% 785 
 Total Nonaccrual Loans 525  4,553 -88.5% 1,165 
 Accruing Loans 90+ Days    
 Past Due 283  411 -31.1% 277 
 Total Nonperforming Loans$808 $4,964 -83.7%$1,442 
      
 Total Loans Outstanding$668,833 $748,264 -10.6%$696,204 
      
 Total Assets 5,805,061  5,825,069 -0.3% 5,864,450 
      
 Loans:    
 Allowance for Credit Losses    
 on Loans$10,790 $13,787 -21.7%$11,151 
 Allowance for Credit Losses    
 on Loans / Loans 1.61% 1.84%  1.60%
 Nonperforming Loans /    
 Total Loans 0.12% 0.66%  0.21%
      
10. Capital.    
  (in thousands, except per-share amounts)
    % 
  6/30/266/30/25Change3/31/26
      
 Shareholders' Equity$853,148 $921,783 -7.4%$882,690 
 Total Assets 5,805,061  5,825,069 -0.3% 5,864,450 
 Shareholders' Equity/    
 Total Assets 14.70% 15.82%  15.05%
 Shareholders' Equity/    
 Total Loans 127.56% 123.19%  126.79%
 Tangible Common Equity    
 Ratio 12.87% 14.03%  13.25%
 Common Shares Outstanding 23,002  25,587 -10.1% 23,631 
 Common Equity Per Share$37.09 $36.03 3.0%$37.35 
 Market Value Per Common    
 Share 58.67  48.44 21.1% 52.15 
      
  (shares in thousands)
    % 
  Q2'2026Q2'2025ChangeQ1'2026
 Share Retirements (Issuances):    
 Total Shares Retired 753  773 n/m 1,001 
 Average Retirement Price$55.14 $49.61 n/m$50.94 
 Net Shares Retired 629  773 n/m 992 
      
    % 
  6/30'26YTD6/30'25YTDChange 
      
 Total Shares Retired 1,754  1,134 n/m 
 Average Retirement Price$52.74 $49.88 n/m 
 Net Shares Retired 1,621  1,121 n/m 
      
11. Period-End Balance Sheets.    
  (unaudited, dollars in thousands)
    % 
  6/30/266/30/25Change3/31/26
 Assets:    
 Cash and Due from Banks$301,934 $626,437 -51.8%$397,284 
      
 Debt Securities Available for    
 Sale:    
 Corporate Securities 1,796,083  1,792,021 0.2% 1,835,522 
 Collateralized Loan    
 Obligations 208,302  780,147 -73.3% 293,987 
 Agency Mortgage Backed    
 Securities 1,297,830  291,543 345.2% 1,123,422 
 Securities of U.S.    
 Government Sponsored    
 Entities 296,531  301,903 -1.8% 298,502 
 Obligations of States and    
 Political Subdivisions 40,431  60,835 -33.5% 45,422 
 Total Debt Securities    
 Available for Sale 3,639,177  3,226,449 12.8% 3,596,855 
      
 Debt Securities Held to    
 Maturity:    
 Agency Mortgage Backed    
 Securities 58,202  49,878 16.7% 41,271 
 Corporate Securities 733,806  738,846 -0.7% 732,168 
 Obligations of States and    
 Political Subdivisions (1) 15,838  45,715 -65.4% 26,119 
 Total Debt Securities    
 Held to Maturity (1) 807,846  834,439 -3.2% 799,558 
      
 Loans 668,833  748,264 -10.6% 696,204 
 Allowance For Credit Losses    
 on Loans (10,790) (13,787)-21.7% (11,151)
 Total Loans, net 658,043  734,477 -10.4% 685,053 
      
 Premises and Equipment, net 25,592  25,850 -1.0% 25,968 
 Identifiable Intangibles, net -  19 n/m - 
 Goodwill 121,673  121,673 0.0% 121,673 
 Other Assets 250,796  255,725 -1.9% 238,059 
      
 Total Assets$5,805,061 $5,825,069 -0.3%$5,864,450 
      
 Liabilities and Shareholders'    
 Equity:    
 Deposits:    
 Noninterest-Bearing$2,141,783 $2,175,841 -1.6%$2,135,925 
 Interest-Bearing Transaction 908,521  894,774 1.5% 939,285 
 Savings 1,660,534  1,603,974 3.5% 1,643,599 
 Time 61,939  72,946 -15.1% 64,943 
 Total Deposits 4,772,777  4,747,535 0.5% 4,783,752 
      
 Securities Sold under    
 Repurchase Agreements 131,813  101,210 30.2% 144,456 
 Total Short-Term    
 Borrowed Funds 131,813  101,210 30.2% 144,456 
      
 Other Liabilities 47,323  54,541 -13.2% 53,552 
 Total Liabilities 4,951,913  4,903,286 1.0% 4,981,760 
      
 Shareholders' Equity:    
 Common Equity:    
 Paid-In Capital 415,038  456,964 -9.2% 422,348 
 Accumulated Other    
 Comprehensive Loss (117,592) (116,747)0.7% (107,267)
 Retained Earnings 555,702  581,566 -4.4% 567,609 
 Total Shareholders' Equity 853,148  921,783 -7.4% 882,690 
      
 Total Liabilities and    
 Shareholders' Equity$5,805,061 $5,825,069 -0.3%$5,864,450 
      
12. Income Statements.    
  (unaudited, in thousands except per-share amounts)
    % 
  Q2'2026Q2'2025ChangeQ1'2026
 Interest and Loan Fee Income:    
 Loans$9,663 $10,523 -8.2%$9,879 
 Equity Securities 433  408 6.1% 446 
 Debt Securities Available    
 for Sale 34,556  30,815 12.1% 32,695 
 Debt Securities Held to    
 Maturity 8,144  8,448 -3.6% 8,494 
 Interest-Bearing Cash 3,001  7,273 -58.7% 4,256 
 Total Interest and Loan    
 Fee Income 55,797  57,467 -2.9% 55,770 
      
 Interest Expense:    
 Transaction Deposits 45  44 2.3% 45 
 Savings Deposits 3,024  2,950 2.5% 3,002 
 Time Deposits 41  51 -19.6% 42 
 Securities Sold under    
 Repurchase Agreements 211  144 46.1% 206 
 Total Interest Expense 3,321  3,189 4.1% 3,295 
      
 Net Interest and Loan    
 Fee Income 52,476  54,278 -3.3% 52,475 
      
 (Reversal of) Provision    
 for Credit Losses -  - n/m (300)
      
 Noninterest Income:    
 Service Charges on Deposit    
 Accounts 3,380  3,368 0.4% 3,332 
 Merchant Processing    
 Services 2,840  2,687 5.7% 2,739 
 Debit Card Fees 1,462  1,664 -12.1% 1,324 
 Trust Fees 965  867 11.3% 927 
 ATM Processing Fees 484  482 0.4% 450 
 Other Service Fees 445  450 -1.1% 408 
 Bank Owned    
 Life Insurance Gains -  106 n/m - 
 Other Noninterest Income 718  691 3.9% 427 
 Total Noninterest Income 10,294  10,315 -0.2% 9,607 
      
 Noninterest Expense:    
 Salaries and Related Benefits 12,541  12,303 1.9% 12,325 
 Occupancy and Equipment 5,209  5,154 1.1% 5,427 
 Outsourced Data Processing 2,781  2,709 2.7% 2,788 
 Limited Partnership    
 Operating Losses 1,110  915 21.3% 1,110 
 Professional Fees 660  386 71.0% 462 
 Courier Service 765  687 11.4% 734 
 Other Noninterest Expense 2,971  3,375 -12.0% 3,065 
 Total Noninterest Expense 26,037  25,529 2.0% 25,911 
      
 Income Before Income Taxes 36,733  39,064 -6.0% 36,471 
 Income Tax Provision 9,348  9,998 -6.5% 9,116 
 Net Income$27,385 $29,066 -5.8%$27,355 
      
 Average Common Shares    
 Outstanding 23,306  25,889 -10.0% 24,306 
 Diluted Average Common    
 Shares Outstanding 23,319  25,889 -9.9% 24,306 
      
 Per Common Share Data:    
 Basic Earnings$1.17 $1.12 4.9%$1.13 
 Diluted Earnings 1.17  1.12 4.5% 1.13 
 Dividends Paid 0.48  0.46 4.3% 0.46 
      
    % 
  6/30'26YTD6/30'25YTDChange 
 Interest and Loan Fee Income:    
 Loans$19,542 $21,192 -7.8% 
 Equity Securities 879  830 5.9% 
 Debt Securities Available    
 for Sale 67,251  64,018 5.0% 
 Debt Securities Held to    
 Maturity 16,638  16,942 -1.8% 
 Interest-Bearing Cash 7,257  13,976 -48.1% 
 Total Interest and Loan    
 Fee Income 111,567  116,958 -4.6% 
      
 Interest Expense:    
 Transaction Deposits 90  90 0.0% 
 Savings Deposits 6,026  6,078 -0.9% 
 Time Deposits 83  106 -21.7% 
 Securities Sold under    
 Repurchase Agreements 417  311 34.1% 
 Total Interest Expense 6,616  6,585 0.5% 
      
 Net Interest and Loan    
 Fee Income 104,951  110,373 -4.9% 
      
 Reversal of Provision    
 for Credit Losses (300) (550)n/m 
      
 Noninterest Income:    
 Service Charges on Deposit 6,712  6,749 -0.5% 
 Accounts    
 Merchant Processing    
 Services 5,579  5,420 2.9% 
 Debit Card Fees 2,786  3,245 -14.1% 
 Trust Fees 1,892  1,766 7.1% 
 ATM Processing Fees 934  945 -1.2% 
 Other Service Fees 853  879 -3.0% 
 Bank Owned    
 Life Insurance Gains -  208 n/m 
 Other Noninterest Income 1,145  1,424 -19.6% 
 Total Noninterest Income 19,901  20,636 -3.6% 
      
 Noninterest Expense:    
 Salaries and Related Benefits 24,866  24,429 1.8% 
 Occupancy and Equipment 10,636  10,192 4.4% 
 Outsourced Data Processing 5,569  5,406 3.0% 
 Limited Partnership    
 Operating Losses 2,220  1,830 21.3% 
 Professional Fees 1,122  781 43.7% 
 Courier Service 1,499  1,375 9.0% 
 Other Noninterest Expense 6,036  6,643 -9.1% 
 Total Noninterest Expense 51,948  50,656 2.6% 
      
 Income Before Income Taxes 73,204  80,903 -9.5% 
 Income Tax Provision 18,464  20,800 -11.2% 
 Net Income$54,740 $60,103 -8.9% 
      
 Average Common Shares    
 Outstanding 23,804  26,263 -9.4% 
 Diluted Average Common    
 Shares Outstanding 23,810  26,263 -9.3% 
      
 Per Common Share Data:    
 Basic Earnings$2.30 $2.29 0.4% 
 Diluted Earnings 2.30  2.29 0.4% 
 Dividends Paid 0.94  0.90 4.4% 
      
 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 June 30, 2026, March 31, 2026 and June 30, 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.




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Source: Westamerica Bancorporation
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