Westamerica Bancorporation第二季純利跌4.6% 惟每股盈利1.17美元升4.5%

wabc20260630_10q.htm

 

Q2
2026
--12-31
false
0000311094
false
false
false
false
0
0
0
0
0
5
5
0
0
0
0
0
0
0
1
5
3
6
0
0
1
0
0
0
0

00003110942026-01-012026-06-30
thunderdome:item
xbrli:shares
0000311094us-gaap:EmployeeStockOptionMember2025-01-012025-06-30
0000311094us-gaap:EmployeeStockOptionMember2025-04-012025-06-30
0000311094us-gaap:EmployeeStockOptionMember2026-01-012026-06-30
0000311094us-gaap:EmployeeStockOptionMember2026-04-012026-06-30
iso4217:USDxbrli:shares
00003110942025-01-012025-06-30
00003110942025-04-012025-06-30
00003110942026-04-012026-06-30
iso4217:USD
0000311094us-gaap:UnfundedLoanCommitmentMember2025-12-31
0000311094us-gaap:UnfundedLoanCommitmentMember2026-06-30
00003110942025-12-31
00003110942026-06-30
0000311094wabc:CommercialStandbyLettersOfCreditMember2025-12-31
0000311094wabc:CommercialStandbyLettersOfCreditMember2026-06-30
0000311094us-gaap:FinancialStandbyLetterOfCreditMember2025-12-31
0000311094us-gaap:FinancialStandbyLetterOfCreditMember2026-06-30
0000311094wabc:EquityBasedMember2025-12-31
0000311094wabc:EquityBasedMember2026-06-30
0000311094us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-31
0000311094us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-31
0000311094us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-31
0000311094us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-31
0000311094us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-12-31
0000311094us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-06-30
0000311094us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-06-30
0000311094us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-06-30
0000311094us-gaap:EstimateOfFairValueFairValueDisclosureMember2026-06-30
0000311094us-gaap:CarryingReportedAmountFairValueDisclosureMember2026-06-30
0000311094us-gaap:FairValueMeasurementsNonrecurringMember2025-01-012025-12-31
0000311094us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2025-12-31
0000311094us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2025-12-31
0000311094us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2025-12-31
0000311094us-gaap:FairValueMeasurementsNonrecurringMember2025-12-31
0000311094wabc:ImpairedLoansMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMember2025-01-012025-12-31
0000311094wabc:ImpairedLoansMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMember2025-12-31
0000311094wabc:ImpairedLoansMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMember2025-12-31
0000311094wabc:ImpairedLoansMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMember2025-12-31
0000311094wabc:ImpairedLoansMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMember2025-12-31
0000311094us-gaap:FairValueMeasurementsNonrecurringMember2026-01-012026-06-30
0000311094us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2026-06-30
0000311094us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2026-06-30
0000311094us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2026-06-30
0000311094us-gaap:FairValueMeasurementsNonrecurringMember2026-06-30
0000311094wabc:ImpairedLoansMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMember2026-01-012026-06-30
0000311094wabc:ImpairedLoansMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMember2026-06-30
0000311094wabc:ImpairedLoansMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMember2026-06-30
0000311094wabc:ImpairedLoansMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMember2026-06-30
0000311094wabc:ImpairedLoansMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMember2026-06-30
0000311094us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-31
0000311094us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-31
0000311094us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-31
0000311094us-gaap:FairValueMeasurementsRecurringMember2025-12-31
0000311094us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMember2025-12-31
0000311094us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMember2025-12-31
0000311094us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMember2025-12-31
0000311094us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMember2025-12-31
0000311094us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2025-12-31
0000311094us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2025-12-31
0000311094us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2025-12-31
0000311094us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2025-12-31
0000311094us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2025-12-31
0000311094us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2025-12-31
0000311094us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2025-12-31
0000311094us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2025-12-31
0000311094us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-12-31
0000311094us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-12-31
0000311094us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-12-31
0000311094us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-12-31
0000311094us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberwabc:AgencyCommercialMBSMember2025-12-31
0000311094us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberwabc:AgencyCommercialMBSMember2025-12-31
0000311094us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberwabc:AgencyCommercialMBSMember2025-12-31
0000311094us-gaap:FairValueMeasurementsRecurringMemberwabc:AgencyCommercialMBSMember2025-12-31
0000311094us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberwabc:AgencyResidentialMBSMember2025-12-31
0000311094us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberwabc:AgencyResidentialMBSMember2025-12-31
0000311094us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberwabc:AgencyResidentialMBSMember2025-12-31
0000311094us-gaap:FairValueMeasurementsRecurringMemberwabc:AgencyResidentialMBSMember2025-12-31
0000311094us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2026-06-30
0000311094us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2026-06-30
0000311094us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-06-30
0000311094us-gaap:FairValueMeasurementsRecurringMember2026-06-30
0000311094us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMember2026-06-30
0000311094us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMember2026-06-30
0000311094us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMember2026-06-30
0000311094us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMember2026-06-30
0000311094us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2026-06-30
0000311094us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2026-06-30
0000311094us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2026-06-30
0000311094us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2026-06-30
0000311094us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2026-06-30
0000311094us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2026-06-30
0000311094us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2026-06-30
0000311094us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2026-06-30
0000311094us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2026-06-30
0000311094us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2026-06-30
0000311094us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2026-06-30
0000311094us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2026-06-30
0000311094us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberwabc:AgencyCommercialMBSMember2026-06-30
0000311094us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberwabc:AgencyCommercialMBSMember2026-06-30
0000311094us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberwabc:AgencyCommercialMBSMember2026-06-30
0000311094us-gaap:FairValueMeasurementsRecurringMemberwabc:AgencyCommercialMBSMember2026-06-30
0000311094us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberwabc:AgencyResidentialMBSMember2026-06-30
0000311094us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberwabc:AgencyResidentialMBSMember2026-06-30
0000311094us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberwabc:AgencyResidentialMBSMember2026-06-30
0000311094us-gaap:FairValueMeasurementsRecurringMemberwabc:AgencyResidentialMBSMember2026-06-30
0000311094wabc:FederalReserveMember2026-06-30
0000311094wabc:CorrespondingBanksMember2026-06-30
0000311094us-gaap:CorporateDebtSecuritiesMember2025-12-31
0000311094us-gaap:CorporateDebtSecuritiesMember2026-06-30
0000311094wabc:AgencyResidentialMBSMember2025-12-31
0000311094wabc:AgencyResidentialMBSMember2026-06-30
00003110942025-01-012025-12-31
xbrli:pure
utr:Y
0000311094wabc:ContingentCommitmentThereafterMember2026-06-30
0000311094wabc:ContingentCommitmentYear4Member2026-06-30
0000311094wabc:ContingentCommitmentYear3Member2026-06-30
0000311094wabc:ContingentCommitmentYear2Member2026-06-30
0000311094wabc:ContingentCommitmentYear1Member2026-06-30
0000311094wabc:ContingentCommitmentRemainderOfFiscalYearMember2026-06-30
0000311094wabc:VisaIncMember2026-06-30
0000311094wabc:VisaIncMember2026-01-012026-06-30
0000311094wabc:VisaIncMember2026-04-012026-06-30
0000311094us-gaap:CarryingReportedAmountFairValueDisclosureMemberwabc:VisaIncMember2026-06-30
0000311094wabc:ResidentialRealEstateLoansMember2026-06-30
0000311094wabc:CommercialRealEstateLoansMember2026-06-30
0000311094wabc:AggregateLoansMemberus-gaap:CustomerConcentrationRiskMembersrt:MinimumMember2026-06-30
0000311094wabc:AggregateLoansMemberus-gaap:CustomerConcentrationRiskMember2026-06-30
0000311094us-gaap:ConsumerPortfolioSegmentMember2025-01-012025-12-31
0000311094us-gaap:ConsumerPortfolioSegmentMember2025-12-31
0000311094us-gaap:ConsumerPortfolioSegmentMemberwabc:RevolvingLoansAmortizedCostBasisMember2025-12-31
0000311094us-gaap:ConsumerPortfolioSegmentMemberwabc:TotalTermLoansMember2025-12-31
0000311094us-gaap:ConsumerPortfolioSegmentMemberwabc:TermLoansOriginatedCurrentYearMember2025-12-31
0000311094us-gaap:ConsumerPortfolioSegmentMemberwabc:TermLoansOriginatedOneYearPriorMember2025-12-31
0000311094us-gaap:ConsumerPortfolioSegmentMemberwabc:TermLoansOriginatedTwoYearsPriorMember2025-12-31
0000311094us-gaap:ConsumerPortfolioSegmentMemberwabc:TermLoansOriginatedThreeYearsPriorMember2025-12-31
0000311094us-gaap:ConsumerPortfolioSegmentMemberwabc:TermLoansOriginatedFourYearsPriorMember2025-12-31
0000311094us-gaap:ConsumerPortfolioSegmentMemberwabc:TermLoanOriginatedPriorMember2025-12-31
0000311094us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-31
0000311094us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-12-31
0000311094us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-12-31
0000311094us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-12-31
0000311094us-gaap:ConsumerPortfolioSegmentMember2026-01-012026-06-30
0000311094us-gaap:ConsumerPortfolioSegmentMember2026-04-012026-06-30
0000311094us-gaap:ConsumerPortfolioSegmentMember2026-06-30
0000311094us-gaap:ConsumerPortfolioSegmentMemberwabc:RevolvingLoansAmortizedCostBasisMember2026-06-30
0000311094us-gaap:ConsumerPortfolioSegmentMemberwabc:TotalTermLoansMember2026-06-30
0000311094us-gaap:ConsumerPortfolioSegmentMemberwabc:TermLoansOriginatedCurrentYearMember2026-06-30
0000311094us-gaap:ConsumerPortfolioSegmentMemberwabc:TermLoansOriginatedOneYearPriorMember2026-06-30
0000311094us-gaap:ConsumerPortfolioSegmentMemberwabc:TermLoansOriginatedTwoYearsPriorMember2026-06-30
0000311094us-gaap:ConsumerPortfolioSegmentMemberwabc:TermLoansOriginatedThreeYearsPriorMember2026-06-30
0000311094us-gaap:ConsumerPortfolioSegmentMemberwabc:TermLoansOriginatedFourYearsPriorMember2026-06-30
0000311094us-gaap:ConsumerPortfolioSegmentMemberwabc:TermLoanOriginatedPriorMember2026-06-30
0000311094us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2026-06-30
0000311094us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2026-06-30
0000311094us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2026-06-30
0000311094us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2026-06-30
0000311094us-gaap:ResidentialPortfolioSegmentMember2025-01-012025-12-31
0000311094us-gaap:ResidentialPortfolioSegmentMember2025-12-31
0000311094us-gaap:ResidentialPortfolioSegmentMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMember2025-12-31
0000311094us-gaap:ResidentialPortfolioSegmentMemberus-gaap:DoubtfulMember2025-12-31
0000311094us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMember2025-12-31
0000311094us-gaap:ResidentialPortfolioSegmentMemberus-gaap:PassMember2025-12-31
0000311094us-gaap:ResidentialPortfolioSegmentMember2026-01-012026-06-30
0000311094us-gaap:ResidentialPortfolioSegmentMember2026-04-012026-06-30
0000311094us-gaap:ResidentialPortfolioSegmentMember2026-06-30
0000311094us-gaap:ResidentialPortfolioSegmentMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMember2026-06-30
0000311094us-gaap:ResidentialPortfolioSegmentMemberus-gaap:DoubtfulMember2026-06-30
0000311094us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMember2026-06-30
0000311094us-gaap:ResidentialPortfolioSegmentMemberus-gaap:PassMember2026-06-30
0000311094us-gaap:CommercialRealEstatePortfolioSegmentMember2025-01-012025-12-31
0000311094us-gaap:CommercialRealEstatePortfolioSegmentMember2025-12-31
0000311094us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMember2025-12-31
0000311094us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:DoubtfulMember2025-12-31
0000311094us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2025-12-31
0000311094us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2025-12-31
0000311094us-gaap:CommercialRealEstatePortfolioSegmentMember2026-01-012026-06-30
0000311094us-gaap:CommercialRealEstatePortfolioSegmentMember2026-04-012026-06-30
0000311094us-gaap:CommercialRealEstatePortfolioSegmentMember2026-06-30
0000311094us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMember2026-06-30
0000311094us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:DoubtfulMember2026-06-30
0000311094us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2026-06-30
0000311094us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2026-06-30
0000311094us-gaap:CommercialPortfolioSegmentMember2025-01-012025-12-31
0000311094us-gaap:CommercialPortfolioSegmentMember2025-12-31
0000311094us-gaap:CommercialPortfolioSegmentMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMember2025-12-31
0000311094us-gaap:CommercialPortfolioSegmentMemberus-gaap:DoubtfulMember2025-12-31
0000311094us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2025-12-31
0000311094us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2025-12-31
0000311094us-gaap:CommercialPortfolioSegmentMember2026-01-012026-06-30
0000311094us-gaap:CommercialPortfolioSegmentMember2026-04-012026-06-30
0000311094us-gaap:CommercialPortfolioSegmentMember2026-06-30
0000311094us-gaap:CommercialPortfolioSegmentMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMember2026-06-30
0000311094us-gaap:CommercialPortfolioSegmentMemberus-gaap:DoubtfulMember2026-06-30
0000311094us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2026-06-30
0000311094us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2026-06-30
0000311094us-gaap:NonperformingFinancingReceivableMember2025-12-31
0000311094us-gaap:NonperformingFinancingReceivableMember2026-06-30
0000311094us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-31
0000311094us-gaap:FinancingReceivables60To89DaysPastDueMember2025-12-31
0000311094us-gaap:FinancingReceivables30To59DaysPastDueMember2025-12-31
0000311094us-gaap:FinancialAssetNotPastDueMember2025-12-31
0000311094us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-31
0000311094us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-12-31
0000311094us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-12-31
0000311094us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-12-31
0000311094us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-31
0000311094us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-12-31
0000311094us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-12-31
0000311094us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-12-31
0000311094us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-31
0000311094us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-12-31
0000311094us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-12-31
0000311094us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-12-31
0000311094us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2026-06-30
0000311094us-gaap:FinancingReceivables60To89DaysPastDueMember2026-06-30
0000311094us-gaap:FinancingReceivables30To59DaysPastDueMember2026-06-30
0000311094us-gaap:FinancialAssetNotPastDueMember2026-06-30
0000311094us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2026-06-30
0000311094us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2026-06-30
0000311094us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2026-06-30
0000311094us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2026-06-30
0000311094us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2026-06-30
0000311094us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2026-06-30
0000311094us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2026-06-30
0000311094us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2026-06-30
0000311094us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2026-06-30
0000311094us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2026-06-30
0000311094us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2026-06-30
0000311094us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2026-06-30
0000311094us-gaap:UnlikelyToBeCollectedFinancingReceivableMember2025-12-31
0000311094us-gaap:ConsumerPortfolioSegmentMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMember2025-12-31
0000311094us-gaap:DoubtfulMember2025-12-31
0000311094us-gaap:ConsumerPortfolioSegmentMemberus-gaap:DoubtfulMember2025-12-31
0000311094us-gaap:SubstandardMember2025-12-31
0000311094us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2025-12-31
0000311094us-gaap:PassMember2025-12-31
0000311094us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2025-12-31
0000311094us-gaap:UnlikelyToBeCollectedFinancingReceivableMember2026-06-30
0000311094us-gaap:ConsumerPortfolioSegmentMemberus-gaap:UnlikelyToBeCollectedFinancingReceivableMember2026-06-30
0000311094us-gaap:DoubtfulMember2026-06-30
0000311094us-gaap:ConsumerPortfolioSegmentMemberus-gaap:DoubtfulMember2026-06-30
0000311094us-gaap:SubstandardMember2026-06-30
0000311094us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2026-06-30
0000311094us-gaap:PassMember2026-06-30
0000311094us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2026-06-30
0000311094us-gaap:CommercialPortfolioSegmentMember2025-01-012025-06-30
00003110942025-06-30
0000311094us-gaap:ConsumerPortfolioSegmentMember2025-06-30
0000311094us-gaap:ResidentialPortfolioSegmentMember2025-06-30
0000311094wabc:ConstructionPortfolioSegmentMember2025-06-30
0000311094us-gaap:CommercialRealEstatePortfolioSegmentMember2025-06-30
0000311094us-gaap:CommercialPortfolioSegmentMember2025-06-30
0000311094us-gaap:ConsumerPortfolioSegmentMember2025-01-012025-06-30
0000311094us-gaap:ResidentialPortfolioSegmentMember2025-01-012025-06-30
0000311094wabc:ConstructionPortfolioSegmentMember2025-01-012025-06-30
0000311094us-gaap:CommercialRealEstatePortfolioSegmentMember2025-01-012025-06-30
00003110942024-12-31
0000311094us-gaap:ConsumerPortfolioSegmentMember2024-12-31
0000311094us-gaap:ResidentialPortfolioSegmentMember2024-12-31
0000311094wabc:ConstructionPortfolioSegmentMember2024-12-31
0000311094us-gaap:CommercialRealEstatePortfolioSegmentMember2024-12-31
0000311094us-gaap:CommercialPortfolioSegmentMember2024-12-31
0000311094us-gaap:ConsumerPortfolioSegmentMember2025-04-012025-06-30
0000311094us-gaap:ResidentialPortfolioSegmentMember2025-04-012025-06-30
0000311094wabc:ConstructionPortfolioSegmentMember2025-04-012025-06-30
0000311094us-gaap:CommercialRealEstatePortfolioSegmentMember2025-04-012025-06-30
0000311094us-gaap:CommercialPortfolioSegmentMember2025-04-012025-06-30
00003110942025-03-31
0000311094us-gaap:ConsumerPortfolioSegmentMember2025-03-31
0000311094us-gaap:ResidentialPortfolioSegmentMember2025-03-31
0000311094wabc:ConstructionPortfolioSegmentMember2025-03-31
0000311094us-gaap:CommercialRealEstatePortfolioSegmentMember2025-03-31
0000311094us-gaap:CommercialPortfolioSegmentMember2025-03-31
00003110942026-03-31
0000311094us-gaap:ConsumerPortfolioSegmentMember2026-03-31
0000311094us-gaap:ResidentialPortfolioSegmentMember2026-03-31
0000311094us-gaap:CommercialRealEstatePortfolioSegmentMember2026-03-31
0000311094us-gaap:CommercialPortfolioSegmentMember2026-03-31
0000311094wabc:NRMember2026-06-30
0000311094wabc:BBBBBBMember2026-06-30
0000311094wabc:AAAAAAMember2026-06-30
0000311094wabc:NRMemberus-gaap:CorporateDebtSecuritiesMember2026-06-30
0000311094wabc:BBBBBBMemberus-gaap:CorporateDebtSecuritiesMember2026-06-30
0000311094wabc:AAAAAAMemberus-gaap:CorporateDebtSecuritiesMember2026-06-30
0000311094us-gaap:USStatesAndPoliticalSubdivisionsMember2026-06-30
0000311094wabc:NRMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2026-06-30
0000311094wabc:BBBBBBMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2026-06-30
0000311094wabc:AAAAAAMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2026-06-30
0000311094wabc:AgencyCommercialMBSMember2026-06-30
0000311094wabc:NRMemberwabc:AgencyCommercialMBSMember2026-06-30
0000311094wabc:BBBBBBMemberwabc:AgencyCommercialMBSMember2026-06-30
0000311094wabc:AAAAAAMemberwabc:AgencyCommercialMBSMember2026-06-30
0000311094wabc:NRMemberwabc:AgencyResidentialMBSMember2026-06-30
0000311094wabc:BBBBBBMemberwabc:AgencyResidentialMBSMember2026-06-30
0000311094wabc:AAAAAAMemberwabc:AgencyResidentialMBSMember2026-06-30
0000311094us-gaap:USStatesAndPoliticalSubdivisionsMember2025-12-31
0000311094us-gaap:CollateralizedDebtObligationsMember2025-12-31
0000311094us-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-12-31
0000311094wabc:AgencyCommercialMBSMember2025-12-31
0000311094us-gaap:AssetPledgedAsCollateralMemberwabc:PublicDepositsAndShorttermBorrowedFundsMember2025-12-31
0000311094us-gaap:AssetPledgedAsCollateralMemberwabc:PublicDepositsAndShorttermBorrowedFundsMember2026-06-30
0000311094us-gaap:CollateralizedDebtObligationsMember2026-06-30
0000311094us-gaap:USGovernmentAgenciesDebtSecuritiesMember2026-06-30
0000311094us-gaap:RetainedEarningsMember2025-06-30
0000311094us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-30
0000311094us-gaap:DeferredCompensationShareBasedPaymentsMember2025-06-30
0000311094us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-06-30
0000311094us-gaap:CommonStockMember2025-06-30
0000311094us-gaap:RetainedEarningsMember2025-01-012025-06-30
0000311094us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-01-012025-06-30
0000311094us-gaap:CommonStockMember2025-01-012025-06-30
0000311094us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-06-30
0000311094us-gaap:RetainedEarningsMember2024-12-31
0000311094us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-31
0000311094us-gaap:DeferredCompensationShareBasedPaymentsMember2024-12-31
0000311094us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-12-31
0000311094us-gaap:CommonStockMember2024-12-31
0000311094us-gaap:RetainedEarningsMember2025-04-012025-06-30
0000311094us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-04-012025-06-30
0000311094us-gaap:CommonStockMember2025-04-012025-06-30
0000311094us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-30
0000311094us-gaap:RetainedEarningsMember2025-03-31
0000311094us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-31
0000311094us-gaap:DeferredCompensationShareBasedPaymentsMember2025-03-31
0000311094us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-03-31
0000311094us-gaap:CommonStockMember2025-03-31
0000311094us-gaap:RetainedEarningsMember2026-06-30
0000311094us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-06-30
0000311094us-gaap:DeferredCompensationShareBasedPaymentsMember2026-06-30
0000311094us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2026-06-30
0000311094us-gaap:CommonStockMember2026-06-30
0000311094us-gaap:RetainedEarningsMember2026-01-012026-06-30
0000311094us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2026-01-012026-06-30
0000311094us-gaap:CommonStockMember2026-01-012026-06-30
0000311094us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-01-012026-06-30
0000311094us-gaap:RetainedEarningsMember2025-12-31
0000311094us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-31
0000311094us-gaap:DeferredCompensationShareBasedPaymentsMember2025-12-31
0000311094us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2025-12-31
0000311094us-gaap:CommonStockMember2025-12-31
0000311094us-gaap:RetainedEarningsMember2026-04-012026-06-30
0000311094us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2026-04-012026-06-30
0000311094us-gaap:CommonStockMember2026-04-012026-06-30
0000311094us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-04-012026-06-30
0000311094us-gaap:RetainedEarningsMember2026-03-31
0000311094us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-03-31
0000311094us-gaap:DeferredCompensationShareBasedPaymentsMember2026-03-31
0000311094us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2026-03-31
0000311094us-gaap:CommonStockMember2026-03-31
0000311094us-gaap:FinancialServiceOtherMember2025-01-012025-06-30
0000311094us-gaap:FinancialServiceOtherMember2026-01-012026-06-30
0000311094us-gaap:FinancialServiceOtherMember2025-04-012025-06-30
0000311094us-gaap:FinancialServiceOtherMember2026-04-012026-06-30
0000311094wabc:ATMProcessingFeesMember2025-01-012025-06-30
0000311094wabc:ATMProcessingFeesMember2026-01-012026-06-30
0000311094wabc:ATMProcessingFeesMember2025-04-012025-06-30
0000311094wabc:ATMProcessingFeesMember2026-04-012026-06-30
0000311094us-gaap:FiduciaryAndTrustMember2025-01-012025-06-30
0000311094us-gaap:FiduciaryAndTrustMember2026-01-012026-06-30
0000311094us-gaap:FiduciaryAndTrustMember2025-04-012025-06-30
0000311094us-gaap:FiduciaryAndTrustMember2026-04-012026-06-30
0000311094us-gaap:DebitCardMember2025-01-012025-06-30
0000311094us-gaap:DebitCardMember2026-01-012026-06-30
0000311094us-gaap:DebitCardMember2025-04-012025-06-30
0000311094us-gaap:DebitCardMember2026-04-012026-06-30
0000311094us-gaap:CreditCardMerchantDiscountMember2025-01-012025-06-30
0000311094us-gaap:CreditCardMerchantDiscountMember2026-01-012026-06-30
0000311094us-gaap:CreditCardMerchantDiscountMember2025-04-012025-06-30
0000311094us-gaap:CreditCardMerchantDiscountMember2026-04-012026-06-30
0000311094us-gaap:DepositAccountMember2025-01-012025-06-30
0000311094us-gaap:DepositAccountMember2026-01-012026-06-30
0000311094us-gaap:DepositAccountMember2025-04-012025-06-30
0000311094us-gaap:DepositAccountMember2026-04-012026-06-30
00003110942026-07-30

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)                  

 
  
 
 ☑

 
 
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the quarterly period ended June 30, 2026

 
 

 

or

 

 
  
 
 ☐

 
 
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from __________ to __________. 

 
 

                                               

Commission file number: 001-09383

WESTAMERICA BANCORPORATION

(Exact Name of Registrant as Specified in Its Charter)

 

 
 California
 94-2156203
 

 
 (State or Other Jurisdiction of Incorporation or Organization)
 (I.R.S. Employer Identification No.)
 

 

1108 FIFTH AVENUE, SAN RAFAEL, California 94901

(Address of Principal Executive Offices) (Zip Code)

 

Registrant's Telephone Number, Including Area Code (707) 863-6000

 

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

 
 Yes ☑
 No ☐
 

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 

 
 Yes ☑
 No ☐
 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 
 
 Large accelerated filer ☑

 
 
 Accelerated filer ☐

 
 
 Non-accelerated filer ☐  

 
 

 
 
 Smaller reporting company ☐

 
 
 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. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

 
 Yes ☐
 No ☑
 

 

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date:

 

 
 
 Title of Class

 Common Stock,

 No Par Value

 
 
 Shares outstanding as of July 30, 2026

 23,111,153

 
 

 

 

 

  

 

TABLE OF CONTENTS

 

 
 
  

 
  
 
 Page

 
 

 
  
  
  
 

 
 
 Forward Looking Statements

 
 
 3

 
 

 
  
  
  
 

 
 PART I - FINANCIAL INFORMATION
  
 

 
  
  
  
 

 
 
 Item 1

 
 Financial Statements
 
 4

 
 

 
  
  
  
 

 
 
  

 
 Notes to Unaudited Consolidated Financial Statements
 
 9

 
 

 
  
  
  
 

 
 
 Item 2

 
 Management's Discussion and Analysis of Financial Condition and Results of Operations
 
 30

 
 

 
  
  
  
 

 
 
 Item 3

 
 Quantitative and Qualitative Disclosures about Market Risk
 
 52

 
 

 
  
  
  
 

 
 
 Item 4

 
 Controls and Procedures
 
 52

 
 

 
  
  
  
 

 
 
 PART II - OTHER INFORMATION

 
  
 

 
  
  
  
 

 
 
 Item 1

 
 Legal Proceedings
 
 52

 
 

 
  
  
  
 

 
 
 Item 1A

 
 Risk Factors
 
 53

 
 

 
  
  
  
 

 
 
 Item 2

 
 Unregistered Sales of Equity Securities and Use of Proceeds
 
 53

 
 

 
  
  
  
 

 
 
 Item 3

 
 Defaults upon Senior Securities
 
 53

 
 

 
  
  
  
 

 
 
 Item 4

 
 Mine Safety Disclosures
 
 53

 
 

 
  
  
  
 

 
 
 Item 5

 
 Other Information
 
 53

 
 

 
  
  
  
 

 
 
 Item 6

 
 Exhibits
 
 54

 
 

 
  
  
  
 

 
 
 Signatures

 
  
 
 55

 
 

 

 

 

-2-

 

  

 

FORWARD-LOOKING STATEMENTS

 

This report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, future credit quality and performance, the appropriateness of the allowance for credit losses, loan growth or reduction, mitigation of risk in the Company’s loan and debt securities portfolios, income or loss, earnings or loss per share, the payment or nonpayment of dividends, stock repurchases, capital structure and other financial items; (ii) statements of plans, objectives and expectations of the Company or its management or board of directors, including those relating to products or services; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as "believes", "anticipates", "expects", “estimates”, "intends", "targeted", "projected", “forecast”, "continue", "remain", "will", "should", "may" and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

 

These forward-looking statements are based on the current knowledge and belief of the management (“Management”) of Westamerica Bancorporation (the “Company”) and include information concerning the Company’s possible or assumed future financial condition and results of operations. A number of factors, some of which are beyond the Company’s ability to predict or control, could cause future results to differ materially from those contemplated.

 

These factors include but are not limited to (1) the length and severity of any difficulties in the global, national and California economies and the effects of government efforts to address those difficulties; (2) liquidity levels in capital markets; (3) fluctuations in asset prices including, but not limited to stocks, bonds, real estate, and commodities; (4) the effect of acquisitions and integration of acquired businesses; (5) economic uncertainty created by riots, terrorist threats and attacks on the United States, the actions taken in response, and the uncertain effect of these events on the local, regional and national economies; (6) changes in the interest rate environment and monetary policy; (7) changes in the regulatory environment; (8) competitive pressure in the banking industry; (9) operational risks including a failure or breach in data processing or security systems or those of third party vendors and other service providers, including as a result of cyber attacks or fraud; (10) volatility of interest rate sensitive loans, deposits and investments, particularly the impact of rising interest rates on the Company’s securities portfolio; (11) asset/liability management risks; (12) liquidity risks including the impact of adverse developments in the banking industry; (13) the effect of climate change, natural disasters, including earthquakes, hurricanes, fire, flood, drought, and other disasters, on the uninsured value of the Company’s assets and of loan collateral, the financial condition of debtors and issuers of investment securities, the economic conditions affecting the Company’s market place, and commodities and asset values; (14) changes in the securities markets; (15) tariffs and international trade tensions; (16) inflation, (17) the effects of the on-going war in the Middle East; and (18) the outcome of contingencies, such as legal proceedings. However, the reader should not consider the above-mentioned factors to be a complete set of all potential risks or uncertainties.

 

Forward-looking statements speak only as of the date they are made. The Company undertakes no obligation to update any forward-looking statements in this report to reflect circumstances or events that occur after the date forward looking statements are made, except as may be required by law. The reader is directed to Part II – Item 1A “Risk Factors” of this report and other risk factors discussed elsewhere in the Company's annual report on Form 10-K for the year ended December 31, 2025, for further discussion of factors which could affect the Company's business and cause actual results to differ materially from those expressed in any forward-looking statement made in this report.

 

-3-

 

 

PART I - FINANCIAL INFORMATION

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.

 
  
  
  
  
  
  
  
  
 

 

-4-

 

 

 

 
 
 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.

 
 

 

 

-5-

 

 

 

 
 
 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.

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 

 

 

-6-

 

 

 

 
 
 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