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Westamerica Reports $53.5M Net Interest Income for Q3 2026

WWestamerica's third quarter 2026 results continued to benefit from the Company's low-cost operating principles. The annualized cost of funding interest-earning loans, bonds and cash was 0.26 percent for the third quarter 2026. Excess cash from stable deposit balances was invested in higher interest earning investment securities resulting in an annualized net interest margin of 3.81 percent for the third quarter 2026, a 4 basis point increase when compared to the second quarter 2026. The Company recognized no provision for credit losses in the third quarter 2026. At September 30, 2026, nonperforming assets were $476,000 and the allowance for credit losses on loans was $10.5M. Westamerica operated efficiently, spending 41 percent of its revenue on operating costs in the third quarter 2026", said Chairman, President and CEO David Payne. Net interest income on a fully-taxable equivalent basis was $53.5M for the third quarter 2026, compared to $52.7M for the second quarter 2026. The annualized yield earned on loans, bonds and cash for the third quarter 2026 was 4.07 percent compared to 4.01 percent for the second quarter 2026. The annualized cost of funding interest-earning loans, bonds and cash was 0.26 percent for the third quarter 2026 compared to 0.24 percent for the second quarter 2026. Noninterest income for the third quarter 2026 totaled $10.7M compared to $10.3M for the second quarter 2026. The increase in noninterest income is primarily due to higher merchant processing services fee income related to receipt of a one-time termination fee and increased transaction volumes in the third quarter 2026.

Westamerica Reports No Credit Loss Provision in Q2 2026

The company provided no provision for credit losses in the second quarter 2026 compared to a $300,000 reversal of provision for credit losses in the first quarter of 2026. "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. 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", said Chairman, President and CEO David Payne.

Westamerica Increases Stock Repurchase Plan Authorization by 2M Shares

Westamerica announced that its board of directors approved an increase in the company's stock repurchase plan authorization by 2M shares. After accounting for shares previously purchased, and the 785,023 available under the prior authorization, the company currently has 2.79M shares remaining under the expanded plan, which represents 11.8% of the company's common stock outstanding as of March 31. Under the plan the company may repurchase, as conditions warrant, shares of the company's common stock on the open market or in privately negotiated transactions prior to December 31.