SAN RAFAEL, Calif., April 21, 2016 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq:WABC), parent company of Westamerica Bank, generated net income for the first quarter 2016 of $14.2 million and diluted earnings per common share ("EPS") of $0.56, compared to net income of $14.6 million and EPS of $0.57 for the prior quarter, and net income of $14.6 million and EPS of $0.57 for the first quarter 2015.           

"Westamerica's average checking and savings deposits were 6 percent higher in the first quarter 2016 compared to the first quarter 2015. This growth in lower-costing deposit products supported our 3.34 percent net interest margin in the first quarter 2016. Westamerica's credit quality remained relatively stable at healthy levels throughout the first quarter 2016, requiring no provision for loan losses. Our operating expenses were affected by seasonally high payroll taxes in the first quarter 2016, but represented only 54 percent of our revenues," said Chairman, President and CEO David Payne. "Our operating results generated an annualized return on shareholders' common equity of 11 percent for the first quarter 2016, and Westamerica paid its shareholders a $0.39 per share quarterly dividend," concluded Payne.

The annualized net interest margin on a fully taxable equivalent basis was 3.34 percent for the first quarter 2016, compared to 3.32 percent for the prior quarter, and 3.43 percent for the first quarter 2015. Net interest income on a fully taxable equivalent basis was $36.4 million for the first quarter 2016, compared to $36.7 million for the prior quarter, and $36.9 million for the first quarter 2015. The Company's loan portfolio has declined from the first quarter 2015 through the first quarter 2016; Management has been avoiding long-dated, low-yielding loans given historically low interest rates. Management has also maintained conservative loan underwriting, terms and conditions. During this period, the investment portfolio has grown. The changing composition of interest earning assets and low market interest rates has pressured the net interest margin. The increase in the net interest margin from the fourth quarter 2015 to the first quarter 2016 reflects the Federal Open Market Committee's 0.25 percent increase in the federal funds rate on December 16, 2015, which increased yields on loans and investment securities which have floating rates. The funding cost of deposits and other interest-bearing borrowings, as a percentage of average loans and investment securities, was 0.05 percent for the first quarter 2016, unchanged from the prior quarter and down from 0.06 percent for the first quarter 2015.

The provision for loan losses was zero for the first quarter 2016, unchanged from the prior quarter and first quarter 2015. Net loan losses charged against the allowance for loan losses totaled $284 thousand for the first quarter 2016, compared to $265 thousand for the prior quarter and $298 thousand for the first quarter 2015. At March 31, 2016, the allowance for loan losses totaled $29.5 million and nonperforming loans totaled $18.0 million.

Noninterest income for the first quarter 2016 totaled $11.7 million, compared to $11.3 million for the prior quarter, and $12.3 million for the first quarter 2015.

Noninterest expense for the first quarter 2016 totaled $25.9 million, compared to $25.5 million for the prior quarter, and $26.7 million for the first quarter 2015.

At March 31, 2016, Westamerica Bancorporation's tangible common equity-to-asset ratio was 8.0 percent, and assets totaled $5.2 billion. Westamerica Bancorporation, through its wholly owned subsidiary Westamerica Bank, operates commercial banking and trust offices throughout Northern and Central California.

Westamerica Bancorporation Web Address: www.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, 2015 filed on Form 10-K and quarterly report for the quarter ended September 30, 2015 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, legislation including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2011, 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 April 21, 2016  
WESTAMERICA BANCORPORATION        
FINANCIAL HIGHLIGHTS          
March 31, 2016          
             
1. Net Income Summary.          
    (in thousands except per-share amounts)  
        %    
    Q1'16 Q1'15 Change Q4'15  
             
  Net Interest and Fee Income (FTE) $ 36,447   $ 36,930     -1.3 % $ 36,734    
  Provision for Loan Losses     -       -   n/m             -    
  Noninterest Income   11,729     12,300     -4.6 %   11,305    
  Noninterest Expense   25,858     26,727     -3.3 %   25,504    
  Income Before Taxes (FTE)   22,318     22,503     -0.8 %   22,535    
  Income Tax Provision (FTE)   8,092     7,946     1.8 %   7,957    
  Net Income $ 14,226   $ 14,557     -2.3 % $ 14,578    
             
  Average Common Shares Outstanding   25,445     25,651     -0.8 %   25,528    
  Diluted Average Common Shares   25,468     25,655     -0.7 %   25,555    
             
  Operating Ratios:          
    Basic Earnings Per Common Share $ 0.56   $ 0.57     -1.8 % $ 0.57    
    Diluted Earnings Per Common Share   0.56     0.57     -1.8 %   0.57    
    Return On Assets (a)   1.11 %   1.17 %     1.12 %  
    Return On Common Equity (a)   10.9 %   11.4 %     11.0 %  
    Net Interest Margin (FTE) (a)   3.34 %   3.43 %     3.32 %  
    Efficiency Ratio (FTE)   53.7 %   54.3 %     53.1 %  
             
  Dividends Paid Per Common Share $ 0.39   $ 0.38     2.6 % $ 0.39    
  Common Dividend Payout Ratio       70 %   67 %     68 %  
             
2. Net Interest Income.          
    (dollars in thousands)  
        %    
    Q1'16 Q1'15 Change Q4'15  
             
  Interest and Fee Income (FTE) $ 36,999   $ 37,589     -1.6 % $ 37,297    
  Interest Expense   552     659     -16.4 %   563    
  Net Interest and Fee Income (FTE) $ 36,447   $ 36,930     -1.3 % $ 36,734    
             
  Average Earning Assets $ 4,381,423   $ 4,342,031     0.9 % $ 4,411,599    
  Average Interest-          
    Bearing Liabilities   2,601,408     2,571,484     1.2 %   2,554,447    
             
  Yield on Earning Assets (FTE) (a)   3.39 %   3.49 %     3.37 %  
  Cost of Funds (a)   0.05 %   0.06 %     0.05 %  
  Net Interest Margin (FTE) (a)   3.34 %   3.43 %     3.32 %  
  Interest Expense/          
    Interest-Bearing Liabilities (a)   0.09 %   0.10 %     0.09 %  
  Net Interest Spread (FTE) (a)   3.30 %   3.39 %     3.28 %  
             
3. Loans & Other Earning Assets.          
    (average volume, dollars in thousands)  
        %    
    Q1'16 Q1'15 Change Q4'15  
             
  Total Assets $ 5,174,804   $ 5,059,537     2.3 % $ 5,168,805    
  Total Earning Assets   4,381,423     4,342,031     0.9 %   4,411,599    
  Total Loans   1,500,616     1,683,748     -10.9 %   1,543,591    
    Commercial Loans   370,131     401,167     -7.7 %   371,902    
    Commercial RE Loans     630,542     710,475     -11.3 %   651,991    
    Consumer Loans   499,943     572,106     -12.6 %   519,698    
  Total Investment Securities   2,880,807     2,658,283     8.4 %   2,868,008    
    Available For Sale (Market)   1,567,335     1,632,868     -4.0 %   1,589,483    
    Held To Maturity   1,313,472     1,025,415     28.1 %   1,278,525    
      Unrealized Gain   23,669     15,634   n/m           9,624    
             
  Loans/Deposits   33.1 %   38.2 %     34.0 %  
             
4. Deposits, Other Interest-Bearing Liabilities & Equity.      
    (average volume, dollars in thousands)  
        %    
    Q1'16 Q1'15 Change Q4'15  
             
  Total Deposits $ 4,537,548   $ 4,402,946     3.1 % $ 4,536,256    
    Noninterest Demand     1,993,986     1,919,820     3.9 %   2,036,470    
    Interest Bearing Transaction   872,464     810,877     7.6 %   855,320    
    Savings   1,387,217     1,292,238     7.3 %   1,351,412    
    Time greater than $100K   123,691     199,251     -37.9 %   128,703    
    Time less than $100K   160,190     180,760     -11.4 %   164,351    
  Total Short-Term Borrowings   57,846     86,354     -33.0 %   54,661    
  Federal Home Loan Bank Advances     -     2,004   n/m             -    
  Shareholders' Equity   527,177     516,086     2.1 %   525,277    
             
  Demand Deposits/          
    Total Deposits   43.9 %   43.6 %     44.9 %  
  Transaction & Savings            
    Deposits / Total Deposits   93.7 %   91.4 %     93.5 %  
             
5. Interest Yields Earned & Rates Paid.        
    (dollars in thousands)    
    Q1'16    
    Average Income/ Yield (a) /    
    Volume Expense Rate    
             
  Interest & Fee Income Earned          
    Total Earning Assets (FTE) $ 4,381,423   $ 36,999     3.39 %    
    Total Loans (FTE)     1,500,616     18,689     5.01 %    
      Commercial Loans (FTE)   370,131     4,541     4.93 %    
      Commercial RE Loans     630,542     9,776     6.24 %    
      Consumer Loans   499,943     4,372     3.51 %    
    Total Investments (FTE)   2,880,807     18,310     2.54 %    
             
  Interest Expense Paid          
    Total Earning Assets     4,381,423     552     0.05 %    
    Total Interest-Bearing Liabilities   2,601,408     552     0.09 %    
    Total Interest-Bearing Deposits   2,543,562     543     0.09 %    
      Interest-Bearing Transaction   872,464     70     0.03 %    
      Savings   1,387,217     223     0.06 %    
      Time less than $100K   160,190     113     0.28 %    
      Time greater than $100K   123,691     137     0.44 %    
    Total Short-Term Borrowings     57,846     9     0.07 %    
             
  Net Interest Income and            
    Margin (FTE)   $ 36,447     3.34 %    
             
    Q1'15    
    Average Income/ Yield (a) /    
    Volume Expense Rate    
             
  Interest & Fee Income Earned          
    Total Earning Assets (FTE) $ 4,342,031   $ 37,589     3.49 %    
    Total Loans (FTE)   1,683,748     20,613     4.96 %    
      Commercial Loans (FTE)   401,167     4,708     4.76 %    
      Commercial RE Loans     710,475     10,941     6.25 %    
      Consumer Loans   572,106     4,964     3.51 %    
    Total Investments (FTE)   2,658,283     16,976     2.55 %    
             
  Interest Expense Paid          
    Total Earning Assets     4,342,031     659     0.06 %    
    Total Interest-Bearing Liabilities   2,571,484     659     0.10 %    
    Total Interest-Bearing Deposits   2,483,126     642     0.10 %    
      Interest-Bearing Transaction   810,877     63     0.03 %    
      Savings   1,292,238     216     0.07 %    
      Time less than $100K   180,760     166     0.37 %    
      Time greater than $100K   199,251     197     0.40 %    
    Total Short-Term Borrowings     86,354     16     0.08 %    
    Federal Home Loan Bank Advances   2,004     1     0.20 %    
             
  Net Interest Income and          
    Margin (FTE)   $ 36,930     3.43 %    
             
6. Noninterest Income.          
    (dollars in thousands except per-share amounts)  
        %    
    Q1'16 Q1'15 Change Q4'15  
             
  Service Charges on Deposits $ 5,248   $ 5,707     -8.0 % $ 5,259    
  Merchant Processing Services   1,529     1,703     -10.2 %   1,368    
  Debit Card Fees   1,516     1,456     4.1 %   1,557    
  Other Service Fees   629     665     -5.5 %   648    
  ATM Processing Fees   658     585     12.6 %   569    
  Trust Fees   661     706     -6.5 %   671    
  Financial Services Commissions   156     153     2.2 %   168    
  Other Income   1,332     1,325     0.5 %   1,065    
  Total Noninterest Income $ 11,729   $ 12,300     -4.6 % $ 11,305    
             
    Total Revenue (FTE) $ 48,176   $ 49,230     -2.1 % $ 48,039    
    Noninterest Income/Revenue (FTE)   24.3 %   25.0 %     23.5 %  
    Service Charges/Avg. Deposits (a)   0.47 %   0.53 %     0.46 %  
    Total Revenues (FTE) Per Avg.            
      Common Share (a) $ 7.61   $ 7.78     -2.2 % $ 7.47    
             
7. Noninterest Expense.          
    (dollars in thousands)  
        %    
    Q1'16 Q1'15 Change Q4'15  
             
  Salaries & Benefits $ 13,117   $ 13,338     -1.6 % $ 12,398    
  Occupancy   3,398     3,727     -8.8 %   3,761    
  Outsourced Data Processing   2,130     2,108     1.1 %   2,107    
  Amortization of            
    Identifiable Intangibles   905     1,001     -9.5 %   948    
  Professional Fees   732     548     33.4 %   614    
  Furniture & Equipment   1,213     1,119     8.4 %   1,081    
  Other Real Estate Owned   111     315     -64.7 %   53    
  Courier Service   545     543     0.4 %   585    
  Other Operating   3,707     4,028     -8.0 %   3,957    
  Total Noninterest Expense $ 25,858   $ 26,727     -3.3 % $ 25,504    
             
  Noninterest Expense/          
    Avg. Earning Assets (a)   2.37 %   2.50 %     2.29 %  
  Noninterest Expense/Revenues (FTE)   53.7 %   54.3 %     53.1 %  
             
8. Provision for Loan Losses.          
    (dollars in thousands)  
        %    
    Q1'16 Q1'15 Change Q4'15  
             
  Average Total Loans $ 1,500,616   $ 1,683,748     -10.9 % $ 1,543,591    
             
  Allowance for Loan Loss (ALL)          
    Beginning of Period   $ 29,771   $ 31,485     -5.4 % $ 30,036    
  Provision for Loan Losses         -       -   n/m             -    
  Net ALL Losses   (284 )   (298 )   -4.7 %   (265 )  
  ALL End of Period $ 29,487   $ 31,187     -5.5 % $ 29,771    
  ALL Recoveries/Gross ALL Losses       87 %   73 %     78 %  
             
  Net ALL Losses/Avg. Total Loans (a)   0.08 %   0.07 %     0.07 %  
             
9. Credit Quality.          
    (dollars in thousands)  
        %    
    3/31/16 3/31/15 Change 12/31/15  
             
  Nonperforming Originated Loans:          
    Nonperforming Nonaccrual $ 9,205   $ 3,315     177.7 % $ 6,302    
    Performing Nonaccrual     1,841     26   n/m               350    
    Total Nonaccrual Loans   11,046     3,341     230.6 %   6,652    
    90+ Days Past Due Accruing Loans   183     191     -4.2 %   295    
    Total   11,229     3,532     217.9 %   6,947    
  Repossessed Originated Loan Collateral   4,786     5,483     -12.7 %   5,829    
  Total Nonperforming          
      Originated Assets   16,015     9,015     77.7 %   12,776    
             
  Nonperforming Purchased Covered Loans (1):        
    Nonperforming Nonaccrual     -       -   n/m               -    
    Performing Nonaccrual     -       -   n/m               -    
    Total Nonaccrual Loans     -       -   n/m               -    
    90+ Days Past Due Accruing Loans     -       -   n/m               -    
    Total     -       -   n/m               -    
  Repossessed Purchased Covered            
    Loan Collateral (1)     -       486   n/m               -    
  Total Nonperforming Purchased          
    Covered Assets (1)     -     486   n/m               -    
             
  Nonperforming Purchased Non-Covered Loans (2):        
    Nonperforming Nonaccrual   6,601       8,952     -26.3 %   8,346    
    Performing Nonaccrual     80       1,093   n/m               -    
    Total Nonaccrual Loans   6,681       10,045     -33.5 %   8,346    
    90+ Days Past Due Accruing Loans     77       -   n/m               -    
    Total   6,758       10,045     -32.7 %   8,346    
  Repossessed Purchased Non-Covered            
    Loan Collateral (2)     3,652       3,264     11.9 %     3,435    
  Total Nonperforming Purchased          
    Non-Covered Assets (2)   10,410       13,309     -21.8 %   11,781    
             
  Total Nonperforming Assets $ 26,425   $ 22,810     15.9 % $ 24,557    
             
  Total Originated Loans Outstanding $ 1,310,083   $ 1,465,546     -10.6 % $ 1,351,839    
  Total Purchased Covered            
    Loans Outstanding (1)   13,664     16,329     -16.3 %   14,061    
  Total Purchased Non-Covered            
    Loans Outstanding (2)   149,449       202,009     -26.0 %   167,496    
  Total Loans Outstanding   $ 1,473,196   $ 1,683,884     -12.5 % $ 1,533,396    
             
  Total Assets   $ 5,199,868   $ 5,035,777     3.3 % $ 5,168,875    
             
  Loans:          
    Allowance for Loan Losses $ 29,487   $ 31,187     -5.5 % $ 29,771    
    Allowance/Loans   2.00 %   1.85 %     1.94 %  
    Nonperforming Loans/Total Loans   1.22 %   0.81 %     1.00 %  
             
  Purchased Covered Loans (1):          
   Fair Value Discount on Purchased            
    Covered Loans $ 18   $ 200     $ 152    
   Discount/Purchased Covered          
    Loans, gross   0.13 %   1.21 %     1.07 %  
   Nonperforming Purchased Covered Loans/        
    Total Purchased Covered Loans   0.00 %   0.00 %     0.00 %  
             
  Purchased Non-Covered Loans (2):          
   Fair Value Discount on Purchased            
    Non-Covered Loans $ 6,084   $ 8,705     $ 6,432    
   Discount/Purchased Non-Covered   3.91 %   4.13 %     3.70 %  
    Loans, gross          
   Nonperforming Purchased Non-Covered Loans/        
    Total Purchased Non-Covered Loans   4.52 %   4.97 %     4.98 %  
             
10. Capital.          
    (in thousands, except per-share amounts)  
        %    
    3/31/16 3/31/15 Change 12/31/15  
             
  Shareholders' Equity $ 538,973   $ 527,380     2.2 % $ 532,205    
  Total Assets   5,199,868     5,035,777     3.3 %   5,168,875    
             
  Shareholders' Equity/          
    Total Assets   10.37 %   10.47 %     10.30 %  
  Shareholders' Equity/          
    Total Loans   36.59 %   31.32 %     34.71 %  
  Tangible Common Equity Ratio   8.04 %   8.01 %     7.94 %  
  Common Shares Outstanding   25,438     25,563     -0.5 %   25,528    
  Common Equity Per Share $ 21.19   $ 20.63     2.7 % $ 20.85    
  Market Value Per Common Share $ 48.71   $ 43.21     12.7 % $ 46.75    
             
  Share Repurchase Programs          
    (shares in thousands)  
        %    
    Q1'16 Q1'15 Change Q4'15  
             
  Total Shares Repurchased   130     183     -28.7 %   2    
    Average Repurchase Price $ 41.53   $ 42.99     -3.4 % $ 43.01    
  Net Shares Repurchased   90     182     -50.5 %   2    
             
11. Period-End Balance Sheets.          
    (unaudited, dollars in thousands)  
        %    
    3/31/16 3/31/15 Change 12/31/15  
  Assets:          
    Cash and Due from Banks $ 471,164   $ 247,450     90.4 % $ 433,044    
             
    Investment Securities:          
      Available For Sale   1,585,970     1,777,320     -10.8 %   1,570,216    
      Held to Maturity   1,358,139     1,015,231     33.8 %   1,316,075    
             
    Loans   1,473,196     1,683,884     -12.5 %   1,533,396    
    Allowance For Loan Losses   (29,487 )   (31,187 )   -5.5 %   (29,771 )  
    Total Loans, net   1,443,709     1,652,697     -12.6 %   1,503,625    
             
    Other Real Estate Owned   8,438     9,233     -8.6 %   9,264    
    Premises and Equipment, net   38,045     38,313     -0.7 %   38,693    
    Identifiable Intangibles, net   9,526     13,286     -28.3 %   10,431    
    Goodwill     121,673     121,673     0.0 %   121,673    
    Other Assets   163,204     160,574     1.6 %   165,854    
             
  Total Assets $ 5,199,868   $ 5,035,777     3.3 % $ 5,168,875    
             
  Liabilities and Shareholders' Equity:          
    Deposits:          
      Noninterest Bearing $ 1,989,010   $ 1,902,904     4.5 % $ 2,026,049    
      Interest-Bearing Transaction   855,008     787,633     8.6 %   860,706    
      Savings   1,393,919     1,313,007     6.2 %   1,366,936    
      Time   278,813     376,532     -26.0 %   286,968    
    Total Deposits   4,516,750     4,380,076     3.1 %   4,540,659    
             
    Short-Term Borrowed Funds   52,451     82,960     -36.8 %   53,028    
    Federal Home Loan Bank Advances     -       -   n/m               -    
    Other Liabilities   91,694     45,361     102.1 %   42,983    
  Total Liabilities   4,660,895     4,508,397     3.4 %   4,636,670    
             
  Shareholders' Equity:          
    Common Equity:          
      Paid-In Capital   381,426     377,669     1.0 %   381,436    
      Accumulated Other          
        Comprehensive Income   6,619     9,600     -31.1 %   675    
      Retained Earnings   150,928     140,111     7.7 %   150,094    
  Total Shareholders' Equity   538,973     527,380     2.2 %   532,205    
             
  Total Liabilities and            
    Shareholders' Equity $ 5,199,868   $ 5,035,777     3.3 % $ 5,168,875    
             
12. Income Statements.          
    (unaudited, in thousands except per-share amounts)  
        %    
    Q1'16 Q1'15 Change Q4'15  
  Interest & Fee Income:          
    Loans $ 18,353   $ 20,230     -9.3 % $ 18,798    
    Investment Securities:          
      Available for Sale   7,967     7,469     6.7 %   7,916    
      Held to Maturity   7,327     6,218     17.8 %   7,174    
  Total Interest & Fee Income   33,647     33,917     -0.8 %   33,888    
             
  Interest Expense:          
    Transaction Deposits   70     63     11.2 %   70    
    Savings Deposits   223     216     3.2 %   218    
    Time Deposits   250     363     -31.2 %   266    
    Short-Term Borrowed Funds   9     16     -43.1 %   9    
    Federal Home Loan Bank Advances     -     1   n/m               -    
  Total Interest Expense   552     659     -16.4 %   563    
             
  Net Interest Income   33,095     33,258     -0.5 %   33,325    
             
  Provision for Loan Losses     -       -   n/m               -    
             
  Noninterest Income:          
    Service Charges     5,248     5,707     -8.0 %   5,259    
    Merchant Processing Services   1,529     1,703     -10.2 %   1,368    
    Debit Card Fees   1,516     1,456     4.1 %   1,557    
    Other Service Fees   629     665     -5.5 %   648    
    ATM Processing Fees   658     585     12.6 %   569    
    Trust Fees   661     706     -6.5 %   671    
    Financial Services Commissions   156     153     2.2 %   168    
    Other   1,332     1,325     0.5 %   1,065    
  Total Noninterest Income   11,729     12,300     -4.6 %   11,305    
             
  Noninterest Expense:          
    Salaries and   Benefits   13,117     13,338     -1.6 %   12,398    
    Occupancy     3,398     3,727     -8.8 %   3,761    
    Outsourced Data Processing   2,130     2,108     1.1 %   2,107    
    Amortization of Identifiable Intangibles   905     1,001     -9.5 %   948    
    Professional Fees   732     548     33.4 %   614    
    Furniture & Equipment   1,213     1,119     8.4 %   1,081    
    Other Real Estate Owned   111     315     -64.7 %   53    
    Courier Service   545     543     0.4 %   585    
    Other   3,707     4,028     -8.0 %   3,957    
  Total Noninterest Expense   25,858     26,727     -3.3 %   25,504    
             
  Income Before Income Taxes   18,966     18,831     0.7 %   19,126    
  Income Tax Provision   4,740     4,274     10.9 %   4,548    
  Net Income $ 14,226   $ 14,557     -2.3 % $ 14,578    
             
  Average Common Shares Outstanding   25,445     25,651     -0.8 %   25,528    
  Diluted Common Shares Outstanding   25,468     25,655     -0.7 %   25,555    
             
  Per Common Share Data:          
    Basic Earnings $ 0.56   $ 0.57     -1.8 % $ 0.57    
    Diluted Earnings   0.56     0.57     -1.8 %   0.57    
    Dividends Paid   0.39     0.38     2.6 %   0.39    
             
  Footnotes and Abbreviations:          
    (FTE) Fully Taxable Equivalent          
    (a) Annualized          
    (1) Purchased covered loans and repossessed loan collateral represent assets purchased in a business combination on which losses are shared with the FDIC per a Loss-Sharing Agreement.    
    (2) Purchased non-covered loans and repossessed loan collateral represent assets purchased in a business combination.    
       
For additional information contact:Westamerica Bancorporation1108 Fifth Avenue, San Rafael, CA 94901Robert A. Thorson - SVP & Chief Financial Officer707-863-6840investments@westamerica.com

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