WABC

SAN RAFAEL, Calif., Oct. 22, 2026 (GLOBE NEWSWIRE) -- The Board of Directors of Westamerica Bancorporation (NASDAQ: WABC) today declared a quarterly cash dividend of $0.48 per share on common stock outstanding to shareholders of record at the close of business November 2, 2026. The dividend is payable November 13, 2026. Chairman, President and CEO David Payne stated, "This quarterly dividend recognizes Westamerica's reliable earnings stream, financial strength and conservative risk profile." On October 15, 2026, Westamerica reported $28.2 million in net income for the three months ended September 30, 2026, or $1.22 diluted earnings per common share. Westamerica Bancorporation, through its wholly owned subsidiary, Westamerica Bank, operates 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 [email protected] 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 June 30, 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.

Westamerica Bancorporation just printed its Q3 2026 scorecard, and the stock barely flinched. Shares were up only 0.6% on the day, a muted move for a bank that just posted US$1.22 in basic earnings per share and kept net interest margin at 3.81%. The real story sat on the balance sheet. Non performing loans dropped to US$0.48 million, a small number that speaks to credit quality. Price action suggested mild relief. The fundamentals indicated a market that may still be underpricing how clean this loan book has become. Like the credit story at Westamerica Bancorporation but want more balance sheet strength across your watchlist? Consider the list of solid balance sheet and fundamentals stocks (25 results). - Total Revenue (Q3 2026 vs. Q3 2025): US$64.053 million vs. US$63.74 million (up about 0.5%) - Net Income, Excluding Extra Items (Q3 2026 vs. Q3 2025): US$28.152 million vs. US$28.263 million (slightly lower, down about 0.4%) - Basic EPS (Q3 2026 vs. Q3 2025): US$1.22 vs. US$1.12 (up about 3.7%) - Net Interest Margin, NIM (Q3 2026 vs. Q3 2025): 3.81% vs. 3.8% (broadly steady) Earnings tell one story for Westamerica Bancorporation, but investors who care about what the business can actually return over time usually focus on cash flowing through the bank. When you line up Westamerica Bancorporation's cash flows against the current share price, the stock could be a hefty 44% undervalued. For anyone leaning positive on Westamerica Bancorporation, this update gives the thesis some support. Revenue and net income are broadly flat year on year while basic EPS edges higher, which hints at tight cost control and disciplined share count management. Net interest margin sitting at 3.81% and essentially unchanged keeps the traditional banking model intact. The standout is credit. Non performing loans at US$0.48 million are very low in absolute terms, which lines up with the story of a conservative lender focused on clean underwriting and a cautious risk profile. The cautious view also finds something to work with. Revenue is only slightly ahead of last year and net income, excluding extra items, is marginally lower, which shows limited earnings momentum. Share price reaction around the Q3 2026 print, with a move of just 0.62%, matches that restrained read through. Returns over 90 days are roughly flat, so the market has not rewarded the stock recently. For a regional bank like Westamerica Bancorporation, that combination points to concern that steady credit metrics may not yet translate into stronger overall profitability. Access the analyst estimates for Westamerica Bancorporation to see where the consensus models start to disagree on Westamerica Bancorporation's revenue path, EPS curve, and the timing of any real inflection point that the current share price is not reflecting yet. Westamerica Bancorporation just showed how a clean balance sheet can coincide with a muted share move. The real opportunity is finding stocks that could be undervalued before the market corrects them. - Company 1 - 46% below our estimate - uses a relationship-heavy banking model to integrate a major merger while focusing on credit quality and productivity. - Company 2 - 39% below our estimate - expands merchant payment volumes in emerging markets while aiming to counter take rate pressure with higher margin services. - Company 3 - 23% below our estimate - supplies liquid cooling and power systems that data center operators rely on to run dense AI hardware efficiently. That is three of the list. See all 33 potentially undervalued companies → This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include WABC. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

SAN RAFAEL, Calif., Oct. 15, 2026 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the third quarter 2026 of $28.2 million and diluted earnings per common share ("EPS") of $1.22. Third quarter 2026 results compare to second quarter 2026 net income of $27.4 million and EPS of $1.17. "Westamerica'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 thousand and the allowance for credit losses on loans was $10.5 million. Westamerica operated efficiently, spending 41 percent of its revenue on operating costs in the third quarter 2026", said Chairman, President and CEO David Payne. "Third quarter 2026 results generated an annualized 11.5 percent return on average common equity. Westamerica paid a $0.48 per common share dividend during the third quarter 2026, and retired 51 thousand common shares using its share repurchase plan. Westamerica's capital ratios remain at historically high levels exceeding the highest regulatory guidelines," concluded Payne. Net interest income on a fully-taxable equivalent (FTE) basis was $53.5 million for the third quarter 2026, compared to $52.7 million 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 $10.7 million compared to $10.3 million 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. Noninterest expense was $26.2 million for the third quarter 2026 compared to $26.0 million for the second quarter 2026. The increase in noninterest expense is primarily due to higher occupancy and equipment expense and professional fees, partially offset by lower salaries and benefits expense. The income tax provision (FTE) for the third quarter 2026 was $9.9 million compared to $9.5 million for the second 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 | [email protected] | 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 June 30, 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 October 15, 2026 WESTAMERICA BANCORPORATION | | | | | | FINANCIAL HIGHLIGHTS | | | | | | September 30, 2026 | | | | | | | | | | | | | 1. Net Income Summary. | | | | | | | | (in thousands except per-share amounts) | | | | | | % | | | | Q3'2026 | | Q3'2025 | Change | Q2'2026 | | Net Interest and Loan Fee | | | | | | | Income (FTE) | $53,522 | | $53,846 | -0.6% | $52,674 | | Provision for | | | | | | | Credit Losses | - | | - | n/m | - | | Noninterest Income | 10,703 | | 10,151 | 5.4% | 10,294 | | Noninterest Expense | 26,218 | | 25,800 | 1.6% | 26,037 | | Income Before Taxes (FTE) | 38,007 | | 38,197 | -0.5% | 36,931 | | Income Tax Provision (FTE) | 9,855 | | 9,934 | -0.8% | 9,546 | | Net Income | $28,152 | | $28,263 | -0.4% | $27,385 | | | | | | | | | Average Common Shares | | | | | | | Outstanding | 23,084 | | 25,341 | -8.9% | 23,306 | | Diluted Average Common | | | | | | | Shares Outstanding | 23,123 | | 25,341 | -8.8% | 23,319 | | | | | | | | | Operating Ratios: | | | | | | | Basic Earnings Per Common | | | | | | | Share | $1.22 | | $1.12 | 8.9% | $1.17 | | Diluted Earnings Per | | | | | | | Common Share | 1.22 | | 1.12 | 8.9% | 1.17 | | Return On Assets (a) | 1.86% | | 1.86% | | 1.84% | | Return On Common | | | | | | | Equity (a) | 11.5% | | 10.9% | | 11.3% | | Net Interest Margin (FTE) (a) | 3.81% | | 3.80% | | 3.77% | | Efficiency Ratio (FTE) | 40.8% | | 40.3% | | 41.3% | | | | | | | | | Dividends Paid Per Common | | | | | | | Share | $0.48 | | $0.46 | 4.3% | $0.48 | | Common Dividend Payout | | | | | | | Ratio | 39% | | 41% | | 41% | | | | | | | | | | | | | % | | | | 9/30'26YTD | | 9/30'25YTD | Change | | | Net Interest and Loan Fee | | | | | | | Income (FTE) | $158,886 | | $164,798 | -3.6% | | | Reversal of Provision | | | | | | | for Credit Losses | (300) | | (550) | n/m | | | Noninterest Income | 30,604 | | 30,787 | -0.6% | | | Noninterest Expense | 78,166 | | 76,456 | 2.2% | | | Income Before Taxes (FTE) | 111,624 | | 119,679 | -6.7% | | | Income Tax Provision (FTE) | 28,732 | | 31,313 | -8.2% | | | Net Income | $82,892 | | $88,366 | -6.2% | | | | | | | | | | Average Common Shares | | | | | | | Outstanding | 23,561 | | 25,953 | -9.2% | | | Diluted Average Common | | | | | | | Shares Outstanding | 23,579 | | 25,953 | -9.1% | | | | | | | | | | Operating Ratios: | | | | | | | Basic Earnings Per Common | | | | | | | Share | $3.52 | | $3.40 | 3.5% | | | Diluted Earnings Per | | | | | | | Common Share | 3.52 | | 3.40 | 3.5% | | | Return On Assets (a) | 1.85% | | 1.94% | | | | Return On Common | | | | | | | Equity (a) | 11.3% | | 11.4% | | | | Net Interest Margin (FTE) (a) | 3.78% | | 3.85% | | | | Efficiency Ratio (FTE) | 41.3% | | 39.1% | | | | | | | | | | | Dividends Paid Per Common | | | | | | | Share | $1.42 | | $1.36 | 4.4% | | | Common Dividend Payout | | | | | | | Ratio | 40% | | 40% | | | | | | | | | | 2. Net Interest and Loan Fee Income. | | | | | | | | (dollars in thousands) | | | | | | % | | | | Q3'2026 | | Q3'2025 | Change | Q2'2026 | | Interest and Loan Fee | | | | | | | Income (FTE) | $57,141 | | $57,491 | -0.6% | $55,995 | | Interest Expense | 3,619 | | 3,645 | -0.7% | 3,321 | | Net Interest and Loan Fee | | | | | | | Income (FTE) | $53,522 | | $53,846 | -0.6% | $52,674 | | | | | | | | | Average Earning Assets | $5,593,967 | | $5,621,797 | -0.5% | $5,577,857 | | Average Interest-Bearing | | | | | | | Liabilities | 2,786,456 | | 2,724,510 | 2.3% | 2,766,057 | | | | | | | | | Yield on Earning Assets | | | | | | | (FTE) (a) | 4.07% | | 4.06% | | 4.01% | | Cost of Funds (a) | 0.26% | | 0.26% | | 0.24% | | Net Interest Margin (FTE) (a) | 3.81% | | 3.80% | | 3.77% | | Interest Expense / | | | | | | | Interest-Bearing | | | | | | | Liabilities (a) | 0.52% | | 0.53% | | 0.48% | | Net Interest Spread (FTE) (a) | 3.55% | | 3.53% | | 3.53% | | | | | | | | | | | | | % | | | | 9/30'26YTD | | 9/30'25YTD | Change | | | Interest and Loan Fee | | | | | | | Income (FTE) | $169,121 | | $175,028 | -3.4% | | | Interest Expense | 10,235 | | 10,230 | 0.0% | | | Net Interest and Loan Fee | | | | | | | Income (FTE) | $158,886 | | $164,798 | -3.6% | | | | | | | | | | Average Earning Assets | $5,605,113 | | $5,689,058 | -1.5% | | | Average Interest-Bearing | | | | | | | Liabilities | 2,769,055 | | 2,729,204 | 1.5% | | | | | | | | | | Yield on Earning Assets | | | | | | | (FTE) (a) | 4.02% | | 4.09% | | | | Cost of Funds (a) | 0.24% | | 0.24% | | | | Net Interest Margin (FTE) (a) | 3.78% | | 3.85% | | | | Interest Expense / | | | | | | | Interest-Bearing | | | | | | | Liabilities (a) | 0.49% | | 0.50% | | | | Net Interest Spread (FTE) (a) | 3.53% | | 3.59% | | | | | | | | | | 3. Loans & Other Earning Assets. | | | | | | | | (average volume, dollars in thousands) | | | | | | % | | | | Q3'2026 | | Q3'2025 | Change | Q2'2026 | | | | | | | | | Total Assets | $5,992,606 | | $6,018,937 | -0.4% | $5,967,886 | | Total Earning Assets | 5,593,967 | | 5,621,797 | -0.5% | 5,577,857 | | Total Loans | 661,291 | | 744,046 | -11.1% | 682,900 | | Commercial Loans | 103,360 | | 113,215 | -8.7% | 107,763 | | Commercial Real Estate | | | | | | | Loans | 457,862 | | 486,751 | -5.9% | 465,156 | | Consumer Loans | 100,069 | | 144,080 | -30.5% | 109,981 | | Total Investment Securities | 4,655,877 | | 4,175,230 | 11.5% | 4,569,681 | | Debt Securities Available for | | | | | | | Sale | 3,839,791 | | 3,331,315 | 15.3% | 3,759,010 | | Debt Securities Held to | | | | | | | Maturity | 801,609 | | 829,341 | -3.3% | 796,225 | | Equity Securities | 14,477 | | 14,574 | -0.7% | 14,446 | | Total Interest-Bearing Cash | 276,799 | | 702,521 | -60.6% | 325,276 | | | | | | | | | Loans / Deposits | 13.7% | | 15.5% | | 14.2% | | | | | | | | | | | | | % | | | | 9/30'26YTD | | 9/30'25YTD | Change | | | | | | | | | | Total Assets | $5,998,309 | | $6,082,169 | -1.4% | | | Total Earning Assets | 5,605,113 | | 5,689,058 | -1.5% | | | Total Loans | 684,095 | | 765,231 | -10.6% | | | Commercial Loans | 107,069 | | 116,423 | -8.0% | | | Commercial Real Estate | | | | | | | Loans | 466,735 | | 490,991 | -4.9% | | | Consumer Loans | 110,291 | | 157,817 | -30.1% | | | Total Investment Securities | 4,565,561 | | 4,268,226 | 7.0% | | | Debt Securities Available for | | | | | | | Sale | 3,748,088 | | 3,418,176 | 9.7% | | | Debt Securities Held to | | | | | | | Maturity | 802,966 | | 835,706 | -3.9% | | | Equity Securities | 14,507 | | 14,344 | 1.1% | | | Total Interest-Bearing Cash | 355,457 | | 655,601 | -45.8% | | | | | | | | | | Loans / Deposits | 14.2% | | 15.7% | | | | | | | | | | 4. Deposits, Other Interest-Bearing Liabilities & Equity. | | | | | | | (average volume, dollars in thousands) | | | | | | % | | | | Q3'2026 | | Q3'2025 | Change | Q2'2026 | | | | | | | | | Total Deposits | $4,813,780 | | $4,806,568 | 0.2% | $4,795,518 | | Noninterest Demand | 2,170,613 | | 2,201,644 | -1.4% | 2,168,936 | | Interest-Bearing Transaction | 919,726 | | 895,504 | 2.7% | 931,438 | | Savings | 1,661,489 | | 1,636,259 | 1.5% | 1,630,311 | | Time greater than $100K | 20,528 | | 25,671 | -20.0% | 22,335 | | Time less than $100K | 41,424 | | 47,490 | -12.8% | 42,498 | | Total Short-Term Borrowings | 143,289 | | 119,586 | 19.8% | 139,475 | | Securities Sold under | | | | | | | Repurchase Agreements | 143,289 | | 119,586 | 19.8% | 139,475 | | Shareholders' Equity | 973,799 | | 1,026,618 | -5.1% | 971,898 | | | | | | | | | Demand Deposits / | | | | | | | Total Deposits | 45.1% | | 45.8% | | 45.2% | | Transaction & Savings | | | | | | | Deposits / Total Deposits | 98.7% | | 98.5% | | 98.6% | | | | | | | | | | | | | % | | | | 9/30'26YTD | | 9/30'25YTD | Change | | | | | | | | | | Total Deposits | $4,810,612 | | $4,868,418 | -1.2% | | | Noninterest Demand | 2,181,895 | | 2,246,259 | -2.9% | | | Interest-Bearing Transaction | 923,899 | | 912,830 | 1.2% | | | Savings | 1,640,115 | | 1,632,529 | 0.5% | | | Time greater than $100K | 22,189 | | 27,465 | -19.2% | | | Time less than $100K | 42,514 | | 49,335 | -13.8% | | | Total Short-Term Borrowings | 140,338 | | 107,045 | 31.1% | | | Securities Sold under | | | | | | | Repurchase Agreements | 140,338 | | 107,045 | 31.1% | | | Shareholders' Equity | 984,642 | | 1,039,802 | -5.3% | | | | | | | | | | Demand Deposits / | | | | | | | Total Deposits | 45.4% | | 46.1% | | | | Transaction & Savings | | | | | | | Deposits / Total Deposits | 98.7% | | 98.4% | | | | | | | | | | 5. Interest Yields Earned & Rates Paid. | | | | | | | | (dollars in thousands) | | | | Q3'2026 | | | | Average | | Income/ | Yield (a) / | | | | Volume | | Expense | Rate (a) | | | Interest & Loan Fee Income Earned: | | | | | | | Total Earning Assets (FTE) | $5,593,967 | | $57,141 | 4.07% | | | Total Loans (FTE) | 661,291 | | 9,563 | 5.74% | | | Commercial Loans (FTE) | 103,360 | | 1,554 | 5.97% | | | Commercial Real Estate | | | | | | | Loans | 457,862 | | 6,374 | 5.52% | | | Consumer Loans | 100,069 | | 1,635 | 6.48% | | | Total Investment Securities (FTE) | 4,655,877 | | 44,971 | 3.86% | | | Total Debt Securities | | | | | | | Available for Sale (FTE) | 3,839,791 | | 36,194 | 3.76% | | | Corporate Securities | 1,905,513 | | 13,080 | 2.75% | | | Collateralized Loan | | | | | | | Obligations | 178,979 | | 2,590 | 5.66% | | | Agency Mortgage Backed | | | | | | | Securities | 1,411,803 | | 17,506 | 4.96% | | | Securities of U.S. | | | | | | | Government Sponsored | | | | | | | Entities | 308,262 | | 2,708 | 3.51% | | | Obligations of States and | | | | | | | Political Subdivisions | | | | | | | (FTE) | 35,234 | | 310 | 3.52% | | | Total Debt Securities Held to | | | | | | | Maturity (FTE) | 801,609 | | 8,315 | 4.15% | | | Agency Mortgage Backed | | | | | | | Securities | 56,991 | | 501 | 3.52% | | | Corporate Securities | 730,816 | | 7,680 | 4.20% | | | Obligations of States and | | | | | | | Political Subdivisions | | | | | | | (FTE) | 13,802 | | 134 | 3.87% | | | Equity Securities (FTE) | 14,477 | | 462 | 12.75% | | | Total Interest-Bearing Cash | 276,799 | | 2,607 | 3.69% | | | | | | | | | | Interest Expense Paid: | | | | | | | Total Earning Assets | 5,593,967 | | 3,619 | 0.26% | | | Total Interest-Bearing | | | | | | | Liabilities | 2,786,456 | | 3,619 | 0.52% | | | Total Interest-Bearing | | | | | | | Deposits | 2,643,167 | | 3,387 | 0.51% | | | Interest-Bearing Transaction | 919,726 | | 46 | 0.02% | | | Savings | 1,661,489 | | 3,301 | 0.79% | | | Time less than $100K | 41,424 | | 31 | 0.30% | | | Time greater than $100K | 20,528 | | 9 | 0.17% | | | Total Short-Term Borrowings | 143,289 | | 232 | 0.64% | | | Securities Sold under | | | | | | | Repurchase Agreements | 143,289 | | 232 | 0.64% | | | | | | | | | | Net Interest Income and | | | | | | | Margin (FTE) | | | $53,522 | 3.81% | | | | | | | | Q3'2025 | | | | Average | | Income/ | Yield (a) / | | | | Volume | | Expense | Rate (a) | | | Interest & Loan Fee Income Earned: | | | | | | | Total Earning Assets (FTE) | $5,621,797 | | $57,491 | 4.06% | | | Total Loans (FTE) | 744,046 | | 10,321 | 5.51% | | | Commercial Loans (FTE) | 113,215 | | 1,713 | 6.01% | | | Commercial Real Estate | | | | | | | Loans | 486,751 | | 6,438 | 5.25% | | | Consumer Loans | 144,080 | | 2,170 | 5.98% | | | Total Investment Securities (FTE) | 4,175,230 | | 39,330 | 3.75% | | | Total Debt Securities | | | | | | | Available for Sale (FTE) | 3,331,315 | | 30,449 | 3.63% | | | Corporate Securities | 1,919,304 | | 12,784 | 2.66% | | | Collateralized Loan | | | | | | | Obligations | 658,786 | | 10,505 | 6.24% | | | Agency Mortgage Backed | | | | | | | Securities | 384,703 | | 3,945 | 4.10% | | | Securities of U.S. | | | | | | | Government Sponsored | | | | | | | Entities | 312,563 | | 2,777 | 3.55% | | | Obligations of States and | | | | | | | Political Subdivisions | | | | | | | (FTE) | 55,959 | | 438 | 3.13% | | | Total Debt Securities Held to | | | | | | | Maturity (FTE) | 829,341 | | 8,446 | 4.07% | | | Agency Mortgage Backed | | | | | | | Securities | 48,296 | | 264 | 2.19% | | | Corporate Securities | 739,492 | | 7,815 | 4.23% | | | Obligations of States and | | | | | | | Political Subdivisions | | | | | | | (FTE) | 41,553 | | 367 | 3.53% | | | Equity Securities (FTE) | 14,574 | | 435 | 11.92% | | | Total Interest-Bearing Cash | 702,521 | | 7,840 | 4.37% | | | | | | | | | | Interest Expense Paid: | | | | | | | Total Earning Assets | 5,621,797 | | 3,645 | 0.26% | | | Total Interest-Bearing | | | | | | | Liabilities | 2,724,510 | | 3,645 | 0.53% | | | Total Interest-Bearing | | | | | | | Deposits | 2,604,924 | | 3,453 | 0.53% | | | Interest-Bearing Transaction | 895,504 | | 45 | 0.02% | | | Savings | 1,636,259 | | 3,361 | 0.81% | | | Time less than $100K | 47,490 | | 35 | 0.29% | | | Time greater than $100K | 25,671 | | 12 | 0.19% | | | Total Short-Term Borrowings | 119,586 | | 192 | 0.64% | | | Securities Sold under | | | | | | | Repurchase Agreements | 119,586 | | 192 | 0.64% | | | | | | | | | | Net Interest Income and | | | | | | | Margin (FTE) | | | $53,846 | 3.80% | | | | | | | | | 6. Noninterest Income. | | | | | | | | (dollars in thousands except per-share amounts) | | | | | | % | | | | Q3'2026 | | Q3'2025 | Change | Q2'2026 | | Service Charges on Deposit | | | | | | | Accounts | $3,436 | | $3,317 | 3.6% | $3,380 | | Merchant Processing | | | | | | | Services | 3,273 | | 2,860 | 14.4% | 2,840 | | Debit Card Fees | 1,398 | | 1,603 | -12.8% | 1,462 | | Trust Fees | 1,031 | | 895 | 15.2% | 965 | | ATM Processing Fees | 493 | | 483 | 2.1% | 484 | | Other Service Fees | 441 | | 448 | -1.6% | 445 | | Unrealized (Losses) Gains | | | | | | | on Equity Securities | (8) | | (90) | n/m | 36 | | Other Noninterest Income | 639 | | 635 | 0.6% | 682 | | Total Noninterest Income | $10,703 | | $10,151 | 5.4% | $10,294 | | | | | | | | | Operating Ratios: | | | | | | | Total Revenue (FTE) | $64,225 | | $63,997 | 0.4% | $62,968 | | Noninterest Income / | | | | | | | Revenue (FTE) | 16.7% | | 15.9% | | 16.3% | | Service Charges / | | | | | | | Avg. Deposits (a) | 0.28% | | 0.27% | | 0.28% | | Total Revenue (FTE) Per | | | | | | | Avg. Common Share (a) | $11.04 | | $10.02 | 10.2% | $10.84 | | | | | | | | | | | | | % | | | | 9/30'26YTD | | 9/30'25YTD | Change | | | Service Charges on Deposit | | | | | | | Accounts | $10,148 | | $10,066 | 0.8% | | | Merchant Processing | | | | | | | Services | 8,852 | | 8,280 | 6.9% | | | Debit Card Fees | 4,184 | | 4,848 | -13.7% | | | Trust Fees | 2,923 | | 2,661 | 9.8% | | | ATM Processing Fees | 1,427 | | 1,428 | -0.1% | | | Other Service Fees | 1,294 | | 1,327 | -2.5% | | | Bank Owned | | | | | | | Life Insurance Gains | - | | 208 | n/m | | | Unrealized Losses on | | | | | | | Equity Securities | (219) | | (90) | n/m | | | Other Noninterest Income | 1,995 | | 2,059 | -3.1% | | | Total Noninterest Income | $30,604 | | $30,787 | -0.6% | | | | | | | | | | Operating Ratios: | | | | | | | Total Revenue (FTE) | $189,490 | | $195,585 | -3.1% | | | Noninterest Income / | | | | | | | Revenue (FTE) | 16.2% | | 15.7% | | | | Service Charges / | | | | | | | Avg. Deposits (a) | 0.28% | | 0.28% | | | | Total Revenue (FTE) Per | | | | | | | Avg. Common Share (a) | $10.75 | | $10.08 | 6.7% | | | | | | | | | 7. Noninterest Expense. | | | | | | | | (dollars in thousands) | | | | | | % | | | | Q3'2026 | | Q3'2025 | Change | Q2'2026 | | | | | | | | | Salaries and Related Benefits | $12,394 | | $12,387 | 0.1% | $12,541 | | Occupancy and Equipment | 5,436 | | 5,253 | 3.5% | 5,209 | | Outsourced Data Processing | 2,805 | | 2,722 | 3.0% | 2,781 | | Limited Partnership | | | | | | | Operating Losses | 1,110 | | 915 | 21.3% | 1,110 | | Professional Fees | 710 | | 643 | 10.4% | 660 | | Courier Service | 828 | | 738 | 12.2% | 765 | | Other Noninterest Expense | 2,935 | | 3,142 | -6.6% | 2,971 | | Total Noninterest Expense | $26,218 | | $25,800 | 1.6% | $26,037 | | | | | | | | | Operating Ratios: | | | | | | | Noninterest Expense / | | | | | | | Avg. Earning Assets (a) | 1.86% | | 1.82% | | 1.87% | | Noninterest Expense / | | | | | | | Revenues (FTE) | 40.8% | | 40.3% | | 41.3% | | | | | | | | | | | | | % | | | | 9/30'26YTD | | 9/30'25YTD | Change | | | | | | | | | | Salaries and Related Benefits | $37,260 | | $36,816 | 1.2% | | | Occupancy and Equipment | 16,072 | | 15,445 | 4.1% | | | Outsourced Data Processing | 8,374 | | 8,128 | 3.0% | | | Limited Partnership | | | | | | | Operating Losses | 3,330 | | 2,745 | 21.3% | | | Professional Fees | 1,832 | | 1,424 | 28.7% | | | Courier Service | 2,327 | | 2,113 | 10.1% | | | Other Noninterest Expense | 8,971 | | 9,785 | -8.3% | | | Total Noninterest Expense | $78,166 | | $76,456 | 2.2% | | | | | | | | | | Operating Ratios: | | | | | | | Noninterest Expense / | | | | | | | Avg. Earning Assets (a) | 1.86% | | 1.80% | | | | Noninterest Expense / | | | | | | | Revenues (FTE) | 41.3% | | 39.1% | | | | | | | | | | 8. Allowance for Credit Losses. | | | | | | | | (dollars in thousands) | | | | | | % | | | | Q3'2026 | | Q3'2025 | Change | Q2'2026 | | | | | | | | | Average Total Loans | $661,291 | | $744,046 | -11.1% | $682,900 | | | | | | | | | Beginning of Period | | | | | | | Allowance for Credit | | | | | | | Losses on Loans (ACLL) | $10,790 | | $13,787 | -21.7% | $11,151 | | Provision for | | | | | | | Credit Losses | - | | - | n/m | - | | Net ACLL Losses | (277) | | (1,928) | -85.6% | (361) | | End of Period ACLL | $10,513 | | $11,859 | -11.4% | $10,790 | | | | | | | | | Gross ACLL Recoveries / | | | | | | | Gross ACLL Losses | 63% | | 22% | | 58% | | Net ACLL Losses / | | | | | | | Avg. Total Loans (a) | -0.17% | | -1.03% | | -0.21% | | | | | | | | | | | | | % | | | | 9/30'26YTD | | 9/30'25YTD | Change | | | | | | | | | | Average Total Loans | $684,095 | | $765,231 | -10.6% | | | | | | | | | | Beginning of Period ACLL | $11,573 | | $14,780 | -21.7% | | | Reversal of Provision for | | | | | | | Credit Losses | (300) | | (550) | n/m | | | Net ACLL Losses | (760) | | (2,371) | -67.9% | | | End of Period ACLL | $10,513 | | $11,859 | -11.4% | | | | | | | | | | Gross ACLL Recoveries / | | | | | | | Gross ACLL Losses | 68% | | 54% | | | | Net ACLL Losses / | | | | | | | Avg. Total Loans (a) | -0.15% | | -0.41% | | | | | | | | | | | | (dollars in thousands) | | | | | | % | | | | 9/30/26 | | 9/30/25 | Change | 6/30/26 | | Allowance for Credit Losses | | | | | | | on Loans | $10,513 | | $11,859 | -11.4% | $10,790 | | Allowance for Credit Losses | | | | | | | on Held to Maturity | | | | | | | Securities | 1 | | 1 | 0.0% | 1 | | Total Allowance for Credit | | | | | | | Losses | $10,514 | | $11,860 | -11.3% | $10,791 | | | | | | | | | Allowance for Unfunded | | | | | | | Credit Commitments | $201 | | $201 | 0.0% | $201 | | | | | | | | 9. Credit Quality. | | | | | | | | (dollars in thousands) | | | | | | % | | | | 9/30/26 | | 9/30/25 | Change | 6/30/26 | | Nonperforming Loans: | | | | | | | Nonperforming Nonaccrual | | | | | | | Loans | $ - | | $1,619 | n/m | $183 | | Performing Nonaccrual | | | | | | | Loans | 330 | | 728 | -54.7% | 342 | | Total Nonaccrual Loans | 330 | | 2,347 | -85.9% | 525 | | Accruing Loans 90+ Days | | | | | | | Past Due | 146 | | 297 | -50.8% | 283 | | Total Nonperforming Loans | $476 | | $2,644 | -82.0% | $808 | | | | | | | | | Total Loans Outstanding | $658,198 | | $741,579 | -11.2% | $668,833 | | | | | | | | | Total Assets | 5,793,774 | | 5,914,438 | -2.0% | 5,805,061 | | | | | | | | | Loans: | | | | | | | Allowance for Credit Losses | | | | | | | on Loans | $10,513 | | $11,859 | -11.4% | $10,790 | | Allowance for Credit Losses | | | | | | | on Loans / Loans | 1.60% | | 1.60% | | 1.61% | | Nonperforming Loans / | | | | | | | Total Loans | 0.07% | | 0.36% | | 0.12% | | | | | | | | 10. Capital. | | | | | | | | (in thousands, except per-share amounts) | | | | | | % | | | | 9/30/26 | | 9/30/25 | Change | 6/30/26 | | | | | | | | | Shareholders' Equity | $789,672 | | $931,646 | -15.2% | $853,148 | | Total Assets | 5,793,774 | | 5,914,438 | -2.0% | 5,805,061 | | Shareholders' Equity/ | | | | | | | Total Assets | 13.63% | | 15.75% | | 14.70% | | Shareholders' Equity/ | | | | | | | Total Loans | 119.97% | | 125.63% | | 127.56% | | Tangible Common Equity | | | | | | | Ratio | 11.78% | | 13.98% | | 12.87% | | Common Shares Outstanding | 23,084 | | 25,107 | -8.1% | 23,002 | | Common Equity Per Share | $34.21 | | $37.11 | -7.8% | $37.09 | | Market Value Per Common | | | | | | | Share | 58.32 | | 49.99 | 16.7% | 58.67 | | | | | | | | | | (shares in thousands) | | | | | | % | | | | Q3'2026 | | Q3'2025 | Change | Q2'2026 | | Share Retirements (Issuances): | | | | | | | Total Shares Retired | 51 | | 488 | n/m | 753 | | Average Retirement Price | $57.92 | | $48.96 | n/m | $55.14 | | Net Shares (Issued) Retired | (82) | | 480 | n/m | 629 | | | | | | | | | | | | | % | | | | 9/30'26YTD | | 9/30'25YTD | Change | | | | | | | | | | Total Shares Retired | 1,805 | | 1,622 | n/m | | | Average Retirement Price | $52.88 | | $49.60 | n/m | | | Net Shares Retired | 1,539 | | 1,601 | n/m | | | | | | | | | 11. Period-End Balance Sheets. | | | | | | | | (unaudited, dollars in thousands) | | | | | | % | | | | 9/30/26 | | 9/30/25 | Change | 6/30/26 | | Assets: | | | | | | | Cash and Due from Banks | $322,510 | | $659,268 | -51.1% | $301,934 | | | | | | | | | Debt Securities Available for | | | | | | | Sale: | | | | | | | Corporate Securities | 1,712,385 | | 1,797,562 | -4.7% | 1,796,083 | | Collateralized Loan | | | | | | | Obligations | 152,389 | | 561,063 | -72.8% | 208,302 | | Agency Mortgage Backed | | | | | | | Securities | 1,414,432 | | 589,654 | 139.9% | 1,297,830 | | Securities of U.S. | | | | | | | Government Sponsored | | | | | | | Entities | 287,637 | | 305,192 | -5.8% | 296,531 | | Obligations of States and | | | | | | | Political Subdivisions | 28,977 | | 51,853 | -44.1% | 40,431 | | Total Debt Securities | | | | | | | Available for Sale | 3,595,820 | | 3,305,324 | 8.8% | 3,639,177 | | | | | | | | | Debt Securities Held to | | | | | | | Maturity: | | | | | | | Agency Mortgage Backed | | | | | | | Securities | 55,609 | | 46,433 | 19.8% | 58,202 | | Corporate Securities | 730,433 | | 740,545 | -1.4% | 733,806 | | Obligations of States and | | | | | | | Political Subdivisions (1) | 12,675 | | 39,527 | -67.9% | 15,838 | | Total Debt Securities | | | | | | | Held to Maturity (1) | 798,717 | | 826,505 | -3.4% | 807,846 | | | | | | | | | Loans | 658,198 | | 741,579 | -11.2% | 668,833 | | Allowance for Credit Losses | | | | | | | on Loans | (10,513) | | (11,859) | -11.4% | (10,790) | | Total Loans, net | 647,685 | | 729,720 | -11.2% | 658,043 | | | | | | | | | Premises and Equipment, net | 25,590 | | 25,874 | -1.1% | 25,592 | | Goodwill | 121,673 | | 121,673 | 0.0% | 121,673 | | Other Assets | 281,779 | | 246,074 | 14.5% | 250,796 | | | | | | | | | Total Assets | $5,793,774 | | $5,914,438 | -2.0% | $5,805,061 | | | | | | | | | Liabilities and Shareholders' | | | | | | | Equity: | | | | | | | Deposits: | | | | | | | Noninterest-Bearing | $2,166,615 | | $2,214,100 | -2.1% | $2,141,783 | | Interest-Bearing Transaction | 944,441 | | 881,367 | 7.2% | 908,521 | | Savings | 1,645,363 | | 1,626,474 | 1.2% | 1,660,534 | | Time | 59,946 | | 71,238 | -15.9% | 61,939 | | Total Deposits | 4,816,365 | | 4,793,179 | 0.5% | 4,772,777 | | | | | | | | | Securities Sold under | | | | | | | Repurchase Agreements | 139,062 | | 133,651 | 4.0% | 131,813 | | Total Short-Term | | | | | | | Borrowed Funds | 139,062 | | 133,651 | 4.0% | 131,813 | | | | | | | | | Other Liabilities | 48,675 | | 55,962 | -13.0% | 47,323 | | Total Liabilities | 5,004,102 | | 4,982,792 | 0.4% | 4,951,913 | | | | | | | | | Shareholders' Equity: | | | | | | | Common Equity: | | | | | | | Paid-In Capital | 421,705 | | 448,600 | -6.0% | 415,038 | | Accumulated Other | | | | | | | Comprehensive Loss | (202,792) | | (99,913) | 103.0% | (117,592) | | Retained Earnings | 570,759 | | 582,959 | -2.1% | 555,702 | | Total Shareholders' Equity | 789,672 | | 931,646 | -15.2% | 853,148 | | | | | | | | | Total Liabilities and | | | | | | | Shareholders' Equity | $5,793,774 | | $5,914,438 | -2.0% | $5,805,061 | | | | | | | | 12. Income Statements. | | | | | | | | (unaudited, in thousands except per-share amounts) | | | | | | % | | | | Q3'2026 | | Q3'2025 | Change | Q2'2026 | | Interest and Loan Fee Income: | | | | | | | Loans | $9,512 | | $10,257 | -7.3% | $9,663 | | Equity Securities | 433 | | 409 | 5.9% | 433 | | Debt Securities Available | | | | | | | for Sale | 36,130 | | 30,358 | 19.0% | 34,556 | | Debt Securities Held to | | | | | | | Maturity | 8,287 | | 8,370 | -1.0% | 8,144 | | Interest-Bearing Cash | 2,607 | | 7,840 | -66.7% | 3,001 | | Total Interest and Loan | | | | | | | Fee Income | 56,969 | | 57,234 | -0.5% | 55,797 | | | | | | | | | Interest Expense: | | | | | | | Transaction Deposits | 46 | | 45 | 2.2% | 45 | | Savings Deposits | 3,301 | | 3,361 | -1.8% | 3,024 | | Time Deposits | 40 | | 47 | -14.9% | 41 | | Securities Sold under | | | | | | | Repurchase Agreements | 232 | | 192 | 21.0% | 211 | | Total Interest Expense | 3,619 | | 3,645 | -0.7% | 3,321 | | | | | | | | | Net Interest and Loan | | | | | | | Fee Income | 53,350 | | 53,589 | -0.4% | 52,476 | | | | | | | | | Provision for | | | | | | | Credit Losses | - | | - | n/m | - | | | | | | | | | Noninterest Income: | | | | | | | Service Charges on Deposit | | | | | | | Accounts | 3,436 | | 3,317 | 3.6% | 3,380 | | Merchant Processing | | | | | | | Services | 3,273 | | 2,860 | 14.4% | 2,840 | | Debit Card Fees | 1,398 | | 1,603 | -12.8% | 1,462 | | Trust Fees | 1,031 | | 895 | 15.2% | 965 | | ATM Processing Fees | 493 | | 483 | 2.1% | 484 | | Other Service Fees | 441 | | 448 | -1.6% | 445 | | Other Noninterest Income | 631 | | 545 | 15.8% | 718 | | Total Noninterest Income | 10,703 | | 10,151 | 5.4% | 10,294 | | | | | | | | | Noninterest Expense: | | | | | | | Salaries and Related Benefits | 12,394 | | 12,387 | 0.1% | 12,541 | | Occupancy and Equipment | 5,436 | | 5,253 | 3.5% | 5,209 | | Outsourced Data Processing | 2,805 | | 2,722 | 3.0% | 2,781 | | Limited Partnership | | | | | | | Operating Losses | 1,110 | | 915 | 21.3% | 1,110 | | Professional Fees | 710 | | 643 | 10.4% | 660 | | Courier Service | 828 | | 738 | 12.2% | 765 | | Other Noninterest Expense | 2,935 | | 3,142 | -6.6% | 2,971 | | Total Noninterest Expense | 26,218 | | 25,800 | 1.6% | 26,037 | | | | | | | | | Income Before Income Taxes | 37,835 | | 37,940 | -0.3% | 36,733 | | Income Tax Provision | 9,683 | | 9,677 | 0.1% | 9,348 | | Net Income | $28,152 | | $28,263 | -0.4% | $27,385 | | | | | | | | | Average Common Shares | | | | | | | Outstanding | 23,084 | | 25,341 | -8.9% | 23,306 | | Diluted Average Common | | | | | | | Shares Outstanding | 23,123 | | 25,341 | -8.8% | 23,319 | | | | | | | | | Per Common Share Data: | | | | | | | Basic Earnings | $1.22 | | $1.12 | 8.9% | $1.17 | | Diluted Earnings | 1.22 | | 1.12 | 8.9% | 1.17 | | Dividends Paid | 0.48 | | 0.46 | 4.3% | 0.48 | | | | | | | | | | | | | % | | | | 9/30'26YTD | | 9/30'25YTD | Change | | | Interest and Loan Fee Income: | | | | | | | Loans | $29,054 | | $31,449 | -7.6% | | | Equity Securities | 1,312 | | 1,239 | 5.9% | | | Debt Securities Available | | | | | | | for Sale | 103,381 | | 94,376 | 9.5% | | | Debt Securities Held to | | | | | | | Maturity | 24,925 | | 25,312 | -1.5% | | | Interest-Bearing Cash | 9,864 | | 21,816 | -54.8% | | | Total Interest and Loan | | | | | | | Fee Income | 168,536 | | 174,192 | -3.2% | | | | | | | | | | Interest Expense: | | | | | | | Transaction Deposits | 136 | | 135 | 0.7% | | | Savings Deposits | 9,327 | | 9,439 | -1.2% | | | Time Deposits | 123 | | 153 | -19.6% | | | Securities Sold under | | | | | | | Repurchase Agreements | 649 | | 503 | 29.0% | | | Total Interest Expense | 10,235 | | 10,230 | 0.0% | | | | | | | | | | Net Interest and Loan | | | | | | | Fee Income | 158,301 | | 163,962 | -3.5% | | | | | | | | | | Reversal of Provision | | | | | | | for Credit Losses | (300) | | (550) | n/m | | | | | | | | | | Noninterest Income: | | | | | | | Service Charges on Deposit | 10,148 | | 10,066 | 0.8% | | | Accounts | | | | | | | Merchant Processing | | | | | | | Services | 8,852 | | 8,280 | 6.9% | | | Debit Card Fees | 4,184 | | 4,848 | -13.7% | | | Trust Fees | 2,923 | | 2,661 | 9.8% | | | ATM Processing Fees | 1,427 | | 1,428 | -0.1% | | | Other Service Fees | 1,294 | | 1,327 | -2.5% | | | Bank Owned | | | | | | | Life Insurance Gains | - | | 208 | n/m | | | Other Noninterest Income | 1,776 | | 1,969 | -9.8% | | | Total Noninterest Income | 30,604 | | 30,787 | -0.6% | | | | | | | | | | Noninterest Expense: | | | | | | | Salaries and Related Benefits | 37,260 | | 36,816 | 1.2% | | | Occupancy and Equipment | 16,072 | | 15,445 | 4.1% | | | Outsourced Data Processing | 8,374 | | 8,128 | 3.0% | | | Limited Partnership | | | | | | | Operating Losses | 3,330 | | 2,745 | 21.3% | | | Professional Fees | 1,832 | | 1,424 | 28.7% | | | Courier Service | 2,327 | | 2,113 | 10.1% | | | Other Noninterest Expense | 8,971 | | 9,785 | -8.3% | | | Total Noninterest Expense | 78,166 | | 76,456 | 2.2% | | | | | | | | | | Income Before Income Taxes | 111,039 | | 118,843 | -6.6% | | | Income Tax Provision | 28,147 | | 30,477 | -7.6% | | | Net Income | $82,892 | | $88,366 | -6.2% | | | | | | | | | | Average Common Shares | | | | | | | Outstanding | 23,561 | | 25,953 | -9.2% | | | Diluted Average Common | | | | | | | Shares Outstanding | 23,579 | | 25,953 | -9.1% | | | | | | | | | | Per Common Share Data: | | | | | | | Basic Earnings | $3.52 | | $3.40 | 3.5% | | | Diluted Earnings | 3.52 | | 3.40 | 3.5% | | | Dividends Paid | 1.42 | | 1.36 | 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 September 30, 2026, June 30, 2026 and September 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. | | | | |

SAN RAFAEL, Calif., July 23, 2026 (GLOBE NEWSWIRE) -- The Board of Directors of Westamerica Bancorporation (NASDAQ: WABC) today declared a quarterly cash dividend of $0.48 per share on common stock outstanding to shareholders of record at the close of business August 3, 2026. The dividend is payable August 14, 2026. Chairman, President and CEO David Payne stated, “This quarterly dividend recognizes Westamerica’s reliable earnings stream, financial strength and conservative risk profile.” On July 16, 2026, Westamerica reported $27.4 million in net income for the three months ended June 30, 2026, or $1.17 diluted earnings per common share. Westamerica Bancorporation, through its wholly owned subsidiary, Westamerica Bank, operates banking and trust offices throughout Northern and Central California. Westamerica Bancorporation Web Address: www.westamerica.com For additional information contact: Westamerica Bancorporation1108 Fifth Avenue, San Rafael, CA 94901Robert A. Thorson – Investor Relations [email protected] 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.

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 Bancorporation1108 Fifth Avenue, San Rafael, CA 94901Robert A. Thorson – Investor Relations [email protected] 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.

SAN RAFAEL, Calif., April 23, 2026 (GLOBE NEWSWIRE) -- The Board of Directors of Westamerica Bancorporation (NASDAQ: WABC) today declared a quarterly cash dividend of $0.48 per share, which represents a two cent per share increase from the prior quarter, on common stock outstanding to shareholders of record at the close of business May 4, 2026. The dividend is payable May 15, 2026. Chairman, President and CEO David Payne stated, “This increase in the quarterly dividend recognizes Westamerica’s reliable earnings stream, financial strength and conservative risk profile.” On April 16, 2026, Westamerica reported $27.4 million in net income for the three months ended March 31, 2026, or $1.13 diluted earnings per common share. Westamerica Bancorporation, through its wholly owned subsidiary, Westamerica Bank, operates 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, 2025 filed on Form 10-K and quarterly report for the quarter ended September 30, 2025 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.

SAN RAFAEL, Calif., April 16, 2026 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the first quarter 2026 of $27.4 million and diluted earnings per common share ("EPS") of $1.13. First quarter 2026 results include a reversal of provision for credit losses of $300 thousand, which increased EPS $0.01. These results compare to fourth quarter 2025 net income of $27.8 million and EPS of $1.12. Fourth quarter 2025 results include an increase to the book tax provision to reconcile the 2024 income tax provision to the filed 2024 tax returns, which reduced EPS $0.02. "Westamerica’s first quarter 2026 results benefited from the Company’s valuable low-cost deposit base, of which 46 percent was represented by non-interest bearing checking accounts during the quarter; the annualized cost of funding our loan and bond portfolios was 0.24 percent in the quarter. Operating expenses remained well controlled at 42 percent of total revenues and credit quality remained stable with nonperforming assets of $1.4 million at March 31, 2026,” said Chairman, President and CEO David Payne. “First quarter 2026 results generated an annualized 11.0 percent return on average common equity. Shareholders were paid a $0.46 per common share dividend during the first quarter 2026 and 997 thousand shares were retired using the Company’s share repurchase plan,” concluded Payne. Net interest income on a fully-taxable equivalent (FTE) basis was $52.7 million for the first quarter 2026, compared to $53.5 million for the fourth quarter 2025. The annualized yield earned on loans, bonds and cash for the first quarter 2026 was 3.98 percent compared to 4.00 percent for the fourth quarter 2025. The annualized cost of funding the loan and bond portfolios was 0.24 percent for the first quarter 2026 unchanged from the fourth quarter 2025. The Company recognized a $300 thousand reversal of provision for credit losses in the first quarter 2026. The Allowance for Credit Losses on Loans was $11.2 million at March 31, 2026. Noninterest income for the first quarter 2026 totaled $9.6 million compared to $10.0 million for the fourth quarter 2025. Debit card fees declined $174 thousand from the fourth quarter 2025 to the first quarter 2026 and the Company recognized unrealized securities losses of $247 thousand in the first quarter 2026. Noninterest expenses for the first quarter 2026 were $25.9 million compared to $25.5 million for the fourth quarter 2025. Salaries and related benefits expense were higher in the first quarter 2026 when compared to fourth quarter 2025 due to seasonally higher payroll taxes and higher benefit costs. The income tax provision (FTE) for the first quarter 2026 was $9.3 million compared to $10.3 million for the fourth quarter 2025. The fourth quarter 2025 income tax provision includes a $628 thousand increase to the book tax provision to reconcile the 2024 income tax provision to the filed 2024 tax returns. 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 [email protected] 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 September 30, 2025 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.

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE. Westamerica Bancorporation (WABC) has been in focus after reporting fourth quarter results that exceeded analysts’ expectations for net interest income and revenue, supported by its low cost deposit base and controlled operating expenses. See our latest analysis for Westamerica Bancorporation. Since reporting its earnings beat, Westamerica Bancorporation’s share price has shown steady momentum, with a 30-day share price return of 6.90% and a 90-day share price return of 7.46%, while the 1-year total shareholder return sits at 3.36%. If you are comparing banks and other income focused names after these results, it could also be a useful time to look at these 13 dividend stocks with yields > 3% as potential alternatives. With shares up over the past quarter and the stock trading around a 7.6% discount to the average analyst price target, the key question now is whether Westamerica looks undervalued or if the recent earnings strength is already fully priced in. On a P/E of 10.8x at a last close of $51.13, Westamerica Bancorporation screens cheaper than both its US banks peer group and the wider US banks industry. The P/E ratio compares the current share price to earnings per share and is a common yardstick for banks, where earnings and return on equity sit at the center of the story. For Westamerica, a lower P/E than peers can signal that the market is assigning a more cautious view of future earnings and returns, even with high quality earnings and a long run of 5 year earnings growth in the background. In that context, Westamerica is described as good value on P/E versus both the US Banks industry average of 11.8x and a peer average of 15.2x, which is a clear discount. However, when you compare the same 10.8x P/E to an estimated fair P/E of 8.7x, the shares look expensive relative to the level our fair ratio work suggests the market could move toward over time. This highlights a tension between peer based value and fair ratio based value. Explore the SWS fair ratio for Westamerica Bancorporation Result: Price-to-Earnings of 10.8x (ABOUT RIGHT) However, you also need to weigh weaker annual revenue and net income growth, as well as any shift in deposit costs, which could challenge the current valuation story. Find out about the key risks to this Westamerica Bancorporation narrative. While the 10.8x P/E suggests Westamerica Bancorporation is around fair value compared with peers, our DCF model points in a different direction. At a last close of $51.13 versus an estimated future cash flow value of $114.87, the shares screen as heavily undervalued. Which signal do you trust more: earnings today or long term cash flows? Look into how the SWS DCF model arrives at its fair value. Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Westamerica Bancorporation for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 868 undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity. If you reach a different conclusion or prefer to lean on your own data checks and assumptions, you can build a tailored view in just a few minutes with Do it your way. A great starting point for your Westamerica Bancorporation research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision. If you stop with just one company, you might miss opportunities that fit you even better, so widen your search and let the data do more of the work. Spot income opportunities by scanning these 13 dividend stocks with yields > 3% that could complement a bank focused portfolio. Target future facing themes with these 25 AI penny stocks that link artificial intelligence trends to listed companies. Hunt for potential value ideas by reviewing these 868 undervalued stocks based on cash flows that screen cheaply on cash flow metrics. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include WABC. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

SAN RAFAEL, Calif., Jan. 22, 2026 (GLOBE NEWSWIRE) -- The Board of Directors of Westamerica Bancorporation (NASDAQ: WABC) today declared a quarterly cash dividend of $0.46 per share on common stock outstanding to shareholders of record at the close of business February 2, 2026. The dividend is payable February 13, 2026. Chairman, President and CEO David Payne stated, “This quarterly dividend recognizes Westamerica’s reliable earnings stream, financial strength and conservative risk profile.” On January 15, 2026, Westamerica reported $27.8 million in net income for the three months ended December 31, 2025, or $1.12 diluted earnings per common share. Westamerica Bancorporation, through its wholly owned subsidiary, Westamerica Bank, operates 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, 2024 filed on Form 10-K and quarterly report for the quarter ended September 30, 2025 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.