Westamerica reports Q1 EPS $1.13 vs. $1.16 last year

Net interest income on a fully-taxable equivalent basis was $52.7M for the first quarter 2026, compared to $53.5M for the fourth quarter 2025. The annualized yield earned on loans, bonds and cash for the first quarter 2026 was 3.98% compared to 4.00% for the fourth quarter 2025. The annualized cost of funding the loan and bond portfolios was 0.24% for the first quarter 2026 unchanged from the fourth quarter 2025. “Westamerica’s (WABC) first quarter 2026 results benefited from the Company’s valuable low-cost deposit base, of which 46% was represented by non-interest bearing checking accounts during the quarter; the annualized cost of funding our loan and bond portfolios was 0.24% in the quarter. Operating expenses remained well controlled at 42% of total revenues and credit quality remained stable with nonperforming assets of $1.4M at March 31, 2026,” said Chairman, President and CEO David Payne.