Westamerica Bancorp. (WABC), Thursday announced 11.9 percent decline in first quarter earnings compared to the prior year.
Currently, shares are at $53.43, up 0.13 points or 0.24 percent.
The parent of the Westamerica Bank reported first quarter earnings of $27.36 million, down from $31.04 million last year.
On a per share basis, earnings were $1.13, down 2.6 percent from $1.16 in the previous year.
Income tax provision for the quarter was $9.33 million, compared to $11.09 million a year ago. The company said the quarterly results included a reversal of provision for credit losses of $300 thousand, which increased earnings per share by $0.01.
Net interest and Loan fee income was $52.69 million, down 6.6 percent from $56.39 million last year. Non-interest income declined 6.9 percent to $9.607 million from $10.321 million a year ago.
CEO David Payne said, "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."
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