Westamerica Bancorporation Reports First Quarter 2013 Earnings

Westamerica Bancorporation Reports First Quarter 2013 Earnings

SAN RAFAEL, Calif., April 16, 2013 (GLOBE NEWSWIRE) -- Westamerica
Bancorporation (Nasdaq:WABC), parent company of Westamerica Bank, today
reported net income for the first quarter 2013 of $17.3 million and diluted
earnings per common share ("EPS") of $0.64. First quarter 2013 results compare
to net income of $19.1 million and EPS of $0.70 for the prior quarter, and net
income of $21.0 million and EPS of $0.75 for the first quarter 2012. First
quarter 2013 net income represented an annualized return on shareholders'
equity of 13 percent.

"Westamerica continues to deliver relatively high levels of profitability in a
difficult operating environment. We are focused on controlling costs while
banking industry revenues are pressured by low interest rates and aggressive
competition. Westamerica's noninterest expenses declined 4.5 percent in the
first quarter 2013 compared to the first quarter 2012. Our credit quality
continues to improve with problem loans and repossessed loan collateral
declining 35 percent from March 31, 2012 to March 31, 2013," said Chairman,
President and CEO David Payne. "Westamerica paid a $0.37 per common share
dividend in the first quarter 2013, and retired 195 thousand common shares in
the quarter using our share repurchase plan. Westamerica's capital ratios
continue to exceed the highest regulatory guidelines," added Payne.

Net interest income on a fully taxable equivalent basis was $43.8 million for
the first quarter 2013, compared to $46.3 million for the prior quarter and
$51.7 million for the first quarter 2012. The change in net interest income is
due to reductions in yields on loans and investment securities, which have
declined during this period of low market interest rates. The change in net
interest income is also attributable to reduced loan volumes, placing greater
reliance on lower-yielding investment securities. Loan volumes have declined
due to problem loan workout activities, particularly with purchased loans, and
reduced volumes of loan originations. In Management's opinion, current levels
of competitive loan pricing do not provide adequate forward earnings
potential, and competitive loan underwriting standards are loosening, causing
newly originated loans to contain higher levels of credit risk; Management is
avoiding low-yielding higher-risk loan originations. To offset the decline in
interest income, interest expense has been reduced by lowering rates paid on
interest-bearing deposits and borrowings and by reducing the volume of
higher-cost funding sources. The annualized interest cost of funding the
Company's loans and investment securities was 0.12 percent in the first
quarter 2013 compared to 0.13 percent in the prior quarter and 0.15 percent in
the first quarter 2012. The annualized net interest margin on a fully taxable
equivalent basis was 4.27 percent for the first quarter 2013, compared to 4.49
percent for the prior quarter and 5.12 percent for the first quarter 2012.

The provision for loan losses was $2.8 million for the first quarter 2013,
unchanged from the prior quarter and first quarter 2012. Net loan losses
charged against the allowance for loan losses totaled $2.7 million for the
first quarter 2013, compared to $3.5 million for the prior quarter and $3.5
million for the first quarter 2012. At March 31, 2013, the allowance for loan
losses totaled $30.4 million; nonperforming originated loans totaled $8.5
million; nonperforming purchased FDIC-indemnified loans totaled $12.0 million,
net of purchase discounts of $1.7 million; and nonperforming purchased
non-indemnified loans totaled $9.1 million, net of purchase discounts of $1.9
million.

Noninterest income for the first quarter 2013 totaled $14.3 million, compared
to $14.2 million for the prior quarter and $14.7 million for the first quarter
2012.

Noninterest expense for the first quarter 2013 totaled $28.7 million, compared
to $28.2 million in the prior quarter and $30.0 million in the first quarter
2012. The 4.5 percent decline in noninterest expenses for the first quarter
2013 compared to the first quarter 2012 was primarily due to lower personnel
costs, loan administration expenses, intangible amortization and professional
fees.

At March 31, 2013, Westamerica Bancorporation's tangible common
equity-to-asset ratio was 8.8 percent, assets totaled $4.9 billion and loans
outstanding totaled $2.0 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

Public Information April 16, 2013
WESTAMERICA BANCORPORATION
FINANCIAL HIGHLIGHTS
March 31, 2013
                                                           
1. Net Income Summary.
                                 (in thousands except per-share amounts)
                                                     %      
                                 Q1'13      Q1'12      Change Q4'12
                                                           
Net Interest and Fee Income (FTE) $43,835    $51,699    -15.2% $46,283
Provision for Loan Losses         2,800      2,800      0.0%   2,800
Noninterest Income                14,278     14,669     -2.7%  14,194
Noninterest Expense               28,677     30,034     -4.5%  28,233
Income Before Taxes (FTE)         26,636     33,534     -20.6% 29,444
Income Tax Provision (FTE)        9,365      12,529     -25.2% 10,308
Net Income                        $17,271    $21,005    -17.8% $19,136
                                                           
Average Common Shares Outstanding 27,145     28,051     -3.2%  27,313
Diluted Average Common Shares     27,157     28,111     -3.4%  27,334
                                                           
Operating Ratios:                                           
Basic Earnings Per Common Share   $0.64      $0.75      -14.7% $0.70
Diluted Earnings Per Common Share 0.64       0.75       -14.7% 0.70
Return On Assets (a)              1.43%      1.68%            1.55%
Return On Common Equity (a)       12.9%      15.5%            14.1%
Net Interest Margin (FTE) (a)     4.27%      5.12%            4.49%
Efficiency Ratio (FTE)            49.3%      45.3%            46.7%
                                                           
Dividends Paid Per Common Share   $0.37      $0.37      0.0%   $0.37
Common Dividend Payout Ratio     58%        49%              53%
                                                           
2. Net Interest Income.
                                 (dollars in thousands)
                                                     %      
                                 Q1'13      Q1'12      Change Q4'12
                                                           
Interest and Fee Income (FTE)     $45,087    $53,258    -15.3% $47,614
Interest Expense                  1,252      1,559      -19.7% 1,331
Net Interest Income (FTE)         $43,835    $51,699    -15.2% $46,283
                                                           
Average Earning Assets            $4,135,863 $4,060,271 1.9%   $4,111,970
Average Interest-                                           
Bearing Liabilities              2,664,391  2,843,612  -6.3%  2,663,389
                                                           
Yield on Earning Assets (FTE) (a) 4.39%      5.27%            4.62%
Cost of Funds (a)                 0.12%      0.15%            0.13%
Net Interest Margin (FTE) (a)     4.27%      5.12%            4.49%
Interest Expense/                                           
Interest-Bearing Liabilities (a) 0.19%      0.22%            0.20%
Net Interest Spread (FTE) (a)     4.20%      5.05%            4.42%
                                                           
3. Loans & Other Earning Assets.
                                 (average volume, dollars in thousands)
                                                     %      
                                 Q1'13      Q1'12      Change Q4'12
                                                           
Total Assets                      $4,908,483 $5,030,935 -2.4%  $4,920,620
Total Earning Assets              4,135,863  4,060,271  1.9%   4,111,970
Total Loans                       2,077,989  2,467,839  -15.8% 2,155,059
Commercial Loans                 404,892    523,089    -22.6% 425,035
Commercial RE Loans             904,841    1,091,025  -17.1% 939,943
Consumer Loans                   768,256    853,725    -10.0% 790,081
Total Investment Securities       2,057,874  1,592,432  29.2%  1,956,911
Available For Sale (Market)      902,633    637,232    41.6%  796,998
Held To Maturity                 1,155,241  955,200    20.9%  1,159,913
Unrealized Gain                  23,283     22,946     1.5%   28,516
                                                           
Loans/Deposits                    49.5%      58.0%            51.2%
                                                           
4. Deposits, Other Interest-Bearing Liabilities & Equity.
                                 (average volume, dollars in thousands)
                                                     %      
                                 Q1'13      Q1'12      Change Q4'12
                                                           
Total Deposits                    $4,199,229 $4,253,764 -1.3%  $4,211,609
Noninterest Demand              1,643,348  1,576,058  4.3%   1,654,575
Interest Bearing Transaction     766,810    751,283    2.1%   761,395
Savings                          1,158,454  1,133,261  2.2%   1,146,891
Time greater than $100K          390,518    512,427    -23.8% 400,556
Time less than $100K             240,099    280,735    -14.5% 248,192
Total Short-Term Borrowings       57,733     114,906    -49.8% 55,523
Federal Home Loan Bank Advances   25,777     26,000     -0.9%  25,832
Term Repurchase Agreement         10,000     10,000    0.0%   10,000
Debt Financing                    15,000     15,000     0.0%   15,000
Shareholders' Equity              541,874    546,676    -0.9%  541,684
                                                           
Demand Deposits/                                            
Total Deposits                   39.1%      37.1%            39.3%
Transaction & Savings                                      
Deposits / Total Deposits        85.0%      81.4%            84.6%


5. Interest Yields Earned & Rates Paid.
                              (dollars in thousands)               
                              Q1'13                                
                              Average     Income/     Yield (a) /  
                              Volume      Expense     Rate         
                                                                
Interest & Fee Income Earned                                     
Total Earning Assets (FTE)    $4,135,863  $45,087     4.39%        
Total Loans (FTE)             2,077,989   27,989      5.46%        
Commercial Loans (FTE)        404,892     6,254       6.26%        
Commercial RE Loans          904,841     14,128      6.33%        
Consumer Loans                768,256     7,607       4.02%        
Total Investments (FTE)       2,057,874   17,098      3.32%        
                                                                
Interest Expense Paid                                            
Total Earning Assets         4,135,863   1,252       0.12%        
Total Interest-Bearing        2,664,391   1,252       0.19%        
Liabilities
Total Interest-Bearing        2,555,881   899         0.14%        
Deposits
Interest-Bearing Transaction  766,810     66          0.03%        
Savings                       1,158,454   230         0.08%        
Time less than $100K          240,099     299         0.51%        
Time greater than $100K       390,518     304         0.32%        
Total Short-Term Borrowings  57,733      11          0.08%        
Federal Home Loan Bank        25,777      118         1.86%        
Advances
Term Repurchase Agreement     10,000      24          0.96%        
Debt Financing                15,000      200         5.35%        
                                                                
Net Interest Income and                                         
Margin (FTE)                              $43,835     4.27%        
                                                                
                              Q1'12                                
                              Average     Income/     Yield (a) /  
                              Volume      Expense     Rate         
                                                                
Interest & Fee Income Earned                                     
Total Earning Assets (FTE)    $4,060,271  $53,258     5.27%        
Total Loans (FTE)             2,467,839   36,372      5.93%        
Commercial Loans (FTE)        523,089     8,389       6.45%        
Commercial RE Loans          1,091,025   18,249      6.73%        
Consumer Loans                853,725     9,734       4.59%        
Total Investments (FTE)       1,592,432   16,886      4.24%        
                                                                
Interest Expense Paid                                            
Total Earning Assets         4,060,271   1,559       0.15%        
Total Interest-Bearing        2,843,612   1,559       0.22%        
Liabilities
Total Interest-Bearing        2,677,706   1,187       0.18%        
Deposits
Interest-Bearing Transaction  751,283     90          0.05%        
Savings                       1,133,261   236         0.08%        
Time less than $100K          280,735     438         0.63%        
Time greater than $100K       512,427     423         0.33%        
Total Short-Term Borrowings  114,906     27          0.10%        
Federal Home Loan Bank        26,000      120         1.85%        
Advances
Term Repurchase Agreement     10,000     25         0.97%        
Debt Financing                15,000      200         5.35%        
                                                                
Net Interest Income and                                          
Margin (FTE)                              $51,699     5.12%        
                                                                
6. Noninterest Income.
                              (dollars in thousands except per-share amounts)
                                                    %            
                              Q1'13       Q1'12       Change       Q4'12
                                                                
Service Charges on Deposits    $6,542      $7,095      -7.8%        $6,722
Merchant Processing Services   2,409       2,393       0.7%         2,401
Debit Card Fees                1,358       1,163       16.8%        1,357
ATM Processing Fees            705         933         -24.4%       749
Trust Fees                     568         489         16.2%        552
Financial Services Commissions 180         171         5.3%         148
Other Income                   2,516       2,425       3.8%         2,265
Total Noninterest Income       $14,278     $14,669     -2.7%        $14,194
                                                                
Total Revenue (FTE)           $58,113     $66,368     -12.4%       $60,477
Noninterest Income/Revenue    24.6%       22.1%                   23.5%
(FTE)
Service Charges/Avg. Deposits 0.63%       0.67%                   0.63%
(a)
Total Revenues (FTE) Per                                        
Avg.
Common Share (a)               $8.68       $9.52       -8.8%        $8.81
                                                                
7. Noninterest Expense.
                              (dollars in thousands)
                                                    %            
                              Q1'13       Q1'12       Change       Q4'12
                                                                
Salaries & Benefits            $14,403     $15,046     -4.3%        $13,555
Occupancy                      3,886       3,934       -1.2%        3,851
Outsourced Data Processing     2,157       2,083       3.5%         2,213
Amortization of                                                 
Identifiable Intangibles      1,219       1,402       -13.1%       1,292
Professional Fees              635         767         -17.1%       761
Equipment                      880         851         3.4%         892
Other Real Estate Owned        334         230         45.0%        322
Courier Service                741         785         -5.5%        768
Loan Expense                   417         627         -33.5%       467
Telephone                      448         376         19.1%        511
Postage                        300         372         -19.2%       301
Operational Losses             128         173         -26.3%       113
Stationery & Supplies          281         243         15.7%        275
Other Operating                2,848       3,145       -9.4%        2,912
Total Noninterest Expense      $28,677     $30,034     -4.5%        $28,233
                                                                
Noninterest Expense/                                             
Avg. Earning Assets (a)       2.81%       2.98%                   2.73%
Noninterest Expense/Revenues   49.3%       45.3%                   46.7%
(FTE)
                                                                
8. Provision for Loan Losses.
                              (dollars in thousands)
                                                    %            
                              Q1'13       Q1'12       Change       Q4'12
                                                                
Average Total Loans            $2,077,989  $2,467,839  -15.8%       $2,155,059
Avg. Total Purchased                                             
Covered Loans (1)              363,836     512,966     -29.1%       394,848
Avg. Total Purchased                                             
Non-Covered Loans (2)          72,752      119,503    -39.1%       77,632
Avg. Total Originated Loans    1,641,401   1,835,370   -10.6%       1,682,579
                                                                
Allowance for Loan Loss (ALL)                                    
Beginning of Period           $30,234     $32,597     -7.2%        $30,966
Provision for Loan Losses     2,800       2,800       0.0%         2,800
Net ALL Losses                 (2,680)     (3,514)     -23.7%       (3,532)
ALL End of Period              $30,354     $31,883     -4.8%        $30,234
ALL Recoveries/Gross ALL       29%         25%                     23%
Losses
Net ALL Losses/Avg. Loans:                                       
Originated Loans (a)           0.57%       0.69%                   0.91%
Purchased Covered Loans (1)(a) 0.39%       0.28%                   0.14%
Purchased Non-Covered Loans    -          -                      -2.31%
(2)(a)


9. Credit Quality.
                          (dollars in thousands)
                                                      %        
                          3/31/13        3/31/12        Change   12/31/12
                                                              
Nonperforming Originated                                       
Loans:
Nonperforming Nonaccrual  $7,005         $9,976         -29.8%   $10,016
Performing Nonaccrual     1,154          6,374          -81.9%   1,759
Total Nonaccrual Loans     8,159          16,350         -50.1%   11,775
90+ Days Past Due Accruing 305            359            -15.0%   455
Loans
Total                      8,464          16,709         -49.3%   12,230
Repossessed Loan           7,691          13,624         -43.5%   9,295
Collateral
Total Originated                                               
Nonperforming Assets      16,155         30,333         -46.7%   21,525
                                                              
Nonperforming Purchased Covered Loans                           
(1):
Nonperforming Nonaccrual  9,578          4,510          112.4%   11,698
Performing Nonaccrual     2,299          2,165          6.2%     1,323
Total Nonaccrual Loans     11,877         6,675          77.9%    13,021
90+ Days Past Due Accruing 88             520            -83.1%   155
Loans
Total                      11,965         7,195          66.3%    13,176
Repossessed Purchased                                          
Covered
Loan Collateral (1)        13,713         15,810         -13.3%   13,691
Total Nonperforming                                            
Purchased
Covered Assets (1)         25,678         23,005         11.6%    26,867
                                                              
Nonperforming Purchased Non-Covered Loans                       
(2):
Nonperforming Nonaccrual  6,052          13,948        -56.6%   7,038
Performing Nonaccrual     3,060          7,056         -56.6%   461
Total Nonaccrual Loans     9,112          21,004        -56.6%   7,499
90+ Days Past Due Accruing --            --            n/m      4
Loans
Total                      9,112          21,004        -56.6%   7,503
Repossessed Purchased Non-Covered                              
Loan Collateral (2)        1,980          6,543         -69.7%   3,366
Total Nonperforming                                            
Purchased
Non-Covered Assets (2)     11,092         27,547        -59.7%   10,869
                                                              
Total Nonperforming Assets $52,925        $80,885        -34.6%   $59,261
                                                              
Total Originated Loans     $1,613,396     $1,819,162     -11.3%   $1,664,183
Outstanding
Total Purchased Covered                                       
Loans Outstanding (1)      353,034        491,103        -28.1%   372,283
Total Purchased                                                
Non-Covered
Loans Outstanding (2)      70,504         112,179       -37.2%   74,891
Total Loans Outstanding   $2,036,934     $2,422,444     -15.9%   $2,111,357
                                                              
Total Assets              $4,887,844     $5,060,257     -3.4%    $4,952,193
                                                              
Originated Loans:                                              
Allowance for Loan Losses  $30,354        $31,883        -4.8%    $30,234
Allowance/Originated Loans 1.88%          1.75%                  1.82%
Nonperforming Originated                                       
Loans/
Total Originated Loans    0.52%          0.92%                  0.73%
Allowance/Originated                                           
Nonperforming Loans       359%           191%                   247%
                                                              
Purchased Covered Loans                                        
(1):
Fair Value Discount on                                         
Purchased
Covered Loans             $22,660        $37,503                $26,128
Discount/Purchased Covered                                     
Loans, gross               6.03%          7.09%                  6.56%
Nonperforming Purchased Covered Loans/                          
Total Purchased Covered    3.39%          1.47%                  3.54%
Loans
                                                              
Purchased Non-Covered                                          
Loans (2):
Fair Value Discount on                                         
Purchased
Non-Covered Loans          $4,586         $9,960                 $5,226
Discount/Purchased         6.11%          8.15%                  6.52%
Non-Covered
Loans, gross                                                   
Nonperforming Purchased Non-Covered                             
Loans/
Total Purchased            12.92%         18.72%                 10.02%
Non-Covered Loans
                                                              
10. Capital.
                          (in thousands, except per-share amounts)
                                                      %        
                          3/31/13        3/31/12        Change   12/31/12
                                                              
Shareholders' Equity       $558,980       $559,528       -0.1%    $560,102
Tier I Regulatory Capital  408,643        409,203        -0.1%    409,763
Total Regulatory Capital   444,401        444,180        0.0%     444,205
                                                              
Total Assets               4,887,844      5,060,257      -3.4%    4,952,193
Risk-Adjusted Assets       2,778,938      2,759,789      0.7%     2,720,332
                                                              
Shareholders' Equity/                                          
Total Assets              11.44%         11.06%                 11.31%
Shareholders' Equity/                                          
Total Loans               27.44%         23.10%                 26.53%
Tier I Capital/Total       8.36%          8.09%                  8.27%
Assets
Tier I Capital/                                                
Risk-Adjusted Assets      14.71%         14.83%                 15.06%
Total Regulatory Capital/                                      
Risk-Adjusted Assets      15.99%         16.09%                 16.33%
Tangible Common Equity     8.75%          8.36%                  8.64%
Ratio
Common Shares Outstanding  27,018         27,917         -3.2%    27,213
Common Equity Per Share    $20.69         $20.04         3.2%     $20.58
Market Value Per Common    $45.33         $48.00         -5.6%    $42.59
Share
                                                              
Share Repurchase Programs                                      
                          (shares in thousands)
                                                      %        
                          Q1'13          Q1'12          Change   Q4'12
                                                              
Total Shares Repurchased   347            249            39.5%    299
Average Repurchase Price  $44.47         $46.86         -5.1%    $42.92
Net Shares Repurchased     195            233            -15.9%   183
                                                              
11. Period-End Balance Sheets.
                          (unaudited, dollars in thousands)
                                                      %        
                          3/31/13        3/31/12        Change   12/31/12
Assets:                                                        
Cash and Money Market     $355,459       $541,102       -34.3%   $491,382
Assets
                                                              
Investment Securities:                                        
Available For Sale        972,176        639,738        52.0%    825,636
Held to Maturity          1,162,358      1,038,493      11.9%    1,156,041
                                                              
Purchased Covered Loans   353,034        491,103        -28.1%   372,283
(1)
Purchased Non-Covered     70,504         112,179       -37.2%   74,891
Loans (2)
Originated Loans          1,613,396      1,819,162      -11.3%   1,664,183
Allowance For Loan Losses (30,354)       (31,883)       -4.8%    (30,234)
Total Loans, net          2,006,580      2,390,561      -16.1%   2,081,123
                                                              
Non-Covered Other Real                                        
Estate
Owned                     9,671          20,167         -52.0%   12,661
Covered Other Real Estate                                     
Owned (1)                 13,713         15,810         -13.3%   13,691
Premises and Equipment,   38,519         37,827         1.8%     38,639
net
Identifiable Intangibles, 22,042         27,227         -19.0%   23,261
net
Goodwill                 121,673        121,673        0.0%     121,673
Other Assets              185,653        227,659        -18.5%   188,086
                                                              
Total Assets               $4,887,844     $5,060,257     -3.4%    $4,952,193
                                                              
Liabilities and                                                
Shareholders' Equity:
Deposits:                                                     
Noninterest Bearing       $1,621,887     $1,575,687     2.9%     $1,676,071
Interest-Bearing          771,268        748,149        3.1%     748,818
Transaction
Savings                   1,160,976      1,143,027      1.6%     1,165,032
Time                      607,819        782,141        -22.3%   642,571
Total Deposits            4,161,950      4,249,004      -2.0%    4,232,492
                                                              
Short-Term Borrowed Funds 61,854         106,683        -42.0%   53,687
Federal Home Loan Bank    25,743         25,967         -0.9%    25,799
Advances
Term Repurchase Agreement 10,000         10,000        0.0%     10,000
Debt Financing            15,000         15,000         0.0%     15,000
Other Liabilities         54,317         94,075         -42.3%   55,113
Total Liabilities          4,328,864      4,500,729      -3.8%    4,392,091
                                                              
Shareholders' Equity:                                          
Common Equity:                                                
Paid-In Capital           376,680        378,590        -0.5%    375,113
Accumulated Other                                             
Comprehensive Income      15,372         12,180         26.2%    14,625
Retained Earnings         166,928        168,758        -1.1%    170,364
Total Shareholders' Equity 558,980        559,528        -0.1%    560,102
                                                              
Total Liabilities and                                         
Shareholders' Equity      $4,887,844     $5,060,257     -3.4%    $4,952,193
                                                              
12. Income Statements.
                          (unaudited, in thousands except per-share amounts)
                                                      %        
                          Q1'13          Q1'12          Change   Q4'12
Interest & Fee Income:                                         
Loans                     $27,399        $35,656        -23.2%   $29,640
Investment Securities:                                        
Available for Sale        5,336          4,788          11.5%    5,166
Held to Maturity          7,730          7,854          -1.6%    8,087
Total Interest & Fee       40,465         48,298         -16.2%   42,893
Income
                                                              
Interest Expense:                                              
Transaction Deposits      66             90             -26.7%   70
Savings Deposits          230            236            -2.7%    234
Time Deposits             603            861            -29.9%   666
Short-Term Borrowed Funds 11             27             -59.8%   14
Federal Home Loan Bank    118            120            -1.2%    122
Advances
Term Repurchase Agreement 24             25            -3.3%    25
Debt Financing and Notes  200            200            0.0%     200
Payable
Total Interest Expense     1,252          1,559          -19.7%   1,331
                                                              
Net Interest Income        39,213         46,739         -16.1%   41,562
                                                              
Provision for Loan Losses  2,800          2,800          0.0%     2,800
                                                              
Noninterest Income:                                            
Service Charges          6,542          7,095          -7.8%    6,722
Merchant Processing       2,409          2,393          0.7%     2,401
Services
Debit Card Fees           1,358          1,163          16.8%    1,357
ATM Processing Fees       705            933            -24.4%   749
Trust Fees                568            489            16.2%    552
Financial Services        180            171            5.3%     148
Commissions
Other                     2,516          2,425          3.8%     2,265
Total Noninterest Income   14,278         14,669         -2.7%    14,194
                                                              
Noninterest Expense:                                           
Salaries andBenefits     14,403         15,046         -4.3%    13,555
Occupancy                3,886          3,934          -1.2%    3,851
Outsourced Data           2,157          2,083          3.5%     2,213
Processing
Amortization of           1,219          1,402          -13.1%   1,292
Identifiable Intangibles
Professional Fees         635            767            -17.1%   761
Equipment                 880            851            3.4%     892
Other Real Estate Owned   334            230            45.0%    322
Courier Service           741            785            -5.5%    768
Other                     4,422          4,936          -10.4%   4,579
Total Noninterest Expense  28,677         30,034         -4.5%    28,233
                                                              
Income Before Income Taxes 22,014         28,574         -23.0%   24,723
Income Tax Provision       4,743          7,569          -37.3%   5,587
Net Income                 $17,271        $21,005        -17.8%   $19,136
                                                              
Average Common Shares      27,145         28,051         -3.2%    27,313
Outstanding
Diluted Common Shares      27,157         28,111         -3.4%    27,334
Outstanding
                                                              
Per Common Share Data:                                         
Basic Earnings            $0.64          $0.75          -14.7%   $0.70
Diluted Earnings          0.64           0.75           -14.7%   0.70
Dividends Paid            0.37           0.37           0.0%     0.37
                                                              
Footnotes and Abbreviations:
(FTE) Fully Taxable Equivalent
(a) Annualized
(1) Purchased covered loans represent purchased loans on which losses are
shared with the FDIC per a
Loss Sharing Agreement.Purchased covered loans were recorded at estimated
fair value at February 6, 2009, the date of purchase.
(2) Purchased non-covered loans represent purchased loans recorded at
estimated fair value at August 20, 2010, the date of purchase.

CONTACT: Westamerica Bancorporation
         Robert A. Thorson - SVP & Chief Financial Officer
         707-863-6840

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