Westamerica Bancorporation Reports First Quarter 2014 Earnings

Westamerica Bancorporation Reports First Quarter 2014 Earnings

SAN RAFAEL, Calif., April 15, 2014 (GLOBE NEWSWIRE) -- Westamerica
Bancorporation (Nasdaq:WABC), parent company of Westamerica Bank, generated
net income for the first quarter 2014 of $15.3 million and diluted earnings
per common share ("EPS") of $0.58. First quarter 2014 results compare to net
income of $16.1 million and EPS of $0.60 for the prior quarter, and net income
of $17.3 million and EPS of $0.64 for the first quarter 2013.

"Westamerica's credit quality continued to improve, as nonperforming assets
and loan charge-offs again declined in the first quarter 2014. Nonperforming
assets declined by $5 million, or 14 percent from the prior quarter. Net loan
losses were $584 thousand in the first quarter 2014, down from $1.8 million in
the prior quarter. As a result, we further reduced our provision for loan
losses to $1.0 million for the first quarter 2014 from $1.6 million in the
prior quarter. Low market interest rates contributed to continued pressure on
our net interest margin, but the impact was moderated by consistent control
over operating costs reducing expenses by $1.1 million in the first quarter
2014 compared to the fourth quarter 2013," said Chairman, President and CEO
David Payne. "Our first quarter earnings delivered a relatively high
annualized return on common equity of 11.6 percent for our shareholders,"
concluded Payne.

Net interest income on a fully taxable equivalent ("FTE") basis was $38.9
million for the first quarter 2014, compared to $40.1 million for the prior
quarter and $43.8 million for the first quarter 2013. Net interest income
declined as market interest rates on many loan products remain below the
yields earned on older-dated loans and on the overall loan portfolio. The
Company is reducing its exposure to rising interest rates by purchasing
shorter-duration investment securities which carry lower yields than
longer-duration securities. The annualized interest cost of funding the
Company's loans and investment securities was 0.09 percent for the first
quarter 2014 compared to 0.10 percent for the prior quarter and 0.12 percent
for the first quarter 2013. The annualized net interest margin on a fully
taxable equivalent basis was 3.83 percent for the first quarter 2014, compared
to 3.92 percent for the prior quarter and 4.27 percent for the first quarter
2013.

The provision for loan losses was $1.0 million for the first quarter 2014
compared to $1.6 million for the prior quarter and $2.8 million for the first
quarter 2013. Net loan losses charged against the allowance for loan losses
totaled $584 thousand for the first quarter 2014, compared to $1.8 million for
the prior quarter and $2.7 million for the first quarter 2013. At March 31,
2014, the allowance for loan losses totaled $32.1 million; nonperforming
originated loans totaled $5.0 million; and nonperforming purchased loans
totaled $12.8 million, net of purchase discounts of $0.5 million.

Noninterest income for the first quarter 2014 totaled $13.0 million, compared
to $14.0 million for the prior quarter and $14.3 million for the first quarter
2013. Noninterest income was lower in the first quarter 2014 due to fewer
processing days compared to the prior quarter and lower levels of customer
transaction activity during the first quarter 2014. Fourth quarter 2013 other
noninterest income included a recovery on a purchased loan.

Noninterest expense for the first quarter 2014 totaled $26.9 million, compared
to $28.0 million in the prior quarter and $28.7 million for the first quarter
2013. First quarter 2014 expenses declined from the earlier periods due to
lower professional fees, lower OREO expenses, net of disposition gains, and
other reduced costs. Fourth quarter 2013 personnel costs increased as the
Company's share price performance increased the expense for share-based
compensation.

At March 31, 2014, Westamerica Bancorporation's tangible common
equity-to-asset ratio was 8.4 percent, assets totaled $4.9 billion and loans
outstanding totaled $1.8 billion. Westamerica Bancorporation, through its
wholly owned subsidiary Westamerica Bank, operates commercial banking and
trust offices throughout Northern and Central California.

         Westamerica Bancorporation Web Address: www.westamerica.com

FORWARD-LOOKING INFORMATION:

The following appears in accordance with the Private Securities Litigation
Reform Act of 1995:

This press release may contain forward-looking statements about the Company,
including descriptions of plans or objectives of its management for future
operations, products or services, and forecasts of its revenues, earnings or
other measures of economic performance. Forward-looking statements can be
identified by the fact that they do not relate strictly to historical or
current facts. They often include the words "believe," "expect," "anticipate,"
"intend," "plan," "estimate," or words of similar meaning, or future or
conditional verbs such as "will," "would," "should," "could," or "may."

Forward-looking statements, by their nature, are subject to risks and
uncertainties. A number of factors — many of which are beyond the Company's
control — could cause actual conditions, events or results to differ
significantly from those described in the forward-looking statements. The
Company's most recent reports filed with the Securities and Exchange
Commission, including the annual report for the year ended December 31, 2013
filed on Form 10-K and quarterly report for the quarter ended September 30,
2013 filed on Form 10-Q, describe some of these factors, including certain
credit, interest rate, operational, liquidity and market risks associated with
the Company's business and operations. Other factors described in these
reports include changes in business and economic conditions, competition,
fiscal and monetary policies, disintermediation, legislation including the
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2011, the
Sarbanes-Oxley Act of 2002 and the Gramm-Leach-Bliley Act of 1999, and mergers
and acquisitions.

Forward-looking statements speak only as of the date they are made. The
Company does not undertake to update forward-looking statements to reflect
circumstances or events that occur after the date forward looking statements
are made.

WESTAMERICA BANCORPORATION
FINANCIAL HIGHLIGHTS
March 31, 2014
                                                                
1. Net Income Summary.                                           
                                 (in thousands except per-share amounts)
                                                     %           
                                 Q1'14      Q1'13      Change      Q4'13
                                                                
Net Interest and Fee Income (FTE) $38,864    $43,835    -11.3%      $40,050
Provision for Loan Losses         1,000      2,800      -64.3%      1,600
Noninterest Income                12,990     14,278     -9.0%       14,030
Noninterest Expense               26,873     28,677     -6.3%       27,987
Income Before Taxes (FTE)         23,981     26,636     -10.0%      24,493
Income Tax Provision (FTE)        8,674      9,365      -7.4%       8,437
Net Income                        $15,307    $17,271    -11.4%      $16,056
                                                                
Average Common Shares Outstanding 26,433     27,145     -2.6%       26,609
Diluted Average Common Shares     26,537     27,157     -2.3%       26,754
                                                                
Operating Ratios:                                                
Basic Earnings Per Common Share   $0.58      $0.64      -9.4%       $0.60
Diluted Earnings Per Common Share 0.58       0.64       -9.4%       0.60
Return On Assets (a)              1.27%      1.43%                 1.31%
Return On Common Equity (a)       11.6%      12.9%                 11.8%
Net Interest Margin (FTE) (a)     3.83%      4.27%                 3.92%
Efficiency Ratio (FTE)            51.8%      49.3%                 51.8%
                                                                
Dividends Paid Per Common Share   $0.38      $0.37      2.7%        $0.38
Common Dividend Payout Ratio     66%        58%                   63%
                                                                
2. Net Interest Income.                                          
                                 (dollars in thousands)
                                                     %           
                                 Q1'14      Q1'13      Change      Q4'13
                                                                
Interest and Fee Income (FTE)     $39,762    $45,087    -11.8%      $41,074
Interest Expense                  898        1,252      -28.3%      1,024
Net Interest and Fee Income (FTE) $38,864    $43,835    -11.3%      $40,050
                                                                
Average Earning Assets            $4,093,087 $4,135,863 -1.0%       $4,062,976
Average Interest-                                                
Bearing Liabilities               2,534,251  2,664,391  -4.9%       2,523,585
                                                                
Yield on Earning Assets (FTE) (a) 3.92%      4.39%                 4.02%
Cost of Funds (a)                 0.09%      0.12%                 0.10%
Net Interest Margin (FTE) (a)     3.83%      4.27%                 3.92%
Interest Expense/                                                
Interest-Bearing Liabilities (a)  0.14%      0.19%                 0.16%
Net Interest Spread (FTE) (a)     3.78%      4.20%                 3.86%
                                                                
3. Loans & Other Earning Assets.                                 
                                 (average volume, dollars in thousands)
                                                     %           
                                 Q1'14      Q1'13      Change      Q4'13
                                                                
Total Assets                      $4,889,940 $4,908,483 -0.4%       $4,876,884
Total Earning Assets              4,093,087  4,135,863  -1.0%       4,062,976
Total Loans                       1,822,065  2,077,989  -12.3%      1,846,700
Commercial Loans                  388,997    404,892    -3.9%       364,534
Commercial RE Loans              788,270    904,841    -12.9%      817,090
Consumer Loans                    644,798    768,256    -16.1%      665,076
Total Investment Securities       2,271,022  2,057,874  10.4%       2,216,276
Available For Sale (Market)       1,147,966  902,633    27.2%       1,081,164
Held To Maturity                  1,123,056  1,155,241  -2.8%       1,135,112
Unrealized (Loss) Gain            (6,502)    23,283     n/m         (19,623)
                                                                
Loans/Deposits                    43.3%      49.5%                 44.1%
                                                                
4. Deposits, Other
Interest-Bearing Liabilities &                                   
Equity.
                                 (average volume, dollars in thousands)
                                                     %           
                                 Q1'14      Q1'13      Change      Q4'13
                                                                
Total Deposits                    $4,209,723 $4,199,229 0.2%        $4,189,135
Noninterest Demand               1,768,464  1,643,348  7.6%        1,759,495
Interest Bearing Transaction      781,779    766,810    2.0%        763,924
Savings                           1,192,651  1,158,454  3.0%        1,160,422
Time greater than $100K           258,202    390,518    -33.9%      288,691
Time less than $100K              208,627    240,099    -13.1%      216,603
Total Short-Term Borrowings       62,472     57,733     8.2%        54,208
Federal Home Loan Bank Advances   20,520     25,777     -20.4%      24,846
Term Repurchase Agreement         10,000     10,000    0.0%        10,000
Debt Financing                    --        15,000     n/m         4,891
Shareholders' Equity              533,159    541,874    -1.6%       537,709
                                                                
Demand Deposits/                                                 
Total Deposits                    42.0%      39.1%                 42.0%
Transaction & Savings                                           
Deposits / Total Deposits         88.9%      85.0%                 87.9%
                                                                
5. Interest Yields Earned & Rates                                
Paid.
                                 (dollars in thousands)            
                                 Q1'14                             
                                 Average    Income/    Yield (a) / 
                                 Volume     Expense    Rate        
                                                                
Interest & Fee Income Earned                                     
Total Earning Assets (FTE)        $4,093,087 $39,762    3.92%       
Total Loans (FTE)                 1,822,065  23,359     5.19%       
Commercial Loans (FTE)            388,997    5,575      5.81%       
Commercial RE Loans              788,270    11,923     6.13%       
Consumer Loans                    644,798    5,861      3.67%       
Total Investments (FTE)           2,271,022  16,403     2.89%       
                                                                
Interest Expense Paid                                            
Total Earning Assets             4,093,087  898        0.09%       
Total Interest-Bearing            2,534,251  898        0.14%       
Liabilities
Total Interest-Bearing Deposits   2,441,259  754        0.13%       
Interest-Bearing Transaction      781,779    67         0.03%       
Savings                           1,192,651  234        0.08%       
Time less than $100K              208,627    221        0.43%       
Time greater than $100K           258,202    232        0.36%       
Total Short-Term Borrowings      62,472     20         0.13%       
Federal Home Loan Bank Advances   20,520     99         1.97%       
Term Repurchase Agreement         10,000     25         1.01%       
                                                                
Net Interest Income and                                         
Margin (FTE)                                $38,864    3.83%       
                                                                
                                 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 Deposits   2,555,881  899        0.14%       
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 Advances   25,777     118        1.86%       
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%       

                                                              
6. Noninterest Income.                                         
                           (dollars in thousands except per-share amounts)
                                                     %         
                           Q1'14         Q1'13         Change    Q4'13
                                                              
Service Charges on Deposits $6,010        $6,542        -8.1%     $6,266
Merchant Processing         1,924         2,409         -20.2%    2,058
Services
Debit Card Fees             1,405         1,358         3.5%      1,527
Other Service Fees          661           762           -13.3%    672
ATM Processing Fees         620           705           -12.1%    630
Trust Fees                  654           568           15.2%     593
Financial Services          171           180           -4.8%     218
Commissions
Other Income                1,545         1,754         -11.9%    2,066
Total Noninterest Income    $12,990       $14,278       -9.0%     $14,030
                                                              
Total Revenue (FTE)         $51,854       $58,113       -10.8%    $54,080
Noninterest Income/Revenue  25.1%         24.6%                  25.9%
(FTE)
Service Charges/Avg.        0.58%         0.63%                  0.59%
Deposits (a)
Total Revenues (FTE) Per                                       
Avg.
Common Share (a)            $7.96         $8.68         -8.4%     $8.06
                                                              
7. Noninterest Expense.                                        
                           (dollars in thousands)
                                                     %         
                           Q1'14         Q1'13         Change    Q4'13
                                                              
Salaries & Benefits         $14,126       $14,403       -1.9%     $14,340
Occupancy                   3,727         3,886         -4.1%     3,784
Outsourced Data Processing  2,105         2,157         -2.4%     2,112
Amortization of                                               
Identifiable Intangibles    1,105         1,219         -9.4%     1,157
Professional Fees           430           635           -32.4%    947
Furniture & Equipment       1,005         880           14.2%     994
Other Real Estate Owned     (350)         334           n/m       245
Courier Service             610           741           -17.7%    664
Other Operating             4,115         4,422         -6.9%     3,744
Total Noninterest Expense   $26,873       $28,677       -6.3%     $27,987
                                                              
Noninterest Expense/                                           
Avg. Earning Assets (a)     2.66%         2.81%                  2.73%
Noninterest                 51.8%         49.3%                  51.8%
Expense/Revenues (FTE)
                                                              
8. Provision for Loan                                          
Losses.
                           (dollars in thousands)
                                                     %         
                           Q1'14         Q1'13         Change    Q4'13
                                                              
Average Total Loans         $1,822,065    $2,077,989    -12.3%    $1,846,700
                                                              
Allowance for Loan Loss                                        
(ALL)
Beginning of Period        $31,693       $30,234       4.8%      $31,916
Provision for Loan Losses  1,000         2,800         -64.3%    1,600
Net ALL Losses              (584)         (2,680)       -78.2%    (1,823)
ALL End of Period           $32,109       $30,354       5.8%      $31,693
ALL Recoveries/Gross ALL    56%           29%                    41%
Losses
                                                              
Net ALL Losses/Avg. Total   0.13%         0.52%                  0.39%
Loans (a)
                                                              
9. Credit Quality.                                             
                           (dollars in thousands)
                                                     %         
                           3/31/14       3/31/13       Change    12/31/13
                                                              
Nonperforming Originated                                       
Loans:
Nonperforming Nonaccrual    $4,784        $7,005        -31.7%    $5,301
Performing Nonaccrual       39            1,154         -96.6%    75
Total Nonaccrual Loans      4,823         8,159         -40.9%    5,376
90+ Days Past Due Accruing  196           305           -35.7%    410
Loans
Total                       5,019         8,464         -40.7%    5,786
Repossessed Loan Collateral 5,347         7,691         -30.5%    5,527
Total Nonperforming                                            
Originated Assets           10,366        16,155        -35.8%    11,313
                                                              
Nonperforming Purchased                                        
Covered Loans (1,3):
Nonperforming Nonaccrual    86            9,578         n/m       11,672
Performing Nonaccrual       --           2,299         n/m       636
Total Nonaccrual Loans      86            11,877        n/m       12,308
90+ Days Past Due Accruing  --           88            n/m       --
Loans
Total                       86            11,965        n/m       12,308
Repossessed Purchased                                          
Covered
Loan Collateral (1,3)       585           13,713        n/m       7,793
Total Nonperforming                                            
Purchased
Covered Assets (1,3)        671           25,678        n/m       20,101
                                                              
Nonperforming Purchased                                        
Non-Covered Loans (2,3):
Nonperforming Nonaccrual    11,578        6,052        n/m       2,920
Performing Nonaccrual       902           3,060        n/m       698
Total Nonaccrual Loans      12,480        9,112        n/m       3,618
90+ Days Past Due Accruing  209          --           n/m       --
Loans
Total                       12,689        9,112        n/m       3,618
Repossessed Purchased                                          
Non-Covered
Loan Collateral (2,3)       6,254        1,980        n/m       --
Total Nonperforming                                            
Purchased
Non-Covered Assets (2,3)    18,943        11,092       n/m       3,618
                                                              
Total Nonperforming Assets  $29,980       $52,925       -43.4%    $35,032
                                                              
Total Originated Loans      $1,529,502    $1,613,396    -5.2%     $1,523,284
Outstanding
Total Purchased Covered                                       
Loans Outstanding (1,3)     18,969        353,034       n/m       250,670
Total Purchased                                                
Non-Covered
Loans Outstanding (2,3)     267,848       70,504       n/m       53,790
Total Loans Outstanding    $1,816,319    $2,036,934    -10.8%    $1,827,744
                                                              
Total Assets               $4,921,042    $4,887,844    0.7%      $4,847,055
                                                              
Loans:                                                         
Allowance for Loan Losses   $32,109       $30,354       5.8%      $31,693
Allowance/Loans             1.77%         1.49%                  1.73%
Nonperforming Loans/Total   0.98%         1.45%                  1.19%
Loans
                                                              
Purchased Covered Loans                                        
(1,3):
Fair Value Discount on                                         
Purchased
Covered Loans               $643          $22,660                $10,933
Discount/Purchased Covered                                     
Loans, gross                3.28%         6.03%                  4.18%
Nonperforming Purchased                                        
Covered Loans/
Total Purchased Covered     0.45%         3.39%                  4.91%
Loans
                                                              
Purchased Non-Covered Loans                                    
(2,3):
Fair Value Discount on                                         
Purchased
Non-Covered Loans           $12,140       $4,586                 $3,245
Discount/Purchased          4.34%         6.11%                  5.69%
Non-Covered
Loans, gross                                                   
Nonperforming Purchased                                        
Non-Covered Loans/
Total Purchased Non-Covered 4.74%         12.92%                 6.73%
Loans
                                                              
10. Capital.                                                   
                           (in thousands, except per-share amounts)
                                                     %         
                           3/31/14       3/31/13       Change    12/31/13
                                                              
Shareholders' Equity        $540,883      $558,980      -3.2%     $542,934
Tier I Regulatory Capital   399,886       408,643       -2.1%     405,798
Total Regulatory Capital    442,274       444,401       -0.5%     446,331
                                                              
Total Assets                4,921,042     4,887,844     0.7%      4,847,055
Risk-Adjusted Assets        2,910,773     2,778,938     4.7%      2,759,311
                                                              
Shareholders' Equity/                                          
Total Assets                10.99%        11.44%                 11.20%
Shareholders' Equity/                                          
Total Loans                 29.78%        27.44%                 29.71%
Tier I Capital/Total Assets 8.13%         8.36%                  8.37%
Tier I Capital/                                                
Risk-Adjusted Assets        13.74%        14.71%                 14.71%
Total Regulatory Capital/                                      
Risk-Adjusted Assets        15.19%        15.99%                 16.18%
Tangible Common Equity      8.40%         8.75%                  8.56%
Ratio
Common Shares Outstanding   26,299        27,018        -2.7%     26,510
Common Equity Per Share     $20.57        $20.69        -0.6%     $20.48
Market Value Per Common     $54.08        $45.33        19.3%     $56.46
Share
                                                              
Share Repurchase Programs                                      
                           (shares in thousands)
                                                     %         
                           Q1'14         Q1'13         Change    Q4'13
                                                              
Total Shares Repurchased    437           347           26.0%     326
Average Repurchase Price    $51.93        $44.47        16.8%     $53.74
Net Shares Repurchased      211           195           8.1%      68
                                                              
11. Period-End Balance                                         
Sheets.
                           (unaudited, dollars in thousands)
                                                     %         
                           3/31/14       3/31/13       Change    12/31/13
Assets:                                                        
Cash and Due from Banks     $428,840      $355,459      20.6%     $472,028
                                                              
Investment Securities:                                         
Available For Sale          1,240,288     972,176       27.6%     1,079,381
Held to Maturity            1,110,329     1,162,358     -4.5%     1,132,299
                                                              
Loans                       1,816,319     2,036,934     -10.8%    1,827,744
Allowance For Loan Losses   (32,109)      (30,354)      5.8%      (31,693)
Total Loans, net            1,784,210     2,006,580     -11.1%    1,796,051
                                                              
Other Real Estate Owned     12,186        23,384        -47.9%    13,320
Premises and Equipment, net 36,675        38,519        -4.8%     37,314
Identifiable Intangibles,   17,452        22,042        -20.8%    18,557
net
Goodwill                   121,673       121,673       0.0%      121,673
Other Assets                169,389       185,653       -8.8%     176,432
                                                              
Total Assets                $4,921,042    $4,887,844    0.7%      $4,847,055
                                                              
Liabilities and                                                
Shareholders' Equity:
Deposits:                                                      
Noninterest Bearing         $1,778,034    $1,621,887    9.6%      $1,740,182
Interest-Bearing            771,299       771,268       0.0%      763,088
Transaction
Savings                     1,207,881     1,160,976     4.0%      1,167,744
Time                        457,569       607,819       -24.7%    492,767
Total Deposits              4,214,783     4,161,950     1.3%      4,163,781
                                                              
Short-Term Borrowed Funds   64,382        61,854        4.1%      62,668
Federal Home Loan Bank      20,437        25,743        -20.6%    20,577
Advances
Term Repurchase Agreement   10,000        10,000       0.0%      10,000
Debt Financing              --           15,000        n/m       --
Other Liabilities           70,557        54,317        29.9%     47,095
Total Liabilities           4,380,159     4,328,864     1.2%      4,304,121
                                                              
Shareholders' Equity:                                          
Common Equity:                                                 
Paid-In Capital             386,201       376,680       2.5%      381,657
Accumulated Other                                              
Comprehensive Income        8,856         15,372        -42.4%    4,313
Retained Earnings           145,826       166,928       -12.6%    156,964
Total Shareholders' Equity  540,883       558,980       -3.2%     542,934
                                                              
Total Liabilities and                                         
Shareholders' Equity        $4,921,042    $4,887,844    0.7%      $4,847,055
                                                              
12. Income Statements.                                         
                           (unaudited, in thousands except per-share amounts)
                                                     %         
                           Q1'14         Q1'13         Change    Q4'13
Interest & Fee Income:                                         
Loans                       $22,901       $27,399       -16.4%    $23,931
Investment Securities:                                         
Available for Sale          5,630         5,336         5.5%      5,528
Held to Maturity            7,033         7,730         -9.0%     7,247
Total Interest & Fee Income 35,564        40,465        -12.1%    36,706
                                                              
Interest Expense:                                              
Transaction Deposits        67            66            1.5%      67
Savings Deposits            234           230           1.9%      232
Time Deposits               453           603           -25.0%    494
Short-Term Borrowed Funds   20            11            85.6%     20
Federal Home Loan Bank      99            118           -15.8%    120
Advances
Term Repurchase Agreement   25            24           4.5%      24
Debt Financing              --           200           n/m       67
Total Interest Expense      898           1,252         -28.3%    1,024
                                                              
Net Interest Income         34,666        39,213        -11.6%    35,682
                                                              
Provision for Loan Losses   1,000         2,800         -64.3%    1,600
                                                              
Noninterest Income:                                            
Service Charges            6,010         6,542         -8.1%     6,266
Merchant Processing         1,924         2,409         -20.2%    2,058
Services
Debit Card Fees             1,405         1,358         3.5%      1,527
Other Service Fees          661           762           -13.3%    672
ATM Processing Fees         620           705           -12.1%    630
Trust Fees                  654           568           15.2%     593
Financial Services          171           180           -4.8%     218
Commissions
Other                       1,545         1,754         -11.9%    2,066
Total Noninterest Income    12,990        14,278        -9.0%     14,030
                                                              
Noninterest Expense:                                           
Salaries andBenefits       14,126        14,403        -1.9%     14,340
Occupancy                  3,727         3,886         -4.1%     3,784
Outsourced Data Processing  2,105         2,157         -2.4%     2,112
Amortization of             1,105         1,219         -9.4%     1,157
Identifiable Intangibles
Professional Fees           430           635           -32.4%    947
Furniture & Equipment       1,005         880           14.2%     994
Other Real Estate Owned     (350)         334           n/m       245
Courier Service             610           741           -17.7%    664
Other                       4,115         4,422         -6.9%     3,744
Total Noninterest Expense   26,873        28,677        -6.3%     27,987
                                                              
Income Before Income Taxes  19,783        22,014        -10.1%    20,125
Income Tax Provision        4,476         4,743         -5.6%     4,069
Net Income                  $15,307       $17,271       -11.4%    $16,056
                                                              
Average Common Shares       26,433        27,145        -2.6%     26,609
Outstanding
Diluted Common Shares       26,537        27,157        -2.3%     26,754
Outstanding
                                                              
Per Common Share Data:                                         
Basic Earnings              $0.58         $0.64         -9.4%     $0.60
Diluted Earnings            0.58          0.64          -9.4%     0.60
Dividends Paid              0.38          0.37          2.7%      0.38
                                                              

Footnotes and Abbreviations:
(FTE) Fully Taxable Equivalent
(a) Annualized
(1) Purchased covered loans and repossessed loan collateral represent assets
purchased in a business combination on which losses are shared with the FDIC
per a Loss-Sharing Agreement.
(2) Purchased non-covered loans and repossessed loan collateral represent
assets purchased in a business combination.
(3) The FDIC indemnification of non-single family assets acquired from the
former County Bank expired 2/6/14 and were reclassified into purchased
non-covered loans and repossessed loan collateral.

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

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