SAN RAFAEL, Calif., Jan. 21, 2016 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq:WABC), parent company of Westamerica Bank, generated net income for the fourth quarter 2015 of $14.6 million and diluted earnings per common share ("EPS") of $0.57, compared to net income of $14.9 million and EPS of $0.58 for the prior quarter, and net income of $15.0 million and EPS of $0.58 for the fourth quarter 2014.

"Westamerica’s net interest margin stabilized at 3.32 percent for the fourth quarter 2015 compared to 3.31 percent in the prior quarter; yields on loans and investment securities were little changed while the margin was supported by a relatively low 0.05 percent cost of funding our interest generating assets. Lower-cost checking and savings deposits continued to grow in the fourth quarter 2015, and represented 94 percent of total deposits at December 31, 2015. Westamerica’s credit quality remained stable at healthy levels throughout the fourth quarter 2015, requiring no provision for loan losses, and our operating expenses represented only 53 percent of our revenues during the quarter,” said Chairman, President and CEO David Payne. “Our operating results generated an annualized return on shareholders’ common equity of 11 percent for the fourth quarter 2015, and Westamerica increased its quarterly shareholder dividend to $0.39 per share,” concluded Payne.

The annualized net interest margin on a fully taxable equivalent basis was 3.32 percent for the fourth quarter 2015, compared to 3.31 percent for the prior quarter and 3.53 percent for the fourth quarter 2014. Net interest income on a fully taxable equivalent basis was $36.7 million for the fourth quarter 2015, compared to $37.2 million for the prior quarter, and $37.3 million for the fourth quarter 2014. The yields on the Company’s interest earning loans and investment securities were pressured by low market interest rates during 2015. During this period, the Company avoided long-dated, low-yielding loans given the expectation for rising interest rates; the Company also reduced its exposure to rising interest rates by purchasing shorter-duration investment securities. The funding cost of deposits and other interest-bearing borrowings, as a percentage of average loans and investment securities, was 0.05 percent for the fourth quarter 2015, unchanged from the prior quarter and down from 0.08 percent for the fourth quarter 2014.

The provision for loan losses was zero for the fourth quarter 2015, unchanged from the prior quarter, and down from $200 thousand for the fourth quarter 2014. Net loan losses charged against the allowance for loan losses totaled $265 thousand for the fourth quarter 2015, compared to $792 thousand for the prior quarter and $484 thousand for the fourth quarter 2014. At December 31, 2015, the allowance for loan losses totaled $30 million and nonperforming loans totaled $15.3 million.

Noninterest income for the fourth quarter 2015 totaled $11.3 million, compared to $12.0 million for the prior quarter, and $12.5 million for the fourth quarter 2014. The decline in noninterest income is due to declines in service charges on deposit accounts and merchant processing fees.

Noninterest expense for the fourth quarter 2015 totaled $25.5 million, compared to $26.2 million for the prior quarter and $26.4 million for the fourth quarter 2014. The decline in noninterest expense is due to declines in personnel costs and other operating expenses.

At December 31, 2015, Westamerica Bancorporation's tangible common equity-to-asset ratio was 7.9 percent, and assets totaled $5.2 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, 2014 filed on Form 10-K and quarterly report for the quarter ended September 30, 2015 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.

		Public Information January 21, 2016
WESTAMERICA BANCORPORATION
FINANCIAL HIGHLIGHTS
December 31, 2015
1. Net Income Summary.
		(in thousands except per-share amounts)
								%
		Q4'15			Q4'14			Change			Q3'15
	Net Interest and Fee Income (FTE)	$	36,734		$	37,305			-1.5	%	$	37,179
	Provision for Loan Losses		-			200			n/m			-
	Noninterest Income		11,305			12,545			-9.9	%		11,993
	Noninterest Expense		25,504			26,353			-3.2	%		26,173
	Income Before Taxes (FTE)		22,535			23,297			-3.3	%		22,999
	Income Tax Provision (FTE)		7,957			8,269			-3.8	%		8,142
	Net Income	$	14,578		$	15,028			-3.0	%	$	14,857
	Average Common Shares Outstanding		25,528			25,821			-1.1	%		25,530
	Diluted Average Common Shares		25,555			25,858			-1.2	%		25,565
	Operating Ratios:
	Basic Earnings Per Common Share	$	0.57		$	0.58			-1.7	%	$	0.58
	Diluted Earnings Per Common Share		0.57			0.58			-1.7	%		0.58
	Return On Assets (a)		1.12	%		1.18	%					1.16	%
	Return On Common Equity (a)		11.0	%		11.5	%					11.3	%
	Net Interest Margin (FTE) (a)		3.32	%		3.53	%					3.31	%
	Efficiency Ratio (FTE)		53.1	%		52.9	%					53.2	%
	Dividends Paid Per Common Share	$	0.39		$	0.38			2.6	%	$	0.38
	Common Dividend Payout Ratio		68	%		66	%					66	%
								%
		12/31'15YTD			12/31'14YTD			Change
	Net Interest and Fee Income (FTE)	$	148,258		$	152,656			-2.9	%
	Provision for Loan Losses		-			2,800			n/m
	Noninterest Income		47,867			51,787			-7.6	%
	Noninterest Expense		105,300			106,799			-1.4	%
	Income Before Taxes (FTE)		90,825			94,844			-4.2	%
	Income Tax Provision (FTE)		32,072			34,198			-6.2	%
	Net Income	$	58,753		$	60,646			-3.1	%
	Average Common Shares Outstanding		25,555			26,099			-2.1	%
	Diluted Average Common Shares		25,577			26,160			-2.2	%
	Operating Ratios:
	Basic Earnings Per Common Share	$	2.30		$	2.32			-0.9	%
	Diluted Earnings Per Common Share		2.30			2.32			-0.9	%
	Return On Assets		1.16	%		1.22	%
	Return On Common Equity		11.3	%		11.6	%
	Net Interest Margin (FTE)		3.36	%		3.70	%
	Efficiency Ratio (FTE)		53.7	%		52.2	%
	Dividends Paid Per Common Share	$	1.53		$	1.52			0.7	%
	Common Dividend Payout Ratio		67	%		66	%
2. Net Interest Income.
		(dollars in thousands)
								%
		Q4'15			Q4'14			Change			Q3'15
	Interest and Fee Income (FTE)	$	37,297		$	38,105			-2.1	%	$	37,764
	Interest Expense		563			800			-29.7	%		585
	Net Interest and Fee Income (FTE)	$	36,734		$	37,305			-1.5	%	$	37,179
	Average Earning Assets	$	4,411,599		$	4,203,048			5.0	%	$	4,471,690
	Average Interest-Bearing Liabilities		2,554,447			2,554,153			0.0	%		2,511,820
	Yield on Earning Assets (FTE) (a)		3.37	%		3.61	%					3.36	%
	Cost of Funds (a)		0.05	%		0.08	%					0.05	%
	Net Interest Margin (FTE) (a)		3.32	%		3.53	%					3.31	%
	Interest Expense/Interest-Bearing Liabilities (a)		0.09	%		0.12	%					0.09	%
	Net Interest Spread (FTE) (a)		3.28	%		3.49	%					3.27	%
								%
		12/31'15YTD			12/31'14YTD			Change
	Interest and Fee Income (FTE)	$	150,682		$	156,100			-3.5	%
	Interest Expense		2,424			3,444			-29.6	%
	Net Interest and Fee Income (FTE)	$	148,258		$	152,656			-2.9	%
	Average Earning Assets	$	4,415,724		$	4,134,473			6.8	%
	Average Interest-Bearing Liabilities		2,544,350			2,536,967			0.3	%
	Yield on Earning Assets (FTE)		3.41	%		3.78	%
	Cost of Funds		0.05	%		0.08	%
	Net Interest Margin (FTE)		3.36	%		3.70	%
	Interest Expense/Interest-Bearing Liabilities		0.10	%		0.14	%
	Net Interest Spread (FTE)		3.31	%		3.64	%
3. Loans & Other Earning Assets.
		(average volume, dollars in thousands)
								%
		Q4'15			Q4'14			Change			Q3'15
	Total Assets	$	5,168,805		$	5,050,417			2.3	%	$	5,062,334
	Total Earning Assets		4,411,599			4,203,048			5.0	%		4,471,690
	Total Loans		1,543,591			1,709,012			-9.7	%		1,591,798
	Commercial Loans		371,902			395,933			-6.1	%		377,687
	Commercial RE Loans		651,991			723,153			-9.8	%		675,597
	Consumer Loans		519,698			589,926			-11.9	%		538,514
	Total Investment Securities		2,868,008			2,494,036			15.0	%		2,879,892
	Available For Sale (Market)		1,589,483			1,467,682			8.3	%		1,649,986
	Held To Maturity		1,278,525			1,026,354			24.6	%		1,229,906
	Unrealized Gain		9,624			9,904			n/m			15,144
	Loans/Deposits		34.0	%		39.1	%					36.1	%
								%
		12/31'15YTD			12/31'14YTD			Change
	Total Assets	$	5,084,000		$	4,955,643			2.6	%
	Total Earning Assets		4,415,724			4,134,473			6.8	%
	Total Loans		1,618,271			1,772,962			-8.7	%
	Commercial Loans		389,050			396,928			-2.0	%
	Commercial RE Loans		681,145			757,047			-10.0	%
	Consumer Loans		548,076			618,987			-11.5	%
	Total Investment Securities		2,797,453			2,361,511			18.5	%
	Available For Sale (Market)		1,648,999			1,289,911			27.8	%
	Held To Maturity		1,148,454			1,071,600			7.2	%
	Unrealized Gain		9,624			9,904			n/m
	Loans/Deposits		36.5	%		41.4	%
4. Deposits, Other Interest-Bearing Liabilities & Equity.
		(average volume, dollars in thousands)
								%
		Q4'15			Q4'14			Change			Q3'15
	Total Deposits	$	4,536,256		$	4,373,472			3.7	%	$	4,414,711
	Noninterest Demand		2,036,470			1,925,741			5.7	%		1,975,498
	Interest Bearing Transaction		855,320			806,051			6.1	%		817,479
	Savings		1,351,412			1,248,699			8.2	%		1,304,128
	Time greater than $100K		128,703			205,894			-37.5	%		147,216
	Time less than $100K		164,351			187,087			-12.2	%		170,390
	Total Short-Term Borrowings		54,661			86,323			-36.7	%		72,607
	Federal Home Loan Bank Advances		-			20,099			n/m			-
	Shareholders' Equity		525,277			518,206			1.4	%		520,261
	Demand Deposits/
	Total Deposits		44.9	%		44.0	%					44.7	%
	Transaction & Savings
	Deposits / Total Deposits		93.5	%		91.0	%					92.8	%
								%
		12/31'15YTD			12/31'14YTD			Change
	Total Deposits	$	4,437,619		$	4,281,847			3.6	%
	Noninterest Demand		1,968,817			1,841,522			6.9	%
	Interest Bearing Transaction		822,156			790,467			4.0	%
	Savings		1,312,100			1,215,035			8.0	%
	Time greater than $100K		161,710			237,002			-31.8	%
	Time less than $100K		172,836			197,821			-12.6	%
	Total Short-Term Borrowings		75,054			70,252			6.8	%
	Federal Home Loan Bank Advances		494			20,308			-97.6	%
	Term Repurchase Agreement		-			6,082			n/m
	Shareholders' Equity		519,126			524,288			-1.0	%
	Demand Deposits/
	Total Deposits		44.4	%		43.0	%
	Transaction & Savings
	Deposits / Total Deposits		92.5	%		89.8	%
5. Interest Yields Earned & Rates Paid.
		(dollars in thousands)
		Q4'15
		Average			Income/			Yield (a) /
		Volume			Expense			Rate
	Interest & Fee Income Earned
	Total Earning Assets (FTE)	$	4,411,599		$	37,297			3.37	%
	Total Loans (FTE)		1,543,591			19,157			4.93	%
	Commercial Loans (FTE)		371,902			4,551			4.85	%
	Commercial RE Loans		651,991			9,807			5.97	%
	Consumer Loans		519,698			4,799			3.67	%
	Total Investments (FTE)		2,868,008			18,140			2.53	%
	Interest Expense Paid
	Total Earning Assets		4,411,599			563			0.05	%
	Total Interest-Bearing Liabilities		2,554,447			563			0.09	%
	Total Interest-Bearing Deposits		2,499,786			554			0.09	%
	Interest-Bearing Transaction		855,320			70			0.03	%
	Savings		1,351,412			218			0.06	%
	Time less than $100K		164,351			122			0.29	%
	Time greater than $100K		128,703			144			0.44	%
	Total Short-Term Borrowings		54,661			9			0.06	%
	Net Interest Income and Margin (FTE)				$	36,734			3.32	%
		Q4'14
		Average			Income/			Yield (a) /
		Volume			Expense			Rate
	Interest & Fee Income Earned
	Total Earning Assets (FTE)	$	4,203,048		$	38,105			3.61	%
	Total Loans (FTE)		1,709,012			21,657			5.03	%
	Commercial Loans (FTE)		395,933			5,022			5.03	%
	Commercial RE Loans		723,153			11,151			6.12	%
	Consumer Loans		589,926			5,484			3.70	%
	Total Investments (FTE)		2,494,036			16,448			2.64	%
	Interest Expense Paid
	Total Earning Assets		4,203,048			800			0.08	%
	Total Interest-Bearing Liabilities		2,554,153			800			0.12	%
	Total Interest-Bearing Deposits		2,447,731			672			0.11	%
	Interest-Bearing Transaction		806,051			65			0.03	%
	Savings		1,248,699			214			0.07	%
	Time less than $100K		187,087			184			0.39	%
	Time greater than $100K		205,894			209			0.40	%
	Total Short-Term Borrowings		86,323			25			0.12	%
	Federal Home Loan Bank Advances		20,099			103			2.03	%
	Net Interest Income and Margin (FTE)				$	37,305			3.53	%
6. Noninterest Income.
		(dollars in thousands except per-share amounts)
								%
		Q4'15			Q4'14			Change			Q3'15
	Service Charges on Deposits	$	5,259		$	5,870			-10.4	%	$	5,581
	Merchant Processing Services		1,368			1,734			-21.1	%		1,485
	Debit Card Fees		1,557			1,478			5.3	%		1,538
	Other Service Fees		648			673			-3.7	%		693
	ATM Processing Fees		569			581			-2.1	%		616
	Trust Fees		671			684			-1.9	%		682
	Financial Services Commissions		168			171			-2.3	%		177
	Other Income		1,065			1,354			-21.3	%		1,221
	Total Noninterest Income	$	11,305		$	12,545			-9.9	%	$	11,993
	Total Revenue (FTE)	$	48,039		$	49,850			-3.6	%	$	49,172
	Noninterest Income/Revenue (FTE)		23.5	%		25.2	%					24.4	%
	Service Charges/Avg. Deposits (a)		0.46	%		0.53	%					0.50	%
	Total Revenues (FTE) Per Avg. Common Share (a)	$	7.47		$	7.66			-2.5	%	$	7.64
								%
		12/31'15YTD			12/31'14YTD			Change
	Service Charges on Deposits	$	22,241		$	24,191			-8.1	%
	Merchant Processing Services		6,339			7,219			-12.2	%
	Debit Card Fees		6,084			5,960			2.1	%
	Other Service Fees		2,689			2,717			-1.0	%
	ATM Processing Fees		2,397			2,473			-3.1	%
	Trust Fees		2,732			2,582			5.8	%
	Financial Services Commissions		695			757			-8.2	%
	Other Income		4,690			5,888			-20.3	%
	Total Noninterest Income	$	47,867		$	51,787			-7.6	%
	Total Revenue (FTE)	$	196,125		$	204,443			-4.1	%
	Noninterest Income/Revenue (FTE)		24.4	%		25.3	%
	Service Charges/Avg. Deposits		0.50	%		0.56	%
	Total Revenues (FTE) Per Avg.Common Share	$	7.67		$	7.83			-2.0	%
7. Noninterest Expense.
		(dollars in thousands)
								%
		Q4'15			Q4'14			Change			Q3'15
	Salaries & Benefits	$	12,398		$	13,086			-5.3	%	$	12,761
	Occupancy		3,761			3,708			1.4	%		3,746
	Outsourced Data Processing		2,107			2,097			0.5	%		2,115
	Amortization of Identifiable Intangibles		948			1,051			-9.8	%		952
	Professional Fees		614			640			-4.0	%		746
	Furniture & Equipment		1,081			1,104			-2.0	%		1,075
	Other Real Estate Owned		53			265			n/m			83
	Courier Service		585			686			-14.8	%		604
	Other Operating		3,957			3,716			6.5	%		4,091
	Total Noninterest Expense	$	25,504		$	26,353			-3.2	%	$	26,173
	Noninterest Expense/Avg. Earning Assets (a)		2.29	%		2.49	%					2.32	%
	Noninterest Expense/Revenues (FTE)		53.1	%		52.9	%					53.2	%
								%
		12/31'15YTD			12/31'14YTD			Change
	Salaries & Benefits	$	52,192		$	54,777			-4.7	%
	Occupancy		14,960			14,992			-0.2	%
	Outsourced Data Processing		8,441			8,411			0.4	%
	Amortization of Identifiable Intangibles		3,856			4,270			-9.7	%
	Professional Fees		2,490			2,346			6.1	%
	Furniture & Equipment		4,434			4,174			6.3	%
	Other Real Estate Owned		504			(642	)		n/m
	Courier Service		2,329			2,624			-11.2	%
	Other Operating		16,094			15,847			1.6	%
	Total Noninterest Expense	$	105,300		$	106,799			-1.4	%
	Noninterest Expense/ Avg. Earning Assets		2.38	%		2.58	%
	Noninterest Expense/Revenues (FTE)		53.7	%		52.2	%
8. Provision for Loan Losses.
		(dollars in thousands)
								%
		Q4'15			Q4'14			Change			Q3'15
	Average Total Loans	$	1,543,591		$	1,709,012			-9.7	%	$	1,591,798
	Allowance for Loan Loss (ALL)
	Beginning of Period	$	30,036		$	31,769			-5.5	%	$	30,828
	Provision for Loan Losses		-			200			n/m			-
	Net ALL Losses		(265	)		(484	)		-45.2	%		(792	)
	ALL End of Period	$	29,771		$	31,485			-5.4	%	$	30,036
	ALL Recoveries/Gross ALL Losses		78	%		83	%					46	%
	Net ALL Losses/Avg. Total Loans (a)		0.07	%		0.11	%					0.20	%
								%
		12/31'15YTD			12/31'14YTD			Change
	Average Total Loans	$	1,618,271		$	1,772,962			-8.7	%
	Allowance for Loan Loss (ALL)
	Beginning of Period	$	31,485		$	31,693			-0.7	%
	Provision for Loan Losses		-			2,800			n/m
	Net ALL Losses		(1,714	)		(3,008	)		-43.0	%
	ALL End of Period	$	29,771		$	31,485			-5.4	%
	ALL Recoveries/Gross ALL Losses		67	%		59	%
	Net ALL Losses/Avg. Total Loans		0.11	%		0.17	%
9. Credit Quality.
		(dollars in thousands)
								%
		12/31/15			12/31/14			Change			9/30/15
	Nonperforming Originated Loans:
	Nonperforming Nonaccrual	$	6,302		$	5,296			19.0	%	$	7,578
	Performing Nonaccrual		350			13			n/m			-
	Total Nonaccrual Loans		6,652			5,309			25.3	%		7,578
	90+ Days Past Due Accruing Loans		295			502			-41.2	%		481
	Total		6,947			5,811			19.6	%		8,059
	Repossessed Originated Loan Collateral		5,829			4,809			21.2	%		5,834
	Total Nonperforming Originated Assets		12,776			10,620			20.3	%		13,893
	Nonperforming Purchased Covered Loans (1):
	Nonperforming Nonaccrual		-			297			n/m			-
	Performing Nonaccrual		-			-			n/m			-
	Total Nonaccrual Loans		-			297			n/m			-
	90+ Days Past Due Accruing Loans		-			-			n/m			-
	Total		-			297			n/m			-
	Repossessed Purchased Covered Loan Collateral (1)		-			-			n/m			-
	Total Nonperforming Purchased Covered Assets (1)		-			297			n/m			-
	Nonperforming Purchased Non-Covered Loans (2):
	Nonperforming Nonaccrual		8,346			11,901			-29.9	%		8,784
	Performing Nonaccrual		-			97			n/m			84
	Total Nonaccrual Loans		8,346			11,998			-30.4	%		8,868
	90+ Days Past Due Accruing Loans		-			-			n/m			-
	Total		8,346			11,998			-30.4	%		8,868
	Repossessed Purchased Non-Covered Loan Collateral (2)		3,435			1,565			119.5	%		3,435
	Total Nonperforming Purchased Non-Covered Assets (2)		11,781			13,563			-13.1	%		12,303
	Total Nonperforming Assets	$	24,557		$	24,480			0.3	%	$	26,196
	Total Originated Loans Outstanding	$	1,351,839		$	1,470,369			-8.1	%	$	1,376,905
	Total Purchased Covered Loans Outstanding (1)		14,061			17,078			-17.7	%		14,640
	Total Purchased Non-Covered Loans Outstanding (2)		167,496			212,843			-21.3	%		180,298
	Total Loans Outstanding	$	1,533,396		$	1,700,290			-9.8	%	$	1,571,843
	Total Assets	$	5,168,875		$	5,035,724			2.6	%	$	5,001,395
	Loans:
	Allowance for Loan Losses	$	29,771		$	31,485			-5.4	%	$	30,036
	Allowance/Loans		1.94	%		1.85	%					1.91	%
	Nonperforming Loans/Total Loans		1.00	%		1.06	%					1.08	%
	Purchased Covered Loans (1):
	Fair Value Discount on Purchased Covered Loans	$	152		$	468					$	155
	Discount/Purchased Covered Loans, gross		1.07	%		2.67	%					1.05	%
	Nonperforming Purchased Covered Loans/Total Purchased Covered Loans		0.00	%		1.74	%					0.00	%
	Purchased Non-Covered Loans (2):
	Fair Value Discount on Purchased Non-Covered Loans	$	6,432		$	9,372					$	7,082
	Discount/Purchased Non-Covered Loans, gross		3.70	%		4.22	%					3.78	%
	Nonperforming Purchased Non-Covered Loans/ Total Purchased Non-Covered Loans		4.98	%		5.64	%					4.92	%
10. Capital.
		(in thousands, except per-share amounts)
								%
		12/31/15			12/31/14			Change			9/30/15
	Shareholders' Equity	$	532,205		$	526,603			1.1	%	$	533,938
	Total Assets		5,168,875			5,035,724			2.6	%		5,001,395
	Shareholders' Equity/Total Assets		10.30	%		10.46	%					10.68	%
	Shareholders' Equity/Total Loans		34.71	%		30.97	%					33.97	%
	Tangible Common Equity Ratio		7.94	%		7.97	%					8.23	%
	Common Shares Outstanding		25,528			25,745			-0.8	%		25,530
	Common Equity Per Share	$	20.85		$	20.45			1.9	%	$	20.91
	Market Value Per Common Share	$	46.75		$	48.96			-4.5	%	$	44.44
	Share Repurchase Programs
		(shares in thousands)
								%
		Q4'15			Q4'14			Change			Q3'15
	Total Shares Repurchased		2			161			-99.1	%		26
	Average Repurchase Price	$	43.01		$	48.73			-11.7	%	$	50.30
	Net Shares Repurchased (Issued)		2			161			-98.8	%		(1	)
								%
		12/31'15YTD			12/31'14YTD			Change
	Total Shares Repurchased		344			1,044			-67.1	%
	Average Repurchase Price	$	43.90		$	50.47			-13.0	%
	Net Shares Repurchased		217			765			-71.6	%
11. Period-End Balance Sheets.
		(unaudited, dollars in thousands)
								%
		12/31/15			12/31/14			Change			9/30/15
	Assets:
	Cash and Due from Banks	$	433,044		$	380,836			13.7	%	$	268,587
	Investment Securities:
	Available For Sale		1,570,216			1,600,781			-1.9	%		1,571,710
	Held to Maturity		1,316,075			1,038,658			26.7	%		1,278,814
	Loans		1,533,396			1,700,290			-9.8	%		1,571,843
	Allowance For Loan Losses		(29,771	)		(31,485	)		-5.4	%		(30,036	)
	Total Loans, net		1,503,625			1,668,805			-9.9	%		1,541,807
	Other Real Estate Owned		9,264			6,374			45.4	%		9,269
	Premises and Equipment, net		38,693			37,852			2.2	%		39,244
	Identifiable Intangibles, net		10,431			14,287			-27.0	%		11,379
	Goodwill		121,673			121,673			0.0	%		121,673
	Other Assets		165,854			166,458			-0.4	%		158,912
	Total Assets	$	5,168,875		$	5,035,724			2.6	%	$	5,001,395
	Liabilities and Shareholders' Equity:
	Deposits:
	Noninterest Bearing	$	2,026,049		$	1,910,781			6.0	%	$	1,942,450
	Interest-Bearing Transaction		860,706			792,448			8.6	%		812,940
	Savings		1,366,936			1,260,819			8.4	%		1,310,985
	Time		286,968			385,143			-25.5	%		300,545
	Total Deposits		4,540,659			4,349,191			4.4	%		4,366,920
	Short-Term Borrowed Funds		53,028			89,784			-40.9	%		57,063
	Federal Home Loan Bank Advances		-			20,015			n/m			-
	Other Liabilities		42,983			50,131			-14.3	%		43,474
	Total Liabilities		4,636,670			4,509,121			2.8	%		4,467,457
	Shareholders' Equity:
	Common Equity:
	Paid-In Capital		381,436			380,843			0.2	%		381,227
	Accumulated Other Comprehensive Income		675			5,292			-87.2	%		7,198
	Retained Earnings		150,094			140,468			6.9	%		145,513
	Total Shareholders' Equity		532,205			526,603			1.1	%		533,938
	Total Liabilities and Shareholders' Equity	$	5,168,875		$	5,035,724			2.6	%	$	5,001,395
12. Income Statements.
		(unaudited, in thousands except per-share amounts)
								%
		Q4'15			Q4'14			Change			Q3'15
	Interest & Fee Income:
	Loans	$	18,798		$	21,240			-11.5	%	$	19,378
	Investment Securities:
	Available for Sale		7,916			6,884			15.0	%		7,880
	Held to Maturity		7,174			6,218			15.4	%		7,041
	Total Interest & Fee Income		33,888			34,342			-1.3	%		34,299
	Interest Expense:
	Transaction Deposits		70			65			7.3	%		65
	Savings Deposits		218			214			2.0	%		211
	Time Deposits		266			393			-32.4	%		297
	Short-Term Borrowed Funds		9			25			-65.9	%		12
	Federal Home Loan Bank Advances		-			103			n/m			-
	Total Interest Expense		563			800			-29.7	%		585
	Net Interest Income		33,325			33,542			-0.6	%		33,714
	Provision for Loan Losses		-			200			n/m			-
	Noninterest Income:
	Service Charges		5,259			5,870			-10.4	%		5,581
	Merchant Processing Services		1,368			1,734			-21.1	%		1,485
	Debit Card Fees		1,557			1,478			5.3	%		1,538
	Other Service Fees		648			673			-3.7	%		693
	ATM Processing Fees		569			581			-2.1	%		616
	Trust Fees		671			684			-1.9	%		682
	Financial Services Commissions		168			171			-2.3	%		177
	Other		1,065			1,354			-21.3	%		1,221
	Total Noninterest Income		11,305			12,545			-9.9	%		11,993
	Noninterest Expense:
	Salaries and  Benefits		12,398			13,086			-5.3	%		12,761
	Occupancy		3,761			3,708			1.4	%		3,746
	Outsourced Data Processing		2,107			2,097			0.5	%		2,115
	Amortization of Identifiable Intangibles		948			1,051			-9.8	%		952
	Professional Fees		614			640			-4.0	%		746
	Furniture & Equipment		1,081			1,104			-2.0	%		1,075
	Other Real Estate Owned		53			265			n/m			83
	Courier Service		585			686			-14.8	%		604
	Other		3,957			3,716			6.5	%		4,091
	Total Noninterest Expense		25,504			26,353			-3.2	%		26,173
	Income Before Income Taxes		19,126			19,534			-2.1	%		19,534
	Income Tax Provision		4,548			4,506			0.9	%		4,677
	Net Income	$	14,578		$	15,028			-3.0	%	$	14,857
	Average Common Shares Outstanding		25,528			25,821			-1.1	%		25,530
	Diluted Common Shares Outstanding		25,555			25,858			-1.2	%		25,565
	Per Common Share Data:
	Basic Earnings	$	0.57		$	0.58			-1.7	%	$	0.58
	Diluted Earnings		0.57			0.58			-1.7	%		0.58
	Dividends Paid		0.39			0.38			2.6	%		0.38
								%
		12/31'15YTD			12/31'14YTD			Change
	Interest & Fee Income:
	Loans	$	78,441		$	89,056			-11.9	%
	Investment Securities:
	Available for Sale		31,263			24,740			26.4	%
	Held to Maturity		26,825			26,413			1.6	%
	Total Interest & Fee Income		136,529			140,209			-2.6	%
	Interest Expense:
	Transaction Deposits		260			268			-3.1	%
	Savings Deposits		852			906			-6.0	%
	Time Deposits		1,258			1,713			-26.6	%
	Short-Term Borrowed Funds		53			90			-41.6	%
	Federal Home Loan Bank Advances		1			407			n/m
	Term Repurchase Agreement		-			60			n/m
	Total Interest Expense		2,424			3,444			-29.6	%
	Net Interest Income		134,105			136,765			-1.9	%
	Provision for Loan Losses		-			2,800			n/m
	Noninterest Income:
	Service Charges		22,241			24,191			-8.1	%
	Merchant Processing Services		6,339			7,219			-12.2	%
	Debit Card Fees		6,084			5,960			2.1	%
	Other Service Fees		2,689			2,717			-1.0	%
	ATM Processing Fees		2,397			2,473			-3.1	%
	Trust Fees		2,732			2,582			5.8	%
	Financial Services Commissions		695			757			-8.2	%
	Other		4,690			5,888			-20.3	%
	Total Noninterest Income		47,867			51,787			-7.6	%
	Noninterest Expense:
	Salaries and  Benefits		52,192			54,777			-4.7	%
	Occupancy		14,960			14,992			-0.2	%
	Outsourced Data Processing		8,441			8,411			0.4	%
	Amortization of Identifiable Intangibles		3,856			4,270			-9.7	%
	Professional Fees		2,490			2,346			6.1	%
	Furniture & Equipment		4,434			4,174			6.3	%
	Other Real Estate Owned		504			(642	)		n/m
	Courier Service		2,329			2,624			-11.2	%
	Other		16,094			15,847			1.6	%
	Total Noninterest Expense		105,300			106,799			-1.4	%
	Income Before Income Taxes		76,672			78,953			-2.9	%
	Income Tax Provision		17,919			18,307			-2.1	%
	Net Income	$	58,753		$	60,646			-3.1	%
	Average Common Shares Outstanding		25,555			26,099			-2.1	%
	Diluted Common Shares Outstanding		25,577			26,160			-2.2	%
	Per Common Share Data:
	Basic Earnings	$	2.30		$	2.32			-0.9	%
	Diluted Earnings		2.30			2.32			-0.9	%
	Dividends Paid		1.53			1.52			0.7	%
	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.

For additional information contact:
Westamerica Bancorporation
1108 Fifth Avenue, San Rafael, CA 94901
Robert A. Thorson – SVP & Chief Financial Officer
707-863-6840
investments@westamerica.com

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