Westamerica Bancorp's Q1 net income falls on seasonally high payroll taxes and benefit costs

Westamerica Bancorp

16/04/2026 16:04

Overview

US commercial bank's Q1 net income fell 12% yr/yr, EPS down 3%

Net interest income for Q1 declined from a year earlier

Company repurchased 997,000 shares under its buyback plan in Q1

Outlook

Company did not provide specific guidance or outlook for future periods in the press release

Result Drivers

LOW-COST DEPOSIT BASE - Co said results benefited from its low-cost deposit base, with 46% in non-interest bearing checking accounts and a 0.24% funding cost

HIGHER OPERATING EXPENSES - Salaries and related benefits expense rose due to seasonally higher payroll taxes and benefit costs

LOWER NONINTEREST INCOME - Noninterest income fell, driven by lower debit card fees and unrealized securities losses

Company press release: ID:nGNX1VC20w

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 EPS
$1.13
Q1 Net Income
$27.40 mln
Q1 Net Interest Income
$52.70 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the banks peer group is "buy."

Wall Street's median 12-month price target for Westamerica Bancorp is $55.00, about 3.2% above its April 15 closing price of $53.30

The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 12 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)