Form 8-K

8-K — WESTAMERICA BANCORPORATION

Accession: 0001171843-26-002511

Filed: 2026-04-16

Period: 2026-04-16

CIK: 0000311094

SIC: 6021 (NATIONAL COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — f8k_041626.htm (Primary)

EX-99.1 — PRESS RELEASE (exh_991.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — FORM 8-K

8-K (Primary)

Filename: f8k_041626.htm · Sequence: 1

Form 8-K

False000031109400003110942026-04-162026-04-16iso4217:USDxbrli:sharesiso4217:USDxbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 8-K

_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 16, 2026

_______________________________

WESTAMERICA BANCORPORATION

(Exact name of registrant as specified in its charter)

_______________________________

California 001-09383 94-2156203

(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

1108 Fifth Avenue

San Rafael, California 94901

(Address of Principal Executive Offices) (Zip Code)

(707) 863-6000

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, no par value WABC The Nasdaq Stock Market, LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On April 16, 2026, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

Exhibit 99.1 Press Release dated April 16, 2026

Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

WESTAMERICA BANCORPORATION

Date: April 16, 2026 By: /s/ Anela Jonas

Anela Jonas

Senior Vice President and Chief Financial Officer

EX-99.1 — PRESS RELEASE

EX-99.1

Filename: exh_991.htm · Sequence: 2

EdgarFiling

EXHIBIT 99.1

Westamerica Bancorporation Reports First Quarter 2026 Financial Results

SAN RAFAEL, Calif., April 16, 2026 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the first quarter 2026 of $27.4 million and diluted earnings per common share ("EPS") of $1.13. First quarter 2026 results include a reversal of provision for credit losses of $300 thousand, which increased EPS $0.01. These results compare to fourth quarter 2025 net income of $27.8 million and EPS of $1.12. Fourth quarter 2025 results include an increase to the book tax provision to reconcile the 2024 income tax provision to the filed 2024 tax returns, which reduced EPS $0.02.

"Westamerica’s first quarter 2026 results benefited from the Company’s valuable low-cost deposit base, of which 46 percent was represented by non-interest bearing checking accounts during the quarter; the annualized cost of funding our loan and bond portfolios was 0.24 percent in the quarter. Operating expenses remained well controlled at 42 percent of total revenues and credit quality remained stable with nonperforming assets of $1.4 million at March 31, 2026,” said Chairman, President and CEO David Payne. “First quarter 2026 results generated an annualized 11.0 percent return on average common equity. Shareholders were paid a $0.46 per common share dividend during the first quarter 2026 and 997 thousand shares were retired using the Company’s share repurchase plan,” concluded Payne.

Net interest income on a fully-taxable equivalent (FTE) basis was $52.7 million for the first quarter 2026, compared to $53.5 million for the fourth quarter 2025. The annualized yield earned on loans, bonds and cash for the first quarter 2026 was 3.98 percent compared to 4.00 percent for the fourth quarter 2025. The annualized cost of funding the loan and bond portfolios was 0.24 percent for the first quarter 2026 unchanged from the fourth quarter 2025.

The Company recognized a $300 thousand reversal of provision for credit losses in the first quarter 2026. The Allowance for Credit Losses on Loans was $11.2 million at March 31, 2026.

Noninterest income for the first quarter 2026 totaled $9.6 million compared to $10.0 million for the fourth quarter 2025. Debit card fees declined $174 thousand from the fourth quarter 2025 to the first quarter 2026 and the Company recognized unrealized securities losses of $247 thousand in the first quarter 2026.

Noninterest expenses for the first quarter 2026 were $25.9 million compared to $25.5 million for the fourth quarter 2025. Salaries and related benefits expense were higher in the first quarter 2026 when compared to fourth quarter 2025 due to seasonally higher payroll taxes and higher benefit costs.

The income tax provision (FTE) for the first quarter 2026 was $9.3 million compared to $10.3 million for the fourth quarter 2025. The fourth quarter 2025 income tax provision includes a $628 thousand increase to the book tax provision to reconcile the 2024 income tax provision to the filed 2024 tax returns.

Westamerica Bancorporation’s wholly owned subsidiary Westamerica Bank, operates commercial banking and trust offices throughout Northern and Central California.

Westamerica Bancorporation Web Address: www.westamerica.com

For additional information contact:

Westamerica Bancorporation

1108 Fifth Avenue, San Rafael, CA 94901

Robert A. Thorson – Investor Relations Contact

707-863-6090

investments@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, 2025 filed on Form 10-K and quarterly report for the quarter ended September 30, 2025 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, cyber security risks, legislation including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, 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 April 16, 2026

WESTAMERICA BANCORPORATION

FINANCIAL HIGHLIGHTS

March 31, 2026

1. Net Income Summary.

(in thousands except per-share amounts)

Q1'2026 Q1'2025 Change Q4'2025

Net Interest and Loan Fee

Income (FTE) $ 52,690 $ 56,390 -6.6 % $ 53,549

(Reversal of) Provision

for Credit Losses (300 ) (550 ) n/m -

Noninterest Income 9,607 10,321 -6.9 % 10,003

Noninterest Expense 25,911 25,127 3.1 % 25,466

Income Before Taxes (FTE) 36,686 42,134 -12.9 % 38,086

Income Tax Provision (FTE) 9,331 11,097 -15.9 % 10,279

Net Income $ 27,355 $ 31,037 -11.9 % $ 27,807

Average Common Shares

Outstanding 24,306 26,642 -8.8 % 24,849

Diluted Average Common

Shares Outstanding 24,306 26,642 -8.8 % 24,849

Operating Ratios:

Basic Earnings Per Common

Share $ 1.13 $ 1.16 -2.6 % $ 1.12

Diluted Earnings Per

Common Share 1.13 1.16 -2.6 % 1.12

Return On Assets (a) 1.84 % 2.03 % 1.82 %

Return On Common

Equity (a) 11.0 % 11.9 % 10.8 %

Net Interest Margin (FTE) (a) 3.74 % 3.90 % 3.76 %

Efficiency Ratio (FTE) 41.6 % 37.7 % 40.1 %

Dividends Paid Per Common

Share $ 0.46 $ 0.44 4.5 % $ 0.46

Common Dividend Payout

Ratio 41 % 38 % 41 %

2. Net Interest Income.

(dollars in thousands)

Q1'2026 Q1'2025 Change Q4'2025

Interest and Loan Fee

Income (FTE) $ 55,985 $ 59,786 -6.4 % $ 57,031

Interest Expense 3,295 3,396 -3.0 % 3,482

Net Interest and Loan Fee

Income (FTE) $ 52,690 $ 56,390 -6.6 % $ 53,549

Average Earning Assets $ 5,644,066 $ 5,794,836 -2.6 % $ 5,666,854

Average Interest-Bearing

Liabilities 2,754,298 2,770,099 -0.6 % 2,731,820

Yield on Earning Assets

(FTE) (a) 3.98 % 4.14 % 4.00 %

Cost of Funds (a) 0.24 % 0.24 % 0.24 %

Net Interest Margin (FTE) (a) 3.74 % 3.90 % 3.76 %

Interest Expense /

Interest-Bearing

Liabilities (a) 0.49 % 0.50 % 0.51 %

Net Interest Spread (FTE) (a) 3.49 % 3.64 % 3.49 %

3. Loans & Other Earning Assets.

(average volume, dollars in thousands)

Q1'2026 Q1'2025 Change Q4'2025

Total Assets $ 6,034,899 $ 6,187,321 -2.5 % $ 6,055,696

Total Earning Assets 5,644,066 5,794,836 -2.6 % 5,666,854

Total Loans 708,613 789,935 -10.3 % 727,540

Commercial Loans 110,159 120,189 -8.3 % 112,830

Commercial Real Estate

Loans 477,402 497,379 -4.0 % 482,133

Consumer Loans 121,052 172,367 -29.8 % 132,577

Total Investment Securities 4,469,072 4,395,565 1.7 % 4,343,373

Debt Securities Available for

Sale 3,643,302 3,539,528 2.9 % 3,504,978

Debt Securities Held to

Maturity 811,170 841,810 -3.6 % 823,690

Equity Securities 14,600 14,227 2.6 % 14,705

Total Interest-Bearing Cash 466,381 609,336 -23.5 % 595,941

Loans / Deposits 14.7 % 15.9 % 15.0 %

4. Deposits, Other Interest-Bearing Liabilities & Equity.

(average volume, dollars in thousands)

Q1'2026 Q1'2025 Change Q4'2025

Total Deposits $ 4,822,635 $ 4,958,554 -2.7 % $ 4,837,964

Noninterest Demand 2,206,530 2,293,059 -3.8 % 2,236,646

Interest-Bearing Transaction 920,543 935,054 -1.6 % 894,816

Savings 1,628,180 1,649,631 -1.3 % 1,636,817

Time greater than $100K 23,738 29,460 -19.4 % 24,428

Time less than $100K 43,644 51,350 -15.0 % 45,257

Total Short-Term Borrowings 138,193 104,604 32.1 % 130,502

Securities Sold under

Repurchase Agreements 138,193 104,604 32.1 % 130,502

Shareholders' Equity 1,008,613 1,055,925 -4.5 % 1,019,086

Demand Deposits /

Total Deposits 45.8 % 46.2 % 46.2 %

Transaction & Savings

Deposits / Total Deposits 98.6 % 98.4 % 98.6 %

5. Interest Yields Earned & Rates Paid.

(dollars in thousands)

Q1'2026

Average Income/ Yield (a) /

Volume Expense Rate (a)

Interest & Loan Fee Income Earned:

Total Earning Assets (FTE) $ 5,644,066 $ 55,985 3.98 %

Total Loans (FTE) 708,613 9,936 5.68 %

Commercial Loans (FTE) 110,159 1,692 6.21 %

Commercial Real Estate

Loans 477,402 6,384 5.42 %

Consumer Loans 121,052 1,860 6.23 %

Total Investment Securities (FTE) 4,469,072 41,793 3.74 %

Total Debt Securities

Available for Sale (FTE) 3,643,302 32,769 3.60 %

Corporate Securities 1,920,776 12,642 2.63 %

Collateralized Loan

Obligations 349,347 4,926 5.64 %

Agency Mortgage Backed

Securities 1,018,548 12,123 4.76 %

Securities of U.S.

Government Sponsored

Entities 308,433 2,720 3.53 %

Obligations of States and

Political Subdivisions

(FTE) 46,198 358 3.10 %

Total Debt Securities Held to

Maturity (FTE) 811,170 8,549 4.22 %

Agency Mortgage Backed

Securities 42,622 254 2.38 %

Corporate Securities 738,979 8,028 4.35 %

Obligations of States and

Political Subdivisions

(FTE) 29,569 267 3.61 %

Equity Securities (FTE) 14,600 475 13.02 %

Total Interest-Bearing Cash 466,381 4,256 3.65 %

Interest Expense Paid:

Total Earning Assets 5,644,066 3,295 0.24 %

Total Interest-Bearing

Liabilities 2,754,298 3,295 0.49 %

Total Interest-Bearing

Deposits 2,616,105 3,089 0.48 %

Interest-Bearing Transaction 920,543 45 0.02 %

Savings 1,628,180 3,002 0.75 %

Time less than $100K 43,644 31 0.29 %

Time greater than $100K 23,738 11 0.18 %

Total Short-Term Borrowings 138,193 206 0.61 %

Securities Sold under

Repurchase Agreements 138,193 206 0.61 %

Net Interest Income and

Margin (FTE) $ 52,690 3.74 %

Q1'2025

Average Income/ Yield (a) /

Volume Expense Rate (a)

Interest & Loan Fee Income Earned:

Total Earning Assets (FTE) $ 5,794,836 $ 59,786 4.14 %

Total Loans (FTE) 789,935 10,744 5.51 %

Commercial Loans (FTE) 120,189 1,845 6.21 %

Commercial Real Estate

Loans 497,379 6,473 5.28 %

Consumer Loans 172,367 2,426 5.70 %

Total Investment Securities (FTE) 4,395,565 42,339 3.85 %

Total Debt Securities

Available for Sale (FTE) 3,539,528 33,305 3.76 %

Corporate Securities 1,991,278 13,522 2.72 %

Collateralized Loan

Obligations 915,873 14,422 6.30 %

Agency Mortgage Backed

Securities 254,126 2,034 3.20 %

Securities of U.S.

Government sponsored

entities 311,297 2,777 3.57 %

Obligations of States and

Political Subdivisions (FTE) 62,651 496 3.17 %

U.S. Treasury Securities 4,303 54 5.13 %

Total Debt Securities Held to

Maturity (FTE) 841,810 8,586 4.08 %

Agency Mortgage Backed

Securities 56,006 329 2.35 %

Corporate Securities 736,089 7,815 4.25 %

Obligations of States and

Political Subdivisions (FTE) 49,715 442 3.56 %

Equity Securities 14,227 448 12.60 %

Total Interest-Bearing Cash 609,336 6,703 4.40 %

Interest Expense Paid:

Total Earning Assets 5,794,836 3,396 0.24 %

Total Interest-Bearing

Liabilities 2,770,099 3,396 0.50 %

Total Interest-Bearing

Deposits 2,665,495 3,229 0.49 %

Interest-Bearing Transaction 935,054 46 0.02 %

Savings 1,649,631 3,128 0.77 %

Time less than $100K 51,350 38 0.30 %

Time greater than $100K 29,460 17 0.24 %

Total Short-Term Borrowings 104,604 167 0.65 %

Securities Sold under

Repurchase Agreements 104,604 167 0.65 %

Net Interest Income and

Margin (FTE) $ 56,390 3.90 %

6. Noninterest Income.

(dollars in thousands except per-share amounts)

Q1'2026 Q1'2025 Change Q4'2025

Service Charges on Deposit

Accounts $ 3,332 $ 3,381 -1.4 % $ 3,270

Merchant Processing

Services 2,739 2,733 0.2 % 2,690

Debit Card Fees 1,324 1,581 -16.3 % 1,498

Trust Fees 927 899 3.1 % 923

ATM Processing Fees 450 463 -2.8 % 484

Other Service Fees 408 429 -4.9 % 426

Bank Owned

Life Insurance Gains - 102 n/m -

Unrealized (Losses) Gains

on Equity Securities (247 ) - n/m 30

Other Noninterest Income 674 733 -8.0 % 682

Total Noninterest Income $ 9,607 $ 10,321 -6.9 % $ 10,003

Operating Ratios:

Total Revenue (FTE) $ 62,297 $ 66,711 -6.6 % $ 63,552

Noninterest Income /

Revenue (FTE) 15.4 % 15.5 % 15.7 %

Service Charges /

Avg. Deposits (a) 0.28 % 0.28 % 0.27 %

Total Revenue (FTE) Per

Avg. Common Share (a) $ 10.39 $ 10.16 2.3 % $ 10.15

7. Noninterest Expense.

(dollars in thousands)

Q1'2026 Q1'2025 Change Q4'2025

Salaries and Related Benefits $ 12,325 $ 12,126 1.6 % $ 11,871

Occupancy and Equipment 5,427 5,038 7.7 % 5,426

Outsourced Data Processing 2,788 2,697 3.4 % 2,701

Limited Partnership

Operating Losses 1,110 915 21.3 % 891

Professional Fees 462 395 17.0 % 540

Courier Service 734 688 6.7 % 843

Other Noninterest Expense 3,065 3,268 -6.2 % 3,194

Total Noninterest Expense $ 25,911 $ 25,127 3.1 % $ 25,466

Operating Ratios:

Noninterest Expense /

Avg. Earning Assets (a) 1.86 % 1.76 % 1.78 %

Noninterest Expense /

Revenues (FTE) 41.6 % 37.7 % 40.1 %

8. Allowance for Credit Losses.

(dollars in thousands)

Q1'2026 Q1'2025 Change Q4'2025

Average Total Loans $ 708,613 $ 789,935 -10.3 % $ 727,540

Beginning of Period

Allowance for Credit

Losses on Loans (ACLL) $ 11,573 $ 14,780 -21.7 % $ 11,859

(Reversal of) Provision

for Credit Losses (300 ) (550 ) n/m -

Net ACLL Losses (122 ) (316 ) -61.4 % (286 )

End of Period ACLL $ 11,151 $ 13,914 -19.9 % $ 11,573

Gross ACLL Recoveries /

Gross ACLL Losses 85 % 82 % 61 %

Net ACLL Losses /

Avg. Total Loans (a) -0.07 % -0.16 % -0.16 %

(dollars in thousands)

3/31/26 3/31/25 Change 12/31/25

Allowance for Credit Losses

on Loans $ 11,151 $ 13,914 -19.9 % $ 11,573

Allowance for Credit Losses

on Held to Maturity

Securities 1 1 0.0 % 1

Total Allowance for Credit

Losses $ 11,152 $ 13,915 -19.9 % $ 11,574

Allowance for Unfunded

Credit Commitments $ 201 $ 201 0.0 % $ 201

9. Credit Quality.

(dollars in thousands)

3/31/26 3/31/25 Change 12/31/25

Nonperforming Loans:

Nonperforming Nonaccrual

Loans $ 380 $ - n/m $ 768

Performing Nonaccrual

Loans 785 - n/m 706

Total Nonaccrual Loans 1,165 - n/m 1,474

Accruing Loans 90+ Days

Past Due 277 277 0.0 % 340

Total Nonperforming Loans $ 1,442 $ 277 n/m $ 1,814

Total Loans Outstanding $ 696,204 $ 771,030 -9.7 % $ 726,482

Total Assets 5,864,450 5,966,624 -1.7 % 5,960,180

Loans:

Allowance for Credit Losses

on Loans $ 11,151 $ 13,914 -19.9 % $ 11,573

Allowance for Credit Losses

on Loans / Loans 1.60 % 1.80 % 1.59 %

Nonperforming Loans /

Total Loans 0.21 % 0.04 % 0.25 %

10. Capital.

(in thousands, except per-share amounts)

3/31/26 3/31/25 Change 12/31/25

Shareholders' Equity $ 882,690 $ 923,138 -4.4 % $ 933,509

Total Assets 5,864,450 5,966,624 -1.7 % 5,960,180

Shareholders' Equity/

Total Assets 15.05 % 15.47 % 15.66 %

Shareholders' Equity/

Total Loans 126.79 % 119.73 % 128.50 %

Tangible Common Equity

Ratio 13.25 % 13.71 % 13.90 %

Common Shares Outstanding 23,631 26,360 -10.4 % 24,623

Common Equity Per Share $ 37.35 $ 35.02 6.7 % $ 37.91

Market Value Per Common

Share 52.15 50.63 3.0 % 47.83

(shares in thousands)

Q1'2026 Q1'2025 Change Q4'2025

Share Retirements (Issuances):

Total Shares Retired 1,001 361 n/m 485

Average Retirement Price $ 50.94 $ 50.96 n/m $ 48.13

Net Shares Retired 992 348 n/m 484

11. Period-End Balance Sheets.

(unaudited, dollars in thousands)

3/31/26 3/31/25 Change 12/31/25

Assets:

Cash and Due from Banks $ 397,284 $ 727,336 -45.4 % $ 567,801

Debt Securities Available for

Sale:

Corporate Securities 1,835,522 1,802,791 1.8 % 1,804,080

Collateralized Loan

Obligations 293,987 822,111 -64.2 % 424,614

Agency Mortgage Backed

Securities 1,123,422 250,844 347.9 % 891,906

Securities of U.S.

Government Sponsored

Entities 298,502 299,722 -0.4 % 302,412

Obligations of States and

Political Subdivisions 45,422 60,581 -25.0 % 45,722

Total Debt Securities

Available for Sale 3,596,855 3,236,049 11.1 % 3,468,734

Debt Securities Held to

Maturity:

Agency Mortgage Backed

Securities 41,271 53,528 -22.9 % 43,734

Corporate Securities 732,168 737,146 -0.7 % 742,244

Obligations of States and

Political Subdivisions (1) 26,119 48,674 -46.3 % 33,596

Total Debt Securities

Held to Maturity (1) 799,558 839,348 -4.7 % 819,574

Loans 696,204 771,030 -9.7 % 726,482

Allowance For Credit Losses

on Loans (11,151 ) (13,914 ) -19.9 % (11,573 )

Total Loans, net 685,053 757,116 -9.5 % 714,909

Premises and Equipment, net 25,968 25,722 1.0 % 25,722

Identifiable Intangibles, net - 72 n/m -

Goodwill 121,673 121,673 0.0 % 121,673

Other Assets 238,059 259,308 -8.2 % 241,767

Total Assets $ 5,864,450 $ 5,966,624 -1.7 % $ 5,960,180

Liabilities and Shareholders'

Equity:

Deposits:

Noninterest-Bearing $ 2,135,925 $ 2,241,802 -4.7 % $ 2,252,490

Interest-Bearing Transaction 939,285 920,461 2.0 % 907,124

Savings 1,643,599 1,633,445 0.6 % 1,613,384

Time 64,943 78,387 -17.2 % 67,021

Total Deposits 4,783,752 4,874,095 -1.9 % 4,840,019

Securities Sold under

Repurchase Agreements 144,456 113,219 27.6 % 137,298

Total Short-Term

Borrowed Funds 144,456 113,219 27.6 % 137,298

Other Liabilities 53,552 56,172 -4.7 % 49,354

Total Liabilities 4,981,760 5,043,486 -1.2 % 5,026,671

Shareholders' Equity:

Common Equity:

Paid-In Capital 422,348 470,844 -10.3 % 440,015

Accumulated Other

Comprehensive Loss (107,267 ) (136,768 ) -21.6 % (91,139 )

Retained Earnings 567,609 589,062 -3.6 % 584,633

Total Shareholders' Equity 882,690 923,138 -4.4 % 933,509

Total Liabilities and

Shareholders' Equity $ 5,864,450 $ 5,966,624 -1.7 % $ 5,960,180

12. Income Statements.

(unaudited, in thousands except per-share amounts)

Q1'2026 Q1'2025 Change Q4'2025

Interest and Loan Fee Income:

Loans $ 9,879 $ 10,669 -7.4 % $ 10,233

Equity Securities 446 422 5.7 % 433

Debt Securities Available

for Sale 32,695 33,203 -1.5 % 31,779

Debt Securities Held to

Maturity 8,494 8,494 0.0 % 8,355

Interest-Bearing Cash 4,256 6,703 -36.5 % 5,988

Total Interest and Loan

Fee Income 55,770 59,491 -6.3 % 56,788

Interest Expense:

Transaction Deposits 45 46 -2.2 % 45

Savings Deposits 3,002 3,128 -4.0 % 3,195

Time Deposits 42 55 -23.6 % 45

Securities Sold under

Repurchase Agreements 206 167 23.5 % 197

Total Interest Expense 3,295 3,396 -3.0 % 3,482

Net Interest and Loan

Fee Income 52,475 56,095 -6.5 % 53,306

(Reversal of) Provision

for Credit Losses (300 ) (550 ) n/m -

Noninterest Income:

Service Charges on Deposit

Accounts 3,332 3,381 -1.4 % 3,270

Merchant Processing

Services 2,739 2,733 0.2 % 2,690

Debit Card Fees 1,324 1,581 -16.3 % 1,498

Trust Fees 927 899 3.1 % 923

ATM Processing Fees 450 463 -2.8 % 484

Other Service Fees 408 429 -4.9 % 426

Bank Owned

Life Insurance Gains - 102 n/m -

Other Noninterest Income 427 733 -41.7 % 712

Total Noninterest Income 9,607 10,321 -6.9 % 10,003

Noninterest Expense:

Salaries and Related Benefits 12,325 12,126 1.6 % 11,871

Occupancy and Equipment 5,427 5,038 7.7 % 5,426

Outsourced Data Processing 2,788 2,697 3.4 % 2,701

Limited Partnership

Operating Losses 1,110 915 21.3 % 891

Professional Fees 462 395 17.0 % 540

Courier Service 734 688 6.7 % 843

Other Noninterest Expense 3,065 3,268 -6.2 % 3,194

Total Noninterest Expense 25,911 25,127 3.1 % 25,466

Income Before Income Taxes 36,471 41,839 -12.8 % 37,843

Income Tax Provision 9,116 10,802 -15.6 % 10,036

Net Income $ 27,355 $ 31,037 -11.9 % $ 27,807

Average Common Shares

Outstanding 24,306 26,642 -8.8 % 24,849

Diluted Average Common

Shares Outstanding 24,306 26,642 -8.8 % 24,849

Per Common Share Data:

Basic Earnings $ 1.13 $ 1.16 -2.6 % $ 1.12

Diluted Earnings 1.13 1.16 -2.6 % 1.12

Dividends Paid 0.46 0.44 4.5 % 0.46

Footnotes and Abbreviations:

(1) Debt Securities Held To Maturity and Obligations of States and Political Subdivisions are net of related reserve for expected credit losses of $1 thousand at March 31, 2026, December 31, 2025 and March 31, 2025.

(FTE) Fully Taxable Equivalent. The Company presents its net interest margin and net interest income on a FTE basis using the current statutory federal tax rate. Management believes the FTE basis is valuable to the reader because the Company’s loan and investment securities portfolios contain a portion of municipal loans and securities that are federally tax exempt. The Company’s tax exempt loans and securities composition may not be similar to that of other banks, therefore in order to reflect the impact of the federally tax exempt loans and securities on the net interest margin and net interest income for comparability with other banks, the Company presents its net interest margin and net interest income on a FTE basis.

(a) Annualized

Certain amounts in prior periods have been reclassified to conform to the current presentation.

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