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Westamerica Bancorporation Reports First Quarter 2021 Financial Results EXHIBIT 99.1 SAN RAFAEL , Calif . , April 15 , 2021 ( GLOBE NEWSWIRE ) -- Westamerica Bancorporation ( Nasdaq : WABC ) , parent company of Westamerica Bank , generated net income for the first quarter 2021 of $ 20.1 million and diluted earnings per common share ( " EPS " ) of $ 0.75 . First quarter 2021 results include “ make - whole ” interest income on corporate bonds redeemed prior to maturity , which increased EPS $ 0.02 . These results compare to net income of $ 23.8 million and EPS of $ 0.89 for the fourth quarter 2020 , which included a gain on sale of a closed branch building , “ make - whole " interest income on corporate bonds redeemed before maturity , and a customary adjustment to the tax provision for filed 2019 tax returns , which increased EPS $ 0.15 . " Westamerica continues to support our customers during the pandemic . We have kept our branches open to continue providing full - service , and during the first quarter 2021 , we originated $ 91 million in loans under the second round of the Paycheck Protection Program . Operating expenses have remained stable with first quarter 2020 pre - pandemic levels , and in the first quarter 2021 operating expenses represented only 47 percent of revenues on a fully - taxable equivalent basis . The predominance of checking and savings accounts within Westamerica's deposit base resulted in a very low 0.03 percent annualized cost of funding our loan and bond portfolios during the first quarter 2021. Credit quality remained stable with nonperforming loans of $ 4.1 million at March 31 , 2021 , ” said Chairman , President and CEO David Payne . " First quarter 2021 results generated an annualized 11.1 percent return on average common equity , and shareholders were paid a $ 0.41 per common share dividend during the quarter , " concluded Payne . Net interest income on a fully - taxable equivalent ( FTE ) basis was $ 42.6 million for the first quarter 2021 , including “ make- whole " interest income on corporate bonds redeemed prior to maturity of $ 700 thousand . First quarter 2021 net interest income ( FTE ) compares to $ 43.3 million for the fourth quarter 2020 , which included “ make - whole " interest income on corporate bonds redeemed prior to maturity of $ 1.9 million . Average total deposits grew $ 92 million from the fourth quarter 2020 to the first quarter 2021. Checking and savings deposits represented ninety - seven percent of the Company's average deposit base during the first quarter 2021 resulting in a 0.03 percent annualized cost of funding interest - earning assets . At March 31 , 2021 , nonperforming loans totaled $ 4.1 million and the allowance for credit losses on loans was $ 23.5 million . The Company continues to work with loan customers requesting deferral of loan payments due to economic weakness caused by the pandemic . At March 31 , 2021 , loans with deferred payments included consumer loans totaling $ 1.8 million and one hospitality industry commercial real estate loan totaling $ 2.3 million ( the commercial real estate loan borrower re - commenced payments on April 1 , 2021 ) . Noninterest income for the first quarter 2021 totaled $ 10.2 million , compared to noninterest income for the fourth quarter 2020 of $ 14.0 million , which included a $ 3.5 million gain on sale of a closed branch building . Noninterest expense for the first quarter 2021 was $ 24.9 million compared to $ 24.5 million for the fourth quarter 2020 , and $ 24.7 million for the first quarter 2020 . 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 - SVP & Treasurer 707-863-6840 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 , 2020 filed on Form 10 - K and quarterly report for the quarter ended September 30 , 2020 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