Financial Performance - Net income for the three months ended March 31, 2020, was $16,962 thousand, a decrease of 13.6% from $19,646 thousand in the same period of 2019[17]. - Net income for the three months ended March 31, 2020, was $16,962 thousand, a decrease of 6.9% compared to $19,646 thousand for the same period in 2019[23]. - The company reported net income of $16,962 thousand for the three months ended March 31, 2020, down from $19,646 thousand in the same period of 2019, resulting in basic earnings per share of $0.63, compared to $0.73 in 2019[121]. - Total interest and fee income rose to $39,991 thousand for Q1 2020, compared to $39,483 thousand in Q1 2019, marking an increase of 1.3%[16]. - Total noninterest income remained stable at $11,648 thousand for Q1 2020, slightly up from $11,579 thousand in Q1 2019[16]. - Total noninterest expense decreased to $24,664 thousand in Q1 2020 from $25,183 thousand in Q1 2019, a reduction of 2.1%[16]. - The company declared dividends of $0.41 per share for Q1 2020, up from $0.40 per share in Q1 2019, representing a 2.5% increase[17]. - The company paid dividends of $11,104 thousand during the three months ended March 31, 2020, compared to $10,745 thousand for the same period in 2019[23]. Asset and Liability Management - Total assets increased to $5,628,126 thousand as of March 31, 2020, compared to $5,619,555 thousand at December 31, 2019, reflecting a slight growth of 0.2%[13]. - Total liabilities rose to $4,922,580 thousand as of March 31, 2020, compared to $4,888,138 thousand at December 31, 2019, indicating increased borrowing or deposit activity[14]. - Total shareholders' equity decreased to $705,546 thousand as of March 31, 2020, down from $731,417 thousand at December 31, 2019, a decline of 3.5%[14]. - Cash and due from banks at the end of the period was $304,628 thousand, down from $421,788 thousand at the end of the previous year[23]. - The company reported a net change in deposits of $(13,195) thousand for the three months ended March 31, 2020, compared to $(74,255) thousand for the same period in 2019[23]. - The company reported a credit loss provision of $4,300 thousand for the three months ended March 31, 2020, which was not present in the same period of the previous year[23]. - The company experienced a net change in short-term borrowings of $21,736 thousand, indicating an increase in short-term financing[23]. Credit Risk and Allowance for Losses - Provision for credit losses was $4,300 thousand for Q1 2020, compared to $0 in Q1 2019, indicating a proactive approach to potential credit risks[16]. - The allowance for credit losses on loans increased to $24,804 thousand as of March 31, 2020, compared to $19,484 thousand at December 31, 2019, indicating a rise of 27.5%[13]. - The total allowance for credit losses (loans) at the end of the reporting period was $24,804 thousand, with a significant increase in the allowance for consumer installment and other loans due to expected credit losses associated with forecasted unemployment[68]. - The company recognized an allowance for credit losses of $16 thousand for debt securities held to maturity as of March 31, 2020, following the adoption of ASU 2016-13[64]. - The company maintains a separate allowance for credit losses from off-balance-sheet credit exposures, which is included within other liabilities[48]. - The allowance for credit losses is maintained at a level considered adequate based on historical loss rates adjusted for current and expected conditions[45]. - The company has not recorded any allowance for credit loss during the quarter ended March 31, 2020[55]. Loan Portfolio and Performance - The company reported a total of $1,121,243 thousand in outstanding loans as of March 31, 2020, a slight decrease from $1,126,664 thousand as of December 31, 2019[68]. - The total loans by delinquency status amounted to $1,121,243,000, with $1,111,021,000 current and accruing[70]. - The company reported a provision for loan losses of $125,000 for the three months ended March 31, 2020[69]. - Total impaired loans amounted to $17,071 thousand with recognized interest income of $317 thousand for the three months ended March 31, 2019[72]. - The company maintained a Loan Review Department that performs continuous evaluations of loans throughout the year[69]. - The risk category of commercial loans showed a total of $213,241 thousand classified as "Pass" loans, representing a significant portion of the loan portfolio[75]. - The company reported no defaults on troubled debt restructured loans within 12 months of modification for both March 31, 2020, and March 31, 2019[73]. Investment Securities - The total fair value of debt securities available for sale was $3,210,689 thousand as of March 31, 2020, an increase from $3,078,846 thousand at December 31, 2019[107][109]. - The total interest income from investment securities for the three months ended March 31, 2020, was $25,326 thousand, compared to $22,948 thousand for the same period in 2019, reflecting an increase of approximately 10.0%[66]. - The total fair value of debt securities held to maturity was $695,860, with an amortized cost of $681,837, leading to unrealized losses of $155[57]. - The company holds $1,120,062 in corporate securities, with unrealized losses of $55,659, indicating significant exposure to market fluctuations[59]. - The company does not intend to sell any debt securities available for sale and believes it is unlikely to be required to sell them before recovering their amortized cost basis[59]. - The company reported gross unrealized losses on debt securities available for sale amounting to $55,897, primarily due to market conditions and changes in risk-free interest rates[59]. - The fair value of debt securities available for sale with maturities of 1 year or less was $250,551, while those over 1 to 5 years had a fair value of $1,074,112[58]. Economic and Market Conditions - The Company expects a decline in net interest income and non-interest income due to the economic impact of COVID-19, with an uncertain increase in credit-related losses[129]. - The Federal Reserve reduced the federal funds rate to a target range of 0 to 0.25 percent on March 15, 2020, which may negatively impact the Company's net interest income[126]. - The decline in oil prices in the first quarter of 2020 could negatively affect the financial results of corporate bond issuers in the industrial and energy sectors[132].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark one) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 Commission File Number: 001-09383 WESTAMERICA BANCORPORATION (Exact name of the registrant as specified in its charter) California 94-2156203 (State or Other Jurisdiction (I.R.S. Employer of Incorporation or Organization) Identification Number) 1108 Fifth Avenue, San Rafael, California 9 ...

Financial Performance - Net income for the three months ended September 30, 2019, was $20,390 thousand, up 20.1% from $16,993 thousand in the same period of 2018[16]. - Basic earnings per share increased to $0.76 for Q3 2019, compared to $0.64 for Q3 2018, representing an increase of 18.75%[16]. - Net income for the three months ended September 30, 2019, was $20,390,000, compared to $16,993,000 for the same period in 2018, representing an increase of 20.5%[18]. - For the nine months ended September 30, 2019, net income was $59,661,000, up from $52,509,000 in 2018, reflecting a growth of 13.0%[21]. - Total comprehensive income for the three months ended September 30, 2019, was $27,720,000, compared to $12,827,000 in 2018, indicating a significant increase of 116.5%[18]. - Diluted earnings per common share for the nine months ended September 30, 2019, were $2.21, compared to $1.96 for the same period in 2018, representing an increase of about 12.8%[118]. Assets and Liabilities - Total assets increased to $5,616,055 thousand as of September 30, 2019, compared to $5,568,526 thousand at December 31, 2018, reflecting a growth of 0.85%[14]. - Total deposits decreased to $4,796,623 thousand as of September 30, 2019, from $4,866,839 thousand at December 31, 2018, a decline of 1.43%[14]. - The total shareholders' equity as of September 30, 2019, was $713,378,000, up from $693,437,000 on June 30, 2019[20]. - Total other liabilities increased to $60,408 thousand as of September 30, 2019, from $34,849 thousand at December 31, 2018[77]. - Total other assets decreased from $162,906 thousand at December 31, 2018, to $152,772 thousand at September 30, 2019[72]. Income and Expenses - Total noninterest income for the nine months ended September 30, 2019, was $35,676 thousand, slightly down from $36,252 thousand in the same period of 2018, a decrease of 1.58%[16]. - Total noninterest expense decreased to $24,033 thousand for Q3 2019, down 18.5% from $29,366 thousand in Q3 2018[16]. - The company reported depreciation and amortization of $15,178,000 for the nine months ended September 30, 2019, compared to $18,964,000 in 2018[23]. - The company reported a net cash used in financing activities of $(97,977) thousand in 2019, compared to $(7,714) thousand in 2018, indicating a significant increase in cash outflow[24]. Loans and Credit Quality - The total outstanding loans as of September 30, 2019, were $1,133,229 thousand, down from $1,207,202 thousand at December 31, 2018, indicating a decrease of about 6.1%[55]. - The allowance for loan losses at the end of the period was $19,828 thousand, which includes a reversal provision of $(524) thousand for the three months ended September 30, 2019[56]. - The credit risk profile indicated that $1,109,559,000 of loans were graded as "pass," while $23,255,000 were classified as "substandard" as of September 30, 2019[60]. - The company reported no loans on nonaccrual status at September 30, 2019, and December 31, 2018, indicating a stable loan performance[67]. - The company’s Loan Review Department performs continuous evaluations of loans, ensuring that credit risk grades are validated and adjusted as necessary[58]. Deposits and Funding - The company’s deposits amounted to $4,796,623 thousand as of September 30, 2019, slightly down from $4,866,839 thousand at December 31, 2018, indicating a decrease of approximately 1.4%[112]. - Noninterest-bearing deposits increased to $2,265,640 thousand from $2,243,251 thousand, representing a growth of about 1.0% year-over-year[85]. - Interest-bearing transaction deposits decreased to $910,566 thousand from $929,346 thousand, a decline of approximately 2.0%[85]. - Total short-term borrowed funds amounted to $115,018 thousand as of September 30, 2019, an increase from $91,837 thousand at December 31, 2018[87]. Fair Value Measurements - The Company employs independent vendor pricing services to measure fair value for equity and debt securities, ensuring consistency and accuracy in valuation[94]. - The fair value hierarchy categorizes assets into Level 1, Level 2, and Level 3 based on the observability of inputs used for valuation, with no transfers in or out of Level 3 during the nine months ended September 30, 2019[95][97]. - The Company conducts quarterly "other than temporary impairment (OTTI)" analysis on debt securities priced below 95% of par value, which may significantly affect fair value estimates[94]. - The fair value of loans is estimated using a net present value of cash flows methodology, incorporating various risks such as interest rate and credit risks[106]. Dividends - Dividends declared were $0.41 per share for the three months ended September 30, 2019, totaling $11,063,000[20]. - Dividends paid per share were $1.22 in 2019, totaling $32,849 thousand, compared to $1.20 per share totaling $31,944 thousand in 2018[24].

[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=Item%201%20Financial%20Statements) Unaudited consolidated financial statements for Westamerica Bancorporation as of June 30, 2019, are presented, including balance sheets, income statements, and cash flows Consolidated Balance Sheet Highlights (Unaudited) | Account | June 30, 2019 (In thousands) | December 31, 2018 (In thousands) | | :--- | :--- | :--- | | Total Assets | $5,523,448 | $5,568,526 | | Loans, net | $1,141,595 | $1,185,851 | | Total Deposits | $4,730,262 | $4,866,839 | | Total Liabilities | $4,830,011 | $4,952,935 | | Total Shareholders' Equity | $693,437 | $615,591 | Consolidated Income Statement Highlights (Unaudited) | Metric | Q2 2019 (In thousands) | Q2 2018 (In thousands) | H1 2019 (In thousands) | H1 2018 (In thousands) | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $39,139 | $36,887 | $78,128 | $72,743 | | Provision for Loan Losses | $0 | $0 | $0 | $0 | | Net Income | $19,625 | $18,010 | $39,271 | $35,516 | | Diluted EPS | $0.73 | $0.67 | $1.46 | $1.33 | Consolidated Cash Flow Highlights (Unaudited) | Cash Flow Activity | Six Months Ended June 30, 2019 (In thousands) | Six Months Ended June 30, 2018 (In thousands) | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $39,541 | $49,900 | | Net Cash Provided by (Used in) Investing Activities | $105,968 | $(53,386) | | Net Cash (Used in) Provided by Financing Activities | $(147,207) | $57,630 | [Note 2: Accounting Policies](index=9&type=section&id=Note%202%3A%20Accounting%20Policies) The company adopted new accounting standards in H1 2019 for leases and callable debt securities, recognizing a **$15.3 million** lease asset and liability, and is preparing for the CECL model - Effective January 1, 2019, the company adopted ASU 2016-02 (Leases), recognizing a lease liability and a corresponding right-of-use asset of **$15.3 million** for facilities leases[29](index=29&type=chunk)[30](index=30&type=chunk) - The company adopted ASU 2017-08, which shortens the amortization period for certain callable debt securities held at a premium, resulting in a **$3.1 million** reduction in investment securities and a **$2.8 million** reduction in retained earnings, net of tax[31](index=31&type=chunk)[33](index=33&type=chunk) - The company is preparing to adopt the new **CECL standard** (ASU 2016-13) on January 1, 2020, and expects to determine an aggregate loss estimate by year-end 2019[36](index=36&type=chunk)[37](index=37&type=chunk) [Note 3: Investment Securities](index=11&type=section&id=Note%203%3A%20Investment%20Securities) The investment securities portfolio totaled **$3.63 billion** at June 30, 2019, with no other-than-temporary impairments, primarily influenced by market interest rates Debt Securities Portfolio Summary (Amortized Cost) | Security Type | June 30, 2019 (In thousands) | December 31, 2018 (In thousands) | | :--- | :--- | :--- | | Debt securities available for sale | $2,757,267 | $2,711,453 | | Debt securities held to maturity | $867,989 | $984,609 | | **Total** | **$3,625,256** | **$3,696,062** | - **Unrealized losses** on debt securities were primarily caused by changes in market interest rates, with no intent or requirement to sell before recovery of amortized cost basis[47](index=47&type=chunk)[48](index=48&type=chunk) [Note 4: Loans, Allowance for Loan Losses and Other Real Estate Owned](index=18&type=section&id=Note%204%3A%20Loans%2C%20Allowance%20for%20Loan%20Losses%20and%20Other%20Real%20Estate%20Owned) The loan portfolio decreased to **$1.16 billion** at June 30, 2019, with the allowance for loan losses at **$20.1 million** and improved credit quality metrics Loan Portfolio Composition | Loan Category | June 30, 2019 (In thousands) | December 31, 2018 (In thousands) | | :--- | :--- | :--- | | Commercial | $243,577 | $275,080 | | Commercial Real Estate | $577,665 | $580,480 | | Construction | $5,482 | $3,982 | | Residential Real Estate | $37,813 | $44,866 | | Consumer Installment & Other | $297,175 | $302,794 | | **Total** | **$1,161,712** | **$1,207,202** | Allowance for Loan Losses Activity (H1 2019) | Metric | Amount (In thousands) | | :--- | :--- | | Balance at Dec 31, 2018 | $21,351 | | Provision for loan losses | $0 | | Net Charge-offs | $(1,234) | | **Balance at June 30, 2019** | **$20,117** | - Total nonaccrual loans decreased to **$3.8 million** at June 30, 2019, from **$4.9 million** at December 31, 2018[62](index=62&type=chunk)[63](index=63&type=chunk) [Note 10: Commitments and Contingent Liabilities](index=37&type=section&id=Note%2010%3A%20Commitments%20and%20Contingent%20Liabilities) The company reported **$276.2 million** in unfunded loan commitments, settled a lawsuit for **$252 thousand**, and increased customer refund liability to **$5.84 million** - Unfunded loan commitments stood at **$276.2 million** at June 30, 2019[115](index=115&type=chunk) - In Q2 2019, the company settled a lawsuit, paying a liability of **$252 thousand**[117](index=117&type=chunk)[240](index=240&type=chunk) - The company increased its liability for customer refunds related to prior years by **$301 thousand**, bringing the total estimated obligation to **$5.84 million**[118](index=118&type=chunk)[240](index=240&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=Item%202%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2019 financial performance, highlighting a **9%** net income increase to **$19.6 million** driven by an expanded net interest margin of **3.13%**, strong credit quality, and robust capital Key Financial Performance Ratios | Ratio | Q2 2019 | Q2 2018 | | :--- | :--- | :--- | | Return on Assets | 1.42% | 1.29% | | Return on Common Equity | 11.75% | 11.55% | | Net Interest Margin (FTE) | 3.13% | 2.97% | | Efficiency Ratio | 48.6% | 51.4% | - Net income for Q2 2019 was **$19.6 million**, an increase of **$1.6 million** from Q2 2018, primarily due to a **$2.0 million** increase in net interest and loan fee income (FTE)[127](index=127&type=chunk)[134](index=134&type=chunk) - Credit quality remained solid, with nonperforming assets declining to **$4.1 million** at June 30, 2019, from **$6.0 million** at June 30, 2018, and no provision for loan losses recognized in H1 2019[129](index=129&type=chunk)[162](index=162&type=chunk) [Net Interest and Loan Fee Income (FTE)](index=42&type=section&id=Net%20Interest%20and%20Loan%20Fee%20Income%20(FTE)) Net interest income (FTE) increased by **$2.0 million** in Q2 2019, with the net interest margin expanding to **3.13%** due to higher asset yields and low funding costs Net Interest Margin (FTE) Components | Component | Q2 2019 | Q2 2018 | | :--- | :--- | :--- | | Yield on earning assets (FTE) | 3.17% | 3.01% | | Rate paid on interest-bearing liabilities | 0.08% | 0.07% | | **Net interest margin (FTE)** | **3.13%** | **2.97%** | - The increase in net interest income was primarily driven by higher yields on assets (rate effect), which contributed **$2.4 million**, while changes in asset volume had a negative impact of **$0.4 million**[158](index=158&type=chunk) [Loan Portfolio Credit Risk](index=51&type=section&id=Loan%20Portfolio%20Credit%20Risk) The company's conservative credit risk management resulted in nonperforming assets decreasing to **$4.1 million** and an adequate allowance for loan losses of **$20.1 million** Nonperforming Assets Trend | Category | June 30, 2019 (In thousands) | Dec 31, 2018 (In thousands) | | :--- | :--- | :--- | | Total nonaccrual loans | $3,847 | $4,868 | | Accruing loans 90+ days past due | $249 | $551 | | Other real estate owned | $43 | $350 | | **Total nonperforming assets** | **$4,139** | **$5,769** | - The allowance for loan losses decreased to **$20.1 million** at June 30, 2019, from **$21.4 million** at December 31, 2018, reflecting management's assessment of decreasing risk in several loan segments[197](index=197&type=chunk)[201](index=201&type=chunk) [Liquidity and Funding](index=56&type=section&id=Liquidity%20and%20Funding) The company maintains a strong liquidity position, primarily funded by stable, low-cost deposits and a **$3.6 billion** investment portfolio as a secondary source - The company's funding is highly stable, with customer deposits and shareholders' equity providing **98%** of funding for average total assets in H1 2019[215](index=215&type=chunk) - The investment securities portfolio of **$3.6 billion** provides a substantial secondary source of liquidity, with approximately **$747 million** pledged as collateral at June 30, 2019[216](index=216&type=chunk) [Capital Resources](index=57&type=section&id=Capital%20Resources) The company maintains a robust capital position, with shareholders' equity at **$693 million** and all regulatory capital ratios significantly exceeding 'well-capitalized' thresholds Regulatory Capital Ratios (Company) at June 30, 2019 | Ratio | Company Actual | Required for Adequacy* | | :--- | :--- | :--- | | Common Equity Tier 1 Capital | 17.18% | 7.00% | | Tier 1 Capital | 17.18% | 8.50% | | Total Capital | 17.88% | 10.50% | | Leverage Ratio | 10.19% | 4.00% | *Includes 2.5% capital conservation buffer - In the first six months of 2019, the company paid common dividends of **$22 million** (**$0.81 per share**) and repurchased **8,000 shares** for **$488 thousand**[223](index=223&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=59&type=section&id=Item%203%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risks are credit and interest rate risk, with no current use of derivative instruments for risk management - The most significant market risks are **credit risk** and **interest rate risk**[237](index=237&type=chunk) - The company does not currently engage in trading activities or use derivative instruments to control interest rate risk[236](index=236&type=chunk) [Controls and Procedures](index=59&type=section&id=Item%204%20Controls%20and%20Procedures) The company's disclosure controls and procedures were deemed effective as of June 30, 2019, with no material changes to internal control over financial reporting - The principal executive officer and principal financial officer concluded that the Company's disclosure controls and procedures are **effective** as of June 30, 2019[239](index=239&type=chunk) [PART II - OTHER INFORMATION](index=59&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=59&type=section&id=Item%201%20Legal%20Proceedings) The company is not involved in material legal proceedings, having settled a lawsuit for **$252 thousand** and increased customer refund liability by **$301 thousand** in Q2 2019 - In Q2 2019, the Company settled a lawsuit for **$252 thousand** and increased a liability for customer refunds by **$301 thousand**[240](index=240&type=chunk) [Risk Factors](index=59&type=section&id=Item%201A%20Risk%20Factors) No material changes to the company's risk factors have occurred since the Form 10-K filing for the year ended December 31, 2018 - There have been no material changes to the Company's risk factors since the Form 10-K was filed for the year ended December 31, 2018[241](index=241&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=59&type=section&id=Item%202%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2019, the company repurchased **8,000 shares** of common stock at an average price of **$61.98** per share under its repurchase program Issuer Purchases of Equity Securities (Q2 2019) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2019 | 8,000 | $61.98 | | May 2019 | 0 | - | | June 2019 | 0 | - | | **Total** | **8,000** | **$61.98** |

Financial Performance - Net income for the three months ended March 31, 2019, was $19,646 thousand, an increase of 12.24% compared to $17,506 thousand for the same period in 2018[20]. - Basic earnings per share increased to $0.73 for the three months ended March 31, 2019, compared to $0.66 in the same period of 2018, marking a growth of 10.61%[18]. - Total comprehensive income for the three months ended March 31, 2019, was $48,393 thousand, compared to a loss of $5,631 thousand in the same period of 2018[20]. - The company reported a provision for income taxes of $5,739 thousand for the three months ended March 31, 2019, compared to $4,283 thousand in 2018, an increase of 33.98%[18]. - Net income for the three months ended March 31, 2019, was $19,646 thousand, an increase of 6.5% compared to $17,506 thousand for the same period in 2018[26]. Assets and Liabilities - Total assets decreased to $5,555,961 thousand as of March 31, 2019, from $5,568,526 thousand at December 31, 2018, representing a decline of approximately 0.22%[15]. - The company’s total liabilities decreased to $4,899,194 thousand as of March 31, 2019, from $4,952,935 thousand at December 31, 2018, a decline of approximately 1.08%[15]. - Total deposits decreased to $4,792,584 thousand as of March 31, 2019, from $4,866,839 thousand at December 31, 2018, a decline of approximately 1.52%[15]. - Noninterest-bearing deposits were $2,179,803 thousand at March 31, 2019, compared to $2,243,251 thousand at December 31, 2018[87]. - Total short-term borrowed funds increased to $58,317,000 as of March 31, 2019, from $51,247,000 at December 31, 2018[89]. Income and Expenses - Total interest and fee income rose to $39,483 thousand for the three months ended March 31, 2019, up from $36,315 thousand in the prior year, reflecting a growth of 5.98%[18]. - Noninterest expense decreased to $25,183 thousand for the three months ended March 31, 2019, down from $26,022 thousand in 2018, a reduction of 3.22%[18]. - The company reported a decrease in interest income receivable of $1,887 thousand for the three months ended March 31, 2019[26]. - The company experienced a net cash used in financing activities of $(72,159,000) for the three months ended March 31, 2019, compared to a net cash provided of $44,065,000 in the same period of 2018[26]. Loans and Allowance for Loan Losses - The allowance for loan losses decreased to $20,477 thousand as of March 31, 2019, from $21,351 thousand at December 31, 2018, indicating a reduction of 4.09%[15]. - The total loans outstanding as of March 31, 2019, were $1,204,844 thousand, slightly decreased from $1,207,202 thousand at December 31, 2018[54]. - The total allowance for loan losses as of March 31, 2019, was $20,477,000, with $2,715,000 individually evaluated for impairment and $17,762,000 collectively evaluated for impairment[57]. - Impaired loans totaled $16,826 thousand at March 31, 2019, compared to $19,369 thousand at December 31, 2018, reflecting a decrease of 13.3%[68]. - The total loans by delinquency status showed that there were 4,681 loans past due, totaling $1,195,150,000, with 4,000 loans in nonaccrual status[65]. Securities and Investments - Total debt securities available for sale amounted to $2,702,240 thousand as of March 31, 2019, with gross unrealized gains of $20,237 thousand and gross unrealized losses of $38,794 thousand[44]. - The amortized cost of debt securities held to maturity was $923,190 thousand, with a fair value of $920,603 thousand as of March 31, 2019[45]. - The market value of equity securities was $1,771 thousand at March 31, 2019, showing an increase from $1,747 thousand at December 31, 2018[43]. - The company recognized gross unrealized holding gains of $24 thousand during the three months ended March 31, 2019, compared to gross unrealized holding losses of $36 thousand during the same period in 2018[43]. - The total gross unrealized losses for debt securities available for sale were $29,413 thousand, with 218 investment positions affected[47]. Accounting Standards and Changes - The company adopted new accounting standards effective January 1, 2019, which significantly changed the accounting for leases and credit losses[31][37]. - The company recognized a lease liability of $15.3 million and a right-of-use asset of $15.3 million upon the adoption of new lease accounting standards[32]. - The company early adopted provisions of ASU 2018-13 to modify relevant disclosures, effective January 1, 2020, which will not affect financial results upon adoption[40]. - The cumulative effect adjustment from the reclassification of equity securities decreased retained earnings by $142 thousand, net of tax[42]. Other Assets and Liabilities - The company held total other assets of $165,336 thousand at March 31, 2019, an increase from $162,906 thousand at December 31, 2018, representing a growth of 1.4%[76]. - The total other liabilities increased to $48,293 thousand at March 31, 2019, from $34,849 thousand at December 31, 2018, marking a rise of 38.5%[80]. - The company recorded a lease liability of $17,891 thousand and a right-of-use asset of $17,891 thousand as of March 31, 2019[81]. - The net deferred tax asset decreased to $27,332 thousand at March 31, 2019, from $42,256 thousand at December 31, 2018, a decrease of 35.4%[76]. Miscellaneous - Goodwill remains unchanged at $121,673,000 as of March 31, 2019, with no impairment recognized during the three months ended March 31, 2019[84][85]. - The company had 36 lending relationships each with aggregate amounts of $5 million or more as of March 31, 2019[74]. - The estimated future amortization expense for identifiable intangible assets is projected to be $228,000 for the remainder of 2019[85].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to______________. Commission File Number: 001-09383 WESTAMERICA BANCORPORATION (Exact name of the registrant as specified in its charter) CALIFORNIA ...