8-K

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 17, 2012 

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)	(IRS Employer Identification No.)

1108 Fifth Avenue, San Rafael, California	94901
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code:   (707) 863-6000

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))

Item 2.02. Results of Operations and Financial Condition.

On April 17, 2012 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 17, 2012

SIGNATURE

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

	Westamerica Bancorporation (Registrant)
April 17, 2012 (Date)	/s/   JOHN "ROBERT" THORSON John "Robert" Thorson Senior Vice President and Chief Financial Officer

Exhibit Index
99.1	Press release dated April 17, 2012

EX-99

EXHIBIT 99.1

Westamerica Bancorporation Reports First Quarter 2012 Earnings

SAN RAFAEL, Calif., April 17, 2012 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq:WABC), parent company of Westamerica Bank, today reported net income for the first quarter 2012 of $21.0 million and diluted earnings per common share ("EPS") of $0.75. First quarter 2012 results compare to fourth quarter 2011 net income of $21.8 million and EPS of $0.77, and to first quarter 2011 net income of $22.4 million and EPS of $0.77. First quarter 2012 net income represented an annualized return on shareholders' equity of 15.5 percent.

"Westamerica remains highly profitable in spite of the protracted low-interest rate environment. Our first quarter 2012 net interest margin was 5.12 percent, which is supported by a low-cost funding base with 81 percent of our Bank's deposits represented by checking and savings deposits. Operating expenses remain well contained, declining $600 thousand from the prior quarter. Credit quality improved with nonperforming assets declining $20 million during the first quarter of 2012," said Chairman, President and CEO David Payne. "Westamerica paid a $0.37 per common share dividend in the first quarter 2012 and our common shares outstanding were reduced 233 thousand shares under our share repurchase plan. Westamerica's capital ratios remain at historically high levels," added Payne.

Net interest income on a fully taxable equivalent basis was $51.7 million for the first quarter 2012, compared to $53.4 million for the fourth quarter 2011 and to $55.0 million for the first quarter 2011. The change in net interest income is due to reductions in yields on loans and investment securities, which have declined during this period of low market interest rates. The change in net interest income is also attributable to reduced loan volumes, placing greater reliance on lower-yielding investment securities. Westamerica's purchased loans declined due to credit administration practices with higher-risk borrowers. Loan originations have been impacted by competitive loan pricing which, in Management's opinion, does not provide adequate forward earnings potential. To offset the decline in interest income, rates paid on interest-bearing deposits and borrowings have been reduced to minimize interest expense. The first quarter 2012 net interest margin on a fully taxable equivalent basis was 5.12 percent, compared to 5.24 percent and 5.35 percent for the fourth and first quarters of 2011, respectively.

The provision for loan losses was $2.8 million for the first quarter 2012, unchanged from the fourth and first quarters of 2011. First quarter 2012 net loan losses charged against the allowance for loan losses totaled $3.5 million, compared to $3.1 million and $4.1 million for the fourth and first quarters of 2011, respectively. At March 31, 2012, the allowance for loan losses totaled $31.9 million, and nonperforming originated loans totaled $16.7 million. At March 31, 2012, nonperforming purchased FDIC-indemnified loans totaled $7.2 million, net of purchase discounts of $3.6 million, and nonperforming purchased non-indemnified loans totaled $21.0 million, net of purchase discounts of $6.0 million.

Noninterest income for the first quarter 2012 totaled $14.7 million, compared to $14.9 million in the prior quarter and $14.7 million in the first quarter 2011.

Noninterest expense for the first quarter 2012 totaled $30.0 million, compared to $30.7 million in the prior quarter and $31.3 million in the first quarter 2011. The decline in noninterest expenses from the prior quarter was due to lower costs related to managing nonperforming assets and lower occupancy costs, offset in part by higher payroll taxes and other employee benefits. The decline in expenses from the first quarter 2011 was due to lower deposit insurance assessments and lower outsourced data processing costs.

At March 31, 2012, Westamerica Bancorporation's tangible common equity-to-asset ratio was 8.4 percent, Westamerica Bancorporation's total regulatory capital ratio was16.1 percent, and Westamerica Bank's total regulatory capital ratio was 15.6 percent. At March 31, 2012, the Company's assets totaled $5.1 billion and loans outstanding totaled $2.4 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

The Westamerica Bancorporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3638

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, 2011 filed on Form 10-K and quarterly report for the quarter ended September 30, 2011 filed on Form 10-Q, describe some of these factors, including certain credit, market, operational, liquidity and interest rate 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 April 17, 2012
WESTAMERICA BANCORPORATION
FINANCIAL HIGHLIGHTS
March 31, 2012
1. Net Income Summary.
		(in thousands except per-share amounts)
				%
		Q1'12	Q1'11	Change	Q4'11
	Net Interest Income (FTE)	$51,699	$54,993	-6.0%	$53,362
	Provision for Loan Losses	2,800	2,800	0.0%	2,800
	Noninterest Income	14,669	14,743	-0.5%	14,857
	Noninterest Expense	30,034	31,323	-4.1%	30,663
	Income Before Taxes (FTE)	33,534	35,613	-5.8%	34,756
	Income Tax Provision (FTE)	12,529	13,231	-5.3%	12,951
	Net Income	$21,005	$22,382	-6.2%	$21,805
	Average Common Shares Outstanding	28,051	29,021	-3.3%	28,296
	Diluted Average Common Shares	28,111	29,225	-3.8%	28,334
	Operating Ratios:
	Basic Earnings Per Common Share	$0.75	$0.77	-2.6%	$0.77
	Diluted Earnings Per Common Share	0.75	0.77	-2.6%	0.77
	Return On Assets (a)	1.68%	1.84%		1.73%
	Return On Common Equity (a)	15.5%	16.6%		15.9%
	Net Interest Margin (FTE) (a)	5.12%	5.35%		5.24%
	Efficiency Ratio (FTE)	45.3%	44.9%		44.9%
	Dividends Paid Per Common Share	$0.37	$0.36	2.8%	$0.37
	Common Dividend Payout Ratio	49%	47%		48%

2. Net Interest Income.
		(dollars in thousands)
				%
		Q1'12	Q1'11	Change	Q4'11
	Interest and Fee Income (FTE)	$53,258	$57,296	-7.0%	$55,217
	Interest Expense	1,559	2,303	-32.3%	1,855
	Net Interest Income (FTE)	$51,699	$54,993	-6.0%	$53,362
	Average Earning Assets	$4,060,271	$4,153,110	-2.2%	$4,052,476
	Average Interest--
	Bearing Liabilities	2,843,612	2,870,661	-0.9%	2,846,417
	Yield on Earning Assets (FTE) (a)	5.27%	5.57%		5.42%
	Cost of Funds (a)	0.15%	0.22%		0.18%
	Net Interest Margin (FTE) (a)	5.12%	5.35%		5.24%
	Interest Expense/
	Interest-Bearing Liabilities (a)	0.22%	0.34%		0.26%
	Net Interest Spread (FTE) (a)	5.05%	5.23%		5.16%

3. Loans & Other Earning Assets.
		(average volume, dollars in thousands)
				%
		Q1'12	Q1'11	Change	Q4'11
	Total Assets	$5,030,935	$4,940,998	1.8%	$5,013,227
	Total Earning Assets	4,060,271	4,153,110	-2.2%	4,052,476
	Total Loans	2,467,839	2,870,307	-14.0%	2,587,303
	Commercial Loans	523,089	713,981	-26.7%	575,607
	Commercial RE Loans	1,091,025	1,251,610	-12.8%	1,139,249
	Consumer Loans	853,725	904,716	-5.6%	872,447
	Total Investment Securities	1,592,432	1,282,803	24.1%	1,465,173
	Available For Sale (Market)	637,232	705,570	-9.7%	667,514
	Held To Maturity	955,200	577,233	65.5%	797,659
	Unrealized Gain	22,946	12,975	n/m	24,690
	Loans/Deposits	58.0%	69.4%		60.9%

4. Deposits & Other Interest-Bearing Liabilities.
		(average volume, dollars in thousands)
				%
		Q1'12	Q1'11	Change	Q4'11
	Total Deposits	$4,253,764	$4,138,799	2.8%	$4,248,191
	Noninterest Demand	1,576,058	1,463,075	7.7%	1,559,801
	Interest Bearing Transaction	751,283	716,111	4.9%	727,617
	Savings	1,133,261	1,077,203	5.2%	1,145,110
	Time greater than $100K	512,427	548,238	-6.5%	521,742
	Time less than $100K	280,735	334,172	-16.0%	293,921
	Total Short-Term Borrowings	114,906	110,848	3.7%	106,973
	Federal Home Loan Bank Advances	26,000	57,771	-55.0%	26,054
	Term Repurchase Agreement	10,000	--	n/m	10,000
	Debt Financing and Notes Payable	15,000	26,318	-43.0%	15,000
	Shareholders' Equity	546,676	545,203	0.3%	545,654
	Demand Deposits/
	Total Deposits	37.1%	35.4%		36.7%
	Transaction & Savings
	Deposits / Total Deposits	81.4%	78.7%		80.8%

5. Interest Yields Earned & Rates Paid.
		(dollars in thousands)
		Q1'12
		Average	Income/	Yield (a) /
		Volume	Expense	Rate
	Interest & Fee Income Earned
	Total Earning Assets (FTE)	$4,060,271	$53,258	5.27%
	Total Loans (FTE)	2,467,839	36,372	5.93%
	Commercial Loans (FTE)	523,089	8,389	6.45%
	Commercial RE Loans	1,091,025	18,249	6.73%
	Consumer Loans	853,725	9,734	4.59%
	Total Investments (FTE)	1,592,432	16,886	4.24%
	Interest Expense Paid
	Total Earning Assets	4,060,271	1,559	0.15%
	Total Interest-Bearing Liabilities	2,843,612	1,559	0.22%
	Total Interest-Bearing Deposits	2,677,706	1,187	0.18%
	Interest-Bearing Transaction	751,283	90	0.05%
	Savings	1,133,261	236	0.08%
	Time less than $100K	280,735	438	0.63%
	Time greater than $100K	512,427	423	0.33%
	Total Short-Term Borrowings	114,906	27	0.10%
	Federal Home Loan Bank Advances	26,000	120	1.85%
	Term Repurchase Agreement	10,000	25	0.97%
	Debt Financing and Notes Payable	15,000	200	5.35%
	Net Interest Income and
	Margin (FTE)		$51,699	5.12%

	Q1'11
	Average	Income/	Yield (a) /
	Volume	Expense	Rate
Interest & Fee Income Earned
Total Earning Assets (FTE)	$4,153,110	$57,296	5.57%
Total Loans (FTE)	2,870,307	42,233	5.97%
Commercial Loans (FTE)	713,981	10,911	6.20%
Commercial RE Loans	1,251,610	19,929	6.46%
Consumer Loans	904,716	11,393	5.11%
Total Investments (FTE)	1,282,803	15,063	4.70%
Interest Expense Paid
Total Earning Assets	4,153,110	2,303	0.22%
Total Interest-Bearing Liabilities	2,870,661	2,303	0.34%
Total Interest-Bearing Deposits	2,675,724	1,890	0.29%
Interest-Bearing Transaction	716,111	198	0.11%
Savings	1,077,203	473	0.18%
Time less than $100K	334,172	413	0.50%
Time greater than $100K	548,238	806	0.60%
Total Short-Term Borrowings	110,848	62	0.22%
Federal Home Loan Bank Advances	57,771	151	1.05%
Term Repurchase Agreement	--	--	--
Debt Financing and Notes Payable	26,318	200	3.05%
Net Interest Income and
Margin (FTE)		$54,993	5.35%

6. Noninterest Income.
		(dollars in thousands except per-share amounts)
				%
		Q1'12	Q1'11	Change	Q4'11
	Service Charges on Deposits	$7,095	$7,521	-5.7%	$6,994
	Merchant Processing Services	2,393	2,171	10.2%	2,515
	Debit Card Fees	1,163	1,201	-3.2%	1,204
	ATM Processing Fees	933	935	-0.2%	904
	Trust Fees	489	493	-0.7%	480
	Financial Services Commissions	171	29	n/m	165
	Other Income	2,425	2,393	1.3%	2,595
	Total Noninterest Income	$14,669	$14,743	-0.5%	$14,857
	Total Revenue (FTE)	$66,368	$69,736	-4.8%	$68,219
	Noninterest Income/Revenue (FTE)	22.1%	21.1%		21.8%
	Service Charges/Avg. Deposits (a)	0.67%	0.74%		0.65%
	Total Revenues (FTE) Per Avg.
	Common Share (a)	$9.52	$9.75	-2.4%	$9.57

7. Noninterest Expense.
		(dollars in thousands)
				%
		Q1'12	Q1'11	Change	Q4'11
	Salaries & Benefits	$15,046	$15,075	-0.2%	$14,113
	Occupancy	3,934	4,025	-2.3%	4,124
	Outsourced Data Processing	2,083	2,456	-15.2%	2,101
	Amortization of
	Identifiable Intangibles	1,402	1,548	-9.4%	1,470
	Professional Fees	767	850	-9.8%	1,314
	Equipment	851	933	-8.8%	922
	Other Real Estate Owned	230	145	59.2%	623
	Courier Service	785	843	-7.0%	806
	Deposit Insurance Assessment	750	1,220	-38.5%	740
	Loan Expense	627	394	59.1%	589
	Telephone	376	435	-13.5%	420
	Postage	372	368	1.0%	383
	Operational Losses	173	248	-30.3%	236
	Stationery & Supplies	243	323	-24.7%	340
	Other Operating	2,395	2,460	-2.6%	2,482
	Total Noninterest Expense	$30,034	$31,323	-4.1%	$30,663
	Noninterest Expense/
	Avg. Earning Assets (a)	2.98%	3.06%		3.00%
	Noninterest Expense/Revenues (FTE)	45.3%	44.9%		44.9%

8. Provision for Loan Losses.
		(dollars in thousands)
				%
		Q1'12	Q1'11	Change	Q4'11
	Average Total Loans	$2,467,839	$2,870,307	-14.0%	$2,587,303
	Avg. Total Purchased
	Covered Loans (1)	512,966	674,806	-24.0%	559,451
	Avg. Total Purchased
	Non-Covered Loans (2)	119,503	193,440	-38.2%	132,576
	Avg. Total Originated Loans	1,835,370	2,002,061	-8.3%	1,895,276
	Allowance for Loan Loss (ALL)
	Beginning of Period	$32,597	$35,636	-8.5%	$32,893
	Provision for Loan Losses	2,800	2,800	0.0%	2,800
	Net ALL Losses	(3,514)	(4,115)	-14.6%	(3,096)
	ALL End of Period	$31,883	$34,321	-7.1%	$32,597
	ALL Recoveries/Gross ALL Losses	25%	22%		50%
	Net ALL Losses/Avg. Loans:
	Originated Loans (a)	0.69%	0.83%		0.53%
	Purchased Covered Loans (1)(a)	0.28%	--		0.40%
	Purchased Non-Covered Loans (2)(a)	--	--		--

9. Credit Quality.
		(dollars in thousands)
				%
		3/31/12	3/31/11	Change	12/31/11
	Nonperforming Originated Loans:
	Nonperforming Nonaccrual	$9,976	$21,222	-53.0%	$10,291
	Performing Nonaccrual	6,374	234	n/m	5,256
	Total Nonaccrual Loans	16,350	21,456	-23.8%	15,547
	90+ Days Past Due Accruing Loans	359	439	-18.2%	2,047
	Total	16,709	21,895	-23.7%	17,594
	Repossessed Loan Collateral	13,624	12,057	13.0%	14,868
	Total Originated
	Nonperforming Assets	30,333	33,952	-10.7%	32,462
	Nonperforming Purchased Covered Loans (1):
	Nonperforming Nonaccrual	4,510	26,953	-83.3%	9,388
	Performing Nonaccrual	2,165	6,705	-67.7%	4,924
	Total Nonaccrual Loans	6,675	33,658	-80.2%	14,312
	90+ Days Past Due Accruing Loans	520	251	107.2%	241
	Total	7,195	33,909	-78.8%	14,553
	Repossessed Purchased Covered
	Loan Collateral (1)	15,810	20,914	-24.4%	19,135
	Total Nonperforming Purchased
	Covered Assets (1)	23,005	54,823	-58.0%	33,688
	Nonperforming Purchased Non-Covered Loans (2):
	Nonperforming Nonaccrual	13,948	33,975	-58.9%	16,170
	Performing Nonaccrual	7,056	7,613	-7.3%	7,037
	Total Nonaccrual Loans	21,004	41,588	-49.5%	23,207
	90+ Days Past Due Accruing Loans	--	18	n/m	34
	Total	21,004	41,606	-49.5%	23,241
	Repossessed Purchased Non-Covered
	Loan Collateral (2)	6,543	2,556	n/m	11,632
	Total Nonperforming Purchased
	Non-Covered Assets (2)	27,547	44,162	-37.6%	34,873
	Total Nonperforming Assets	$80,885	$132,937	-39.2%	$101,023
	Total Originated Loans Outstanding	$1,819,162	$1,986,976	-8.4%	$1,862,607
	Total Purchased Covered
	Loans Outstanding (1)	491,103	660,456	-25.6%	535,278
	Total Purchased Non-Covered
	Loans Outstanding (2)	112,179	187,203	-40.1%	125,921
	Total Loans Outstanding	$2,422,444	$2,834,635	-14.5%	$2,523,806
	Total Assets	$5,060,257	$4,937,429	2.5%	$5,042,161
	Originated Loans:
	Allowance for Loan Losses	$31,883	$34,321	-7.1%	$32,597
	Allowance/Originated Loans	1.75%	1.73%		1.75%
	Nonperforming Originated Loans/
	Total Originated Loans	0.92%	1.10%		0.94%
	Allowance/Originated
	Nonperforming Loans	191%	157%		185%
	Purchased Covered Loans (1):
	Fair Value Discount on Purchased
	Covered Loans	$37,503	$57,184		$46,282
	Discount/Purchased Covered
	Loans, gross	7.09%	7.97%		7.96%
	Nonperforming Purchased Covered Loans/
	Total Purchased Covered Loans	1.47%	5.13%		2.72%
	Purchased Non-Covered Loans (2):
	Fair Value Discount on Purchased
	Non-Covered Loans	$9,960	$28,931		$10,211
	Discount/Purchased Non-Covered	8.15%	13.39%		7.50%
	Loans, gross
	Nonperforming Purchased Non-Covered Loans/
	Total Purchased Non-Covered Loans	18.72%	22.23%		18.46%

10. Capital.
		(in thousands, except per-share amounts)
				%
		3/31/12	3/31/11	Change	12/31/11
	Shareholders' Equity	$559,528	$550,915	1.6%	$558,641
	Tier I Regulatory Capital	409,203	416,671	-1.8%	408,266
	Total Regulatory Capital	444,180	454,584	-2.3%	444,659
	Total Assets	5,060,257	4,937,429	2.5%	5,042,161
	Risk-Adjusted Assets	2,759,789	2,879,621	-4.2%	2,808,303
	Shareholders' Equity/
	Total Assets	11.06%	11.16%		11.08%
	Shareholders' Equity/
	Total Loans	23.10%	19.44%		22.13%
	Tier I Capital/Total Assets	8.09%	8.44%		8.10%
	Tier I Capital/
	Risk-Adjusted Assets	14.83%	14.47%		14.54%
	Total Regulatory Capital/
	Risk-Adjusted Assets	16.09%	15.79%		15.83%
	Tangible Common Equity Ratio	8.36%	8.28%		8.35%
	Common Shares Outstanding	27,917	28,920	-3.5%	28,150
	Common Equity Per Share	$20.04	$19.05	5.2%	$19.85
	Market Value Per Common Share	$48.00	$51.37	-6.6%	$43.90
	Share Repurchase Programs
		(shares in thousands)
				%
		Q1'12	Q1'11	Change	Q4'11
	Total Shares Repurchased	249	239	4.3%	361
	Average Repurchase Price	$46.86	$50.47	-7.2%	$42.83
	Net Shares Repurchased	233	170	36.8%	151

11. Period-End Balance Sheets.
		(unaudited, dollars in thousands)
				%
		3/31/12	3/31/11	Change	12/31/11
	Assets:
	Cash and Money Market Assets	$541,102	$348,499	55.3%	$530,045
	Investment Securities:
	Available For Sale	639,738	741,603	-13.7%	638,753
	Held to Maturity	1,038,493	591,923	75.4%	922,803
	Purchased Covered Loans (1)	491,103	660,456	-25.6%	535,278
	Purchased Non-Covered Loans (2)	112,179	187,203	-40.1%	125,921
	Originated Loans	1,819,162	1,986,976	-8.4%	1,862,607
	Allowance For Loan Losses	(31,883)	(34,321)	-7.1%	(32,597)
	Total Loans, net	2,390,561	2,800,314	-14.6%	2,491,209
	Non-Covered Other Real Estate
	Owned	20,167	14,613	38.0%	26,500
	Covered Other Real Estate
	Owned (1)	15,810	20,914	-24.4%	19,135
	Premises and Equipment, net	37,827	35,704	5.9%	36,548
	Identifiable Intangibles, net	27,227	33,056	-17.6%	28,629
	Goodwill	121,673	121,673	0.0%	121,673
	Other Assets	227,659	229,130	-0.6%	226,866
	Total Assets	$5,060,257	$4,937,429	2.5%	$5,042,161
	Liabilities and Shareholders' Equity:
	Deposits:
	Noninterest Bearing	$1,575,687	$1,476,590	6.7%	$1,562,254
	Interest-Bearing Transaction	748,149	689,475	8.5%	734,988
	Savings	1,143,027	1,098,018	4.1%	1,148,178
	Time	782,141	876,290	-10.7%	804,501
	Total Deposits	4,249,004	4,140,373	2.6%	4,249,921
	Short-Term Borrowed Funds	106,683	104,359	2.2%	115,689
	Federal Home Loan Bank Advances	25,967	51,490	n/m	26,023
	Term Repurchase Agreement	10,000	--	n/m	10,000
	Debt Financing and Notes Payable	15,000	26,108	-42.5%	15,000
	Other Liabilities	94,075	64,184	46.6%	66,887
	Total Liabilities	4,500,729	4,386,514	2.6%	4,483,520
	Shareholders' Equity:
	Common Equity:
	Paid-In Capital	378,590	381,866	-0.9%	380,835
	Accumulated Other
	Comprehensive Income	12,180	2,526	n/m	11,369
	Retained Earnings	168,758	166,523	1.3%	166,437
	Total Shareholders' Equity	559,528	550,915	1.6%	558,641
	Total Liabilities and
	Shareholders' Equity	$5,060,257	$4,937,429	2.5%	$5,042,161

12. Income Statements.
		(unaudited, in thousands except per-share amounts)
				%
		Q1'12	Q1'11	Change	Q4'11
	Interest & Fee Income:
	Loans	$35,656	$41,363	-13.8%	$38,139
	Investment Securities:
	Available for Sale	4,788	5,218	-8.2%	5,167
	Held to Maturity	7,854	5,913	32.8%	7,115
	Total Interest Income	48,298	52,494	-8.0%	50,421
	Interest Expense:
	Transaction Deposits	90	198	-54.6%	144
	Savings Deposits	236	473	-50.0%	356
	Time Deposits	861	1,219	-29.4%	961
	Short-Term Borrowed Funds	27	62	-55.8%	46
	Federal Home Loan Bank Advances	120	151	-21.0%	122
	Term Repurchase Agreement	25	--	n/m	25
	Debt Financing and Notes Payable	200	200	0.0%	201
	Total Interest Expense	1,559	2,303	-32.3%	1,855
	Net Interest Income	46,739	50,191	-6.9%	48,566
	Provision for Loan Losses	2,800	2,800	0.0%	2,800
	Noninterest Income:
	Service Charges	7,095	7,521	-5.7%	6,994
	Merchant Processing Services	2,393	2,171	10.2%	2,515
	Debit Card Fees	1,163	1,201	-3.2%	1,204
	ATM Processing Fees	933	935	-0.2%	904
	Trust Fees	489	493	-0.7%	480
	Financial Services Commissions	171	29	n/m	165
	Other	2,425	2,393	1.3%	2,595
	Total Noninterest Income	14,669	14,743	-0.5%	14,857
	Noninterest Expense:
	Salaries and Benefits	15,046	15,075	-0.2%	14,113
	Occupancy	3,934	4,025	-2.3%	4,124
	Outsourced Data Processing	2,083	2,456	-15.2%	2,101
	Amortization of Identifiable Intangibles	1,402	1,548	-9.4%	1,470
	Professional Fees	767	850	-9.8%	1,314
	Equipment	851	933	-8.8%	922
	Other Real Estate Owned	230	145	59.2%	623
	Courier Service	785	843	-7.0%	806
	Deposit Insurance Assessment	750	1,220	-38.5%	740
	Other	4,186	4,228	-1.0%	4,450
	Total Noninterest Expense	30,034	31,323	-4.1%	30,663
	Income Before Income Taxes	28,574	30,811	-7.3%	29,960
	Income Tax Provision	7,569	8,429	-10.2%	8,155
	Net Income	$21,005	$22,382	-6.2%	$21,805
	Average Common Shares Outstanding	28,051	29,021	-3.3%	28,296
	Diluted Common Shares Outstanding	28,111	29,225	-3.8%	28,334
	Per Common Share Data:
	Basic Earnings	$0.75	$0.77	-2.6%	$0.77
	Diluted Earnings	0.75	0.77	-2.6%	0.77
	Dividends Paid	0.37	0.36	2.8%	0.37

Footnotes and Abbreviations:

(FTE) Fully Taxable Equivalent

(a) Annualized

(1) Purchased covered loans represent purchased loans on which losses are shared with the FDIC per a Loss Sharing Agreement. Purchased covered loans were recorded at estimated fair value at February 6, 2009, the date of purchase.

(2) Purchased non-covered loans represent purchased loans recorded at estimated fair value at August 20, 2010, the date of purchase.

CONTACT: Westamerica Bancorporation
         Robert A. Thorson - SVP & Chief Financial Officer
         707-863-6840