Westamerica Bancorporation Reports Fourth Quarter 2025 Financial Results

Rhea-AI Summary

Westamerica Bancorporation (Nasdaq: WABC) reported Q4 2025 net income of $27.8 million and diluted EPS of $1.12. Q4 results included a $0.02 EPS reduction from a $628 thousand book tax provision to reconcile 2024 returns. Net interest income (FTE) was $53.5 million; yield on earning assets was 4.00% and cost of funding was 0.24%. Noninterest income was $10.0 million and noninterest expense was $25.5 million, producing an efficiency ratio (FTE) of 40.1%. Return on common equity was 10.8%. The company paid a $0.46 per-share dividend and repurchased 485,000 shares. Nonperforming assets totaled $1.8 million with an allowance for credit losses of $11.6 million.

Positive

• Low annualized cost of funding at 0.24%
• High proportion of noninterest checking: 46% of deposits
• Returned capital: $0.46 dividend and 485,000 shares repurchased

Negative

• Net income down 16.2% year-to-date
• Net interest and loan fee income (YTD) down 13.3%
• Total loans decreased 11.5% quarter-over-quarter (average)

News Market Reaction

-11.82%

1 alert

-11.82% News Effect

On the day this news was published, AIEV declined 11.82%, reflecting a significant negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Revenues: nil Operating expenses: approximately $1.3 million Operating expenses prior year: $0.7 million +5 more

8 metrics

Revenues nil Second Quarter 2024

Operating expenses approximately $1.3 million Second Quarter 2024

Operating expenses prior year $0.7 million Second Quarter 2023

One-time share-based compensation about $1.0 million Shares issued to three independent directors

Decrease in share-based settlement expenses around $0.5 million Versus same quarter last year

Net loss approximately $1.3 million Second Quarter 2024

Net loss prior year $0.7 million Second Quarter 2023

Common stock purchase facility up to $100 million Newly issued shares over 36-month period

Market Reality Check

Price: $0.1210 Vol: Volume 134,058 is slightl...

normal vol

$0.1210 Last Close

Volume Volume 134,058 is slightly below 20-day average 144,925 (relative volume 0.93x). normal

Technical Trading slightly above 200-day MA of 48.48, and about 9.91% below 52-week high.

Peers on Argus

WABC was up 0.31% pre-news, while key regional bank peers like BFC, BY, CNOB, QC...

WABC was up 0.31% pre-news, while key regional bank peers like BFC, BY, CNOB, QCRH and DCOM showed gains between 1.28% and 2.22%, indicating a broader positive sector tone.

Historical Context

5 past events · Latest: Dec 18 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 18	Share repurchase plan	Positive	+2.3%	Authorized repurchase of up to 2,000,000 shares through 2026.
Oct 23	Dividend declaration	Positive	-0.6%	Declared $0.46 dividend alongside Q3 2025 net income disclosure.
Oct 16	Q3 2025 earnings	Neutral	-1.4%	Reported Q3 2025 EPS $1.12 with strong asset quality metrics.
Jul 24	Dividend declaration	Positive	-2.1%	Announced $0.46 dividend following strong Q2 2025 results.
Jul 17	Q2 2025 earnings	Negative	-0.0%	Q2 2025 net income and EPS declined vs Q1 2025.

Pattern Detected

Recent news has shown mixed alignment: buyback and some earnings items saw supportive or neutral reactions, while dividend announcements twice coincided with modest price declines.

Recent Company History

Over the past year, Westamerica’s news flow has centered on earnings consistency, shareholder returns, and balance sheet discipline. Q2 and Q3 2025 earnings showed net income around $28–29M and EPS near $1.12, with strong efficiency and low credit costs. Recurring dividends of $0.46 per share and a buyback plan for up to 2,000,000 shares through December 31, 2026 highlighted ongoing capital return. Today’s earnings-tagged update fits into a pattern of steady profitability and active capital management.

Market Pulse Summary

The stock dropped -11.8% in the session following this news. A negative reaction despite an earnings...

Analysis

The stock dropped -11.8% in the session following this news. A negative reaction despite an earnings-tagged release would fit prior instances where dividend and earnings announcements sometimes met with mild declines. Historical moves around results averaged about 0.84%, so a larger drop could reflect heightened sensitivity to margins, loan growth, or capital deployment. Past filings highlighted earnings pressure from lower asset yields, meaning any renewed weakness in these areas could have amplified downside responses.

Key Terms

business combination, form 8-k, resale registration statement, common stock purchase agreement, +1 more

5 terms

business combination financial

"the Company's recent business combination."

A business combination happens when two or more companies join together to operate as one, like two friends merging their teams into a single group. This is important because it can change how companies grow, compete, and make money, often making them bigger and more powerful in the market.

form 8-k regulatory

"reported in a current report on Form 8-K filed with the Securities"

A Form 8-K is a report that companies file with the government to share important news quickly, such as changes in leadership, major business deals, or financial updates. It matters because it helps investors stay informed about significant events that could affect the company's value or stock price.

resale registration statement regulatory

"including the filing and effectiveness of a resale registration statement"

A resale registration statement is a document filed with regulators that allows existing shareholders to sell their shares to the public. It provides the necessary legal approval and information for these shares to be resold on the market, helping to increase the availability of shares for trading. For investors, it signals that shares held by current owners can be offered for sale, potentially affecting share prices and market liquidity.

common stock purchase agreement financial

"entered into certain Common Stock Purchase Agreement with Westwood"

A common stock purchase agreement is a legal contract that spells out the deal when someone buys ordinary shares in a company, specifying how many shares, the price, payment method, and any conditions for the sale. For investors it matters because it defines ownership rights, timing and protections—like a receipt plus rules for a big purchase—so it determines how and when an investor actually acquires voting power and potential returns.

nasdaq global market technical

"its common stock began trading on the Nasdaq Global Market under"

The Nasdaq Global Market is a section of the stock exchange where larger, well-established companies are listed and publicly traded. It functions like a marketplace where investors can buy and sell shares of these companies, providing them with access to capital and opportunities for growth. Its role is important because it helps investors identify and invest in reputable companies with strong financial backgrounds.

AI-generated analysis. Not financial advice.

SAN RAFAEL, Calif., Jan. 15, 2026 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the fourth quarter 2025 of $27.8 million and diluted earnings per common share ("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. Fourth quarter 2025 results compare to third quarter 2025 net income of $28.3 million and EPS of $1.12.

"Westamerica’s fourth quarter 2025 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 40 percent of total revenues. At December 31, 2025, nonperforming assets were stable at $1.8 million and the allowance for credit losses was $11.6 million” said Chairman, President and CEO David Payne. “Fourth quarter 2025 results generated an annualized 10.8 percent return on average common equity. Westamerica paid a $0.46 per common share dividend during the fourth quarter 2025, and retired 485 thousand common shares using its share repurchase plan. Westamerica’s capital ratios remain at levels exceeding the highest regulatory guidelines,” concluded Payne.

Net interest income on a fully-taxable equivalent (FTE) basis was $53.5 million for the fourth quarter 2025, compared to $53.8 million for the third quarter 2025. The annualized yield earned on loans, bonds and cash for the fourth quarter 2025 was 4.00 percent compared to 4.06 percent for the third quarter 2025. The annualized cost of funding the loan and bond portfolios was 0.24 percent for the fourth quarter 2025, compared to 0.26 percent for the third quarter 2025.

Noninterest income for the fourth quarter 2025 totaled $10.0 million compared to $10.2 million for the third quarter 2025.  

Noninterest expenses for the fourth quarter 2025 were $25.5 million compared to $25.8 million for the third quarter 2025.

The income tax provision for the fourth quarter 2025 includes a $628 thousand increase 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, 2024 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 January 15, 2026
WESTAMERICA BANCORPORATION
FINANCIAL HIGHLIGHTS
December 31, 2025
1. Net Income Summary.
		(in thousands except per-share amounts)
								%
		Q4'2025			Q4'2024			Change	Q3'2025
	Net Interest and Loan Fee
	Income (FTE)	$	53,549		$	59,247		-9.6%	$	53,846
	Provision
	for Credit Losses		-			-		n/m		-
	Noninterest Income		10,003			10,633		-5.9%		10,151
	Noninterest Expense		25,466			25,853		-1.5%		25,800
	Income Before Taxes (FTE)		38,086			44,027		-13.5%		38,197
	Income Tax Provision (FTE)		10,279			12,327		-16.6%		9,934
	Net Income	$	27,807		$	31,700		-12.3%	$	28,263
	Average Common Shares
	Outstanding		24,849			26,699		-6.9%		25,341
	Diluted Average Common
	Shares Outstanding		24,849			26,701		-6.9%		25,341
	Operating Ratios:
	Basic Earnings Per Common
	Share	$	1.12		$	1.19		-5.9%	$	1.12
	Diluted Earnings Per
	Common Share		1.12			1.19		-5.9%		1.12
	Return On Assets (a)		1.82%			2.02%				1.86%
	Return On Common
	Equity (a)		10.8%			12.1%				10.9%
	Net Interest Margin (FTE) (a)		3.76%			4.01%				3.80%
	Efficiency Ratio (FTE)		40.1%			37.0%				40.3%
	Dividends Paid Per Common
	Share	$	0.46		$	0.44		4.5%	$	0.46
	Common Dividend Payout
	Ratio		41%			37%				41%
								%
		12/31'25YTD			12/31'24YTD			Change
	Net Interest and Loan Fee
	Income (FTE)	$	218,347		$	251,906		-13.3%
	(Reversal of) Provision
	for Credit Losses		(550	)		300		n/m
	Noninterest Income		40,790			43,155		-5.5%
	Noninterest Expense		101,922			104,391		-2.4%
	Income Before Taxes (FTE)		157,765			190,370		-17.1%
	Income Tax Provision (FTE)		41,592			51,734		-19.6%
	Net Income	$	116,173		$	138,636		-16.2%
	Average Common Shares
	Outstanding		25,674			26,685		-3.8%
	Diluted Average Common
	Shares Outstanding		25,674			26,686		-3.8%
	Operating Ratios:
	Basic Earnings Per Common
	Share	$	4.52		$	5.20		-13.1%
	Diluted Earnings Per
	Common Share		4.52			5.20		-13.1%
	Return On Assets		1.91%			2.15%
	Return On Common
	Equity		11.2%			13.8%
	Net Interest Margin (FTE)		3.82%			4.14%
	Efficiency Ratio (FTE)		39.3%			35.4%
	Dividends Paid Per Common
	Share	$	1.82		$	1.76		3.4%
	Common Dividend Payout
	Ratio		40%			34%
2. Net Interest Income.
		(dollars in thousands)
								%
		Q4'2025			Q4'2024			Change	Q3'2025
	Interest and Loan Fee
	Income (FTE)	$	57,031		$	62,713		-9.1%	$	57,491
	Interest Expense		3,482			3,466		0.5%		3,645
	Net Interest and Loan Fee
	Income (FTE)	$	53,549		$	59,247		-9.6%	$	53,846
	Average Earning Assets	$	5,666,854		$	5,850,620		-3.1%	$	5,621,797
	Average Interest-Bearing
	Liabilities		2,731,820			2,796,675		-2.3%		2,724,510
	Yield on Earning Assets
	(FTE) (a)		4.00%			4.25%				4.06%
	Cost of Funds (a)		0.24%			0.24%				0.26%
	Net Interest Margin (FTE) (a)		3.76%			4.01%				3.80%
	Interest Expense /
	Interest-Bearing
	Liabilities (a)		0.51%			0.49%				0.53%
	Net Interest Spread (FTE) (a)		3.49%			3.76%				3.53%
								%
		12/31'25YTD			12/31'24YTD			Change
	Interest and Loan Fee
	Income (FTE)	$	232,059		$	269,325		-13.8%
	Interest Expense		13,712			17,419		-21.3%
	Net Interest and Loan Fee
	Income (FTE)	$	218,347		$	251,906		-13.3%
	Average Earning Assets	$	5,683,462		$	6,043,966		-6.0%
	Average Interest-Bearing
	Liabilities		2,729,864			2,925,742		-6.7%
	Yield on Earning Assets
	(FTE)		4.06%			4.43%
	Cost of Funds		0.24%			0.29%
	Net Interest Margin (FTE)		3.82%			4.14%
	Interest Expense /
	Interest-Bearing
	Liabilities		0.50%			0.60%
	Net Interest Spread (FTE)		3.56%			3.83%
3. Loans & Other Earning Assets.
		(average volume, dollars in thousands)
								%
		Q4'2025			Q4'2024			Change	Q3'2025
	Total Assets	$	6,055,696		$	6,243,799		-3.0%	$	6,018,937
	Total Earning Assets		5,666,854			5,850,620		-3.1%		5,621,797
	Total Loans		727,540			821,767		-11.5%		744,046
	Commercial Loans		112,830			131,088		-13.9%		113,215
	Commercial Real Estate
	Loans		482,133			503,546		-4.3%		486,751
	Consumer Loans		132,577			187,133		-29.2%		144,080
	Total Investment Securities		4,343,373			4,557,436		-4.7%		4,175,230
	Debt Securities Available for
	Sale		3,504,978			3,696,151		-5.2%		3,331,315
	Debt Securities Held to
	Maturity		823,690			847,058		-2.8%		829,341
	Equity Securities		14,705			14,227		3.4%		14,574
	Total Interest-Bearing Cash		595,941			471,417		26.4%		702,521
	Loans / Deposits		15.0%			16.3%				15.5%
								%
		12/31'25YTD			12/31'24YTD			Change
	Total Assets	$	6,075,496		$	6,444,687		-5.7%
	Total Earning Assets		5,683,462			6,043,966		-6.0%
	Total Loans		755,731			836,136		-9.6%
	Commercial Loans		115,518			133,569		-13.5%
	Commercial Real Estate
	Loans		488,758			493,282		-0.9%
	Consumer Loans		151,455			209,285		-27.6%
	Total Investment Securities		4,287,167			4,833,024		-11.3%
	Debt Securities Available for
	Sale		3,440,054			3,958,907		-13.1%
	Debt Securities Held to
	Maturity		832,678			859,890		-3.2%
	Equity Securities		14,435			14,227		1.5%
	Total Interest-Bearing Cash		640,564			374,806		70.9%
	Loans / Deposits		15.5%			16.2%
4. Deposits, Other Interest-Bearing Liabilities & Equity.
		(average volume, dollars in thousands)
								%
		Q4'2025			Q4'2024			Change	Q3'2025
	Total Deposits	$	4,837,964		$	5,028,363		-3.8%	$	4,806,568
	Noninterest Demand		2,236,646			2,342,092		-4.5%		2,201,644
	Interest-Bearing Transaction		894,816			934,876		-4.3%		895,504
	Savings		1,636,817			1,666,542		-1.8%		1,636,259
	Time greater than $100K		24,428			31,541		-22.6%		25,671
	Time less than $100K		45,257			53,312		-15.1%		47,490
	Total Short-Term Borrowings		130,502			110,404		18.2%		119,586
	Securities Sold under
	Repurchase Agreements		130,502			110,404		18.2%		119,586
	Shareholders' Equity		1,019,086			1,039,017		-1.9%		1,026,618
	Demand Deposits /
	Total Deposits		46.2%			46.6%				45.8%
	Transaction & Savings
	Deposits / Total Deposits		98.6%			98.3%				98.5%
								%
		12/31'25YTD			12/31'24YTD			Change
	Total Deposits	$	4,860,742		$	5,174,942		-6.1%
	Noninterest Demand		2,243,836			2,445,945		-8.3%
	Interest-Bearing Transaction		908,290			977,912		-7.1%
	Savings		1,633,610			1,660,227		-1.6%
	Time greater than $100K		26,699			33,794		-21.0%
	Time less than $100K		48,307			57,064		-15.3%
	Total Short-Term Borrowings		112,958			196,745		-42.6%
	Bank Term Funding Program
	Borrowings		-			107,364		n/m
	Securities Sold under
	Repurchase Agreements		112,958			89,381		26.4%
	Shareholders' Equity		1,034,581			1,003,242		3.1%
	Demand Deposits /
	Total Deposits		46.2%			47.3%
	Transaction & Savings
	Deposits / Total Deposits		98.5%			98.2%
5. Interest Yields Earned & Rates Paid.
		(dollars in thousands)
		Q4'2025
		Average			Income/			Yield (a) /
		Volume			Expense			Rate (a)
	Interest & Loan Fee Income Earned:
	Total Earning Assets (FTE)	$	5,666,854		$	57,031		4.00%
	Total Loans (FTE)		727,540			10,295		5.62%
	Commercial Loans (FTE)		112,830			1,695		5.97%
	Commercial Real Estate
	Loans		482,133			6,536		5.38%
	Consumer Loans		132,577			2,064		6.18%
	Total Investment Securities (FTE)		4,343,373			40,748		3.74%
	Total Debt Securities
	Available for Sale (FTE)		3,504,978			31,860		3.62%
	Corporate Securities		1,914,010			12,758		2.67%
	Collateralized Loan
	Obligations		487,564			7,375		5.92%
	Agency Mortgage Backed
	Securities		740,532			8,573		4.63%
	Securities of U.S.
	Government Sponsored
	Entities		312,190			2,766		3.54%
	Obligations of States and
	Political Subdivisions
	(FTE)		50,682			388		3.06%
	Total Debt Securities Held to
	Maturity (FTE)		823,690			8,426		4.09%
	Agency Mortgage Backed
	Securities		45,230			270		2.38%
	Corporate Securities		741,179			7,815		4.22%
	Obligations of States and
	Political Subdivisions
	(FTE)		37,281			341		3.66%
	Equity Securities (FTE)		14,705			462		12.59%
	Total Interest-Bearing Cash		595,941			5,988		3.93%
	Interest Expense Paid:
	Total Earning Assets		5,666,854			3,482		0.24%
	Total Interest-Bearing
	Liabilities		2,731,820			3,482		0.51%
	Total Interest-Bearing
	Deposits		2,601,318			3,285		0.50%
	Interest-Bearing Transaction		894,816			45		0.02%
	Savings		1,636,817			3,195		0.77%
	Time less than $100K		45,257			33		0.29%
	Time greater than $100K		24,428			12		0.18%
	Total Short-Term Borrowings		130,502			197		0.60%
	Securities Sold under
	Repurchase Agreements		130,502			197		0.60%
	Net Interest Income and
	Margin (FTE)				$	53,549		3.76%
		Q4'2024
		Average			Income/			Yield (a) /
		Volume			Expense			Rate (a)
	Interest & Loan Fee Income Earned:
	Total Earning Assets (FTE)	$	5,850,620		$	62,713		4.25%
	Total Loans (FTE)		821,767			11,249		5.45%
	Commercial Loans (FTE)		131,088			2,107		6.39%
	Commercial Real Estate
	Loans		503,546			6,477		5.12%
	Consumer Loans		187,133			2,665		5.67%
	Total Investment Securities (FTE)		4,557,436			45,805		3.99%
	Total Debt Securities
	Available for Sale (FTE)		3,696,151			36,734		3.93%
	Corporate Securities		2,038,474			14,011		2.75%
	Collateralized Loan
	Obligations		1,037,319			17,689		6.67%
	Agency Mortgage Backed
	Securities		240,259			1,688		2.81%
	Securities of U.S.
	Government sponsored
	entities		310,617			2,776		3.58%
	Obligations of States and
	Political Subdivisions
	(FTE)		64,575			507		3.14%
	U.S. Treasury Securities		4,907			63		5.08%
	Total Debt Securities Held to
	Maturity (FTE)		847,058			8,636		4.08%
	Agency Mortgage Backed
	Securities		60,572			351		2.31%
	Corporate Securities		734,395			7,815		4.26%
	Obligations of States and
	Political Subdivisions
	(FTE)		52,091			470		3.61%
	Equity Securities		14,227			435		12.22%
	Total Interest-Bearing Cash		471,417			5,659		4.70%
	Interest Expense Paid:
	Total Earning Assets		5,850,620			3,466		0.24%
	Total Interest-Bearing
	Liabilities		2,796,675			3,466		0.49%
	Total Interest-Bearing
	Deposits		2,686,271			3,262		0.48%
	Interest-Bearing Transaction		934,876			46		0.02%
	Savings		1,666,542			3,148		0.75%
	Time less than $100K		53,312			43		0.32%
	Time greater than $100K		31,541			25		0.31%
	Total Short-Term Borrowings		110,404			204		0.73%
	Securities Sold under
	Repurchase Agreements		110,404			204		0.73%
	Net Interest Income and
	Margin (FTE)				$	59,247		4.01%
6. Noninterest Income.
		(dollars in thousands except per-share amounts)
								%
		Q4'2025			Q4'2024			Change	Q3'2025
	Service Charges on Deposit
	Accounts	$	3,270		$	3,501		-6.6%	$	3,317
	Merchant Processing
	Services		2,690			2,735		-1.6%		2,860
	Debit Card Fees		1,498			1,902		-21.2%		1,603
	Trust Fees		923			867		6.5%		895
	ATM Processing Fees		484			506		-4.3%		483
	Other Service Fees		426			428		-0.5%		448
	Unrealized Gains (Losses)
	on Equity Securities		30			-		n/m		(90	)
	Other Noninterest Income		682			694		-1.7%		635
	Total Noninterest Income	$	10,003		$	10,633		-5.9%	$	10,151
	Operating Ratios:
	Total Revenue (FTE)	$	63,552		$	69,880		-9.1%	$	63,997
	Noninterest Income /
	Revenue (FTE)		15.7%			15.2%				15.9%
	Service Charges /
	Avg. Deposits (a)		0.27%			0.28%				0.27%
	Total Revenue (FTE) Per
	Avg. Common Share (a)	$	10.15		$	10.41		-2.5%	$	10.02
								%
		12/31'25YTD			12/31'24YTD			Change
	Service Charges on Deposit
	Accounts	$	13,336		$	14,025		-4.9%
	Merchant Processing
	Services		10,970			10,449		5.0%
	Debit Card Fees		6,346			6,853		-7.4%
	Trust Fees		3,584			3,318		8.0%
	ATM Processing Fees		1,912			2,170		-11.9%
	Other Service Fees		1,753			1,770		-1.0%
	Bank Owned
	Life Insurance Gains		208			202		3.1%
	Unrealized Losses on
	Equity Securities		(60	)		-		n/m
	Other Noninterest Income		2,741			4,368		-37.2%
	Total Noninterest Income	$	40,790		$	43,155		-5.5%
	Operating Ratios:
	Total Revenue (FTE)	$	259,137		$	295,061		-12.2%
	Noninterest Income /
	Revenue (FTE)		15.7%			14.6%
	Service Charges /
	Avg. Deposits		0.27%			0.27%
	Total Revenue (FTE) Per
	Avg. Common Share	$	10.09		$	11.06		-8.7%
7. Noninterest Expense.
		(dollars in thousands)
								%
		Q4'2025			Q4'2024			Change	Q3'2025
	Salaries and Related Benefits	$	11,871		$	12,461		-4.7%	$	12,387
	Occupancy and Equipment		5,426			5,219		4.0%		5,253
	Outsourced Data Processing		2,701			2,610		3.5%		2,722
	Limited Partnership
	Operating Losses		891			1,095		-18.6%		915
	Professional Fees		540			369		46.3%		643
	Courier Service		843			692		21.8%		738
	Other Noninterest Expense		3,194			3,407		-6.3%		3,142
	Total Noninterest Expense	$	25,466		$	25,853		-1.5%	$	25,800
	Operating Ratios:
	Noninterest Expense /
	Avg. Earning Assets (a)		1.78%			1.76%				1.82%
	Noninterest Expense /
	Revenues (FTE)		40.1%			37.0%				40.3%
								%
		12/31'25YTD			12/31'24YTD			Change
	Salaries and Related Benefits	$	48,687		$	50,292		-3.2%
	Occupancy and Equipment		20,871			20,673		1.0%
	Outsourced Data Processing		10,829			10,271		5.4%
	Limited Partnership
	Operating Losses		3,636			5,185		-29.9%
	Professional Fees		1,964			1,470		33.6%
	Courier Service		2,956			2,709		9.1%
	Other Noninterest Expense		12,979			13,791		-5.9%
	Total Noninterest Expense	$	101,922		$	104,391		-2.4%
	Operating Ratios:
	Noninterest Expense /
	Avg. Earning Assets		1.79%			1.73%
	Noninterest Expense /
	Revenues (FTE)		39.3%			35.4%
8. Allowance for Credit Losses.
		(dollars in thousands)
								%
		Q4'2025			Q4'2024			Change	Q3'2025
	Average Total Loans	$	727,540		$	821,767		-11.5%	$	744,046
	Beginning of Period
	Allowance for Credit
	Losses on Loans (ACLL)	$	11,859		$	15,318		-22.6%	$	13,787
	Provision for
	Credit Losses		-			-		n/m		-
	Net ACLL Losses		(286	)		(538	)	-46.8%		(1,928	)
	End of Period ACLL	$	11,573		$	14,780		-21.7%	$	11,859
	Gross ACLL Recoveries /
	Gross ACLL Losses		61%			63%				22%
	Net ACLL Losses /
	Avg. Total Loans (a)		-0.16	%		-0.26	%			-1.03	%
								%
		12/31'25YTD			12/31'24YTD			Change
	Average Total Loans	$	755,731		$	836,136		-9.6%
	Beginning of Period ACLL	$	14,780		$	16,867		-12.4%
	(Reversal of) Provision for
	Credit Losses		(550	)		300		n/m
	Net ACLL Losses		(2,657	)		(2,387	)	11.3%
	End of Period ACLL	$	11,573		$	14,780		-21.7%
	Gross ACLL Recoveries /
	Gross ACLL Losses		55%			64%
	Net ACLL Losses /
	Avg. Total Loans (a)		-0.35	%		-0.29	%
		(dollars in thousands)
								%
		12/31/25			12/31/24			Change	9/30/25
	Allowance for Credit Losses
	on Loans	$	11,573		$	14,780		-21.7%	$	11,859
	Allowance for Credit Losses
	on Held to Maturity
	Securities		1			1		0.0%		1
	Total Allowance for Credit
	Losses	$	11,574		$	14,781		-21.7%	$	11,860
	Allowance for Unfunded
	Credit Commitments	$	201		$	201		0.0%	$	201
9. Credit Quality.
		(dollars in thousands)
								%
		12/31/25			12/31/24			Change	9/30/25
	Nonperforming Loans:
	Nonperforming Nonaccrual
	Loans	$	768		$	201		282.1%	$	1,619
	Performing Nonaccrual
	Loans		706			-		n/m		728
	Total Nonaccrual Loans		1,474			201		633.3%		2,347
	Accruing Loans 90+ Days
	Past Due		340			534		-36.3%		297
	Total Nonperforming Loans	$	1,814		$	735		146.8%	$	2,644
	Total Loans Outstanding	$	726,482		$	820,300		-11.4%	$	741,579
	Total Assets		5,960,180			6,076,274		-1.9%		5,914,438
	Loans:
	Allowance for Credit Losses
	on Loans	$	11,573		$	14,780		-21.7%	$	11,859
	Allowance for Credit Losses
	on Loans / Loans		1.59%			1.80%				1.60%
	Nonperforming Loans /
	Total Loans		0.25%			0.09%				0.36%
10. Liquidity.
At December 31, 2025, the Company had $567,801 thousand in cash balances. During the twelve months ending December 31, 2026, the Company expects to receive $397,000 thousand in principal payments from its debt securities. If additional operational liquidity is required, the Company can pledge debt securities as collateral for borrowing purposes; at December 31, 2025, the Company’s debt securities which qualify as collateral for borrowing totaled $4,013,502 thousand. In the ordinary course of business, the Company pledges debt securities as collateral for certain depository customers; at December 31, 2025, the Company had pledged $710,092 thousand in debt securities for depository customers. In the ordinary course of business, the Company pledges debt securities as collateral for borrowing from the Federal Reserve Bank; at December 31, 2025, the Company had pledged $741,923 thousand in debt securities at the Federal Reserve Bank. During the year ended December 31, 2025, the Company’s average borrowings from the Federal Reserve Bank and correspondent banks were $-0- thousand and $-0- thousand, respectively, and at December 31, 2025, the Company had no borrowings from the Federal Reserve Bank or other correspondent banks. At December 31, 2025, the Company had access to borrowing from the Federal Reserve up to $741,923 thousand based on collateral pledged at December 31, 2025. At December 31, 2025, the Company’s estimated unpledged collateral qualifying debt securities totaled $2,137,832 thousand. Debt securities eligible as collateral are shown at market value.
									(in thousands)
									12/31/25
	Debt Securities Eligible as
	Collateral:
	Corporate Securities								$	2,541,560
	Collateralized Loan
	Obligations rated AAA									155,881
	Obligations of States and
	Political Subdivisions									79,293
	Agency Mortgage Backed
	Securities									934,356
	Securities of U.S. Government
	Sponsored Entities									302,412
	Total Debt Securities Eligible
	as Collateral								$	4,013,502
	Debt Securities Pledged
	as Collateral:
	Debt Securities Pledged
	at the Federal Reserve Bank								($	741,923	)
	Deposits by Public Entities									(710,092	)
	Securities Sold under
	Repurchase Agreements									(417,531	)
	Other									(6,124	)
	Total Debt Securities Pledged
	as Collateral								($	1,875,670	)
	Estimated Debt Securities
	Available to Pledge								$	2,137,832
11. Capital.
		(in thousands, except per-share amounts)
								%
		12/31/25			12/31/24			Change	9/30/25
	Shareholders' Equity	$	933,509		$	889,957		4.9%	$	931,646
	Total Assets		5,960,180			6,076,274		-1.9%		5,914,438
	Shareholders' Equity/
	Total Assets		15.66%			14.65%				15.75%
	Shareholders' Equity/
	Total Loans		128.50%			108.49%				125.63%
	Tangible Common Equity
	Ratio		13.90%			12.90%				13.98%
	Common Shares Outstanding		24,623			26,708		-7.8%		25,107
	Common Equity Per Share	$	37.91		$	33.32		13.8%	$	37.11
	Market Value Per Common
	Share		47.83			52.46		-8.8%		49.99
		(shares in thousands)
								%
		Q4'2025			Q4'2024			Change	Q3'2025
	Share Retirements (Issuances):
	Total Shares Retired		485			-		n/m		488
	Average Retirement Price	$	48.13		$	-		n/m	$	48.96
	Net Shares Retired (Issued)		484			(22	)	n/m		480
								%
		12/31'25YTD			12/31'24YTD			Change
	Total Shares Retired		2,107			4		n/m
	Average Retirement Price	$	49.27		$	45.58		n/m
	Net Shares Retired (Issued)		2,085			(37	)	n/m
12. Period-End Balance Sheets.
		(unaudited, dollars in thousands)
								%
		12/31/25			12/31/24			Change	9/30/25
	Assets:
	Cash and Due from Banks	$	567,801		$	601,494		-5.6%	$	659,268
	Debt Securities Available for
	Sale:
	Corporate Securities		1,804,080			1,835,937		-1.7%		1,797,562
	Collateralized Loan
	Obligations		424,614			982,589		-56.8%		561,063
	Agency Mortgage Backed
	Securities		891,906			218,026		309.1%		589,654
	Securities of U.S.
	Government Sponsored
	Entities		302,412			292,117		3.5%		305,192
	Obligations of States and
	Political Subdivisions		45,722			62,186		-26.5%		51,853
	U.S. Treasury Securities		-			4,955		n/m		-
	Total Debt Securities
	Available for Sale		3,468,734			3,395,810		2.1%		3,305,324
	Debt Securities Held to
	Maturity:
	Agency Mortgage Backed
	Securities		43,734			57,927		-24.5%		46,433
	Corporate Securities		742,244			735,447		0.9%		740,545
	Obligations of States and
	Political Subdivisions (1)		33,596			51,260		-34.5%		39,527
	Total Debt Securities
	Held to Maturity (1)		819,574			844,634		-3.0%		826,505
	Loans		726,482			820,300		-11.4%		741,579
	Allowance For Credit Losses
	on Loans		(11,573	)		(14,780	)	-21.7%		(11,859	)
	Total Loans, net		714,909			805,520		-11.2%		729,720
	Premises and Equipment, net		25,722			26,133		-1.6%		25,874
	Identifiable Intangibles, net		-			125		n/m		-
	Goodwill		121,673			121,673		0.0%		121,673
	Other Assets		241,767			280,885		-13.9%		246,074
	Total Assets	$	5,960,180		$	6,076,274		-1.9%	$	5,914,438
	Liabilities and Shareholders'
	Equity:
	Deposits:
	Noninterest-Bearing	$	2,252,490		$	2,333,389		-3.5%	$	2,214,100
	Interest-Bearing Transaction		907,124			953,863		-4.9%		881,367
	Savings		1,613,384			1,642,360		-1.8%		1,626,474
	Time		67,021			82,238		-18.5%		71,238
	Total Deposits		4,840,019			5,011,850		-3.4%		4,793,179
	Securities Sold under
	Repurchase Agreements		137,298			120,322		14.1%		133,651
	Total Short-Term
	Borrowed Funds		137,298			120,322		14.1%		133,651
	Other Liabilities		49,354			54,145		-8.8%		55,962
	Total Liabilities		5,026,671			5,186,317		-3.1%		4,982,792
	Shareholders' Equity:
	Common Equity:
	Paid-In Capital		440,015			476,506		-7.7%		448,600
	Accumulated Other
	Comprehensive Loss		(91,139	)		(168,104	)	-45.8%		(99,913	)
	Retained Earnings		584,633			581,555		0.5%		582,959
	Total Shareholders' Equity		933,509			889,957		4.9%		931,646
	Total Liabilities and
	Shareholders' Equity	$	5,960,180		$	6,076,274		-1.9%	$	5,914,438
13. Income Statements.
		(unaudited, in thousands except per-share amounts)
								%
		Q4'2025			Q4'2024			Change	Q3'2025
	Interest and Loan Fee Income:
	Loans	$	10,233		$	11,167		-8.4%	$	10,257
	Equity Securities		433			409		5.9%		409
	Debt Securities Available
	for Sale		31,779			36,629		-13.2%		30,358
	Debt Securities Held to
	Maturity		8,355			8,538		-2.1%		8,370
	Interest-Bearing Cash		5,988			5,659		5.8%		7,840
	Total Interest and Loan
	Fee Income		56,788			62,402		-9.0%		57,234
	Interest Expense:
	Transaction Deposits		45			46		-2.2%		45
	Savings Deposits		3,195			3,148		1.5%		3,361
	Time Deposits		45			68		-33.8%		47
	Securities Sold under
	Repurchase Agreements		197			204		-3.0%		192
	Total Interest Expense		3,482			3,466		0.5%		3,645
	Net Interest and Loan
	Fee Income		53,306			58,936		-9.6%		53,589
	Provision for
	Credit Losses		-			-		n/m		-
	Noninterest Income:
	Service Charges on Deposit
	Accounts		3,270			3,501		-6.6%		3,317
	Merchant Processing
	Services		2,690			2,735		-1.6%		2,860
	Debit Card Fees		1,498			1,902		-21.2%		1,603
	Trust Fees		923			867		6.5%		895
	ATM Processing Fees		484			506		-4.3%		483
	Other Service Fees		426			428		-0.5%		448
	Other Noninterest Income		712			694		2.6%		545
	Total Noninterest Income		10,003			10,633		-5.9%		10,151
	Noninterest Expense:
	Salaries and Related Benefits		11,871			12,461		-4.7%		12,387
	Occupancy and Equipment		5,426			5,219		4.0%		5,253
	Outsourced Data Processing		2,701			2,610		3.5%		2,722
	Limited Partnership
	Operating Losses		891			1,095		-18.6%		915
	Professional Fees		540			369		46.3%		643
	Courier Service		843			692		21.8%		738
	Other Noninterest Expense		3,194			3,407		-6.3%		3,142
	Total Noninterest Expense		25,466			25,853		-1.5%		25,800
	Income Before Income Taxes		37,843			43,716		-13.4%		37,940
	Income Tax Provision		10,036			12,016		-16.5%		9,677
	Net Income	$	27,807		$	31,700		-12.3%	$	28,263
	Average Common Shares
	Outstanding		24,849			26,699		-6.9%		25,341
	Diluted Average Common
	Shares Outstanding		24,849			26,701		-6.9%		25,341
	Per Common Share Data:
	Basic Earnings	$	1.12		$	1.19		-5.9%	$	1.12
	Diluted Earnings		1.12			1.19		-5.9%		1.12
	Dividends Paid		0.46			0.44		4.5%		0.46
								%
		12/31'25YTD			12/31'24YTD			Change
	Interest and Loan Fee Income:
	Loans	$	41,682		$	45,286		-8.0%
	Equity Securities		1,672			1,586		5.4%
	Debt Securities Available
	for Sale		126,155			166,975		-24.4%
	Debt Securities Held to
	Maturity		33,667			34,502		-2.4%
	Interest-Bearing Cash		27,804			19,665		41.4%
	Total Interest and Loan
	Fee Income		230,980			268,014		-13.8%
	Interest Expense:
	Transaction Deposits		180			281		-35.9%
	Savings Deposits		12,634			10,377		21.8%
	Time Deposits		198			283		-30.0%
	Bank Term Funding Program
	Borrowings		-			5,813		n/m
	Securities Sold under
	Repurchase Agreements		700			665		5.3%
	Total Interest Expense		13,712			17,419		-21.3%
	Net Interest and Loan
	Fee Income		217,268			250,595		-13.3%
	(Reversal of) Provision
	for Credit Losses		(550	)		300		n/m
	Noninterest Income:
	Service Charges on Deposit		13,336			14,025		-4.9%
	Accounts
	Merchant Processing
	Services		10,970			10,449		5.0%
	Debit Card Fees		6,346			6,853		-7.4%
	Trust Fees		3,584			3,318		8.0%
	ATM Processing Fees		1,912			2,170		-11.9%
	Other Service Fees		1,753			1,770		-1.0%
	Bank Owned
	Life Insurance Gains		208			202		3.1%
	Other Noninterest Income		2,681			4,368		-38.6%
	Total Noninterest Income		40,790			43,155		-5.5%
	Noninterest Expense:
	Salaries and Related Benefits		48,687			50,292		-3.2%
	Occupancy and Equipment		20,871			20,673		1.0%
	Outsourced Data Processing		10,829			10,271		5.4%
	Limited Partnership
	Operating Losses		3,636			5,185		-29.9%
	Professional Fees		1,964			1,470		33.6%
	Courier Service		2,956			2,709		9.1%
	Other Noninterest Expense		12,979			13,791		-5.9%
	Total Noninterest Expense		101,922			104,391		-2.4%
	Income Before Income Taxes		156,686			189,059		-17.1%
	Income Tax Provision		40,513			50,423		-19.7%
	Net Income	$	116,173		$	138,636		-16.2%
	Average Common Shares
	Outstanding		25,674			26,685		-3.8%
	Diluted Average Common
	Shares Outstanding		25,674			26,686		-3.8
	Per Common Share Data:
	Basic Earnings	$	4.52		$	5.20		-13.1
	Diluted Earnings		4.52			5.20		-13.1
	Dividends Paid		1.82			1.76		3.4%
	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 December 31, 2025, September 30, 2025 and December 31, 2024.
	(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.

FAQ

What were Westamerica Bancorporation (WABC) Q4 2025 earnings per share?

Diluted EPS for Q4 2025 was $1.12, including a $0.02 EPS reduction from a tax provision reconciliation.

How much net income did WABC report for Q4 2025?

WABC reported Q4 2025 net income of $27.8 million.

What was Westamerica’s net interest income and yield in Q4 2025?

Net interest income (FTE) was $53.5 million and yield on earning assets was 4.00%.

How did WABC return capital to shareholders in Q4 2025?

The company paid a $0.46 per-share dividend and repurchased 485,000 common shares.

What key asset-quality metrics did Westamerica report for Q4 2025?

Nonperforming assets were $1.8 million and the allowance for credit losses was $11.6 million at December 31, 2025.

Did Westamerica’s costs or efficiency change in Q4 2025?

Noninterest expense was $25.5 million, producing an efficiency ratio (FTE) of 40.1% in Q4 2025.