Westamerica Bancorporation SEC Filings

Westamerica Bancorporation reported lower quarterly earnings. For Q3 2025, net income was $28.3 million with EPS $1.12, down from $35.1 million and $1.31 a year ago. Net interest and loan fee income fell to $53.6 million from $62.1 million, reflecting softer yields on the securities portfolio and lower loan balances. Noninterest income was $10.2 million versus $11.9 million last year, while noninterest expense was essentially flat at $25.8 million.

For the nine months, net income totaled $88.4 million and EPS $3.40, compared with $106.9 million and $4.01 in 2024. Total assets were $5.91 billion, down from $6.08 billion at year‑end, with deposits at $4.79 billion. Loans, net, were $729.7 million, and the allowance for credit losses on loans stood at $11.9 million. Accumulated other comprehensive loss improved to $(99.9) million from $(168.1) million as unrealized losses narrowed. The company paid a quarterly dividend of $0.46 per share. Shares outstanding were 24,933,051 as of October 30, 2025.

Westamerica Bancorporation filed a current report to note that it issued a press release on October 16, 2025 covering its results of operations and financial condition. The company states that this press release is provided as Exhibit 99.1 and is incorporated by reference into the report. Westamerica’s common stock, with no par value, trades on The Nasdaq Stock Market under the symbol WABC.

Westamerica Bancorporation disclosed that long-serving director E. Joseph Bowler will retire from the company's Board effective September 25, 2025. Mr. Bowler has served as a director since 2003 and previously retired as the company’s Senior Vice President and Treasurer in 2002.

He served on the Audit, Loan and Investment and Nominating committees and was a member of Westamerica Bank’s Board of Directors. The company stated that Mr. Bowler did not notify it of any disagreement with the company on operations, policies or practices.

On 6 Aug 2025, Westamerica Bancorporation (WABC) filed a Form S-8 with the SEC to register shares that may be issued under its new 2025 Omnibus Equity Incentive Plan. The filing registers the company’s common stock—already listed under Section 12 of the Exchange Act—for future grants such as stock options, RSUs and other equity awards to employees, directors and eligible consultants.

The document:

• Incorporates by reference WABC’s 2024 Form 10-K, 2025 Q1–Q2 Form 10-Qs and six 2025 Form 8-Ks, thereby supplying the financial and business information required under Section 10(a) of the Securities Act.
• Details California-law and by-law provisions that allow broad indemnification of directors and officers, supplemented by D&O insurance and individual indemnification agreements.
• Includes standard Rule 415 undertakings and a list of exhibits: the plan itself (Ex. 4.1), legal opinion (5.1), auditor and counsel consents (23.x), power of attorney (24) and fee table (107).

Westamerica Bancorporation (WABC) Q2-25 10-Q highlights

• Earnings: Net income fell 18% YoY to $29.1 m; diluted EPS $1.12 vs $1.33. Six-month net income down 16% to $60.1 m; EPS $2.29.
• Revenue drivers: Interest & loan-fee income contracted 17% to $57.5 m, mainly from lower yields on the securities portfolio. Interest expense dropped 40% to $3.2 m, but could not offset the revenue decline; net interest income down 15% to $54.3 m.
• Credit quality: No provision booked in Q2; YTD allowance released $0.55 m. ACL stands at $13.8 m (1.84% of loans) vs $14.8 m year-end. Non-performing asset data not supplied, but charge-offs remain low.
• Balance sheet trends (6-30-25 vs 12-31-24):
• Total assets $5.83 bn (-4%).
• Loans $748 m (-9%); deposits $4.75 bn (-5%).
• Securities AFS+HTM $4.04 bn; unrealized AFS loss narrowed to $166.5 m from $239.5 m, improving AOCI by $51 m.
• Tangible equity rose to $921.8 m; CET1 not disclosed but capital strengthened by OCI recovery and buy-backs.
• Costs: Noninterest expense trimmed 2% YoY to $25.5 m; efficiency ratio ~41% (Rhea estimate).
• Capital actions: 1.1 m shares repurchased YTD (-4% share count) for $56.6 m; quarterly dividend raised to $0.46 (payout 41%).
• Liquidity: Cash & due from banks $626 m; repurchase agreements balance $101 m. No Bank Term Funding Program borrowings outstanding.

Takeaway: Core profitability weakened on declining asset yields and balance-sheet contraction, partly offset by expense control and lower funding costs. Improved OCI cushions capital, but continued loan & deposit runoff and still-material unrealized bond losses remain key watch points.