[Form 4] Westamerica Bancorporation Insider Trading Activity

Rhea-AI Filing Summary

Westamerica Bancorporation (WABC) Form 4 filing dated 07/10/2025 reports routine insider activity by John A. Thorson, the company’s Senior Vice President & Treasurer.

• On 07/09/2025 and 07/10/2025 Thorson exercised non-qualified stock options (transaction code M) with an exercise price of $49.70 per share. The two transactions covered 10 and 6,462 options, respectively, for a combined 6,472 options converted into common stock.

• Following the exercises, Thorson still holds 15,133 derivative securities (options) and reports ownership of 2,595 WABC common shares directly and 1,932.696 shares indirectly through the company ESOP.

The filing discloses no open-market sales or purchases of the underlying shares, and no additional compensation-related terms beyond the standard three-year ratable vesting schedule.

Investor takeaway: The exercised amount represents an immaterial fraction of WABC’s outstanding shares and appears to be a scheduled, compensation-driven event rather than a directional signal. No material impact on the company’s fundamentals or governance is indicated.

Insights

Securities Analyst

TL;DR: Routine option exercise; negligible ownership change; neutral for valuation.

The Form 4 shows a standard compensation-related option exercise totaling 6,472 shares at $49.70. Thorson’s direct equity exposure remains modest (≈2.6 k shares) and no market sale is disclosed, suggesting the insider likely retained or had shares withheld for taxes. Given Westamerica’s multi-million-share float, this transaction is statistically immaterial and provides limited insight into future operating performance. I classify it as neutral and not impactful for investors.

Corporate Governance Expert

TL;DR: Governance-compliant Form 4, no red flags detected.

All SEC Section 16 requirements are satisfied: timely filing, attorney-in-fact signature, and clear reporting of option terms (three-year vesting, 01/25/2034 expiration). The lack of dispositions or 10b5-1 plan notation indicates discretionary exercises, but the volumes are well within normal executive compensation ranges. Therefore, the filing raises no governance concerns and has no material impact on shareholder rights or control.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

THORSON JOHN A

(Last) (First) (Middle)

4550 MANGELS BLVD

(Street)

FAIRFIELD CA 94534

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
WESTAMERICA BANCORPORATION [ WABC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP/Treasurer

3. Date of Earliest Transaction (Month/Day/Year)
07/09/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock								2,595	D
Common Stock								1,932.696	I	Esop

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Non-qualified Stock Option (Right to Buy)	$49.7	07/09/2025		M			10	01/25/2025(1)	01/25/2034	Common Stock	10	$0	21,595	D
Non-qualified Stock Option (Right to Buy)	$49.7	07/10/2025		M			6,462	01/25/2025(1)	01/25/2034	Common Stock	6,462	$0	15,133	D

Explanation of Responses:

1. Options vest ratably over three years beginning one year from date of grant.

	/s/Kris Irvine, attorney-in-fact for Mr. Thorson	07/10/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider activity did Westamerica Bancorporation (WABC) report on Form 4?

The filing shows SVP/Treasurer John A. Thorson exercised 6,472 non-qualified stock options at an exercise price of $49.70 on 07/09/2025 and 07/10/2025.

Were any WABC shares sold in the reported transactions?

The Form 4 lists no open-market sales; it only records option exercises (code M) converting options into common stock.

How many WABC common shares does John A. Thorson now own?

Post-transaction, he reports 2,595 shares directly and 1,932.696 shares indirectly through the ESOP.

How many derivative securities (options) remain after the exercise?

Thorson still holds 15,133 non-qualified stock options expiring on 01/25/2034.

Is this Form 4 filing considered material to WABC investors?

Given the small share count relative to WABC’s total shares outstanding, experts view the event as not materially impactful.