Westamerica Bancorporation: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 15 January 2026: press release. The quarter’s numbers.

Key takeaways

Net income and EPS level with third quarter: Net income was $27.8 million and diluted EPS $1.12, level with the third quarter's $28.3 million and $1.12. A year earlier net income was $31.7 million and EPS $1.19. Source
Tax true-up reduced EPS by $0.02: The fourth quarter includes a $628 thousand increase to the book tax provision, reconciling the 2024 provision to the filed 2024 returns. The company said this reduced EPS by $0.02. Source
Net interest income edged down: Net interest income (FTE) was $53.5 million, against $53.8 million in the third quarter. The company reported this in its fully-taxable equivalent presentation. Source
Average loans down 11.5%: Average total loans were $727.5 million, against $744.0 million in the third quarter. Commercial real estate loans fell 4.3% and consumer loans 29.2% year over year. Source
No credit loss provision in quarter: The company recorded no provision for credit losses in the fourth quarter, and none in the third quarter. Net ACLL losses were shown as (286) thousand, against (538) thousand a year earlier. Source
Nonperforming loans up year over year: Total nonperforming loans were $1.8 million, up from $0.7 million a year earlier and down from $2.6 million at September 30. Source
Dividend paid and shares repurchased: The company paid a $0.46 per common share dividend and retired 485 thousand common shares under its share repurchase plan. Source

“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”
Chairman, President and CEO David Payne

Guidance

Area	Period	Figure	Against last quarter
Liquidity: debt security principal payments Source	twelve months ending December 31, 2026	$397,000 thousand

Quarterly earnings and tax item

Net income and EPS level with third quarter: Net income was $27.8 million and diluted EPS $1.12, level with the third quarter's $28.3 million and $1.12. A year earlier net income was $31.7 million and EPS $1.19. Source
Tax true-up reduced EPS by $0.02: The fourth quarter includes a $628 thousand increase to the book tax provision, reconciling the 2024 provision to the filed 2024 returns. The company said this reduced EPS by $0.02. Source
Year-to-date earnings lower: Year-to-date net income was $116.2 million, down 16.2%. Diluted EPS was $4.52 against $5.20 a year earlier, on average diluted shares down 3.8%. Source

Net interest income and margin

Net interest income edged down: Net interest income (FTE) was $53.5 million, against $53.8 million in the third quarter. The company reported this in its fully-taxable equivalent presentation. Source
Asset yield eased to 4.00%: The annualized yield earned on loans, bonds and cash was 4.00%, against 4.06% in the third quarter. Source
Funding cost eased to 0.24%: The annualized cost of funding the loan and bond portfolios was 0.24%, down from 0.26% in the third quarter. Source
Net interest margin narrowed sequentially: Net interest margin (FTE) was 3.76%, against 3.80% in the third quarter and 4.01% a year earlier. Source
Full-year yields and margin lower: For 2025, yield on earning assets was 4.06% against 4.43%, cost of funds 0.24% against 0.29%, and net interest margin 3.82% against 4.14%. Source

“Operating expenses remained well controlled at 40 percent of total revenues.”
Chairman, President and CEO David Payne

Noninterest income and expenses

Noninterest income slightly lower: Noninterest income for the quarter totaled $10.0 million, compared with $10.2 million in the third quarter. Source
Debit card fees down 21.2%: Debit card fees fell 21.2% year over year, while trust fees rose 6.5% over the same period. Source
Noninterest expense slightly lower: Noninterest expense was $25.5 million, against $25.8 million in the third quarter. Source
Salaries down 4.7% year over year: Salaries and related benefits were $11.9 million, down from $12.5 million a year earlier and $12.4 million in the third quarter. Source
Professional and courier costs rose: Professional fees rose 46.3% and courier service expense rose 21.8% year over year. Source
Efficiency ratio near 40%: The efficiency ratio (FTE) was 40.1%, against 40.3% in the third quarter and 37.0% a year earlier. Source

Deposits and deposit costs

Average deposits down 3.8%: Average total deposits were $4.84 billion, against $4.81 billion in the third quarter and down 3.8% year over year. Noninterest demand deposits fell 4.5%. Source
Demand deposit share of deposits: Demand deposits were 46.2% of total deposits, against 45.8% in the third quarter. Transaction and savings deposits were 98.6%. Source
Deposit costs held near 0.50%: Interest-bearing deposits cost 0.50% annualized in the fourth quarter. Interest-bearing transaction accounts cost 0.02% and savings 0.77%. Source

“Westamerica’s capital ratios remain at levels exceeding the highest regulatory guidelines”
Chairman, President and CEO David Payne

Loans, securities and cash

Average loans down 11.5%: Average total loans were $727.5 million, against $744.0 million in the third quarter. Commercial real estate loans fell 4.3% and consumer loans 29.2% year over year. Source
Securities mix shifted toward agency MBS: Period-end collateralized loan obligations were $424.6 million, against $982.6 million a year earlier and $561.1 million at September 30. Agency mortgage-backed securities rose to $891.9 million from $218.0 million. Source
Interest-bearing cash up 26.4%: Average interest-bearing cash was $595.9 million, up 26.4% from a year earlier and down from $702.5 million in the third quarter. Loans to deposits was 15.0%. Source

Credit quality and allowance

No credit loss provision in quarter: The company recorded no provision for credit losses in the fourth quarter, and none in the third quarter. Net ACLL losses were shown as (286) thousand, against (538) thousand a year earlier. Source
Nonperforming loans up year over year: Total nonperforming loans were $1.8 million, up from $0.7 million a year earlier and down from $2.6 million at September 30. Source
Allowance ratio at 1.59% of loans: The allowance for credit losses on loans was 1.59% of loans, against 1.80% a year earlier and 1.60% at September 30. Source

Capital and shareholder returns

Return on common equity 10.8%: Return on average common equity was 10.8%, against 10.9% in the third quarter and 12.1% a year earlier. Return on assets was 1.82%. Source
Dividend paid and shares repurchased: The company paid a $0.46 per common share dividend and retired 485 thousand common shares under its share repurchase plan. Source
Full-year repurchases of 2.1 million shares: Year to date the company retired 2,107 thousand shares at an average $49.27, against 4 thousand shares a year earlier at $45.58. Source
Capital wording changed from prior quarter: The third-quarter release described capital ratios as at historically high levels. The fourth-quarter release does not use that phrase.
Shareholders' equity up 4.9%: Shareholders' equity was $933.5 million at December 31, 2025, up 4.9% from a year earlier and up from $931.6 million at September 30. Source

Liquidity and collateral capacity

Cash balances of $567.8 million: Cash balances were $567.8 million at December 31, 2025. Source
Unpledged collateral rose to $2.14 billion: Estimated unpledged collateral-qualifying debt securities were $2.14 billion at year end, up from $1.97 billion at September 30. Source
Federal Reserve borrowing capacity $741.9 million: Federal Reserve borrowing access was $741.9 million, based on collateral pledged at year end. Source

Figures management reported

Figure	Reported
Net interest margin Source	3.76% (FTE), fourth quarter 2025
Net interest income Source	$53.5 million (FTE), fourth quarter 2025
Loans and loan growth Source	Average total loans $727.5 million, down 11.5% year over year
Deposits Source	Average total deposits $4.84 billion, down 3.8% year over year
Deposit costs Source	Interest-bearing deposits 0.50% annualized
Provision for credit losses Source	None recorded in the fourth quarter
Net charge-offs Source	Net ACLL losses (286) thousand; -0.16% of average total loans
Nonperforming assets Source	$1.8 million
Efficiency ratio Source	40.1% (FTE)

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Westamerica Bancorporation Reports Fourth Quarter 2025 Financial Results

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
	(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%
	(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%
	(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%
	(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%
	(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%
	(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%
	(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%
	(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
	(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%
				(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
	(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
	(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
	(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.
WESTAMERICA BANCORPORATION
FINANCIAL HIGHLIGHTS
December 31, 2025
1. Net Income Summary.
2. Net Interest Income.
3. Loans & Other Earning Assets.
4. Deposits, Other Interest-Bearing Liabilities & Equity.
5. Interest Yields Earned & Rates Paid.
6. Noninterest Income.
7. Noninterest Expense.
8. Allowance for Credit Losses.
9. Credit Quality.
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.
11. Capital.
12. Period-End Balance Sheets.
13. Income Statements.