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8-K

Westamerica Bancorporation (WABC)

8-K 2025-10-16 For: 2025-10-16
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Added on April 08, 2026

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):  October 16, 2025

_______________________________

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) (I.R.S. Employer Identification No.)

1108 Fifth Avenue

San Rafael, California 94901

(Address of Principal Executive Offices) (Zip Code)

(707) 863-6000

(Registrant's telephone number, including area code)

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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, no par value WABC The Nasdaq Stock Market, LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On October 16, 2025, 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 October 16, 2025
Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

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

WESTAMERICA BANCORPORATION
Date: October 16, 2025 By: /s/ Anela Jonas
Anela Jonas
Senior Vice President and Chief Financial Officer

EdgarFiling EXHIBIT 99.1

Westamerica Bancorporation Reports Third Quarter 2025 Financial Results

SAN RAFAEL, Calif., Oct. 16, 2025 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the third quarter 2025 of $28.3 million and diluted earnings per common share ("EPS") of $1.12. Third quarter 2025 results compare to second quarter 2025 net income of $29.1 million and EPS of $1.12.

"Westamerica’s third quarter 2025 results benefited from the Company’s low-cost operating principles. The annualized cost of funding interest-earning loans, bonds and cash was 0.26 percent for the third quarter 2025. The Company recognized no provision for credit losses in the third quarter 2025. At September 30, 2025, nonperforming assets were $2.6 million and the allowance for credit losses on loans was $11.9 million. Westamerica operated efficiently, spending 40 percent of its revenue on operating costs in the third quarter 2025,” said Chairman, President and CEO David Payne. “Third quarter 2025 results generated an annualized 10.9 percent return on average common equity. Westamerica paid a $0.46 per common share dividend during the third quarter 2025, and retired 488 thousand common shares using its share repurchase plan. Westamerica’s capital ratios remain at historically high levels exceeding the highest regulatory guidelines,” concluded Payne.

Net interest income on a fully-taxable equivalent (FTE) basis was $53.8 million for the third quarter 2025, compared to $54.6 million for the second quarter 2025. The annualized yield earned on loans, bonds and cash for the third quarter 2025 was 4.06 percent compared to 4.07 percent for the second quarter 2025. The annualized cost of funding interest-earning loans, bonds and cash was 0.26 percent for the third quarter 2025 compared to 0.22 percent for the second quarter 2025.

Noninterest income for the third quarter 2025 totaled $10.2 million compared to $10.3 million for the second quarter 2025.

Noninterest expense was $25.8 million for the third quarter 2025 compared to $25.5 million for the second quarter 2025. The increase in noninterest expense is primarily due to higher salaries and benefits expense due to one more business day in the third quarter 2025 compared to the second quarter 2025, higher occupancy and equipment expense and professional fees.

The income tax provision (FTE) for the third quarter 2025 was $10.0 million compared to $10.3 million for the second quarter 2025.

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 Anela Jonas – Investor Relations Contact 707-863-6019 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 June 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.
WESTAMERICA BANCORPORATION
FINANCIAL HIGHLIGHTS
September 30, 2025
1. Net Income Summary.
%
Q3'2024 Change Q2'2025
62,465 -13.8 % 54,562
n/m
-14.9 %
-1.9 %
-20.6 %
-23.7 %
35,057 -19.4 % 29,066
-5.0 %
-5.0 %
1.31 -14.5 % 1.12
-14.5 %
% % %
% % %
% % %
% % %
0.44 4.5 % 0.46
% % %
%
9/30'24YTD Change
192,659 -14.5 %
) n/m
-5.3 %
-2.7 %
-18.2 %
-20.5 %
106,936 -17.4 %
-2.7 %
-2.7 %
4.01 -15.2 %
-15.2 %
% %
% %
% %
% %
1.32 3.0 %
% %
2. Net Interest Income.
%
Q3'2024 Change Q2'2025
68,110 -15.6 % 57,751
-35.4 %
62,465 -13.8 % 54,562
6,062,174 -7.3 % 5,652,443
-7.6 %
% % %
% % %
% % %
% % %
% % %
%
9/30'24YTD Change
206,612 -15.3 %
-26.7 %
192,659 -14.5 %
6,108,885 -6.9 %
-8.1 %
% %
% %
% %
% %
% %
3. Loans & Other Earning Assets.
%
Q3'2024 Change Q2'2025
6,461,843 -6.9 % 6,042,100
-7.3 %
-10.5 %
-16.9 %
-1.3 %
-28.7 %
-11.8 %
-13.9 %
-2.9 %
2.4 %
42.0 %
% % %
%
9/30'24YTD Change
6,512,138 -6.6 %
-6.9 %
-9.0 %
-13.4 %
0.2 %
-27.2 %
-13.3 %
-15.5 %
-3.3 %
0.8 %
91.5 %
% %
4. Deposits, Other Interest-Bearing Liabilities & Equity.
%
Q3'2024 Change Q2'2025
5,092,244 -5.6 % 4,841,803
-9.2 %
-4.5 %
-0.2 %
-21.8 %
-15.3 %
-57.8 %
n/m
3.0 %
1.0 %
% % %
% % %
%
9/30'24YTD Change
5,224,158 -6.8 %
-9.5 %
-8.0 %
-1.5 %
-20.5 %
-15.4 %
-52.6 %
n/m
30.0 %
4.9 %
% %
% %
5. Interest Yields Earned & Rates Paid.
Income/ Yield (a) /
Expense Rate (a)
57,491 4.06 %
5.51 %
6.01 %
5.25 %
5.98 %
3.75 %
3.63 %
2.66 %
6.24 %
4.10 %
3.55 %
3.13 %
4.07 %
2.19 %
4.23 %
3.53 %
11.92 %
4.37 %
0.26 %
0.53 %
0.53 %
0.02 %
0.81 %
0.29 %
0.19 %
0.64 %
0.64 %
53,846 3.80 %
Income/ Yield (a) /
Expense Rate (a)
68,110 4.45 %
5.52 %
7.00 %
5.09 %
5.57 %
4.17 %
4.16 %
2.75 %
7.20 %
2.68 %
3.58 %
3.08 %
5.13 %
4.07 %
2.29 %
4.27 %
3.55 %
11.55 %
5.35 %
0.37 %
0.76 %
0.46 %
0.02 %
0.73 %
0.33 %
0.36 %
3.54 %
5.40 %
0.87 %
62,465 4.08 %
6. Noninterest Income.
%
Q3'2024 Change Q2'2025
3,585 -7.5 % 3,368
15.6 %
-5.8 %
5.8 %
-9.4 %
-1.3 %
n/m
) n/m
-70.2 %
11,925 -14.9 % 10,315
74,390 -14.0 % 64,877
% % %
% % %
11.09 -9.7 % 10.05
%
9/30'24YTD Change
10,524 -4.4 %
7.3 %
-2.1 %
8.6 %
-14.2 %
-1.1 %
n/m
) n/m
-44.0 %
32,522 -5.3 %
225,181 -13.1 %
% %
% %
11.27 -10.6 %
7. Noninterest Expense.
%
Q3'2024 Change Q2'2025
12,762 -2.9 % 12,303
-0.1 %
4.1 %
-24.4 %
90.8 %
8.2 %
-8.9 %
26,309 -1.9 % 25,529
% % %
% % %
%
9/30'24YTD Change
37,831 -2.7 %
-0.1 %
6.1 %
-32.9 %
29.3 %
4.8 %
-5.8 %
78,538 -2.7 %
% %
% %
8. Allowance for Credit Losses.
%
Q3'2024 Change Q2'2025
831,418 -10.5 % 762,216
15,952 -13.6 % 13,914
n/m
) ) n/m )
15,318 -22.6 % 13,787
% % %
% % %
%
9/30'24YTD Change
840,961 -9.0 %
16,867 -12.4 %
) n/m
) ) n/m
15,318 -22.6 %
% %
% %
%
9/30/24 Change 6/30/25
15,318 -22.6 % 13,787
0.0 %
15,319 -22.6 % 13,788
201 0.0 % 201
9. Credit Quality.
%
9/30/24 Change 6/30/25
252 542.5 % -
n/m
831.3 %
-55.5 %
919 187.7 % 4,964
833,967 -11.1 % 748,264
-4.0 %
15,318 -22.6 % 13,787
% % %
% % %
10. Liquidity.
At September 30, 2025, the Company had 659,268 thousand in cash balances. During the twelve months ending September 30, 2026, the Company expects to receive 338,000 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 September 30, 2025, the Company’s debt securities which qualify as collateral for borrowing totaled 3,752,853 thousand. In the ordinary course of business, the Company pledges debt securities as collateral for certain depository customers; at September 30, 2025, the Company had pledged 713,200 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 September 30, 2025, the Company had pledged 647,776 thousand in debt securities at the Federal Reserve Bank. During the nine months ended September 30, 2025, the Company’s average borrowings from the Federal Reserve Bank and correspondent banks were -0- thousand and -0- thousand, respectively, and at September 30, 2025, the Company had no borrowings from the Federal Reserve Bank or other correspondent banks. At September 30, 2025, the Company had access to borrowing from the Federal Reserve up to 647,776 thousand based on collateral pledged at September 30, 2025. At September 30, 2025, the Company’s estimated unpledged collateral qualifying debt securities totaled 1,970,022 thousand. Debt securities eligible as collateral are shown at market value.
(in thousands)
9/30/25
2,531,359
3,752,853
(647,776 )
)
)
)
(1,782,831 )
1,970,022
11. Capital.
%
9/30/24 Change 6/30/25
909,040 2.5 % 921,783
-4.0 %
% % %
% % %
% % %
-5.9 %
34.06 8.9 % 36.03
1.2 %
%
Q3'2024 Change Q2'2025
n/m
- n/m 49.61
) n/m
%
9/30'24YTD Change
n/m
45.58 n/m
) n/m
12. Period-End Balance Sheets.
%
9/30/24 Change 6/30/25
502,945 31.1 % 626,437
-5.5 %
-48.0 %
159.1 %
0.5 %
-18.8 %
n/m
-7.7 %
-26.0 %
0.9 %
-26.5 %
-2.8 %
-11.1 %
) ) -22.6 % )
-10.9 %
-1.0 %
n/m
0.0 %
-5.7 %
6,161,143 -4.0 % 5,825,069
2,375,958 -6.8 % 2,175,841
-4.8 %
-3.0 %
-17.5 %
-5.4 %
0.9 %
0.9 %
2.6 %
-5.1 %
-5.6 %
) ) -21.7 % )
3.8 %
2.5 %
6,161,143 -4.0 % 5,825,069
13. Income Statements.
%
Q3'2024 Change Q2'2025
11,441 -10.3 % 10,523
5.4 %
-25.3 %
-2.5 %
15.9 %
-15.6 %
-4.3 %
12.4 %
-38.2 %
n/m
-24.5 %
-35.4 %
-13.8 %
n/m
-7.5 %
15.6 %
-5.8 %
5.8 %
-9.4 %
-1.3 %
n/m
-74.4 %
-14.9 %
-2.9 %
-0.1 %
4.1 %
-24.4 %
90.8 %
8.2 %
-8.9 %
-1.9 %
-20.6 %
-23.9 %
35,057 -19.4 % 29,066
-5.0 %
-5.0 %
1.31 -14.5 % 1.12
-14.5 %
4.5 %
%
9/30'24YTD Change
34,119 -7.8 %
5.2 %
-27.6 %
-2.5 %
55.8 %
-15.3 %
-42.6 %
30.6 %
-28.8 %
n/m
9.1 %
-26.7 %
-14.5 %
) n/m
-4.4 %
7.3 %
-2.1 %
8.6 %
-14.2 %
-1.1 %
n/m
-46.4 %
-5.3 %
-2.7 %
-0.1 %
6.1 %
-32.9 %
29.3 %
4.8 %
-5.8 %
-2.7 %
-18.2 %
-20.6 %
106,936 -17.4 %
-2.7 %
-2.7 %
4.01 -15.2 %
-15.2 %
3.0 %

All values are in US Dollars.

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