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8-K

Westamerica Bancorporation (WABC)

8-K 2026-01-15 For: 2026-01-15
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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):  January 15, 2026

_______________________________

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 January 15, 2026, 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 January 15, 2026
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: January 15, 2026 By: /s/ Anela Jonas
Anela Jonas
Senior Vice President and Chief Financial Officer

EdgarFiling EXHIBIT 99.1

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.
WESTAMERICA BANCORPORATION
FINANCIAL HIGHLIGHTS
December 31, 2025
1. Net Income Summary.
%
Q4'2024 Change Q3'2025
53,549 $ 59,247 -9.6% $ 53,846
- - n/m -
10,003 10,633 -5.9% 10,151
25,466 25,853 -1.5% 25,800
38,086 44,027 -13.5% 38,197
10,279 12,327 -16.6% 9,934
27,807 $ 31,700 -12.3% $ 28,263
24,849 26,699 -6.9% 25,341
24,849 26,701 -6.9% 25,341
1.12 $ 1.19 -5.9% $ 1.12
1.12 1.19 -5.9% 1.12
1.82 % 2.02 % 1.86 %
10.8 % 12.1 % 10.9 %
3.76 % 4.01 % 3.80 %
40.1 % 37.0 % 40.3 %
0.46 $ 0.44 4.5% $ 0.46
41 % 37 % 41 %
%
12/31'24YTD Change
218,347 $ 251,906 -13.3%
(550 ) 300 n/m
40,790 43,155 -5.5%
101,922 104,391 -2.4%
157,765 190,370 -17.1%
41,592 51,734 -19.6%
116,173 $ 138,636 -16.2%
25,674 26,685 -3.8%
25,674 26,686 -3.8%
4.52 $ 5.20 -13.1%
4.52 5.20 -13.1%
1.91 % 2.15 %
11.2 % 13.8 %
3.82 % 4.14 %
39.3 % 35.4 %
1.82 $ 1.76 3.4%
40 % 34 %
2. Net Interest Income.
%
Q4'2024 Change Q3'2025
57,031 $ 62,713 -9.1% $ 57,491
3,482 3,466 0.5% 3,645
53,549 $ 59,247 -9.6% $ 53,846
5,666,854 $ 5,850,620 -3.1% $ 5,621,797
2,731,820 2,796,675 -2.3% 2,724,510
4.00 % 4.25 % 4.06 %
0.24 % 0.24 % 0.26 %
3.76 % 4.01 % 3.80 %
0.51 % 0.49 % 0.53 %
3.49 % 3.76 % 3.53 %
%
12/31'24YTD Change
232,059 $ 269,325 -13.8%
13,712 17,419 -21.3%
218,347 $ 251,906 -13.3%
5,683,462 $ 6,043,966 -6.0%
2,729,864 2,925,742 -6.7%
4.06 % 4.43 %
0.24 % 0.29 %
3.82 % 4.14 %
0.50 % 0.60 %
3.56 % 3.83 %
3. Loans & Other Earning Assets.
%
Q4'2024 Change Q3'2025
6,055,696 $ 6,243,799 -3.0% $ 6,018,937
5,666,854 5,850,620 -3.1% 5,621,797
727,540 821,767 -11.5% 744,046
112,830 131,088 -13.9% 113,215
482,133 503,546 -4.3% 486,751
132,577 187,133 -29.2% 144,080
4,343,373 4,557,436 -4.7% 4,175,230
3,504,978 3,696,151 -5.2% 3,331,315
823,690 847,058 -2.8% 829,341
14,705 14,227 3.4% 14,574
595,941 471,417 26.4% 702,521
15.0 % 16.3 % 15.5 %
%
12/31'24YTD Change
6,075,496 $ 6,444,687 -5.7%
5,683,462 6,043,966 -6.0%
755,731 836,136 -9.6%
115,518 133,569 -13.5%
488,758 493,282 -0.9%
151,455 209,285 -27.6%
4,287,167 4,833,024 -11.3%
3,440,054 3,958,907 -13.1%
832,678 859,890 -3.2%
14,435 14,227 1.5%
640,564 374,806 70.9%
15.5 % 16.2 %
4. Deposits, Other Interest-Bearing Liabilities & Equity.
%
Q4'2024 Change Q3'2025
4,837,964 $ 5,028,363 -3.8% $ 4,806,568
2,236,646 2,342,092 -4.5% 2,201,644
894,816 934,876 -4.3% 895,504
1,636,817 1,666,542 -1.8% 1,636,259
24,428 31,541 -22.6% 25,671
45,257 53,312 -15.1% 47,490
130,502 110,404 18.2% 119,586
130,502 110,404 18.2% 119,586
1,019,086 1,039,017 -1.9% 1,026,618
46.2 % 46.6 % 45.8 %
98.6 % 98.3 % 98.5 %
%
12/31'24YTD Change
4,860,742 $ 5,174,942 -6.1%
2,243,836 2,445,945 -8.3%
908,290 977,912 -7.1%
1,633,610 1,660,227 -1.6%
26,699 33,794 -21.0%
48,307 57,064 -15.3%
112,958 196,745 -42.6%
- 107,364 n/m
112,958 89,381 26.4%
1,034,581 1,003,242 3.1%
46.2 % 47.3 %
98.5 % 98.2 %
5. Interest Yields Earned & Rates Paid.
Income/ Yield (a) /
Expense Rate (a)
5,666,854 $ 57,031 4.00 %
727,540 10,295 5.62 %
112,830 1,695 5.97 %
482,133 6,536 5.38 %
132,577 2,064 6.18 %
4,343,373 40,748 3.74 %
3,504,978 31,860 3.62 %
1,914,010 12,758 2.67 %
487,564 7,375 5.92 %
740,532 8,573 4.63 %
312,190 2,766 3.54 %
50,682 388 3.06 %
823,690 8,426 4.09 %
45,230 270 2.38 %
741,179 7,815 4.22 %
37,281 341 3.66 %
14,705 462 12.59 %
595,941 5,988 3.93 %
5,666,854 3,482 0.24 %
2,731,820 3,482 0.51 %
2,601,318 3,285 0.50 %
894,816 45 0.02 %
1,636,817 3,195 0.77 %
45,257 33 0.29 %
24,428 12 0.18 %
130,502 197 0.60 %
130,502 197 0.60 %
$ 53,549 3.76 %
Income/ Yield (a) /
Expense Rate (a)
5,850,620 $ 62,713 4.25 %
821,767 11,249 5.45 %
131,088 2,107 6.39 %
503,546 6,477 5.12 %
187,133 2,665 5.67 %
4,557,436 45,805 3.99 %
3,696,151 36,734 3.93 %
2,038,474 14,011 2.75 %
1,037,319 17,689 6.67 %
240,259 1,688 2.81 %
310,617 2,776 3.58 %
64,575 507 3.14 %
4,907 63 5.08 %
847,058 8,636 4.08 %
60,572 351 2.31 %
734,395 7,815 4.26 %
52,091 470 3.61 %
14,227 435 12.22 %
471,417 5,659 4.70 %
5,850,620 3,466 0.24 %
2,796,675 3,466 0.49 %
2,686,271 3,262 0.48 %
934,876 46 0.02 %
1,666,542 3,148 0.75 %
53,312 43 0.32 %
31,541 25 0.31 %
110,404 204 0.73 %
110,404 204 0.73 %
$ 59,247 4.01 %
6. Noninterest Income.
%
Q4'2024 Change Q3'2025
3,270 $ 3,501 -6.6% $ 3,317
2,690 2,735 -1.6% 2,860
1,498 1,902 -21.2% 1,603
923 867 6.5% 895
484 506 -4.3% 483
426 428 -0.5% 448
30 - n/m (90 )
682 694 -1.7% 635
10,003 $ 10,633 -5.9% $ 10,151
63,552 $ 69,880 -9.1% $ 63,997
15.7 % 15.2 % 15.9 %
0.27 % 0.28 % 0.27 %
10.15 $ 10.41 -2.5% $ 10.02
%
12/31'24YTD Change
13,336 $ 14,025 -4.9%
10,970 10,449 5.0%
6,346 6,853 -7.4%
3,584 3,318 8.0%
1,912 2,170 -11.9%
1,753 1,770 -1.0%
208 202 3.1%
(60 ) - n/m
2,741 4,368 -37.2%
40,790 $ 43,155 -5.5%
259,137 $ 295,061 -12.2%
15.7 % 14.6 %
0.27 % 0.27 %
10.09 $ 11.06 -8.7%
7. Noninterest Expense.
%
Q4'2024 Change Q3'2025
11,871 $ 12,461 -4.7% $ 12,387
5,426 5,219 4.0% 5,253
2,701 2,610 3.5% 2,722
891 1,095 -18.6% 915
540 369 46.3% 643
843 692 21.8% 738
3,194 3,407 -6.3% 3,142
25,466 $ 25,853 -1.5% $ 25,800
1.78 % 1.76 % 1.82 %
40.1 % 37.0 % 40.3 %
%
12/31'24YTD Change
48,687 $ 50,292 -3.2%
20,871 20,673 1.0%
10,829 10,271 5.4%
3,636 5,185 -29.9%
1,964 1,470 33.6%
2,956 2,709 9.1%
12,979 13,791 -5.9%
101,922 $ 104,391 -2.4%
1.79 % 1.73 %
39.3 % 35.4 %
8. Allowance for Credit Losses.
%
Q4'2024 Change Q3'2025
727,540 $ 821,767 -11.5% $ 744,046
11,859 $ 15,318 -22.6% $ 13,787
- - n/m -
(286 ) (538 ) -46.8% (1,928 )
11,573 $ 14,780 -21.7% $ 11,859
61 % 63 % 22 %
-0.16 % -0.26 % -1.03 %
%
12/31'24YTD Change
755,731 $ 836,136 -9.6%
14,780 $ 16,867 -12.4%
(550 ) 300 n/m
(2,657 ) (2,387 ) 11.3%
11,573 $ 14,780 -21.7%
55 % 64 %
-0.35 % -0.29 %
%
12/31/24 Change 9/30/25
11,573 $ 14,780 -21.7% $ 11,859
1 1 0.0% 1
11,574 $ 14,781 -21.7% $ 11,860
201 $ 201 0.0% $ 201
9. Credit Quality.
%
12/31/24 Change 9/30/25
768 $ 201 282.1% $ 1,619
706 - n/m 728
1,474 201 633.3% 2,347
340 534 -36.3% 297
1,814 $ 735 146.8% $ 2,644
726,482 $ 820,300 -11.4% $ 741,579
5,960,180 6,076,274 -1.9% 5,914,438
11,573 $ 14,780 -21.7% $ 11,859
1.59 % 1.80 % 1.60 %
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
$ 2,541,560
155,881
79,293
934,356
302,412
$ 4,013,502
($ 741,923 )
(710,092 )
(417,531 )
(6,124 )
($ 1,875,670 )
$ 2,137,832
11. Capital.
%
12/31/24 Change 9/30/25
933,509 $ 889,957 4.9% $ 931,646
5,960,180 6,076,274 -1.9% 5,914,438
15.66 % 14.65 % 15.75 %
128.50 % 108.49 % 125.63 %
13.90 % 12.90 % 13.98 %
24,623 26,708 -7.8% 25,107
37.91 $ 33.32 13.8% $ 37.11
47.83 52.46 -8.8% 49.99
%
Q4'2024 Change Q3'2025
485 - n/m 488
48.13 $ - n/m $ 48.96
484 (22 ) n/m 480
%
12/31'24YTD Change
2,107 4 n/m
49.27 $ 45.58 n/m
2,085 (37 ) n/m
12. Period-End Balance Sheets.
%
12/31/24 Change 9/30/25
567,801 $ 601,494 -5.6% $ 659,268
1,804,080 1,835,937 -1.7% 1,797,562
424,614 982,589 -56.8% 561,063
891,906 218,026 309.1% 589,654
302,412 292,117 3.5% 305,192
45,722 62,186 -26.5% 51,853
- 4,955 n/m -
3,468,734 3,395,810 2.1% 3,305,324
43,734 57,927 -24.5% 46,433
742,244 735,447 0.9% 740,545
33,596 51,260 -34.5% 39,527
819,574 844,634 -3.0% 826,505
726,482 820,300 -11.4% 741,579
(11,573 ) (14,780 ) -21.7% (11,859 )
714,909 805,520 -11.2% 729,720
25,722 26,133 -1.6% 25,874
- 125 n/m -
121,673 121,673 0.0% 121,673
241,767 280,885 -13.9% 246,074
5,960,180 $ 6,076,274 -1.9% $ 5,914,438
2,252,490 $ 2,333,389 -3.5% $ 2,214,100
907,124 953,863 -4.9% 881,367
1,613,384 1,642,360 -1.8% 1,626,474
67,021 82,238 -18.5% 71,238
4,840,019 5,011,850 -3.4% 4,793,179
137,298 120,322 14.1% 133,651
137,298 120,322 14.1% 133,651
49,354 54,145 -8.8% 55,962
5,026,671 5,186,317 -3.1% 4,982,792
440,015 476,506 -7.7% 448,600
(91,139 ) (168,104 ) -45.8% (99,913 )
584,633 581,555 0.5% 582,959
933,509 889,957 4.9% 931,646
5,960,180 $ 6,076,274 -1.9% $ 5,914,438
13. Income Statements.
%
Q4'2024 Change Q3'2025
10,233 $ 11,167 -8.4% $ 10,257
433 409 5.9% 409
31,779 36,629 -13.2% 30,358
8,355 8,538 -2.1% 8,370
5,988 5,659 5.8% 7,840
56,788 62,402 -9.0% 57,234
45 46 -2.2% 45
3,195 3,148 1.5% 3,361
45 68 -33.8% 47
197 204 -3.0% 192
3,482 3,466 0.5% 3,645
53,306 58,936 -9.6% 53,589
- - n/m -
3,270 3,501 -6.6% 3,317
2,690 2,735 -1.6% 2,860
1,498 1,902 -21.2% 1,603
923 867 6.5% 895
484 506 -4.3% 483
426 428 -0.5% 448
712 694 2.6% 545
10,003 10,633 -5.9% 10,151
11,871 12,461 -4.7% 12,387
5,426 5,219 4.0% 5,253
2,701 2,610 3.5% 2,722
891 1,095 -18.6% 915
540 369 46.3% 643
843 692 21.8% 738
3,194 3,407 -6.3% 3,142
25,466 25,853 -1.5% 25,800
37,843 43,716 -13.4% 37,940
10,036 12,016 -16.5% 9,677
27,807 $ 31,700 -12.3% $ 28,263
24,849 26,699 -6.9% 25,341
24,849 26,701 -6.9% 25,341
1.12 $ 1.19 -5.9% $ 1.12
1.12 1.19 -5.9% 1.12
0.46 0.44 4.5% 0.46
%
12/31'24YTD Change
41,682 $ 45,286 -8.0%
1,672 1,586 5.4%
126,155 166,975 -24.4%
33,667 34,502 -2.4%
27,804 19,665 41.4%
230,980 268,014 -13.8%
180 281 -35.9%
12,634 10,377 21.8%
198 283 -30.0%
- 5,813 n/m
700 665 5.3%
13,712 17,419 -21.3%
217,268 250,595 -13.3%
(550 ) 300 n/m
13,336 14,025 -4.9%
10,970 10,449 5.0%
6,346 6,853 -7.4%
3,584 3,318 8.0%
1,912 2,170 -11.9%
1,753 1,770 -1.0%
208 202 3.1%
2,681 4,368 -38.6%
40,790 43,155 -5.5%
48,687 50,292 -3.2%
20,871 20,673 1.0%
10,829 10,271 5.4%
3,636 5,185 -29.9%
1,964 1,470 33.6%
2,956 2,709 9.1%
12,979 13,791 -5.9%
101,922 104,391 -2.4%
156,686 189,059 -17.1%
40,513 50,423 -19.7%
116,173 $ 138,636 -16.2%
25,674 26,685 -3.8%
25,674 26,686 -3.8
4.52 $ 5.20 -13.1
4.52 5.20 -13.1
1.82 1.76 3.4%

All values are in US Dollars.

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