Westamerica Bancorporation

NASDAQ•WABC

CEO: Mr. David L. Payne

Sector: Financial Services

Industry: Banks - Regional

Listing Date: 1980-03-17

Westamerica Bancorporation operates as a bank holding company for the Westamerica Bank that provides various banking products and services to individual and commercial customers. The company accepts various deposit products, including retail savings and checking accounts, as well as certificates of deposit. Its loan portfolio includes commercial, commercial and residential real estate, real estate construction, and consumer installment loans, as well as indirect automobile loans. The company was formerly known as Independent Bankshares Corporation and changed its name to Westamerica Bancorporation in 1983. The company was founded in 1884 and is headquartered in San Rafael, California.

Contact Information

1108 Fifth Avenue, San Rafael, CA, 94901, United States

707-863-6000

www.westamerica.com

Market Cap

$1.25B

P/E (TTM)

10.7

14.6

Dividend Yield

3.7%

52W High

$53.48

52W Low

$42.00

52W Range

69%

Rank20Top 6.4%

6.1

F-Score

Modified Piotroski Analysis

Based on 10-year fundamentals

Strong • 6.1 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2016-2025

Financial Dashboard

Q4 2025 Data

Revenue

$66.79M-8.55%

4-Quarter Trend

EPS

$1.12-5.96%

4-Quarter Trend

FCF

$25.44M+0.00%

4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Net Income Declines Sharply Net income fell to $116.2M in 2025 from $138.6M in 2024; ROE dropped to 11.23% due to lower NII and higher expense ratios.

NIM Compression Continues Fully taxable equivalent NIM decreased to 3.82% in 2025 from 4.14% in 2024, driven by lower earning asset yields and reduced investment security balances.

Strong Capital Ratios Maintained Total risk-based capital ratio improved slightly to 23.05% by year-end 2025, supporting $933.5M in shareholders' equity.

Asset Quality Deteriorates Slightly Net loan chargeoffs increased to (0.35)% of average loans in 2025 from (0.29)% in 2024; provision resulted in a $550K reversal.

Risk Factors

Geographic Concentration Risk Operations and loan collateral are substantially concentrated in California, exposing results to regional economic downturns and natural disasters like drought.

Interest Rate Risk Exposure Dynamic simulation shows a 6.6% decline in net interest income if rates fall 2.0%, indicating asset sensitivity risk under falling rate scenarios.

Cybersecurity and System Failures Heavy reliance on information systems and third-party vendors creates risk of data breaches, operational disruption, and potential financial liability.

Competitive Banking Environment Intense competition from larger banks and fintechs pressures loan terms and deposit gathering, potentially slowing growth rates and impacting profitability.

Outlook

Continued Regulatory Scrutiny Management expects the current level of enforcement and compliance-related activities from federal and state authorities to continue increasing.

Capital Management Focus Management satisfied with capital levels but will continue projecting capital based on earnings, dividends, and active share repurchase activity.

Climate Change Transition Risks Company faces transition risks related to renewable energy shifts and potential policy changes impacting customers and operational resilience.

Loan Portfolio Deterioration Potential Credit quality remains reasonably stable, but management cannot assure that nonaccrual or delinquent loans will not increase due to external economic factors.

Peer Comparison

Revenue (TTM)

CFR

$2.92B

+2.5%

CNOB

$676.39M

+26.5%

OCFC

$660.40M

-4.0%

Gross Margin (Latest Quarter)

WABC

94.8%

-0.5pp

CFR

76.4%

+0.0pp

BFC

73.2%

+2.6pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
CFR	$8.43B	13.1	15.0%	9.0%
BFC	$1.50B	18.5	11.3%	2.7%
BY	$1.40B	10.6	10.8%	5.9%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

-1.5%

Flat Growth

4Q Net Income CAGR

-3.6%

Stable Profitability

Cash Flow Stability

100%

Strong Cash Flow

Deep Research

Next earnings:Apr 15, 2026

EPS:-

Revenue:-

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data