WESTAMERICA BANCORPORATION

For the period ended Sep 30, 2025. Filed Nov 7, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 7, 2025

WABC$60.05+0.4%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Item 1. Financial Statements

WESTAMERICA BANCORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	At September 30,	At December 31,
	2025	2024
(In thousands)
Assets:
Cash and due from banks	$659,268	$601,494
Debt securities available for sale	3,305,324	3,395,810
Debt securities held to maturity, net of allowance for credit losses of
(Fair value of $817,188 at September 30, 2025 and $807,838 at December 31, 2024)	826,505	844,634
Loans	741,579	820,300
Allowance for credit losses on loans	(11,859)	(14,780)
Loans, net of allowance for credit losses on loans	729,720	805,520
Premises and equipment, net	25,874	26,133
Identifiable intangibles, net	-	125
Goodwill	121,673	121,673
Other assets	246,074	280,885
Total Assets	$5,914,438	$6,076,274
Liabilities:
Noninterest-bearing deposits	$2,214,100	$2,333,389
Interest-bearing deposits	2,579,079	2,678,461
Total deposits	4,793,179	5,011,850
Securities sold under repurchase agreements	133,651	120,322
Other liabilities	55,962	54,145
Total Liabilities	4,982,792	5,186,317
Contingencies (Note 10)
Shareholders' Equity:
Common stock and additional paid-in-capital
Common stock (no par value), authorized: 150,000 shares issued and outstanding: 25,107 at September 30, 2025 and 26,708 at December 31, 2024	448,565	476,471
Deferred compensation	35	35
Accumulated other comprehensive loss	(99,913)	(168,104)
Retained earnings	582,959	581,555
Total Shareholders' Equity	931,646	889,957
Total Liabilities and Shareholders' Equity	$5,914,438	$6,076,274

See accompanying notes to unaudited consolidated financial statements.

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WESTAMERICA BANCORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

For the Three Months · For the Nine Months
	Ended September 30,
	2025	2024	2025	2024
(In thousands, except per share data)
Interest and Loan Fee Income:
Loans	$10,257	$11,441	$31,449	$34,119
Equity securities	409	388	1,239	1,178
Debt securities available for sale	30,358	40,616	94,376	130,345
Debt securities held to maturity	8,370	8,587	25,312	25,964
Interest-bearing cash	7,840	6,762	21,816	14,006
Total Interest and Loan Fee Income	57,234	67,794	174,192	205,612
Interest Expense:
Deposits	3,453	3,113	9,727	7,679
Bank Term Funding Program borrowings	-	2,278	-	5,813
Securities sold under repurchase agreements	192	254	503	461
Total Interest Expense	3,645	5,645	10,230	13,953
Net Interest and Loan Fee Income	53,589	62,149	163,962	191,659
(Reversal of) Provision for Credit Losses	-	-	(550)	300
Net Interest and Loan Fee Income After (Reversal of) Provision
for Credit Losses	53,589	62,149	164,512	191,359
Noninterest Income:
Service charges on deposit accounts	3,317	3,585	10,066	10,524
Merchant processing services	2,860	2,474	8,280	7,714
Debit card fees	1,603	1,702	4,848	4,951
Trust fees	895	846	2,661	2,451
ATM processing fees	483	533	1,428	1,664
Other service fees	448	454	1,327	1,342
Bank owned life insurance gains	-	202	208	202
Other noninterest income	545	2,129	1,969	3,674
Total Noninterest Income	10,151	11,925	30,787	32,522
Noninterest Expense:
Salaries and related benefits	12,387	12,762	36,816	37,831
Occupancy and equipment	5,253	5,256	15,445	15,454
Outsourced data processing services	2,722	2,614	8,128	7,661
Limited partnership operating losses	915	1,210	2,745	4,090
Courier service	738	682	2,113	2,017
Professional fees	643	337	1,424	1,101
Other noninterest expense	3,142	3,448	9,785	10,384
Total Noninterest Expense	25,800	26,309	76,456	78,538
Income Before Income Taxes	37,940	47,765	118,843	145,343
Provision for income taxes	9,677	12,708	30,477	38,407
Net Income	$28,263	$35,057	$88,366	$106,936
Average Common Shares Outstanding	25,341	26,685	25,953	26,680
Average Diluted Common Shares Outstanding	25,341	26,686	25,953	26,681
Per Common Share Data:
Basic earnings	$1.12	$1.31	$3.40	$4.01
Diluted earnings	1.12	1.31	3.40	4.01
Dividends paid	0.46	0.44	1.36	1.32

See accompanying notes to unaudited consolidated financial statements.

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WESTAMERICA BANCORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

For the Three Months · For the Nine Months
	Ended September 30,
	2025	2024	2025	2024
(In thousands)
Net income	$28,263	$35,057	$88,366	$106,936
Other comprehensive income:
Changes in net unrealized losses on debt securities available for sale	23,899	98,879	96,812	88,915
Deferred tax expense	(7,065)	(29,232)	(28,621)	(26,286)
Changes in net unrealized losses on debt securities available for sale, net of tax	16,834	69,647	68,191	62,629
Total comprehensive income	$45,097	$104,704	$156,557	$169,565

See accompanying notes to unaudited consolidated financial statements.

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WESTAMERICA BANCORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

(Unaudited)

Common · Accumulated
Common · Stock and · Other
Shares · Additional · Deferred · Comprehensive · Retained
	Outstanding	Paid-in Capital	Compensation	(Loss) Income	Earnings	Total
(In thousands except dividend per share)
Balance, June 30, 2025	25,587	$456,929	$35	$(116,747)	$581,566	$921,783
Net income for the period					28,263	28,263
Other comprehensive income				16,834		16,834
Exercise of stock options	8	376				376
Stock based compensation	-	200				200
Stock awarded to employees	-	9				9
Excise tax on net common stock
Repurchase		(239)				(239)
Retirement of common stock	(488)	(8,710)			(15,169)	(23,879)
Dividends ($0.46 per share)					(11,701)	(11,701)
Balance, September 30, 2025	25,107	$448,565	$35	$(99,913)	$582,959	$931,646
Balance, December 31, 2024	26,708	$476,471	$35	$(168,104)	$581,555	$889,957
Net income for the period					88,366	88,366
Other comprehensive income				68,191		68,191
Exercise of stock options	8	376				376
Restricted stock activity	12	623				623
Stock based compensation	-	800				800
Stock awarded to employees	1	59				59
Excise tax on net common stock
Repurchase		(802)				(802)
Retirement of common stock	(1,622)	(28,962)			(51,489)	(80,451)
Dividends ($1.36 per share)					(35,473)	(35,473)
Balance, September 30, 2025	25,107	$448,565	$35	$(99,913)	$582,959	$931,646
Balance, June 30, 2024	26,683	$474,583	$35	$(197,300)	$538,282	$815,600
Net income for the period					35,057	35,057
Other comprehensive income				69,647		69,647
Exercise of stock options	2	95				95
Stock based compensation	-	371				371
Stock awarded to employees	1	12				12
Dividends ($0.44 per share)					(11,742)	(11,742)
Balance, September 30, 2024	26,686	$475,061	$35	$(127,653)	$561,597	$909,040
Balance, December 31, 2023	26,671	$473,136	$35	$(190,282)	$490,005	$772,894
Net income for the period					106,936	106,936
Other comprehensive income				62,629		62,629
Exercise of stock options	7	298				298
Restricted stock activity	11	505				505
Stock based compensation	-	1,144				1,144
Stock awarded to employees	1	60				60
Retirement of common stocks	(4)	(82)			(128)	(210)
Dividends ($1.32 per share)					(35,216)	(35,216)
Balance, September 30, 2024	26,686	$475,061	$35	$(127,653)	$561,597	$909,040

See accompanying notes to unaudited consolidated financial statements.

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WESTAMERICA BANCORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

	For the Nine Months
	Ended September 30,
	2025	2024
(In thousands)
Operating Activities:
Net income	$88,366	$106,936
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,098	8,237
(Reversal of) credit provision for credit losses	(550)	300
Net amortization of deferred loan cost (fees)	240	(354)
Stock option compensation expense	800	1,144
Bank owned life insurance gains	(208)	(202)
Net gain on sale of other assets	-	(1,367)
Income taxes payable (receivable)	3,744	(6,027)
Net changes in:
Interest income receivable	5,222	6,441
Equity securities held for trading	90	-
Other assets	(644)	(711)
Net deferred tax asset	4,212	1,679
Interest expense payable	138	141
Other liabilities	(12,179)	(4,418)
Net Cash Provided by Operating Activities	95,329	111,799
Investing Activities:
Net repayments of loans	75,611	31,140
Purchases of debt securities available for sale	(393,826)	(13,636)
Proceeds from maturity/calls of debt securities available for sale	579,372	515,196
Proceeds from maturity/calls of debt securities held to maturity	22,894	32,792
Proceeds from bank owned life insurance policies	904	1,059
Proceeds from sale of other assets	-	5,378
Purchases of premises and equipment	(1,620)	(1,077)
Net Cash Provided by Investing Activities	283,335	570,852
Financing Activities:
Net change in deposits	(218,671)	(409,217)
Net change in short-term borrowings	13,329	74,325
Exercise of stock options	376	298
Retirement of common stock	(80,451)	(210)
Common stock dividends paid	(35,473)	(35,216)
Net Cash Used in Financing Activities	(320,890)	(370,020)
Net Change In Cash and Due from Banks	57,774	312,631
Cash and Due from Banks at Beginning of Period	601,494	190,314
Cash and Due from Banks at End of Period	$659,268	$502,945
Supplemental Cash Flow Disclosures:
Supplemental disclosure of non cash activities:
Right-of-use assets acquired in exchange for operating lease liabilities	$8,895	$4,553
Securities purchases pending settlement	4,298	-
Supplemental disclosure of cash flow activities:
Cash paid for amounts included in operating lease liabilities	4,899	4,888
Interest paid for the period	10,092	13,812
Income tax payments for the period	22,520	42,755

See accompanying notes to unaudited consolidated financial statements.

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**NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.