Revenue: As of FY2025, the actual value is USD 271.77 M, beating the estimate of USD 257.5 M.EPS: As of FY2025, the actual value is USD 4.52, beating the estimate of USD 4.47.EBIT: As of FY2025, the actual value is USD -60.58 M, missing the estimate of USD 155.3 M.<h4>Financial Overview</h4>Westamerica Bancorporation reported net income of $116,173 thousand in 2025, a decrease from $138,636 thousand in 2024 and $161,768 thousand in 2023. The company recorded a - $550 thousand reversal of provision for credit losses in 2025, compared to a $300 thousand provision in 2024 and a - $1,150 thousand reversal in 2023. Noninterest expense decreased to $101,922 thousand in 2025 from $104,391 thousand in 2024, which had increased from $103,216 thousand in 2023.<h4>Operational Metrics</h4><ul><li>Return on assets was 1.91% in 2025, 2.15% in 2024, and 2.35% in 2023.</li><li>Return on common equity was 11.23% in 2025, 13.82% in 2024, and 18.08% in 2023.</li><li>Net interest margin (FTE) was 3.82% in 2025, 4.14% in 2024, and 4.37% in 2023.</li><li>The yield on earning assets (FTE) was 4.06% in 2025, 4.43% in 2024, and 4.43% in 2023.</li><li>The Company’s funding costs were 0.24% in 2025, 0.29% in 2024, and 0.06% in 2023.</li><li>Net loan losses to average loans were -0.35% in 2025, -0.29% in 2024, and -0.25% in 2023.</li><li>Efficiency ratio was 39.3% in 2025, 35.4% in 2024, and 31.7% in 2023.</li><li>Equity to assets was 15.66% at December 31, 2025, 14.65% at December 31, 2024, and 12.14% at December 31, 2023.</li><li>Common dividend payout ratio was 40% in 2025, 34% in 2024, and 28% in 2023.</li></ul><h4>Segment Revenue (Noninterest Income Components)</h4><ul><li>Service charges on deposit accounts were $13,336 thousand in 2025, $14,025 thousand in 2024, and $14,169 thousand in 2023.</li><li>Merchant processing services generated $10,970 thousand in 2025, $10,449 thousand in 2024, and $11,280 thousand in 2023.</li><li>Debit card fees were $6,346 thousand in 2025, $6,853 thousand in 2024, and $7,185 thousand in 2023.</li><li>Trust fees were $3,584 thousand in 2025, $3,318 thousand in 2024, and $3,122 thousand in 2023.</li><li>ATM processing fees were $1,912 thousand in 2025, $2,170 thousand in 2024, and $2,618 thousand in 2023.</li><li>Other service fees amounted to $1,753 thousand in 2025, $1,770 thousand in 2024, and $1,765 thousand in 2023.</li><li>Bank owned life insurance gains were $208 thousand in 2025, $202 thousand in 2024, and $279 thousand in 2023.</li><li>Losses on sale of securities were - $0 thousand in 2025, - $0 thousand in 2024, and - $125 thousand in 2023.</li><li>Unrealized losses on equity securities were - $60 thousand in 2025, - $0 thousand in 2024, and - $0 thousand in 2023.</li><li>Other noninterest income was $2,741 thousand in 2025, $4,368 thousand in 2024, and $3,229 thousand in 2023.</li></ul><h4>Operational Costs (Noninterest Expense Components)</h4><ul><li>Salaries and related benefits were $48,687 thousand in 2025, $50,292 thousand in 2024, and $47,871 thousand in 2023.</li><li>Occupancy and equipment costs were $20,871 thousand in 2025, $20,673 thousand in 2024, and $20,520 thousand in 2023.</li><li>Outsourced data processing services cost $10,829 thousand in 2025, $10,271 thousand in 2024, and $9,846 thousand in 2023.</li><li>Limited partnership operating losses were $3,636 thousand in 2025, $5,185 thousand in 2024, and $5,754 thousand in 2023.</li><li>Courier service expenses were $2,956 thousand in 2025, $2,709 thousand in 2024, and $2,652 thousand in 2023.</li><li>Professional fees were $1,964 thousand in 2025, $1,470 thousand in 2024, and $1,751 thousand in 2023.</li><li>Other noninterest expense amounted to $12,979 thousand in 2025, $13,791 thousand in 2024, and $14,822 thousand in 2023.</li></ul><h4>Loan Portfolio Metrics</h4><ul><li>Total loans at period end were $726,482 thousand at December 31, 2025, $820,300 thousand at December 31, 2024, and $866,602 thousand at December 31, 2023.</li><li>Allowance for credit losses on loans was $11,573 thousand at December 31, 2025, $14,780 thousand at December 31, 2024, and $16,867 thousand at December 31, 2023.</li><li>Nonaccrual loans were $1,474 thousand at December 31, 2025, $201 thousand at December 31, 2024, and $403 thousand at December 31, 2023.</li><li>Allowance for credit losses as a percentage of loans was 1.59% at December 31, 2025, 1.80% at December 31, 2024, and 1.95% at December 31, 2023.</li><li>Nonaccrual loans as a percentage of loans were 0.20% at December 31, 2025, 0.02% at December 31, 2024, and 0.05% at December 31, 2023.</li><li>Allowance for credit losses to nonaccrual loans was 785.14% at December 31, 2025, 7353.23% at December 31, 2024, and 4185.36% at December 31, 2023.</li></ul><h4>Capital Ratios</h4><ul><li>Total risk based capital (Company) was 23.05% at December 31, 2025, 22.82% at December 31, 2024, and 19.15% at December 31, 2023.</li><li>Tangible equity to tangible assets (Company) was 13.90% at December 31, 2025, 12.90% at December 31, 2024, and 10.43% at December 31, 2023.</li><li>Common Equity Tier I Capital (Company) was 22.75% at December 31, 2025, and 22.46% at December 31, 2024.</li><li>Tier I Capital (Company) was 22.75% at December 31, 2025, and 22.46% at December 31, 2024.</li><li>Total Capital (Company) was 23.05% at December 31, 2025, and 22.82% at December 31, 2024.</li><li>Leverage Ratio (Company) was 15.22% at December 31, 2025, and 15.30% at December 31, 2024.</li></ul><h4>Liquidity and Funding</h4><ul><li>Total deposits were $4,840,019 thousand at December 31, 2025, and $5,011,850 thousand at December 31, 2024.</li><li>Short-term borrowed funds were $137,298 thousand at December 31, 2025, $120,322 thousand at December 31, 2024, and $58,162 thousand at December 31, 2023.</li><li>Estimated federally uninsured total deposits were $2,457 million at December 31, 2025.</li><li>Debt securities available to pledge were $2,137,832 thousand at December 31, 2025.</li></ul><h4>Outlook / Guidance</h4>Westamerica Bancorporation expects to continue paying quarterly dividends, subject to the Board’s discretion and evaluation of capital, earnings, and asset quality. The Bank anticipates maintaining regulatory capital levels above minimum well-capitalized requirements. Management continues to assess the impacts of inflation, Federal Reserve policy, tariffs, international trade tensions, and climate changes on its business, noting potential industry volatility.

Westamerica Bancorp | 10-K: FY2025 Revenue Beats Estimate at USD 271.77 M