AG˹ٷ

STOCK TITAN

Westamerica Bancorporation Reports Second Quarter 2025 Financial Results

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags

Westamerica Bancorporation (Nasdaq: WABC) reported Q2 2025 financial results with net income of $29.1 million and diluted EPS of $1.12, compared to Q1 2025's $31.0 million and $1.16 EPS. The bank maintained strong operational efficiency with a 39% efficiency ratio and generated an 11.2% return on equity.

Key financial metrics include net interest income (FTE) of $54.6 million, down from $56.4 million in Q1 2025, with an annualized yield of 4.07% on loans, bonds and cash. The bank's cost of funding remained low at 0.22%. The company maintained strong asset quality with nonperforming assets of $5.0 million and an allowance for credit losses of $13.8 million.

During Q2, Westamerica paid a $0.46 dividend per share and repurchased 773,000 common shares while maintaining capital ratios above regulatory guidelines.

Westamerica Bancorporation (Nasdaq: WABC) ha comunicato i risultati finanziari del secondo trimestre 2025 con un utile netto di 29,1 milioni di dollari e un utile diluito per azione (EPS) di 1,12 dollari, rispetto ai 31,0 milioni di dollari e all'EPS di 1,16 del primo trimestre 2025. La banca ha mantenuto un'elevata efficienza operativa con un rapporto di efficienza del 39% e ha generato un rendimento sul capitale proprio dell'11,2%.

I principali indicatori finanziari includono un reddito netto da interessi (FTE) di 54,6 milioni di dollari, in calo rispetto ai 56,4 milioni del primo trimestre 2025, con un rendimento annualizzato del 4,07% su prestiti, obbligazioni e liquidità. Il costo del finanziamento della banca è rimasto basso, allo 0,22%. L'azienda ha mantenuto un'elevata qualità degli attivi con attività non performanti pari a 5,0 milioni di dollari e un accantonamento per perdite su crediti di 13,8 milioni di dollari.

Nel secondo trimestre, Westamerica ha distribuito un dividendo di 0,46 dollari per azione e ha riacquistato 773.000 azioni ordinarie, mantenendo al contempo i coefficienti patrimoniali al di sopra delle normative vigenti.

Westamerica Bancorporation (Nasdaq: WABC) informó los resultados financieros del segundo trimestre de 2025 con un ingreso neto de 29,1 millones de dólares y ganancias diluidas por acción (EPS) de 1,12 dólares, en comparación con los 31,0 millones y un EPS de 1,16 del primer trimestre de 2025. El banco mantuvo una fuerte eficiencia operativa con una relación de eficiencia del 39% y generó un retorno sobre el capital del 11,2%.

Los principales indicadores financieros incluyen un ingreso neto por intereses (FTE) de 54,6 millones de dólares, inferior a los 56,4 millones del primer trimestre de 2025, con un rendimiento anualizado del 4,07% sobre préstamos, bonos y efectivo. El costo de financiamiento del banco se mantuvo bajo en 0,22%. La compañía mantuvo una sólida calidad de activos con activos no productivos por 5,0 millones de dólares y una provisión para pérdidas crediticias de 13,8 millones de dólares.

Durante el segundo trimestre, Westamerica pagó un dividendo de 0,46 dólares por acción y recompró 773,000 acciones comunes, manteniendo al mismo tiempo ratios de capital por encima de las directrices regulatorias.

Westamerica Bancorporation (나스�: WABC)� 2025� 2분기 재무 실적� 발표하며 순이� 2,910� 달러와 희석 주당순이�(EPS) 1.12달러� 기록했으�, 이는 2025� 1분기� 3,100� 달러와 EPS 1.16달러� 비해 다소 감소� 수치입니�. 은행은 39%� 효율� 비율� 강력� 운영 효율성을 유지했으�, 자기자본이익� 11.2%� 달성했습니다.

주요 재무 지표로� 1분기 5,640� 달러에서 감소� 순이자수�(FTE) 5,460� 달러가 있으�, 대�, 채권 � 현금� 대� 연환� 수익률은 4.07%입니�. 은행의 자금 조달 비용은 0.22%� 낮게 유지되었습니�. 회사� 5백만 달러� 부� 자산� 1,380� 달러� 대손충당금� 통해 우수� 자산 건전성을 유지했습니다.

2분기 동안 Westamerica� 주당 0.46달러� 배당�� 지급하� 77� 3� 주의 보통주를 재매입했으며, 규제 기준� 상회하는 자본 비율� 유지했습니다.

Westamerica Bancorporation (Nasdaq : WABC) a publié ses résultats financiers du deuxième trimestre 2025 avec un revenu net de 29,1 millions de dollars et un bénéfice par action dilué (BPA) de 1,12 dollar, comparé aux 31,0 millions de dollars et au BPA de 1,16 du premier trimestre 2025. La banque a maintenu une forte efficience opérationnelle avec un ratio d'efficacité de 39% et a généré un rendement des capitaux propres de 11,2%.

Les principaux indicateurs financiers incluent un revenu net d'intérêts (FTE) de 54,6 millions de dollars, en baisse par rapport à 56,4 millions au premier trimestre 2025, avec un rendement annualisé de 4,07% sur les prêts, obligations et liquidités. Le coût du financement de la banque est resté faible à 0,22%. La société a maintenu une solide qualité d'actifs avec des actifs non performants de 5,0 millions de dollars et une provision pour pertes sur crédits de 13,8 millions de dollars.

Au cours du deuxième trimestre, Westamerica a versé un dividende de 0,46 dollar par action et a racheté 773 000 actions ordinaires tout en maintenant des ratios de capital supérieurs aux exigences réglementaires.

Westamerica Bancorporation (Nasdaq: WABC) meldete die Finanzergebnisse für das zweite Quartal 2025 mit einem Nettoeinkommen von 29,1 Millionen US-Dollar und einem verwässerten Ergebnis je Aktie (EPS) von 1,12 US-Dollar, verglichen mit 31,0 Millionen US-Dollar und einem EPS von 1,16 im ersten Quartal 2025. Die Bank behielt eine starke operative Effizienz mit einer Effizienzquote von 39% bei und erzielte eine Eigenkapitalrendite von 11,2%.

Zu den wichtigsten finanziellen Kennzahlen gehören ein Nettozinsertrag (FTE) von 54,6 Millionen US-Dollar, der gegenüber 56,4 Millionen im ersten Quartal 2025 zurückging, mit einer annualisierten Rendite von 4,07% auf Kredite, Anleihen und Bargeld. Die Finanzierungskosten der Bank blieben mit 0,22% niedrig. Das Unternehmen hielt eine starke Vermögensqualität mit notleidenden Vermögenswerten von 5,0 Millionen US-Dollar und einer Rückstellung für Kreditverluste von 13,8 Millionen US-Dollar aufrecht.

Im zweiten Quartal zahlte Westamerica eine Dividende von 0,46 US-Dollar pro Aktie und kaufte 773.000 Stammaktien zurück, während es die Kapitalquoten über den regulatorischen Vorgaben hielt.

Positive
  • Low cost of funding at 0.22% for Q2 2025
  • Strong efficiency ratio of 39%
  • No provision for credit losses required in Q2 2025
  • Low nonperforming assets of $5.0 million
  • Active capital return through $0.46 dividend and 773,000 share repurchase
  • Capital ratios remain above highest regulatory guidelines
Negative
  • Net income declined to $29.1M in Q2 from $31.0M in Q1 2025
  • Net interest income (FTE) decreased to $54.6M from $56.4M quarter-over-quarter
  • Return on equity declined to 11.2% from 11.9% in previous quarter
  • Total loans decreased 9.0% year-over-year
  • Net interest margin contracted to 3.85% from 3.90% in Q1 2025

Insights

Westamerica delivered solid Q2 results with strong efficiency metrics despite net income declining from both Q1 2025 and year-over-year.

Westamerica Bancorporation reported Q2 2025 net income of $29.1 million with EPS of $1.12, down from $31.0 million ($1.16 per share) in Q1 2025 and $35.5 million ($1.33 per share) in Q2 2024. This represents an 18.0% year-over-year decline in net income.

The bank's performance reflects both strengths and challenges. On the positive side, Westamerica maintained exceptional cost efficiency with an efficiency ratio of 39.3%, meaning it spent just 39 cents to generate each dollar of revenue. Its funding costs remained remarkably low at 0.22%, significantly below industry averages.

However, the bank faced pressure on interest income. Net interest income (FTE) decreased to $54.6 million from $56.4 million in Q1 2025 and $64.1 million in Q2 2024. The net interest margin compressed to 3.85% from 3.90% in Q1 2025 and 4.15% a year ago, reflecting yield pressure on earning assets.

Asset quality remains extremely strong with nonperforming assets of just $5.0 million against an allowance for credit losses of $13.8 million. This strength allowed the bank to avoid any provision for credit losses during the quarter.

Westamerica's capital management is noteworthy. The bank maintained a 11.2% return on equity while returning capital to shareholders through both dividends ($0.46 per share) and share repurchases (773,000 shares). This combined approach to capital return helped support EPS despite declining net income.

The bank's loan portfolio decreased by 9.0% year-over-year to $762.2 million, with consumer loans showing the largest decline at 27.6%. Deposits also contracted by 6.9% year-over-year to $4.84 billion, with the loan-to-deposit ratio at a conservative 15.7%.

SAN RAFAEL, Calif., July 17, 2025 (GLOBE NEWSWIRE) -- Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the second quarter 2025 of $29.1 million and diluted earnings per common share ("EPS") of $1.12. Second quarter 2025 results compare to first quarter 2025 net income of $31.0 million and EPS of $1.16.

"Westamerica’s second quarter 2025 results benefited from the Company’s low-cost operating principles. The annualized cost of funding interest-earning loans, bonds and cash was 0.22 percent for the second quarter 2025. The Company recognized no provision for credit losses in the second quarter 2025. At June 30, 2025, nonperforming assets were $5.0 million and the allowance for credit losses on loans was $13.8 million. Westamerica operated efficiently, spending 39 percent of its revenue on operating costs in the second quarter 2025�, said Chairman, President and CEO David Payne. “Second quarter 2025 results generated an annualized 11.2 percent return on average common equity. Westamerica paid a $0.46 per common share dividend during the second quarter 2025, and retired 773 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 $54.6 million for the second quarter 2025, compared to $56.4 million for the first quarter 2025. The annualized yield earned on loans, bonds and cash for the second quarter 2025 was 4.07 percent, compared to 4.14 percent for the first quarter 2025. The annualized cost of funding interest-earning loans, bonds and cash was 0.22 percent for the second quarter 2025, compared to 0.24 percent for the first quarter 2025.

The Company provided no provision for credit losses in the second quarter 2025 compared to a $550 thousand reversal of provision for credit losses in the first quarter of 2025. The allowance for credit losses on loans was $13.8 million at June 30, 2025 compared to $13.9 million at March 31, 2025.

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

Noninterest expenses were $25.5 million for the second quarter 2025 and $25.1 million for the first quarter 2025. The increase in noninterest expense is primarily due to higher salaries and benefits expense due to more business days in the second quarter 2025 compared to the first quarter 2025 and higher occupancy and equipment expense.

The income tax provision (FTE) for the second quarter 2025 was $10.3 million compared to $11.1 million for the first 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:

For additional information contact:
Westamerica Bancorporation
1108 Fifth Avenue, San Rafael, CA 94901
Robert A. Thorson � Investor Relations Contact
707-863-6090

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 March 31, 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.

Public Information July 17, 2025
WESTAMERICA BANCORPORATION
FINANCIAL HIGHLIGHTS
June 30, 2025
1. Net Income Summary.
(in thousands except per-share amounts)
%
Q2'2025Q2'2024ChangeQ1'2025
Net Interest and Loan Fee
Income (FTE)$54,562$64,100-14.9%$56,390
Reversal of Provision
for Credit Losses--n/m(550)
Noninterest Income10,31510,500-1.8%10,321
Noninterest Expense25,52926,130-2.3%25,127
Income Before Taxes (FTE)39,34848,470-18.8%42,134
Income Tax Provision (FTE)10,28213,008-21.0%11,097
Net Income$29,066$35,462-18.0%$31,037
Average Common Shares
Outstanding25,88926,680-3.0%26,642
Diluted Average Common
Shares Outstanding25,88926,681-3.0%26,642
Operating Ratios:
Basic Earnings Per Common
Share$1.12$1.33-15.8%$1.16
Diluted Earnings Per
Common Share1.121.33-15.8%1.16
Return On Assets (a)1.93%2.18%2.03%
Return On Common
Equity (a)11.2%14.4%11.9%
Net Interest Margin (FTE) (a)3.85%4.15%3.90%
Efficiency Ratio (FTE)39.3%35.0%37.7%
Dividends Paid Per Common
Share$0.46$0.444.5%$0.44
Common Dividend Payout
Ratio41%33%38%
%
6/30'25YTD6/30'24YTDChange
Net Interest and Loan Fee
Income (FTE)$110,952$130,194-14.8%
(Reversal of) Provision
for Credit Losses(550)300n/m
Noninterest Income20,63620,5970.2%
Noninterest Expense50,65652,229-3.0%
Income Before Taxes (FTE)81,48298,262-17.1%
Income Tax Provision (FTE)21,37926,383-19.0%
Net Income$60,103$71,879-16.4%
Average Common Shares
Outstanding26,26326,677-1.6%
Diluted Average Common
Shares Outstanding26,26326,678-1.6%
Operating Ratios:
Basic Earnings Per Common
Share$2.29$2.69-14.9%
Diluted Earnings Per
Common Share2.292.69-14.9%
Return On Assets (a)1.98%2.21%
Return On Common
Equity (a)11.6%14.8%
Net Interest Margin (FTE) (a)3.87%4.23%
Efficiency Ratio (FTE)38.5%34.6%
Dividends Paid Per Common
Share$0.90$0.882.3%
Common Dividend Payout
Ratio39%33%
2. Net Interest Income.
(dollars in thousands)
%
Q2'2025Q2'2024ChangeQ1'2025
Interest and Loan Fee
Income (FTE)$57,751$69,407-16.8%$59,786
Interest Expense3,1895,307-39.9%3,396
Net Interest and Loan Fee
Income (FTE)$54,562$64,100-14.9%$56,390
Average Earning Assets$5,652,443$6,145,626-8.0%$5,794,836
Average Interest-Bearing
Liabilities2,693,5053,001,786-10.3%2,770,099
Yield on Earning Assets
(FTE) (a)4.07%4.50%4.14%
Cost of Funds (a)0.22%0.35%0.24%
Net Interest Margin (FTE) (a)3.85%4.15%3.90%
Interest Expense /
Interest-Bearing
Liabilities (a)0.48%0.71%0.50%
Net Interest Spread (FTE) (a)3.59%3.79%3.64%
%
6/30'25YTD6/30'24YTDChange
Interest and Loan Fee
Income (FTE)$117,537$138,502-15.1%
Interest Expense6,5858,308-20.7%
Net Interest and Loan Fee
Income (FTE)$110,952$130,194-14.8%
Average Earning Assets$5,723,246$6,132,497-6.7%
Average Interest-Bearing
Liabilities2,731,5902,978,676-8.3%
Yield on Earning Assets
(FTE) (a)4.11%4.50%
Cost of Funds (a)0.24%0.27%
Net Interest Margin (FTE) (a)3.87%4.23%
Interest Expense /
Interest-Bearing
Liabilities (a)0.49%0.56%
Net Interest Spread (FTE) (a)3.62%3.94%
3. Loans & Other Earning Assets.
(average volume, dollars in thousands)
%
Q2'2025Q2'2024ChangeQ1'2025
Total Assets$6,042,100$6,549,203-7.7%$6,187,321
Total Earning Assets5,652,4436,145,626-8.0%5,794,836
Total Loans762,216838,016-9.0%789,935
Commercial Loans115,943133,605-13.2%120,189
Commercial AG˹ٷ Estate
Loans488,960487,2090.4%497,379
Consumer Loans157,313217,202-27.6%172,367
Total Investment Securities4,236,3034,944,191-14.3%4,395,565
Debt Securities Available for
Sale3,400,1994,079,896-16.7%3,553,755
Debt Securities Held to
Maturity836,104864,295-3.3%841,810
Total Interest-Bearing Cash653,924363,41979.9%609,336
Loans / Deposits15.7%16.1%15.9%
%
6/30'25YTD6/30'24YTDChange
Total Assets$6,114,310$6,537,562-6.5%
Total Earning Assets5,723,2466,132,497-6.7%
Total Loans775,999845,785-8.3%
Commercial Loans118,054133,514-11.6%
Commercial AG˹ٷ Estate
Loans493,146488,0991.0%
Consumer Loans164,799224,172-26.5%
Total Investment Securities4,315,4945,021,365-14.1%
Debt Securities Available for
Sale3,476,5534,152,185-16.3%
Debt Securities Held to
Maturity838,941869,180-3.5%
Total Interest-Bearing Cash631,753265,347138.1%
Loans / Deposits15.8%16.0%
4. Deposits, Other Interest-Bearing Liabilities & Equity.
(average volume, dollars in thousands)
%
Q2'2025Q2'2024ChangeQ1'2025
Total Deposits$4,841,803$5,202,620-6.9%$4,958,554
Noninterest Demand2,245,0772,485,023-9.7%2,293,059
Interest-Bearing Transaction908,367981,703-7.5%935,054
Savings1,611,8451,642,806-1.9%1,649,631
Time greater than $100K27,30634,721-21.4%29,460
Time less than $100K49,20858,367-15.7%51,350
Total Short-Term Borrowings96,779284,189-65.9%104,604
Bank Term Funding Program
Borrowings-200,000n/m-
Securities Sold under
Repurchase Agreements96,77984,18915.0%104,604
Shareholders' Equity1,037,185990,9274.7%1,055,925
Demand Deposits /
Total Deposits46.4%47.8%46.2%
Transaction & Savings
Deposits / Total Deposits98.4%98.2%98.4%
%
6/30'25YTD6/30'24YTDChange
Total Deposits$4,899,856$5,290,840-7.4%
Noninterest Demand2,268,9362,508,702-9.6%
Interest-Bearing Transaction921,6371,019,998-9.6%
Savings1,630,6331,667,261-2.2%
Time greater than $100K28,37735,427-19.9%
Time less than $100K50,27359,452-15.4%
Total Short-Term Borrowings100,670196,538-48.8%
Bank Term Funding Program
Borrowings-131,291n/m
Securities Sold under
Repurchase Agreements100,67065,24754.3%
Shareholders' Equity1,046,504978,3847.0%
Demand Deposits /
Total Deposits46.3%47.4%
Transaction & Savings
Deposits / Total Deposits98.4%98.2%
5. Interest Yields Earned & Rates Paid.
(dollars in thousands)
Q2'2025
AverageIncome/Yield (a) /
VolumeExpenseRate (a)
Interest & Loan Fee Income Earned:
Total Earning Assets (FTE)$5,652,443$57,7514.07%
Total Loans (FTE)762,21610,5915.57%
Commercial Loans (FTE)115,9431,8336.34%
Commercial AG˹ٷ Estate
Loans488,9606,4525.29%
Consumer Loans157,3132,3065.88%
Total Investments (FTE)4,236,30339,8873.75%
Total Debt Securities
Available for Sale (FTE)3,400,19931,3543.67%
Corporate Securities1,945,95912,8982.65%
Collateralized Loan
Obligations792,91412,4056.19%
Agency Mortgage Backed
Securities273,0832,3343.42%
Securities of U.S.
Government Sponsored
Entities311,9232,7773.56%
Obligations of States and
Political Subdivisions
(FTE)62,0935063.26%
Other Debt Securities
Available for Sale (FTE)14,22743412.21%
Total Debt Securities Held to
Maturity (FTE)836,1048,5334.08%
Agency Mortgage Backed
Securities51,8393042.35%
Corporate Securities737,7877,8164.24%
Obligations of States and
Political Subdivisions
(FTE)46,4784133.56%
Total Interest-Bearing Cash653,9247,2734.40%
Interest Expense Paid:
Total Earning Assets5,652,4433,1890.22%
Total Interest-Bearing
Liabilities2,693,5053,1890.48%
Total Interest-Bearing
Deposits2,596,7263,0450.47%
Interest-Bearing Transaction908,367440.02%
Savings1,611,8452,9500.73%
Time less than $100K49,208370.30%
Time greater than $100K27,306140.21%
Total Short-Term Borrowings96,7791440.60%
Securities Sold under
Repurchase Agreements96,7791440.60%
Net Interest Income and
Margin (FTE)$54,5623.85%
Q2'2024
AverageIncome/Yield (a) /
VolumeExpenseRate (a)
Interest & Loan Fee Income Earned:
Total Earning Assets (FTE)$6,145,626$69,4074.50%
Total Loans (FTE)838,01611,4415.49%
Commercial Loans (FTE)133,6052,4187.28%
Commercial AG˹ٷ Estate
Loans487,2096,0144.96%
Consumer Loans217,2023,0095.57%
Total Investments (FTE)4,944,19153,0054.27%
Total Debt Securities
Available for Sale (FTE)4,079,89644,2364.31%
Corporate Securities2,090,82914,3662.75%
Collateralized Loan
Obligations1,347,47524,6207.23%
Agency Mortgage Backed
Securities241,3911,4652.43%
Securities of U.S.
Government sponsored
entities309,3952,7773.59%
Obligations of States and
Political Subdivisions
(FTE)72,3195433.01%
U.S. Treasury Securities4,260545.08%
Other Debt Securities
Available for Sale (FTE)14,22741111.55%
Total Debt Securities Held to
Maturity (FTE)864,2958,7694.06%
Agency Mortgage Backed
Securities70,8044012.27%
Corporate Securities730,9787,8154.28%
Obligations of States and
Political Subdivisions
(FTE)62,5135533.54%
Total Interest-Bearing Cash363,4194,9615.40%
Interest Expense Paid:
Total Earning Assets6,145,6265,3070.35%
Total Interest-Bearing
Liabilities3,001,7865,3070.71%
Total Interest-Bearing
Deposits2,717,5972,4600.36%
Interest-Bearing Transaction981,703690.03%
Savings1,642,8062,3220.57%
Time less than $100K58,367490.34%
Time greater than $100K34,721200.23%
Total Short-Term Borrowings284,1892,8474.02%
Bank Term Funding Program
Borrowings200,0002,6925.40%
Securities Sold under
Repurchase Agreements84,1891550.74%
Net Interest Income and
Margin (FTE)$64,1004.15%
6. Noninterest Income.
(dollars in thousands except per-share amounts)
%
Q2'2025Q2'2024ChangeQ1'2025
Service Charges on Deposit
Accounts$3,368$3,469-2.9%$3,381
Merchant Processing
Services2,6872,733-1.7%2,733
Debit Card Fees1,6641,706-2.5%1,581
Trust Fees8678116.9%899
ATM Processing Fees482540-10.7%463
Other Service Fees4504500.0%429
Life Insurance Gains106-n/m102
Other Noninterest Income691791-12.6%733
Total Noninterest Income$10,315$10,500-1.8%$10,321
Operating Ratios:
Total Revenue (FTE)$64,877$74,600-13.0%$66,711
Noninterest Income /
Revenue (FTE)15.9%14.1%15.5%
Service Charges /
Avg. Deposits (a)0.28%0.27%0.28%
Total Revenue (FTE) Per
Avg. Common Share (a)$10.05$11.25-10.6%$10.16
%
6/30'25YTD6/30'24YTDChange
Service Charges on Deposit
Accounts$6,749$6,939-2.7%
Merchant Processing
Services5,4205,2403.4%
Debit Card Fees3,2453,249-0.1%
Trust Fees1,7661,60510.0%
ATM Processing Fees9451,131-16.4%
Other Service Fees879888-1.0%
Life Insurance Gains208-n/m
Other Noninterest Income1,4241,545-7.8%
Total Noninterest Income$20,636$20,5970.2%
Operating Ratios:
Total Revenue (FTE)$131,588$150,791-12.7%
Noninterest Income /
Revenue (FTE)15.7%13.7%
Service Charges /
Avg. Deposits (a)0.28%0.26%
Total Revenue (FTE) Per
Avg. Common Share (a)$10.10$11.37-11.1%
7. Noninterest Expense.
(dollars in thousands)
%
Q2'2025Q2'2024ChangeQ1'2025
Salaries and Related Benefits$12,303$12,483-1.4%$12,126
Occupancy and Equipment5,1545,158-0.1%5,038
Outsourced Data Processing2,7092,5117.9%2,697
Limited Partnership
Operating Losses9151,440-36.5%915
Professional Fees3863626.6%395
Courier Service6876860.1%688
Other Noninterest Expense3,3753,490-3.3%3,268
Total Noninterest Expense$25,529$26,130-2.3%$25,127
Operating Ratios:
Noninterest Expense /
Avg. Earning Assets (a)1.81%1.71%1.76%
Noninterest Expense /
Revenues (FTE)39.3%35.0%37.7%
%
6/30'25YTD6/30'24YTDChange
Salaries and Related Benefits$24,429$25,069-2.6%
Occupancy and Equipment10,19210,198-0.1%
Outsourced Data Processing5,4065,0477.1%
Limited Partnership
Operating Losses1,8302,880-36.5%
Professional Fees7817642.2%
Courier Service1,3751,3353.0%
Other Noninterest Expense6,6436,936-4.2%
Total Noninterest Expense$50,656$52,229-3.0%
Operating Ratios:
Noninterest Expense /
Avg. Earning Assets (a)1.78%1.71%
Noninterest Expense /
Revenues (FTE)38.5%34.6%
8. Allowance for Credit Losses.
(dollars in thousands)
%
Q2'2025Q2'2024ChangeQ1'2025
Average Total Loans$762,216$838,016-9.0%$789,935
Beginning of Period
Allowance for Credit
Losses on Loans (ACLL)$13,914$15,879-12.4%$14,780
Reversal of Provision for
Credit Losses--n/m(550)
Net ACLL (Losses)
Recoveries(127)73n/m(316)
End of Period ACLL$13,787$15,952-13.6%$13,914
Gross ACLL Recoveries /
Gross ACLL Losses87%105%82%
Net ACLL (Losses)
Recoveries/
Avg. Total Loans (a)-0.07%0.04%-0.16%
%
6/30'25YTD6/30'24YTDChange
Average Total Loans$775,999$845,785-8.3%
Beginning of Period ACLL$14,780$16,867-12.4%
(Reversal of) Provision for
Credit Losses(550)300n/m
Net ACLL Losses(443)(1,215)-63.5%
End of Period ACLL$13,787$15,952-13.6%
Gross ACLL Recoveries /
Gross ACLL Losses83%66%
Net ACLL Losses /
Avg. Total Loans (a)-0.12%-0.29%
(dollars in thousands)
%
6/30/256/30/24Change3/31/25
Allowance for Credit Losses
on Loans$13,787$15,952-13.6%$13,914
Allowance for Credit Losses
on Held to Maturity
Securities110.0%1
Total Allowance for Credit
Losses$13,788$15,953-13.6%$13,915
Allowance for Unfunded
Credit Commitments$201$2010.0%$201
9. Credit Quality.
(dollars in thousands)
%
6/30/256/30/24Change3/31/25
Nonperforming Loans:
Nonperforming Nonaccrual
Loans$-$971n/m$-
Performing Nonaccrual
Loans4,553-n/m-
Total Nonaccrual Loans4,553971368.9%-
Accruing Loans 90+ Days
Past Due411580-29.1%277
Total Nonperforming Loans$4,964$1,551220.1%$277
Total Loans Outstanding$748,264$831,842-10.0%$771,030
Total Assets5,825,0696,312,145-7.7%5,966,624
Loans:
Allowance for Credit Losses
on Loans$13,787$15,952-13.6%$13,914
Allowance for Credit Losses
on Loans / Loans1.84%1.92%1.80%
Nonperforming Loans /
Total Loans0.66%0.19%0.04%
10. Liquidity.
At June 30, 2025, the Company had $626,437 thousand in cash balances. During the twelve months ending June 30, 2026, the Company expects to receive $288,000 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 June 30, 2025, the Company’s debt securities which qualify as collateral for borrowing totaled $3,522,823 thousand. In the ordinary course of business, the Company pledges debt securities as collateral for certain depository customers; at June 30, 2025, the Company had pledged $715,788 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 June 30, 2025, the Company had pledged $703,398 thousand in debt securities at the Federal Reserve Bank. During the six months ended June 30, 2025, the Company’s average borrowings from the Federal Reserve Bank and correspondent banks were $-0- thousand and $-0- thousand, respectively, and at June 30, 2025, the Company had no borrowings from the Federal Reserve Bank or other correspondent banks. At June 30, 2025, the Company had access to borrowing from the Federal Reserve up to $703,398 thousand based on collateral pledged at June 30, 2025. At June 30, 2025, the Company’s estimated unpledged collateral qualifying debt securities totaled $1,683,788 thousand. Debt securities eligible as collateral are shown at market value.
(in thousands)
6/30/25
Debt Securities Eligible as
Collateral:
Corporate Securities$2,517,133
Collateralized Loan
Obligations rated AAA257,649
Obligations of States and
Political Subdivisions106,428
Agency Mortgage Backed
Securities339,710
Securities of U.S. Government
Sponsored Entities301,903
Total Debt Securities Eligible
as Collateral$3,522,823
Debt Securities Pledged
as Collateral:
Debt Securities Pledged
at the Federal Reserve Bank($703,398)
Deposits by Public Entities(715,788)
Securities Sold under
Repurchase Agreements(412,956)
Other(6,893)
Total Debt Securities Pledged
as Collateral($1,839,035)
Estimated Debt Securities
Available to Pledge$1,683,788
11. Capital.
(in thousands, except per-share amounts)
%
6/30/256/30/24Change3/31/25
Shareholders' Equity$921,783$815,60013.0%$923,138
Total Assets5,825,0696,312,145-7.7%5,966,624
Shareholders' Equity/
Total Assets15.82%12.92%15.47%
Shareholders' Equity/
Total Loans123.19%98.05%119.73%
Tangible Common Equity
Ratio14.03%11.21%13.71%
Common Shares Outstanding25,58726,683-4.1%26,360
Common Equity Per Share$36.03$30.5717.9%$35.02
Market Value Per Common
Share48.4448.53-0.2%50.63
(shares in thousands)
%
Q2'2025Q2'2024ChangeQ1'2025
Share Retirements (Issuances):
Total Shares Retired773-n/m361
Average Retirement Price$49.61$-n/m$50.96
Net Shares Retired (Issued)773(5)n/m348
%
6/30'25YTD6/30'24YTDChange
Total Shares Retired1,1344n/m
Average Retirement Price$49.88$45.58n/m
Net Shares Retired (Issued)1,121(12)n/m
12. Period-End Balance Sheets.
(unaudited, dollars in thousands)
%
6/30/256/30/24Change3/31/25
Assets:
Cash and Due from Banks$626,437$486,12428.9%$727,336
Debt Securities Available for
Sale:
Corporate Securities1,792,0211,855,618-3.4%1,802,791
Collateralized Loan
Obligations780,1471,255,110-37.8%822,111
Agency Mortgage Backed
Securities291,543222,80630.9%250,844
Securities of U.S.
Government Sponsored
Entities301,903291,2063.7%299,722
Obligations of States and
Political Subdivisions60,83569,758-12.8%60,581
U.S. Treasury Securities-4,820n/m-
Total Debt Securities
Available for Sale3,226,4493,699,318-12.8%3,236,049
Debt Securities Held to
Maturity:
Agency Mortgage Backed
Securities49,87867,777-26.4%53,528
Corporate Securities738,846732,0490.9%737,146
Obligations of States and
Political Subdivisions (1)45,71561,042-25.1%48,674
Total Debt Securities
Held to Maturity (1)834,439860,868-3.1%839,348
Loans748,264831,842-10.0%771,030
Allowance For Credit Losses
on Loans(13,787)(15,952)-13.6%(13,914)
Total Loans, net734,477815,890-10.0%757,116
Premises and Equipment, net25,85026,275-1.6%25,722
Identifiable Intangibles, net19234-91.9%72
Goodwill121,673121,6730.0%121,673
Other Assets255,725301,763-15.3%259,308
Total Assets$5,825,069$6,312,145-7.7%$5,966,624
Liabilities and Shareholders'
Equity:
Deposits:
Noninterest-Bearing$2,175,841$2,459,467-11.5%$2,241,802
Interest-Bearing Transaction894,774936,186-4.4%920,461
Savings1,603,9741,646,781-2.6%1,633,445
Time72,94689,006-18.0%78,387
Total Deposits4,747,5355,131,440-7.5%4,874,095
Bank Term Funding
Program Borrowings-200,000n/m-
Securities Sold under
Repurchase Agreements101,210100,1671.0%113,219
Total Short-Term
Borrowed Funds101,210300,167-66.3%113,219
Other Liabilities54,54164,938-16.0%56,172
Total Liabilities4,903,2865,496,545-10.8%5,043,486
Shareholders' Equity:
Common Equity:
Paid-In Capital456,964474,618-3.7%470,844
Accumulated Other
Comprehensive Loss(116,747)(197,300)-40.8%(136,768)
Retained Earnings581,566538,2828.0%589,062
Total Shareholders' Equity921,783815,60013.0%923,138
Total Liabilities and
Shareholders' Equity$5,825,069$6,312,145-7.7%$5,966,624
13. Income Statements.
(unaudited, in thousands except per-share amounts)
%
Q2'2025Q2'2024ChangeQ1'2025
Interest and Loan Fee Income:
Loans$10,523$11,354-7.3%$10,669
Equity Securities19517511.4%195
Debt Securities Available
for Sale31,02843,927-29.4%33,430
Debt Securities Held to
Maturity8,4488,655-2.4%8,494
Interest-Bearing Cash7,2734,96146.6%6,703
Total Interest and Loan
Fee Income57,46769,072-16.8%59,491
Interest Expense:
Transaction Deposits4469-36.2%46
Savings Deposits2,9502,32227.0%3,128
Time Deposits5169-26.1%55
Bank Term Funding Program
Borrowings-2,692n/m-
Securities Sold under
Repurchase Agreements144155-6.7%167
Total Interest Expense3,1895,307-39.9%3,396
Net Interest and Loan
Fee Income54,27863,765-14.9%56,095
Reversal of Provision for
Credit Losses--n/m(550)
Noninterest Income:
Service Charges on Deposit
Accounts3,3683,469-2.9%3,381
Merchant Processing
Services2,6872,733-1.7%2,733
Debit Card Fees1,6641,706-2.5%1,581
Trust Fees8678116.9%899
ATM Processing Fees482540-10.7%463
Other Service Fees4504500.0%429
Life Insurance Gains106-n/m102
Other Noninterest Income691791-12.6%733
Total Noninterest Income10,31510,500-1.8%10,321
Noninterest Expense:
Salaries and Related Benefits12,30312,483-1.4%12,126
Occupancy and Equipment5,1545,158-0.1%5,038
Outsourced Data Processing2,7092,5117.9%2,697
Limited Partnership
Operating Losses9151,440-36.5%915
Professional Fees3863626.6%395
Courier Service6876860.1%688
Other Noninterest Expense3,3753,490-3.3%3,268
Total Noninterest Expense25,52926,130-2.3%25,127
Income Before Income Taxes39,06448,135-18.8%41,839
Income Tax Provision9,99812,673-21.1%10,802
Net Income$29,066$35,462-18.0%$31,037
Average Common Shares
Outstanding25,88926,680-3.0%26,642
Diluted Average Common
Shares Outstanding25,88926,681-3.0%26,642
Per Common Share Data:
Basic Earnings$1.12$1.33-15.8%$1.16
Diluted Earnings1.121.33-15.8%1.16
Dividends Paid0.460.444.5%0.44
%
6/30'25YTD6/30'24YTDChange
Interest and Loan Fee Income:
Loans$21,192$22,678-6.6%
Equity Securities39034911.7%
Debt Securities Available
for Sale64,45890,170-28.5%
Debt Securities Held to
Maturity16,94217,377-2.5%
Interest-Bearing Cash13,9767,24492.9%
Total Interest and Loan
Fee Income116,958137,818-15.1%
Interest Expense:
Transaction Deposits90188-52.1%
Savings Deposits6,0784,23943.4%
Time Deposits106139-23.7%
Bank Term Funding Program
Borrowings-3,535n/m
Securities Sold under
Repurchase Agreements31120750.2%
Total Interest Expense6,5858,308-20.7%
Net Interest and Loan
Fee Income110,373129,510-14.8%
(Reversal of) Provision
for Credit Losses(550)300n/m
Noninterest Income:
Service Charges on Deposit6,7496,939-2.7%
Accounts
Merchant Processing
Services5,4205,2403.4%
Debit Card Fees3,2453,249-0.1%
Trust Fees1,7661,60510.0%
ATM Processing Fees9451,131-16.4%
Other Service Fees879888-1.0%
Life Insurance Gains208-n/m
Other Noninterest Income1,4241,545-7.8%
Total Noninterest Income20,63620,5970.2%
Noninterest Expense:
Salaries and Related Benefits24,42925,069-2.6%
Occupancy and Equipment10,19210,198-0.1%
Outsourced Data Processing5,4065,0477.1%
Limited Partnership
Operating Losses1,8302,880-36.5%
Professional Fees7817642.2%
Courier Service1,3751,3353.0%
Other Noninterest Expense6,6436,936-4.2%
Total Noninterest Expense50,65652,229-3.0%
Income Before Income Taxes80,90397,578-17.1%
Income Tax Provision20,80025,699-19.1%
Net Income$60,103$71,879-16.4%
Average Common Shares
Outstanding26,26326,677-1.6%
Diluted Average Common
Shares Outstanding26,26326,678-1.6%
Per Common Share Data:
Basic Earnings$2.29$2.69-14.9%
Diluted Earnings2.292.69-14.9%
Dividends Paid0.900.882.3%
Footnotes and Abbreviations:
(1) Debt Securities Held To Maturity and Obligations of States and Political Subdivisions are net of related reserve for expected credit losses of $1 thousand at June 30, 2025, March 31, 2025 and June 30, 2024.
(FTE) Fully Taxable Equivalent. The Company presents its net interest margin and net interest income on a FTE basis using the current statutory federal tax rate. Management believes the FTE basis is valuable to the reader because the Company’s loan and investment securities portfolios contain a portion of municipal loans and securities that are federally tax exempt. The Company’s tax exempt loans and securities composition may not be similar to that of other banks, therefore in order to reflect the impact of the federally tax exempt loans and securities on the net interest margin and net interest income for comparability with other banks, the Company presents its net interest margin and net interest income on a FTE basis.
(a) Annualized

FAQ

What was Westamerica Bancorporation's (WABC) earnings per share in Q2 2025?

WABC reported diluted earnings per share of $1.12 in Q2 2025, compared to $1.16 in Q1 2025.

How much did WABC pay in dividends for Q2 2025?

Westamerica paid a $0.46 per common share dividend during Q2 2025, representing a 4.5% increase from $0.44 in Q2 2024.

What was WABC's efficiency ratio in Q2 2025?

The bank achieved an efficiency ratio of 39.3% in Q2 2025, spending 39 cents of every revenue dollar on operating costs.

What was Westamerica's return on equity in Q2 2025?

WABC generated an annualized return on equity of 11.2% in Q2 2025, down from 11.9% in Q1 2025.

How many shares did WABC repurchase in Q2 2025?

The company repurchased 773,000 common shares during Q2 2025 through its share repurchase plan.
Westamerica Bancorporation

NASDAQ:WABC

WABC Rankings

WABC Latest News

WABC Latest SEC Filings

WABC Stock Data

1.34B
24.92M
4.66%
78.81%
0.86%
Banks - Regional
National Commercial Banks
United States
SAN RAFAEL