At a glance
Westamerica Bancorp is worth $1.41B, about 14 times its fiscal 2025 earnings. Revenue fell 12.2% to $258.1M in fiscal 2025, with 45.0% kept as profit; over 5 years it has grown 4.2% a year. It pays a 3.09% dividend yield, raised every year for at least 9 years, and returned $347.5M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +29.9% over the past year with dividends reinvested and +5.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 28.0% in the 2020 crash (S&P 500: 33.7%) and 15.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months and within a month after the lows.
The business in plain English
Westamerica Bancorporation owns Westamerica Bank, a California-chartered commercial bank whose deposits are insured by the FDIC (the federal agency that protects bank deposits up to set limits). It serves individuals and businesses in Northern and Central California, from Mendocino, Lake and Nevada Counties in the north to Kern County in the south. Its strategic focus is the banking needs of small businesses. As of December 31, 2025, it had about $6.0 billion in assets and $4.8 billion in deposits.
Like most banks, it makes most of its money from net interest income: the gap between the interest it earns on loans and investment securities and the interest it pays on deposits and borrowings. In fiscal 2025, net interest income was $217 million of $258 million in total revenue. The other $41 million was noninterest income, meaning money from sources other than interest. The 10-K gives no split of revenue by product or region.
Lending is a modest part of the business. As of June 30, 2026, loans were $658 million against $4.77 billion of deposits, so only a small share of deposit money was lent out. The company formed in 1972 from three Northern California banks and grew through acquisitions, including taking over two failed banks from the FDIC in 2009 and 2010.
Price history
The interactive chart needs JavaScript.
WABC +29.9% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $62.8M, down 2.8% from a year earlier, and net income was $27.4M (-5.8%).
- For fiscal 2025, revenue was $258.1M (-12.2% year over year; +4.2% a year from FY2020 to FY2025) with a 45% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +4.2% watch |
|---|---|
| Return on equity | 12.4% good |
| Net income / revenue | 45% good |
| Deposits | $4.77B |
| Loans | $658.0M |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $209.7M | $80.4M | — |
| FY2021 | $214.8M | $86.5M | — |
| FY2022 | $265.0M | $122.0M | — |
| FY2023 | $323.6M | $161.8M | — |
| FY2024 | $293.8M | $138.6M | — |
| FY2025 | $258.1M | $116.2M | — |
Valuation snapshot
| Market value | $1.41B |
|---|---|
| P/E ratio | 13.5 |
| Dividend yield | 3.09% |
Rank among 1514 US companies
Market value at each year end
Westamerica Bancorp’s market value went from $1.62B at the end of 2016 to $1.41B on Oct 28, 2026, down 13%; since the end of 2025 it is up 18%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.41B | +18.1% |
| 2025 | $1.19B | -14.8% |
| 2024 | $1.40B | -6.9% |
| 2023 | $1.50B | -5.3% |
| 2022 | $1.59B | +2.4% |
| 2021 | $1.55B | +4.4% |
| 2020 | $1.49B | -19.0% |
| 2019 | $1.83B | +23.2% |
| 2018 | $1.49B | -5.1% |
| 2017 | $1.57B | -2.9% |
| 2016 | $1.62B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| WABC price data to Oct 28, 2026 | +30.7% | +29.9% | +13.6% | +5.5% | +5.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +30.7% |
| 2025 | -5.3% |
| 2024 | -3.6% |
| 2023 | -0.9% |
| 2022 | +5.2% |
| 2021 | +7.4% |
| 2020 | -16.1% |
| 2019 | +24.9% |
| 2018 | -3.9% |
| 2017 | -2.6% |
| 2016 | +39.2% |
| 2015 | -1.3% |
| 2014 | -10.5% |
| 2013 | +36.9% |
| 2012 | +0.2% |
| 2011 | -18.4% |
| 2010 | +2.9% |
| 2009 | +11.4% |
| 2008 | +17.8% |
| 2007 | -9.4% |
| 2006 | -2.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 33.4% over that stretch · deepest drop along the way 46.9%, back to its old high 56.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 23.9% over that stretch · deepest drop along the way 28%, back to its old high 11.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 7.6% over that stretch · deepest drop along the way 15.6%, back to its old high 0.6 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (18 read): 1 open-market purchases ($3K) and 1 sales ($41K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Apr 20, 2026 | Robert James Jr Baker SVP/Banking Division Manager | sell | $41K |
| Apr 22, 2026 | Inez Wondeh Director | buy | $3K |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 7.33% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.9% | Jun 30, 2026 |
| Vanguard Capital Management | 4.9% | Sep 30, 2026 |
ETFs with the most weight in WABC
| FSCS First Trust SMID Capital Strength ETF | 0.97% |
| GRPZ Invesco S&P SmallCap 600 GARP ETF | 0.92% |
| XSLV Invesco S&P SmallCap Low Volatility ETF | 0.73% |
| XSVM Invesco S&P SmallCap Value with Momentum ETF | 0.67% |
| SVAL iShares US Small Cap Value Factor ETF | 0.46% |
| XSHQ Invesco S&P SmallCap Quality ETF | 0.44% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.38% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.25% |
What could go wrong
- Heavy exposure to California natural disasters. The bank's business is centered in Northern and Central California, where earthquakes, fires and storms could disrupt local businesses, damage property backing loans and interrupt its operations.
- Bond losses if cash is suddenly needed. Rising rates lower the market value of bonds it intends to hold until they mature. But if a sudden need for cash forced sales, it could lock in losses that hurt capital.
- Interest rate swings can squeeze income. Net interest income was $217 million of $258 million in fiscal 2025 revenue. Federal Reserve policy, the economy and rivals' pricing can narrow the gap between what it earns on assets and pays depositors.
- Buybacks could happen at too-high prices. Westamerica spent $104 million repurchasing shares in fiscal 2025, up from $210,000 in 2024. Its 10-K warns it could repurchase stock at prices considered excessive, a poor use of shareholders' money.
- Regulators can limit dividend payouts. The holding company relies on payouts from Westamerica Bank, which rules can restrict. Federal Reserve policy says a bank holding company shouldn't keep its dividend rate unless net income fully funds it.
- Bank failures elsewhere can hurt confidence. Trouble at other banks can spark industry-wide worries about deposit outflows and bond losses, bringing higher FDIC insurance costs, tighter oversight and a lower share price, even if Westamerica itself is sound.
Recent events
- Other company announcement
- Quarterly results released
- Other company announcement
- Quarterly results released
- Shareholder vote results
- Other company announcement
- Quarterly results released
- Executive or board change
- Other company announcement
- Quarterly results released
For income and retirement investors
Westamerica has increased its dividend for at least nine straight years through fiscal 2025, and the true streak may be longer. The annual dividend rose from $1.64 a share in 2020 to $1.82 in 2025, about 2.1% a year, even as earnings per share fell from $6.06 in 2023 to $4.52 in 2025. Dividends took 40.4% of 2025 earnings, and the yield was 3.09% as of October 28, 2026. Buybacks jumped to $104 million in fiscal 2025, and the share count fell 14% from October 2021 to July 2026.
The shares have fallen hard in downturns. From a September 2008 peak they dropped 46.9% by March 2009 and took more than 56 months to recover. In the 2020 COVID crash they fell 28%, recovering in about 12 months; the 2022 drop of 15.6% was erased within a month. Single stocks carry more risk than diversified funds, because one company's problems can hit both the dividend and the share price.
Questions investors ask
Does Westamerica Bancorporation raise its dividend every year?
So far, yes. Westamerica has raised its dividend for at least nine years in a row, through fiscal 2025, and the true streak may be longer. The annual dividend went from $1.64 a share in 2020 to $1.82 in 2025, growth of about 2.1% a year. The increases have been small. A streak is not a promise: Federal Reserve policy says a bank holding company should not keep its dividend rate unless net income fully funds each payment.
How does Westamerica Bancorporation make money?
Mostly by earning more interest than it pays. Net interest income, the gap between interest earned on loans and investment securities and interest paid on deposits and borrowings, was $217 million of its $258 million in fiscal 2025 revenue. The other $41 million was noninterest income. Its bank serves individuals and businesses in Northern and Central California, with a focus on small businesses. Lending is modest: loans were $658 million against $4.77 billion of deposits as of June 30, 2026.
What is WABC's dividend yield?
The dividend yield was 3.09% as of October 28, 2026. Dividends were $1.82 a share in fiscal 2025, and dividends paid used 40.4% of that year's net income, which leaves some cushion if profits slip. A yield moves with the share price: the stock rose 30.7% year to date as of October 28, 2026, and a higher price means a lower yield for new investors.
Are Westamerica's earnings growing?
No, not lately. Net income fell from $161.8 million in fiscal 2023 to $138.6 million in 2024 and $116.2 million in 2025, and was down 5.8% from a year earlier in the quarter ended June 30, 2026. Over the five years from fiscal 2020, revenue still grew about 4.2% a year. Return on equity (yearly profit as a percentage of shareholders' stake in the company) was 12.4% in 2025. As of October 28, 2026, the price-to-earnings ratio was 13.5, based on fiscal 2025 earnings.
How has WABC stock performed?
Unevenly. As of October 28, 2026, the share price was up 29.9% over one year and 30.7% year to date, after falling in each calendar year from 2023 through 2025. Over ten years it gained about 5.4% a year. Its one-year beta, a measure of how much a stock tends to move when the overall market moves, was a low 0.22, but its worst fall was 46.9%, in the 2008 financial crisis. These are share-price changes; dividends would add to them.