Tearsheet

Westamerica Bancorp (WABC)

Market Price (5/13/2026): $54.03 | Market Cap: $1.3 Bil
Sector: Financials | Industry: Regional Banks

Westamerica Bancorp (WABC)

Market Price (5/13/2026): $54.03
Market Cap: $1.3 Bil
Sector: Financials
Industry: Regional Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 3.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.8%, FCF Yield is 8.9%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -152%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 47%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 46%

Low stock price volatility
Vol 12M is 21%

Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, and Wealth Management Technology.

Trading close to highs
Dist 52W High is -1.6%, Dist 3Y High is -2.6%

Weak multi-year price returns
2Y Excs Rtn is -25%, 3Y Excs Rtn is -23%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -11%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.8%, Rev Chg QQuarterly Revenue Change % is -6.5%

Key risks
WABC key risks include [1] its heavy operational and real estate loan concentration in California and [2] significant, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 3.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.8%, FCF Yield is 8.9%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -152%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 47%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 46%
3	Low stock price volatility Vol 12M is 21%
4	Megatrend and thematic drivers Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, and Wealth Management Technology.
5	Trading close to highs Dist 52W High is -1.6%, Dist 3Y High is -2.6%
6	Weak multi-year price returns 2Y Excs Rtn is -25%, 3Y Excs Rtn is -23%
7	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -11%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.8%, Rev Chg QQuarterly Revenue Change % is -6.5%
8	Key risks WABC key risks include [1] its heavy operational and real estate loan concentration in California and [2] significant, Show more.

Valuation, Metrics & Events

	5/13/26	2025	2024	2023	2022
Share Price CYE	$54.03	$47.83	$52.46	$56.41	$59.01
Market Cap CYE ($ Bil)	1.3	1.2	1.4	1.5	1.6
Total Debt ($ Bil)	0.0	0.0	0.0	0.0	0.0
Total Cash ($ Bil)	0.4	0.6	0.6	0.2	0.3
Enterprise Value ($ Bil)	0.9	1.2	1.4	1.5	1.6
Valuation Ratios
P/S TTM	5.2	4.6	4.8	4.6	6.0
P/EBIT TTM	-	-	-	-	-
P/E TTM	11.7	10.2	10.1	9.3	13.0
P/FCF TTM	11.3	9.9	10.0	9.6	14.1
Sector Ratios
P/S TTM (Sector)	3.2	3.1	3.1	2.8	2.8
P/EBIT TTM (Sector)	6.9	8.1	8.5	7.8	8.5
P/E TTM (Sector)	11.2	11.0	11.5	10.0	9.5
P/FCF TTM (Sector)	8.4	9.0	9.0	8.0	6.6

	5/13/26	2025	2024
Share Price CYE	$54.03	$47.83	$52.46
Market Cap CYE ($ Bil)	1.3	1.2	1.4
Total Debt ($ Bil)	0.0	0.0	0.0
Total Cash ($ Bil)	0.4	0.6	0.6
Enterprise Value ($ Bil)	0.9	1.2	1.4
Valuation Ratios
P/S TTM	5.2	4.6	4.8
P/EBIT TTM	-	-	-
P/E TTM	11.7	10.2	10.1
P/FCF TTM	11.3	9.9	10.0
Sector Ratios
P/S TTM (Sector)	3.2	3.1	3.1
P/EBIT TTM (Sector)	6.9	8.1	8.5
P/E TTM (Sector)	11.2	11.0	11.5
P/FCF TTM (Sector)	8.4	9.0	9.0

	WABC	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	0.3
Rev Chg Q	-6.5%	8.7%
Rev Chg LTM	-10.8%	7.4%
Rev Chg 3Y Avg	-3.8%	5.8%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	�
CFO LTM ($ Bil)	0.1
Net Inc LTM ($ Bil)	0.1
CFO/Rev LTM	47.0%	21.0%
Net Inc Mgn	44.3%	13.0%
VALUATION	MODERATE
P/S	5.2	3.2
P/CFO	11.0	15.0
P/FCF	11.3	19.2
P/E	11.7	23.5

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Metric	Value	Date	Source
Nonperforming Assets	2.6 million	9302025	Link
Allowance for Credit Losses on Loans	11.9 million	9302025	Link
Efficiency Ratio	40%	9302025	Link
Annualized Cost of Funding	0.26%	9302025	Link
Return on Average Common Equity (Annualized)	10.9%	9302025	Link
Percentage of Non-Interest Bearing Checking Accounts	46%	3312025	Link

Recent
4/16/2026	Earnings Release	Rev: $62 Mil (A) vs. $60 Mil (E) EPS: 1.13 (A) vs. $1.07 (E)
5/04/2026	Dividend	Amount: $0.48 Payment On: 5/15/2026
Upcoming
7/16/2026	Earnings Release	Rev: $61 Mil (E) EPS: $1.10 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Westamerica Bancorp (WABC) stock has gained about 10% since 1/31/2026 because of the following key factors:

1. Westamerica Bancorp exceeded Q1 2026 earnings expectations, with diluted EPS of $1.13 surpassing analyst estimates of $1.08 by 4.6%. The company also reported revenues of $62.2 million, which beat the consensus estimate of $60.7 million.

2. The company maintained a strong, low-cost deposit base, with non-interest-bearing checking accounts representing 46% of total deposits in Q1 2026. This enabled an annualized cost of funding its loan and bond portfolios of just 0.24%, remaining unchanged from the previous quarter.

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Stock Movement Drivers

Fundamental Drivers

The 8.6% change in WABC stock from 1/31/2026 to 5/12/2026 was primarily driven by a 11.2% change in the company's P/E Multiple.

(LTM values as of)	1312026	5122026	Change
Stock Price ($)	49.68	53.96	8.6%
Change Contribution By:
Total Revenues ($ Mil)	264	254	-4.0%
Net Income Margin (%)	45.4%	44.3%	-2.4%
P/E Multiple	10.5	11.7	11.2%
Shares Outstanding (Mil)	25	24	4.3%
Cumulative Contribution			8.6%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/12/2026

	Return	Correlation
WABC	8.6%
Market (SPY)	7.0%	34.8%
Sector (XLF)	-3.0%	45.3%

Fundamental Drivers

The 16.4% change in WABC stock from 10/31/2025 to 5/12/2026 was primarily driven by a 23.2% change in the company's P/E Multiple.

(LTM values as of)	10312025	5122026	Change
Stock Price ($)	46.35	53.96	16.4%
Change Contribution By:
Total Revenues ($ Mil)	275	254	-7.6%
Net Income Margin (%)	46.2%	44.3%	-4.0%
P/E Multiple	9.5	11.7	23.2%
Shares Outstanding (Mil)	26	24	6.5%
Cumulative Contribution			16.4%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/12/2026

	Return	Correlation
WABC	16.4%
Market (SPY)	8.8%	27.5%
Sector (XLF)	-0.7%	43.6%

Fundamental Drivers

The 16.7% change in WABC stock from 4/30/2025 to 5/12/2026 was primarily driven by a 31.0% change in the company's P/E Multiple.

(LTM values as of)	4302025	5122026	Change
Stock Price ($)	46.22	53.96	16.7%
Change Contribution By:
Total Revenues ($ Mil)	294	254	-13.6%
Net Income Margin (%)	47.2%	44.3%	-6.1%
P/E Multiple	8.9	11.7	31.0%
Shares Outstanding (Mil)	27	24	9.8%
Cumulative Contribution			16.7%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/12/2026

	Return	Correlation
WABC	16.7%
Market (SPY)	34.6%	37.1%
Sector (XLF)	7.4%	51.1%

Fundamental Drivers

The 50.2% change in WABC stock from 4/30/2023 to 5/12/2026 was primarily driven by a 47.2% change in the company's P/E Multiple.

(LTM values as of)	4302023	5122026	Change
Stock Price ($)	35.92	53.96	50.2%
Change Contribution By:
Total Revenues ($ Mil)	265	254	-4.2%
Net Income Margin (%)	46.1%	44.3%	-3.7%
P/E Multiple	7.9	11.7	47.2%
Shares Outstanding (Mil)	27	24	10.7%
Cumulative Contribution			50.2%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/12/2026

	Return	Correlation
WABC	50.2%
Market (SPY)	84.4%	40.8%
Sector (XLF)	63.2%	59.9%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
WABC Return	7%	5%	-1%	-4%	-5%	15%	18%
Peers Return	29%	-28%	25%	8%	29%	-0%	62%
S&P 500 Return	27%	-19%	24%	23%	16%	8%	97%
Monthly Win Rates [3]
WABC Win Rate	50%	50%	42%	42%	42%	80%
Peers Win Rate	44%	50%	56%	50%	65%	50%
S&P 500 Win Rate	75%	42%	67%	75%	67%	60%
Max Drawdowns [4]
WABC Max Drawdown	-0%	-8%	-36%	-20%	-16%	0%
Peers Max Drawdown	-6%	-35%	-27%	-14%	-13%	-15%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: NEWT, ATLO, AGBK, NU, FITB.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/12/2026 (YTD)

Event	WABC	S&P 500
2025 US Tariff Shock
% Loss	-12.4%	-18.8%
% Gain to Breakeven	14.1%	23.1%
Time to Breakeven	27 days	79 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-11.8%	-9.5%
% Gain to Breakeven	13.4%	10.5%
Time to Breakeven	36 days	24 days
2023 SVB Regional Banking Crisis
% Loss	-34.1%	-6.7%
% Gain to Breakeven	51.8%	7.1%
Time to Breakeven	211 days	31 days
2020 COVID-19 Crash
% Loss	-28.0%	-33.7%
% Gain to Breakeven	38.9%	50.9%
Time to Breakeven	361 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-12.7%	-19.2%
% Gain to Breakeven	14.6%	23.7%
Time to Breakeven	27 days	105 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-15.9%	-12.2%
% Gain to Breakeven	18.9%	13.9%
Time to Breakeven	39 days	62 days

Compare to NEWT, ATLO, AGBK, NU, FITB

In The Past

Westamerica Bancorp's stock fell -12.4% during the 2025 US Tariff Shock. Such a loss loss requires a 14.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Event	WABC	S&P 500
2023 SVB Regional Banking Crisis
% Loss	-34.1%	-6.7%
% Gain to Breakeven	51.8%	7.1%
Time to Breakeven	211 days	31 days
2020 COVID-19 Crash
% Loss	-28.0%	-33.7%
% Gain to Breakeven	38.9%	50.9%
Time to Breakeven	361 days	140 days
2011 US Debt Ceiling Crisis & European Contagion
% Loss	-24.1%	-17.9%
% Gain to Breakeven	31.7%	21.8%
Time to Breakeven	123 days	123 days
2008-2009 Global Financial Crisis
% Loss	-26.0%	-53.4%
% Gain to Breakeven	35.2%	114.4%
Time to Breakeven	14 days	1085 days

Compare to NEWT, ATLO, AGBK, NU, FITB

In The Past

Westamerica Bancorp's stock fell -12.4% during the 2025 US Tariff Shock. Such a loss loss requires a 14.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Westamerica Bancorp (WABC)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

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. It operates through 78 branch offices in 21 counties in Northern and Central California. The company was formerly known as Independent Bankshares Corporation and changed its name to Westamerica Bancorporation in 1983. The company was incorporated in 1972 and is headquartered in San Rafael, California.

AI Analysis | Feedback

Here are 1-3 brief analogies for Westamerica Bancorp (WABC):

Think of it as a regional Wells Fargo for Northern and Central California.
It's like the Bank of America, but exclusively focused on communities in Northern and Central California.

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Deposit Products:
- Retail savings accounts: Accounts designed for individuals to save money.
- Checking accounts: Transactional accounts used for daily spending and payments.
- Certificates of deposit (CDs): Time deposits offering a fixed interest rate for a specific period.
Loan Products:
- Commercial loans: Funds provided to businesses for various operational or expansion needs.
- Commercial and residential real estate loans: Financing for the purchase or development of properties.
- Real estate construction loans: Funds specifically for financing the building of new properties.
- Consumer installment loans: Personal loans repaid in regular, fixed payments over time.
- Indirect automobile loans: Loans facilitated for vehicle purchases, often through dealerships.

AI Analysis | Feedback

Westamerica Bancorp (WABC) primarily serves two main categories of customers:

Individual Customers: These include individuals who utilize Westamerica Bank's retail savings and checking accounts, certificates of deposit, and consumer installment or indirect automobile loans.
Commercial Customers: These are businesses and other organizations that use the bank's commercial loans, commercial and residential real estate loans, real estate construction loans, and other business banking services.

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David L. Payne Chairman, President and Chief Executive Officer

David L. Payne has served as Chairman since 1988 and Chief Executive Officer since January 1989. He also manages his family printing, publishing, and cable television business. He has successfully negotiated and led Westamerica Bancorporation through numerous mergers, including those with John Muir National Bank, Napa Valley Bancorporation, PV Financial, CapitolBank - Sacramento, North Bay Bancorp, ValliCorp Holdings, First Counties Bank, Kerman State Bank, Redwood Empire Bancorp, County Bank, and Sonoma Valley Bank.

Anela Jonas Senior Vice President, Chief Financial Officer

Anela Jonas was appointed Chief Financial Officer effective June 27, 2024. She has been with Westamerica Bancorporation for thirteen years and previously held the position of Controller within the Finance and Administration Division.

Brian Donohoe Senior Vice President & Chief Information Officer

Brian Donohoe serves as the Senior Vice President and Chief Information Officer for Westamerica Bancorporation.

Russell W. Rizzardi Senior Vice President & Chief Credit Administrator of Westamerica Bank

Russell W. Rizzardi has served as Senior Vice President and Chief Credit Administrator of Westamerica Bank since 2008.

Robert Baker Senior Vice President, Banking Division Manager

Robert Baker holds the position of Senior Vice President and Banking Division Manager at Westamerica Bancorporation.

AI Analysis | Feedback

The key risks to Westamerica Bancorp's business operations include interest rate sensitivity, its concentrated operations in California real estate markets, and securities valuation volatility.

Interest Rate Sensitivity and Net Interest Margin Compression: A primary risk for Westamerica Bancorp is its sensitivity to interest rate fluctuations, which directly impacts its net interest margin. The company has experienced a decline in net interest income and a compression of its net interest margin, affecting its overall profitability.
Concentrated Operations in California Real Estate Markets: Westamerica Bancorp's operations are concentrated in 21 counties in Northern and Central California, and its loan portfolio heavily features commercial, commercial and residential real estate, and real estate construction loans. This concentration exposes the company to significant risks from adverse economic or market developments within California's real estate sector.
Securities Valuation Volatility: The company's balance sheet is characterized by a significant allocation to debt securities rather than loans. This structure makes Westamerica Bancorp particularly vulnerable to volatility in securities valuations and the risk of unrealized losses, especially during periods of interest rate fluctuations.

AI Analysis | Feedback

The clear emerging threat for Westamerica Bancorp is the increasing competition from digital-first banks (neobanks) and specialized online lenders. These fintech companies operate with significantly lower overhead due to the absence of a physical branch network, enabling them to offer more competitive rates, lower fees, and superior digital user experiences. This model directly challenges Westamerica's traditional, branch-heavy banking model, threatening its ability to attract and retain deposits and loan customers, especially among younger and digitally-savvy demographics.

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Share Repurchases

Westamerica Bancorporation approved a plan on December 18, 2025, to repurchase up to 2,000,000 shares of common stock through December 31, 2026. This authorization represents approximately 8.0% of shares outstanding as of September 30, 2025.
In 2025, the company repurchased approximately 2 million shares valued at $104 million.
During the fourth quarter of 2025, Westamerica retired 485,000 common shares through its share repurchase plan at an average price of $48.13.

Share Issuance

In 2025, the company generated $376 thousand from the exercise of stock options.
During 2023, 22 thousand shares were issued due to the exercise of nonqualified stock options.
In 2022, 40 thousand shares were issued from the exercise of nonqualified stock options.

Capital Expenditures

For the fourth quarter of 2025, Westamerica Bancorporation invested $626 thousand in capital expenditures.

Interactive Breakdown

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Better Bets vs. Westamerica Bancorp (WABC)

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Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Would You Still Hold Westamerica Bancorp Stock If It Fell 30%?	10/17/2025
2	Why Westamerica Bancorp Stock Moved: WABC Stock Has Lost 5% Since 2022 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S)	08/08/2025
3	Westamerica Bancorp (WABC) Valuation Ratios Comparison	08/08/2025
4	Time To Buy Westamerica Bancorp Stock?	05/16/2025
5	Westamerica Bancorp (WABC) Operating Cash Flow Comparison	02/17/2025
6	Westamerica Bancorp (WABC) Net Income Comparison	02/16/2025

	Title
0	ARTICLES

Trade Ideas

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EEFT_4302026_Dip_Buyer_ValueBuy	04302026	EEFT	Euronet Worldwide	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	0.0%	0.0%	0.0%
HOMB_4242026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	04242026	HOMB	Home BancShares	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	1.5%	1.5%	0.0%
HBAN_3312026_Insider_Buying_45D_2Buy_200K	03312026	HBAN	Huntington Bancshares	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	7.1%	7.1%	0.0%
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JKHY_3272026_Monopoly_xInd_xCD_Getting_Cheaper	03272026	JKHY	Jack Henry & Associates	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	0.3%	0.3%	-4.0%

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EMBC	Embecta	0.2	-63.2%	-70.9%
CAR	Avis Budget	5.3	-59.4%	17.3%
FWRD	Forward Air	0.3	-52.4%	-63.3%
PSIX	Power Solutions International	0.9	-51.3%	-33.5%
TRDA	Entrada Therapeutics	0.3	-48.7%	-30.7%
CABO	Cable One	0.3	-48.1%	-55.3%
ULH	Universal Logistics	0.3	-44.2%	-19.3%
TMDX	TransMedics	2.2	-43.6%	-47.4%
AORT	Artivion	1.1	-40.1%	-49.4%
VISN	Vistance Networks	2.6	-39.0%	-36.2%

Peer Comparisons

Peers to compare with:

Financials

	WABC	NEWT	ATLO	AGBK	NU	FITB	Median
Name	Westamer.	NewtekOne	Ames Nat.	AGI	Nu	Fifth Th.
Mkt Price	53.96	13.07	27.87	7.57	13.27	48.63	20.57
Mkt Cap	1.3	0.4	0.2	1.0	64.3	40.1	1.2
Rev LTM	254	272	70	5,861	10,627	9,461	3,066
Op Inc LTM	-	-	-	-	-	-	-
FCF LTM	116	-776	22	136	3,160	1,437	126
FCF 3Y Avg	134	-348	17	-	364,857	2,583	134
CFO LTM	119	-776	23	344	3,500	2,175	232
CFO 3Y Avg	135	-348	19	-	424,030	3,140	135

Growth & Margins

	WABC	NEWT	ATLO	AGBK	NU	FITB	Median
Name	Westamer.	NewtekOne	Ames Nat.	AGI	Nu	Fifth Th.
Rev Chg LTM	-10.8%	10.5%	21.7%	-	28.5%	13.9%	13.9%
Rev Chg 3Y Avg	-3.8%	32.1%	5.4%	-	63,129.4%	3.9%	5.4%
Rev Chg Q	-6.5%	8.0%	17.8%	-	48.7%	30.3%	17.8%
QoQ Delta Rev Chg LTM	-1.7%	1.9%	4.1%	-	10.7%	7.3%	4.1%
Op Inc Chg LTM	-	-	-	-	-	-	-
Op Inc Chg 3Y Avg	-	-	-	-	-	-	-
Op Mgn LTM	-	-	-	-	-	-	-
Op Mgn 3Y Avg	-	-	-	-	-	-	-
QoQ Delta Op Mgn LTM	-	-	-	-	-	-	-
CFO/Rev LTM	47.0%	-285.4%	32.5%	5.9%	32.9%	23.0%	27.7%
CFO/Rev 3Y Avg	47.3%	-134.4%	31.4%	-	28.1%	36.7%	31.4%
FCF/Rev LTM	45.8%	-285.4%	31.2%	2.3%	29.7%	15.2%	22.5%
FCF/Rev 3Y Avg	46.6%	-134.5%	28.6%	-	25.3%	30.4%	28.6%

Valuation

	WABC	NEWT	ATLO	AGBK	NU	FITB	Median
Name	Westamer.	NewtekOne	Ames Nat.	AGI	Nu	Fifth Th.
Mkt Cap	1.3	0.4	0.2	1.0	64.3	40.1	1.2
P/S	5.2	1.4	3.5	0.2	6.1	4.2	3.9
P/Op Inc	-	-	-	-	-	-	-
P/EBIT	-	-	-	-	-	-	-
P/E	11.7	5.8	11.5	1.1	22.4	18.5	11.6
P/CFO	11.0	-0.5	10.9	3.0	18.4	18.4	11.0
Total Yield	12.1%	17.4%	11.7%	93.2%	4.5%	5.4%	11.9%
Dividend Yield	3.5%	0.0%	3.0%	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	10.2%	-113.9%	9.0%	-	642.0%	9.4%	9.4%
D/E	0.0	1.5	0.1	1.9	0.0	0.5	0.3
Net D/E	-1.5	0.5	-2.0	0.2	-0.5	-1.2	-0.8

Returns

	WABC	NEWT	ATLO	AGBK	NU	FITB	Median
Name	Westamer.	NewtekOne	Ames Nat.	AGI	Nu	Fifth Th.
1M Rtn	1.1%	6.3%	-4.9%	6.6%	-11.3%	-1.4%	-0.1%
3M Rtn	4.8%	-1.5%	2.2%	-29.6%	-24.5%	-10.0%	-5.7%
6M Rtn	13.5%	32.7%	33.8%	-29.6%	-19.0%	15.1%	14.3%
12M Rtn	11.3%	25.3%	64.2%	-29.6%	2.5%	28.4%	18.3%
3Y Rtn	59.7%	43.2%	77.9%	-29.6%	128.4%	131.8%	68.8%
1M Excs Rtn	-6.4%	-0.1%	-11.2%	-6.1%	-18.7%	-9.9%	-8.2%
3M Excs Rtn	-1.8%	-8.1%	-4.5%	-36.2%	-31.1%	-16.6%	-12.3%
6M Excs Rtn	4.5%	21.5%	24.5%	-39.6%	-26.4%	5.4%	5.0%
12M Excs Rtn	-18.4%	3.7%	35.3%	-60.3%	-27.3%	4.1%	-7.3%
3Y Excs Rtn	-23.0%	-43.4%	-5.9%	-108.5%	64.1%	40.8%	-14.5%

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	3/31/2026	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	5/8/2026	2/27/2026	2/28/2025	2/29/2024	3/1/2023	2/28/2022	2/25/2021
Key Financials
Total Revenue	254	258	294	324	265	215	206
Net Income	112	116	139	162	122	87	80
EPS	4.49	4.52	5.20	6.06	4.54	3.22	2.98
Growth Rates
Total Revenue Growth	-10.8%	-12.2%	-9.2%	22.2%	23.3%	4.2%	0.9%
Net Income Growth	-15.6%	-16.2%	-14.3%	32.6%	41.1%	7.6%	0.0%
Margins
Net Income Margin	44.3%	45.0%	47.2%	50.0%	46.1%	40.3%	39.0%
Cash & Debt
Total Cash	2,018	2,116	3,997	4,190	4,626	5,771	4,684
Total Debt	21	22	18	19	16	18	19
Net Debt / (Cash)	-1,997	-2,094	-3,979	-4,171	-4,610	-5,753	-4,666
Cash Flows
Net Cash from Operations	119	122	142	158	114	89	108
Free Cash from Operations	116	120	140	157	113	87	106
Returns to Shareholders
Dividends	46	47	47	46	45	44	44
Share Repurchases	137	104	0	14	0	0	16

$ Mil \| FY: 12/31	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2
Period End	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023
Filing Date	5/8/2026	2/27/2026	11/7/2025	8/6/2025	5/9/2025	2/28/2025	11/8/2024	8/8/2024	5/9/2024	2/29/2024	11/8/2023	8/8/2023
Key Financials Quarterly
Total Revenue	62	63	64	65	66	70	74	74	76	80	83	81
Net Income	27	28	28	29	31	32	35	35	36	39	42	40
EPS	1.13	1.12	1.12	1.12	1.16	1.19	1.31	1.33	1.37	1.48	1.56	1.51
Key Financials TTM
Total Revenue TTM	254	258	264	275	284	294	305	313	320	324	322	312
Net Income TTM	112	116	120	127	133	139	146	153	158	162	162	155
Growth Rates Quarterly
Total Revenue Growth	-6.5%	-9.0%	-14.0%	-13.0%	-12.4%	-13.4%	-10.7%	-7.8%	-4.8%	1.5%	15.1%	37.1%
Net Income Growth	-11.9%	-12.3%	-19.4%	-18.0%	-14.8%	-19.7%	-15.7%	-11.9%	-10.0%	0.3%	19.7%	59.0%
Margins Quarterly
Net Income Margin	44.1%	43.9%	44.3%	45.0%	46.7%	45.6%	47.3%	47.8%	48.0%	49.1%	50.1%	49.9%
Cash & Debt
Total Cash	2,018	2,116	1,977	1,850	1,902	3,997	3,005	2,930	2,903	4,190	2,824	4,313
Total Debt	21	22	22	20	20	18	19	219	220	19	19	17
Net Debt / (Cash)	-1,997	-2,094	-1,955	-1,830	-1,882	-3,979	-2,986	-2,712	-2,683	-4,171	-2,805	-4,296
Cash Flows Quarterly
FCF from Operations	40	27	29	24	42	30	41	19	52	-8	59	53
Cash Flows TTM
FCF from Operations TTM	119	122	125	136	132	142	104	122	155	158	208	179
Returns to Shareholders Quarterly
Dividends	11	11	12	12	12	12	12	12	12	12	12	11
Share Repurchases	51	23	24	38	18	-0	-0	-0	0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-	-	-	-	-	-	-	-	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	-	-	-	-	-	-	-	-	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Single Segment	294	324	265	215	206
Total	294	324	265	215	206

Price Behavior

Price Behavior

Market Price	$53.96
Market Cap ($ Bil)	1.3
First Trading Date	03/17/1992
Distance from 52W High	-1.6%
	50 Days	200 Days
DMA Price	$52.21	$49.07
DMA Trend	up	up
Distance from DMA	3.3%	10.0%
	3M	1YR
Volatility	16.8%	21.2%
Downside Capture	49.11	55.34
Upside Capture	54.51	51.73
Correlation (SPY)	41.5%	36.2%

WABC Betas & Captures as of 4/30/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.46	0.42	0.42	0.43	0.65	0.72
Up Beta	0.51	0.54	0.46	0.63	0.96	0.77
Down Beta	-4.87	0.38	0.27	0.14	0.48	0.69
Up Capture	52%	55%	60%	57%	45%	42%
Bmk +ve Days	15	22	31	66	141	428
Stock +ve Days	13	25	38	65	130	388
Down Capture	57%	18%	25%	31%	62%	89%
Bmk -ve Days	4	18	30	56	108	321
Stock -ve Days	9	17	25	57	119	358

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with WABC
WABC	12.4%	21.2%	0.46	-
Sector ETF (XLF)	5.1%	14.6%	0.12	50.4%
Equity (SPY)	32.5%	12.4%	1.98	36.1%
Gold (GLD)	41.3%	26.9%	1.26	-9.2%
Commodities (DBC)	50.3%	18.5%	2.06	-17.7%
Real Estate (VNQ)	12.8%	13.5%	0.65	37.1%
Bitcoin (BTCUSD)	-21.0%	41.7%	-0.46	13.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with WABC
WABC	0.0%	25.5%	-0.01	-
Sector ETF (XLF)	8.7%	18.6%	0.35	58.7%
Equity (SPY)	13.7%	17.1%	0.63	42.4%
Gold (GLD)	21.0%	17.9%	0.95	-1.9%
Commodities (DBC)	11.4%	19.4%	0.47	6.6%
Real Estate (VNQ)	3.9%	18.8%	0.11	44.7%
Bitcoin (BTCUSD)	7.2%	55.9%	0.34	15.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with WABC
WABC	4.7%	27.1%	0.20	-
Sector ETF (XLF)	12.7%	22.1%	0.53	68.8%
Equity (SPY)	15.5%	17.9%	0.74	53.3%
Gold (GLD)	13.4%	15.9%	0.70	-7.3%
Commodities (DBC)	8.4%	17.9%	0.39	15.0%
Real Estate (VNQ)	5.6%	20.7%	0.24	46.4%
Bitcoin (BTCUSD)	68.2%	66.8%	1.07	12.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	4302026
Short Interest: Shares Quantity	0.5 Mil
Short Interest: % Change Since 4152026	8.7%
Average Daily Volume	0.2 Mil
Days-to-Cover Short Interest	2.4 days
Basic Shares Quantity	24.3 Mil
Short % of Basic Shares	2.2%

Returns Analyses

	Title
0	Would You Still Hold Westamerica Bancorp Stock If It Fell 30%?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
4/16/2026	0.7%	1.8%
1/15/2026	-2.0%	-2.0%	4.3%
10/16/2025	1.9%	3.1%	5.8%
7/17/2025	-1.2%	-3.5%	-3.1%
4/17/2025	-0.2%	4.9%	8.9%
1/16/2025	2.0%	0.9%	-1.4%
10/17/2024	-0.2%	-0.0%	10.8%
7/18/2024	-1.5%	0.1%	-8.7%
...
SUMMARY STATS
# Positive	15	13	17
# Negative	10	12	7
Median Positive	2.0%	3.6%	4.6%
Median Negative	-0.6%	-2.2%	-5.1%
Max Positive	7.0%	14.1%	15.7%
Max Negative	-4.5%	-8.3%	-9.5%

	Forward Returns
4/16/2026	0.7%	1.8%
1/15/2026	-2.0%	-2.0%	4.3%
10/16/2025	1.9%	3.1%	5.8%
7/17/2025	-1.2%	-3.5%	-3.1%
4/17/2025	-0.2%	4.9%	8.9%
1/16/2025	2.0%	0.9%	-1.4%
10/17/2024	-0.2%	-0.0%	10.8%
7/18/2024	-1.5%	0.1%	-8.7%
4/18/2024	2.7%	3.6%	11.6%
1/18/2024	-4.5%	-8.3%	-9.5%
10/19/2023	-0.3%	1.9%	12.4%
7/20/2023	1.6%	7.7%	2.5%
4/20/2023	-0.5%	-2.6%	-6.0%
1/19/2023	3.2%	2.1%	4.6%
10/20/2022	7.0%	14.1%	15.7%
7/21/2022	4.3%	5.5%	7.0%
4/21/2022	1.6%	-0.8%	-4.1%
1/20/2022	-0.8%	-2.3%	2.3%
10/21/2021	2.7%	-0.8%	1.9%
7/15/2021	-0.3%	-4.0%	3.5%
4/15/2021	0.0%	-0.5%	0.5%
1/21/2021	2.4%	-5.5%	3.7%
10/15/2020	1.1%	-1.2%	2.7%
7/16/2020	0.8%	3.7%	10.1%
4/16/2020	5.2%	6.5%	-5.1%
SUMMARY STATS
# Positive	15	13	17
# Negative	10	12	7
Median Positive	2.0%	3.6%	4.6%
Median Negative	-0.6%	-2.2%	-5.1%
Max Positive	7.0%	14.1%	15.7%
Max Negative	-4.5%	-8.3%	-9.5%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
03/31/2026	05/08/2026	10-Q
12/31/2025	02/27/2026	10-K
09/30/2025	11/07/2025	10-Q
06/30/2025	08/06/2025	10-Q
03/31/2025	05/09/2025	10-Q
12/31/2024	02/28/2025	10-K
09/30/2024	11/08/2024	10-Q
06/30/2024	08/08/2024	10-Q
03/31/2024	05/09/2024	10-Q
12/31/2023	02/29/2024	10-K
09/30/2023	11/08/2023	10-Q
06/30/2023	08/08/2023	10-Q
03/31/2023	05/09/2023	10-Q
12/31/2022	03/01/2023	10-K
09/30/2022	11/08/2022	10-Q
06/30/2022	08/08/2022	10-Q

Recent Forward Guidance [BETA]

Latest: Q1 2026 Earnings Reported 4/16/2026

null

Prior: Q4 2025 Earnings Reported 1/15/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Principal payments from debt securities		397.00 Mil		17.5%		Raised	Guidance: 338.00 Mil for 2026

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Wondeh, Inez		Direct	Buy	4232026	53.78	61	3,281	54,161	Form
2	Baker, Robert James JR	SVP/Banking Division Manager	Direct	Sell	4202026	53.83	759			Form
3	Wondeh, Inez		Direct	Buy	4302025	48.51	451	21,878	45,890	Form

WABC Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

null

Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing WABC?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What WABC Makes & Who Pays

TTM figures based on

WABC Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Industry Resources

Financials Resources

Federal Reserve Economic Data

External Quote Links

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1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Westamerica Bancorp (WABC)

Market Price (5/13/2026): $54.03 | Market Cap: $1.3 BilSector: Financials | Industry: Regional Banks

Westamerica Bancorp (WABC)

Market Price (5/13/2026): $54.03Market Cap: $1.3 BilSector: FinancialsIndustry: Regional Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

About Westamerica Bancorp (WABC)

Interactive Breakdown

Better Bets vs. Westamerica Bancorp (WABC)

Latest Trefis Analyses

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Bank Assets

Bank Loans

FDA Approved Drugs Data

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Recent Forward Guidance [BETA]

Insider Activity

WABC Trade Sentinel

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CONVICTION RATIONALE

STOCK ARCHETYPE

INVESTMENT THESIS

PRIMARY RISK

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Position Sizing

null

Diversification Alternatives

Market Price (5/13/2026): $54.03 | Market Cap: $1.3 Bil
Sector: Financials | Industry: Regional Banks

Market Price (5/13/2026): $54.03
Market Cap: $1.3 Bil
Sector: Financials
Industry: Regional Banks