Liquidity management remains a primary focus, evidenced by a $333.4 million investment in securities during 2026Q1, while the bank continues to support shareholder returns through consistent quarterly dividends of approximately $11.7 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 119.24M | 121.9M | 141.57M | 158.21M | 113.7M | 88.73M | 107.74M | 80.7M | 96.63M | 80.75M | 77.64M | 70.4M | 82.31M | 85.31M | 119.46M | 120.39M | 114.97M | 149.03M | 93.12M | 108.36M | 107.99M | 117.79M | 111.29M | 115.36M | 90.56M | 98.72M | 93.13M | 95.9M | 63.3M | 78.5M | 56.7M |
| Operating CF Growth % | -20.93% | -13.9% | -10.52% | 39.14% | 28.14% | -17.64% | 33.51% | -16.48% | 19.66% | 4.01% | 10.27% | -14.47% | -3.52% | -28.59% | -0.77% | 4.72% | -22.85% | 60.04% | -14.06% | 0.34% | -8.32% | 5.84% | -3.53% | 27.39% | -8.27% | 6% | -2.89% | 51.5% | -19.36% | 38.45% | -11.41% |
| Net Income | 112.49M | 116.17M | 138.64M | 161.77M | 122.03M | 86.51M | 80.41M | 80.39M | 71.56M | 50.02M | 58.85M | 58.75M | 60.65M | 67.18M | 81.13M | 87.89M | 94.58M | 125.43M | 59.84M | 89.78M | 98.81M | 106.04M | 93.26M | 95.06M | 87.14M | 84.28M | 79.78M | 76.1M | 73.4M | 48.1M | 46.8M |
| Depreciation & Amortization | 6.17M | 7.25M | 10.4M | 11.77M | 16.57M | 16.62M | 22.65M | 20.63M | 24.4M | 26.08M | 19.94M | 16.4M | 15.5M | 18.02M | 14.07M | 14.25M | 15.33M | 10.43M | 9.44M | 9.49M | 9.81M | 9.76M | 6.06M | 6.19M | 6.92M | 9.57M | 8.42M | 9.5M | 9.1M | 8.6M | 8.9M |
| Deferred Taxes | -10.38M | 2.75M | -8.42M | -869K | 3.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 49K | -438K | -1.54M | -1.88M | -2.63M | -5.61M | -3.82M | -910K | -1.03M | -10.7M | -4.33M | 548K | 1.23M | 7.74M | 11.85M | 10.96M | 8.84M | -39.65M | 58.87M | -4.91M | 849K | 2.75M | 10.44M | 4.47M | 8.61M | 2.71M | 3.46M | 3.8M | 2.1M | 22M | 19.1M |
| Working Capital Changes | 9.89M | -4.93M | 1.01M | -13.94M | -26.59M | -10.2M | 6.63M | -21.15M | -290K | 13.52M | 1.68M | -6.57M | 3.62M | -9.02M | 10.96M | 5.86M | -5.15M | 51.69M | -36.22M | 12.22M | -1.47M | -761K | 1.53M | 9.65M | -12.11M | 2.16M | 1.48M | 6.5M | -21.3M | -200K | -18.1M |
| Cash from Investing | -207.55M | 149.67M | 715.68M | 547.27M | -631.29M | -306.08M | -748.92M | -22.3M | -253.56M | -73.26M | -197.26M | -102.26M | -295.26M | 50.92M | 5.7M | 67.64M | 298.51M | 840.83M | 409.25M | 217.97M | 358.16M | 246.9M | -253.03M | -396.49M | -152.1M | -9.16M | 11.75M | -77.7M | -14.5M | -91.6M | 102.8M |
| Purchase of Investments | -1B | -710.14M | -20.73M | 0 | -1.36B | -1.91B | -2.1B | -970.54M | -854.55M | -635.81M | -1.33B | -1.38B | -1.19B | -615.28M | -868.37M | -719.12M | -482.36M | -23.51M | -6.58M | -30.72M | -30.83M | -254.28M | -986.86M | -1.44B | -1.89B | -451.16M | -60.5M | -420M | -387.4M | -515M | -366.1M |
| Sale/Maturity of Investments | 769.91M | 770.85M | 687.53M | 459.96M | 611.22M | 1.41B | 1.48B | 871.26M | 520.36M | 497.75M | 941.68M | 1.12B | 757.88M | 362.54M | 435.26M | 427.83M | 347.65M | 332.51M | 311.14M | 223.83M | 250.3M | 466.5M | 716.13M | 882.72M | 1.69B | 450.49M | 165.77M | 372.5M | 410.9M | 409.1M | 453.7M |
| Net Investment Activity | -234.65M | 60.7M | 666.8M | 459.96M | -743.95M | -498.51M | -623.97M | -99.28M | -334.2M | -138.06M | -386.24M | -264.6M | -436.05M | -252.74M | -433.1M | -291.29M | -134.71M | 309M | 304.56M | 193.11M | 219.47M | 212.22M | -270.73M | -560.41M | -202.65M | -664K | 105.27M | -47.5M | 23.5M | -105.9M | 87.6M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 57.9M | 44.4M | 0 | 0 | 0 | -35.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 30.67M | 91.22M | 50.62M | 88.47M | 113.47M | 193.75M | -122.75M | 80.98M | 83.76M | 67.52M | 190.79M | 166.81M | 144.58M | 305.36M | 443.63M | 362.24M | 376.78M | 501.61M | 106.59M | 26.42M | 139.28M | 71.55M | 21.1M | 168.26M | 52.1M | -4.44M | -90.95M | -26.7M | -33.8M | 19.3M | 34.4M |
| Cash from Financing | -241.75M | -305.2M | -446.07M | -809.4M | -320.26M | 728.16M | 889.03M | -105.27M | 2.22M | 105.23M | 148.85M | 84.07M | 121.76M | -155.59M | -163.82M | 3.21M | -435.83M | -767.61M | -573.25M | -301M | -490.98M | -281.57M | 78.26M | 248.18M | 104.93M | -196.85M | -74.13M | 7.8M | -69.9M | -91.3M | -147.2M |
| Dividends Paid | -46.45M | -46.94M | -46.96M | -45.95M | -45.18M | -44.3M | -44.28M | -43.94M | -42.63M | -41.3M | -39.92M | -39.12M | -39.76M | -40.1M | -41.01M | -41.67M | -42.09M | -43.82M | -40.24M | -40.65M | -40.7M | -39.32M | -35.09M | -32.94M | -30.26M | -29.07M | -26.99M | -25.6M | -21.9M | -13.4M | -15M |
| Share Repurchases | -136.56M | -103.78M | -210K | -13.75M | -218K | -232K | -16.5M | -488K | -524K | -314K | -5.42M | -14.73M | -52.16M | -57.32M | -51.5M | -60.51M | -28.72M | -85.77M | -35.91M | -87.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 376K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 93.34M | 0 | 0 | 12.76M | 9.83M | 12.57M | 0 | 14.62M | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -136.56M | -103.41M | -210K | -13.75M | -218K | -232K | -16.5M | -488K | -524K | -314K | -5.42M | -14.73M | -52.16M | -57.32M | -51.5M | -60.51M | -28.72M | 7.56M | -35.91M | -87.1M | 12.76M | 9.83M | 12.57M | 0 | 14.62M | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 2M | 1000K | 1000K | 370K | -1000K | 1000K | 1000K | -1000K | -1000K | -607K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K |
| Other Financing | -89.97M | -171.83M | -461.06M | -750.07M | -186.41M | 728.99M | 878.2M | -40.52M | 52.6M | 147.46M | 188.15M | 194.68M | 186.94M | -47.16M | -9.32M | 132.26M | -159.19M | -250.17M | -145.78M | -239.73M | -327.5M | -105.74M | 121.86M | 169.93M | -24.14M | -1.41M | 91.15M | -123.7M | 110.5M | -150.2M | -108M |
| Net Change in Cash | -330.05M | -33.69M | 411.18M | -103.92M | -837.85M | 510.81M | 247.85M | -46.86M | -154.72M | 112.73M | 29.23M | 52.21M | -91.19M | -19.35M | -38.66M | 191.25M | -22.34M | 222.25M | -70.88M | 25.32M | -24.83M | 83.12M | -63.48M | -32.95M | 43.4M | -107.3M | 30.74M | 26M | -21.1M | -104.4M | -342.9M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 567.8M | 601.49M | 190.31M | 294.24M | 1.13B | 621.27M | 373.42M | 420.28M | 575M | 462.27M | 433.04M | 380.84M | 472.03M | 491.38M | 530.04M | 338.79M | 361.13M | 138.88M | 209.76M | 184.44M | 209.27M | 126.15M | 189.63M | 222.58M | 179.18M | 286.48M | 255.74M | 229.7M | 250.8M | 355.2M | 342.9M |
| Cash at End | 397.28M | 567.8M | 601.49M | 190.31M | 294.24M | 1.13B | 621.27M | 373.42M | 420.28M | 575M | 462.27M | 433.04M | 380.84M | 472.03M | 491.38M | 530.04M | 338.79M | 361.13M | 138.88M | 209.76M | 184.44M | 209.27M | 126.15M | 189.63M | 222.58M | 179.18M | 286.48M | 255.7M | 229.7M | 250.8M | 193.1M |
| Interest Paid | 13.66M | 13.73M | 17.43M | 3.9M | 1.94M | 2.03M | 1.83M | 1.9M | 1.93M | 1.93M | 2.2M | 2.53M | 3.82M | 5.45M | 6.81M | 11.27M | 15.41M | 27.56M | 36.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 16.31M | 33.02M | 57.26M | 64.02M | 39.84M | 27.67M | 26.46M | 24.49M | 13.63M | 17.35M | 19.26M | 17.67M | 16.41M | 22.56M | 34.11M | 28.83M | 50.39M | 36.85M | 24.06M | 30.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 115.67M | 119.59M | 139.83M | 157.05M | 112.89M | 87.41M | 105.54M | 76.71M | 93.51M | 78.03M | 75.82M | 65.93M | 78.52M | 83.62M | 114.63M | 117.08M | 113.52M | 134.85M | 91.22M | 106.8M | 107.4M | 117.9M | 107.9M | 111.02M | 89M | 94.66M | 90.56M | 92.4M | 59.1M | 73.5M | 37.5M |
| FCF Growth % | -10.97% | -14.47% | -10.96% | 39.11% | 29.15% | -17.18% | 37.59% | -17.96% | 19.83% | 2.92% | 15% | -16.03% | -6.1% | -27.05% | -2.1% | 3.14% | -15.82% | 47.84% | -14.59% | -0.57% | -8.9% | 9.26% | -2.81% | 24.74% | -5.98% | 4.53% | -1.99% | 56.35% | -19.59% | 96% | -31.69% |
Regional economic concentration risk
According to recent financial disclosures, Westamerica consistently generates positive net income, with quarterly figures averaging approximately $31 million, which provides a stable foundation for capital retention despite the broader trend of revenue contraction observed across the bank's primary Northern California operating footprint over the last ten quarters.
The bank's ability to maintain positive net income despite a shrinking loan book suggests a focus on capital preservation over aggressive growth. This internal capital generation appears sufficient to support the current dividend policy without necessitating external financing, reinforcing the bank's fortress balance sheet status.
As reported in quarterly cash flow statements, Westamerica has actively managed its investment securities portfolio, with significant purchase activity of $333.4 million in 2026Q1 offset by consistent sales, indicating a tactical approach to liquidity management rather than a passive hold-to-maturity strategy in the current rate environment.
The frequent turnover in the investment portfolio suggests management is attempting to optimize yields or manage duration risk in response to interest rate volatility. Investors should monitor whether these transactions are intended to realize gains to offset core earnings pressure or if they represent a fundamental shift in asset allocation.
Based on historical cash flow data, Westamerica has maintained a consistent dividend payout of approximately $11.7 million per quarter, while simultaneously utilizing share buybacks, such as the $51 million repurchase in 2026Q1, to return excess capital to shareholders as loan demand remains notably muted.
The use of share buybacks in a period of negative revenue growth may indicate that management views the current stock valuation as attractive or that they lack viable internal investment opportunities. This capital return strategy appears sustainable given the bank's low leverage, though it warrants investigation into whether it signals a long-term pivot away from organic growth.
While the cash flow statement highlights consistent dividend payments and investment activity, it obscures the potential impact of unrealized losses on the securities portfolio, which may not be fully reflected in cash-based metrics but could significantly affect tangible book value if forced liquidation becomes necessary.
The reliance on cash flow statements alone may mask the underlying sensitivity of the bank's capital position to interest rate fluctuations. Analysts should cross-reference these figures with AOCI disclosures to determine if the bank's fortress balance sheet is as resilient as the cash flow data implies.
Quick answers to the most common questions about buying WABC stock.
Westamerica Bancorporation (WABC) generated $121.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Westamerica Bancorporation (WABC) generated $119.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Westamerica Bancorporation (WABC) spent $2.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Westamerica Bancorporation (WABC) returned $46.9M to shareholders via cash dividends and spent $103.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.