# EDGAR Filing Document

**Accession Number:** 0000311094
**File Stem:** 0001171843-25-004166
**Filing Date:** 2025-6
**Character Count:** 39646
**Document Hash:** b302540903991cc78fa2c41200587a84
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-25-004166.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001171843-25-004166

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250626

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WESTAMERICA BANCORPORATION
- **CENTRAL INDEX KEY:** 0000311094
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 942156203
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-09383
- **FILM NUMBER:** 251081795

**BUSINESS ADDRESS:**
- **STREET 1:** 1108 FIFTH AVE
- **CITY:** SAN RAFAEL
- **STATE:** CA
- **ZIP:** 94901
- **BUSINESS PHONE:** (707) 863-6000

**MAIL ADDRESS:**
- **STREET 1:** 4550 MANGELS BLVD
- **STREET 2:** A-2Y
- **CITY:** FAIRFIELD
- **STATE:** CA
- **ZIP:** 94534-4082

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INDEPENDENT BANKSHARES CORP
- **DATE OF NAME CHANGE:** 19830801

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 11-K**

(Mark One)

☒ **ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended December 31, 2024**

 **or**

☐ **TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from __________ to __________.**

**Commission file number: 001-09383**

**A.** **Full title of the plan and the address of the plan, if different from that of the issuer named below:**

**WESTAMERICA BANCORPORATION TAX DEFERRED** 

**SAVINGS/RETIREMENT PLAN (ESOP)** 

**B.** **Name of the securities held pursuant to the plan and the address of its principal executive office:**

**WESTAMERICA BANCORPORATION**

**1108 FIFTH AVENUE**

**SAN RAFAEL, CALIFORNIA 94901**

**WESTAMERICA BANCORPORATION**

**TAX DEFERRED SAVINGS/RETIREMENT PLAN (ESOP)**

San Rafael, California

**FINANCIAL STATEMENTS**

December 31, 2024 and 2023

WESTAMERICA BANCORPORATION

TAX DEFERRED SAVINGS/RETIREMENT PLAN (ESOP)

FINANCIAL STATEMENTS

December 31, 2024 and 2023

CONTENTS

---

| | |
|:---|:---|
| [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#a_001) | [1](#a_001) |
| FINANCIAL STATEMENTS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS](#a_002) | [3](#a_002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS](#a_003) | [4](#a_003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[NOTES TO FINANCIAL STATEMENTS](#a_004) | [5](#a_004) |
| SUPPLEMENTAL SCHEDULES |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SCHEDULE H, LINE 4a - SCHEDULE OF DELINQUENT PARTICIPANT CONTRIBUTIONS](#a_005) | [15](#a_005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)](#a_006) | [16](#a_006) |

---

All other schedules required by Section 2520.103-10 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Plan Participants and Employee Benefits and

Compensation Committee of the

Board of Directors of

Westamerica Bancorporation

San Rafael, California

**Opinion on the Financial Statements**

We have audited the accompanying statements of net assets available for benefits of Westamerica Bancorporation Tax Deferred Savings/Retirement Plan (ESOP) (the "Plan") as of December 31, 2024 and 2023, the related statements of changes in net assets available for benefits for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Supplemental Information**

 

The supplemental Schedule H, Line 4a – Schedule of Delinquent Participant Contributions for the year ended December 31, 2024 and Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2024 have been subjected to audit procedures performed in conjunction with the audit of Westamerica Bancorporation Tax Deferred Savings/Retirement Plan (ESOP) financial statements. The supplemental schedules are the responsibility of the Plan's management. Our audit procedures included determining whether the information presented in the supplemental schedules reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the supplemental schedules, we evaluated whether the supplemental schedules, including their form and content, are presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedules are fairly stated in all material respects in relation to the financial statements as a whole.

/s/ Crowe LLP

We have served as the Plan's auditor since 2012.

Oakbrook Terrace, Illinois

June 26, 2025

WESTAMERICA BANCORPORATION

TAX DEFERRED SAVINGS/RETIREMENT PLAN (ESOP)

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

December 31, 2024 and 2023

---

| | | |
|:---|:---|:---|
|  | 2024 | 2023 |
| **ASSETS** |  |  |
| Investments, at fair value (Notes 3 and 4) | $63548601 | $60838920 |
| Notes receivable from participants | 527582 | 544756 |
| &nbsp;&nbsp;&nbsp;Total assets and net assets available for benefits | $64076183 | $61383676 |

---

See accompanying notes to financial statements.

WESTAMERICA BANCORPORATION

TAX DEFERRED SAVINGS/RETIREMENT PLAN (ESOP)

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

For the Years Ended December 31, 2024 and 2023

---

| | | |
|:---|:---|:---|
|  | 2024 | 2023 |
| Investment income: |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and capital gains distributions | $2492997 | $1790938 |
| &nbsp;&nbsp;&nbsp;Net appreciation in fair value of investments | 3501016 | 5310046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 5994013 | 7100984 |
| Interest income on notes receivable from participants | 41662 | 31371 |
| Contributions: |  |  |
| &nbsp;&nbsp;&nbsp;Participants | 1658918 | 1474366 |
| &nbsp;&nbsp;&nbsp;Employer | 1009087 | 895605 |
| &nbsp;&nbsp;&nbsp;Participant rollovers | - | 38942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total contributions | 2668005 | 2408913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income and contributions | 8703680 | 9541268 |
| Benefits paid to participants | (5984374) | (3063545) |
| Administrative expenses | (26799) | (27948) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefit payments and expenses | (6011173) | (3091493) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase | 2692507 | 6449775 |
| Net assets available for benefits: |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 61383676 | 54933901 |
| &nbsp;&nbsp;&nbsp;End of year | $64076183 | $61383676 |

---

See accompanying notes to financial statements.

WESTAMERICA BANCORPORATION

TAX DEFERRED SAVINGS/RETIREMENT PLAN (ESOP)

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **DESCRIPTION OF PLAN** 

The following description of the Westamerica Bancorporation Tax Deferred Savings/Retirement Plan (ESOP) (the "Plan") provides only general information. Participants should refer to the Summary Plan Description and Plan Document for a more complete description of the Plan's provisions.

<u>General</u>

The Plan is a defined contribution plan covering eligible employees of Westamerica Bancorporation and its subsidiaries (the "Company"). The Plan, which became effective October 1, 1985, is intended to be a qualified stock bonus plan under section 401(a) of the Internal Revenue Code (IRC) and is designated as an employee stock ownership plan or ESOP. Portions of the Plan are also intended to qualify as a qualified cash or deferred arrangement within the meaning of section 401(k) of the IRC. The Plan also provides for Roth elective contributions.

The Employee Benefits and Compensation Committee of the Company's Board of Directors (the "Committee") delegates the administration of the Plan to the Company's Pension Management Committee. The Committee has the responsibility for the general operation of the Plan, including the resolution of any questions arising under the Plan agreement. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). Investments in the Plan are participant directed with the exception of employer contributions which are invested in shares of the Company's common stock at the time of contribution. Subsequent to investment in the Company's common stock, participants may direct employer matching contributions among all investment options. Vanguard Fiduciary Trust Company (Vanguard) serves as trustee of the Plan.

<u>Eligibility</u>

All employees of the Company who are compensated on an hourly or salaried basis are eligible to participate in the plan on the first day of the payroll period (Entry Date) coinciding with or following the date the employee completes 90 consecutive days of service with the Company or completes 1,000 service hours in a 12-month consecutive period.

<u>Vesting</u>

Participants are immediately vested in their salary-deferral contributions and the Company's matching contributions, plus actual earnings and losses thereon. Participants become 20%, 40%, 60%, 80% and 100% vested in the Company's discretionary contributions after completing, two, three, four, five and six Years of Service, respectively. The Company has made no discretionary contributions to the plan since its inception.

WESTAMERICA BANCORPORATION

TAX DEFERRED SAVINGS/RETIREMENT PLAN (ESOP)

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **DESCRIPTION OF PLAN** (Continued)

<u>Contributions</u>

Each year, participants may elect to make salary deferral contributions in any whole percentage of eligible compensation subject to certain IRC limitations. Participants may elect whether their salary deferral contributions are characterized as pre-tax or after-tax ("Roth") contributions.

The Company makes a matching contribution equal to 100 percent of the participant's elective contribution, up to a maximum of 6 percent of the participant's compensation. Additional amounts may be contributed at the discretion of the Company's Board of Directors. Participants may also contribute amounts representing distributions from other qualified accounts, defined benefit or defined contribution plans. For the years ended December 31, 2024 and 2023, the Company made no discretionary contributions. Company contributions are subject to certain IRC limitations.

<u>Participant Accounts</u>

Individual accounts are maintained for each Plan participant. Each participant's account is credited with the participant's contribution, allocation of the Company's matching and discretionary contributions, allocation of Plan earnings, and charged with benefit payments, allocations of Plan losses and administrative expenses.

Employer matching contributions are allocated to participants based on the participant's elective contribution. Employer discretionary contributions are allocated to the account of each participant in ratio of the participant's eligible compensation to the total eligible compensation for all Plan participants.

<u>Participants' Investment Options</u>

Participants direct participant contributions to be invested, in whole or in part, in any of the investment funds offered by the Plan. The funds offered by the Plan allow participants to broadly-diversify by offering a range of investment fund options, including balanced, equity and fixed income funds. Among the investment funds offered are the Westamerica Bancorporation Common Stock Fund and target-date retirement funds.

Target-date retirement funds are the qualified default investment fund and use an asset allocation strategy designed for investors planning to retire in or within a few years of the year in the fund's name and grow gradually more conservative over a predetermined schedule.

Company matching contributions are invested in the Westamerica Common Stock Fund in accordance with the Plan Document. Participants may redirect Company matching contributions from the Westamerica Common Stock Fund to other investment options at their discretion and without limitation.

Participants may change their investment options at any time directly through Vanguard.

WESTAMERICA BANCORPORATION

TAX DEFERRED SAVINGS/RETIREMENT PLAN (ESOP)

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **DESCRIPTION OF PLAN** (Continued)

<u>Notes Receivable from Participants</u>

Participants may borrow a minimum of $1,000 up to a maximum equal to the lesser of 50 percent of their vested account balance or $50,000. Participants are limited to one loan outstanding at any time. For the purposes of this limit, all qualified plans of the Company shall be considered one plan. Participant loans are funded by selling investments in the borrowing participant's accounts and bear fixed interest rates determined using market rates prevailing at the time the funds are borrowed. Participant loans are subject to a one-time origination fee and annual maintenance fee. The origination fee is included in the loan balance. Participant loans are made for a term not to exceed 5 years. Principal and interest are paid ratably through payroll deductions and invested in the borrowing participant's accounts in accordance with their investment directions.

<u>Payment of Benefits</u>

Upon termination of service for any reason, a participant may elect to receive a lump-sum distribution equal to the value in his or her account. Distributions for the value of a participant's account invested in the Westamerica Common Stock Fund stock are made in the form of the Company's common stock plus cash for any fractional shares or, if a participant elects, in cash, as provided by the Plan document. Participants may also receive in-service distributions on account of hardship or after attaining age 59 ½.

Cash dividends paid on Westamerica Bancorporation common stock allocated to participant accounts may be paid to participants in cash or be credited to the participant's account as earnings, which are reinvested in additional shares of Westamerica Bancorporation common stock. If the value of a separated participant's benefit is not more than $1,000, the benefit shall be automatically paid in a single lump sum in cash or, if elected, directly to an eligible retirement plan. Benefits payable to separated participants for amounts greater than $1,000 may be made in cash or other form of distribution, as defined by the Plan. As of December 31, 2024 and 2023, there were no benefits payable to participants that had elected to withdraw from the Plan but had not yet been paid.

<u>Voting Rights</u>

Each participant is entitled to exercise voting rights attributable to the Westamerica Bancorporation common stock shares allocated to their account and is notified by the trustee prior to the time that such rights are to be exercised. The trustee is permitted to vote any unallocated shares and allocated shares for which instructions have not been given by a participant or beneficiary, in direct proportion to the shares with respect to which it has received timely voting instructions from participants or beneficiaries.

WESTAMERICA BANCORPORATION

TAX DEFERRED SAVINGS/RETIREMENT PLAN (ESOP)

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **DESCRIPTION OF PLAN** (Continued)

<u>Plan Termination</u>

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan, subject to the provisions of ERISA.

<u>Administrative and Investment Management Expenses</u>

The Company provides bookkeeping and other administrative services for the Plan at no charge. The Company pays the Plan's annual account maintenance fees for participants actively employed by the Company and other administrative expenses. Administrative expenses reflected in the financial statements are comprised of annual loan maintenance fees for active employees and recordkeeping and information management fees for participants who are no longer employed by the Company (inactive) that maintain Plan account balances. The administrative expenses were included as reductions to the respective participants' account balances. Investment management fees are charged to the Plan as a reduction of investment return and included in the investment income reported by the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SUMMARY OF ACCOUNTING POLICIES** 

<u>Basis of Accounting</u>

The financial statements of the Plan have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.

<u>Use of Estimates</u>

The preparation of financial statements requires the Plan's management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein and disclosure of contingent assets and liabilities. It is at least reasonably possible that a significant change may occur in the near term in the estimated fair value of the Plan's investments.

<u>Investment Valuation and Income Recognition</u>

The Plan's investments are stated at fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 4 for additional discussion of fair value measurements.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation in fair value of investments includes net unrealized market appreciation of investments and net realized gains and losses on the sale of investments during the period.

WESTAMERICA BANCORPORATION

TAX DEFERRED SAVINGS/RETIREMENT PLAN (ESOP)

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SUMMARY OF ACCOUNTING POLICIES** (Continued)

<u>Investment Valuation and Income Recognition</u> (Continued)

Management fees and operating expenses charged to the Plan's investments in shares of registered investment companies (mutual funds) are deducted from mutual fund income earned on a daily basis and are not separately reflected. Trustee fees charged to the Westamerica Bancorporation Common Stock Fund are deducted from income earned on the Westamerica Common Stock Fund. Consequently, management fees, operating expenses and trustee fees are reflected as a reduction of investment return for such investments.

The Westamerica Bancorporation Common Stock Fund is invested in the Company's common stock and temporary interest-bearing money market funds. The money market fund component at December 31, 2024 and 2023, was insignificant and is not separately reflected. As such, disclosures reflect whole shares of Westamerica Bancorporation common stock.

<u>Notes Receivable from Participants</u>

Notes receivable from participants are measured at their unpaid balance plus any accrued but unpaid interest.

<u>Payment of Benefits</u>

Benefits are recorded when paid.

<u>Subsequent Events</u>

Plan management has evaluated events occurring after December 31, 2024 and has concluded that there are no events that require recognition or disclosure in the financial statements.

[The remainder of this page intentionally left blank]

WESTAMERICA BANCORPORATION

TAX DEFERRED SAVINGS/RETIREMENT PLAN (ESOP)

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **INVESTMENT IN WESTAMERICA BANCORPORATION COMMON STOCK** 

The Plan's investments at December 31, 2024 and 2023 in Westamerica Bancorporation common stock are as follows:

---

| | | |
|:---|:---|:---|
|  | 2024 | 2023 |
| Number of shares | 289057 | 293007 |
| Cost | $13364031 | $13504195 |
| Fair value | $15163919 | $16528538 |

---

<u>Concentrations of Investments</u>

The Westamerica Common Stock Fund represents 24% and 27% of total investments of the Plan at December 31, 2024 and 2023, respectively. A significant decline in the market value of the Company's stock would have a materially adverse effect on the Plan's net assets available for benefits.

**4.** **FAIR VALUE MEASUREMENTS** 

<u>Fair Value Hierarchy</u>

Fair value is the estimated price that would be received by the Plan for an asset or paid by the Plan to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date in the Plan's principal or most advantageous market for the asset or liability. Fair value measurements are determined by maximizing the use of available observable inputs and minimizing the use of available unobservable inputs. The fair value hierarchy places the highest priority on unadjusted quoted market prices in active markets for identical assets or liabilities (level 1 measurements) and gives the lowest priority to unobservable inputs (level 3 measurements). The three levels of inputs within the fair value hierarchy are defined as follows:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the Plan has the ability to access as of the measurement date.

Level 2: Significant other observable inputs other than level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3: Significant unobservable inputs that reflect the Plan's own assumptions about the assumptions that market participants would use in pricing an asset or liability.

In some cases, a valuation technique used to estimate fair value may include inputs from multiple levels of the fair value hierarchy. The lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy.

WESTAMERICA BANCORPORATION

TAX DEFERRED SAVINGS/RETIREMENT PLAN (ESOP)

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **FAIR VALUE MEASUREMENTS** (Continued)

<u>Assets Recorded at Fair Value</u>

There were no changes in the valuation techniques used during 2024 and 2023. The following tables present information about the Plan's assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 and 2023.

The Plan is required to record the following assets at fair value on a recurring basis under other accounting pronouncements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| Description | Fair Value | Level 1 | Level 2 | Level 3 |
| Common stock of Plan Sponsor | $15163919 | $15163919 | $— | $— |
| Mutual funds | 48384682 | 48384682 |  |  |
|  | $63548601 | $63548601 | $— | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
| Description | Fair Value | Level 1 | Level 2 | Level 3 |
| Common stock of Plan Sponsor | $16528538 | $16528538 | $— | $— |
| Mutual funds | 44310382 | 44310382 |  |  |
|  | $60838920 | $60838920 | $— | $— |

---

Fair value of the common stock of the Plan Sponsor is based on the closing quoted market price reported on the active market on which the individual securities are traded. Such securities are actively traded throughout each market trading day on the NASDAQ Global Select Market (Level 1 inputs).

Mutual funds are valued using the Net Asset Value (NAV) provided by the trustee of the fund. The NAV is computed by dividing the value of the underlying assets, minus liabilities, allocated to each share class by the number of fund shares outstanding for that class. Mutual fund NAVs are calculated once each market trading day as of the close of regular market trading (Level 1 inputs). The NAV is a quoted price in a market that is active.

There were no transfers in or out of Levels 1, 2 or 3 for the twelve months ending December 31, 2024 and 2023.

There were no liabilities measured at fair value on a recurring basis at December 31, 2024 or 2023.

WESTAMERICA BANCORPORATION

TAX DEFERRED SAVINGS/RETIREMENT PLAN (ESOP)

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **FAIR VALUE MEASUREMENTS** (Continued)

<u>Risks and Uncertainties</u>

The Plan utilizes various investment instruments, including the common stock of the Company and mutual funds. Investment securities, in general, are exposed to various risks, such as interest rate, credit, liquidity, currency, overall market volatility and risks of global events. Due to the level of risk associated with certain investment securities, changes in the values of investment securities may occur in the near term and such changes could materially affect the participants' account balance and amounts reported in the financial statements.

**5.** **FEDERAL INCOME TAX STATUS** 

The Plan Sponsor adopted a Prototype Non-Standardized Pre-Approved Profit Sharing Plan/CODA/ESOP ("Prototype Plan"). The adoption of the Prototype Plan became effective January 1, 2022. The Prototype Plan received an IRS opinion letter dated June 30, 2020 stating that the Prototype Plan is acceptable under section 401 and 4975(e)(7) of the Internal Revenue Code for use by employers for the benefit of their employees .

Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the Plan. Management evaluated the Plan's tax positions and concluded that the Plan had maintained its tax exempt status and had taken no uncertain tax positions that require recognition or disclosure in the financial statements. Therefore, no provision or liability for income taxes has been included in the financial statements. With few exceptions, the Plan is no longer subject to income tax examinations by the U.S. federal, state, or local tax authorities for years before 2021.

**6.** **PARTY-IN-INTEREST TRANSACTIONS** 

Parties in interest are defined under DOL regulations as any fiduciary of the Plan, any party rendering service to the Plan, the employer, and certain others. Plan investments include shares of mutual funds managed by an affiliate of Vanguard Fiduciary Trust Company (VFTC). VFTC is the trustee as defined by the Plan and, therefore, these transactions qualify as party-in-interest transactions. The Plan also invests in Westamerica Bancorporation common stock, as disclosed in Note 4 and received dividends on these shares of $511,149 and $505,278 during the years ended December 31, 2024 and 2023, respectively. The purchases of Westamerica Bancorporation common stock were $830,163 and $1,669,539 during the years ended December 31, 2024 and 2023, respectively. The sales of Westamerica Bancorporation common stock were $1,050,733 and $1,224,033 during the years ended December 31, 2024 and 2023, respectively. Notes receivable from participants are also considered party-in-interest transactions.

Management fees and operating expenses charged to the Plan's investments in shares of registered investment companies (mutual funds) are deducted from mutual fund income earned on a daily basis and are not separately reflected. Trustee fees charged to the Westamerica Common Stock Fund are deducted from income earned on the Westamerica Common Stock Fund. Consequently, management fees, operating expenses and trustee fees are reflected as a reduction of investment return for such investments.

WESTAMERICA BANCORPORATION

TAX DEFERRED SAVINGS/RETIREMENT PLAN (ESOP)

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **PARTY-IN-INTEREST TRANSACTIONS** (Continued)

Fees paid by the Plan for trustee services in connection with the Westamerica Common Stock Fund for the years ended December 31, 2024 and 2023 amounted to $29,612 and $28,887 respectively.

The Company provides bookkeeping and other administrative services for the Plan at no charge to the Plan. The Company also pays recordkeeping fees, certain other administrative expenses, and certain professional fees to third-party service providers on behalf of the Plan.

**7.** **RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500** 

The following is a reconciliation of net assets available for benefits per the financial statements as of December 31, 2024 and 2023 to Form 5500:

---

| | | |
|:---|:---|:---|
|  | 2024 | 2023 |
| Net assets available for benefits per the financial statements | $64076183 | $61383676 |
| Deemed distributions of participant loans | (19076) | (21029) |
| Net assets per Form 5500 | $64057107 | $61362647 |

---

The following is a reconciliation of the change in net assets available for benefits for the years ended December 31, 2024 and 2023 per the financial statements to the net income reported in the 2024 and 2023 Form 5500.

---

| | | |
|:---|:---|:---|
|  | 2024 | 2023 |
| Increase in net assets available for benefits per the financial statements | $2692507 | $6449775 |
| Change in deemed distributions of participant loans | 1953 | (9511) |
| Net income per Form 5500 | $2694460 | $6440264 |

---

**SUPPLEMENTAL SCHEDULES**

WESTAMERICA BANCORPORATION

TAX DEFERRED SAVINGS/RETIREMENT PLAN (ESOP)

EMPLOYER IDENTIFICATION NUMBER: 94-2156203

PLAN NUMBER: 002

SCHEDULE H, LINE 4a

SCHEDULE OF DELINQUENT PARTICIPANT CONTRIBUTIONS

Year ended December 31, 2024

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| | | | | |
|:---|:---|:---|:---|:---|
| Participant<br> Contributions<br> Transferred Late<br> to the Plan | Total that Constitute Nonexempt Prohibited Transactions | Total that Constitute Nonexempt Prohibited Transactions | Total that Constitute Nonexempt Prohibited Transactions | Total Fully Corrected<br> Under VFCP and PTE 2002-51 |
| Check here if Late<br> Participant Loan<br> Repayments are included: | Contributions Not Corrected | Contributions<br> Corrected Outside<br> VFCP | Contributions Pending Correction in VFCP | Total Fully Corrected<br> Under VFCP and PTE 2002-51 |
| - | $487 | - | - | - |

---

WESTAMERICA BANCORPORATION

TAX DEFERRED SAVINGS/RETIREMENT PLAN (ESOP)

EMPLOYER IDENTIFICATION NUMBER: 94-2156203

PLAN NUMBER: 002

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

December 31, 2024

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | (c) |  | |
|  | (b) | Description of Investment, Including |  | (e) |
|  | Identity of Issuer, Borrower, | Maturity Date, Rate of Interest, | (d) | Current |
| (a) | Lessor or Similar Party | Collateral, Par or Maturity Value | Cost | Value |
| \* | Westamerica Bancorporation | Common Stock Fund | \*\* | $15163919 |
| \* | The Vanguard Group, Inc. | Registered Investment Company |  |  |
|  |  | Vanguard Institutional Index Fund |  |  |
|  |  | Institutional Shares | \*\* | 12389468 |
| \* | The Vanguard Group, Inc. | Registered Investment Company |  |  |
|  |  | Vanguard U.S. Growth Fund Admiral Shares | \*\* | 6502924 |
| \* | The Vanguard Group, Inc. | Registered Investment Company |  |  |
|  |  | Vanguard Target Retirement |  |  |
|  |  | 2025 Fund | \*\* | 4549209 |
| \* | The Vanguard Group, Inc. | Registered Investment Company |  |  |
|  |  | Vanguard Cash Reserves |  |  |
|  |  | Federal Money Market Fund Admiral Shares | \*\* | 3884234 |
| \* | The Vanguard Group, Inc. | Registered Investment Company |  |  |
|  |  | Vanguard Target Retirement |  |  |
|  |  | Income Fund | \*\* | 3777664 |
| \* | The Vanguard Group, Inc. | Registered Investment Company |  |  |
|  |  | Vanguard Target Retirement |  |  |
|  |  | 2035 Fund | \*\* | 2440067 |
| \* | The Vanguard Group, Inc. | Registered Investment Company |  |  |
|  |  | Vanguard Target Retirement |  |  |
|  |  | 2030 Fund | \*\* | 2277601 |
| \* | The Vanguard Group, Inc. | Registered Investment Company |  |  |
|  |  | Vanguard Total Bond Market Index Fund |  |  |
|  |  | Admiral Shares | \*\* | 2036411 |
| \* | The Vanguard Group, Inc. | Registered Investment Company |  |  |
|  |  | Vanguard Target Retirement |  |  |
|  |  | 2045 Fund | \*\* | 1916859 |
| \* | The Vanguard Group, Inc. | Registered Investment Company |  |  |
|  |  | Vanguard Extended Market Index Fund |  |  |
|  |  | Admiral Shares | \*\* | 1632856 |
| \* | The Vanguard Group, Inc. | Registered Investment Company |  |  |
|  |  | Vanguard Windsor II Fund Admiral Shares | \*\* | 1359654 |

---

WESTAMERICA BANCORPORATION

TAX DEFERRED SAVINGS/RETIREMENT PLAN (ESOP)

EMPLOYER IDENTIFICATION NUMBER: 94-2156203

PLAN NUMBER: 002

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

December 31, 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | (c) |  | |
|  | (b) | Description of Investment, Including |  | (e) |
|  | Identity of Issuer, Borrower, | Maturity Date, Rate of Interest, | (d) | Current |
| (a) | Lessor or Similar Party | Collateral, Par or Maturity Value | Cost | Value |
| \* | The Vanguard Group, Inc. | Registered Investment Company |  |  |
|  |  | Vanguard Total International Stock Index Fund |  |  |
|  |  | Admiral Shares | \*\* | 1188036 |
| \* | The Vanguard Group, Inc. | Registered Investment Company |  |  |
|  |  | Vanguard Target Retirement |  |  |
|  |  | 2060 Fund | \*\* | 1019600 |
| \* | The Vanguard Group, Inc. | Registered Investment Company |  |  |
|  |  | Vanguard Target Retirement |  |  |
|  |  | 2020 Fund | \*\* | 827931 |
| \* | The Vanguard Group, Inc. | Registered Investment Company |  |  |
|  |  | Vanguard Target Retirement |  |  |
|  |  | 2050 Fund | \*\* | 721604 |
| \* | The Vanguard Group, Inc. | Registered Investment Company |  |  |
|  |  | Vanguard Target Retirement |  |  |
|  |  | 2040 Fund | \*\* | 580678 |
| \* | The Vanguard Group, Inc. | Registered Investment Company |  |  |
|  |  | Vanguard Short-Term Bond Index Fund |  |  |
|  |  | Admiral Shares | \*\* | 393861 |
| \* | The Vanguard Group, Inc. | Registered Investment Company |  |  |
|  |  | Vanguard Target Retirement |  |  |
|  |  | 2055 Fund | \*\* | 373312 |
| \* | The Vanguard Group, Inc. | Registered Investment Company |  |  |
|  |  | Vanguard Explorer Fund Admiral Shares | \*\* | 336280 |
| \* | The Vanguard Group, Inc. | Registered Investment Company |  |  |
|  |  | Vanguard Target Retirement |  |  |
|  |  | 2065 Fund | \*\* | 158159 |
| \* | The Vanguard Group, Inc. | Registered Investment Company |  |  |
|  |  | Vanguard Target Retirement |  |  |
|  |  | 2070 Fund | \*\* | 18274 |

---

WESTAMERICA BANCORPORATION

TAX DEFERRED SAVINGS/RETIREMENT PLAN (ESOP)

EMPLOYER IDENTIFICATION NUMBER: 94-2156203

PLAN NUMBER: 002

SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

December 31, 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | (c) |  | |
|  | (b) | Description of Investment, Including |  | (e) |
|  | Identity of Issuer, Borrower, | Maturity Date, Rate of Interest, | (d) | Current |
| (a) | Lessor or Similar Party | Collateral, Par or Maturity Value | Cost | Value |
| \* | Notes Receivable from | Interest rate 4.25% - 9.75%, maturing at |  |  |
|  | Plan Participants | various dates through November 30, 2029 | \*\* | 508506 |
|  |  |  |  | $64057107 |

---

\* Party-in-interest to the Plan.

\*\* Cost information is not required as investments are participant-directed.

**Duly Authorized Signature**

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or the persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

WESTAMERICA BANCORPORATION

TAX DEFERRED SAVINGS/RETIREMENT PLAN (ESOP)

Date: <u>June 26, 2025</u>

---

| | |
|:---|:---|
| By: | <u>/s/ Anela Jonas</u> |
|  | Anela Jonas |
|  | Senior Vice President |
|  | And Member, Pension Management Committee |

---

Exhibit Index

---

| | |
|:---|:---|
| Exhibit |  |
| Number | Description |
| [23.1](exh_231.htm) | [Consent of Independent Registered Public Accounting Firm](exh_231.htm) |

---

## Exhibit 23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in Registration Statement No. 333-107329 on Form S-8 of Westamerica Bancorporation of our report dated June 26, 2025 appearing in this Annual Report on Form 11-K of Westamerica Bancorporation Tax Deferred Savings/Retirement Plan (ESOP) for the year ended December 31, 2024.

/s/ Crowe LLP

Oakbrook Terrace, Illinois

June 26, 2025