Westamerica Bancorporation Holds Annual Shareholder Vote

Westamerica Bancorporation (NASDAQ:WABC), a $1.3 billion market cap regional bank trading at an attractive P/E ratio of 9.7, conducted its annual meeting of shareholders on April 24, 2025, where a series of proposals were put to vote, including the election of directors, executive compensation, and approval of the 2025 Omnibus Equity Incentive Plan. The meeting saw a significant turnout with 22,847,805 shares represented, out of the 26,715,317 shares outstanding as of the March 5, 2025 record date.

The company’s shareholders elected all nominated board members for a one-year term. Votes for director nominees ranged from 19,485,559 in favor for Edward B. Sylvester to 20,393,049 for Martin Camsey, with non-votes consistent at 2,332,900 across all nominees.

In a non-binding advisory vote, shareholders approved the compensation of the named executive officers. The vote resulted in 20,202,938 shares for, 247,412 against, and 64,555 abstaining. Additionally, the 2025 Omnibus Equity Incentive Plan was approved with 18,098,381 shares for, 2,359,924 against, and 56,600 abstaining. According to InvestingPro, the company has maintained dividend payments for 51 consecutive years and currently offers a 3.82% dividend yield, demonstrating a strong commitment to shareholder returns.

Furthermore, the appointment of Crowe LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025, was ratified with a resounding majority of 22,691,159 shares for, 119,814 against, and 36,832 abstaining.

The voting results reflect shareholder confidence in the company’s governance and strategic direction. The approval of the equity incentive plan also suggests shareholder support for the company’s long-term incentive strategies.

Westamerica Bancorporation, headquartered in San Rafael, California, is classified under the National Commercial Banks sector and operates within the financial industry. The company’s business address is at 1108 Fifth Avenue, San Rafael, California, with a business phone number of (707) 863-6000.

This article is based on a press release statement.

In other recent news, Westamerica Bancorporation has reported a net income of $31.0 million for the first quarter ending March 31, 2025, which equates to $1.16 diluted earnings per common share. The company has also announced an increase in its quarterly cash dividend, raising it to $0.46 per share from the previous $0.44. This decision by the Board of Directors highlights the company’s stable earnings and strong financial position. Additionally, Westamerica Bancorporation has unveiled a new stock repurchase program, with plans to buy back up to 2,000,000 shares, representing approximately 7.5 percent of its outstanding common stock as of December 31, 2024. The repurchase plan is set to be executed by March 31, 2026, either on the open market or through privately negotiated transactions. Chairman, President, and CEO David Payne emphasized the company’s financial strength and conservative risk profile in light of these developments. These strategic moves underscore the company’s confidence in its financial health and future prospects. Investors should be aware that while the company expresses positive expectations, forward-looking statements carry inherent uncertainties.

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