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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of Earliest Event Reported): January 25, 2024


WEST BANCORPORATION, INC.
(Exact name of registrant as specified in its charter)

Iowa0-4967742-1230603
(State or other jurisdiction of incorporation)(Commission File Number)(I.R.S. Employer Identification No.)


1601 22nd Street, West Des Moines, Iowa 50266
(Address of principal executive offices) (Zip Code)


Registrant's telephone number, including area code: 515-222-2300


Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered or to be registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, no par valueWTBAThe Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Item 2.02 Results of Operations and Financial Condition.

On January 25, 2024, West Bancorporation, Inc. (the "Company") issued a press release announcing its fourth quarter earnings results for the period ended December 31, 2023, and the declaration of a quarterly dividend. A copy of the press release is attached hereto as Exhibit 99.1.

The information furnished in this item of this Form 8-K, and the related exhibit, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

Item 7.01 Regulation FD Disclosure.

The Company hereby furnishes the Earnings Presentation attached hereto as Exhibit 99.2.

The information furnished in this item of this Form 8-K, and the related exhibit, shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or incorporated by reference in any filing under the Securities Act, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
Exhibit NumberDescription
99.1
99.2
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

West Bancorporation, Inc.
January 25, 2024By:/s/ Jane M. Funk
Name: Jane M. Funk
Title: Executive Vice President, Treasurer and Chief Financial Officer





Exhibit 99.1

wtbalogoedita06a01a01a01a22a.jpg


Press Release
 
January 25, 2024
 
FOR IMMEDIATE RELEASE
For more information contact:
Jane Funk, Executive Vice President, Treasurer and Chief Financial Officer (515) 222-5766
 
WEST BANCORPORATION, INC. ANNOUNCES FOURTH QUARTER AND YEAR END 2023 FINANCIAL RESULTS AND DECLARES QUARTERLY DIVIDEND

West Des Moines, IA - West Bancorporation, Inc. (Nasdaq: WTBA; the “Company”), parent company of West Bank, today reported 2023 net income of $24.1 million, or $1.44 per diluted common share, compared to 2022 net income of $46.4 million, or $2.76 per diluted common share. Net income for the fourth quarter 2023 was $4.5 million, or $0.27 per diluted common share, compared to third quarter 2023 net income of $5.9 million, or $0.35 per diluted common share, and fourth quarter 2022 net income of $8.9 million, or $0.53 per diluted common share. On January 24, 2024, the Company’s Board of Directors declared a regular quarterly dividend of $0.25 per common share. The dividend is payable on February 21, 2024, to stockholders of record on February 7, 2024.

David Nelson, President and Chief Executive Officer of the Company, commented, “Like the rest of our industry, our Company experienced some significant margin challenges in 2023. The interest rate environment, including dramatic increases in short-term rates, an ongoing inverted yield curve and aggressive deposit competition, had a significant impact on our cost of funds and net interest margin. We have a clear understanding of what is driving our challenges, along with a clear understanding of our path forward to more normalized margins.”

David Nelson added, “Despite the challenges of the interest rate environment, our credit quality remains pristine. We have no loans greater than 30 days past due and only one classified loan for $296 thousand at December 31, 2023. We continue to closely monitor and manage our credit quality as the economy and our customers respond to a higher interest rate environment.”

Fourth Quarter and Year Ended 2023 Financial Highlights
Quarter Ended December 31, 2023Year Ended December 31, 2023
Net income (in thousands)$4,525$24,137
Return on average equity8.89 %11.42 %
Return on average assets0.48 %0.66 %
Efficiency ratio (a non-GAAP measure)64.66 %60.73 %
Nonperforming assets to total assets0.01 %0.01 %

Fourth Quarter 2023 Compared to Third Quarter 2023 Overview

•Loans increased $77.8 million in the fourth quarter of 2023, or 10.9 percent annualized.

•A credit loss expense of $500 thousand was recorded in the fourth quarter of 2023, compared to a credit loss expense of $200 thousand in the third quarter of 2023. $300 thousand of the expense in the fourth quarter was allocated to the allowance for credit losses on loans, which was due to loan growth. The additional $200 thousand expensed in the fourth quarter was allocated to the allowance for unfunded commitments. The expense in the third quarter of 2023 was due to loan growth.




•The allowance for credit losses to total loans was 0.97 percent at December 31, 2023, compared to 0.99 percent at September 30, 2023. Nonaccrual loans at December 31, 2023 consisted of one loan with a balance of $296 thousand, compared to one loan with a balance of $303 thousand at September 30, 2023.

•Deposits increased $218.2 million, or 7.9 percent, in the fourth quarter of 2023. Brokered deposits totaled $305.4 million at December 31, 2023, compared to $237.0 million at September 30, 2023, an increase of $68.4 million. Excluding brokered deposits, deposits increased $149.8 million, or 6.0 percent, during the fourth quarter of 2023. As of December 31, 2023, estimated uninsured deposits, which excludes deposits in the IntraFi® reciprocal network, brokered deposits and public funds protected by state programs, were approximately 28.2 percent of total deposits.

•Borrowed funds decreased to $592.6 million at December 31, 2023, compared to $705.1 million at September 30, 2023. The decrease was primarily attributable to a decrease of $111.2 million in federal funds purchased and other short-term borrowings.
•The efficiency ratio (a non-GAAP measure) was 64.66 percent for the fourth quarter of 2023, compared to 60.83 percent for the third quarter of 2023. The increase in the efficiency ratio was primarily due to the decrease in noninterest income. This decrease was primarily attributable to $431 thousand in loan swap fees that were earned in the third quarter of 2023.
•Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure), was 1.87 percent for the fourth quarter of 2023, compared to 1.91 percent for the third quarter of 2023. Net interest income for the fourth quarter of 2023 was $16.4 million, compared to $16.6 million for the third quarter of 2023. The rising cost of deposits has increased interest expense faster than the increase in interest income from loan repricing and loan originations.

•In December 2023, the Company sold approximately $11.3 million of securities from the available for sale securities portfolio and realized a net loss of $431 thousand. The proceeds from this sale were reinvested in the loan portfolio and have an estimated earn back period of approximately 1 year.
•The tangible common equity ratio was 5.88 percent at December 31, 2023, compared to 5.51 percent at September 30, 2023. The increase was attributable to the decrease in accumulated other comprehensive loss, which was primarily driven by the effect of decreasing long-term interest rates in the fourth quarter on the unrealized market value adjustment of our available for sale investment portfolio.

Fourth Quarter 2023 Compared to Fourth Quarter 2022 Overview

•Loans increased $184.7 million at December 31, 2023, or 6.7 percent, compared to December 31, 2022.
•Deposits increased $93.4 million at December 31, 2023, compared to December 31, 2022. Included in deposits were brokered deposits totaling $305.4 million at December 31, 2023, compared to $272.7 million at December 31, 2022. Excluding brokered deposits, deposits increased $60.7 million, or 2.3 percent, as of December 31, 2023 compared to December 31, 2022.
•Borrowed funds increased to $592.6 million at December 31, 2023, compared to $485.9 million at December 31, 2022. The increase included an increase of $160.0 million in FHLB one-month rolling advances hedged with long-term interest rate swaps, partially offset by a decrease of $49.7 million in federal funds purchased and other short-term borrowings.
•The efficiency ratio (a non-GAAP measure) was 64.66 percent for the fourth quarter of 2023, compared to 50.42 percent for the fourth quarter of 2022. The increase in the efficiency ratio in the fourth quarter of 2023 compared to the fourth quarter of 2022 was primarily due to the decrease in net interest income.
•Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure), was 1.87 percent for the fourth quarter of 2023, compared to 2.49 percent for the fourth quarter of 2022. Net interest income for the fourth quarter of 2023 was $16.4 million, compared to $20.7 million for the fourth quarter of 2022. In 2023, the rising cost of deposits and borrowed funds and the change in mix of funding increased interest expense faster than the increase in interest income from loan repricing and loan originations.





Year Ended 2023 Compared to Year Ended 2022 Overview

•The credit loss expense recorded in 2023 was $700 thousand, compared to a credit loss benefit of $2.5 million in 2022. The credit loss expense recorded in 2023 was associated with growth in loans and unfunded commitments. The credit loss benefit recorded in 2022 was primarily due to the reversal of a specific reserve on an impaired loan and the reduction of certain qualitative factors resulting from the sustained performance of loans after the expiration of COVID-19 modifications and continued improvement in classified loans.

•Net interest income declined $22.7 million in 2023 compared to 2022. Net interest margin decreased to 2.01 percent in 2023, compared to 2.76 percent in 2022. The decline in both net interest income and net interest margin was primarily due to the rising cost of deposits and borrowed funds and the change in mix of funding, which increased interest expense faster than the increase in interest income from loan repricing and loan originations.

The Company plans to file its report on Form 10-K with the Securities and Exchange Commission on or before February 22, 2024. Please refer to that document for a more in-depth discussion of the Company’s financial results. The Form 10-K will be available on the Investor Relations section of West Bank’s website at www.westbankstrong.com.

The Company will discuss its results in a conference call scheduled for 2:00 p.m. Central Time on Thursday, January 25, 2024. The telephone number for the conference call is 888-300-4030. The conference ID for the conference call is 3218904. A recording of the call will be available until February 8, 2024, by dialing 800-770-2030.

About West Bancorporation, Inc. (Nasdaq: WTBA)

West Bancorporation, Inc. is headquartered in West Des Moines, Iowa. Serving customers since 1893, West Bank, a wholly-owned subsidiary of West Bancorporation, Inc., is a community bank that focuses on lending, deposit services, and trust services for small- to medium-sized businesses and consumers. West Bank has six offices in the Des Moines, Iowa metropolitan area, one office in Coralville, Iowa, and four offices in Minnesota in the cities of Rochester, Owatonna, Mankato and St. Cloud.

Certain statements in this report, other than purely historical information, including estimates, projections, statements relating to the Company’s business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may appear throughout this report. These forward-looking statements are generally identified by the words “believes,” “expects,” “intends,” “anticipates,” “projects,” “future,” “confident,” “may,” “should,” “will,” “strategy,” “plan,” “opportunity,” “will be,” “will likely result,” “will continue” or similar references, or references to estimates, predictions or future events. Such forward-looking statements are based upon certain underlying assumptions, risks and uncertainties. Because of the possibility that the underlying assumptions are incorrect or do not materialize as expected in the future, actual results could differ materially from these forward-looking statements.  Risks and uncertainties that may affect future results include: interest rate risk, including the effects of recent and potential additional rate increases by the Federal Reserve; fluctuations in the values of the securities held in our investment portfolio, including as a result of changes in interest rates; competitive pressures, including from non-bank competitors such as “fintech” companies and digital asset service providers; pricing pressures on loans and deposits; our ability to successfully manage liquidity risk; changes in credit and other risks posed by the Company’s loan portfolio, including declines in commercial or residential real estate values or changes in the allowance for credit losses dictated by new market conditions, accounting standards or regulatory requirements; the concentration of large deposits from certain clients who have balances above current FDIC insurance limits; changes in local, national and international economic conditions, including rising rates of inflation and possible recession; the effects of recent developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time at Silicon Valley Bank, Signature Bank and First Republic Bank that resulted in the failure of those institutions; changes in legal and regulatory requirements, limitations and costs including in response to the recent failures of Silicon Valley Bank, Signature Bank and First Republic Bank; changes in customers’ acceptance of the Company’s products and services; the occurrence of fraudulent activity, breaches or failures of our or our third-party partners’ information security controls or cyber-security related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools; unexpected outcomes of existing or new litigation involving the Company; the monetary, trade and other regulatory policies of the U.S. government; acts of war or terrorism, including the Israeli-Palestinian conflict and the Russian invasion of Ukraine, widespread disease or pandemics, or other adverse external events; risks related to climate change and the negative impact it may have on our customers and their businesses; changes to U.S. tax laws, regulations and guidance; potential changes in federal policy and at regulatory agencies as a result of the upcoming 2024 presidential election; talent and labor shortages; the new 1 percent excise tax on stock buybacks by publicly traded companies; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update such forward-looking statements to reflect current or future events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.



WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)
(in thousands)
As of
CONDENSED BALANCE SHEETSDecember 31, 2023September 30, 2023June 30, 2023March 31, 2023December 31, 2022
Assets
Cash and due from banks$33,245 $18,819 $29,776 $21,579 $24,896 
Interest-bearing deposits32,112 1,802 1,968 901 1,643 
Securities available for sale, at fair value623,919 609,365 645,091 665,358 664,115 
Federal Home Loan Bank stock, at cost22,957 26,691 22,488 22,226 19,336 
Loans2,927,535 2,849,777 2,807,075 2,756,185 2,742,836 
Allowance for credit losses(28,342)(28,147)(27,938)(27,941)(25,473)
Loans, net2,899,193 2,821,630 2,779,137 2,728,244 2,717,363 
Premises and equipment, net86,399 75,675 66,683 59,565 53,124 
Bank-owned life insurance43,864 43,589 43,328 44,830 44,573 
Other assets84,069 104,329 90,084 82,240 88,168 
Total assets$3,825,758 $3,701,900 $3,678,555 $3,624,943 $3,613,218 
Liabilities and Stockholders’ Equity
Deposits$2,973,779 $2,755,529 $2,836,325 $2,798,393 $2,880,408 
Federal funds purchased and other short-term borrowings150,270 261,510 184,150 229,290 200,000 
Other borrowings442,367 443,552 409,736 350,921 285,855 
Other liabilities34,299 37,376 31,218 29,347 35,843 
Stockholders’ equity225,043 203,933 217,126 216,992 211,112 
Total liabilities and stockholders’ equity$3,825,758 $3,701,900 $3,678,555 $3,624,943 $3,613,218 
For the Quarter Ended
AVERAGE BALANCESDecember 31, 2023September 30, 2023June 30, 2023March 31, 2023December 31, 2022
Assets$3,706,497 $3,679,541 $3,645,651 $3,617,458 $3,511,717 
Loans2,857,594 2,813,213 2,783,463 2,745,381 2,649,671 
Deposits2,878,676 2,764,184 2,854,945 2,846,926 2,901,928 
Stockholders’ equity201,920 215,230 213,177 215,391 199,947 



WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)
(in thousands)
As of
LOANSDecember 31, 2023September 30, 2023June 30, 2023March 31, 2023December 31, 2022
Commercial$531,594 $529,293 $535,085 $520,894 $519,196 
Real estate:
Construction, land and land development413,477 399,253 351,461 336,739 363,014 
1-4 family residential first mortgages106,688 89,713 80,998 75,223 75,211 
Home equity14,618 12,429 12,625 9,726 10,322 
Commercial1,854,510 1,812,816 1,820,718 1,810,158 1,771,940 
Consumer and other10,930 10,123 10,289 7,381 7,292 
2,931,817 2,853,627 2,811,176 2,760,121 2,746,975 
Net unamortized fees and costs(4,282)(3,850)(4,101)(3,936)(4,139)
Total loans$2,927,535 $2,849,777 $2,807,075 $2,756,185 $2,742,836 
Less allowance for credit losses(28,342)(28,147)(27,938)(27,941)(25,473)
Net loans$2,899,193 $2,821,630 $2,779,137 $2,728,244 $2,717,363 
CREDIT QUALITY
Pass$2,931,377 $2,853,100 $2,810,640 $2,706,951 $2,692,334 
Watch144 184 187 52,766 54,231 
Substandard296 343 349 404 410 
Doubtful— — — — — 
     Total loans$2,931,817 $2,853,627 $2,811,176 $2,760,121 $2,746,975 
DEPOSITS
Noninterest-bearing demand$548,726 $551,688 $568,029 $605,666 $693,563 
Interest-bearing demand481,207 417,802 459,030 486,656 536,226 
Savings and money market - non-brokered1,315,741 1,249,309 1,302,468 1,202,756 1,125,202 
Money market - brokered124,335 99,282 114,142 92,524 112,752 
    Total nonmaturity deposits2,470,009 2,318,081 2,443,669 2,387,602 2,467,743 
Time - non-brokered322,694 299,683 276,097 269,102 252,725 
Time - brokered181,076 137,765 116,559 141,689 159,940 
    Total time deposits503,770 437,448 392,656 410,791 412,665 
    Total deposits$2,973,779 $2,755,529 $2,836,325 $2,798,393 $2,880,408 
BORROWINGS
Federal funds purchased and other short-term borrowings$150,270 $261,510 $184,150 $229,290 $200,000 
Subordinated notes, net79,631 79,566 79,500 79,435 79,369 
Federal Home Loan Bank advances315,000 315,000 280,000 220,000 155,000 
Long-term debt47,736 48,986 50,236 51,486 51,486 
    Total borrowings$592,637 $705,062 $593,886 $580,211 $485,855 
STOCKHOLDERS’ EQUITY
Preferred stock$— $— $— $— $— 
Common stock3,000 3,000 3,000 3,000 3,000 
Additional paid-in capital34,197 33,487 32,642 31,797 32,021 
Retained earnings271,369 271,025 269,301 267,620 267,562 
Accumulated other comprehensive loss(83,523)(103,579)(87,817)(85,425)(91,471)
    Total Stockholders’ Equity$225,043 $203,933 $217,126 $216,992 $211,112 




WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)
(in thousands)
For the Quarter Ended
CONSOLIDATED STATEMENTS OF INCOMEDecember 31, 2023September 30, 2023June 30, 2023March 31, 2023December 31, 2022
Interest income:
Loans, including fees$38,208 $36,756 $35,011 $32,948 $30,859 
Securities:
Taxable3,521 3,427 3,432 3,316 3,398 
Tax-exempt869 880 883 885 887 
Interest-bearing deposits85 29 25 30 24 
Total interest income42,683 41,092 39,351 37,179 35,168 
Interest expense:
Deposits20,024 17,156 16,277 13,339 11,043 
 Federal funds purchased and other short-term borrowings2,024 3,165 2,264 2,079 952 
Subordinated notes1,114 1,113 1,109 1,106 1,119 
Federal Home Loan Bank advances2,482 2,329 1,621 1,262 755 
Long-term debt678 695 739 698 630 
Total interest expense26,322 24,458 22,010 18,484 14,499 
Net interest income16,361 16,634 17,341 18,695 20,669 
Credit loss expense500 200 — — — 
Net interest income after credit loss expense15,861 16,434 17,341 18,695 20,669 
Noninterest income:
Service charges on deposit accounts476 463 458 462 476 
Debit card usage fees488 495 511 486 492 
Trust services782 831 749 706 678 
 Increase in cash value of bank-owned life insurance275 262 250 257 255 
Gain from bank-owned life insurance— — — 691 — 
Loan swap fees— 431 — — — 
Realized securities losses, net(431)— — — — 
Other income308 340 421 355 364 
Total noninterest income1,898 2,822 2,389 2,957 2,265 
Noninterest expense:
Salaries and employee benefits6,468 6,696 7,029 6,867 6,552 
Occupancy and equipment1,499 1,359 1,322 1,327 1,270 
Data processing723 703 729 635 673 
Technology and software676 573 579 513 518 
FDIC insurance475 439 420 416 243 
Professional fees235 254 287 250 205 
Director fees240 196 251 205 215 
Other expenses1,845 1,685 1,857 1,858 1,989 
Total noninterest expense12,161 11,905 12,474 12,071 11,665 
Income before income taxes5,598 7,351 7,256 9,581 11,269 
Income taxes1,073 1,445 1,394 1,737 2,323 
Net income$4,525 $5,906 $5,862 $7,844 $8,946 
Basic earnings per common share$0.27 $0.35 $0.35 $0.47 $0.54 
Diluted earnings per common share$0.27 $0.35 $0.35 $0.47 $0.53 




WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)
(in thousands)
For the Year Ended
CONSOLIDATED STATEMENTS OF INCOMEDecember 31, 2023December 31, 2022
Interest income:
Loans, including fees$142,923 $107,095 
Securities:
Taxable13,696 12,524 
Tax-exempt3,517 3,527 
Interest-bearing deposits169 203
Total interest income160,305 123,349 
Interest expense:
Deposits66,796 22,629 
Federal funds purchased and other short-term borrowings9,532 1,764 
Subordinated notes4,442 2,867 
Federal Home Loan Bank advances7,694 2,669 
Long-term debt2,810 1,680 
Total interest expense91,274 31,609 
Net interest income69,031 91,740 
Credit loss expense (benefit)700 (2,500)
Net interest income after credit loss expense (benefit)68,331 94,240 
Noninterest income:
Service charges on deposit accounts1,859 2,194 
Debit card usage fees1,980 1,969 
Trust services3,068 2,709 
Increase in cash value of bank-owned life insurance1,044 964 
Loan swap fees431 835 
Realized securities losses, net(431)— 
Gain from bank-owned life insurance691 — 
Other income1,424 1,537 
Total noninterest income10,066 10,208 
Noninterest expense:
Salaries and employee benefits27,060 25,838 
Occupancy and equipment5,507 4,913 
Data processing2,790 2,597 
Technology and software2,341 2,137 
FDIC insurance1,750 996 
Professional fees1,026 874 
Director fees892 814 
Other expenses7,245 6,882 
Total noninterest expense48,611 45,051 
Income before income taxes29,786 59,397 
Income taxes5,649 12,998 
Net income$24,137 $46,399 
Basic earnings per common share$1.44 $2.79 
Diluted earnings per common share$1.44 $2.76 







WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)
As of and for the Quarter EndedFor the Year Ended
COMMON SHARE DATADecember 31, 2023September 30, 2023June 30, 2023March 31, 2023December 31, 2022December 31, 2023December 31, 2022
Earnings per common share (basic)$0.27 $0.35 $0.35 $0.47 $0.54 $1.44 $2.79 
Earnings per common share (diluted)0.27 0.35 0.35 0.47 0.53 1.44 2.76 
Dividends per common share0.25 0.25 0.25 0.25 0.25 1.00 1.00 
Book value per common share(1)
13.46 12.19 12.98 12.98 12.69 
Closing stock price21.20 16.31 18.41 18.27 25.55 
Market price/book value(2)
157.50 %133.80 %141.83 %140.76 %201.34 %
Price earnings ratio(3)
19.79 11.75 13.11 9.56 11.93 
Annualized dividend yield(4)
4.72 %6.13 %5.43 %5.47 %3.91 %
REGULATORY CAPITAL RATIOS
Consolidated:
Total risk-based capital ratio11.88 %11.96 %12.15 %12.17 %12.08 %
Tier 1 risk-based capital ratio9.30 9.37 9.51 9.51 9.55 
Tier 1 leverage capital ratio8.50 8.58 8.60 8.60 8.81 
Common equity tier 1 ratio8.74 8.80 8.92 8.92 8.96 
West Bank:
Total risk-based capital ratio12.76 %12.89 %13.13 %13.16 %13.08 %
Tier 1 risk-based capital ratio11.89 12.01 12.24 12.26 12.33 
Tier 1 leverage capital ratio10.86 11.00 11.08 11.10 11.37 
Common equity tier 1 ratio11.89 12.01 12.24 12.26 12.33 
KEY PERFORMANCE RATIOS AND OTHER METRICS
Return on average assets(5)
0.48 %0.64 %0.64 %0.88 %1.01 %0.66 %1.32 %
Return on average equity(6)
8.89 10.89 11.03 14.77 17.75 11.42 20.71 
Net interest margin(7)(13)
1.87 1.91 2.02 2.23 2.49 2.01 2.76 
Yield on interest-earning assets(8)(13)
4.87 4.70 4.57 4.41 4.21 4.64 3.70 
Cost of interest-bearing liabilities3.60 3.38 3.10 2.76 2.24 3.21 1.24 
Efficiency ratio(9)(13)
64.66 60.83 62.83 55.34 50.42 60.73 43.70 
Nonperforming assets to total assets(10)
0.01 0.01 0.01 0.01 0.01 
ACL ratio(11)
0.97 0.99 1.00 1.01 0.93 
Loans/total assets76.52 76.98 76.31 76.03 75.91 
Loans/total deposits98.44 103.42 98.97 98.49 95.22 
Tangible common equity ratio(12)
5.88 5.51 5.90 5.99 5.84 

(1) Includes accumulated other comprehensive loss.
(2) Closing stock price divided by book value per common share.
(3) Closing stock price divided by annualized earnings per common share (basic).
(4) Annualized dividend divided by period end closing stock price.
(5) Annualized net income divided by average assets.
(6) Annualized net income divided by average stockholders’ equity.
(7) Annualized tax-equivalent net interest income divided by average interest-earning assets.
(8) Annualized tax-equivalent interest income on interest-earning assets divided by average interest-earning assets.
(9) Noninterest expense (excluding other real estate owned expense and write-down of premises) divided by noninterest income (excluding net securities gains/losses and gains/losses on disposition of premises and equipment) plus tax-equivalent net interest income.
(10) Total nonperforming assets divided by total assets.
(11) Allowance for credit losses divided by total loans.    
(12) Common equity less intangible assets (none held) divided by tangible assets.
(13) A non-GAAP measure.






NON-GAAP FINANCIAL MEASURES

This report contains references to financial measures that are not defined in GAAP. Such non-GAAP financial measures include the Company’s presentation of net interest income and net interest margin on a fully taxable equivalent (FTE) basis and the presentation of the efficiency ratio on an adjusted and FTE basis, excluding certain income and expenses. Management believes these non-GAAP financial measures provide useful information to both management and investors to analyze and evaluate the Company’s financial performance. These measures are considered standard measures of comparison within the banking industry. Additionally, management believes providing measures on a FTE basis enhances the comparability of income arising from taxable and nontaxable sources. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that different companies might calculate these measures differently. These non-GAAP disclosures should not be considered an alternative to the Company’s GAAP results. The following table reconciles the non-GAAP financial measures of net interest income and net interest margin on a fully taxable equivalent basis and efficiency ratio on an adjusted and FTE basis.

 (in thousands)For the Quarter EndedFor the Year Ended
December 31, 2023September 30, 2023June 30, 2023March 31, 2023December 31, 2022December 31, 2023December 31, 2022
Reconciliation of net interest income and net interest margin on a FTE basis to GAAP:
Net interest income (GAAP)$16,361 $16,634 $17,341 $18,695 $20,669 $69,031 $91,740 
Tax-equivalent adjustment (1)
95 113 122 161 197 491 1,122 
Net interest income on a FTE basis (non-GAAP)16,456 16,747 17,463 18,856 20,866 69,522 92,862 
Average interest-earning assets3,487,799 3,478,053 3,461,313 3,435,988 3,328,941 3,465,964 3,361,091 
Net interest margin on a FTE basis (non-GAAP)1.87 %1.91 %2.02 %2.23 %2.49 %2.01 %2.76 %
Reconciliation of efficiency ratio on an adjusted and FTE basis to GAAP:
Net interest income on a FTE basis (non-GAAP)$16,456 $16,747 $17,463 $18,856 $20,866 $69,522 $92,862 
Noninterest income1,898 2,822 2,389 2,957 2,265 10,066 10,208 
Adjustment for realized securities losses, net431 — — — — 431 — 
Adjustment for losses on disposal of premises and equipment, net24 3 2 — 2 29 29 
Adjusted income18,809 19,572 19,854 21,813 23,133 80,048 103,099 
Noninterest expense12,161 11,905 12,474 12,071 11,665 48,611 45,051 
Efficiency ratio on an adjusted and FTE basis (non-GAAP) (2)
64.66 %60.83 %62.83 %55.34 %50.42 %60.73 %43.70 %
(1)    Computed on a tax-equivalent basis using a federal income tax rate of 21 percent, adjusted to reflect the effect of the nondeductible interest expense associated with owning tax-exempt securities and loans. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the financial results, as it enhances the comparability of income arising from taxable and nontaxable sources.
(2)     The efficiency ratio expresses noninterest expense as a percent of fully taxable equivalent net interest income and noninterest income, excluding specific noninterest income and expenses. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the Company's financial performance. It is a standard measure of comparison within the banking industry. A lower ratio is more desirable.


1 NASDAQ: WTBA Q4 2023 | Earnings Highlights

 
2 Certain statements in this presentation, other than purely historical information, including estimates, projections, statements relating to the Company’s business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). Forward-looking statements may appear throughout this presentation. These forward-looking statements are generally identified by the words “believes,” “expects,” “intends,” “anticipates,” “projects,” “future,” “confident,” “may,” “should,” “will,” “strategy,” “plan,” “opportunity,” “will be,” “will likely result,” “will continue” or similar references, or references to estimates, predictions or future events. Such forward-looking statements are based upon certain underlying assumptions, risks and uncertainties. Because of the possibility that the underlying assumptions are incorrect or do not materialize as expected in the future, actual results could differ materially from these forward-looking statements. Risks and uncertainties that may affect future results include: interest rate risk, including the effects of recent and potential additional rate increases by the Federal Reserve; fluctuations in the values of the securities held in our investment portfolio, including as a result of changes in interest rates; competitive pressures, including from non-bank competitors such as “fintech” companies and digital asset service providers; pricing pressures on loans and deposits; our ability to successfully manage liquidity risk; changes in credit and other risks posed by the Company’s loan portfolio, including declines in commercial or residential real estate values or changes in the allowance for loan losses dictated by new market conditions, accounting standards or regulatory requirements; the concentration of large deposits from certain clients who have balances above current FDIC insurance limits; changes in local, national and international economic conditions, including rising rates of inflation and possible recession; the effects of recent developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time at Silicon Valley Bank, Signature Bank and First Republic Bank that resulted in the failure of those institutions; changes in legal and regulatory requirements, limitations and costs including in response to the recent failures of Silicon Valley Bank, Signature Bank and First Republic Bank; changes in customers’ acceptance of the Company’s products and services; the occurrence of fraudulent activity, breaches or failures of our or our third-party partners' information security controls or cyber-security related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools; unexpected outcomes of existing or new litigation involving the Company; the monetary, trade and other regulatory policies of the U.S. government; acts of war or terrorism, including the Israeli-Palestinian conflict and the Russian invasion of Ukraine, widespread disease or pandemics, or other adverse external events; risks related to climate change and the negative impact it may have on our customers and their business; changes to U.S. tax laws, regulations and guidance; potential changes in federal policy and at regulatory agencies as a result of the upcoming 2024 presidential election; talent and labor shortages; the new 1 percent excise tax on stock buybacks by publicly traded companies; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update such forward-looking statements to reflect current or future events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Except as otherwise indicated, this presentation speaks as of the date hereof. The delivery of this presentation shall not, under any circumstances, create any implication that there has been no change in the affairs of West Bancorporation, Inc. after the date hereof. Certain of the information contained herein may be derived from information provided by industry sources. We believe that such information is accurate and that the sources from which it has been obtained are reliable. We cannot guarantee the accuracy of such information, however, and we have not independently verified such information. This presentation contains references to financial measures that are not defined in GAAP. Such non-GAAP financial measures include the Company’s presentation of net interest income and net interest margin on a fully taxable equivalent (FTE) basis and the presentation of the efficiency ratio on an adjusted and FTE basis, excluding certain income and expenses. Management believes these non-GAAP financial measures provide useful information to both management and investors to analyze and evaluate the Company’s financial performance. These measures are considered standard measures of comparison within the banking industry. Additionally, management believes providing measures on a FTE basis enhances the comparability of income arising from taxable and nontaxable sources. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that different companies might calculate these measures differently. These non-GAAP disclosures should not be considered an alternative to the Company’s GAAP results. This presentation includes reconciliations of non-GAAP financial measures to comparable GAAP financial measures. Disclaimers

 
3 4Q 2023 Financial Highlights (1) Presented on a fully taxable equivalent basis; see Appendix for “Non-GAAP Financial Measures.” $26.26 NASDAQ: WTBA December 29, 2023* Closing Price: $21.20 4Q 2023 Price Range: $15.25 to $22.39 Cash Dividend Per Share Declared On January 24, 2024: $0.25 (payable on February 21, 2024) Annualized Dividend Yield: 4.72% *Last trading day of the year. Efficiency Ratio1 64.66% ROA 0.48% NPAs/Assets 0.01% ROE 8.89% NIM1 1.87% Diluted EPS $0.27 Net Income $4.5 million

 
4 • West Bancorporation, Inc. (the “Company”) is a publicly-traded, financial holding company (NASDAQ: WTBA) established in 1984 whose sole subsidiary is West Bank, founded in 1893. • West Bank is headquartered in West Des Moines, Iowa and has 11 branches and commercial banking offices serving the greater Des Moines, Iowa area; eastern Iowa, which includes Iowa City and Coralville, Iowa; and Southern Minnesota, which includes Rochester, Owatonna, Mankato, and St. Cloud, Minnesota. • Reliable, dividend paying community bank with $3.8 billion in assets focused on commercial banking. Our mission is to build strong relationships, build strong communities, and build upon our strong reputation to ensure our clients receive exceptional care, our communities receive outstanding support, and the loyalty of our employees and stockholders is rewarded. Company Profile and Mission • One of the Company's key competitive advantages is its client-centric approach to delivering strategic financial solutions to businesses, driven by the establishment of deep customer relationships and extensive experience in its markets. • First and foremost a community bank, West Bank has built a strong reputation for being responsive to local needs. West Bank employees place a high priority on community involvement, lending their time and talents to a long list of civic and community projects. • West Bank strives to be best at all things that are most important to someone running their own business. Mission

 
5 Experienced Executive Leadership David D. Nelson Director/Chief Executive Officer/President Joined West Bank in 2010 Years in Banking: 40 Prior to joining the Company Mr. Nelson was the President of Southeast Minnesota Business Banking and President of Wells Fargo Bank Rochester in Rochester, Minnesota. Harlee N. Olafson Chief Risk Officer/Executive Vice President Joined West Bank in 2010 Years in Banking: 45 Prior to joining the Company Mr. Olafson was the President of Southwest Minnesota Business Banking and President of Wells Fargo Bank Mankato in Mankato, Minnesota. Bradley P. Peters Executive Vice President West Bank Minnesota Group President Joined West Bank in 2019 Years in Banking: 38 Prior to joining the Company Mr. Peters was the Executive Vice President of Bremer Bank in Minnesota where he was responsible for new market expansion. Jane M. Funk Chief Financial Officer Executive Vice President/Treasurer Joined West Bank in 2014 Years in Banking & Public Accounting: 33 Ms. Funk has extensive experience in the community banking industry and public accounting. Brad L. Winterbottom Executive Vice President West Bank President Joined West Bank in 1992 Years in Banking: 43 Mr. Winterbottom has extensive experience in commercial lending and loan portfolio administration and knowledge of the Iowa business community. Todd A. Mather West Bank Chief Credit Officer Joined West Bank in 2019 Years in Banking: 27 Prior to joining West Bank, Mr. Mather spent 8 years at Bremer Bank in Minnesota as a Senior Credit Director and Group Senior Credit Manager.

 
6 Conservative Organic Growth with Successful Lift-Out Strategies David Nelson joins West Bank as CEO. Entered the Rochester, Minnesota market by hiring experienced bankers who had existing strong relationships with local business owners and creating an advisory community board made up of local business owners and leaders. Constructed a bank office building in Rochester, Minnesota. Crossed $2 billion in total assets. Expanded into St. Cloud, Mankato, and Owatonna, Minnesota with the same lift- out strategy used in Rochester, Minnesota. Crossed $3 billion in total assets. Opened a newly constructed bank office building in St. Cloud, Minnesota. Began construction on new corporate headquarters in West Des Moines, Iowa. After being in the same leased space for fifty years, the new building is an opportunity to consolidate our corporate operations under one roof, and provide space for future growth and enhanced business development opportunities. Opened a newly constructed bank office building in Mankato, Minnesota and began construction on a bank office building in Owatonna, Minnesota. 2010 2013 2016 2018 2019 2020 2022 2022 2023

 
7 Company Highlights – Commitment to Excellence West Bancorporation is a high performing company in U.S. community banking, well-versed in providing commercial banking services, including loans and lines of credit and all types of deposit services, to small- and medium-sized businesses in its Iowa and Minnesota markets. Established • A 131 year presence in the Des Moines, Iowa metropolitan area and is West Des Moines' oldest business of any type. • Long track record of growth and stability coupled with attractive financial returns and dividend yield. • Simple and consistent business model with conservative operating philosophy and expense management. Industry Recognition • Ranked by S & P Global as the #17 top performing large community bank in America in 2022 among banks with assets between $3 billion and $10 billion. • Ranked by Raymond James as the #13 top performing community bank in America in 2022 among publicly traded banks with assets between $500 million and $10 billion. We have received this award for 9 out of the last 10 years. • Ranked by American Banker as the #18 top performing community bank in America in 2022 among banks with assets between $2 billion and $10 billion. Asset Quality • Proven credit culture with a history of strong asset quality. • Classified and watch list loan balance was 0.02% of the loan portfolio at December 31, 2023. • Nonperforming assets at December 31, 2023 totaled $296 thousand, or 0.01% of total assets.

 
8 Company Highlights – Commitment to Excellence West Bank is a commercially-focused financial institution operating in high quality markets in Iowa and Minnesota led by a deep and experienced management team with skills developed internally and with other large regional banking institutions. Credit Culture Strategy Community Service & Philanthropy Risk Management • Strict credit risk management with robust processes and experienced credit personnel. • 30 high quality commercial bankers with an average of 20 years of commercial banking experience. • Centralized committee structure that is agile and responsive to customer needs and an organizational structure that provides deep support of credit and administrative functions. • We are a local lender to local customers. We live where we lend. • Disciplined organic growth strategy with a track record of successful lift-out strategies. • Business model highlighted by focus on risk management and consistent execution. • Superior talent with business expertise in building relationships. • In 2023, our employees volunteered over 8,000 hours of community service. • In 2023, the West Bancorporation Foundation and West Bank provided over $730,000 in total philanthropic contributions to more than 225 organizations. • Commercial real estate stress testing is completed quarterly. • No exposure to cryptocurrency companies or assets. • No commercial real estate office exposure in major metropolitan downtown areas outside of Iowa.

 
9 $2,650 $2,745 $2,783 $2,813 $2,858 $2,850 $2,928 4Q22 1Q23 2Q23 3Q23 4Q23 3Q23 4Q23 Loans • Loans increased $77.8 million in Q4 2023. • Quarterly average loans increased $44.4 million compared to Q3 2023. • Commercial real estate loans are diversified among various sectors, including hotels, warehouses, medical, senior living, mixed use and office. • Commercial office lending makes up less than 7% of the total loan portfolio, with only 1.3% located in the Des Moines metropolitan downtown area. • Loan yields increased 12 bps in Q4 2023 compared to Q3 2023 as loan originations and renewals priced at higher prevailing market rates compared to current portfolio rates. • 32% of the loan portfolio consists of variable-rate loans. Quarterly Highlights C & I, 18% CRE - NOO, 37% CRE - OO, 11% Multi Family, 15% 1-4 Family, 4% C & D, 14% Consumer and other, 1% Loan Mix as of 12/31/23 4.63% 4.88% 5.05% 5.19% 5.31% Loans ($ in millions) Average Balances Period End Loan Yield %

 
10 Deposits • Total deposits increased $218.2 million in Q4 2023. • Brokered deposits increased $68.4 million in Q4 2023. • West Bank participates in the IntraFi® ICS and CDARS reciprocal deposit network which enables depositors to receive FDIC insurance coverage on deposits otherwise exceeding the maximum insurable amount. • Estimated uninsured deposits, excluding deposits in the IntraFi® reciprocal deposit network, brokered deposits and public funds protected by state programs, were approximately 28.2% of total deposits. • Deposit costs increased 33 bps in Q4 2023 compared to Q3 2023. • Deposit rates have continued to increase in response to sustained high short term market rates and pricing competition from other financial institutions and brokerage firms. Quarterly Highlights $2,902 $2,847 $2,855 $2,764 $2,879 $2,756 $2,974 4Q22 1Q23 2Q23 3Q23 4Q23 3Q23 4Q23 Average Balances Deposit Rate % Period End Deposits ($ in millions) 1.99% 2.46% 2.85% 3.10% 3.43% Brokered Deposits, 10% Noninterest- Bearing, 18% Interest-Bearing Demand, 16% Savings and Money Market, 45% Time Deposits, 11% Deposit Mix as of 12/31/23

 
11 Funding and Liquidity Cost of liability funding ($ in thousands) Cash and cash equivalents $ 65,357 Unpledged securities 254,740 FHLB borrowing availability 528,039 Unsecured lines of credit availability 35,000 Federal Reserve discount window availability 2,282 Federal Reserve Bank Term Funding Program availability 88,590 Total as of 12/31/2023 $ 974,008 $3,271 $3,367 $3,411 $3,443 $3,463 $705 $651 $564 $572 $561 $2,196 $2,195 $2,291 $2,192 $2,318 $370 $521 $556 $679 $584 Average Noninterest-Bearing Deposits Average Interest Bearing Deposits Average Borrowings 4Q22 1Q23 2Q23 3Q23 4Q23 2.24% 2.76% 3.10% 3.38% 3.60% Overall Funding Costs Rise Sources of Liquidity West Bank also maintains master brokered deposit agreements with brokerage firms and access to one-way buy options with the IntraFi® ICS and CDARS programs. ($ in thousands)

 
12 $3 $108 4Q22 1Q23 2Q23 3Q23 4Q23 Credit Quality $0.4 $0.4 $0.3 $0.3 $0.3 4Q22 1Q23 2Q23 3Q23 4Q23 $0.3 $0.3 $0.3 $0.3 $0.3 4Q22 1Q23 2Q23 3Q23 4Q23 $25.5 $25.5 $27.9 $28.1 $28.3 $2.4 4Q22 1Q23 2Q23 3Q23 4Q23 Net Charge-Offs (Recoveries) ($ in thousands) Substandard Loans ($ in millions) Nonaccrual Loans ($ in millions) Allowance for Credit Losses ($ in millions) 0.93% 1.01% 1.00% 0.99% 0.97% ACL/Loans % CECL Adoption Adjustment $(56) $(10) $(9)

 
13 Net Interest Income (1) Presented on a fully taxable equivalent basis; see Appendix for “Non-GAAP Financial Measures.” Net interest income decreased $0.2 million in Q4 2023 compared to Q3 2023 • Loan interest income increased $1.5 million. • Deposit interest expense increased $2.9 million. • Borrowed funds interest expense decreased $1.0 million. Net interest margin declined 4 bps in Q4 2023 • Increases in deposit rates continued to outpace the repricing opportunities in the loan and investment portfolios. • Fixed rate nature of loan portfolio results in lagging repricing compared to deposits. • Large deposit average balance client base is more sensitive to rising interest rates. • Estimated investment portfolio cash flows for the next 12 months are $55.2 million with a roll-off interest rate of 2.16%. $20.7 $18.7 $17.3 $16.6 $16.4 4Q22 1Q23 2Q23 3Q23 4Q23 Net Interest Income ($ in millions) 2.49% 2.23% 2.02% 1.91% 1.87% Net Interest margin %(1)

 
14 9.0% 8.9% 8.9% 8.8% 8.7% 12.3% 12.3% 12.2% 12.0% 11.9% 4Q22 1Q23 2Q23 3Q23 4Q23 8.8% 8.6% 8.6% 8.6% 8.5% 11.4% 11.1% 11.1% 11.0% 10.9% 4Q22 1Q23 2Q23 3Q23 4Q23 9.6% 9.5% 9.5% 9.4% 9.3% 12.3% 12.3% 12.2% 12.0% 11.9% 4Q22 1Q23 2Q23 3Q23 4Q23 12.1% 12.2% 12.2% 12.0% 11.9% 13.1% 13.2% 13.1% 12.9% 12.8% 4Q22 1Q23 2Q23 3Q23 4Q23 Regulatory Capital Ratios Note: Lines depict well capitalized levels.Company West Bank Total Risk Based Capital Ratio Tier 1 Capital Ratio Common Equity Tier 1 Ratio Tier 1 Leverage Ratio 6.5% 10% 8% 5%

 
15Appendix Appendix Non-GAAP Financial Measures (in thousands) As of and for the Quarter Ended December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 Reconciliation of net interest income and net interest margin on a FTE basis to GAAP: Net interest Income (GAAP) $ 16,361 $ 16,634 $ 17,341 $ 18,695 $ 20,669 Tax-equivalent adjustment (1) 95 113 122 161 197 Net interest income on a FTE basis (non-GAAP) 16,456 16,747 17,463 18,856 20,866 Average interest-earning assets 3,487,799 3,478,053 3,461,313 3,435,988 3,328,941 Net interest margin on a FTE basis (non-GAAP) 1.87 % 1.91 % 2.02 % 2.23 % 2.49 % Reconciliation of efficiency ratio on an adjusted and FTE basis to GAAP: Net interest income on a FTE basis (non-GAAP) $ 16,456 $ 16,747 $ 17,463 $ 18,856 $ 20,866 Noninterest income 1,898 2,822 2,389 2,957 2,265 Adjustment for realized securities losses, net 431 — — — — Adjustment for losses on disposal of premises and equipment, net 24 3 2 — 2 Adjusted income 18,809 19,572 19,854 21,813 23,133 Noninterest expense 12,161 11,905 12,474 12,071 11,665 Efficiency ratio on an adjusted and FTE basis (non- GAAP) (2) 64.66 % 60.83 % 62.83 % 55.34 % 50.42 % (1) Computed on a tax-equivalent basis using a federal income tax rate of 21 percent, adjusted to reflect the effect of the nondeductible interest expense associated with owning tax-exempt securities and loans. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the financial results, as it enhances the comparability of income arising from taxable and nontaxable sources. (2) The efficiency ratio expresses noninterest expense as a percent of fully taxable equivalent net interest income and noninterest income, excluding specific noninterest income and expenses. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the Company's financial performance. it is a standard measure of comparison within the banking industry. A lower ratio is more desirable.

 
16 Third Quarter 2022 Earnings Highlights October 27, 2022 Appendix West Bancorporation, Inc. Board of Directors Back L to R: Douglas Gulling, Sean McMurray, Patrick Donovan and Philip Jason Worth Front L to R: Steven Gaer, Lisa Elming, George Milligan, Rosemary Parson, David Nelson, James Noyce (Chair), Therese Vaughan and Steven Schuler

 
v3.23.4
Cover
Jan. 25, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jan. 25, 2024
Entity Registrant Name WEST BANCORPORATION, INC.
Entity Incorporation, State or Country Code IA
Entity File Number 0-49677
Entity Tax Identification Number 42-1230603
Entity Address, Address Line One 1601 22nd Street
Entity Address, City or Town West Des Moines
Entity Address, State or Province IA
Entity Address, Postal Zip Code 50266
City Area Code 515-
Local Phone Number 222-2300
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, no par value
Trading Symbol WTBA
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001166928
Amendment Flag false
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