2015 Annual Report
Strength in numbers
2015 Annual Report
© West Bancorporation, Inc. and Subsidiary
Dear Stockholders:
During 2015, West Bank experienced a record-setting year. Our net income was the
highest for any annual period in the 122-year history of our company, and we believe
we are positioned for 2016 to be even better. Why is that? Because of our team.
For this year’s annual report, we are highlighting our long-time employees. It is simply
not possible to achieve record results without excellent people. Let me share with
you a portion of my year-end message to all team members:
Congratulations and thank you for a record-setting 2015! We had a great year because of your
hard work and the activities you did on purpose. Please take a moment to reflect on our
achievements and how they make you feel.
During 2015, we moved into our newly constructed eastern Iowa main office and started
construction on our new Rochester main office. Our loan balances are at an all-time high, and
our growing loan portfolio will make deposit gathering even more important during 2016.
We’ll get deposits by building relationships and providing great service.
We don’t need industry analysts such as Sandler O’Neill or Raymond James to tell us we’ve been one
of the best banks in America for the past four years in a row to know we have something very special.
However, it’s still an honor to receive recognition and know we’re part of a championship team.
We’ve had a series of victories, but we certainly haven’t arrived at our destination yet. We’ll begin the
new year with momentum and confidence. It’s fun to be part of something others envy and admire;
thank you for giving me the opportunity to be part of it.
And to you, our stockholders, I say thank you for letting us work for you. We enjoy what we do and appreciate your
support and interest in our company.
Sincerely,
David. D. Nelson
CEO and President, West Bancorporation, Inc.;
Chairman and CEO, West Bank
BREAKING RECORDS AND MAKING STRIDES
After more than a century of serving our clients and communities, we are proud to announce that 2015 marked the most financially
successful year in West Bank history. We had four record quarters for earnings, hit an all-time high stock price, moved into our newly
constructed office in Coralville, broke ground on our new Rochester location and experienced steady growth in all three markets —
Des Moines, Iowa City/Coralville and Rochester.
We also received numerous awards from highly regarded financial organizations. Perhaps the most prestigious came from renowned
national banking analysts Sandler O’Neill + Partners, L.P. and Raymond James & Associates. But the most meaningful came from West
Bank team members themselves, who nominated us for The Des Moines Register’s Top Workplaces award.
The following pages contain 57 individuals with at least 10 years’ experience with West Bank. Retaining high-quality team members
is one of our core values, and it’s a value we’re pleased to uphold. Composed of hardworking individuals who conduct business with
integrity and treat clients with respect, our team is the secret to our success and the reason we’re celebrating a record-breaking year.
The truth is: Our customers don’t just bank with West Bank; they bank with West Bank bankers. The relationships they’ve built are
founded on trust and loyalty — loyalty that has strengthened our business for more than 100 years.
Kinsey Bodensteiner Sharon Elder Jason Jones Barb Burt Sara Gallagher
10 years
10 years
13 years
13 years
10 years
Travis Tollari Kathy Vyrostek Zana Serdarevic Al Petersen Lynn Rowat Sue Ann Niehaus
12 years
11 years
13 years
12 years
12 years
14 years
Mark Moore Jill Hansen Doug Gulling Claudia Miranda Edita Omic-VanPelt Marc Meyer
12 years
11 years
14 years
10 years
13 years
14 years
Tom Cilek Emily Bieghler Gabe Olson Marie Roberts Brooke Newton Jason Nelson
11 years
10 years
10 years
12 years
13 years
14 years
Steve Hall Dzevida Vodenicarevic Ruby Pleva Peggy Fleming Greg Dockum Ivanka Lastro
12 years
10 years
10 years
10 years
12 years
12 years
W E S T B A N C O R P O R A T I O N , I N C . A N D S U B S I D I A R Y | 2 0 1 5 A N N U A L R E P O R T
“Our long-term team members are the
— Brad Winterbottom
strength of our company.”
EVP West Bancorporation; President, West Bank 10plus years of service
NEW LOCATIONS WITH FAMILIAR FACES
Coralville, Iowa
To better serve our growing Iowa City and Coralville client base,
West Bank moved to a brand new facility in Coralville in January
2015. The state-of-the-art 10,300-square-foot building features three
drive-up lanes, a 24-hour ATM and a full range of banking services.
We hosted a ribbon-cutting ceremony with the Iowa City Area
Chamber of Commerce, which was attended by a number of city
council members and community business leaders. As part of our
mission to “Build Strong Communities,” West Bank made a donation
to the Iowa Children’s Museum, located in Coralville, which hosted
fun activities for kids during our open house.
Eastern Iowa Market President Lynn Rowat (now retired; Jim Conard
is his successor) commented, “We were excited to celebrate the
opening of our new eastern Iowa main office building. Our loans
and deposits continue to grow, and we are well positioned to take
advantage of the significant construction activity in our market.”
Rochester, Minnesota
Construction is underway for a brand new West Bank facility in
Rochester, due for completion by fall 2016. Featuring a rooftop space
for entertaining, the beautiful new structure was designed to be a
point of pride for Rochester residents.
Rochester Market President Mike Zinser said, “We believe our new,
permanent location will help us continue expanding our market
share. Our team members are well known in Rochester, and we think
the business community finds our traditional,
relationship-based approach refreshing.”
Holly Hawxby
18 years
Jennifer Way
16 years
West Bank Chairman and CEO Dave Nelson is a former
Rochester and southeastern Minnesota banking executive,
and the local team boasts an average of 20 years’ experience
per banker in the Rochester market. The 14-member
community board is composed of high-profile business
owners, professionals and other individuals who have played
an integral part in shaping Rochester over the years.
Gwen Steinmetz
17 years
Veda Bergeson
16 years
John McKinney
15 years
Debbie Ingrao
15 years
Sue Reinders
19 years
Sheri Wauters
15 years
Kevin Smith
15 years
Bobbi Jo Kemble
15 years
W E S T B A N C O R P O R A T I O N , I N C . A N D S U B S I D I A R Y | 2 0 1 5 A N N U A L R E P O R T
“We have the best team. They are dedicated to
providing a great level of service to our customers
100 percent of the time. That’s what makes it special.”
— Harlee Olafson
EVP and Chief Risk Officer, West Bancorporation;
EVP and Chief Risk Officer, West Bank 15plus years of service
TEAM EFFORT FOR TRUE SUCCESS
2015 Accomplishments
This year was record-breaking in many tangible ways, but many of our accomplishments are more difficult to quantify.
Take, for instance, the fact that West Bank has infrastructure in place to allow for expansion without adding significant expense,
thus improving our efficiency ratio. This capacity for growth is coming into play sooner rather than later, as we are
currently growing revenues in all three of our markets.
We are well-capitalized and have substantial new business coming through the pipeline. But the truest form of measure comes
from within, which is why we were so pleased to be named a Top Workplace by The Des Moines Register.
Top Workplace
Based entirely on feedback from West Bank team members, The Des Moines Register named our organization
one of the best places to work in Iowa in 2015. We had 154 individuals take the survey — an impressive
90 percent response rate — and the result was West Bank earning a spot among 150 stellar companies
selected for the Top Workplace award. This award was especially meaningful as it came from people
who are especially meaningful to us — our team.
Dawn Henss
21 years
Donna Huffman
26 years
Craig Krouch
24 years
Sue Bryant
24 years
Barry Cropp
22 years
Han Wu
23 years
Minda Hamann
21 years
Richard Mockobee
27 years
Brad Winterbottom
23 years
Kellaney Coffman
22 years
W E S T B A N C O R P O R A T I O N , I N C . A N D S U B S I D I A R Y | 2 0 1 5 A N N U A L R E P O R T
Geoff Gade
22 years
“When a person spends a significant portion
of their life with one company, you know two
things are true: that person believes in the company,
and the company believes in that person.”
— Doug Gulling
EVP, Treasurer and Chief Financial Officer West Bancorporation;
EVP and Chief Financial Officer, West Bank
plus years of service
20
KUDOS FROM THOSE WHO KNOW
Over the past several years, West Bank has earned national recognition by respected institutions and people who understand our industry.
American Bankers Association
We’ve placed 15th among 513 top performing mid-sized banks in the United States by the American Bankers Association, an organization
that supports America’s hometown bankers as they perform their critical role as drivers of America’s economic growth and job creation.
Kay Trager
43 years
American Banker Magazine
As a leading business management publication, American Banker Magazine tackles all issues relevant to banks and their competitive
standing in the financial services marketplace. The magazine named West Bank one of the best performing banks in the United States
and placed us as number 19 in the nation.
Raymond James & Associates
For the second year in a row, West Bank was named one of the top 30 banks in America by Raymond James & Associates, an investment
banking and research firm. Each year, Raymond James & Associates analyzes publicly held community banks and recognizes those that
have outstanding financial performance.
ESTEEM FROM THOSE WHO LEAD
Bank Director Magazine
Bank Director Magazine, a resource that focuses on the strategic issues most fundamental to a bank’s CEO, senior leadership team,
chairman and independent directors, placed West Bank 19th in the nation in its 2015 Bank Performance Scorecard, based on profitability,
capital adequacy and asset quality metrics. According to Bank Director Magazine, the most profitable banks are those whose strategies are
intentional, focused and differentiated.
Sandler O’Neill + Partners, L.P.
West Bank was named one of the top community banks in America for the fourth year in a row by Sandler O’Neill + Partners, L.P.,
a full-service investment banking firm and broker-dealer focused on the financial services sector. No other bank in the nation has received
this honor four years running, and West Bank is the only bank from Iowa or Minnesota to make the list this year.
Of the 435 comparable banks across America, only 34 were named as 2015 Sm-All Stars and of those 34 winners, only 14 banks —
including West Bank — were winners last year.
“It feels good to be recognized as a national leader by people who know and understand our industry,” said West Bank Chairman and CEO
Dave Nelson. “Being named one of America’s best banks four years in a row demonstrates our commitment to being steady, reliable and
intentional in our efforts. We believe this is the direct result of the work and dedication of all of our employees. It is truly a team effort.”
The criteria used to determine the 2015 Sm-All Stars concentrates on growth, profitability, credit quality and capital strength. The intention
of Sandler O’Neill’s Sm-All Stars is to identify top performing small-cap banks before they are discovered by the rest of the world.
W E S T B A N C O R P O R A T I O N , I N C . A N D S U B S I D I A R Y | 2 0 1 5 A N N U A L R E P O R T
40plus years of service
Alice Jensen
43 years
Lynn Perkins
30 years
Karen Brooks
33 years
Mary Jordan
30 years
Rod Weikert
34 years
“It is fun to be part of something special.”
— Dave Nelson
CEO and President, West Bancorporation;
Chairman and CEO, West Bank 30plus years of service
Ryan Wedemeyer, 1974 - 2016
I N M E M O R I A M
With a heavy heart, we at West Bank mourn the loss of our colleague and friend, Ryan Wedemeyer, who lost his battle
with cancer January 31, 2016.
“Ryan had a quiet strength about him,” said Brad Winterbottom, West Bank president. “I worked with him for more than
10 years, and what always struck me was his gracious leadership style. He had an innate sense of integrity,
a desire to always ‘do the right thing.’ That’s something I’m always going to
remember about him and something a lot of people here are going to
miss about him. We’re all going to miss Ryan.”
Ryan joined West Bank in 2005 with eight years of experience
as a commercial lender for banks in Iowa and Minnesota.
A graduate of the University of Northern Iowa, Ryan completed
the Graduate School of Banking in Madison, Wisconsin, in 2008.
In 2012, he was promoted to senior vice president and chosen
to head a new West Bank Commercial and Industrial
Lending Department.
Active in the community, Ryan served on the boards of directors
for the Broadlawns Medical Center Advocacy Circle and the
West Bancorporation Foundation, Inc. In 2007, he served as the
chair of the West Bancorporation/United Way of Central Iowa
employee pledge campaign. He was a member of
the Greater Des Moines Leadership Institute class
of 2009/2010 and was recognized in 2011
as one of the Des Moines metro area’s
“Forty Under 40.”
Ryan’s leadership, integrity and positive
spirit were invaluable to West Bank. Our
warmest thoughts and sincerest condolences
go out to Ryan’s wife, Jennifer, and children,
Andrew, Lucas and Alena, who will always
be part of the West Bank family.
We had the privilege to work with
Ryan Wedemeyer, and we take comfort in
knowing that the positive impact he made
on West Bank will continue to live on.
“Ryan had a quiet strength about him....
He had an innate sense of integrity, a
desire to always ‘do the right thing.’”
— Brad Winterbottom
EVP West Bancorporation; President, West Bank
W E S T B A N C O R P O R A T I O N , I N C . A N D S U B S I D I A R Y | 2 0 1 5 A N N U A L R E P O R T
BOARD OF DIRECTORS
David Milligan*
Chairman,
West Bancorporation
Dave Nelson*
CEO and President,
West Bancorporation;
Chairman and CEO,
West Bank
Douglas Gulling**
EVP, Treasurer and
Chief Financial Officer,
West Bancorporation;
EVP and Chief Financial
Officer, West Bank
Brad Winterbottom**
EVP,
West Bancorporation;
President,
West Bank
Harlee Olafson**
EVP and Chief Risk Officer,
West Bancorporation;
EVP and Chief Risk Officer,
West Bank
Frank Berlin*
Frank W. Berlin &
Associates
Thomas Carlstom*
Retired,
Iowa Clinic
Joyce Chapman*
Retired,
West Bank Executive
Steven Gaer*
R & R Realty Group;
Mayor, West Des Moines
Mike Gerdin*
Heartland Express, Inc.
Kaye Lozier*
Lozier Consulting
Sean McMurray*
AgSolver, Inc.
George Milligan*
The Graham Group, Inc.
Jim Noyce*
YMCA of Greater
Des Moines
Bob Pulver*
All-State Industries, Inc.
Lou Ann Sandburg*
Retired
Jason Worth*
Gilcrest/Jewett
Lumber Company
* Director of West Bancorporation, Inc. and West Bank ** Director of West Bank
W E S T B A N C O R P O R A T I O N , I N C . A N D S U B S I D I A R Y | 2 0 1 5 A N N U A L R E P O R T
CENTRAL IOWA COMMUNITY BOARD*
Chad Airhart
Dallas County
Recorder
Jerry Deegan
Dowling Catholic
High School
Darin Ferguson
Ferguson Commercial
Real Estate Services
Ryan Flynn, CPA
Flynn + Sweeney, LLC
Kevin Grimm
Wexford & James, LLC
Greg LaMair
LMC Insurance and
Risk Service
Gene Loffredo
Loffredo Fresh
Produce Co., Inc.
Austin Palmer
The Palmer Group
Kirk Tyler
Atlantic Bottling Company
Victoria Veiock
Wicker Works, LTD
Mark Wackerbarth
Denman & Company
Nancy Williams
AIB College of
Business
West Bank invests a great deal in relationships because we believe they’re the
cornerstone of our success — it’s one of the reasons we form a community board
wherever we do business. We turn to these leaders for their insight, perspective and
collective wisdom. We know it’s impossible to be a community bank without local
connections and support, so we’re grateful for their assistance in helping us achieve
Jeff Yurgae
Mueller-Yurgae
our business, government and community relations goals.
* All three of our community boards are non-voting advisory boards with knowledge of the communities we serve.
W E S T B A N C O R P O R A T I O N , I N C . A N D S U B S I D I A R Y | 2 0 1 5 A N N U A L R E P O R T
EASTERN IOWA COMMUNITY BOARD*
Jill Armstrong
Skogman Realty
Kevin Digmann
Hodge Construction
Andy Meardon
Lifetime Financial
Group, LLC
Mark Mysnyk
Steindler Orthopedic
Clinic, PLC
Bill Nusser
Hands Jewelers
Chuck Skaugstad
The Mansion
ROCHESTER COMMUNITY BOARD*
Gus Chafoulias
Titan Development &
Investments
Patrick Deutsch
Pace International
Greg Groves
Universal
Marine & RV, Inc.
Norb Harrington
Retired
Regional Banking President
Hal Henderson
HGA Architects and
Engineers
A. M. Sandy Keith
Dunlap & Seeger, P.A.
Charlie Kuehn
Kuehn Motors
Dick Kuehn
Kuehn Motors
James McPeak, Sr.
Babcock Genetics, Inc.
David Pederson
Dunlap & Seeger, P.A.
Joe Powers
Powers Ventures
Peter Schuller
A.B. Systems, Inc.
Ed Stanley
Merit Building
Enclosure Systems
Tim Weir
Olmsted Medical Center
* All three of our community boards are non-voting advisory boards
with knowledge of the communities we serve.
W E S T B A N C O R P O R A T I O N , I N C . A N D S U B S I D I A R Y | 2 0 1 5 A N N U A L R E P O R T
2015 Financial Reports
W E S T B A N C O R P O R A T I O N , I N C . A N D S U B S I D I A R Y | 2 0 1 5 A N N U A L R E P O R T
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share data)
Year-End Balances
Assets
Investment securities
Loans
Nonperforming loans
Other real estate owned
Deposits
Stockholders' equity
Average Balances
Assets
Investment securities
Loans
Deposits
Stockholders' equity
Results of Operations
Net interest income
Provision for loan losses
Noninterest income
Noninterest expense
Income before income taxes
Net income
Net income available to common stockholders
Per Common Share
Cash dividends
Basic earnings
Diluted earnings
Closing stock price
Book value
Ratios
Return on average equity
Return on average assets
Texas ratio*
Efficiency ratio*
Dividend payout ratio
Dividend yield
Net interest margin
Average equity to average assets
Allowance for loan losses as % of loans
Net charge-offs (recoveries) as % of average loans
Nonperforming loans as % of loans
Tangible common equity to tangible assets
*A lower ratio is better.
2015
2014
2013
2012
2011
$
1,748,640
384,420
1,246,688
1,461
-
1,440,729
152,377
$
1,615,833
339,208
1,184,045
1,937
2,235
1,270,462
140,175
$
1,442,404
357,067
991,720
2,915
5,800
1,163,842
123,625
$
1,448,175
304,103
927,401
7,256
8,304
1,134,576
134,587
$
1,269,524
294,497
838,959
10,693
10,967
957,373
123,451
$
1,675,652
339,492
1,213,429
1,375,512
146,089
$
1,512,506
347,351
1,063,528
1,222,836
131,924
$
1,445,773
369,088
949,775
1,131,264
127,789
$
1,326,408
317,615
854,860
995,694
129,795
$
1,295,313
266,031
849,115
961,488
135,520
$
54,154
850
8,203
30,068
31,439
21,742
21,742
$
0.62
1.35
1.35
19.75
9.49
14.88%
1.30%
0.87%
46.30%
45.77%
3.14%
3.59%
8.72%
1.20%
(0.04)%
0.12%
8.71%
$
49,145
750
10,296
32,002
26,689
20,040
20,040
$
45,683
(850)
8,494
30,816
24,211
16,891
16,891
$
41,198
625
10,869
28,667
22,775
16,011
16,011
$
41,402
550
9,349
28,861
21,340
15,268
12,881
$
0.49
1.25
1.25
17.02
8.75
$
0.42
1.02
1.02
15.82
7.74
$
0.36
0.92
0.92
10.78
7.73
$
0.17
0.74
0.74
9.58
7.09
15.19%
1.32%
2.71%
49.93%
39.13%
2.88%
3.59%
8.72%
1.15%
0.09%
0.16%
8.68%
13.22%
1.17%
7.69%
52.55%
41.41%
2.65%
3.48%
8.84%
1.39%
0.09%
0.29%
8.57%
12.34%
1.21%
11.25%
50.83%
39.13%
3.34%
3.42%
9.79%
1.67%
0.22%
0.78%
9.29%
11.27%
1.18%
16.33%
49.27%
22.97%
1.77%
3.58%
10.46%
2.00%
0.34%
1.27%
9.72%
W E S T B A N C O R P O R A T I O N , I N C . A N D S U B S I D I A R Y | 2 0 1 5 A N N U A L R E P O R T
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
Assets
Cash and due from banks
Federal funds sold
Cash and cash equivalents
Investment securities available for sale, at fair value
Investment securities held to maturity, at amortized cost (fair value of $51,918
and $51,501 at December 31, 2015 and 2014, respectively)
Federal Home Loan Bank stock, at cost
Loans
Allowance for loan losses
Loans, net
Premises and equipment, net
Accrued interest receivable
Bank-owned life insurance
Deferred tax assets, net
Other assets
Total assets
Liabilities and Stockholders' Equity
Liabilities
Deposits
Noninterest-bearing demand
Interest-bearing demand
Savings
Time of $250,000 or more
Other time
Total deposits
Federal funds purchased
Short-term borrowings
Subordinated notes
Federal Home Loan Bank advances, net of discount
Long-term debt
Accrued expenses and other liabilities
Total liabilities
Stockholders' Equity
Preferred stock, $0.01 par value; authorized 50,000,000 shares; no shares issued
and outstanding at December 31, 2015 and 2014
Common stock, no par value; authorized 50,000,000 shares; 16,064,435 and 16,018,734
shares issued and outstanding at December 31, 2015 and 2014, respectively
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income (loss)
Total stockholders' equity
Total liabilities and stockholders' equity
December 31,
2015
2014
$
57,329
15,322
72,651
320,714
$
27,936
11,845
39,781
272,790
51,259
12,447
1,246,688
(14,967)
1,231,721
11,562
4,688
32,834
6,670
4,094
1,748,640
$
51,343
15,075
1,184,045
(13,607)
1,170,438
9,988
4,425
32,107
6,333
13,553
1,615,833
$
$
486,707
267,824
570,391
14,749
101,058
1,440,729
2,760
19,000
20,619
98,385
8,415
6,355
1,596,263
$
362,827
241,722
527,277
18,985
119,651
1,270,462
2,975
66,000
20,619
96,888
12,676
6,038
1,475,658
-
-
3,000
20,067
129,740
(430)
152,377
1,748,640
$
3,000
18,971
117,950
254
140,175
1,615,833
$
W E S T B A N C O R P O R A T I O N , I N C . A N D S U B S I D I A R Y | 2 0 1 5 A N N U A L R E P O R T
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
Interest Income
Loans, including fees
Investment securities:
Taxable
Tax-exempt
Federal funds sold
Total interest income
Interest Expense
Deposits
Federal funds purchased
Short-term borrowings
Subordinated notes
Federal Home Loan Bank advances
Long-term debt
Total interest expense
Net interest income
Provision for Loan Losses
Net interest income after provision for loan losses
Noninterest Income
Service charges on deposit accounts
Debit card usage fees
Trust services
Revenue from residential mortgage banking
Increase in cash value of bank-owned life insurance
Gain (loss) on disposition of premises and equipment
Realized investment securities gains, net
Other income
Total noninterest income
Noninterest Expense
Salaries and employee benefits
Occupancy
Data processing
FDIC insurance expense
Other real estate owned expense
Professional fees
Directors fees
Miscellaneous losses
Other expenses
Total noninterest expense
Income before income taxes
Income Taxes
Net income
Basic earnings per common share
Diluted earnings per common share
Years Ended December 31
2014
2013
2015
$
52,556
$
47,440
$
44,992
4,363
3,147
81
60,147
2,185
9
37
705
2,825
232
5,993
54,154
850
53,304
2,609
1,830
1,286
163
727
(6)
47
1,547
8,203
16,065
4,105
2,329
839
10
748
881
30
5,061
30,068
31,439
4,938
2,878
45
55,301
2,426
11
40
754
2,628
297
6,156
49,145
750
48,395
2,790
1,764
1,327
1,394
731
1,069
223
998
10,296
16,086
4,165
2,241
757
1,865
944
714
329
4,901
32,002
26,689
5,173
2,457
119
52,741
3,413
85
4
711
2,657
188
7,058
45,683
(850)
46,533
2,923
1,787
997
1,275
646
(9)
-
875
8,494
15,757
3,906
2,030
733
1,359
1,200
584
736
4,511
30,816
24,211
9,697
21,742
$
6,649
20,040
$
7,320
16,891
$
$
$
1.35
1.35
$
$
1.25
1.25
$
$
1.02
1.02
W E S T B A N C O R P O R A T I O N , I N C . A N D S U B S I D I A R Y | 2 0 1 5 A N N U A L R E P O R T
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(dollars in thousands, except per share data)
Years Ended December 31, 2015, 2014 and 2013
Balance, December 31, 2012
Net Income
Other comprehensive loss, net of tax
Cash dividends declared, $0.42 per common share
Repurchase and cancellation of common stock
Stock-based compensation costs
Issuance of common stock upon vesting of restricted
stock units, net of shares withheld for payroll taxes
Excess tax benefits from vesting of
restricted stock units
Balance, December 31, 2013
Net Income
Other comprehensive income, net of tax
Cash dividends declared, $0.49 per common share
Stock-based compensation costs
Issuance of common stock upon vesting of restricted
stock units, net of shares withheld for payroll taxes
Excess tax benefits from vesting of
restricted stock units
Balance, December 31, 2014
Net Income
Other comprehensive loss, net of tax
Cash dividends declared, $0.62 per common share
Stock-based compensation costs
Issuance of common stock upon vesting of restricted
stock units, net of shares withheld for payroll taxes
Excess tax benefits from vesting of
restricted stock units
Balance, December 31, 2015
$
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Preferred Stock
Common Stock
Additional
Paid-in Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
$
3,000
-
-
-
-
-
$
33,805
-
-
-
(15,774)
378
$
95,856
16,891
-
(6,995)
-
-
$
1,926
-
(5,464)
-
-
-
Total
$
134,587
16,891
(5,464)
(6,995)
(15,774)
378
-
-
3,000
-
-
-
-
-
-
3,000
-
-
-
-
-
-
(14)
-
-
(14)
16
18,411
-
-
-
633
(189)
116
18,971
-
-
-
1,166
(225)
155
-
105,752
20,040
-
(7,842)
-
-
-
117,950
21,742
-
(9,952)
-
-
-
-
(3,538)
-
3,792
-
-
-
-
254
-
(684)
-
-
-
-
16
123,625
20,040
3,792
(7,842)
633
(189)
116
140,175
21,742
(684)
(9,952)
1,166
(225)
155
$
-
$
3,000
$
20,067
$
129,740
$
(430)
$
152,377
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Stockholders of West Bancorporation, Inc.
We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States),
the consolidated balance sheets of West Bancorporation, Inc. and subsidiary as of December 31, 2015 and 2014, and the
related consolidated statements of income, comprehensive income (not presented herein), stockholders’ equity, and cash
flows (not presented herein) for each of the three years in the period ended December 31, 2015, and in our report dated
March 3, 2016, we expressed an unqualified opinion on those consolidated financial statements.
In our opinion, the information set forth in the accompanying condensed consolidated financial statements is fairly
stated, in all material respects, in relation to the consolidated financial statements from which it has been derived.
Des Moines, Iowa | March 3, 2016
W E S T B A N C O R P O R A T I O N , I N C . A N D S U B S I D I A R Y | 2 0 1 5 A N N U A L R E P O R T
STOCK INFORMATION
West Bancorporation’s common stock is traded on the Nasdaq Global Select Market and quotations are furnished
by the Nasdaq System. We had 198 common stockholders of record on December 31, 2015, and an estimated 1,500
additional nonobjecting beneficial holders whose stock was held in street name by brokerage houses.
Market and Dividend Information (1)
2015
2014
4th Quarter
3rd Quarter
2nd Quarter
1st Quarter
Total
4th Quarter
3rd Quarter
2nd Quarter
1st Quarter
Total
High
$
21.09
20.99
20.46
19.94
Low
$
17.74
17.67
17.98
16.00
Close
$
19.75
18.75
19.84
19.89
$
17.05
15.68
16.45
15.98
$
14.00
14.01
13.53
13.64
$
17.02
14.13
15.23
15.19
Dividends
$
0.16
0.16
0.16
0.14
0.62
0.14
0.12
0.12
0.11
0.49
$
$
$
(1) The prices shown are the high, low, and closing sale prices for the Company’s common stock. The market quotations, reported by Nasdaq, do not
include retail markup, markdown or commissions.
FORM 10-K
A copy of the Company’s annual report to the Securities and Exchange Commission on Form 10-K will be available on the
Securities and Exchange Commission’s website at www.sec.gov and through a link on the Company’s website,
www.westbankstrong.com, at Investor Relations, SEC Filings. A copy of the annual report can also be obtained upon
request to Alice Jensen at 515-222-2300 or ajensen@westbankstrong.com.
TRANSFER AGENT/DIVIDEND PAYING AGENT
American Stock Transfer & Trust Company, LLC
6201 15th Avenue, Brooklyn, New York 11219
718-921-8200 | www.amstock.com
FORWARD-LOOKING STATEMENTS
Certain statements in this report, other than purely historical information, including estimates, projections, statements relating to our 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,” “may,” “should,” “will,” “strategy,” “plan,” “opportu-
nity,” “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 un-
certainties that may affect future results include: interest rate risk; competitive pressures; pricing pressures on loans and deposits; changes in credit
and other risks posed by the Company’s loan and investment portfolios, including declines in commercial or residential real estate values or changes
in the allowance for loan losses dictated by new market conditions or regulatory requirements; actions of bank and nonbank competitors; changes in
local and national economic conditions; changes in regulatory requirements, limitations and costs; changes in
customers’ acceptance of the Company’s products and services; cyber-attacks; and any other risks described in sections of this and other reports
made by the Company. 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.
W E S T B A N C O R P O R A T I O N , I N C . A N D S U B S I D I A R Y | 2 0 1 5 A N N U A L R E P O R T
Branch Locations
CENTRAL IOWA
Main Bank
1601 22nd St.
West Des Moines
Grand Branch
125 Grand Ave.
West Des Moines
EASTERN IOWA
Coralville Branch
401 10th Ave.
Coralville
Iowa City Branch
1910 Lower Muscatine Rd.
Iowa City
City Center Branch
809 6th Ave.
Des Moines
North Branch
3839 Merle Hay Rd.
Des Moines
Urbandale Branch
3255 99th St.
Urbandale
East Branch
2440 E Euclid Ave.
Des Moines
South Branch
3920 SW 9th St.
Des Moines
Waukee Branch
955 E Hickman Rd.
Waukee
SOUTHEASTERN MINNESOTA
Rochester Branch
3147 Superior Dr. NW
Ste. 100
Rochester
2015 Annual Report
© West Bancorporation, Inc. and Subsidiary
2015 Annual Report
© West Bancorporation, Inc. and Subsidiary