2017 Annual Report
FINANCIAL PERFORMANCE
Return on average equity
Return on average assets
Net income
Earnings per share
Dividends per share
Total loans
Total deposits
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 7 A N N U A L R E P O R T
Dear Stockholders:
Your company achieved another record year for the third consecutive year.
Several factors contributed to our 2017 results: we experienced 100 percent
retention of our key employees; our credit quality remains strong; the
percentage growth in our loans and deposits exceeded the growth in our
expenses — and that growth came in all three of our markets (central Iowa,
eastern Iowa and Rochester, Minnesota). As I stated last year, we don’t
believe this string of record performance will last forever, but it is fun while
it lasts.
Along with our strong performance, our dividends are at record levels, and our stock
price hit an all-time high during December 2017.
This year’s record earnings were achieved in spite of having to recognize a one-time, noncash charge to
write down the value of our deferred tax assets. This was necessary after the enactment of the new federal
tax law in late December 2017. Many companies throughout the nation had to revalue their deferred tax
assets and incur a charge. We believe the benefit of a lower effective income tax rate going forward will
more than offset the deferred tax assets charge.
We celebrate our 125th anniversary during 2018. We are the oldest business of any kind headquartered in
West Des Moines, Iowa, and we are proud of this distinction. While we have expanded to markets beyond
West Des Moines, we never forget our home.
We begin 2018 with momentum, a dose of caution and an abundance of confidence. Our West Bank team is
strong. We plan to improve personal performance by providing greater clarity to activity expectations and
skills development. We expect to outperform other banks by building relationships and providing great service.
Our vision is not about being a certain size by a certain time. It is to achieve and sustain a position of industry
envy and admiration. We believe our recognition by others as one of America’s top performing banks indicates
we are achieving our vision. We remind ourselves frequently that vision is a journey, not a destination.
We believe 2018 will be better than 2017. We will continue to focus on relationship building, community
leadership, enhancing our internal culture and all the activities that make West Bancorporation, Inc. special.
Thank you for your support.
Sincerely,
David D. Nelson
CEO and President, West Bancorporation, Inc.;
Chairman and CEO, 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 7 A N N U A L R E P O R T
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.
2017 HIGHLIGHTS
West Bank experienced an outstanding 2017, with record-breaking performance,
national recognition from esteemed institutions, updated services and more.
Moving into 2018, we are well positioned to deliver superior service to our customers
and exceptional results for our stockholders.
High performance
• Continued performance in the upper quartile of our peer group
• Success in the Rochester market upon opening our new facility
• Growth in our deposits and loan portfolio while maintaining credit
quality at a high level
Modernized services and support
• Website and online banking updates
• Social media launch
• Streamlined business and personal checking products
Industry distinction and reputation
• National attention from investment bank and research firm
Raymond James & Associates
• Recognition from American Banker Magazine and Bank Director Magazine
Strong relationships and communities
• Low employee turnover rate
• Proven strong relationships evidenced by account retention
• Investment in our communities through the
West Bancorporation Foundation, Inc.
• Employee volunteerism
Our vision
is to achieve and sustain a position
of industry envy and admiration.
125 yEARS STRONG
Since 1893 — the same year the City of West Des Moines was founded — West Bank has built a reputation for
earning our customers’ trust, while continuing to be recognized as one of the best banks in America compared to
our peers by industry experts.
As we approach our 125th anniversary, we’re grateful for the strong relationships we’ve built with individuals,
families and businesses who value our dedication to community banking. We’ve worked hard to develop
customized banking solutions for customers, giving them the resources and freedom they need to prosper in
the thriving communities we serve.
With branches in Des Moines, Coralville, Iowa City, Waukee and Urbandale, Iowa, and Rochester, Minnesota,
we’re extremely proud of the work we do — both at the bank and in the community. Our loan portfolio is growing,
and we have strong credit quality. But by far, the biggest measurement of our success is our people, who are
dedicated to making meaningful contributions to the places we live and work.
We’ve achieved a lot in 125 years of banking, but some things have not changed: our commitment to treating
every customer with dignity and respect, and our never-ending pursuit of improving the places we proudly call
home. Together, we are 125 years strong.
OuR FOuNDERS
Nearly 125 years ago, Herman and Anna Raaz began issuing loans to families and small businesses in the now-historic
Valley Junction. Originally named First Valley Junction Savings Bank, West Bank gave the little railroad town the
financial boost it needed to grow into one of the original settlements in West Des Moines.
Born in 1858 in Elmira, New York, Herman Raaz left home when he was 20 years old to pursue new opportunities in
the burgeoning Midwest. Over the course of several years, he worked as a cigar maker in Jefferson, Iowa, clothing store
manager in Rockwell City and Centerville and banker in Rippey.
In 1883, he married Anna Craig, the daughter of Scottish immigrants who worked an unbroken plot of Mitchellville
prairie into highly productive and valuable farmland. No stranger to hard work, the new Mrs. Raaz proved to be an
exceptional partner both at home and in business.
The two moved to Valley Junction and founded what is now known as West Bank in 1893.
Mrs. Raaz’s aptitude for banking gained her an impressive and respected reputation across the Midwest. As the first
female banker in Iowa, she was renowned for recognizing the faces and signatures of virtually every businessman and
employee in Valley Junction. Legend has it she never cashed a check that was not genuine during her 15 years as cashier.
In addition to managing the bank, Mr. Raaz was also very involved in other aspects of life in the small town. He helped
organize the local independent school district, of which he served as treasurer for 14 years, was involved in several
fraternal organizations and was well recognized for his philanthropic work.
The story of how Mr. and Mrs. Raaz enriched their community has become ingrained in the West Bank identity, and
we continue to conduct business according to the values they established 125 years ago.
wEST bANk HISTORy
AT A GLANCE
1968
1893
Herman and
Anna Raaz
establish First
Valley Junction
Savings Bank.
David Miller
becomes
president.
1960
The bank moves to
125 Grand Avenue
in West Des Moines.
1983
David Miller and
local investors
purchase the bank.
1938
First Valley
Junction Savings
Bank is renamed
West Des Moines
State Bank.
1961
David Miller
joins the bank.
1972
The bank moves
to 22nd Street in
West Des Moines,
its current
headquarters.
2015
West Bank
opens a beautiful
new location in
Coralville.
1993
2002
West Des Moines
and West Des Moines
State Bank celebrate
their centennials.
West Bancorporation, Inc.
stock is listed
on Nasdaq.
2016
West Bank builds
a new, state-of-
the-art facility in
Rochester, MN.
1984
West Bancorporation,
Inc. is formed.
2003
2014
West Des Moines
State Bank is renamed
West Bank.
CEO Dave Nelson and
CFO Doug Gulling
ring the Nasdaq
closing bell.
West Bancorporation
Foundation, Inc.
is formed.
West Bank
purchases two
Hawkeye State Bank
branches in Iowa City.
west bank branch openings
1960 Grand branch — West Des Moines
1999 Urbandale branch — Urbandale
1972 Main bank — West Des Moines
2003 Iowa City branch — Iowa City
1979 City Center branch — Des Moines
2009 Waukee branch — Waukee
1990 East branch — Des Moines
2015 Coralville branch — Coralville
1993 South branch — Des Moines
2016 Rochester branch — Rochester
1998 North branch — Des Moines
OPPORTuNITy AND GROwTH
For West Bank, the second half of the 20th century was ushered in by David Miller, who joined the bank in 1961
and was named president in 1968. Mr. Miller was more than the brains of the operation — he was the heart and
soul, the one who defined our culture as welcoming, fair and down-to-earth. He always credited his employees
with the bank’s success, noting their dedication and friendliness.
Under Mr. Miller’s leadership, the bank saw a 33 percent increase in assets and 50 percent increase in loans
within a few years. He pushed for a new facility that could accommodate our rapid success. Built in 1972 on
22nd Street in West Des Moines, the landmark building — which is still the West Bank headquarters — features
a shining exterior of anodized bronzed aluminum. True to the 1970s, the original interior was decorated with
electric blue and magenta office furniture, thick gold carpeting, silver columns and smoked glass.
Mr. Miller and local investors purchased the bank in 1983, and formed West Bancorporation, Inc. in 1984. Over
the next several years, West Bank opened multiple branches in Des Moines and Urbandale. We rang in the new
millennium with a state-of-the-art website and online banking capabilities. West Bancorporation, Inc. stock was
listed on Nasdaq shortly thereafter.
The West Bancorporation Foundation, Inc. was founded in 2003 and has awarded more than $3 million to
nonprofits to date. We rolled out our Mobile Banking app in 2014 to accommodate our clients’ growing needs.
That same year, CEO Dave Nelson and CFO Doug Gulling rang the Nasdaq closing bell. We recently opened
beautiful new facilities in Coralville, Iowa, and Rochester, Minnesota, to better serve our clients.
In 1960, West Bank had $3.4 million in assets and employed five people. By 1977, it had $62.9 million in assets,
and by 1986, it employed 85 people. We currently have $2.1 billion in assets and employ more than 170 people
at 11 branches. A lot has changed for West Bank over the years, but our dedication to our clients, employees and
investors will always remain the same.
Reprinted with permission of the Business Record
125 yEARS AND bEyOND
West Bank is still going strong, with locations now in the Des Moines metro area, Iowa City and Coralville, Iowa, and
Rochester, Minnesota. We continue performing in the upper quartile of our peer group, and growing our loan portfolio
and deposits while maintaining credit quality at a high level. Our employees place a high priority on community
involvement, giving their time and talents to a long list of civic and neighborhood projects.
We also enjoy national recognition from esteemed institutions such as investment bank and research firm
Raymond James & Associates, as well as respected publications that include American Banker Magazine and
Bank Director Magazine.
But our greatest source of pride has been cultivating long-lasting relationships with the people we serve. We’re excited
for what the future holds, and we’re poised to meet the needs of our customers well into the future. Together, we are
125 years strong.
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
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*
Businessolver, Inc.
George Milligan*
The Graham Group, Inc.
Jim Noyce*
Retired
bob Pulver*
All-State Industries, Inc.
Lou Ann Sandburg*
Retired
Steven T. Schuler*
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 7 A N N U A L R E P O R T
CENTRAL IOwA COMMuNITy bOARD*
Jerry Deegan
Retired
Darin Ferguson
Ferguson Commercial
Real Estate Services
Ryan Flynn, CPA
Flynn + Sweeney, LLC
kevin Grimm
Wexford & James, LLC
Greg LaMair
LMC Insurance and
Risk Management
Gene Loffredo
Loffredo Fresh
Produce Co., Inc.
Dave Moench
Electrical Engineering &
Equipment Company
Austin Palmer
The Palmer Group
Victoria Veiock
Wicker Works, LTD
Mark wackerbarth
Denman & Company
Nancy williams
American Land and
Redevelopment, Corp.
Jeff yurgae
Mueller-Yurgae
Associates, Inc.
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 our business 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 7 A N N U A L R E P O R T
EASTERN IOwA COMMuNITy bOARD*
Jesse Allen
Allen Homes, Inc.
Rodney Anderson
Pancheros Mexican Grill
Jill Armstrong
Skogman Realty
David barker
Barker Apartments
kevin Digmann
Hodge Construction
Mark Mysnyk
Steindler Orthopedic
Clinic, PLC
Ravi Patel
Hawkeye Hotels
Luke Recker
Stryker Instruments
Chuck Skaugstad
The Mansion
Leighton Smith
BerganKDV
ROCHESTER COMMuNITy bOARD*
Gus Chafoulias
Titan Development &
Investments
Patrick Deutsch
Pace International
Greg Groves
Universal
Marine & RV, Inc.
Hal Henderson
HGA Architects and
Engineers
Charlie kuehn
Kuehn Motors
Dick kuehn
Kuehn Motors
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 7 A N N U A L R E P O R T
FINANCIAL HIGHLIGHTS
As of and for the years ended December 31, 2017, 2016 and 2015
(dollars in thousands, except per share data)
Results of operations
Net interest income
Provision for loan losses
Noninterest income
Noninterest expense
Income before income taxes
Net income
Per common share
Cash dividends
Basic earnings
Diluted earnings
Closing stock price
Book value
year-end balances
Assets
Investment securities
Loans
Nonperforming loans
Other real estate owned
Deposits
Stockholders’ equity
Ratios
Return on average assets
Return on average equity
Texas ratio (1)
Efficiency ratio (1) (2)
Dividend payout ratio
Dividend yield
Net interest margin (2)
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
2017
2016
2015
$ 60,057
$ 57,118
$ 54,154
-
8,648
32,267
36,438
23,070
1,000
7,982
31,148
32,952
23,016
850
8,203
30,068
31,439
21,742
$ 0.71
$ 0.67
$ 0.62
1.42
1.41
25.15
10.98
1.43
1.42
24.70
10.25
$2,114,377
$1,854,204
498,920
1,510,500
622
-
1,810,813
178,098
1.18%
13.29%
0.32%
45.39%
49.84%
2.82%
3.37%
1.09%
0.02%
0.04%
8.42%
319,794
1,399,870
1,022
-
1,546,605
165,376
1.27%
14.35%
0.56%
46.03%
46.92%
2.71%
3.49%
1.15%
0.01%
0.07%
8.92%
1.35
1.35
19.75
9.49
$1,748,396
384,420
1,246,688
1,461
-
1,440,729
152,377
1.30%
14.88%
0.87%
46.30%
45.77%
3.14%
3.59%
1.20%
0.04%
0.12%
8.71%
(1) A lower ratio is better.
(2) As presented, this is a non-GAAP measure – see “Non-GAAP Financial Measures” for additional details.
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 7 A N N U A L R E P O R T
CONSOLIDATED bALANCE SHEETS
December 31, 2017 and 2016
(dollars in thousands, except per share data)
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
$45,890 and $47,789 at December 31, 2017 and 2016, 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 or more
Other time
Total deposits
Federal funds purchased
Subordinated notes, net
Federal Home Loan Bank advances, net
Long-term debt, net
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, 2017 and 2016
Common stock, no par value; authorized 50,000,000 shares; 16,215,672
and 16,137,999 shares issued and outstanding at December 31, 2017
and 2016, respectively
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Total stockholders’ equity
Total liabilities and stockholders’ equity
2017
2016
$ 34,952
$ 40,943
12,997
47,949
444,219
45,527
9,174
1,510,500
(16,430)
1,494,070
23,022
7,344
33,618
4,645
4,809
35,893
76,836
260,637
48,386
10,771
1,399,870
(16,112)
1,383,758
23,314
5,321
33,111
6,957
5,113
$2,114,377
$ 1,854,204
$ 395,888
$ 479,311
395,052
850,216
16,965
152,692
282,592
668,688
10,446
105,568
1,810,813
1,546,605
545
20,412
76,382
22,917
5,210
9,690
20,398
99,886
5,126
7,123
1,936,279
1,688,828
-
-
3,000
23,463
153,527
(1,892)
178,098
3,000
21,462
141,956
(1,042)
165,376
$2,114,377
$ 1,854,204
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 7 A N N U A L R E P O R T
CONSOLIDATED STATEMENTS OF INCOME
Years ended December 31, 2017, 2016 and 2015
(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
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
Increase in cash value of bank-owned life insurance
Gain from bank-owned life insurance
Realized investment securities gains, net
Other income
Total noninterest income
Noninterest expense
Salaries and employee benefits
Occupancy
Data processing
FDIC insurance
Professional fees
Director fees
Other expenses
Total noninterest expense
Income before income taxes
Income taxes (1)
Net income
Earnings per common share:
Basic earnings per common share
Diluted earnings per common share
2017
2016
2015
$63,242
$57,419
$52,556
5,501
3,960
331
73,034
7,622
99
901
3,836
519
12,977
60,057
-
60,057
2,632
1,754
1,705
652
307
326
1,272
8,648
17,633
4,406
2,677
677
1,075
950
4,849
32,267
36,438
13,368
$23,070
$ 1.42
$ 1.41
4,201
3,266
108
64,994
3,391
47
728
3,565
145
7,876
57,118
1,000
56,118
2,461
1,825
1,310
647
443
66
1,230
7,982
16,731
4,033
2,510
937
774
888
5,275
31,148
32,952
9,936
4,363
3,147
81
60,147
2,185
46
705
2,825
232
5,993
54,154
850
53,304
2,609
1,830
1,286
727
-
47
1,704
8,203
16,065
4,105
2,329
839
748
881
5,101
30,068
31,439
9,697
$23,016
$21,742
$ 1.43
$ 1.42
$ 1.35
$ 1.35
(1) Income tax expense for the year ended December 31, 2017 included a one-time increase of $2,340 due to the revaluation of net deferred
tax assets related to the enactment of federal tax legislation on December 22, 2017.
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 7 A N N U A L R E P O R T
REPORT OF INDEPENDENT REGISTERED PubLIC ACCOuNTING FIRM
To the Stockholders and the Board of Directors 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, 2017 and 2016, and the related consolidated statements of income, comprehensive
income (not presented herein), stockholders’ equity (not presented herein) and cash flows (not presented herein) for each of the three years in the period
ended December 31, 2017; and in our report, dated March 1, 2018, we expressed an unqualified opinion on those consolidated financial statements.
In our opinion, the information set forth in the accompanying condensed 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 1, 2018
NON-GAAP FINANCIAL MEASuRES
As of and for the years ended December 31, 2017, 2016 and 2015
(dollars in thousands)
Non-GAAP financial measures include the Company’s presentation of net interest margin on a fully taxable equivalent (FTE)
basis and the presentation of the efficiency ratio on an FTE basis, excluding certain noninterest income and expenses. The
following table reconciles the non-GAAP financial measures to GAAP.
Reconciliation of net interest income and net
interest margin on an FTE basis to GAAP:
Net interest income (GAAP)
Tax-equivalent adjustment (1)
Net interest income on an FTE basis (non-GAAP)
Average interest-earning assets
Net interest margin on an FTE basis (non-GAAP)
Reconciliation of efficiency ratio on an
FTE basis to GAAP:
Net interest income on an FTE basis (non-GAAP)
Noninterest income
Less: realized investment securities gains, net
Plus: losses on disposal of premises and equipment, net
Adjusted income
Noninterest expense
Less: Other real estate owned expenses
Adjusted expense
2017
2016
2015
$ 60,057
$ 57,118
$ 54,154
2,677
$ 62,734
$ 1,863,791
3.37%
2,623
$ 59,741
$ 1,711,612
3.49%
2,604
$ 56,758
$ 1,583,059
3.59%
$ 62,734
$ 59,741
$ 56,758
8,648
(326)
25
$ 71,081
$ 32,267
-
7,982
(66)
4
$ 67,661
$ 31,148
-
8,203
(47)
6
$ 64,920
$ 30,068
(10)
$ 32,267
$ 31,148
$ 30,058
Efficiency ratio on an adjusted FTE basis (non-GAAP) (2)
45.39%
46.03%
46.30%
(1) Computed on a tax-equivalent basis using an incremental federal income tax rate of 35 percent, adjusted to reflect the effect of the nondeductible interest
expense associated with owning tax-exempt securities and loans.
(2) 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 financial results, as it enhances the comparability of income and expenses from taxable and nontaxable sources.
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, westbankstrong.com, under
Investor Relations — SEC Filings — Documents. A copy of the annual report can also be obtained upon request to Alice Jensen at
515-222-2300 or ajensen@westbankstrong.com.
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 7 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 185 common stockholders of record on December 31, 2017, and an estimated 2,600 additional
beneficial holders whose stock was held in street name by brokerages or fiduciaries.
Market and dividend information (1)
High
Low
Close
Dividends
2017
4th Quarter
3rd Quarter
2nd Quarter
1st Quarter
Total
2016
4th Quarter
3rd Quarter
2nd Quarter
1st Quarter
Total
$ 28.00
24.75
24.60
24.90
$ 23.40
20.90
21.40
20.60
$ 25.15
24.40
23.65
22.95
$ 25.05
20.52
19.65
19.58
$ 18.75
17.65
17.33
16.04
$ 24.70
19.60
18.59
18.23
$ 0.18
0.18
0.18
0.17
$ 0.71
$ 0.17
0.17
0.17
0.16
$ 0.67
(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.
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 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,” “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; 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,
national and international economic conditions; changes in legal and regulatory requirements, limitations and costs; changes in customers’
acceptance of the Company’s products and services; cyber-attacks; unexpected outcomes of existing or new litigation involving the
Company; and any other risks described in the “Risk Factors” sections of other 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.
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 7 A N N U A L R E P O R T
Branch Locations
CENTRAL IOwA
Main Bank
1601 22nd St.
West Des Moines
City Center Branch
Drive-up only express
809 6th Ave.
Des Moines
North Branch
Drive-up only express
3839 Merle Hay Rd.
Des Moines
Urbandale Branch
Drive-up only express
3255 99th St.
Urbandale
Grand Branch
125 Grand Ave.
West Des Moines
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
2188 Superior Dr. NW
Rochester
EASTERN IOwA
Coralville Branch
401 10th Ave.
Coralville
Iowa City Branch
1910 Lower Muscatine Rd.
Iowa City
ONLINE
westbankstrong.com
@westbankstrong
2017 Annual Report
© West Bancorporation, Inc. and Subsidiary