West Bancorporation
Annual Report 2018

Plain-text annual report

Celebrating Strong Connections yesterday, today, and tomorrow 2018 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 8 A N N U A L R E P O R T Dear Stockholders: 2018 was West Bank’s 125th anniversary and our Company’s all-time record year for net income. In addition, the balance of the loan portfolio grew more than any other previous year. These achievements are the result of the efforts of our team. Let me share a portion of my year-end message to our team members: Congratulations and thank you for a record setting 2018! 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 that makes you feel. It is truly fun to be part of something special. We do not need industry analysts or banking magazines to tell us we are one of the best banks in America for the last several years in a row to know we have something very special. However, it is still fun to receive the recognition and know you are part of a championship team. Categorically, here is what I see you doing on purpose that makes us special. Be sure these characteristics describe you, especially number 5. 1. Strengthening existing relationships 2. Developing new relationships 3. Making good decisions 4. Working hard 5. Having an on-purpose daily personal routine Here are the outcomes created by your choices: • Strong credit quality • Generating more revenue • Achieving growth • Great customer service • Success while having fun We have indeed won a series of victories but have certainly not arrived at our destination. We begin 2019 with momentum, also with some caution, but with an abundance of confidence. It is fun to be part of something others envy and admire. And to you, our stockholders, thank you for your continued support and interest in our company. We are proud of the accomplishments we have achieved in our bank’s 125-year history. We believe we are in a position to have continued success for many years to come. 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 8 A N N U A L R E P O R T 1 Our vision is to achieve and sustain a position of industry envy and admiration. West Des Moines, IA 2 2 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. Rochester, MN Coralville, IA 3 3 COMMEMORATING OUR HISTORY 2018 was a year of celebration as we recognized 125 years of building strong relationships with the individuals, families, and businesses who value our dedication to community banking. From our beginnings in 1893 as First Valley Junction Savings Bank through today as West Bank, we have kept our commitment to placing our clients first, demonstrating community leadership, and providing service with integrity and respect. Throughout this commemorative year, we offered many opportunities for customers and the community to join us in celebrating through anniversary open houses, special luncheons, and giveaways. We also focused on showing appreciation for our team members, whose loyalty, passion and enthusiasm in living out West Bank values has been the foundation of our growth. It is through their commitment to treating every customer with dignity and respect that we have continued to earn our customers’ trust. Above all, we found many ways to give back to the communities that have grown alongside us throughout the years. Our team members consistently place a high priority on community involvement, and we are proud of the ways they gave back in celebration of a momentous occasion. We enjoyed a year full of celebration and appreciation for all who have helped us become West Bank Strong. 4 4 2018: CELEBRATING 125 YEARS OF BANKING THE CELEBRATION BEGINS At the first of the year, we began celebrating this momentous anniversary by unveiling our special 125th anniversary West Bank logo. GIVING BACK West Bank employees were given the opportunity to donate $125 to a charity of their choice. Story on page 6. $125 GIVEAWAY One lucky West Bank customer won a $125 Visa® gift card enclosed in a leather RFID blocking travel wallet through social media. WEST BANK ROCHESTER ANNIVERSARY 125 years wasn’t our only anniversary this year — in May, West Bank celebrated 5 years of serving Rochester, MN. 125 DAYS OF GIVING During the 125 days between Memorial Day and Labor Day, West Bankers were encouraged to give their time to nonprofit organizations in celebration of our anniversary. Story on page 7. CELEBRATIONS ABOUND From employees and customers, to the communities we serve and the organizations we support, we made sure to celebrate with everyone who has helped us become West Bank Strong. Story on page 7. 5 BRANCH CELEBRATIONS When we started planning anniversary events throughout the year, we knew we needed to share the celebration everywhere West Bank has grown. With branches throughout the Des Moines metro, Coralville, Iowa, and in Rochester, Minnesota, we had a lot to plan! Our West Des Moines 22nd Street headquarters and Coralville branch each hosted a celebratory BBQ lunch “under the big tent” on June 29, our official anniversary date. Employees, customers, and the community were invited to enjoy great BBQ catered food, outdoor games, and fun commemorative giveaways. Many of our branches also hosted open houses, welcoming customers and the community to enjoy free refreshments and giveaways. All events were well attended, and we enjoyed spending time celebrating 125 years together. Employees Give Back To celebrate our anniversary, we wanted to help our employees give back to their communities. In keeping with the “125” theme, West Bankers were offered the opportunity to donate $125 to a charity of their choice through the West Bancorporation Foundation. This allowed our team members to support causes they are passionate about and celebrate a momentous occasion in a meaningful way. Our Foundation gave more than $16,000 in donations to the communities and causes our employees value. We have received many notes of appreciation through the mail and social media, and we’re proud of the difference our team has made for others. We are immensely honored to give back to the communities that have kept West Bank in business the last 125 years, and we look forward to continuing this level of service and commitment for many years to come. 6 6 125 Days of Giving For 125 years, West Bank has supported those we serve in more ways than just banking. For our anniversary, we continued this great tradition by encouraging team members to volunteer their time to causes that help make their communities stronger, such as food drives for area food banks, children’s charities, and community arts and cultural events. By giving not only of our time through volunteerism, but also financially, we offered our teams innovative and wide-reaching ways to give back to our communities and live West Bank Strong! Celebrating Our Team West Bank wanted a historical location to serve as the venue for this historic anniversary, and there was no location better suited than Living History Farms in Urbandale, Iowa. Our family picnic was held there on June 24, 2018. Guests were encouraged to take their best swings at a 125th anniversary piñata, indulged in BBQ and pies, and enjoyed other sweets and giveaways. Despite less-than-ideal weather conditions, the anniversary picnic was a fun-filled event for West Bankers and a perfect opportunity for everyone and their families to celebrate our longevity outside the office. 7 7 LOOKING TO THE FUTURE While we’ve enjoyed celebrating our past and the growth we’ve achieved over the last 125 years, we’re even more excited for what is in store for the next 125 years. We look forward to seeing continued high performances, recognitions from industry experts and peers, and integration of modernized services and support. Investing in technology As we continue to evolve and adapt to new technology, we always keep a focus on offering solutions that provide convenient and effortless banking for our customers. Our self-service digital channels give customers power over their banking experience and allow our team to focus on the aspects of banking that only an experienced professional can handle. Digital solutions, like mobile deposits and Interactive Teller Machines (ITMs), streamline everyday banking and keep our team focused on solving the more complex needs of our customers. Improving performances through data Now more than ever, technology and new digital solutions allow us to create even more efficiencies. By continuing to integrate modern data and analytic capabilities, we are able to make more informed decisions and streamline processes that used to be done manually. Implementing digital solutions into our daily operations allows us to enrich our banking services — keeping West Bank strong in a variety of ways. We look forward to seeing how technology will benefit West Bank and our customers as it continues to advance in the next 125 years. 8 8 9 9 BOARD OF DIRECTORS Jim Noyce* 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 Steven Gaer* R & R Realty Group; Mayor, West Des Moines Mike Gerdin* Heartland Express, Inc. Kaye Lozier* Lozier Consulting Sean McMurray* Businessolver, Inc. David Milligan* Retired, West Bank Executive George Milligan* The Graham Group, Inc. Bob Pulver* All-State Industries, Inc. Lou Ann Sandburg* Retired Steven 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 8 A N N U A L R E P O R T 1 0 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. 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 * 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 8 A N N U A L R E P O R T 1 1 ROCHESTER COMMUNITY BOARD* Jason Boynton, CPA Smith Schafer & Associates Michael Busch Paramark Corp. Gus Chafoulias Titan Ventures and Chafoulias Companies, Inc. Patrick Deutsch Pace International Elaine Garry People’s Energy Cooperative Bobbi Gostout, M.D. Mayo Clinic/Mayo Health Systems Greg Groves Universal Marine & RV, Inc. Hal Henderson HGA, Architect and Developer Charlie Kuehn Kuehn Motors Dick Kuehn Kuehn Motors David Pederson Dunlap & Seeger, P.A. Joe Powers Canadian Honker Restaurant & Catering Peter Schuller A.B. Systems, Inc. Ed Stanley Merit Building Enclosure Systems Tim Weir Olmsted Medical Center 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 8 A N N U A L R E P O R T 1 2 FINANCIAL HIGHLIGHTS As of and for the years ended December 31, 2018, 2017, and 2016 (dollars in thousands, except per share data) 2018 2017 2016 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) Eff iciency ratio (1) (2) Dividend payout ratio Dividend yield Net interest margin (2) Allowance for loan losses as % of loans Net (charge-off s) recoveries as % of average loans Nonperforming loans as % of loans Tangible common equity to tangible assets $ 62,058 (250) 7,752 34,992 35,068 28,508 $ 0.78 1.75 1.74 19.09 11.72 $2,296,568 465,795 1,721,830 1,928 - 1,894,529 191,023 1.31% 15.68% 0.93% 48.92% 44.53% 4.09% 3.02% 0.97% 0.03% 0.11% 8.32% $ 60,057 - 8,648 32,267 36,438 23,070 $ 0.71 1.42 1.41 25.15 10.98 $2,114,377 498,920 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% $ 57,118 1,000 7,982 31,148 32,952 23,016 $ 0.67 1.43 1.42 24.70 10.25 $1,854,204 319,794 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) 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 8 A N N U A L R E P O R T 1 3 CONSOLIDATED BALANCE SHEETS December 31, 2018 and 2017 (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 at December 31, 2017) 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, 2018 and 2017 Common stock, no par value; authorized 50,000,000 shares; 16,295,494 and 16,215,672 shares issued and outstanding at December 31, 2018 and 2017, respectively Additional paid-in capital Retained earnings Accumulated other comprehensive loss Total stockholders’ equity Total liabilities and stockholders’ equity 2018 2017 $ 46,369 $ 34,952 1,105 47,474 453,758 - 12,037 1,721,830 (16,689) 1,705,141 21,491 7,631 34,249 6,518 8,269 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 $2,296,568 $2,114,377 $ 400,530 $ 395,888 336,089 950,501 55,745 151,664 395,052 850,216 16,965 152,692 1,894,529 1,810,813 19,985 20,425 137,878 27,040 5,688 545 20,412 76,382 22,917 5,210 2,105,545 1,936,279 - - 3,000 25,128 169,709 (6,814) 191,023 3,000 23,463 153,527 (1,892) 178,098 $2,296,568 $2,114,377 1 4 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 8 A N N U A L R E P O R T CONSOLIDATED STATEMENTS OF INCOME Years ended December 31, 2018, 2017, and 2016 (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 (losses), net Other income Total noninterest income Noninterest expense Salaries and employee benefits Occupancy Data processing FDIC insurance Professional fees Director fees Write-down of premises 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 2018 2017 2016 $71,189 $63,242 $57,419 8,124 4,993 487 84,793 17,064 188 1,076 3,650 757 22,735 62,058 (250) 62,308 2,541 1,681 1,921 631 - (263) 1,241 7,752 18,791 4,996 2,682 685 840 1,014 333 5,651 34,992 35,068 6,560 $28,508 $ 1.75 $ 1.74 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 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 $23,070 $23,016 $ 1.42 $ 1.41 $ 1.43 $ 1.42 (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 8 A N N U A L R E P O R T 1 5 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, 2018 and 2017, 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, 2018; and in our report, dated February 27, 2019, 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 | February 27, 2019 NON-GAAP FINANCIAL MEASURES As of and for the years ended December 31, 2018, 2017, and 2016 (dollars in thousands, except per share data) 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) 2018 2017 2016 $ 62,058 $ 60,057 $ 57,118 661 $ 62,719 $ 2,075,372 3.02% 2,677 $ 62,734 $ 1,863,791 3.37% 2,623 $ 59,741 $ 1,711,612 3.49% Reconciliation of efficiency ratio on an FTE basis to GAAP: Net interest income on an FTE basis (non-GAAP) Noninterest income Adjustment for realized investment securities (gains) losses, net Adjustment for losses on disposal of premises and equipment, net Adjusted income Noninterest expense Adjustment for write-down of premises Adjusted expense Efficiency ratio on an adjusted FTE basis (non-GAAP) (2) $ 62,719 7,752 263 109 $ 70,843 $ 34,992 (333) $ 34,659 48.92% $ 62,734 $ 59,741 8,648 (326) 25 $ 71,081 $ 32,267 - $ 32,267 45.39% 7,982 (66) 4 $ 67,661 $ 31,148 - $ 31,148 46.03% (1) Computed on a tax-equivalent basis using a federal income tax rate of 21 percent in 2018 and 35 percent in 2016 and 2017, adjusted to reflect the effect of 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. 1 6 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 8 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 180 common stockholders of record on December 31, 2018, and an estimated 1,900 additional beneficial holders whose stock was held in street name by brokerages or fiduciaries. Market and dividend information (1) High Low Close Dividends 2018 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter Total 2017 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter Total $ 23.88 26.51 26.95 26.85 $ 18.06 23.10 22.65 23.65 $ 19.09 23.50 25.15 25.60 $ 28.00 24.75 24.60 24.90 $ 23.40 20.90 21.40 20.60 $ 25.15 24.40 23.65 22.95 $ 0.20 0.20 0.20 0.18 $ 0.78 $ 0.18 0.18 0.18 0.17 $ 0.71 (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 AND REGISTRAR American Stock Transfer & Trust Company, LLC 6201 15th Avenue, Brooklyn, New York 11219 800-937-5449 | 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 8 A N N U A L R E P O R T 1 7 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 ONLINE westbankstrong.com @westbankstrong 2018 Annual Report © West Bancorporation, Inc. and Subsidiary 

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