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