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2 0 2 0 A N N U A L R E P O R T
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THOUSANDS
$ 34,000
32,000
30,000
28,000
26,000
24,000
22,000
20,000
18,000
16,000
2020 FINANCIAL PERFORMANCE
Return on Average Equity
Return on Average Assets
18.00%
16.00%
14.00%
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
1.40%
1.20%
1.00%
0.80%
0.60%
0.40%
0.20%
0.00%
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Net Income
Earnings Per Share
Dividends Per Share
$ 2.50
2.00
1.50
1.00
0.50
$ 0.90
0.80
0.70
0.60
0.50
0.40
0.30
0.20
0.10
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
Total Loans
Total Deposits
THOUSANDS
$ 2,400,000
2,200,000
2,000,000
1,800,000
1,600,000
1,400,000
1,200,000
1,000,000
THOUSANDS
$ 2,800,000
2,600,000
2,400,000
2,200,000
2,000,000
1,800,000
1,600,000
1,400,000
1,200,000
1,000,000
2016
2017
2018
2019
2020
2016
2017
2018
2019
2020
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 2 0 A N N U A L R E P O R T
Dear Stockholders:
Our Company entered 2020 with great momentum and optimism for another year of
outstanding performance. We started the year with a strong balance sheet, exceptional
credit quality and profitable operations in our newest Minnesota market expansion.
It was that momentum and optimism that sustained our performance during the
unprecedented challenges of 2020.
Our strategy of being the best, not the biggest, served us well this year. Our business
model allowed us to be a source of strength for our communities. Despite the unique
operating conditions and demands, our team remained focused on responding to the
needs of our customers and communities, while keeping the health and safety of everyone a top priority.
The pandemic provided an opportunity for West Bank to live its brand and be agile in working to meet the needs of
clients. These efforts included originating nearly 1,000 Small Business Administration Paycheck Protection Program
(PPP) loans and providing nearly 300 payment deferral modifications related to the pandemic.
Despite this being an incredibly unique and challenging year, we are proud of what our team has accomplished
and happy to share some of the Company’s achievements. First, loans grew over eight percent, not including
PPP loans. Our employees engaged in extraordinary efforts to meet the ongoing business needs of our customers
and communities in addition to delivering pandemic-related relief programs. Second, net income for 2020
was $32.7 million, a 14 percent increase over last year. This represents an all-time record year for earnings even while
the Bank recorded a provision for loan losses of $12 million as the risk for loan defaults continues to be elevated
with uncertainty surrounding the duration of the pandemic and impact of government actions. Finally, because
of the success of our 2019 expansion in Minnesota, we began construction of a permanent branch office in Sartell,
Minnesota, a suburb of St. Cloud.
The Company’s board and management wish to thank all of our employees for their dedication and hard work during
the past year while adjusting to ongoing changes and unique work demands in response to the pandemic.
We see a bright future for your Company. We believe we have the right people doing the right things on purpose
every day. Those efforts will allow us to create value for our stockholders for 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 2 0 A N N U A L R E P O R T
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OUR VISION
Our vision is to achieve and sustain a position of industry envy and admiration.
2020 HIGHLIGHTS
Despite a turbulent year for our country,
we remained steadfast in our focus to:
Enhance the service experience
• During June and July, more than 8,000
West Bank customers received email surveys to
provide feedback on opportunities for banking
service improvements.
• Based on the results, we updated our Customer
Service training manual and implemented new
teller service standards to ensure our customers
receive the highest level of assistance every time.
In October, West Bank launched a new
•
website to improve the online user experience
featuring a fresh new look, streamlined
navigation and updated video tutorials.
Support our communities
• With social distancing identified as a key
safety measure during the COVID-19 pandemic,
we held a contact-free paper shred day so the
community could dispose of personal identifying
information safely.
• West Bank employees and the
West Bancorporation Foundation supported
more than 170 nonprofits in 2020.
OUR MISSION
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.
3
3
Standing Strong
With Our Community Businesses
"The West Bank team has always valued the local connections that make us a community bank. I credit the strength of these
relationships for putting us in a position to successfully help our customers navigate challenges related to COVID-19."
The year 2020 was unlike any we’ve seen in our
lifetime. For more than 127 years, we have remained
a dedicated partner to community businesses, yet the
COVID-19 pandemic presented some of the toughest,
unexpected challenges for our communities we’ve
seen in decades.
As a bank serving communities across Iowa and
Minnesota, the financial strain created by the
pandemic for some of our business customers
became evident early in the year. Some businesses
were forced to temporarily close, while others
experienced drastic reductions in income and profits.
Retailers struggled to balance cash flow, often
resulting in trouble covering payroll.
When the United States Treasury announced on
March 27 the Paycheck Protection Program (PPP),
with $349 billion available in forgivable small
business loans, we immediately jumped to action,
converting the Bank almost overnight into an SBA
“loan factory.” The people counting on us weren’t
just our customers—they were our neighbors, our
community retailers and our friends. Despite the
initial uncertainty surrounding the requirements
and process for PPP loans, our bankers began
alerting business customers of the loan opportunity,
gathering information and quickly processing as
many applications as possible for the “first come,
first served” loans.
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"The West Bank team has always valued the local connections that make us a community bank. I credit the strength of these
relationships for putting us in a position to successfully help our customers navigate challenges related to COVID-19."
- David Nelson, CEO and President, West Bancorporation, Inc.
The first major hurdle faced by West Bank staff
was experiencing a block when attempting to
access the online SBA portal for submitting data.
Thanks to Senator Joni Ernst and her staff, we were
granted access within a couple days. Due to the
overwhelming number of forms submitted
nationwide through the portal, the West Bank team
found that entering data during off-business hours
offered the least interference. Our team worked
tirelessly for weeks around the clock in a race
against millions of other applicants from across the
nation to submit applications for as many of our
customers as possible.
By the end of 2020, West Bank processed nearly
1,000 PPP loans equaling approximately a quarter
of a billion dollars for community businesses across
Iowa and Minnesota.
The year 2020 was tough. Yet we are proud to look
back and share the stories that illustrate—to our team,
our customers and our partners—that we are reliable,
we are steadfast, and we are undeniably
“West Bank Strong.”
5
Just as our business bankers and credit teams exhibited perseverance in
helping our commercial clients, we would be remiss not to highlight the
commitment of our entire team to address the needs of every customer
despite the unusual, and even uncomfortable, circumstances of 2020.
Like many other businesses experienced in the spring, West Bank was
suddenly faced with the extraordinary challenge of temporarily closing our
physical doors to help curb the spread of the COVID-19 virus. While our
lobbies and branches may have been closed to walk-in traffic, we made
sure our banking services remained accessible. We know that thousands
of businesses, families and individuals count on us as their financial
resource and advisors, so it was essential to keep our full range of banking
services available no matter the circumstantial challenge.
With our commitment to maintaining strong communities in mind,
the West Bank team quickly mobilized to make the appropriate
adjustments to continue supporting our customers:
When in-person meetings were restricted, our bankers
continued to help customers through e-communications,
telephone and secure electronic document sharing tools.
The West Bank Mobile App, Mobile Deposit and Video
Teller Machines became invaluable for check deposits and
completing routine bank transactions without requiring
in-person interaction between bankers and customers.
While tellers continued to provide drive-up services, bankers
joined them at the windows to provide services: opening accounts
and new services, signatures on account and loan documents,
new and replacement debit cards, and more.
A new “digital teller” was implemented through West Bank
Online Banking and the Mobile App to provide product and
service descriptions and other information.
We are proud of the irrepressible spirit demonstrated by more than
175 employees throughout our West Bank locations in Iowa and
Minnesota. Their care, strength and resolve for each other and our
customers through a time of great uncertainty was unshakable.
We know, without a doubt, that it is because of each team member
that we are collectively "West Bank Strong."
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Standing Strong
With Our Team
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Standing Strong
With Our Communities
While many aspects of 2020 looked different, one thing remained the same—our love for giving back.
As a community bank, we know the health of our communities is critical. For this reason, it was more important
than ever to support the organizations that help fill the gaps of community need.
In fact, between the West Bancorporation Foundation and West Bank, we supported more than 170 nonprofit
organizations with more than $600,000 in donations and grants—on par with our giving history despite the
challenges faced throughout the year.
West Bancorporation provided grants to organizations
in three focus areas: Education ($47,500), Arts and
Culture ($39,000) and Human Services ($181,500).
West Bankers were able to offer contact-free, socially
distanced paper shredding to help the community
safely dispose of personal identifying documents.
West Bank contributed more than $356,000 through
sponsorships to support community organizations
and events.
Together with our nonprofit partners, our passionate
team members and community groups, we are proud
to contribute to the success and strength of the
communities we serve.
9
B O A R D O F D I R E C T O R S
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
Patrick Donovan*
Retired
Steven Gaer*
R & R Realty Group;
Mayor, West Des Moines
Mike Gerdin*
Heartland Express, Inc.
Sean McMurray*
Businessolver, Inc.
David Milligan*
Retired West Bank
Executive
George Milligan*
The Graham Group, Inc.
Lou Ann Sandburg*
Retired
Steven Schuler*
Retired
Therese Vaughan*
Drake University
Jason Worth*
Gilcrest/Jewett
Lumber Company
* Director of West Bancorporation, Inc. and West Bank ** Director of West Bank
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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 2 0 A N N U A L R E P O R T
C E N T R A L I O W A C O M M U N I T Y B O A R D
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
The Rasmussen
Group, Inc.
Austin Palmer
The Palmer Group
Victoria Veiock
Bing's
Mark Wackerbarth
Denman & Company
Nancy Williams
American Land and
Redevelopment, Corp.
Jeff Yurgae
Mueller-Yurgae
Associates, Inc.
E A S T E R N I O W A C O M M U N I T Y B O A R D
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 six 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 2 0 A N N U A L R E P O R T
1 1
M A N K A T O C O M M U N I T Y B O A R D
Bryan Bode
Investor/Consultant
Mark Draper
River City Electric
Company
Mike Hennek
4.0 School Services, Inc.
Dr. Wynn Kearney
Retired Surgeon/Investor
Steve Kibble
Farmer/Investor
Bruce Kinsella
Retired Trust Officer
Non-Profit Consultant
Tim Lidstrom
Lidstrom Commercial
Realtors
David Pfeffer
Vintage Fine Homes, Inc.
Mark Phinney
C&N Sales Company
Shield Security Systems
Randy Westman
Westman Investments
Art Westphal
Bethany Lutheran
College
Andrew Willaert
Gislason & Hunter LLP
O W A T O N N A C O M M U N I T Y B O A R D
Dale Buytaert
CliftonLarsonAllen LLP
Joseph Effertz
Black Forest
Chad Hanson
Main Street Dental
Theresa James
James Brothers
Construction
Wayne James
James Brothers
Construction
Scott Mohs
Mohs Contracting
Mohs Homes
Mike Noble
Noble RV
Pat Noble
Noble RV
Robert Randall
Transcend Engagement
Darren Roemhildt
Bridge Street
Chiropractic
Brandon Wayne
Ameriprise
All six of our community boards are non-voting advisory boards with knowledge of the communities we serve.
1 2
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 2 0 A N N U A L R E P O R T
R O C H E S T E R C O M M U N I T Y B O A R D
Jason Boynton, CPA
Smith Schafer & Associates
Jeff Brown
Jeff Brown Real Estate
Michael Busch
Paramark Corp.
Patrick Deutsch
Pace International
Bobbie Gostout, M.D.
Mayo Clinic &
Mayo Health Systems
Greg Groves
In Memoriam 1953-2020
Hal Henderson
HGA, Architect and
Developer
Charlie Kuehn
Kuehn Motors
Dick Kuehn
Kuehn Motors
David Pederson
Dunlap & Seeger, P.A.
Peter Schuller
A.B. Systems, Inc.
Ed Stanley
Merit Building
Enclosure Systems
Tim Weir
Olmsted Medical Center
All six 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 2 0 A N N U A L R E P O R T
1 3
S T . C L O U D C O M M U N I T Y B O A R D
David Berdan
J-Berd Mechanical
Byron Bjorklund
Short Stop Restaurants
Steve Feneis
Granite City Real Estate
Jason Ferche
Ferche Excavating
Marc Sanderson
Wilkie Sanderson
Dr. Kevin Smith
Regional Diagnostic
Radiology
Eric Stack
Millerbernd
Manufacturing
Tim Torborg
Torborg Builders, LLC
Heidi Weikert
S.T. Cotter
Turbine Services
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
where 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 six of our community boards are non-voting advisory boards with knowledge of the communities we serve.
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 2 0 A N N U A L R E P O R T
F I N A N C I A L H I G H L I G H T S
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
As of and for the years ended December 31, 2020, 2019, and 2018
(dollars in thousands, except per share data)
2020
2019
2018
$ 82,833
$ 66,430
$ 62,058
12,000
9,602
39,054
41,381
32,712
600
8,318
38,406
35,742
28,690
(250)
7,752
34,992
35,068
28,508
$ 0.84
$ 0.83
$ 0.78
1.99
1.98
19.30
13.58
1.75
1.74
25.63
12.93
$3,185,744
$ 2,473,691
432,294
2,280,575
16,194
-
2,700,994
223,695
411,069
1,941,663
538
-
2,014,756
211,820
1.19%
15.49%
6.40%
41.96%
42.23%
4.35%
3.20%
1.29%
0.01%
0.71%
7.02%
1.20%
14.34%
0.23%
50.96%
47.33%
3.24%
2.95%
0.89%
0.00%
0.03%
8.56%
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%
48.33%
44.53%
4.09%
3.06%
0.97%
0.03%
0.11%
8.32%
(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 2 0 A N N U A L R E P O R T
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C O N S O L I D A T E D B A L A N C E S H E E T S
Assets
Cash and due from banks
Federal funds sold
Cash and cash equivalents
Investment securities available for sale, at fair value
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
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, 2020 and 2019
Common stock, no par value; authorized 50,000,000 shares; 16,469,272
and 16,379,752 shares issued and outstanding at December 31, 2020
and 2019, respectively
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Total stockholders’ equity
Total liabilities and stockholders’ equity
December 31, 2020 and 2019
(dollars in thousands, except per share data)
2020
2019
$ 77,693
$ 37,808
318,742
396,435
420,571
11,723
2,280,575
(29,436)
2,251,139
29,077
11,231
42,686
11,289
11,593
15,482
53,290
398,578
12,491
1,941,663
(17,235)
1,924,428
29,680
7,134
34,893
5,361
7,836
$ 3,185,744
$2,473,691
$ 696,731
$ 380,079
553,881
1,274,254
46,907
129,221
2,700,994
5,375
20,452
175,000
21,558
38,670
346,307
996,836
81,871
209,663
2,014,756
2,660
20,438
179,365
22,925
21,727
2,962,049
2,261,871
-
-
3,000
28,823
203,718
(11,846)
223,695
3,000
27,260
184,821
(3,261)
211,820
$ 3,185,744
$ 2,473,691
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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 2 0 A N N U A L R E P O R T
C O N S O L I D A T E D S T A T E M E N T S O F I N C O M E
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
Loan swap fees
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
Net income
Earnings per common share:
Basic earnings per common share
Diluted earnings per common share
Years ended December 31, 2020, 2019, and 2018
(dollars in thousands, except per share data)
2020
2019
2018
$ 90,668
$ 85,512
$ 71,189
7,818
1,443
304
100,233
11,256
23
1,016
4,705
400
17,400
82,833
12,000
70,833
2,360
1,632
2,078
593
1,572
77
1,290
9,602
21,591
5,467
2,508
1,210
927
868
-
6,483
39,054
41,381
8,669
10,031
2,022
1,110
98,675
25,214
241
1,023
5,130
637
32,245
66,430
600
65,830
2,492
1,644
2,026
644
-
(87)
1,599
8,318
21,790
5,355
2,735
404
814
993
-
6,315
38,406
35,742
7,052
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
$ 32,712
$ 28,690
$ 28 ,5 08
$ 1.99
$ 1.98
$ 1.75
$ 1.74
$ 1.75
$ 1.74
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 2 0 A N N U A L R E P O R T
1 7
R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M
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, 2020 and 2019, 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, 2020; and in our report, dated February 26, 2021, 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 26, 2021
N O N - G A A P F I N A N C I A L M E A S U R E S
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.
As of and for the years ended December 31, 2020, 2019, and 2018
(dollars in thousands, except per share data)
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:
2020
2019
2018
$ 82,833
$ 66,430
$ 62,058
707
$ 83,540
$ 2,614,342
3.20%
834
1,528
$ 67,264
$ 63,586
$ 2,277,461
$ 2,075,372
2.95%
3.06%
Net interest income on an FTE basis (non-GAAP)
$ 83,540
$ 67,264
$ 63,586
Noninterest income
Adjustment for realized investment securities (gains) losses, net
Adjustment for losses on disposal of premises and equipment, net
Adjustment for gain on sale of premises
Adjusted income
Noninterest expense
Adjustment for write-down of premises
Adjusted expense
9,602
(77)
9
-
8,318
87
-
(307)
7,752
263
109
-
$ 93,074
$ 39,054
-
$ 75,362
$ 38,406
-
$ 71,710
$ 34,992
(333)
$ 39,054
$ 38,406
$ 34,659
Efficiency ratio on an adjusted FTE basis (non-GAAP) (2)
41.96%
50.96%
48.33%
(1) Computed on a tax-equivalent basis using a federal income tax rate of 21 percent, adjusted to reflect the effect of the nondeductible interest expense associated
with owning tax-exempt securities and loans. Management believes the presentation of this non-GAAP measure provides supplemental useful information for
proper understanding of the financial results, as it enhances the comparability of income arising from taxable and nontaxable sources.
(2) The efficiency ratio expresses noninterest expense as a percent of fully taxable equivalent net interest income and noninterest income, excluding specific
noninterest income and expenses. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper
understanding of the financial performance. It is a standard measure of comparison within the banking industry.
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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 2 0 A N N U A L R E P O R T
F O R M 1 0 - K
A copy of the Company’s annual report on Form 10-K filed with the Securities and Exchange Commission 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.
S T O C K I N F O R M A T I O N
West Bancorporation’s common stock is traded on the Nasdaq Global Select Market, and quotations are furnished by the Nasdaq System.
We had 170 common stockholders of record on December 31, 2020, and an estimated 3,200 additional beneficial holders whose stock was held in
street name by brokerages or fiduciaries.
Market and dividend information (1)
High
Low
Close
Dividends
2020
4th Quarter
3rd Quarter
2nd Quarter
1st Quarter
Total
2019
4th Quarter
3rd Quarter
2nd Quarter
1st Quarter
Total
$ 21.79
$ 15.53
$ 19.30
17.99
20.67
25.68
15.50
14.50
13.74
15.84
17.49
16.35
$ 25.93
$ 21.01
$ 25.63
22.47
22.32
23.74
19.63
20.14
19.02
21.74
21.22
20.68
$ 0.21
0.21
0.21
0.21
$0.84
$ 0.21
0.21
0.21
0.20
$0.83
(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.
T R A N S F E R A G E N T A N D R E G I S T R A R
American Stock Transfer & Trust Company, LLC
6201 15th Avenue, Brooklyn, New York 11219
800-937-5449 | www.amstock.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 2 0 A N N U A L R E P O R T
1 9
F O R W A R D - L O O K I N G S T A T E M E N T S
Certain statements in this report, other than purely historical information, including estimates, projections, statements relating to the
Company’s business plans, objectives and expected operating results, and the assumptions upon which those statements are based,
are “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may
appear throughout this report. These forward-looking statements are generally identified by the words “believes,” “expects,” “intends,”
“anticipates,” “projects,” “future,” “confident,” “may,” “should,” “will,” “strategy,” “plan,” “opportunity,” “will be,” “will likely result,”
“will continue” or similar references, or references to estimates, predictions or future events. Such forward-looking statements are based
upon certain underlying assumptions, risks and uncertainties. Because of the possibility that the underlying assumptions are incorrect
or do not materialize as expected in the future, actual results could differ materially from these forward-looking statements. Risks and
uncertainties that may affect future results include: the effects of the Coronavirus Disease 2019 (COVID-19) pandemic, including its potential
effects on the economic environment, our customers and our operations, as well as any changes to federal, state or local government laws,
regulations or orders in connection with the pandemic; 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, accounting standards (including as a result
of the future implementation of the current expected credit loss (CECL) accounting standard) 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; the monetary, trade and other regulatory policies of the U.S. government; acts of war
or terrorism, widespread disease or pandemics, such as the COVID-19 pandemic, or other adverse external events; developments and
uncertainty related to the future use and availability of some reference rates, such as the London Interbank Offered Rate, as well as other
alternative reference rates; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the Securities
and Exchange Commission. The Company undertakes no obligation to revise or update such forward-looking statements to reflect current
or future events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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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 2 0 A N N U A L R E P O R T
2 0 2 0 A N N U A L R E P O R T
© West Bancorporation, Inc. and Subsidiary
2 0 2 0 A N N U A L R E P O R T
Locations
IOWA
Main Bank
1601 22nd St.
Waukee
955 East Hickman Rd.
West Des Moines
Waukee
Drive-Up Express
City Center
809 6th Ave.
Des Moines
Urbandale
3255 99th St.
Urbandale
Coralville
401 10th Ave.
Coralville
East
2440 East Euclid Ave.
Des Moines
Grand
125 Grand Ave.
West Des Moines
South
3920 SW 9th St.
Des Moines
MINNESOTA
Mankato
122 North Broad St.
Mankato
Owatonna
345 Florence Ave., Suite 101
Owatonna
Rochester
2188 Superior Dr. NW
Rochester
St. Cloud
622 Roosevelt Rd., Suite 150
St. Cloud
ONLINE
westbankstrong.com
@westbankstrong
© West Bancorporation, Inc. and Subsidiary