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Dear Stockholders:
At West Bank, we use our successful relationship-based business model to grow
stockholder value. Our incredible team of dedicated West Bankers positions us
well to face today’s challenges and to capitalize on opportunities. We believe those
opportunities will continue to grow as we have completed the construction of
permanent offices in both St. Cloud and Mankato, Minnesota, and look forward to
the completion of our new corporate headquarters in West Des Moines, Iowa, and a
permanent office in Owatonna, Minnesota, later this year.
Like others in our industry, our company experienced some significant margin
challenges during 2023. The interest rate environment, including dramatic
increases in short-term rates, an ongoing inverted yield curve, and aggressive
deposit competition, all significantly impacted our cost of funds and net interest
margin. We understand the forces challenging our industry, and we have a clear
vision of our path forward to more normalized margins.
Despite the challenges of this environment, our credit quality remains pristine. We
hold no loans greater than 30 days past due and essentially no problem loans as of
December 31, 2023. We continue to closely monitor and manage our credit quality
as the economy changes and our customers respond to the higher interest rate environment.
West Bank is 131 years old and is the oldest business of any type to be founded and remain
headquartered in West Des Moines, Iowa. The development of our new headquarters has been many
years in the making as part of our strategic plan. We have been a tenant in our current building for
52 years and planned for the creation of a new bank-owned headquarters to coincide with the
expiration of our lease in 2024. Because of our steadfast commitment to invest in our community,
we chose to construct the building on a site badly in need of revitalization. Redevelopment—versus
building on clean ground—added complexity to our project, but we believe this step to help our
community provides both strong leadership and an investment model for other businesses to follow.
Our newest facilities serve as a point of pride in which our teams will work, collaborate, and continue
to provide excellent service to our customers for decades to come. They also serve as venues for
business development events and provide opportunities to cultivate new and existing customer
relationships, which are central to our business model.
We appreciate and thank you for your continued support and interest in our company.
Sincerely,
David D. Nelson
CEO and President, West Bancorporation, Inc.
Chair 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 I E S
1
COMMUNITY
INVOLVEMENT
WEST BANKERS IN MANKATO PARTICIPATED IN THE MINNESOTA BANKERS ASSOCIATION COMMUNITY
IMPACT MONTH IN SEPTEMBER. THE TEAM HELPED SET UP A NEW EXHIBIT AT THE CHILDREN’S
MUSEUM OF SOUTHERN MINNESOTA AND DELIVERED TREATS TO MANKATO YOUTH PLACE, EARNING
THEM RECOGNITION AS A “COMMUNITY CHAMPION.”
O U R M I S S I O N
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.
MORE THAN $730,000
IN SUPPORT FOR
COMMUNITY NONPROFIT
ORGANIZATIONS
≥ OVER $260,000 awarded
in grants
» $171,884 in human services
» $69,000 in education
» $26,250 in arts & culture
≥ OVER $470,000 in donations/
sponsorships to community
organizations
≥ OVER $218,000 went to
organizations supporting
youth in our communities
≥ WEST BANK FOUNDATION AND
WEST BANK GAVE $29,600 to
help 9 organizations fighting
homelessness in our communities
≥ IN 2023, WEST BANK EMPLOYEES
VOLUNTEERED OVER 8,000
hours of community service
W E A R E P R O U D O F O U R W E S T B A N K
T E A M A N D T H E I R C O M M I T M E N T T O
O U R C O M M U N I T I E S .
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 I E S
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2023 ANNUAL REPORT
In 1958, companies listed on Standard & Poor’s 500 had an
average lifespan of 61 years. However, a recent study by
McKinsey & Company shows that the average lifespan of these
companies has decreased significantly, and today it is less than
18 years. West Bank has far exceeded today’s norm and is now
celebrating its 131st anniversary, which is a testament to its
endurance and success as a community bank.
Since its simple beginnings on the muddy streets of Valley
Junction in 1893, West Bank has seen its share of change. As
West Des Moines’ oldest existing business, the bank has survived
recessions and a depression, 23 U.S. presidents have come
and gone, and improvements to technology have dramatically
changed all aspects of human life.
Despite it all, West Bank continues to thrive, regardless of what
it faces. Its investment into people and deep-rooted relationships
continues to be the strength behind its resilience and ability to
weather changes in government policy, unprecedented interest
rate hikes, and economic variability.
After more than 50 years renting the same building, the lease on
West Bank’s headquarters will expire in 2024. We move into our
new headquarters in April 2024—a project years in the making. As
a show of commitment to our community, the new headquarters
was built at 3330 Westown Parkway, an area of West Des
Moines in drastic need of a catalyst for revitalization. Not only
will the facility provide the bank with a home to better serve its
customers, it was designed to further our desire to build and
maintain relationships with the people who have helped make
West Bank strong.
NEW WEST BANK
HEADQUARTERS
FUN FACTS
≥ There is approximately 11,500 SF of
exterior vision glass on the building.
That is equivalent to:
» Over 2 ½ basketball courts
» Over 270 king size mattresses
» Over 100,000 dollar bills
≥ Square Footage – 73,327 SF
» Level One – 17,443 SF
» Level Two – 18,500 SF
» Level Three – 18,651 SF
» Level Four – 18,783 SF
» With an additional 11,000 SF of
outdoor patio on Level One
≥ How many geo-thermal wells?
» 122 – each is 400’ deep
≥ How many mixer truck loads did it take
to pour one of the floors?
» 28 Truckloads
≥ How much does one floor of concrete weigh?
» 534.6 Tons
≥ How much steel is in the building?
» 485 Tons
≥ Ratio of the exterior, stone to glass?
» Approximately 50/50: Stone – 14,483 SF,
Window/Glazing – 14,490 SF
≥ What are the dimensions of the pond?
» 453’L x 70’W x 10’D
≥ How much soil material was hauled
off the site?
» About 35,000 cubic yards, which is
more than 10 Olympic-size pools.
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 I E S
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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 I E S
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O W A T O N N A
West Bank broke ground on the new Owatonna, Minnesota,
location in August of 2023. When the new building opens this
fall, it will mark the successful completion of upgrades to all of
West Bank’s Minnesota locations. These wonderful spaces across
the southern portion of the state will facilitate new business
development and help build strong customer relationships.
This location is yet another example of West Bank helping its
community by building this facility in a part of Owatonna in
need of revitalization. As part of the new riverfront project,
West Bank will join other community partners to create the
city’s first mixed-use development project.
RIVERFRONT PROJECT ARCHITECTURAL RENDERING
M A N K A T O
In November of 2023, West Bank opened a new location in a state-of-the-art building located at
1911 Premier Drive in Mankato, Minnesota. The West Bank team is looking forward to sharing
this unique facility with the community and providing an unparalleled banking experience for
their customers.
The two-story building has an eye-catching roofline and was designed by the architectural firm
HGA and constructed by A.B. Systems.
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 I E S
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KAY TRAGER
IOWA BANKERS ASSOCIATION 50-YEAR BAN KER AW ARD
The Iowa Bankers Association honored Kay Trager as a 50-year banker. Kay is a highly experienced banking
professional with an impressive 51-year career at West Bank. She has held many leadership positions within
the bank, ranging from financial and accounting to heading up the customer service department, ensuring that
West Bank’s customers received top-notch service.
Kay joined the company in 1972 as a teller shortly after graduating from Grandview College. Kay was hired
when West Bank was adding additional staff in anticipation of opening the brand new “Main” Bank at 1601
22nd Street in West Des Moines. Throughout her time at West Bank, Kay has demonstrated her versatility and
expertise by taking on various customer-facing roles. However, her passion for the intricacies of banking led
her to transition to a back-office role in the bookkeeping department, where she developed a keen attention to
detail and meticulousness, which became the foundation of her successful banking career.
Throughout her impressive tenure at West Bank, Kay has continued to learn and grow, making valuable
contributions along the way. Her remarkable dedication to banking and commitment to learning serve as an
inspiration to her colleagues and peers.
MILESTONE
ANNIVERSARIES:
≥ AL PETERSEN
20 Years
≥ MARK MOORE
20 Years
≥ GEOFF GADE
30 Years
≥ BARRY CROPP
30 Years
≥ RICHARD MOCKOBEE
35 Years
The Iowa Bankers Association presented West Bank Chair and CEO Dave Nelson with the James A. Leach Leadership
Award in 2023, during the Iowa Bankers Association (IBA) Annual Convention at Veterans Memorial Auditorium. The IBA
created the Leach Award in 2000 in honor of Congressman James A. Leach, a previous chairman of the U.S. House Banking
Committee. This annual award honors an Iowa banker who, like Leach, has worked to support and uplift Iowa banking and
Iowa communities.
Dave began his 39-year career in community banking in 1984, becoming a bank president in Rochester, Minnesota, in
1995. He served in that capacity until joining West Bank as CEO in 2010. He is an approachable leader who is personally
committed to and invested in the success of not just his West Bank team and customers, but also the bank’s communities.
During his time at West Bank, Dave has made significant contributions both to the success of West Bank and to community
banking in Iowa. Under his leadership, West Bank has been repeatedly recognized as one of the best-performing banks in
America by numerous national publications; in many of those instances, West Bank was one of very few in the Midwest to
be recognized.
As an advocate for community banking, Dave served as chairman of the Iowa Bankers Association from 2016-2017. He now
serves on the board of directors for the American Bankers Association (ABA). He regularly travels to Washington, D.C., to
talk to representatives in Congress and keeps in regular contact with our elected representatives to consult with them on
matters impacting community banks.
DAVE NELSON
IOWA BANKERS ASSOCIATION JAMES A. LEACH L EADERSH IP AW AR D
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 I E S 11
YEARS
I N T H E M A K I N G
LEFT TO RIGHT: LISA ELMING, GEORGE MILLIGAN, ROSEMARY PARSON, STEVEN GAER, HARLEE OLAFSON, DOUGLAS GULLING,
BRADLEY PETERS, SEAN MCMURRAY, DAVE NELSON, PATRICK DONOVAN, JANE FUNK, PHILIP JASON WORTH, BRAD WINTERBOTTOM,
STEVEN SCHULER, JAMES NOYCE, THERESE VAUGHAN
2 0 2 3 A N N U A L R E P O R T
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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 I E S 13
BOARD OF DIRECTORS
JAMES NOYCE*
Chair,
West Bancorporation
DAVID NELSON*
CEO and President,
West Bancorporation;
Chair and CEO,
West Bank
JANE FUNK**
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
BRADLEY PETERS**
EVP,
West Bancorporation;
EVP and Minnesota
Group President,
West Bank
DOUGLAS GULLING*
Bank Building
Construction
Administrator,
West Bank
PATRICK DONOVAN*
Retired
LISA ELMING*
Retired
STEVEN GAER*
Recoop Disaster
Insurance
SEAN MCMURRAY*
Businessolver, Inc.
GEORGE MILLIGAN*
The Graham Group, Inc.
ROSEMARY PARSON*
EquiTrust Life
Insurance Company
STEVEN SCHULER*
Retired
THERESE VAUGHAN*
Retired
PHILIP JASON WORTH*
Gilcrest/Jewett
Lumber Company
* Director of West Bancorporation, Inc. and West Bank ** Director of West Bank
CENTRAL IOWA COMMUNITY BOARD
All six of our community boards are non-voting advisory boards with knowledge of the communities we serve.
TAYLOR BROWN
Brown NationaLease
RHONDA BURKHARDT
The Underground
Company, LTD
JERRY DEEGAN
Retired
DARIN FERGUSON
Ferguson Commercial
Real Estate Services
RYAN FLYNN, CPA
Flynn + Sweeney, LLC
KEVIN GRIMM
Investor/Consultant
GREG LAMAIR
Assured Partners LLC
BRIAN LOFFREDO
Loffredo Fresh Produce
DAVE MOENCH
Wolfe Eye Clinic
STEVE SCHWEIZER
Denman & Company
VICTORIA VEIOCK
Bing’s
JEFF YURGAE
Mueller-Yurgae
Associates, Inc.
EASTERN IOWA COMMUNITY BOARD
MATT ADAM
Simmons Perrine Moyer
Bergman PLC
RODNEY ANDERSON
Pancheros Mexican Grill
JILL ARMSTRONG
Skogman Realty
DAVID BARKER
Barker Apartments
ADAM BRANTMAN
Brava Roof Tile
KEVIN DIGMANN
Hodge Construction
ANDY HODGE
Hodge Construction
BEN KINSETH
Kinseth Hospitality
Company
RAVI PATEL
Hawkeye Hotels
LUKE RECKER
Styker Corporation
CHUCK SKAUGSTAD
The Mansion
Town Square Developers
LEIGHTON SMITH
BerganKDV
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 I E S 15
MANKATO COMMUNITY BOARD
All six of our community boards are non-voting advisory boards with knowledge of the communities we serve.
BRYAN BODE
Investor/Consultant
MARK DRAPER
River City Electric
Company
DR. WYNN KEARNEY
Retired Surgeon/Investor
STEVE KIBBLE
Siesta Hills
BRUCE KINSELLA
Philanthropic Consulting
DAVID PFEFFER
Vintage Fine Homes, Inc.
MARK PHINNEY
C&N Sales Company
RANDY WESTMAN
Westman Investments
ART WESTPHAL
Bethany Lutheran
College
ANDREW WILLAERT
Gislason & Hunter LLP
OWATONNA COMMUNITY BOARD
DALE BUYTAERT
Clifton Larson Allen LLP
MARK FREERKSEN
Freerksen Trucking, Inc.
CHAD HANSON
Main Street
Dental Clinics
THERESA JAMES
James Brothers
Construction
SCOTT MOHS
Mohs Contracting
Mohs Homes
MIKE NOBLE
Investor/Retired
PAT NOBLE
National Online
Consignment and Rental
DARREN ROEMHILDT
Bridges Chiropractic
Health Clinic
BRANDON WAYNE
Wayne–Norrid–Wetmore
Wealth Management
ROCHESTER COMMUNITY BOARD
All six of our community boards are non-voting advisory boards with knowledge of the communities we serve.
JASON BOYNTON, CPA
Smith Schafer
& Associates
JEFF BROWN, JR.
North Rock Real Estate
MICHAEL BUSCH
Paramark Corp.
PATRICK DEUTSCH
Pace International
BOBBIE GOSTOUT, M.D.
Vice President Emeritus,
Mayo Clinic
HAL HENDERSON
HGA
DICK KUEHN
Kuehn Motors
BRIAN LEARY
Pharmaceutical
Specialties, Inc.
DAVID PEDERSON
Dunlap & Seeger, P.A.
PETER SCHULLER
A.B. Systems, Inc.
ED STANLEY
Merit Building
Enclosure Systems
CHRIS TERRY
Hamilton Real
Estate Group
NATALIE VICTORIA
Victoria’s
Restaurant and
The Tap House
ST. CLOUD COMMUNITY BOARD
DAVID BERDAN
J-Berd Companies
BYRON BJORKLUND
Custom Catering
by Short Stop
JEFF DROWN
Lyon Contracting
STEVE FENEIS
GC Real Estate Partners
JASON FERCHE
Ferche Companies
MARC SANDERSON
Wilkie Sanderson
DR. KEVIN SMITH
Regional Diagnostic
Radiology
ERIC STACK
Millerbernd
Manufacturing
TIM TORBORG
Torborg Builders
HEIDI WEIKERT
S.T. Cotter
Turbine Services
GREG WINDFELDT
PCI
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 I E S 17
2 0 2 3 A N N U A L R E P O R T
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FINANCIAL HIGHLIGHTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2022, AND 2021
(dollars in thousands, except per share data)
RESULTS OF OPERATIONS
Net interest income
Credit loss expense (benefit)
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 credit losses as a % of loans
Net (charge-offs) recoveries as % of average loans
Nonperforming loans as % of loans
Tangible common equity to tangible assets
2023
2022
2021
$
69,031
$
700
10,066
48,611
29,786
24,137
1.00
1.44
1.44
21.20
13.46
$
$
91,740
(2,500)
10,208
45,051
59,397
46,399
1.00
2.79
2.76
25.55
12.69
$
$
95,059
(1,500)
9,729
43,380
62,908
49,607
0.94
3.00
2.95
31.07
15.73
$
3,825,758
$
3,613,218
$
3,500,201
646,876
2,927,535
296
—
2,973,779
225,043
0.66%
11.42%
0.12%
60.73%
69.21%
4.72%
2.01%
0.97%
0.00%
0.01%
5.88%
683,451
2,742,836
322
—
2,880,408
211,112
1.32%
20.71%
0.14%
43.70%
35.82%
3.91%
2.76%
0.93%
(0.02%)
0.01%
5.84%
768,787
2,456,196
8,948
—
3,016,005
260,328
1.52%
20.33%
3.10%
40.91%
31.33%
3.03%
3.05%
1.15%
0.02%
0.36%
7.44%
(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 I E S 19
CONSOLIDATED BALANCE SHEETS
ASSETS
Cash and due from banks
Interest-bearing deposits
Cash and cash equivalents
Securities available for sale, at fair value
Federal Home Loan Bank stock, at cost
Loans
Allowance for credit 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 and money market
Time
Total deposits
Federal funds purchased and other short-term borrowings
Subordinated notes, net
Federal Home Loan Bank advances
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, 2023 and 2022
Common stock, no par value; authorized 50,000,000 shares; 16,725,094
and 16,640,413 shares issued and outstanding at December 31, 2023
and 2022, respectively
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Total stockholders’ equity
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
DECEMBER 31, 2023 AND 2022
(dollars in thousands, except per share data)
DECEMBER 31,
2023
$
33,245
32,112
65,357
623,919
22,957
2,927,535
(28,342)
2,899,193
86,399
13,581
43,864
34,303
36,185
$ 3,825,758
$
548,726
481,207
1,440,076
503,770
2,973,779
150,270
79,631
315,000
47,736
34,299
3,600,715
2022
$
24,896
1,643
26,539
664,115
19,336
2,742,836
(25,473)
2,717,363
53,124
11,988
44,573
36,609
39,571
$ 3,613,218
$
693,563
536,226
1,237,954
412,665
2,880,408
200,000
79,369
155,000
51,486
35,843
3,402,106
—
—
3,000
34,197
271,369
(83,523)
225,043
$ 3,825,758
3,000
32,021
267,562
(91,471)
211,112
$ 3,613,218
CONSOLIDATED STATEMENTS OF INCOME
YEARS ENDED DECEMBER 31, 2023, 2022, AND 2021
(dollars in thousands, except per share data)
YEAR ENDED DECEMBER 31
2022
2023
2021
$
142,923
$
107,095
$
95,585
INTEREST INCOME
Loans, including fees
Securities:
Taxable
Tax-exempt
Interest-bearing deposits
TOTAL INTEREST INCOME
INTEREST EXPENSE
Deposits
Federal funds purchased and other
short-term borrowings
Subordinated notes
Federal Home Loan Bank advances
Long-term debt
TOTAL INTEREST EXPENSE
NET INTEREST INCOME
CREDIT LOSS EXPENSE (BENEFIT)
NET INTEREST INCOME AFTER CREDIT
LOSS EXPENSE (BENEFIT)
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
Loan swap fees
Realized securities gains (losses), net
Other income
TOTAL NONINTEREST INCOME
NONINTEREST EXPENSE
Salaries and employee benefits
Occupancy and equipment
Data processing
Technology and software
FDIC insurance
Professional fees
Directors fees
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
$
$
$
13,696
3,517
169
160,305
66,796
9,532
4,442
7,694
2,810
91,274
69,031
700
68,331
1,859
1,980
3,068
1,044
691
431
(431)
1,424
10,066
27,060
5,507
2,790
2,341
1,750
1,026
892
7,245
48,611
29,786
5,649
24,137
1.44
1.44
12,524
3,527
203
123,349
22,629
1,764
2,867
2,669
1,680
31,609
91,740
(2,500)
94,240
2,194
1,969
2,709
964
—
835
—
1,537
10,208
25,838
4,913
2,597
2,137
996
874
814
6,882
45,051
59,397
12,998
46,399
2.79
2.76
$
$
$
8,542
2,861
292
107,280
7,948
5
1,008
2,944
316
12,221
95,059
(1,500)
96,559
2,352
1,948
2,671
923
—
66
51
1,718
9,729
23,226
5,162
2,465
1,777
1,818
946
765
7,221
43,380
62,908
13,301
49,607
3.00
2.95
$
$
$
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 I E S 21
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 its subsidiary, West Bank, as of December 31, 2023 and 2022,
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, 2023;
and in our report, dated February 21, 2024, 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 21, 2024
NON-GAAP FINANCIAL MEASURES
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2022, 2021
(dollars in thousands, except per share data)
2023
DECEMBER 31
2022
2021
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
Adjustment for realized securities (gains)
losses, net
Adjustment for losses on disposal of premises
and equipment, net
Adjusted income
Noninterest expense
Efficiency ratio on an adjusted FTE
basis (non-GAAP) (2)
$
$
$
$
$
$
69,031
491
69,522
3,465,964
2.01%
69,522
10,066
431
29
80,048
48,611
60.73%
$
$
$
$
$
91,740
1,122
92,862
3,361,091
2.76%
$92,862
10,208
—
29
103,099
45,051
43.70%
$
$
$
$
$
$
95,059
1,202
96,261
3,152,138
3.05%
96,261
9,729
(51)
84
106,023
43,380
40.91%
(1) Computed on a tax-equivalent basis using an incremental federal income tax rate of 21 percent, adjusted to reflect the effect of 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 Company’s financial performance. It is a standard measure of comparison within the banking industry. A
lower ratio is more desirable.
FORM 10-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 Melissa Gillespie, Corporate Secretary, mgillespie@westbankstrong.com,
515-222-2370.
STOCK INFORMATION
West Bancorporation Inc. common stock is traded on the Nasdaq Global Select Market (WTBA), and quotations
are furnished by the Nasdaq System. We had 150 common stockholders of record on December 31, 2023 and an
estimated 4,000 additional beneficial holders whose stock was held in street name by brokerages or fiduciaries.
MARKET AND DIVIDEND INFORMATION (1)
2023
4th Quarter
3rd Quarter
2nd Quarter
1st Quarter
Total
2022
4th Quarter
3rd Quarter
2nd Quarter
1st Quarter
Total
HIGH
LOW
CLOSE
DIVIDENDS
$
$
22.39
20.91
19.96
25.80
25.62
26.26
27.51
32.60
$
$
15.25
16.25
15.04
17.58
20.50
20.39
22.88
27.07
$
$
21.20
16.31
18.41
18.27
25.55
20.81
24.34
27.21
$
$
$
$
0.25
0.25
0.25
0.25
1.00
0.25
0.25
0.25
0.25
1.00
(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
Equiniti Trust Company, LLC
6201 15th Avenue, Brooklyn, New York 11219
800-937-5449
www.equiniti.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 I E S 23
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,” “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: interest rate risk, including the effects of recent and potential additional rate increases by
the Federal Reserve; fluctuations in the values of the securities held in our investment portfolio, including as a
result of changes in interest rates; competitive pressures, including from non-bank competitors such as “fintech”
companies and digital asset service providers; pricing pressures on loans and deposits; our ability to successfully
manage liquidity risk; changes in credit and other risks posed by the Company’s loan portfolio, including declines
in commercial or residential real estate values or changes in the allowance for credit losses dictated by new
market conditions, accounting standards or regulatory requirements; the concentration of large deposits from
certain clients who have balances above current FDIC insurance limits; changes in local, national and international
economic conditions, including rising rates of inflation and possible recession; the effects of recent developments
and events in the financial services industry, including the large-scale deposit withdrawals over a short period of
time at Silicon Valley Bank, Signature Bank and First Republic Bank that resulted in the failure of those institutions;
changes in legal and regulatory requirements, limitations and costs including in response to the recent failures of
Silicon Valley Bank, Signature Bank and First Republic Bank; changes in customers’ acceptance of the Company’s
products and services; the occurrence of fraudulent activity, breaches or failures of our or our third-party partners’
information security controls or cyber-security related incidents, including as a result of sophisticated attacks using
artificial intelligence and similar tools; 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, including
the Israeli-Palestinian conflict and the Russian invasion of Ukraine, widespread disease or pandemics, or other
adverse external events; risks related to climate change and the negative impact it may have on our customers
and their businesses; changes to U.S. tax laws, regulations and guidance; potential changes in federal policy and
at regulatory agencies as a result of the upcoming 2024 presidential election; talent and labor shortages; the new
1 percent excise tax on stock buybacks by publicly traded companies; 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.
24
2 0 2 3 A N N U A L R E P O R T
2 0 2 3 A N N U A L R E P O R T
IOWA
MAIN BANK
1601 22nd St.
West Des Moines
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
WAUKEE
955 East Hickman Rd.
Waukee
CITY CENTER
809 6th Ave.
Des Moines
MINNESOTA
MANKATO
1911 Premier Dr.
Mankato
OWATONNA
345 Florence Ave., Ste. 101
Owatonna
ROCHESTER
2188 Superior Dr. NW
Rochester
ST. CLOUD
1800 Bellin Dr.
St. Cloud
ONLINE
WESTBANKSTRONG.COM
@WESTBANKSTRONG
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2 0 2 3 A N N U A L R E P O R T