Dear Stockholders:
2024 was a challenging year which began with headwinds that included
macroeconomic uncertainty and an inverted yield curve. Our 2024 financial
performance was as expected with a significantly compressed net interest
margin. During the year, we executed sound capital management by
closely managing balance sheet growth and credit quality. Our earnings
in the past two years have fallen short of our financial performance
standards. However, we are making significant strides toward a return
to excellence in our industry by concentrating on what we can control.
We finished the fourth quarter of 2024 with momentum, and believe
this will carry into 2025 with improved margins due to our deposit
growth and asset repricing opportunities during 2025 and 2026.
During 2024, we focused on initiatives that will drive sustainable core profitability while reinforcing our long-
standing strength and stability. Key efforts included generating core deposit growth through targeted
relationship building activities, making comprehensive recommendations, and being bankers, not lenders.
We have also made improvements to our online and mobile banking platforms along with our fraud
management tools. Despite a highly competitive deposit environment in 2024, we saw incredible success
in growing core retail and commercial deposits, which allowed us to reduce the overall level of wholesale
funding. We have also made investments in technology that support the efficiency of our workforce and
help protect the company and our customers against growing cybersecurity risks.
Our credit quality remains pristine as a result of our highly effective credit risk management practices
and disciplined loan growth. We have a well-diversified CRE portfolio, which is supported by financially
strong developers and business operators within our markets.
The teamwork displayed by every West Banker to navigate our recent challenges while supporting the
needs of our clients and communities during challenging times has been remarkable. Together, we
remain committed to delivering value to our clients, communities, and stockholders.
I conclude my message by sharing our mission statement that was developed over a decade ago and is still
the guiding principle of our daily activities. The mission remains the same in times of both prosperity and
uncertainty:
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.
Thank you for your continued support and investment in our company.
Sincerely,
David D. Nelson
CEO and President, West Bancorporation, Inc.
Chair and CEO, West Bank
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W E S T B A N C O R P O R AT I O N I N C . A N D S U B S I D I A R I E S
2 0 24 A N N U A L R E P O R T
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3
W E S T B A N C O R P O R AT I O N I N C . A N D S U B S I D I A R I E S
COMMUNITY
INVOLVEMENT
Despite challenges faced by the entire banking industry
in 2024, West Bank maintained its focus on community:
MORE THAN $450,000
IN TOTAL SUPPORT
Over $267,000 awarded in
foundation grants
≥ $148,308 in human services
≥ $81,250 in education
≥ $43,000 in arts & culture
In 2024, West Bank Employees volunteered over
8,200 hours of community service
West Bank’s 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.
WE ARE PROUD OF OUR WEST BANK TEAM AND
THEIR COMMITMENT TO OUR COMMUNITIES.
“
MOVING
5
W E S T B A N C O R P O R AT I O N I N C . A N D S U B S I D I A R I E S
Since first opening in 1893 on the muddy streets of Valley Junction, West
Bank has now called four different locations in West Des Moines home for
its headquarters. After residing at its third address on 22nd Street in a
building leased for over 50 years, West Bank now has a new home.
Following years of planning and construction, West Bank officially
opened its new, four-story, 73,000-square-foot headquarters building
at 3330 Westown Parkway in West Des Moines. West Bank’s
leadership chose this location as a show of continued commitment
to the community, as this neighborhood within
the city needed a drastic upgrade and
a catalyst for revitalization.
For the two weeks leading up to its
April 15th opening, our employees
boxed up their belongings and moved to
their new home. Following the opening,
the safe deposit boxes also had to be
relocated––a daunting task to say the
least. Despite the complex logistics
required for a move of this magnitude,
the bank continued to effectively serve its
customers throughout the transition––a true
testament to its people. The new facility now
provides the bank with spaces better suited to
customer care and relationship building.
As an additional display of commitment to its community, West Bank
donated furniture from its old headquarters to a few nonprofit
neighbors. One such organization was Community Support Advocates
(CSA) to help furnish their new mental health therapy clinic also in
West Des Moines. CSA is dedicated to serving the most vulnerable
members of the community––those who have been impacted by
disabilities, mental health issues, and traumatic brain injuries.
West Bank continues to move forward by investing in its people and building deep-rooted, community-based
relationships. West Bank has thrived, weathered change, and endured for 132 years because of its strong
connections to the communities it serves––the people who have helped make West Bank Strong.
FORWARD
NEW ADDRESS, SAME
NEW ADDRESS, SAME
WEST DES MOINES ROOTS.
WEST DES MOINES ROOTS.
O P E N I N G A P R I L 1 5 , 2 0 2 4
3 3 3 0 W E S T O W N PA R K W A Y • W E S T D E S M O I N E S , I A 5 0 2 6 6
Member FDIC
HEADQUARTERS
RIBBON CUTTING
On May 1, 2024, West Bank held a ceremonial ribbon
cutting to celebrate the opening of its new
headquarters.
The ceremony was opened by Dave Nelson who reminded
attendees that West Bank is the oldest existing business
of any kind to be founded in West Des Moines. During his
words, he reiterated the importance of remaining
headquartered in West Des Moines and discussed the
complexity that comes with redevelopment.
While most people believed that West Bank owned its prior
headquarters on 22nd Street, he reminded them it had been
leased for more than 50 years. West Bank’s growth over the years
also led to a second leased office space, which housed several
back-office employees. The new headquarters is big enough
for everyone to be in the same building and offers plenty of
room for future growth.
The West Des Moines Chamber of Commerce, city officials, and
many other community leaders attended the event.
A SPECIAL THANKS
TO OUR CONTRACTORS
On August 23, 2024, West Bank hosted a special
contractor appreciation event at the new facility.
West Bank’s beautiful four-story, 73,000-
square-foot building, which also includes a
rooftop entertaining space, retention pond,
cafeteria and fitness area for employees, and
a lobby and drive-up for customers, wouldn’t
have been possible without their hard work
and dedication to the project.
2 0 24 A N N U A L R E P O R T
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Image of the 2024 invitation
ENCAPSULATED IN TIME
On September 25, 2024, a time capsule was buried at West Bank headquarters
that will not be opened until 2074. West Bankers attended a small burial
ceremony and each pitched a shovel of dirt over the capsules.
Items placed in the time capsule include a Banner signed by employees, the Central
Iowa Community Board, and the West Bank Board of Directors; Banking Items including
a debit card, checks, brochures, and cash envelopes; a Business Record Newspaper
featuring Dave Nelson and the West Bank headquarters on the cover; Photos of the
building and Letters from employees; Marketing Swag including a koozie, chip clip,
business card holder, lapel pin, golf tees, golf ball marker, and divot tool; the Standing
Strong West Bank History Video; Postcards mailed to customers that communicated the
move; and a Bottle of limited edition 1893 West Bank Bourbon Whiskey.
2 0 24 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 AT I O N I N C . A N D S U B S I D I A R I E S
OWATONNA IS NOW OPEN
On January 21, 2025, our new building in Owatonna officially opened to the public, marking the successful completion of
new building construction for all of West Bank’s Minnesota locations.
The new building is part of Owatonna’s ASCEND project, the city’s first mixed-use and massive riverfront development
which was over ten years in the making. When West Bank’s leadership began looking for new locations for its Owatonna
location, they knew being part of this project would have the impact the community needed. Confirming this belief,
ASCEND development partner Darren Stadheim has stated that West Bank’s decision to build on the former Owatonna
Chamber of Commerce & Tourism site provided the “kick” the project needed.
When considering sites for the project, West Bank market president Jason Eyberg said, “It’s not just about building a
beautiful bank; it’s about how the building impacts, improves, and transforms our community in a positive way. This is
what West Bank does.”
West Bank CEO Dave Nelson echoed that sentiment by saying, “West Bank is committed to our communities. We
frequently build in areas of the community in need of revitalization, and our buildings are designed to facilitate new
business development and build strong customer relationships.”
WE ARE EXCITED TO KEEP MOVING FORWARD
WORKING WITH AND SERVING OUR COMMUNITIES.
“
Pictured left to right: Dave Nelson, Al Petersen,
Barry Cropp, and Brad Winterbottom
AL PETERSEN
Al Petersen began his banking career working for his
family-owned bank in Harlan, Iowa while he was in high
school in 1973. After working in a bank in Iowa City during
college, he relocated to the Des Moines market after
graduation. Throughout his 50-year banking career, he has
served in many different roles and departments including
teller, accounting, retail banking, branch management,
commercial banking, and special assets. This prepared him
well to serve as a mentor for many retail bankers.
Throughout the ’70s, ’80s, ’90s, and beyond, Al saw his fair
share of ups and downs in the economy and in the banking
industry. He humbly describes his biggest accomplish-
ments as the way he has “survived” many of the banking
industry’s toughest times including deregulation in the
1970s, high inflationary periods and farm crises of the
1980s, floods in the 1990s, recessions, digital transforma-
tions, and everything in between. Most recently, in 2020,
he led West Bank’s branch teams through the PPP lending
process during the Covid pandemic.
Al considers himself fortunate to have worked with a
number of talented leaders in the banking industry. This
includes John Ruan and John Crystal with Bankers Trust
and David Miller and Dave Nelson with West Bank.
Outside of his time at the bank, Al served on the Bethel
Mission and Hope Ministries Board of Directors and held the
position of board chair for several years. He also served on
the Rebuilding Together Board of Directors. Additionally, he
gave back to young professionals in the banking industry by
serving as a consultant for Junior Achievement and
teaching in American Institute of Banking programs.
On September 16, 2024, the Iowa Bankers
Association honored Barry Cropp and Al
Petersen for their remarkable 50-year
careers in banking.
2 0 24 A N N U A L R E P O R T
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BARRY CROPP
Barry Cropp began his career in banking in Des Moines in
1970 and has been with West Bank since 1993. For Barry,
effective customer service is founded in the belief that “we
can’t be bigger than the person across the desk, because
they are the reason we’re here.” His sincere ability to
connect with his customers and gain their trust is notable
to this day, as he greets customers, makes them feel at
ease, and directs them to the correct department to meet
their needs. Barry’s deep Des Moines roots have served
him well in his banking career.
Barry credits his godmother, Ruth Sandy, as his inspiration
for getting into banking, a field that employed few persons
of color in the Des Moines area in the 1970s. Ruth was a
banker who took Barry under her wing when he was seven
years old, challenging him to “change peoples’ way of
thinking” by working hard, being respectful, and selling
himself to the executives in charge of hiring. Starting in the
file room, he worked through the ranks at several financial
institutions, becoming a Personal Banker and eventually an
Assistant Branch Manager at West Bank.
Outside of the bank, Barry has served for years as Cantor,
Soloist, and Choir Member at the Basilica of St. John
Catholic Church. His volunteer activities are varied, from
joining other West Bankers in scrubbing the streets prior to
the Valley Junction Art Fair, working the beer tent at the
Farmers Market, and staffing his church’s BBQ stand at the
State Fair, to singing with Musica Ecclesia, appearing in
musicals, caroling at nursing homes, and participating in
community choral events. He has also been a regular
participant in the Friendly Songs of St. Patrick parade in
downtown Des Moines.
DONNA HUFFMAN
35 Years
KELLANEY COFFMAN
30 Years
MINDA HAMANN
30 Years
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W E S T B A N C O R P O R AT I O N I N C . A N D S U B S I D I A R I E S
JON HUMMEL
AMERICAN BANKERS ASSOCIATION
2024 EMERGING LEADER AWARD
The American Bankers Association presented Vice President and Commercial Banker
Jon Hummel with the 2024 ABA Emerging Leaders Award. This award recognizes the
next generation of bank leaders who are committed to the highest standards of
achievement and service to both their industry and their local communities.
Jon began his career at West Bank in 2012 as an Assistant Branch Manager and has
been promoted a number of times to his current position of Vice President of
Commercial Banking since 2020.
He has dedicated much time and talent to the West Des Moines community and
currently serves as a director on a variety of boards including the West Des Moines
Chamber of Commerce and Ronald McDonald House.
STANDING STRONG AWARDS
West Bank’s new video, Standing Strong, received two Communicator
Awards by the Academy of Interactive and Visual Arts during their
30th Annual Communicator Awards in New York for the
Financial Services and Corporate Image categories.
The video also a received a Telly Award during the 45th Annual
Telly Awards in New York for Branded Content in the Banking
and Financial Services category.
Standing Strong is a 10-minute video based on a recently
published book of the same name which tells West Bank’s
more than 130-year story. To watch the video, scan the QR code
or visit https://www.westbankstrong.com/about_us
ECONOMIC
IMPACT AWARD
The Greater Des Moines Partnership
presented West Bank with a 2024
Economic Impact Award to recognize
their outstanding strategic contributions
toward the economic vitality of the
Greater Des Moines community.
MILESTONE
ANNIVERSARIES
JENNIFER WAY
25 Years
TOM CILEK
20 Years
JILL HANSEN
20 Years
2 0 24 A N N U A L R E P O R T
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MOVING FORWARD
LEADERSHIP
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W E S T B A N C O R P O R AT I O N I N C . A N D S U B S I D I A R I E S
2024 ANNUAL REPORT
2 0 24 A N N U A L R E P O R T
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JAMES NOYCE*
Retired
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*
Retired
LISA ELMING*
Retired
STEVEN GAER*
Recoop Disaster
Insurance
SEAN MCMURRAY*
Businessolver, Inc.
GEORGE MILLIGAN*
Chair,
West Bancorporation;
The Graham Group, Inc.
ROSEMARY PARSON*
EquiTrust Life
Insurance Company
STEVEN SCHULER*
Retired
THERESE VAUGHAN*
Retired
PHILIP JASON WORTH*
Retired
BOARD OF DIRECTORS
* 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 AT I O N I N C . A N D S U B S I D I A R I E S
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
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
CENTRAL IOWA COMMUNITY BOARD
All six of our community boards are non-voting advisory boards with knowledge of the communities we serve.
EASTERN IOWA COMMUNITY BOARD
2 0 24 A N N U A L R E P O R T
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BRYAN BODE
Investor/Consultant
MARK DRAPER
River City Electric
Company
DR. WYNN KEARNEY
Retired Surgeon/Investor
STEVE KIBBLE
Siesta Hills
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
DALE BUYTAERT
CliftonLarsonAllen 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
MANKATO COMMUNITY BOARD
All six of our community boards are non-voting advisory boards with knowledge of the communities we serve.
OWATONNA COMMUNITY BOARD
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W E S T B A N C O R P O R AT I O N I N C . A N D S U B S I D I A R I E S
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
CORE Real
Estate Group
NATALIE VICTORIA
Victoria’s
Restaurant and
The Tap House
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
JOHN SLOAN
BT Holdings
DR. KEVIN SMITH
Regional Diagnostic
Radiology
ERIC STACK
Millerbernd
Manufacturing
TIM TORBORG
Torborg Builders
HEIDI WEIKERT
S.T. Cotter
Turbine Services
GREG WINDFELDT
PCI
ROCHESTER COMMUNITY BOARD
All six of our community boards are non-voting advisory boards with knowledge of the communities we serve.
ST. CLOUD COMMUNITY BOARD
FINANCIALS
2024 ANNUAL REPORT
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W E S T B A N C O R P O R AT I O N I N C . A N D S U B S I D I A R I E S
FINANCIAL HIGHLIGHTS
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2024, 2023, AND 2022
(dollars in thousands, except per share data)
2024 2023 2022
RESULTS OF OPERATIONS
Net interest income $ 71,362 $ 69,031 $ 91,740
Credit loss expense (benefit) 1,000 700 (2,500)
Noninterest income 8,434 10,066 10,208
Noninterest expense 51,353 48,611 45,051
Income before income taxes 27,443 29,786 59,397
Net income 24,050 24,137 46,399
PER COMMON SHARE
Cash dividends $ 1.00 $ 1.00 $ 1.00
Basic earnings 1.43 1.44 2.79
Diluted earnings 1.42 1.44 2.76
Closing stock price 21.65 21.20 25.55
Book value 13.54 13.46 12.69
YEAR-END BALANCES
Assets $ 4,014,991 $ 3,825,758 $ 3,613,218
Investment securities 559,694 646,876 683,451
Loans 3,004,860 2,927,535 2,742,836
Nonperforming loans 133 296 322
Other real estate owned — — —
Deposits 3,357,596 2,973,779 2,880,408
Stockholders’ equity 227,875 225,043 211,112
RATIOS
Return on average assets 0.61% 0.66% 1.32%
Return on average equity 10.71% 11.42% 20.71%
Texas ratio (1) 0.05% 0.12% 0.14%
Efficiency ratio (1) (2) 63.25% 60.73% 43.70%
Dividend payout ratio 69.88% 69.21% 35.82%
Dividend yield 4.62% 4.72% 3.91%
Net interest margin (2) 1.91% 2.01% 2.76%
Allowance for credit losses as a % of loans 1.01% 0.97% 0.93%
Net (charge-offs) recoveries as % of average loans 0.00% 0.00% (0.02%)
Nonperforming loans as % of loans 0.00% 0.01% 0.01%
Tangible common equity to tangible assets 5.68% 5.88% 5.84%
(1) A lower ratio is better.
(2) As presented, this is a non-GAAP measure – see “Non-GAAP Financial Measures” for additional details.
2 0 24 A N N U A L R E P O R T
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CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2024 AND 2023 (dollars in thousands, except per share data)
2024 2023
ASSETS
Cash and due from banks $ 28,750 $ 33,245
Interest-bearing deposits 214,728 32,112
Cash and cash equivalents 243,478 65,357
Securities available for sale, at fair value 544,565 623,919
Federal Home Loan Bank stock, at cost 15,129 22,957
Loans 3,004,860 2,927,535
Allowance for credit losses (30,432) (28,342)
Loans, net 2,974,428 2,899,193
Premises and equipment, net 109,985 86,399
Accrued interest receivable 12,825 13,581
Bank-owned life insurance 44,990 43,864
Deferred tax assets, net 33,202 34,303
Other assets 36,389 36,185
TOTAL ASSETS $ 4,014,991 $ 3,825,758
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Deposits
Noninterest-bearing demand $ 541,053 $ 548,726
Interest-bearing demand 543,855 481,207
Savings and money market 1,643,891 1,440,076
Time 628,797 503,770
Total deposits 3,357,596 2,973,779
Federal funds purchased and other short-term borrowings — 150,270
Subordinated notes, net 79,893 79,631
Federal Home Loan Bank advances 270,000 315,000
Long-term debt 42,736 47,736
Accrued expenses and other liabilities 36,891 34,299
Total liabilities 3,787,116 3,600,715
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value; authorized 50,000,000 shares;
no shares issued and outstanding at December 31, 2024 and 2023 — —
Common stock, no par value; authorized 50,000,000 shares; 16,832,632 and
16,725,094 shares issued and outstanding at December 31, 2024 and 2023, respectively 3,000 3,000
Additional paid-in capital 35,619 34,197
Retained earnings 278,613 271,369
Accumulated other comprehensive loss (89,357) (83,523)
Total stockholders’ equity 227,875 225,043
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 4,014,991 $ 3,825,758
DECEMBER 31,
21
W E S T B A N C O R P O R AT I O N I N C . A N D S U B S I D I A R I E S
CONSOLIDATED STATEMENTS OF INCOME
YEARS ENDED DECEMBER 31, 2024, 2023, AND 2022 (dollars in thousands, except per share data)
2024 2023 2022
INTEREST INCOME
Loans, including fees $ 166,222 $ 142,923 $ 107,095
Securities:
Taxable 13,030 13,696 12,524
Tax-exempt 3,219 3,517 3,527
Interest-bearing deposits 7,595 169 203
TOTAL INTEREST INCOME 190,066 160,305 123,349
INTEREST EXPENSE
Deposits 97,284 66,796 22,629
Federal funds purchased and other short-term borrowings 4,248 9,532 1,764
Subordinated notes 4,431 4,442 2,867
Federal Home Loan Bank advances 10,313 7,694 2,669
Long-term debt 2,428 2,810 1,680
TOTAL INTEREST EXPENSE 118,704 91,274 31,609
NET INTEREST INCOME 71,362 69,031 91,740
CREDIT LOSS EXPENSE (BENEFIT) 1,000 700 (2,500)
Net interest income after credit loss expense (benefit) 70,362 68,331 94,240
NONINTEREST INCOME
Service charges on deposit accounts 1,843 1,859 2,194
Debit card usage fees 1,919 1,980 1,969
Trust services 3,449 3,068 2,709
Increase in cash value of bank-owned life insurance 1,126 1,044 964
Gain from bank-owned life insurance — 691 —
Loan swap fees — 431 835
Realized securities (losses), net (1,172) (431) —
Other income 1,269 1,424 1,537
TOTAL NONINTEREST INCOME 8,434 10,066 10,208
NONINTEREST EXPENSE
Salaries and employee benefits 27,588 27,060 25,838
Occupancy and equipment 7,320 5,507 4,913
Data processing 2,991 2,790 2,597
Technology and software 2,896 2,341 2,137
FDIC insurance 2,560 1,750 996
Professional fees 1,041 1,026 874
Directors fees 828 892 814
Other expenses 6,129 7,245 6,882
TOTAL NONINTEREST EXPENSE 51,353 48,611 45,051
INCOME BEFORE INCOME TAXES 27,443 29,786 59,397
INCOME TAXES 3,393 5,649 12,998
NET INCOME $ 24,050 $ 24,137 $ 46,399
EARNINGS PER COMMON SHARE
Basic earnings per common share $ 1.43 $ 1.44 $ 2.79
Diluted earnings per common share $ 1.42 $ 1.44 $ 2.76
YEAR ENDED DECEMBER 31,
2 0 24 A N N U A L R E P O R T
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REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM
NON-GAAP FINANCIAL MEASURES
AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2024, 2023, AND 2022
(dollars in thousands, except per share data)
2024 2023 2022
RECONCILIATION OF NET INTEREST INCOME AND
NET INTEREST MARGIN ON AN FTE BASIS TO GAAP:
Net interest income (GAAP) $ 71,362 $ 69,031 $ 91,740
Tax-equivalent adjustment (1) 182 491 1,122
Net interest income on an FTE basis (non-GAAP) 71,544 69,522 92,862
Average interest-earning assets 3,747,528 3,465,964 3,361,091
Net interest margin on an FTE basis (non-GAAP) 1.91% 2.01% 2.76%
RECONCILIATION OF EFFICIENCY RATIO
ON AN FTE BASIS TO GAAP:
Net interest income on an FTE basis (non-GAAP) $ 71,544 69,522 92,862
Noninterest income 8,434 10,066 10,208
Adjustment for realized securities losses, net 1,172 431 —
Adjustment for losses on disposal of premises
and equipment, net 47 29 29
Adjusted income $ 81,197 $ 80,048 $ 103,099
Noninterest expense $ 51,353 $ 48,611 $ 45,051
Efficiency ratio on an adjusted FTE basis (non-GAAP) (2) 63.25% 60.73% 43.70%
(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.
YEAR ENDED DECEMBER 31,
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, 2024 and 2023,
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, 2024;
and in our report, dated February 19, 2025, 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.
RSM US LLP
Des Moines, Iowa | February 19, 2025
23
W E S T B A N C O R P O R AT I O N I N C . A N D S U B S I D I A R I E S
FORM 10-K
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 136 common stockholders of record on December 31, 2024 and an
estimated 4,300 additional beneficial holders whose stock was held in street name by brokerages or fiduciaries.
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.
TRANSFER AGENT AND REGISTRAR
Equiniti Trust Company, LLC
48 Wall Street, New York, New York 10005
800-937-5449
www.equiniti.com
MARKET AND DIVIDEND INFORMATION (1)
HIGH LOW CLOSE DIVIDENDS
2024
4th Quarter $ 24.85 $ 18.02 $ 21.65 $ 0.25
3rd Quarter 22.13 16.36 19.01 0.25
2nd Quarter 18.20 15.80 17.90 0.25
1st Quarter 21.72 16.59 17.83 0.25
TOTAL: $ 1.00
2023
4th Quarter $ 22.39 $ 15.25 $ 21.20 $ 0.25
3rd Quarter 20.91 16.25 16.31 0.25
2nd Quarter 19.96 15.04 18.41 0.25
1st Quarter 25.80 17.58 18.27 0.25
TOTAL: $ 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.
FORWARD-LOOKING STATEMENTS
2 0 24 A N N U A L R E P O R T
24
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 changes in interest rates; effects on the U.S. economy resulting from the implementation of policies proposed by the
new presidential administration, including tariffs, mass deportations and tax regulations; 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 credit unions, “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, including those who have balances above current FDIC insurance
limits; changes in local, national and international economic conditions, including the level and impact 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 that resulted in several bank failures; changes in legal and regulatory
requirements, limitations and costs; 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 ongoing 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 2024 presidential election; new
or revised accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial
Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight
Board; talent and labor shortages and employee turnover; 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.
LOCATIONS
IOWA
HEADQUARTERS
3330 Westown Parkway, West Des Moines
CORALVILLE
401 10th Avenue, Coralville
EAST
2440 East Euclid Avenue, Des Moines
GRAND
125 Grand Avenue, West Des Moines
SOUTH
3920 SW 9th Street, Des Moines
WAUKEE
955 East Hickman Road, Waukee
CITY CENTER
809 6th Avenue, Des Moines
MINNESOTA
MANKATO
1911 Premier Drive, Mankato
OWATONNA
328 Hoffman Drive NW, Owatonna
ROCHESTER
2188 Superior Drive NW, Rochester
ST. CLOUD
1800 Bellin Drive, St. Cloud
ONLINE
WESTBANKSTRONG.COM
@WESTBANKSTRONG