WEST BANCORPORATION INC

Listed Company

WTBACIK 0001166928NasdaqAcceleratedState Commercial BanksIowaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$32.56M

Total Assets

$4.14B

Equity

$265.99M

Shares Out

17.03M

Op. Cash Flow

$46.48M

+ 13F Filer

Business

WEST BANCORPORATION INC is a financial holding company that owns and controls West Bank and engages in community banking activities. It provides full-service banking and trust services, including commercial, real estate and consumer lending, deposit accounts, online and mobile banking, treasury management, merchant and corporate card services, and trust administration. The company reports no separate business segments because its sole business is banking and all operations are consolidated under the bank subsidiary. It serves customers through branch offices and digital channels in central and eastern Iowa and southern Minnesota.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans, including fees	167	166	143	107	96
Taxable	10	13	14	13	9
Tax-exempt	3	3	4	4	3
Deposits with banks	9	8	169,000	203,000	292,000
Securities purchased under agreements to resell	3	0	0	—	—
Total interest income	192	190	160	123	107
Deposits	88	97	67	23	8
Federal funds purchased and other short-term borrowings	0	4	10	2	5,000
Subordinated notes	4	4	4	3	1
FHLB advances	9	10	8	—	—
Long-term debt	2	2	3	2	316,000
Interest expense	103	119	91	32	—
Net interest income	89	71	69	92	95
Credit loss expense (benefit)	0	1	700,000	−3	−2
Net interest income after credit loss expense	89	70	68	94	97
Increase in cash value of bank-owned life insurance	1	1	1	964,000	923,000
Gain from bank-owned life insurance	0	0	691,000	0	0
Loan swap fees	0	0	431,000	835,000	66,000
Securities (gains)losses, net	−4	−1	−431,000	0	—
Other income	2	1	1	2	2
Total noninterest income	6	8	10	10	10
Salaries and employee benefits	29	28	27	26	23
Occupancy and equipment	8	7	6	5	5
Data processing	3	3	3	3	2
Technology and software	3	3	2	2	—
FDIC insurance	2	3	2	996,000	2
Professional fees	1	1	1	874,000	946,000
Other expenses	7	7	8	7	7
Total noninterest expense	54	51	49	45	43
Income before income taxes	41	27	30	59	63
Income taxes	9	3	6	13	13
Net income	33	24	24	46	50
Basic earnings per common share	1.92	1.43	1.44	2.79	3
Diluted earnings per common share	1.92	1.42	1.44	2.76	2.95

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	25	29	33	25	18
Interest-earning deposits with banks	325	215	32	2	175
Securities purchased under agreements to resell	121	0	—	—	—
Cash and cash equivalents	471	243	—	—	—
Securities available for sale, at fair value	468	545	624	664	759
Federal Home Loan Bank stock, at cost	15	15	23	19	10
Loans	3,002	3,005	2,928	—	—
Allowance for credit losses, excluding accrued interest	−31	−30	−28	—	—
Loans, after allowance for credit losses	2,971	2,974	2,899	—	—
Premises and equipment, net	108	110	86	53	35
Accrued interest receivable	12	13	14	12	9
Bank-owned life insurance	46	45	44	45	44
Deferred tax assets, net	26	33	34	37	11
Other assets	24	36	36	40	13
Total assets	4,142	4,015	3,826	3,613	3,500
Noninterest-bearing demand	540	541	549	694	720
Interest-bearing demand	578	544	481	536	548
Savings and money market	1,840	1,644	1,440	1,238	1,551
Time	511	629	504	413	—
Total deposits	3,468	3,358	2,974	2,880	3,016
Subordinated notes, net	80	80	80	79	20
Federal Home Loan Bank advances	270	270	315	155	125
Long-term debt	26	43	48	51	52
Accrued expenses and other liabilities	31	37	34	36	24
Total liabilities	3,876	3,787	3,601	3,402	3,240
COMMITMENTS AND CONTINGENCIES (Note 17)	—	—	—	—	—
Preferred stock, $0.01 par value; authorized 50,000,000 shares; no shares issued and outstanding at December 31, 2025 and 2024	0	0	0	0	0
Common stock, no par value; authorized 50,000,000 shares; 16,940,785 and 16,832,632 shares issued and outstanding at December 31, 2025 and 2024, respectively	3	3	3	3	3
Additional paid-in capital	37	36	34	32	30
Retained earnings	294	279	271	268	238
Accumulated other comprehensive loss	−69	−89	−84	−91	−11
Total stockholders equity	266	228	225	211	260
Total liabilities and stockholders equity	4,142	4,015	3,826	3,613	3,500

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net amortization and accretion	3	3	3	3	2
Stock-based compensation	3	3	3	3	3
Depreciation	5	4	2	1	2
Provision for deferred income taxes	352,000	3	447,000	2	82,000
(Increase) decrease in accrued interest receivable	843,000	756,000	−2	−3	2
(Increase) decrease in other assets	1	−1	−3	1	2
Increase (decrease) in accrued expenses and other liabilities	−1	3	−3	9	16,000
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation	46	40	25	59	58
Proceeds from sales of securities available for sale	64	12	11	0	30
Proceeds from principal paydowns, maturities and calls of securities available for sale	41	56	42	80	96
Purchases of Federal Home Loan Bank stock	−324,000	−58	−115	−75	−2
Proceeds from redemption of Federal Home Loan Bank stock	286,000	66	112	66	4
Net increase in loans	−8	−77	−185	−287	−175
Proceeds of principal and earnings from bank-owned life insurance	0	0	2	0	0
Purchases of premises and equipment	−3	−26	−36	−21	−9
Net Cash Provided by (Used in) Investing Activities, Total	93	−27	−169	−358	−537
Net increase in deposits	111	384	93	−136	315
Net decrease in federal funds purchased and other short-term borrowings	0	−150	−50	197	−2
Net increase (decrease) in Federal Home Loan Bank advances	0	−45	160	30	−50
Principal payments on long-term debt	−5	−5	−4	−35,000	−5
Common stock dividends paid	−17	−17	−17	−17	−16
Restricted stock units withheld for payroll taxes	−1	−1	−935,000	−2	−1
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation	88	166	182	132	276
Net increase (decrease) in cash and cash equivalents	228	178	39	−166	−204
Cash payments for interest	106	117	88	29	13
US federal income taxes paid	4	370,000	4	—	—
Iowa income taxes paid	440,000	630,000	1	—	—
Minnesota income taxes paid	820,000	480,000	590,000	—	—

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 319 positions

Reported AUM

$161.26M

Holdings

319

Top sector

$161.26M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$161.26M	100.0%

Top holdings

Issuer	Ticker	Shares	Value	%
American Equity Investment Life Holding CO	—	509.1K	$20.32M	12.6%
West Bancorporation INC	—	403.6K	$10.98M	6.8%
Russell 1000 Value Ishare ETF	—	56.1K	$9.31M	5.8%
ISHARES Russell 1000 Growth ETF	—	32.2K	$8.95M	5.5%
ISHARES Russell Midcap ETF	—	111.4K	$8.69M	5.4%
Spdr S&p 500 Etf Trust	—	12.4K	$5.59M	3.5%
ISHARES Core S&P 500 ETF	—	12.1K	$5.49M	3.4%
Microsoft Corp	—	16.0K	$4.94M	3.1%
ISHARES Russell 2000 Index Fd ETF	—	22.6K	$4.64M	2.9%
Vanguard FTSE Developed Markets ETF	—	76.2K	$3.66M	2.3%