West Bancorporation Inc. Files 10-K/A Amendment

TL;DR

<b>West Bancorporation Inc. has filed an amendment to its 2023 annual report, providing updated financial details and disclosures.</b>

AI Summary

WEST BANCORPORATION INC (WTBA) filed a Amended Annual Report (10-K/A) with the SEC on February 23, 2024. Filing is an amendment (10-K/A) to the annual report for the fiscal year ending December 31, 2023. The company is West Bancorporation Inc., with its principal business address in West Des Moines, Iowa. The filing includes data related to deposit accounts, debit cards, and fiduciary and trust services. Financial data points for preferred stock, common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income are present for multiple fiscal years. The filing references US GAAP taxonomy for 2023, indicating adherence to current accounting standards.

Why It Matters

For investors and stakeholders tracking WEST BANCORPORATION INC, this filing contains several important signals. This amendment may contain crucial updates or corrections to previously filed financial information, impacting investor understanding of the company's performance and position. The detailed financial data across multiple years and account types allows for trend analysis and comparison, aiding in investment decisions.

Risk Assessment

Risk Level: low — WEST BANCORPORATION INC shows low risk based on this filing. The filing is an amendment to a standard annual report, indicating a procedural update rather than a significant negative event.

Analyst Insight

Review the specific changes made in this 10-K/A filing to understand any material updates to West Bancorporation Inc.'s financial position or disclosures.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-23 — Filing Date (Date of submission)
• 2022-12-31 — Prior Year End (Comparison period)

Key Players & Entities

• WEST BANCORPORATION INC (company) — Filer name
• WTBA (company) — Ticker symbol
• 10-K/A (filing) — Form type
• 2024-02-23 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• West Des Moines, IA (location) — Business address

FAQ

Industry Context

West Bancorporation Inc. operates within the commercial banking sector, providing financial services to individuals and businesses.

Regulatory Implications

The filing adheres to SEC regulations for annual reports and amendments, utilizing the US GAAP taxonomy for financial reporting.

What Investors Should Do

1. Analyze the specific changes and additions in the 10-K/A filing compared to the original 10-K.
2. Examine the detailed financial data for deposit accounts, debit cards, and fiduciary services across multiple years.
3. Review the equity components (common stock, retained earnings, etc.) for trends and changes over the reported periods.

Year-Over-Year Comparison

This filing is an amendment (10-K/A) to a previously submitted annual report, indicating updates or corrections rather than a new filing.

Key Financial Figures

• $18.41 — aq Global Select Market on that date of $18.41). Indicate the number of shares outst
• $500 million — ded community banks with assets between $500 million and $10 billion. The Raymond James Comm
• $10 billion — ks with assets between $500 million and $10 billion. The Raymond James Community Bankers Cu
• $3 billion — or 2022 among banks with assets between $3 billion and $10 billion. The rankings were base
• $2 billion — ion's top 200 banks with assets between $2 billion and $10 billion by American Banker, bas
• $2.9 billion — outstanding at the end of 2023 totaled $2.9 billion compared to $2.7 billion at the end of
• $2.7 billion — f 2023 totaled $2.9 billion compared to $2.7 billion at the end of 2022, an increase of 6.7
• $1.00 — dividends on its common stock totaling $1.00 per share in 2023 and declared a $0.25
• $0.25 — $1.00 per share in 2023 and declared a $0.25 quarterly dividend on January 24, 2024,

Filing Documents

• wtba-20231231.htm (10-K/A) — 3842KB
• wtba-20231231x10kaex21.htm (EX-21) — 6KB
• wtba-20231231x10kaex23.htm (EX-23) — 3KB
• wtba-20231231x10kaex311.htm (EX-31.1) — 10KB
• wtba-20231231x10kaex312.htm (EX-31.2) — 10KB
• wtba-20231231x10kaex321.htm (EX-32.1) — 4KB
• wtba-20231231x10kaex322.htm (EX-32.2) — 4KB
• wtba-20231231x10kaex971.htm (EX-97.1) — 36KB
• wtba-20231231_g1.jpg (GRAPHIC) — 136KB
• 0001166928-24-000024.txt (&nbsp;) — 18778KB
• wtba-20231231.xsd (EX-101.SCH) — 82KB
• wtba-20231231_cal.xml (EX-101.CAL) — 150KB
• wtba-20231231_def.xml (EX-101.DEF) — 451KB
• wtba-20231231_lab.xml (EX-101.LAB) — 1047KB
• wtba-20231231_pre.xml (EX-101.PRE) — 724KB
• wtba-20231231_htm.xml (XML) — 4252KB

RISK FACTORS

ITEM 1A. RISK FACTORS 17

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 28

CYBERSECURITY

ITEM 1C. CYBERSECURITY 29

PROPERTIES

ITEM 2. PROPERTIES 30

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 30

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 30 PART II

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES 31

RESERVED

ITEM 6. RESERVED 33

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 33

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 52

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 53

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 100

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 100

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 100

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTION

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTION 101 PART III

DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE 102

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 102

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 102

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 103

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 104 PART IV

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 104

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY 107 3 (PAGE INTENTIONALLY LEFT BLANK) 4 Table of Contents West Bancorporation, Inc. and Subsidiary "SAFE HARBOR" CONCERNING 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 (the Exchange Act). 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 rate increases by the Federal Reserve; fluctuations in the values of the securities held in our investment portfolio, including as a result of rising 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, includin

BUSINESS

ITEM 1. BUSINESS General Development of Business West Bancorporation, Inc. (the Company or West Bancorporation) is an Iowa corporation and a financial holding company registered under the Bank Holding Company Act of 1956, as amended (BHCA). The Company was formed in 1984 to own West Bank, an Iowa-chartered bank headquartered in West Des Moines, Iowa. West Bank is a business-focused community bank that was organized in 1893. The Company's primary activity during 2023 was the ownership of West Bank. The Company's and West Bank's only business is banking, and therefore, no segment information is presented in this report. As a financial holding company, the Company has additional flexibility to engage in a broader range of financial activities through affiliates than are permissible for bank holding companies that are not financial holding companies. While the Company does not currently have a plan to engage in any new activities, as a financial holding company, it has the ability to respond more quickly to market developments and opportunities. The Company currently operates in the following markets: central Iowa, which is generally the greater Des Moines metropolitan area; eastern Iowa, which includes the area surrounding Iowa City and Coralville; and southern Minnesota, which includes the cities of Rochester, Owatonna, Mankato and St. Cloud. 5 Table of Contents West Bancorporation, Inc. and Subsidiary During 2023, the Company received a number of financial performance recognitions, including the following: West Bancorporation received national recognition from investment bank and research firm Raymond James in the annual Raymond James Community Bankers Cup, which identifies America's top performing publicly traded community banks with assets between $500 million and $10 billion. The Raymond James Community Bankers Cup recognizes the top 10 percent of exchange-traded community banks based on various profitability, operational efficiency, and balance sh

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