West Bancorporation, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>West Bancorporation, Inc. filed its 2023 10-K report detailing financial performance and operations.</b>

AI Summary

WEST BANCORPORATION INC (WTBA) filed a Annual Report (10-K) with the SEC on February 22, 2024. Filed Form 10-K for the fiscal year ended December 31, 2023. Company is West Bancorporation, Inc., SIC code 6022 (Commercial Banks). Incorporated in Iowa, with principal business address in West Des Moines, IA. The filing covers the period from January 1, 2023, to December 31, 2023. Includes data related to deposit accounts, debit cards, and fiduciary and trust services.

Why It Matters

For investors and stakeholders tracking WEST BANCORPORATION INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of West Bancorporation's financial health and strategic positioning for the fiscal year 2023. Investors and analysts can use this report to assess the company's performance, risks, and future outlook within the commercial banking sector.

Risk Assessment

Risk Level: medium — WEST BANCORPORATION INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report, but lacks specific financial performance metrics in the provided header data, requiring deeper analysis of the full document.

Analyst Insight

Review the full 10-K filing for detailed financial statements, management discussion, and risk factors to understand West Bancorporation's performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-22 — Filing Date (As of date)
• 6022 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• WEST BANCORPORATION INC (company) — Filer name
• WEST DES MOINES (location) — Business and mailing address city
• IA (location) — State of incorporation and business address state

FAQ

Industry Context

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

Regulatory Implications

As a commercial bank, the company is subject to regulations from various financial authorities, including the SEC.

What Investors Should Do

1. Analyze the full 10-K document for detailed financial statements and performance metrics.
2. Investigate the company's business segments, including deposit accounts, debit cards, and fiduciary services.
3. Assess the risk factors and management's discussion and analysis for potential challenges and opportunities.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-22: Filing Date — Date the 10-K report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial header data for the 2023 10-K filing; comparison to prior filings requires access to the full documents.

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) — 3838KB
• wtba-20231231x10kex21.htm (EX-21) — 6KB
• wtba-20231231x10kex23.htm (EX-23) — 3KB
• wtba-20231231x10kex311.htm (EX-31.1) — 10KB
• wtba-20231231x10kex312.htm (EX-31.2) — 10KB
• wtba-20231231x10kex321.htm (EX-32.1) — 4KB
• wtba-20231231x10kex322.htm (EX-32.2) — 4KB
• wtba-20231231x10kex971.htm (EX-97.1) — 36KB
• wtba-20231231_g1.jpg (GRAPHIC) — 136KB
• 0001166928-24-000017.txt (&nbsp;) — 18773KB
• 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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