West Bancorporation Inc. Files Definitive Proxy Statement

TL;DR

<b>West Bancorporation Inc. has filed its Definitive Proxy Statement for the fiscal year 2023.</b>

AI Summary

WEST BANCORPORATION INC (WTBA) filed a Proxy Statement (DEF 14A) with the SEC on March 5, 2024. Filing is a DEF 14A for the fiscal year ending December 31, 2023. The company is West Bancorporation Inc., SIC code 6022 (Commercial Banks). Incorporated in Iowa, with headquarters in West Des Moines. The filing covers the period from January 1, 2023, to December 31, 2023. Previous fiscal years (2020-2022) are also referenced in relation to stock awards.

Why It Matters

For investors and stakeholders tracking WEST BANCORPORATION INC, this filing contains several important signals. This filing provides detailed information on executive compensation, board of directors, and shareholder proposals, which are crucial for investors to understand governance and potential changes. The inclusion of historical stock award data from 2020-2023 allows for analysis of long-term incentive trends and their impact on executive compensation.

Risk Assessment

Risk Level: low — WEST BANCORPORATION INC shows low risk based on this filing. The filing is a routine proxy statement (DEF 14A) and does not contain new financial performance data or significant strategic shifts, indicating a low level of immediate market impact.

Analyst Insight

Review the executive compensation details and any shareholder proposals to assess governance and potential impacts on future company strategy.

Key Numbers

• 20231231 — Conformed Period of Report (Fiscal year end)
• 20240305 — Filed as of Date (Date of filing)
• 6022 — Standard Industrial Classification (Commercial Banks)

Key Players & Entities

• WEST BANCORPORATION INC (company) — Filer name
• 1601 22ND ST (address) — Business and mailing address
• WEST DES MOINES (location) — City for business and mailing address
• IA (location) — State for business and mailing address
• 50266 (postal_code) — ZIP code for business and mailing address
• 5152222309 (phone_number) — Business phone number

FAQ

Industry Context

West Bancorporation Inc. operates within the commercial banking sector, providing financial services.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, specifically Form DEF 14A, which is a definitive proxy statement.

What Investors Should Do

1. Analyze executive compensation packages and stock award details for key personnel.
2. Review any shareholder proposals and management's recommendations.
3. Understand the composition and responsibilities of the Board of Directors.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the DEF 14A filing.
• 2024-03-05: Filing Date — Date the DEF 14A was filed with the SEC.

Year-Over-Year Comparison

This filing is a DEF 14A for the fiscal year 2023, referencing historical stock award data from 2020-2022, indicating a continuation of reporting practices.

Key Financial Figures

• $24,137 — uirements. 2023 BUSINESS HIGHLIGHTS $24,137 $1.44 $1.00 11.42% 60.73% 0.01% Net In
• $1.44 — s. 2023 BUSINESS HIGHLIGHTS $24,137 $1.44 $1.00 11.42% 60.73% 0.01% Net Income
• $1.00 — 023 BUSINESS HIGHLIGHTS $24,137 $1.44 $1.00 11.42% 60.73% 0.01% Net Income (in th
• $296 thousand — st due and only one classified loan for $296 thousand at December 31, 2023. PROPOSAL 3 APP

Filing Documents

• wtba-20240304.htm (DEF 14A) — 1280KB
• wtba-20240304_g1.jpg (GRAPHIC) — 60KB
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• wtba-20240304_g14.jpg (GRAPHIC) — 1900KB
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• wtba-20240304_g2.jpg (GRAPHIC) — 2196KB
• wtba-20240304_g20.jpg (GRAPHIC) — 56KB
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• wtba-20240304_g22.jpg (GRAPHIC) — 104KB
• wtba-20240304_g23.jpg (GRAPHIC) — 97KB
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• wtba-20240304_g9.jpg (GRAPHIC) — 1991KB
• 0001166928-24-000029.txt (&nbsp;) — 58880KB
• wtba-20240304.xsd (EX-101.SCH) — 3KB
• wtba-20240304_def.xml (EX-101.DEF) — 4KB
• wtba-20240304_lab.xml (EX-101.LAB) — 6KB
• wtba-20240304_pre.xml (EX-101.PRE) — 3KB
• wtba-20240304_htm.xml (XML) — 56KB

Security Ownership of Certain Beneficial Owners and Executive Officers

Security Ownership of Certain Beneficial Owners and Executive Officers 24 Other Beneficial Owners 25 Section 16 Reporting 25 Changes in Control 25

EXECUTIVE COMPENSATION 26

EXECUTIVE COMPENSATION 26 Compensation Discussion & Analysis 26 Compensation Committee Report 38 Summary Compensation Table 39 Grants of Plan-Based Awards 40 Outstanding Equity Awards at Fiscal Year End 41 Option Exercises and Stock Vested 42 Nonqualified Deferred Compensation 42 Potential Payments Upon Termination or Change in Control 43 CEO Pay Ratio 46 Pay Versus Performance 47 Compensation Committee Interlocks and Insider Participation 49 PROPOSAL 2. APPROVE THE 2023 COMPENSATION OF THE COMPANY'S N AMED EXECUTIVE OFFICERS 50 PROPOSAL 3. APPROVE THE FREQUENCY OF THE NONBINDING VOTE TO APPROVE THE COMPENSATION OF THE COMPANY'S NAMED EXECUTIVE OFFICERS 51 PROPOSAL 4. APPROVE AN AMENDMENT TO THE WEST BANCORPORATION, INC 2021 EQUITY INCENTIVE PLAN 52 INDEPENDENT REGISTERED PUBLIC ACCOUNTING F IRM FEES AND SERVICES 59 PROPOSAL 5 . RATIFY THE APPOINTMENT OF INDEPENDENT REGISTERED P UBLIC ACCOUNTING FIRM 59 Audit Fees 60 Audit Committee Report 60 GENERAL MATTERS 61 Questions and Answers 61 Certain Relationships and Related Transactions 64 2025 Stockholder Proposals 65 Stockholder Communications 66 EXHIBIT A 67 2024 Proxy Statement | 2 PROPOSAL 1 ELECTION OF DIRECTORS The Board recommends a vote "FOR" each of the nominees listed in the table below. Properly executed proxies will be voted "FOR" the election of the listed individuals, unless contrary instructions are given. The Company's Bylaws provide that the number of directors of the Company shall not be less than 5 nor greater than 15. The Board currently consists of 12 members. The Board has considered and nominated all of the current directors for election at the Annual Meeting. 83% Independent Directors 65 Average Age 8 years Average Tenure 25% Female Representation The term for directors is until the next annual meeting of stockholders and until their successors are elected and qualified or until their earlier resignation, re

View Full Filing

View this DEF 14A filing on SEC EDGAR