WTBA on Nasdaq
WEST BANCORPORATION INC
American state commercial bank based in West Des Moines, incorporated in Iowa. Summary from the record
Price unavailable
Last updated Oct 19, 2026.
Overview
- TickerWTBA on Nasdaq2
- IndustryState Commercial Banks2
- HeadquartersWest Des Moines, United States2
- Incorporated inIA3
- Business address3330 Westown Parkway, West Des Moines, Ia 502663
- Filer categoryAccelerated filer3
- Legal formProfit Corporation2
- LEI549300GKFOINCHIYU6662
- StatusActive2
- LEI statusIssued and current2
- Registered addressC/O JOHN F MCKINNEY III, 50266 West Des Moines, United States2
- Registered withBusiness Services Division (Secretary of State), 851662
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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 2025 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. For additional information regarding the Company’s segment reporting, see Note 1 of the Notes to the Consolidated Financial Statements included in Item 8 of this Form 10-K .4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Fiduciary and Trust brought in 47% of the revenue WEST BANCORPORATION INC broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Fiduciary and Trust | $3.1M | $3.4M | $3.4M |
| Deposit Account | $1.9M | $1.8M | $1.9M |
| Debit Card | $2.0M | $1.9M | $1.9M |
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Loans, including fees | $166.8M | $166.2M | $142.9M |
| Taxable | $10.5M | $13.0M | $13.7M |
| Tax-exempt | $2.9M | $3.2M | $3.5M |
| Deposits with banks | $9.4M | $7.6M | $169.0K |
| Securities purchased under agreements to resell | $2.6M | $0 | $0 |
| Total interest income | $192.2M | $190.1M | $160.3M |
| Deposits | $87.8M | $97.3M | $66.8M |
| Federal funds purchased and other short-term borrowings | $0 | $4.2M | $9.5M |
| Subordinated notes | $4.4M | $4.4M | $4.4M |
| FHLB advances | $9.1M | $10.3M | $7.7M |
| Long-term debt | $2.0M | $2.4M | $2.8M |
| Interest expense | $103.2M | $118.7M | $91.3M |
| Net interest income | $89.0M | $71.4M | $69.0M |
| Credit loss expense (benefit) | $0 | $1.0M | $700.0K |
| Net interest income after credit loss expense | $89.0M | $70.4M | $68.3M |
| Increase in cash value of bank-owned life insurance | $1.2M | $1.1M | $1.0M |
| Gain from bank-owned life insurance | $0 | $0 | $691.0K |
| Loan swap fees | $0 | $0 | $431.0K |
| Securities (gains)losses, net | -$4.0M | -$1.2M | -$431.0K |
| Other income | $1.8M | $1.3M | $1.4M |
| Total noninterest income | $6.3M | $8.4M | $10.1M |
| Salaries and employee benefits | $29.4M | $27.6M | $27.1M |
| Occupancy and equipment | $8.2M | $7.3M | $5.5M |
| Data processing | $2.6M | $3.0M | $2.8M |
| Technology and software | $3.2M | $2.9M | $2.3M |
| FDIC insurance | $2.4M | $2.6M | $1.8M |
| Professional fees | $1.2M | $1.0M | $1.0M |
| Other expenses | $6.9M | $7.0M | $8.1M |
| Total noninterest expense | $53.8M | $51.4M | $48.6M |
| Income before income taxes | $41.4M | $27.4M | $29.8M |
| Income taxes | $8.9M | $3.4M | $5.6M |
| Net income | $32.6M | $24.1M | $24.1M |
| Basic earnings per common share | $1.92 | $1.43 | $1.44 |
| Diluted earnings per common share | $1.92 | $1.42 | $1.44 |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and due from banks | $25.2M | $28.8M | ||
| Interest-earning deposits with banks | $324.5M | $214.7M | ||
| Securities purchased under agreements to resell | $121.4M | $0 | ||
| Cash and cash equivalents | $471.1M | $243.5M | ||
| Securities available for sale, at fair value | $468.4M | $544.6M | ||
| Federal Home Loan Bank stock, at cost | $15.2M | $15.1M | ||
| Loans | $3.0B | $3.0B | ||
| Allowance for credit losses, excluding accrued interest | -$30.5M | -$30.4M | ||
| Loans, after allowance for credit losses | $3.0B | $3.0B | ||
| Premises and equipment, net | $108.4M | $110.0M | ||
| Accrued interest receivable | $12.0M | $12.8M | ||
| Bank-owned life insurance | $46.2M | $45.0M | ||
| Deferred tax assets, net | $25.9M | $33.2M | ||
| Other assets | $23.9M | $36.4M | ||
| Total assets | $4.1B | $4.0B | ||
| Noninterest-bearing demand | $540.4M | $541.1M | ||
| Interest-bearing demand | $577.8M | $543.9M | ||
| Savings and money market | $1.8B | $1.6B | ||
| Time | $510.8M | $628.8M | ||
| Total deposits | $3.5B | $3.4B | ||
| Subordinated notes, net | $80.2M | $79.9M | ||
| Federal Home Loan Bank advances | $270.0M | $270.0M | ||
| Long-term debt | $26.2M | $42.7M | ||
| Accrued expenses and other liabilities | $31.4M | $36.9M | ||
| Total liabilities | $3.9B | $3.8B | ||
| Preferred stock, $0.01 par value; authorized 50,000,000 shares; no shares issued and outstanding at December 31, 2025 and 2024 | $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 | $3.0M | $3.0M | ||
| Additional paid-in capital | $37.2M | $35.6M | ||
| Retained earnings | $294.3M | $278.6M | ||
| Accumulated other comprehensive loss | -$68.5M | -$89.4M | ||
| Total stockholders equity | $266.0M | $227.9M | $225.0M | $211.1M |
| Total liabilities and stockholders equity | $4.1B | $4.0B | ||
| Preferred stock, par value ($ per share) | $0.01 | $0.01 | ||
| Preferred stock, shares authorized | 50.0M shares | 50.0M shares | ||
| Preferred stock, shares issued | 0 shares | 0 shares | ||
| Preferred stock, shares outstanding | 0 shares | 0 shares | ||
| Common stock, no par value | $0 | $0 | ||
| Common stock, share authorized | 50.0M shares | 50.0M shares | ||
| Common stock, share issued | 16.9M shares | 16.8M shares | ||
| Common stock, shares outstanding | 16.9M shares | 16.8M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and due from banks | $25.2M | $28.8M | ||
| Interest-earning deposits with banks | $324.5M | $214.7M | ||
| Securities purchased under agreements to resell | $121.4M | $0 | ||
| Cash and cash equivalents | $471.1M | $243.5M | ||
| Securities available for sale, at fair value | $468.4M | $544.6M | ||
| Federal Home Loan Bank stock, at cost | $15.2M | $15.1M | ||
| Loans | $3.0B | $3.0B | ||
| Allowance for credit losses, excluding accrued interest | -$30.5M | -$30.4M | ||
| Loans, after allowance for credit losses | $3.0B | $3.0B | ||
| Premises and equipment, net | $108.4M | $110.0M | ||
| Accrued interest receivable | $12.0M | $12.8M | ||
| Bank-owned life insurance | $46.2M | $45.0M | ||
| Deferred tax assets, net | $25.9M | $33.2M | ||
| Other assets | $23.9M | $36.4M | ||
| Total assets | $4.1B | $4.0B | ||
| Noninterest-bearing demand | $540.4M | $541.1M | ||
| Interest-bearing demand | $577.8M | $543.9M | ||
| Savings and money market | $1.8B | $1.6B | ||
| Time | $510.8M | $628.8M | ||
| Total deposits | $3.5B | $3.4B | ||
| Subordinated notes, net | $80.2M | $79.9M | ||
| Federal Home Loan Bank advances | $270.0M | $270.0M | ||
| Long-term debt | $26.2M | $42.7M | ||
| Accrued expenses and other liabilities | $31.4M | $36.9M | ||
| Total liabilities | $3.9B | $3.8B | ||
| Preferred stock, $0.01 par value; authorized 50,000,000 shares; no shares issued and outstanding at December 31, 2025 and 2024 | $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 | $3.0M | $3.0M | ||
| Additional paid-in capital | $37.2M | $35.6M | ||
| Retained earnings | $294.3M | $278.6M | ||
| Accumulated other comprehensive loss | -$68.5M | -$89.4M | ||
| Total stockholders equity | $266.0M | $227.9M | $225.0M | $211.1M |
| Total liabilities and stockholders equity | $4.1B | $4.0B | ||
| Preferred stock, par value ($ per share) | $0.01 | $0.01 | ||
| Preferred stock, shares authorized | 50.0M shares | 50.0M shares | ||
| Preferred stock, shares issued | 0 shares | 0 shares | ||
| Preferred stock, shares outstanding | 0 shares | 0 shares | ||
| Common stock, no par value | $0 | $0 | ||
| Common stock, share authorized | 50.0M shares | 50.0M shares | ||
| Common stock, share issued | 16.9M shares | 16.8M shares | ||
| Common stock, shares outstanding | 16.9M shares | 16.8M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $32.6M | $24.1M | $24.1M |
| Credit loss expense (benefit) | $0 | $1.0M | $700.0K |
| Net amortization and accretion | $3.1M | $3.2M | $3.3M |
| Securities (gains)losses, net | $4.0M | $1.2M | $431.0K |
| Stock-based compensation | $2.7M | $2.5M | $3.1M |
| Increase in cash value of bank-owned life insurance | -$1.2M | -$1.1M | -$1.0M |
| Gain from bank-owned life insurance | $0 | $0 | $691.0K |
| Depreciation | $4.5M | $3.7M | $1.9M |
| Provision for deferred income taxes | $352.0K | $3.0M | $447.0K |
| (Increase) decrease in accrued interest receivable | $843.0K | $756.0K | -$1.6M |
| (Increase) decrease in other assets | $1.1M | -$1.4M | -$2.8M |
| Increase (decrease) in accrued expenses and other liabilities | -$1.5M | $3.0M | -$2.6M |
| Cash Provided by (Used in) Operating Activity, Including Discontinued Operation | $46.5M | $39.8M | $25.2M |
| Proceeds from sales of securities available for sale | $63.7M | $11.8M | $11.3M |
| Proceeds from principal paydowns, maturities and calls of securities available for sale | $41.2M | $56.4M | $42.4M |
| Purchases of Federal Home Loan Bank stock | -$324.0K | -$57.7M | -$115.5M |
| Proceeds from redemption of Federal Home Loan Bank stock | $286.0K | $65.5M | $111.9M |
| Net increase in loans | -$8.2M | -$77.2M | -$184.8M |
| Proceeds of principal and earnings from bank-owned life insurance | $0 | $0 | $2.5M |
| Purchases of premises and equipment | -$3.3M | -$26.1M | -$36.4M |
| Net Cash Provided by (Used in) Investing Activities, Total | $93.3M | -$27.3M | -$168.7M |
| Net increase in deposits | $110.9M | $383.8M | $93.4M |
| Net decrease in federal funds purchased and other short-term borrowings | $0 | -$150.3M | -$49.7M |
| Net increase (decrease) in Federal Home Loan Bank advances | $0 | -$45.0M | $160.0M |
| Principal payments on long-term debt | -$5.0M | -$5.0M | -$3.8M |
| Common stock dividends paid | -$16.9M | -$16.8M | -$16.7M |
| Restricted stock units withheld for payroll taxes | -$1.1M | -$1.1M | -$935.0K |
| Cash Provided by (Used in) Financing Activity, Including Discontinued Operation | $87.8M | $165.7M | $182.3M |
| Net increase (decrease) in cash and cash equivalents | $227.6M | $178.1M | $38.8M |
| Cash payments for interest | $106.3M | $117.0M | $87.8M |
| US federal income taxes paid | $4.3M | $370.0K | $3.9M |
| Iowa income taxes paid | $440.0K | $630.0K | $1.2M |
| Minnesota income taxes paid | $820.0K | $480.0K | $590.0K |
No quarter-by-quarter statement was filed.
Leadership
Who has led WEST BANCORPORATION INC, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
2010201520202025
- Chief executive officerDavid D. Nelson Apr 5, 2010 to now14
- Chief executive officerThomas E. Stanberry Feb 13, 2009 to Feb 13, 200915
- ChairJack G. Wahlig Dec 1, 2009 to Dec 1, 200916
- ChairThomas E. Stanberry Feb 13, 2008 to Feb 13, 200917
- PresidentDavid D. Nelson Apr 5, 2010 to now14
- PresidentThomas E. Stanberry Feb 13, 2008 to Feb 13, 200917
- Chief financial officerJane M. Funk Mar 22, 2022 to now18
- Chief financial officerDouglas R. Gulling Nov 30, 2009 to Nov 8, 202119
Board members and other officers (26)
- Executive Vice PresidentBradley P. Peters Apr 30, 2021 to now20
- SVP / ControllerJane M. Funk May 1, 2018 to Feb 20, 202421
- SVP, CONTROLLER AND CACMarie I. Roberts Jan 22, 2015 to Jan 17, 201922
- CHIEF RISK OFFICERHarlee Olafson Aug 11, 2010 to now23
- Executive Vice PresidentBrad L. Winterbottom Jan 31, 2008 to now24
- Board memberRosemary Parson May 2, 2022 to now25
- Board memberLisa J. Elming May 3, 2021 to now26
- Board memberTherese M. Vaughan Apr 26, 2019 to now27
- Board memberMichael J. Gerdin Apr 26, 2013 to May 2, 202228
- Board memberPhilip Jason Worth Apr 26, 2013 to Apr 29, 202429
- Board memberSean Patrick McMurray Apr 26, 2013 to now30
- Board memberRobert G. Pulver Sep 6, 2012 to Apr 26, 201931
- Board memberLouann Sandburg Apr 29, 2011 to Apr 24, 202032
- Board memberSteven K. Gaer Apr 29, 2011 to now33
- Board memberDavid D. Nelson Apr 5, 2010 to now14
- Board memberFrank W. Berlin Aug 26, 2010 to Apr 27, 201834
- Board memberThomas A. Carlstrom Apr 21, 2009 to Apr 29, 201635
- Board memberKaye R. Lozier Apr 22, 2009 to Apr 27, 201836
- Board memberJames Noyce Aug 6, 2009 to now37
- Board memberDouglas R. Gulling Nov 30, 2009 to now19
- Board memberBrad L. Winterbottom Dec 1, 2009 to Feb 3, 201138
- Board memberConnie Wimer Feb 6, 2007 to Feb 6, 200739
- Board memberGeorge D. Milligan Feb 14, 2007 to now40
- Board memberMichael A. Coppola May 3, 2007 to May 11, 200741
- Board memberWendy L. Carlson May 10, 2007 to May 10, 200742
- Board memberSteven G. Chapman May 16, 2007 to May 16, 200743
Timeline
Filings
263 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 34 major events, 142 insider forms, 7 large holders, 59 other. The latest 20:
- Aug 25, 2026N-PX EDGAR
- Jul 23, 202613F-HR EDGAR
- Jul 23, 20268-K EDGAR
- Jul 23, 202610-Q EDGAR
- Jun 25, 202611-K EDGAR
- Apr 24, 20264 EDGAR
- Apr 24, 20264 EDGAR
- Apr 24, 20264 EDGAR
- Apr 24, 20264 EDGAR
- Apr 24, 20264 EDGAR
- Apr 24, 20264 EDGAR
- Apr 24, 20264 EDGAR
- Apr 24, 20268-K EDGAR
- Apr 23, 202613F-HR EDGAR
- Apr 23, 20268-K EDGAR
- Apr 23, 202610-Q EDGAR
- Mar 27, 2026SCHEDULE 13G/A EDGAR
- Mar 26, 20264 EDGAR
- Mar 26, 20264 EDGAR
- Mar 26, 20264 EDGAR
The 263 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
36 open-market trades by officers, directors and large owners since October 2021: 30 buys and 6 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Nov 24, 2025 | MILLIGAN GEORGE DDirector | Sale | 10,000 | $21.71 | $217.1K | Form 4 |
| Nov 21, 2025 | MILLIGAN GEORGE DDirector | Sale | 5,826 | $22.00 | $128.2K | Form 4 |
| Nov 11, 2025 | GULLING DOUGLAS RDirector | Sale | 7,900 | $21.75 | $171.8K | Form 4 |
| Feb 19, 2025 | NELSON DAVID DCEO & PRESIDENT | Buy | 639 | $22.27 | $14.2K | Form 4 |
| Nov 20, 2024 | NELSON DAVID DCEO & PRESIDENT | Buy | 592 | $23.79 | $14.1K | Form 4 |
| Nov 8, 2024 | GULLING DOUGLAS RDirector | Sale | 4,000 | $23.61 | $94.4K | Form 4 |
| Aug 21, 2024 | NELSON DAVID DCEO & PRESIDENT | Buy | 730 | $19.04 | $13.9K | Form 4 |
| May 22, 2024 | NELSON DAVID DCEO & PRESIDENT | Buy | 768 | $17.87 | $13.7K | Form 4 |
| Feb 21, 2024 | NELSON DAVID DCEO & PRESIDENT | Buy | 2,007 | $17.55 | $35.2K | Form 4 |
| Nov 22, 2023 | NELSON DAVID DCEO & PRESIDENT | Buy | 1,906 | $18.22 | $34.7K | Form 4 |
| Aug 23, 2023 | NELSON DAVID DCEO & PRESIDENT | Buy | 1,838 | $18.66 | $34.3K | Form 4 |
| May 24, 2023 | NELSON DAVID DCEO & PRESIDENT | Buy | 1,948 | $17.23 | $33.6K | Form 4 |
| May 18, 2023 | Peters Bradley PExecutive Vice President | Buy | 1,000 | $16.42 | $16.4K | Form 4 |
| May 17, 2023 | McMurray Sean PatrickDirector | Buy | 5,000 | $16.10 | $80.5K | Form 4 |
| May 16, 2023 | NELSON DAVID DCEO & PRESIDENT | Buy | 1,000 | $15.72 | $15.7K | Form 4 |
| May 8, 2023 | MILLIGAN GEORGE DDirector | Buy | 5,000 | $16.00 | $80.0K | Form 4 |
| Mar 1, 2023 | MILLIGAN GEORGE DDirector | Buy | 5,000 | $20.99 | $105.0K | Form 4 |
| Feb 22, 2023 | NELSON DAVID DCEO & PRESIDENT | Buy | 1,474 | $21.40 | $31.5K | Form 4 |
| Nov 23, 2022 | NELSON DAVID DCEO & PRESIDENT | Buy | 1,348 | $23.15 | $31.2K | Form 4 |
| Aug 24, 2022 | NELSON DAVID DCEO & PRESIDENT | Buy | 1,189 | $26.01 | $30.9K | Form 4 |
All 36 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- VANGUARD GROUP INCSCHEDULE 13G/A, 2 filings Oct 31, 2025 to Mar 27, 202644
- FMR LLCSC 13G/A, 2 filings Feb 9, 2023 to Feb 9, 202445
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 16SEC EDGARJack G. Wahlig, Chair
- 17SEC EDGARThomas E. Stanberry, Chair
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- 21SEC EDGARJane M. Funk, SVP / Controller
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- 23SEC EDGARHarlee Olafson, CHIEF RISK OFFICER
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- 25SEC EDGARRosemary Parson, Board member
- 26SEC EDGARLisa J. Elming, Board member
- 27SEC EDGARTherese M. Vaughan, Board member
- 28SEC EDGARMichael J. Gerdin, Board member
- 29SEC EDGARPhilip Jason Worth, Board member
- 30SEC EDGARSean Patrick McMurray, Board member
- 31SEC EDGARRobert G. Pulver, Board member
- 32SEC EDGARLouann Sandburg, Board member
- 33SEC EDGARSteven K. Gaer, Board member
- 34SEC EDGARFrank W. Berlin, Board member
- 35SEC EDGARThomas A. Carlstrom, Board member
- 36SEC EDGARKaye R. Lozier, Board member
- 37SEC EDGARJames Noyce, Board member
- 38SEC EDGARBrad L. Winterbottom, Board member
- 39SEC EDGARConnie Wimer, Board member
- 40SEC EDGARGeorge D. Milligan, Board member
- 41SEC EDGARMichael A. Coppola, Board member
- 42SEC EDGARWendy L. Carlson, Board member
- 43SEC EDGARSteven G. Chapman, Board member
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