Financial Data and Key Metrics Changes - The company reported a record quarter and is on track for another record year despite setting aside a significantly higher provision this year [7] - The Board of Directors declared a dividend of $0.21 per share, maintaining the highest level paid [8] Business Line Data and Key Metrics Changes - Excluding PPP, loan growth was up approximately 4.5% for the first nine months of the year [12] - The company anticipates an additional $100 million in construction loans to be advanced over the next year [14] Market Data and Key Metrics Changes - The total watch list, including watch credits and non-accrual credits, totals $47 million, which is less than 2% of total loans, indicating historically low levels [16] - The hotel portfolio's occupancy rates improved from nearly zero in April and May to 57% in August, but fell back to 50% in September [19] Company Strategy and Development Direction - The company is expanding into Minnesota, with construction underway for a new facility in Sartell, Minnesota [9] - The company is focusing on maintaining strong credit quality and monitoring the financial health of borrowers [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to replace anticipated payoffs in the loan portfolio, expecting to maintain a growth rate of at least 4.5% by year-end [30] - The company is cautious about future margin pressures due to lower yields on reinvested loans [34] Other Important Information - Business DDA accounts have increased by 50% year-over-year, reflecting a conservative approach by customers amid economic uncertainty [22] - The company has seen strong performance in the Rochester market, driven by the recovery of Mayo Clinic's operations [24] Q&A Session Summary Question: What is the outlook for net loan growth over the next couple of quarters? - Management expects to maintain a growth rate of at least 4.5% by year-end, with a pipeline to replace anticipated payoffs [30] Question: How does the margin outlook look given the lower deposit costs? - Management indicated limited room for further lowering deposit costs, with future margins likely impacted by reinvestment at lower yields [34] Question: Can you provide more detail on the credit that may see some loss? - The credit is a large non-profit with adequate collateral, but there is potential for a small loss depending on future developments [36] Question: What is the status of the $16 million movie theater credit? - The theaters have reopened with limited operations, and the business has injected significant liquidity to support operations [38] Question: What is the current status of deferrals? - The company expects deferrals to decrease significantly, with most remaining deferrals related to hotel properties [40] Question: How adequate is the current allowance for potential issues? - Management believes the allowance is adequate as of the end of September, with future provisions likely similar to previous quarters [44]

[PART I. FINANCIAL INFORMATION](index=6&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) This section presents West Bancorporation's unaudited consolidated financial statements for Q3 and YTD 2020, detailing financial position, performance, and cash flows [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to **$2.78 billion** by September 30, 2020, driven by loan growth and a rise in deposits Consolidated Balance Sheet Highlights (in millions) | Account | Sep 30, 2020 | Dec 31, 2019 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **$2,775.9** | **$2,473.7** | **$302.2** | | Loans, net | $2,222.0 | $1,924.4 | $297.6 | | Investment securities available for sale | $374.4 | $398.6 | ($24.2) | | **Total Liabilities** | **$2,560.6** | **$2,261.9** | **$298.7** | | Total deposits | $2,296.8 | $2,014.8 | $282.0 | | **Total Stockholders' Equity** | **$215.3** | **$211.8** | **$3.5** | [Consolidated Statements of Income](index=7&type=section&id=Consolidated%20Statements%20of%20Income) Net income increased in Q3 and YTD 2020, driven by higher net interest income despite increased loan loss provisions Income Statement Highlights (in millions, except per share data) | Metric | Q3 2020 | Q3 2019 | YTD 2020 | YTD 2019 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $21.1 | $17.1 | $60.3 | $49.0 | | Provision for Loan Losses | $4.0 | $0.3 | $8.0 | $0.3 | | **Net Income** | **$8.1** | **$7.5** | **$24.2** | **$21.1** | | Diluted EPS | $0.49 | $0.46 | $1.46 | $1.28 | [Consolidated Statements of Comprehensive Income](index=8&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Comprehensive income rose in Q3 2020 but declined year-to-date, primarily due to unrealized derivative losses Comprehensive Income (in millions) | Metric | Q3 2020 | Q3 2019 | YTD 2020 | YTD 2019 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $8.1 | $7.5 | $24.2 | $21.1 | | Total other comprehensive income (loss) | $1.4 | ($2.7) | ($11.3) | $0.8 | | **Comprehensive Income** | **$9.5** | **$4.9** | **$12.9** | **$21.9** | [Consolidated Statements of Stockholders' Equity](index=9&type=section&id=Consolidated%20Statements%20of%20Stockholders'%20Equity) Total stockholders' equity increased, driven by net income offset by comprehensive loss and cash dividends - Key changes in stockholders' equity for the nine months ended Sep 30, 2020, include **net income of $24.2 million**, offset by **other comprehensive loss of $11.3 million** and **cash dividends of $10.4 million**[19](index=19&type=chunk) - Cash dividends declared were **$0.63 per common share** for the nine months ended Sep 30, 2020, compared to **$0.62** for the same period in 2019[19](index=19&type=chunk) [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities provided **$31.1 million**, with investing activities using **$283.4 million**, leading to a net increase in cash Cash Flow Summary (Nine Months Ended Sep 30, in millions) | Activity | 2020 | 2019 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $31.1 | $27.3 | | Net Cash from Investing Activities | ($283.4) | ($59.2) | | Net Cash from Financing Activities | $264.9 | $113.7 | | **Net Increase in Cash** | **$12.6** | **$81.8** | [Notes to Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section details the Company's accounting policies, financial data disclosures, and COVID-19 pandemic impacts - The Company has elected to delay the adoption of **ASU No. 2016-13 (CECL model)** until fiscal years beginning after December 15, 2022[27](index=27&type=chunk) - The Company is evaluating the impact of **reference rate reform (Topic 848)**, with optional guidance effective through December 31, 2022[30](index=30&type=chunk) - The **COVID-19 pandemic** is a significant uncertainty that could materially and adversely impact financial estimates, especially expected credit losses on loans[112](index=112&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance and condition, focusing on COVID-19 impacts, net interest income, loan loss provisions, and loan growth [Significant Developments - Impact of COVID-19](index=40&type=section&id=Significant%20Developments%20-%20Impact%20of%20COVID-19) The company details COVID-19's significant impact, its response including PPP loans and payment deferrals, and stressed industry exposures - Originated **$224.5 million** in Paycheck Protection Program (PPP) loans as a participating lender[124](index=124&type=chunk)[129](index=129&type=chunk) - As of September 30, 2020, approximately **$434.4 million (19.3%)** of loans were in payment deferral status under COVID-19 related modifications[129](index=129&type=chunk) - Loan exposure to stressed industries (hotel, retail, restaurant, movie theater) was approximately **$331.7 million**, or **14.8%** of the total loan portfolio, at September 30, 2020[130](index=130&type=chunk) [Summary of Financial Performance](index=43&type=section&id=Summary) Net income increased in Q3 and YTD 2020, driven by net interest income despite higher loan loss provisions and strong loan growth Quarterly Performance Highlights (in millions, except per share data) | Metric | Q3 2020 | Q3 2019 | | :--- | :--- | :--- | | Net Income | $8.1 | $7.5 | | Diluted EPS | $0.49 | $0.46 | | ROA (annualized) | 1.16% | 1.22% | | ROE (annualized) | 15.20% | 14.76% | - The Board of Directors declared a quarterly cash dividend of **$0.21 per common share**, maintaining the previous level due to economic uncertainty[129](index=129&type=chunk)[144](index=144&type=chunk) - The allowance for loan losses to total loans ratio increased to **1.13%** at Sep 30, 2020, from **0.89%** at Dec 31, 2019, with the ratio at **1.26%** excluding PPP loans[141](index=141&type=chunk) [Results of Operations](index=46&type=section&id=Results%20of%20Operations) Operating results show significant net interest income growth, higher loan loss provisions, increased noninterest income, and modest expense growth Key Performance Ratios | Ratio | Nine Months 2020 | Nine Months 2019 | | :--- | :--- | :--- | | Return on average assets | 1.21% | 1.20% | | Return on average equity | 15.47% | 14.25% | | Net interest margin (FTE) | 3.19% | 2.95% | | Efficiency ratio (FTE) | 42.68% | 51.74% | [Financial Condition](index=56&type=section&id=Financial%20Condition) Total assets grew to **$2.78 billion**, driven by loan and deposit increases, while nonperforming assets rose due to COVID-19 impacts - Total assets increased by **$302.2 million** to **$2.78 billion** in the first nine months of 2020[179](index=179&type=chunk) - Nonaccrual loans increased by **$17.2 million** to **$17.8 million** as of September 30, 2020, from **$0.5 million** at year-end 2019, due to downgrades of two COVID-19 affected borrowers[183](index=183&type=chunk)[186](index=186&type=chunk) - The **Texas ratio** increased to **7.38%** as of September 30, 2020, from **0.23%** at December 31, 2019[183](index=183&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=62&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Disclosure for market risk is not required for smaller reporting companies - Disclosure is not required for smaller reporting companies[200](index=200&type=chunk) [Controls and Procedures](index=62&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective, with no material changes to internal control over financial reporting - The CEO and CFO concluded that **disclosure controls and procedures were effective** as of the end of the reporting period[201](index=201&type=chunk) - No material changes in **internal control over financial reporting** occurred during the quarter ended September 30, 2020[202](index=202&type=chunk) [PART II. OTHER INFORMATION](index=62&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=62&type=section&id=Item%201.%20Legal%20Proceedings) The company is not involved in any material legal proceedings beyond ordinary routine litigation - The Company is not involved in any **material legal proceedings** outside of ordinary routine litigation[204](index=204&type=chunk) [Risk Factors](index=62&type=section&id=Item%201A.%20Risk%20Factors) Updated risk factors highlight significant uncertainties and adverse impacts from the COVID-19 pandemic, including credit quality and PPP risks - The **COVID-19 pandemic** has had an adverse impact on the economy, with its duration and extent remaining highly uncertain[205](index=205&type=chunk) - As a PPP lender, the company faces **litigation risks** regarding loan processing and the risk that the **SBA may not fully fund loan guarantees** if deficiencies are found[211](index=211&type=chunk)[213](index=213&type=chunk) - The pandemic has increased business risks, including potential declines in demand, increased loan delinquencies, reduced net interest margin, and potential loss of key employees[208](index=208&type=chunk)[216](index=216&type=chunk)[210](index=210&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=63&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities occurred during the reporting period - None[214](index=214&type=chunk) [Defaults Upon Senior Securities](index=63&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities occurred during the reporting period - None[215](index=215&type=chunk) [Mine Safety Disclosures](index=63&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[216](index=216&type=chunk) [Other Information](index=65&type=section&id=Item%205.%20Other%20Information) No other information is reported for this period - None[217](index=217&type=chunk) [Exhibits](index=66&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed, including CEO and CFO certifications and XBRL interactive data files - Exhibits filed include **certifications from the CEO and CFO** (31.1, 31.2, 32.1, 32.2) and **XBRL data files** (101 series)[218](index=218&type=chunk)

West Bancorporation, Inc. (NASDAQ:WTBA) Q2 2020 Earnings Conference Call July 24, 2020 11:00 AM ET Company Participants Douglas Gulling - EVP, Treasurer & CFO David Nelson - CEO, President & Director Harlee Olafson - EVP & Chief Risk Officer Conference Call Participants Brendan Nosal - Piper Sandler & Co. Operator Good morning, and welcome to West Bancorp quarterly earnings call. [Operator Instructions]. I'd like to turn the conference over to Mr. Doug Gulling, Chief Financial Officer. Please go ahead. Doug ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 0-49677 WEST BANCORPORATION, INC. (Exact Name of Registrant as Specified in its Charter) Iowa 42-1230603 (Stat ...

West Bancorporation, Inc. (NASDAQ:WTBA) Q1 2020 Earnings Conference Call April 24, 2020 11:00 AM ET Company Participants Dave Nelson - President and Chief Executive Officer Doug Gulling - Executive Vice President and Chief Financial Officer Harlee Olafson - Executive Vice President and Chief Risk Officer Brad Winterbottom - Executive Vice President Conference Call Participants Andrew Liesch - Piper Sandler Kevin McLaughlin - McLaughlin Investments Operator Good day. And welcome to the West Bancorp Quarter ...

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) IOWA 42-1230603 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 0-49677 WEST BANCORPORATION, INC. (Exact Name of Registrant as Specified in its Charter) (Sta ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT of 1934 For the fiscal year ended December 31, 2019 or o TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number: 0-49677 WEST BANCORPORATION, INC. (Exact name of registrant as specified in its charter) IOWA 42-1230603 Indicate ...

West Bancorporation, Inc. (NASDAQ:WTBA) Q4 2019 Earnings Conference Call January 24, 2020 11:00 AM ET Company Participants Dave Nelson - Chief Executive Officer Doug Gulling - Chief Financial Officer Brad Winterbottom - West Bank President Harlee Olafson - Chief Risk Officer Operator Good morning and welcome to the West Bancorp Quarterly Earnings Call. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions [Operator Instructions]. I would now like to turn the conf ...

West Bancorporation, Inc. (NASDAQ:WTBA) Q3 2019 Earnings Conference Call October 25, 2019 11:00 AM ET Company Participants Doug Gulling - Chief Financial Officer Dave Nelson - Chief Executive Officer Brad Winterbottom - President Harlee Olafson - Chief Risk Officer Conference Call Participants Andrew Liesch - Sandler O'Neill Kevin McLaughlin - McLaughlin Investment Operator Good morning and welcome to the West Bancorporation Quarterly Earnings Conference Call. [Operator Instructions] After today's presentat ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 | 1601 22nd Street, West Des Moines, Iowa | 50266 | | --- | --- | | (Address of principal executive offices) | (Zip Code) | Registrant's telephone number, including area code: (515) 222-2300 Securities registered or to be registered pursuant to Section 12(b) of the Act: or o TRA ...