West Bancorporation, Inc. (NASDAQ:WTBA) Q2 2022 Earnings Conference Call July 29, 2022 11:00 AM ET Company Participants Jane Funk - Chief Financial Officer David Nelson - President and Chief Executive Officer Harlee Olafson - Executive Vice President and Chief Risk Officer Brad Winterbottom - President Brad Peters - Executive Vice President Conference Call Participants Brendan Nosal - Piper Sandler Operator Ladies and gentlemen, thank you for standing by. Welcome to the West Bancorporation Incorporated Earn ...

or 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, 2022 ☐ 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) (Address of principal ...

West Bancorporation, Inc. (NASDAQ:WTBA) Q1 2022 Earnings Conference Call April 29, 2022 11:00 AM ET Company Participants Jane Funk - Chief Financial Officer David Nelson - President and Chief Executive Officer Harlee Olafson - Chief Risk Officer Brad Winterbottom - President, West Bank Brad Peters - Minnesota Group President, West Bank Conference Call Participants Brendan Nosal - Piper Sandler Operator Good morning. Thank you for attending today’s West Bancorporation, Inc., Earnings Call. My name is Tunia [ ...

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 March 31, 2022 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) (State of Incorporat ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 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 (State or ...

West Bancorporation, Inc. (NASDAQ:WTBA) Q4 2021 Earnings Conference Call January 28, 2022 11:00 AM ET Company Participants Jane Funk - EVP & CFO Dave Nelson - CEO Harlee Olafson - Chief Risk Officer Brad Winterbottom - EVP Brad Peters - EVP Conference Call Participants Brendan Nosal - Piper Sandler Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the transcript are designed to help you navigate the audio should the correspondi ...

West Bancorporation, Inc. (NASDAQ:WTBA) Q3 2021 Earnings Conference Call October 29, 2021 11:00 AM ET Company Participants Doug Gulling - CFO Dave Nelson - CEO Harlee Olafson - Chief Risk Officer Brad Winterbottom - Bank President Jane Funk - Controller and CAO Brad Peters - EVP Conference Call Participants Brendan Nosal - Piper Sandler Operator Good morning and welcome to the West Bancorporation Quarterly Earnings Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s p ...

Financial Performance - Net income for Q3 2021 was $12,706, or $0.76 per diluted share, up from $8,100, or $0.49 per diluted share in Q3 2020, representing a 56.8% increase [123]. - For the nine months ended September 30, 2021, net income was $37,697, or $2.25 per diluted share, compared to $24,158, or $1.46 per diluted share for the same period in 2020, marking a 55.9% increase [127]. - Net income for the nine months ended September 30, 2021, was $37,697, reflecting a 56.04% increase from $24,158 in the same period of 2020 [139]. Interest Income and Loans - Net interest income for Q3 2021 increased by $3,354, or 15.9%, compared to Q3 2020, primarily due to higher interest income on loans and securities [125]. - Net interest income for the nine months ended September 30, 2021, increased by $10,114, or 16.8%, compared to the same period in 2020 [129]. - Total loans outstanding rose by $78,992, or 3.5%, during the first nine months of 2021, with a 10.1% increase when excluding PPP loan activity [131]. - Average loans outstanding rose from $2,115,061 thousand in the nine months ended September 30, 2020 to $2,307,229 thousand in the same period of 2021, indicating growth in lending activity [162]. Asset Quality and Loan Losses - The provision for loan losses was $0 in Q3 2021, compared to $4,000 in Q3 2020, reflecting improved economic conditions [125]. - The allowance for loan losses ratio, excluding PPP loans, was 1.22% as of September 30, 2021, down from 1.40% a year earlier, suggesting improved credit quality [115]. - The allowance for loan losses was 1.19% of outstanding loans as of September 30, 2021, down from 1.29% as of December 31, 2020 [131]. - Nonaccrual loans decreased by $7,114,000 from $16,194,000 as of December 31, 2020, to $9,080,000 as of September 30, 2021 [179]. Noninterest Income and Expenses - Noninterest income decreased by $802 in Q3 2021 compared to Q3 2020, mainly due to a decline in loan swap fees [126]. - Noninterest income decreased by $117 during the nine months ended September 30, 2021, primarily due to a decrease in loan swap fees [130]. - Noninterest expense increased by $653 in Q3 2021 compared to Q3 2020, primarily driven by higher salaries and employee benefits [126]. - Noninterest expense increased by $2,370 for the nine months ended September 30, 2021, mainly due to higher salaries and employee benefits [130]. Efficiency and Ratios - The efficiency ratio on an adjusted and FTE basis improved to 39.41% in Q3 2021 from 41.35% in Q3 2020, indicating better cost management [115]. - The efficiency ratio improved to 40.08% for the nine months ended September 30, 2021, down from 42.68% in the same period in 2020 [139]. - The Texas ratio improved to 3.24% as of September 30, 2021, down from 7.38% in 2020, indicating better asset quality [139]. - The Texas ratio improved to 3.24% as of September 30, 2021, down from 6.40% as of December 31, 2020 [175]. Capital and Equity - The Company's total stockholders' equity increased to $252,376 at September 30, 2021, up from $223,695 at December 31, 2020, primarily due to net income less dividends paid and an increase in fair value of derivatives [187]. - The Company's tangible common equity as a percent of tangible assets was 7.77% as of September 30, 2021, compared to 7.02% as of December 31, 2020 [187]. - The capital ratios for the Company and West Bank were sufficient to meet the conservation buffer as of September 30, 2021 [191]. Dividends and Shareholder Returns - A quarterly cash dividend of $0.24 per common share was declared, payable on November 24, 2021 [136]. Economic Context and Future Outlook - The company anticipates potential declines in interest income due to the long-term impact of the COVID-19 pandemic and competitive pressures [151]. - The national unemployment rate peaked at 14.8% in April 2020 due to the COVID-19 pandemic, with ongoing economic recovery observed in 2021 [163]. - The company made qualitative adjustments to the allowance for loan losses evaluation in response to the COVID-19 pandemic, with some factors decreased in Q2 and Q3 2021 [163]. Operational Developments - The Company began construction on a new office in Sartell, Minnesota, with a remaining construction commitment of $3,477 as of September 30, 2021 [188]. - The Company maintains an Asset Liability Committee that meets quarterly to review interest rate sensitivity and develop strategies for managing interest rate risk [194].

West Bancorporation, Inc. (NASDAQ:WTBA) Q2 2021 Earnings Conference Call July 30, 2021 11:00 AM ET Company Participants Doug Gulling - CFO Dave Nelson - CEO Harlee Olafson - Chief Risk Officer Brad Winterbottom - Bank President Jane Funk - Controller and Chief Accounting Officer Brad Peters - Executive Vice President Conference Call Participants Brendan Nosal - Piper Sandler Operator Good day and welcome to the West Bancorporation Corporation Quarterly Earnings Call. All participants will be in a listen-onl ...

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Presents the unaudited consolidated balance sheets, income, equity, and cash flow statements for the period [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total assets grew to $3.27 billion, driven by increases in securities and loans funded by deposit growth Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $270,823 | $396,435 | | Securities available for sale | $601,462 | $420,571 | | Loans, net | $2,281,485 | $2,251,139 | | **Total assets** | **$3,268,760** | **$3,185,744** | | **Liabilities & Equity** | | | | Total deposits | $2,825,289 | $2,700,994 | | Federal Home Loan Bank advances | $125,000 | $175,000 | | **Total liabilities** | **$3,022,234** | **$2,962,049** | | **Total stockholders' equity** | **$246,526** | **$223,695** | [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) Net income significantly increased year-over-year due to higher net interest income and a negative loan loss provision Key Income Statement Data (in thousands, except per share data) | Metric | Q2 2021 | Q2 2020 | H1 2021 | H1 2020 | | :--- | :--- | :--- | :--- | :--- | | Net interest income | $22,850 | $20,747 | $45,971 | $39,211 | | Provision for loan losses | ($2,000) | $3,000 | ($1,500) | $4,000 | | Noninterest income | $2,515 | $1,775 | $4,980 | $4,295 | | Noninterest expense | $10,526 | $9,417 | $20,797 | $19,080 | | **Net income** | **$13,239** | **$7,969** | **$24,991** | **$16,058** | | Diluted EPS | $0.79 | $0.48 | $1.49 | $0.97 | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash flow from operations was positive, but overall cash decreased due to significant investment in securities Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Category | 2021 | 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $28,508 | $23,530 | | Net cash used in investing activities | ($216,564) | ($196,494) | | Net cash provided by financing activities | $62,444 | $236,343 | | **Net (decrease) increase in cash and cash equivalents** | **($125,612)** | **$63,379** | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Details accounting policies, loan portfolio composition, derivatives, and fair value measurement methodologies - The company plans to adopt the new credit loss standard (ASU 2016-13, Topic 326) for fiscal years beginning after December 15, 2022, and **does not plan to early adopt**[26](index=26&type=chunk) Loan Portfolio Composition (in thousands) | Loan Type | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Commercial | $510,947 | $603,599 | | Real estate - Commercial | $1,445,512 | $1,373,007 | | Real estate - Construction | $281,754 | $236,093 | | Other Loans | $83,769 | $80,050 | | **Total Loans (before net fees)** | **$2,315,982** | **$2,286,749** | - At June 30, 2021, the company had **no COVID-19-related loan modifications outstanding**[46](index=46&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Analyzes financial performance, highlighting strong earnings, the lessening COVID-19 impact, and margin compression [Summary of Performance](index=34&type=section&id=Summary) Reports significantly improved net income and EPS, driven by a negative loan loss provision and strong loan growth Performance Summary - Q2 2021 vs Q2 2020 | Metric | Q2 2021 | Q2 2020 | | :--- | :--- | :--- | | Net Income | $13,239 thousand | $7,969 thousand | | Diluted EPS | $0.79 | $0.48 | | Return on Average Assets | 1.65% | 1.19% | | Return on Average Equity | 22.20% | 15.68% | Performance Summary - H1 2021 vs H1 2020 | Metric | H1 2021 | H1 2020 | | :--- | :--- | :--- | | Net Income | $24,991 thousand | $16,058 thousand | | Diluted EPS | $1.49 | $0.97 | | Return on Average Assets | 1.59% | 1.23% | | Return on Average Equity | 21.50% | 15.61% | - The Board of Directors declared a **quarterly cash dividend of $0.24 per common share**, payable on August 25, 2021[136](index=136&type=chunk) [Impact of COVID-19](index=34&type=section&id=Impact%20of%20COVID-19) Discusses lingering economic uncertainty from the pandemic and its pressure on the net interest margin - Loan exposure to the hotel, restaurant, and movie theater industries totaled approximately **$256.1 million, or 11.1% of the total loan portfolio**, as of June 30, 2021[122](index=122&type=chunk) - As of June 30, 2021, the company had **no loans remaining under COVID-19-related modifications**[122](index=122&type=chunk) [Results of Operations](index=39&type=section&id=Results%20of%20Operations) Net interest income grew, though margin declined; a negative provision for loan losses boosted profitability - **Net interest margin (FTE) for H1 2021 was 3.08%**, down from 3.19% in H1 2020, primarily due to lower yields on loans and securities, partially offset by lower funding costs[145](index=145&type=chunk)[149](index=149&type=chunk) - A **negative provision for loan losses of $1.5 million** was recorded in H1 2021, compared to a $4.0 million provision in H1 2020, reflecting improved economic conditions[155](index=155&type=chunk) - Noninterest income for H1 2021 increased by $685,000, driven by **higher trust services revenue and debit card fees**[165](index=165&type=chunk) - Noninterest expense for H1 2021 increased by $1.7 million, primarily due to **higher salaries and employee benefits** and a 56.9% increase in FDIC insurance expense[168](index=168&type=chunk) [Financial Condition](index=49&type=section&id=Financial%20Condition) Total assets grew to $3.27 billion, with improved asset quality and capital ratios exceeding regulatory minimums - Excluding PPP loans, the loan portfolio **grew by $125.1 million, or 6.0%**, in the first six months of 2021[131](index=131&type=chunk) - **Nonaccrual loans decreased to $14.6 million** at June 30, 2021, from $16.2 million at December 31, 2020[176](index=176&type=chunk)[181](index=181&type=chunk) Capital Ratios as of June 30, 2021 | Ratio | Consolidated Actual | Well-Capitalized Minimum | | :--- | :--- | :--- | | Total Capital (to Risk-Weighted Assets) | 11.32% | 10.00% | | Tier 1 Capital (to Risk-Weighted Assets) | 10.27% | 8.00% | | Common Equity Tier 1 Capital | 9.51% | 6.50% | | Tier 1 Capital (to Average Assets) | 8.47% | 5.00% | [Quantitative and Qualitative Disclosures About Market Risk](index=53&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Manages interest rate risk via simulation modeling, indicating an asset-sensitive position Interest Rate Sensitivity Analysis (Estimated Change in NII over 1 Year) | Scenario | % Change in Net Interest Income | | :--- | :--- | | 300 basis points rising | 4.23% | | 200 basis points rising | 3.05% | | 100 basis points rising | 1.73% | [Controls and Procedures](index=53&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes in internal controls - The CEO and CFO concluded that the Company's **disclosure controls and procedures were effective** as of June 30, 2021[201](index=201&type=chunk) - **No changes in internal control over financial reporting** occurred during the quarter that materially affected, or are reasonably likely to materially affect, the Company's internal control[202](index=202&type=chunk) [PART II. OTHER INFORMATION](index=55&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=55&type=section&id=Item%201.%20Legal%20Proceedings) The company is not party to any material legal proceedings outside of ordinary routine litigation - There are **no material pending legal proceedings** against the Company or its subsidiary, West Bank, outside of ordinary routine litigation[204](index=204&type=chunk) [Risk Factors](index=55&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred in the risk factors previously disclosed in the annual Form 10-K report - **No material changes** to the risk factors disclosed in the 2020 Form 10-K have occurred[205](index=205&type=chunk) [Exhibits](index=56&type=section&id=Item%206.%20Exhibits) Lists all exhibits filed with the report, including incentive plans and required officer certifications