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West Bancorporation, Inc. operates as the bank holding company for West Bank that provides community banking and trust services to individuals and small- to medium-sized businesses in the United States. The company offers deposit services, including checking, savings, and money market accounts, as well as time certificates of deposit. It also provides loan products comprising commercial real estate loans, construction and land development loans, commercial lines of credit, and commercial term loans; and consumer loans, including loans extended to individuals for household, family, and other personal expenditures not secured by real estate, as well as 1-4 family residential mortgages and home equity loans. In addition, the company offers online and mobile banking services; treasury management services, including online and mobile cash management, client-generated automated clearing house transactions, remote deposit capture, lock box and fraud protection services; merchant credit card processing and corporate credit cards; and trust services, such as administration of estates, conservatorships, personal trusts, and agency accounts. West Bancorporation, Inc. was founded in 1893 and is headquartered in West Des Moines, Iowa.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $94M | - | $33M | $43M | 12.2% | 19.4% | 35.4% |
| 2024 | $79M | - | $24M | $14M | 10.6% | 0.0% | -0.4% |
| 2023 | $79M | - | $24M | $-11M | 10.7% | -22.4% | -48.0% |
| 2022 | $102M | - | $46M | $38M | 22.0% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 101.95 | 79.10 | 79.13 | 94.48 |
| Pretax Income | 59.40 | 29.79 | 27.44 | 41.42 |
| Tax Provision | 13 | 5.65 | 3.39 | 8.86 |
| Net Income | 46.40 | 24.14 | 24.05 | 32.56 |
| Net Income Common Stockholders | 46.40 | 24.14 | 24.05 | 32.56 |
| Interest Expense | 31.61 | 91.27 | 118.70 | 103.24 |
| Interest Income | 123.35 | 160.31 | 190.07 | 192.22 |
| Selling General And Administration | 27.65 | 28.81 | 31.89 | 33.54 |
| Normalized Income | 46.40 | 24.14 | 24.05 | 32.56 |
| Basic EPS | 2.79 | 1.44 | 1.43 | 1.92 |
| Diluted EPS | 2.76 | 1.44 | 1.42 | 1.92 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.22 | 0.19 | 0.12 | 0.21 |
| Total Unusual Items | 0 | -0.18 | 0 | 0 |
| Total Unusual Items Excluding Goodwill | 0 | -0.18 | 0 | 0 |
| Net Income From Continuing Operation Net Minority Interest | 46.40 | 24.14 | 24.05 | 32.56 |
| Reconciled Depreciation | 4.46 | 5.15 | 6.92 | 7.59 |
| Net Interest Income | 91.74 | 69.03 | 71.36 | 88.98 |
| Net Income From Continuing And Discontinued Operation | 46.40 | 24.14 | 24.05 | 32.56 |
| Diluted Average Shares | 16.81 | 16.76 | 16.94 | 17 |
| Basic Average Shares | 16.63 | 16.76 | 16.82 | 16.91 |
| Diluted NI Availto Com Stockholders | 46.40 | 24.14 | 24.05 | 32.56 |
| Net Income Including Noncontrolling Interests | 46.40 | 24.14 | 24.05 | 32.56 |
| Net Income Continuous Operations | 46.40 | 24.14 | 24.05 | 32.56 |
| Special Income Charges | 0 | -0.18 | 0 | 0 |
| Other Special Charges | 0 | 0.18 | 0 | 0 |
| Gain On Sale Of Security | 0 | -0.43 | -1.17 | -3.96 |
| Selling And Marketing Expense | 0.25 | 0.16 | 0.10 | 0.09 |
| General And Administrative Expense | 27.65 | 28.81 | 31.80 | 33.45 |
| Other Gand A | 2.14 | 0 | 0 | 0 |
| Insurance And Claims | 1 | 1.75 | 3.38 | 3.29 |
| Salaries And Wages | 26.65 | 27.06 | 28.42 | 30.16 |
| Operating Revenue | 101.95 | 79.10 | 79.13 | 94.48 |
| Occupancy And Equipment | 4.91 | 5.51 | 7.32 | 8.17 |
| Professional Expense And Contract Services Expense | 0.87 | 1.03 | 1.30 | 1.82 |
| Other Non Interest Expense | 11.62 | 13.27 | 10.17 | 9.53 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| West Bancorporation, Inc.this co. | WTBA | $409M | 11.60↑ premium | 1.51 | 12.2% | - |
| Bankwell Financial Group, Inc. | BWFG | $419M | 10.53 | 1.31 | 11.7% | - |
| Bank7 Corp. | BSVN | $414M | 9.31 | 1.59 | 17.2% | - |
| Bank of Marin Bancorp | BMRC | $413M | - | 1.03 | -9.0% | - |
| Citizens & Northern Corporation | CZNC | $412M |
| 15.75 |
| 1.20 |
| 6.9% |
| - |
| RBB Bancorp | RBB | $408M | 10.11 | 0.78 | 6.1% | - |
| GBank Financial Holdings Inc. | GBFH | $407M | 19.55 | 2.44 | 12.6% | - |
| Chaince Digital Holdings Inc. | CD | $406M | - | 8.46 | -11.6% | -100.98 |
| Greene County Bancorp, Inc. | GCBC | $402M | 10.31 | 1.50 | 13.0% | - |
| Peer Median | - | 10.42 | 1.40 | 9.3% | -100.98 | |