{"success":true,"data":{"pressRelease":{"id":"6669","rtpr_id":"nGNX3pS7bc","ticker":"WTBA","exchange":"NASDAQ","all_tickers":["WTBA"],"title":"West Bancorporation, Inc. Announces First Quarter 2026 Financial Results And Declares Quarterly Dividend","author":"Globe Newswire","published_at":"2026-04-23T12:30:03.200Z","article_body":"WEST DES MOINES, Iowa, April 23, 2026 (GLOBE NEWSWIRE) -- West Bancorporation,\nInc. (Nasdaq: WTBA; the “Company”), parent company of West Bank, today\nreported first quarter 2026 net income of $10.6 million, or $0.61 per diluted\ncommon share, compared to fourth quarter 2025 net income of $7.4 million, or\n$0.43 per diluted common share, and first quarter 2025 net income of $7.8\nmillion, or $0.46 per diluted common share. On April 22, 2026, the Company’s\nBoard of Directors declared a regular quarterly dividend of $0.25 per common\nshare. The dividend is payable on May 20, 2026, to stockholders of record on\nMay 6, 2026.\n\nDavid Nelson, President and Chief Executive Officer of the Company, commented,\n“Our priorities continue to center on our relationship building strategies\nto drive improvements in profitability and build shareholder value. Our net\ninterest margin continues to expand and we saw net income increase 34.8\npercent in the first quarter of 2026 compared to the first quarter of 2025.\nOur teams are working hard at the activities that we believe will result in\nenhanced financial performance.”\n\nMr. Nelson added, “Our balance sheet remains exceptionally strong, supported\nby solid capital and liquidity levels. Credit quality remains pristine with no\nloans on nonaccrual status at March 31, 2026. Additionally, this marks our\nseventh consecutive quarter-end with no loans greater than 30 days past\ndue.”\n\nFirst Quarter 2026 Compared to Fourth Quarter 2025 Overview\n* Loans decreased $10.1 million, or 0.3 percent, in the first quarter of 2026.\nWe continue to experience notable loan payoffs as a result of secondary market\nrefinancings and asset and business sales. The change in loan mix is primarily\ndue to reclassifications resulting from completed construction projects moving\nto permanent financing and commercial loan restructurings adding real estate\ncollateral. \n\n\n* No credit loss expense on loans was recorded in either the first quarter of\n2026 or fourth quarter of 2025. \n\n\n* The allowance for credit losses to total loans was 1.02 percent as of both\nMarch 31, 2026 and December 31, 2025. There were no nonaccrual loans at March\n31, 2026 or December 31, 2025. Watch list loans decreased from $52.2 million\nas of December 31, 2025 to $41.3 million as of March 31, 2026. This decrease\nwas primarily due to the payoff of one commercial real estate loan in the\nfirst quarter of 2026 with a balance of $11.4 million. \n\n\n* Deposits decreased $133.5 million, or 3.8 percent, in the first quarter of\n2026. Brokered deposits totaled $116.5 million at March 31, 2026, compared to\n$154.6 million at December 31, 2025, a decrease of $38.1 million. Excluding\nbrokered deposits, deposits decreased $95.4 million, or 2.9 percent, during\nthe first quarter of 2026. The decline in deposits was due to normal cash flow\nfluctuations of our core depositors. As of March 31, 2026, estimated uninsured\ndeposits, which exclude deposits in a reciprocal deposit network, brokered\ndeposits and public funds protected by state programs, accounted for\napproximately 27.0 percent of total deposits. \n\n\n* Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure),\nwas 2.59 percent for the first quarter of 2026, compared to 2.47 percent for\nthe fourth quarter of 2025. Net interest income for the first quarter of 2026\nwas $24.4 million, compared to $24.2 million for the fourth quarter of 2025.\nThe improvement in net interest margin was primarily due to a 14 basis point\ndecrease in the cost of deposits in the first quarter of 2026 when compared to\nthe fourth quarter of 2025.\n\n\n* The efficiency ratio (a non-GAAP measure) improved to 49.85 percent for the\nfirst quarter of 2026, compared to 50.21 percent for the fourth quarter of\n2025.\n* The tangible common equity ratio was 6.75 percent as of March 31, 2026,\ncompared to 6.42 percent as of December 31, 2025.\nFirst Quarter 2026 Compared to First Quarter 2025 Overview\n* Loans decreased $24.8 million at March 31, 2026, or 0.8 percent, compared to\nMarch 31, 2025. We continue to experience notable loan payoffs as a result of\nsecondary market refinancings and asset and business sales. The change in loan\nmix is primarily due to reclassifications resulting from completed\nconstruction projects moving to permanent financing and commercial loan\nrestructurings adding real estate collateral.\n\n\n* Deposits increased $10.5 million, or 0.3 percent, at March 31, 2026,\ncompared to March 31, 2025. Included in deposits were brokered deposits\ntotaling $116.5 million at March 31, 2026, compared to $335.5 million at March\n31, 2025. Excluding brokered deposits, deposits increased $229.5 million, or\n7.7 percent, as of March 31, 2026, compared to March 31, 2025. In the second\nquarter of 2025, a local municipal customer deposited approximately $243.0\nmillion of bond proceeds that are expected to be withdrawn over a 24 month\ntime period.\n\n\n* Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure),\nwas 2.59 percent for the first quarter of 2026, compared to 2.28 percent for\nthe first quarter of 2025. Net interest income for the first quarter of 2026\nwas $24.4 million, compared to $20.9 million for the first quarter of 2025.\nThe increase in net interest margin and net interest income was primarily due\nto a decrease in interest expense on deposits and borrowed funds. The cost of\ndeposits decreased by 40 basis points in the first quarter of 2026 compared to\nthe first quarter of 2025. This was partially offset by a $79.8 million\nincrease in average deposit balances in the first quarter of 2026 compared to\nthe first quarter of 2025. Additionally, the average balance of borrowed funds\ndecreased $16.2 million in the first quarter of 2026, compared to the first\nquarter of 2025.\n\n\n* The efficiency ratio (a non-GAAP measure) was 49.85 percent for the first\nquarter of 2026, compared to 56.37 percent for the first quarter of 2025. The\nimprovement in the efficiency ratio in the first quarter of 2026 compared to\nthe first quarter of 2025 was primarily due to the increase in net interest\nincome.\n* The tangible common equity ratio was 6.75 percent as of March 31, 2026,\ncompared to 5.97 percent as of March 31, 2025. The increase in the tangible\ncommon equity ratio was due to growth in retained earnings and a decrease in\naccumulated other comprehensive loss.\nThe Company filed its report on Form 10-Q with the Securities and Exchange\nCommission today. Please refer to that document for a more in-depth discussion\nof the Company’s financial results. The Form 10-Q is available on the\nInvestor Relations section of West Bank’s website at www.westbankstrong.com.\n\nThe Company will discuss its results in a conference call scheduled for 2:00\np.m. Central Time on Thursday, April 23, 2026. The telephone number for the\nconference call is 800-715-9871. The conference ID for the conference call is\n7846129. A recording of the call will be available until May 7, 2026, by\ndialing 800-770-2030. The conference ID for the replay call is 7846129\nfollowed by the # key.\n\nAbout West Bancorporation, Inc. (Nasdaq: WTBA)\n\nWest Bancorporation, Inc. is headquartered in West Des Moines, Iowa. Serving\ncustomers since 1893, West Bank, a wholly-owned subsidiary of West\nBancorporation, Inc., is a community bank that focuses on lending, deposit\nservices, and trust services for small- to medium-sized businesses and\nconsumers. West Bank has six offices in the Des Moines, Iowa metropolitan\narea, one office in Coralville, Iowa, and four offices in Minnesota in the\ncities of Rochester, Owatonna, Mankato and St. Cloud.\n\nCertain statements in this report, other than purely historical information,\nincluding estimates, projections, statements relating to the Company’s\nbusiness plans, objectives and expected operating results, and the assumptions\nupon which those statements are based, are “forward-looking statements”\nwithin the meanings of Section 27A of the Securities Act of 1933, as amended,\nand Section 21E of the Securities Exchange Act of 1934, as amended (the\n“Exchange Act”). The Company intends such forward-looking statements to be\ncovered by the safe harbor provisions for forward-looking statements contained\nin the Private Securities Litigation Reform Act of 1995. Forward-looking\nstatements may appear throughout this report. These forward-looking statements\nare generally identified by the words “believes,” “expects,”\n“intends,” “anticipates,” “projects,” “forecasts,”\n“plans,” “targets,” “future,” “confident,” “potentially,”\n“probably,” “outlook,” “may,” “should,” “would,”\n“could,” “will,” “strategy,” “plan,” “opportunity,”\n“will be,” “will likely result,” “will continue” or similar\nreferences, as well as the negative of such words, or references to estimates,\npredictions or future events. Forward-looking statements are not historical\nfacts but instead represent management’s current expectations and forecasts\nregarding future events, many of which are inherently uncertain and outside of\nour control. Such forward-looking statements are based upon certain\nunderlying assumptions, known and unknown, risks and uncertainties. Because\nof the possibility that the underlying assumptions are incorrect or do not\nmaterialize as expected in the future, actual results may differ, possibly\nmaterially from these forward-looking statements. Risks and uncertainties\nthat may affect future results include, but are not limited to: interest rate\nrisk, including the effects of changes in interest rates; fluctuations in the\nvalues of the securities held in our investment portfolio, including as a\nresult of rising interest rates; competitive pressures, including from\nnon-bank competitors such as credit unions, “fintech” companies and\ndigital asset service providers; technological changes implemented by us and\nother parties, including third-party vendors, which may be more difficult to\nimplement or more expensive than anticipated or which may have unforeseen\nconsequences to us and our customers, including the development and\nimplementation of tools incorporating artificial intelligence; pricing\npressures on loans and deposits; our ability to successfully manage liquidity\nrisk; changes in credit and other risks posed by the Company’s loan\nportfolio, including declines in commercial or residential real estate values\nor changes in the allowance for credit losses dictated by new market\nconditions, accounting standards or regulatory requirements; the concentration\nof large deposits from certain clients, including those who have balances\nabove current FDIC insurance limits; the threat or imposition of domestic or\nforeign tariffs or other governmental policies impacting the global supply\nchain and the value of products produced by our commercial borrowers; effects\non the U.S. economy resulting from actions taken by the federal government,\nincluding executive orders and immigration enforcement; changes in local,\nnational and international economic conditions, including the level and impact\nof inflation, and future monetary policies of the Federal Reserve in response\nthereto, and possible recession; the impact of bank failures or adverse\ndevelopments at other banks and related negative publicity about the banking\nindustry in general on investor and depositor sentiment regarding the\nstability and liquidity of banks; changes in legal and regulatory\nrequirements, limitations and costs; changes in customers’ acceptance of the\nCompany’s products and services; the occurrence of fraudulent activity,\nbreaches or failures of our or our third-party partners’ information\nsecurity controls or cyber-security related incidents, including as a result\nof sophisticated attacks using artificial intelligence and similar tools;\nunexpected outcomes of existing or new litigation involving the Company; the\nmonetary, trade and other regulatory policies of the U.S. government; the\neffects of acts of war or terrorism, including the wars in Iran and Ukraine\nand the military conflict between Israel and Hamas in the Middle East;\nwidespread disease, pandemics or epidemics, or other adverse external events;\nrisks related to climate change and the negative impact it may have on our\ncustomers and their business; changes to U.S. tax laws, regulations and\nguidance; potential changes in federal policy and at regulatory agencies;\ntalent and labor shortages; and any other risks described in the “Risk\nFactors” sections of reports filed by the Company with the Securities and\nExchange Commission (the “SEC”). The Company cautions readers not to place\nundue reliance on any forward-looking statements. Moreover, any of the\nforward-looking statements that the Company makes in this report or the\ndocuments the Company files with or furnishes to the SEC are based only on\ninformation then actually known to the Company and upon management’s beliefs\nand assumptions at the time they are made, which may turn out to be wrong\nbecause of inaccurate assumptions they might make, because of the factors\ndescribed above or because of other factors that the Company cannot foresee.\nForward-looking statements speak only as of the date they are made, and the\nCompany does not undertake and specifically disclaims any obligation to revise\nor update such forward-looking statements to reflect current or future events\nor circumstances after the date hereof or to reflect the occurrence of\nunanticipated events.\n\n WEST BANCORPORATION, INC. AND SUBSIDIARY \n Financial Information (unaudited) \n \n As of and for the Quarter Ended \n KEY PERFORMANCE RATIOS AND OTHER METRICS March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 \n Return on average assets ((1)) 1.06 % 0.72 % 0.92 % 0.80 % 0.81 % \n Return on average equity ((2)) 15.91 11.33 15.25 13.65 13.84 \n Net interest margin ((3)(13)) 2.59 2.47 2.36 2.27 2.28 \n Yield on interest-earning assets ((4)(13)) 5.04 5.02 5.13 5.07 5.04 \n Cost of interest-bearing liabilities 2.90 3.02 3.26 3.28 3.25 \n Efficiency ratio ((5)(13)) 49.85 50.21 54.06 56.45 56.37 \n Nonperforming assets to total assets ((6)) 0.00 0.00 0.00 0.00 0.00 \n ACL ratio ((7)) 1.02 1.02 1.01 1.03 1.01 \n Loans/total assets 74.59 72.47 75.50 73.12 75.66 \n Loans/total deposits 89.71 86.54 91.00 87.45 90.73 \n Tangible common equity ratio ((8)) 6.75 6.42 6.40 5.94 5.97 \n \n COMMON SHARE DATA \n Earnings per common share (basic) $ 0.62 $ 0.44 $ 0.55 $ 0.47 $ 0.47 \n Earnings per common share (diluted) 0.61 0.43 0.55 0.47 0.46 \n Dividends per common share 0.25 0.25 0.25 0.25 0.25 \n Book value per common share ((9)) 15.90 15.70 15.06 14.22 14.06 \n Closing stock price 23.79 22.19 20.32 19.63 19.94 \n Market price/book value ((10)) 149.62 % 141.34 % 134.93 % 138.05 % 141.82 % \n Price earnings ratio ((11)) 9.40 12.71 9.31 10.41 10.46 \n Annualized dividend yield ((12)) 4.20 % 4.51 % 4.92 % 5.09 % 5.02 % \n \n REGULATORY CAPITAL RATIOS \n Consolidated: \n Total risk-based capital ratio 12.99 % 12.77 % 12.54 % 12.53 % 12.18 % \n Tier 1 risk-based capital ratio 10.34 10.14 9.93 9.89 9.59 \n Tier 1 leverage capital ratio 8.74 8.44 8.51 8.33 8.36 \n Common equity tier 1 ratio 9.77 9.56 9.37 9.32 9.02 \n West Bank: \n Total risk-based capital ratio 13.53 % 13.35 % 13.17 % 13.21 % 12.90 % \n Tier 1 risk-based capital ratio 12.61 12.44 12.26 12.29 11.99 \n Tier 1 leverage capital ratio 10.66 10.35 10.50 10.36 10.46 \n Common equity tier 1 ratio 12.61 12.44 12.26 12.29 11.99 \n\n(1) Annualized net income divided by average assets. \n(2) Annualized net income divided by average stockholders’ equity.\n(3) Annualized tax-equivalent net interest income divided by average\ninterest-earning assets.\n(4) Annualized tax-equivalent interest income on interest-earning assets\ndivided by average interest-earning assets.\n(5) Noninterest expense (excluding other real estate owned expense and\nwrite-down of premises) divided by noninterest income (excluding net\nsecurities gains/losses and gains/losses on disposition of premises and\nequipment) plus tax-equivalent net interest income. \n(6) Total nonperforming assets divided by total assets. \n(7) Allowance for credit losses on loans divided by total\nloans.        \n(8) Common equity less intangible assets (none held) divided by tangible\nassets. \n(9) Includes accumulated other comprehensive loss.\n(10) Closing stock price divided by book value per common share. \n(11) Closing stock price divided by annualized earnings per common share\n(basic).\n(12) Annualized dividend divided by period end closing stock price.\n(13) A non-GAAP measure.\n\n\n\n WEST BANCORPORATION, INC. AND SUBSIDIARY \n Financial Information (unaudited) \n (in thousands) \n As of \n CONDENSED BALANCE SHEETS March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 \n Assets \n Cash and due from banks $ 40,018 $ 25,171 $ 26,875 $ 35,796 $ 39,253 \n Interest-earning deposits with banks 180,218 324,502 109,265 212,450 171,357 \n Securities purchased under agreements to resell 141,742 121,413 96,792 96,955 — \n Securities available for sale, at fair value 456,410 468,447 537,856 536,709 546,619 \n Federal Home Loan Bank stock, at cost 15,180 15,167 15,190 15,311 15,216 \n Loans 2,991,638 3,001,690 3,008,888 2,966,357 3,016,471 \n Allowance for credit losses (30,523 ) (30,525 ) (30,515 ) (30,539 ) (30,526 ) \n Loans, net 2,961,115 2,971,165 2,978,373 2,935,818 2,985,945 \n Premises and equipment, net 107,619 108,380 109,212 109,806 110,270 \n Bank-owned life insurance 46,500 46,192 45,875 45,567 45,272 \n Other assets 62,171 61,807 66,042 68,257 72,737 \n Total assets $ 4,010,973 $ 4,142,244 $ 3,985,480 $ 4,056,669 $ 3,986,669 \n \n Liabilities and Stockholders’ Equity \n Deposits $ 3,334,972 $ 3,468,470 $ 3,306,517 $ 3,391,993 $ 3,324,518 \n Borrowings 375,221 376,406 389,076 390,260 391,445 \n Other liabilities 30,037 31,383 34,754 33,486 32,833 \n Stockholders’ equity 270,743 265,985 255,133 240,930 237,873 \n Total liabilities and stockholders’ equity $ 4,010,973 $ 4,142,244 $ 3,985,480 $ 4,056,669 $ 3,986,669 \n \n For the Quarter Ended \n AVERAGE BALANCES March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 \n Assets $ 4,027,218 $ 4,104,279 $ 4,004,769 $ 4,016,490 $ 3,944,789 \n Loans 2,971,497 2,982,754 2,959,962 2,989,638 3,016,119 \n Deposits 3,348,255 3,418,539 3,333,800 3,353,982 3,284,394 \n Stockholders’ equity 269,453 259,932 242,245 234,399 229,874 \n\n\n\n WEST BANCORPORATION, INC. AND SUBSIDIARY \n Financial Information (unaudited) \n (in thousands) \n As of \n LOANS March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 \n Commercial $ 471,423 $ 505,059 $ 511,316 $ 500,854 $ 531,267 \n Real estate: \n Construction, land and land development 376,059 426,833 448,660 459,037 451,230 \n 1-4 family residential first mortgages 139,118 93,122 87,784 86,173 86,292 \n Home equity 27,084 26,088 27,083 24,285 21,961 \n Commercial 1,958,189 1,929,766 1,912,235 1,875,857 1,909,330 \n Consumer and other 22,257 23,374 24,697 22,900 19,323 \n 2,994,130 3,004,242 3,011,775 2,969,106 3,019,403 \n Net unamortized fees and costs (2,492 ) (2,552 ) (2,887 ) (2,749 ) (2,932 ) \n Total loans $ 2,991,638 $ 3,001,690 $ 3,008,888 $ 2,966,357 $ 3,016,471 \n Less: allowance for credit losses (30,523 ) (30,525 ) (30,515 ) (30,539 ) (30,526 ) \n Net loans $ 2,961,115 $ 2,971,165 $ 2,978,373 $ 2,935,818 $ 2,985,945 \n \n CREDIT QUALITY \n Pass $ 2,952,824 $ 2,952,015 $ 2,973,103 $ 2,958,318 $ 3,011,231 \n Watch 41,306 52,227 38,672 10,788 7,991 \n Substandard — — — — 181 \n Doubtful — — — — — \n Total loans $ 2,994,130 $ 3,004,242 $ 3,011,775 $ 2,969,106 $ 3,019,403 \n \n DEPOSITS \n Noninterest-bearing demand $ 511,013 $ 540,358 $ 512,869 $ 521,990 $ 519,771 \n Interest-bearing demand 489,990 577,814 448,731 461,207 517,409 \n Savings and money market - non-brokered 1,731,835 1,739,790 1,677,543 1,749,049 1,490,189 \n Money market - brokered 86,304 99,718 121,849 98,877 143,423 \n Total nonmaturity deposits 2,819,142 2,957,680 2,760,992 2,831,123 2,670,792 \n Time - non-brokered 485,658 455,944 462,542 451,463 461,655 \n Time - brokered 30,172 54,846 82,983 109,407 192,071 \n Total time deposits 515,830 510,790 545,525 560,870 653,726 \n Total deposits $ 3,334,972 $ 3,468,470 $ 3,306,517 $ 3,391,993 $ 3,324,518 \n \n BORROWINGS \n Subordinated notes, net $ 80,221 $ 80,156 $ 80,090 $ 80,024 $ 79,959 \n Federal Home Loan Bank advances 270,000 270,000 270,000 270,000 270,000 \n Long-term debt 25,000 26,250 38,986 40,236 41,486 \n Total borrowings $ 375,221 $ 376,406 $ 389,076 $ 390,260 $ 391,445 \n \n STOCKHOLDERS’ EQUITY \n Preferred stock $ — $ — $ — $ — $ — \n Common stock 3,000 3,000 3,000 3,000 3,000 \n Additional paid-in capital 36,553 37,231 36,473 35,773 35,072 \n Retained earnings 300,596 294,259 291,069 285,990 282,247 \n Accumulated other comprehensive loss (69,406 ) (68,505 ) (75,409 ) (83,833 ) (82,446 ) \n Total stockholders’ equity $ 270,743 $ 265,985 $ 255,133 $ 240,930 $ 237,873 \n\n\n\n WEST BANCORPORATION, INC. AND SUBSIDIARY \n Financial Information (unaudited) \n (in thousands) \n For the Quarter Ended \n CONSOLIDATED STATEMENTS OF INCOME March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 \n Interest income: \n Loans, including fees $ 40,946 $ 41,992 $ 42,198 $ 41,666 $ 40,988 \n Securities: \n Taxable 2,143 2,355 2,643 2,685 2,788 \n Tax-exempt 638 677 739 742 743 \n Deposits with banks 2,047 2,808 2,087 2,847 1,617 \n Securities purchased under agreements to resell 1,617 1,370 1,258 22 — \n Total interest income 47,391 49,202 48,925 47,962 46,136 \n Interest expense: \n Deposits 19,261 21,112 22,539 22,676 21,423 \n Subordinated notes 1,104 1,109 1,107 1,104 1,105 \n Federal Home Loan Bank advances 2,244 2,316 2,292 2,259 2,235 \n Long-term debt 397 459 486 504 518 \n Total interest expense 23,006 24,996 26,424 26,543 25,281 \n Net interest income 24,385 24,206 22,501 21,419 20,855 \n Credit loss expense — — — — — \n Net interest income after credit loss expense 24,385 24,206 22,501 21,419 20,855 \n Noninterest income: \n Service charges on deposit accounts 508 493 491 486 471 \n Debit card interchange income 472 493 477 478 446 \n Trust services 1,010 964 894 801 777 \n Increase in cash value of bank-owned life insurance 308 317 308 295 282 \n Realized securities losses, net — (3,959 ) — — — \n Other income 256 800 333 350 267 \n Total noninterest income (loss) 2,554 (892 ) 2,503 2,410 2,243 \n Noninterest expense: \n Salaries and employee benefits 7,632 7,579 7,457 7,343 7,004 \n Occupancy and equipment 2,006 2,083 2,090 2,034 1,963 \n Data processing 596 673 663 643 617 \n Technology and software 774 789 794 791 786 \n FDIC insurance 473 475 637 670 587 \n Professional fees 278 297 303 303 308 \n Other expenses 1,706 1,833 1,606 1,701 1,798 \n Total noninterest expense 13,465 13,729 13,550 13,485 13,063 \n Income before income taxes 13,474 9,585 11,454 10,344 10,035 \n Income taxes 2,902 2,160 2,140 2,365 2,193 \n Net income $ 10,572 $ 7,425 $ 9,314 $ 7,979 $ 7,842 \n \n Basic earnings per common share $ 0.62 $ 0.44 $ 0.55 $ 0.47 $ 0.47 \n Diluted earnings per common share $ 0.61 $ 0.43 $ 0.55 $ 0.47 $ 0.46 \n\n\n\nNON-GAAP FINANCIAL MEASURES\n\nThis report contains references to financial measures that are not defined in\nGAAP. Such non-GAAP financial measures include the Company’s presentation of\nnet interest income and net interest margin on a fully taxable equivalent\n(FTE) basis and the presentation of the efficiency ratio on an adjusted and\nFTE basis, excluding certain income and expenses. Management believes these\nnon-GAAP financial measures provide useful information to both management and\ninvestors to analyze and evaluate the Company’s financial performance. These\nmeasures are considered standard measures of comparison within the banking\nindustry. Additionally, management believes providing measures on a FTE basis\nenhances the comparability of income arising from taxable and nontaxable\nsources. Limitations associated with non-GAAP financial measures include the\nrisks that persons might disagree as to the appropriateness of items included\nin these measures and that different companies might calculate these measures\ndifferently. These non-GAAP disclosures should not be considered an\nalternative to the Company’s GAAP results. The following table reconciles\nthe non-GAAP financial measures of net interest income and net interest margin\non a fully taxable equivalent basis and efficiency ratio on an adjusted and\nFTE basis.\n\n (in thousands) For the Quarter Ended \n March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 \n Reconciliation of net interest income and net interest margin on a FTE basis to GAAP: \n Net interest income (GAAP) $ 24,385 $ 24,206 $ 22,501 $ 21,419 $ 20,855 \n Tax-equivalent adjustment ((1)) 72 70 61 59 66 \n Net interest income on a FTE basis (non-GAAP) 24,457 24,276 22,562 21,478 20,921 \n Average interest-earning assets 3,821,463 3,893,827 3,790,154 3,799,081 3,717,441 \n Net interest margin on a FTE basis (non-GAAP) 2.59 % 2.47 % 2.36 % 2.27 % 2.28 % \n \n Reconciliation of efficiency ratio on an adjusted and FTE basis to GAAP: \n Net interest income on a FTE basis (non-GAAP) $ 24,457 $ 24,276 $ 22,562 $ 21,478 $ 20,921 \n Noninterest income 2,554 (892 ) 2,503 2,410 2,243 \n Adjustment for realized securities losses, net — 3,959 — — — \n Adjustment for losses on disposal of premises and equipment, net 2 — — — 8 \n Adjusted income 27,013 27,343 25,065 23,888 23,172 \n Noninterest expense 13,465 13,729 13,550 13,485 13,063 \n Efficiency ratio on an adjusted and FTE basis (non-GAAP) ((2)) 49.85 % 50.21 % 54.06 % 56.45 % 56.37 % \n\n(1) Computed on a tax-equivalent basis using a federal income tax rate of 21\npercent, adjusted to reflect the effect of the nondeductible interest expense\nassociated with owning tax-exempt securities and loans. Management believes\nthe presentation of this non-GAAP measure provides supplemental useful\ninformation for proper understanding of the financial results, as it enhances\nthe comparability of income arising from taxable and nontaxable sources. \n(2) The efficiency ratio expresses noninterest expense as a percent of fully\ntaxable equivalent net interest income and noninterest income, excluding\nspecific noninterest income and expenses. Management believes the presentation\nof this non-GAAP measure provides supplemental useful information for proper\nunderstanding of the Company's financial performance. It is a standard measure\nof comparison within the banking industry. A lower ratio is more desirable.\n\nFor more information contact:\nJane Funk, Executive Vice President, Treasurer and Chief Financial Officer\n(515) 222-5766\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/11d3cf4a-adc1-464c-aaa3-7e2f2435b43d)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX3pS7bc","title":"West Bancorporation, Inc. Announces First Quarter 2026 Financial Results And Declares Quarterly Dividend","author":"Globe Newswire","ticker":"WTBA","created":"2026-04-23T12:30:03.200Z","tickers":["WTBA"],"exchange":"NASDAQ","article_body":"WEST DES MOINES, Iowa, April 23, 2026 (GLOBE NEWSWIRE) -- West Bancorporation,\nInc. (Nasdaq: WTBA; the “Company”), parent company of West Bank, today\nreported first quarter 2026 net income of $10.6 million, or $0.61 per diluted\ncommon share, compared to fourth quarter 2025 net income of $7.4 million, or\n$0.43 per diluted common share, and first quarter 2025 net income of $7.8\nmillion, or $0.46 per diluted common share. On April 22, 2026, the Company’s\nBoard of Directors declared a regular quarterly dividend of $0.25 per common\nshare. The dividend is payable on May 20, 2026, to stockholders of record on\nMay 6, 2026.\n\nDavid Nelson, President and Chief Executive Officer of the Company, commented,\n“Our priorities continue to center on our relationship building strategies\nto drive improvements in profitability and build shareholder value. Our net\ninterest margin continues to expand and we saw net income increase 34.8\npercent in the first quarter of 2026 compared to the first quarter of 2025.\nOur teams are working hard at the activities that we believe will result in\nenhanced financial performance.”\n\nMr. Nelson added, “Our balance sheet remains exceptionally strong, supported\nby solid capital and liquidity levels. Credit quality remains pristine with no\nloans on nonaccrual status at March 31, 2026. Additionally, this marks our\nseventh consecutive quarter-end with no loans greater than 30 days past\ndue.”\n\nFirst Quarter 2026 Compared to Fourth Quarter 2025 Overview\n* Loans decreased $10.1 million, or 0.3 percent, in the first quarter of 2026.\nWe continue to experience notable loan payoffs as a result of secondary market\nrefinancings and asset and business sales. The change in loan mix is primarily\ndue to reclassifications resulting from completed construction projects moving\nto permanent financing and commercial loan restructurings adding real estate\ncollateral. \n\n\n* No credit loss expense on loans was recorded in either the first quarter of\n2026 or fourth quarter of 2025. \n\n\n* The allowance for credit losses to total loans was 1.02 percent as of both\nMarch 31, 2026 and December 31, 2025. There were no nonaccrual loans at March\n31, 2026 or December 31, 2025. Watch list loans decreased from $52.2 million\nas of December 31, 2025 to $41.3 million as of March 31, 2026. This decrease\nwas primarily due to the payoff of one commercial real estate loan in the\nfirst quarter of 2026 with a balance of $11.4 million. \n\n\n* Deposits decreased $133.5 million, or 3.8 percent, in the first quarter of\n2026. Brokered deposits totaled $116.5 million at March 31, 2026, compared to\n$154.6 million at December 31, 2025, a decrease of $38.1 million. Excluding\nbrokered deposits, deposits decreased $95.4 million, or 2.9 percent, during\nthe first quarter of 2026. The decline in deposits was due to normal cash flow\nfluctuations of our core depositors. As of March 31, 2026, estimated uninsured\ndeposits, which exclude deposits in a reciprocal deposit network, brokered\ndeposits and public funds protected by state programs, accounted for\napproximately 27.0 percent of total deposits. \n\n\n* Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure),\nwas 2.59 percent for the first quarter of 2026, compared to 2.47 percent for\nthe fourth quarter of 2025. Net interest income for the first quarter of 2026\nwas $24.4 million, compared to $24.2 million for the fourth quarter of 2025.\nThe improvement in net interest margin was primarily due to a 14 basis point\ndecrease in the cost of deposits in the first quarter of 2026 when compared to\nthe fourth quarter of 2025.\n\n\n* The efficiency ratio (a non-GAAP measure) improved to 49.85 percent for the\nfirst quarter of 2026, compared to 50.21 percent for the fourth quarter of\n2025.\n* The tangible common equity ratio was 6.75 percent as of March 31, 2026,\ncompared to 6.42 percent as of December 31, 2025.\nFirst Quarter 2026 Compared to First Quarter 2025 Overview\n* Loans decreased $24.8 million at March 31, 2026, or 0.8 percent, compared to\nMarch 31, 2025. We continue to experience notable loan payoffs as a result of\nsecondary market refinancings and asset and business sales. The change in loan\nmix is primarily due to reclassifications resulting from completed\nconstruction projects moving to permanent financing and commercial loan\nrestructurings adding real estate collateral.\n\n\n* Deposits increased $10.5 million, or 0.3 percent, at March 31, 2026,\ncompared to March 31, 2025. Included in deposits were brokered deposits\ntotaling $116.5 million at March 31, 2026, compared to $335.5 million at March\n31, 2025. Excluding brokered deposits, deposits increased $229.5 million, or\n7.7 percent, as of March 31, 2026, compared to March 31, 2025. In the second\nquarter of 2025, a local municipal customer deposited approximately $243.0\nmillion of bond proceeds that are expected to be withdrawn over a 24 month\ntime period.\n\n\n* Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure),\nwas 2.59 percent for the first quarter of 2026, compared to 2.28 percent for\nthe first quarter of 2025. Net interest income for the first quarter of 2026\nwas $24.4 million, compared to $20.9 million for the first quarter of 2025.\nThe increase in net interest margin and net interest income was primarily due\nto a decrease in interest expense on deposits and borrowed funds. The cost of\ndeposits decreased by 40 basis points in the first quarter of 2026 compared to\nthe first quarter of 2025. This was partially offset by a $79.8 million\nincrease in average deposit balances in the first quarter of 2026 compared to\nthe first quarter of 2025. Additionally, the average balance of borrowed funds\ndecreased $16.2 million in the first quarter of 2026, compared to the first\nquarter of 2025.\n\n\n* The efficiency ratio (a non-GAAP measure) was 49.85 percent for the first\nquarter of 2026, compared to 56.37 percent for the first quarter of 2025. The\nimprovement in the efficiency ratio in the first quarter of 2026 compared to\nthe first quarter of 2025 was primarily due to the increase in net interest\nincome.\n* The tangible common equity ratio was 6.75 percent as of March 31, 2026,\ncompared to 5.97 percent as of March 31, 2025. The increase in the tangible\ncommon equity ratio was due to growth in retained earnings and a decrease in\naccumulated other comprehensive loss.\nThe Company filed its report on Form 10-Q with the Securities and Exchange\nCommission today. Please refer to that document for a more in-depth discussion\nof the Company’s financial results. The Form 10-Q is available on the\nInvestor Relations section of West Bank’s website at www.westbankstrong.com.\n\nThe Company will discuss its results in a conference call scheduled for 2:00\np.m. Central Time on Thursday, April 23, 2026. The telephone number for the\nconference call is 800-715-9871. The conference ID for the conference call is\n7846129. A recording of the call will be available until May 7, 2026, by\ndialing 800-770-2030. The conference ID for the replay call is 7846129\nfollowed by the # key.\n\nAbout West Bancorporation, Inc. (Nasdaq: WTBA)\n\nWest Bancorporation, Inc. is headquartered in West Des Moines, Iowa. Serving\ncustomers since 1893, West Bank, a wholly-owned subsidiary of West\nBancorporation, Inc., is a community bank that focuses on lending, deposit\nservices, and trust services for small- to medium-sized businesses and\nconsumers. West Bank has six offices in the Des Moines, Iowa metropolitan\narea, one office in Coralville, Iowa, and four offices in Minnesota in the\ncities of Rochester, Owatonna, Mankato and St. Cloud.\n\nCertain statements in this report, other than purely historical information,\nincluding estimates, projections, statements relating to the Company’s\nbusiness plans, objectives and expected operating results, and the assumptions\nupon which those statements are based, are “forward-looking statements”\nwithin the meanings of Section 27A of the Securities Act of 1933, as amended,\nand Section 21E of the Securities Exchange Act of 1934, as amended (the\n“Exchange Act”). The Company intends such forward-looking statements to be\ncovered by the safe harbor provisions for forward-looking statements contained\nin the Private Securities Litigation Reform Act of 1995. Forward-looking\nstatements may appear throughout this report. These forward-looking statements\nare generally identified by the words “believes,” “expects,”\n“intends,” “anticipates,” “projects,” “forecasts,”\n“plans,” “targets,” “future,” “confident,” “potentially,”\n“probably,” “outlook,” “may,” “should,” “would,”\n“could,” “will,” “strategy,” “plan,” “opportunity,”\n“will be,” “will likely result,” “will continue” or similar\nreferences, as well as the negative of such words, or references to estimates,\npredictions or future events. Forward-looking statements are not historical\nfacts but instead represent management’s current expectations and forecasts\nregarding future events, many of which are inherently uncertain and outside of\nour control. Such forward-looking statements are based upon certain\nunderlying assumptions, known and unknown, risks and uncertainties. Because\nof the possibility that the underlying assumptions are incorrect or do not\nmaterialize as expected in the future, actual results may differ, possibly\nmaterially from these forward-looking statements. Risks and uncertainties\nthat may affect future results include, but are not limited to: interest rate\nrisk, including the effects of changes in interest rates; fluctuations in the\nvalues of the securities held in our investment portfolio, including as a\nresult of rising interest rates; competitive pressures, including from\nnon-bank competitors such as credit unions, “fintech” companies and\ndigital asset service providers; technological changes implemented by us and\nother parties, including third-party vendors, which may be more difficult to\nimplement or more expensive than anticipated or which may have unforeseen\nconsequences to us and our customers, including the development and\nimplementation of tools incorporating artificial intelligence; pricing\npressures on loans and deposits; our ability to successfully manage liquidity\nrisk; changes in credit and other risks posed by the Company’s loan\nportfolio, including declines in commercial or residential real estate values\nor changes in the allowance for credit losses dictated by new market\nconditions, accounting standards or regulatory requirements; the concentration\nof large deposits from certain clients, including those who have balances\nabove current FDIC insurance limits; the threat or imposition of domestic or\nforeign tariffs or other governmental policies impacting the global supply\nchain and the value of products produced by our commercial borrowers; effects\non the U.S. economy resulting from actions taken by the federal government,\nincluding executive orders and immigration enforcement; changes in local,\nnational and international economic conditions, including the level and impact\nof inflation, and future monetary policies of the Federal Reserve in response\nthereto, and possible recession; the impact of bank failures or adverse\ndevelopments at other banks and related negative publicity about the banking\nindustry in general on investor and depositor sentiment regarding the\nstability and liquidity of banks; changes in legal and regulatory\nrequirements, limitations and costs; changes in customers’ acceptance of the\nCompany’s products and services; the occurrence of fraudulent activity,\nbreaches or failures of our or our third-party partners’ information\nsecurity controls or cyber-security related incidents, including as a result\nof sophisticated attacks using artificial intelligence and similar tools;\nunexpected outcomes of existing or new litigation involving the Company; the\nmonetary, trade and other regulatory policies of the U.S. government; the\neffects of acts of war or terrorism, including the wars in Iran and Ukraine\nand the military conflict between Israel and Hamas in the Middle East;\nwidespread disease, pandemics or epidemics, or other adverse external events;\nrisks related to climate change and the negative impact it may have on our\ncustomers and their business; changes to U.S. tax laws, regulations and\nguidance; potential changes in federal policy and at regulatory agencies;\ntalent and labor shortages; and any other risks described in the “Risk\nFactors” sections of reports filed by the Company with the Securities and\nExchange Commission (the “SEC”). The Company cautions readers not to place\nundue reliance on any forward-looking statements. Moreover, any of the\nforward-looking statements that the Company makes in this report or the\ndocuments the Company files with or furnishes to the SEC are based only on\ninformation then actually known to the Company and upon management’s beliefs\nand assumptions at the time they are made, which may turn out to be wrong\nbecause of inaccurate assumptions they might make, because of the factors\ndescribed above or because of other factors that the Company cannot foresee.\nForward-looking statements speak only as of the date they are made, and the\nCompany does not undertake and specifically disclaims any obligation to revise\nor update such forward-looking statements to reflect current or future events\nor circumstances after the date hereof or to reflect the occurrence of\nunanticipated events.\n\n WEST BANCORPORATION, INC. AND SUBSIDIARY \n Financial Information (unaudited) \n \n As of and for the Quarter Ended \n KEY PERFORMANCE RATIOS AND OTHER METRICS March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 \n Return on average assets ((1)) 1.06 % 0.72 % 0.92 % 0.80 % 0.81 % \n Return on average equity ((2)) 15.91 11.33 15.25 13.65 13.84 \n Net interest margin ((3)(13)) 2.59 2.47 2.36 2.27 2.28 \n Yield on interest-earning assets ((4)(13)) 5.04 5.02 5.13 5.07 5.04 \n Cost of interest-bearing liabilities 2.90 3.02 3.26 3.28 3.25 \n Efficiency ratio ((5)(13)) 49.85 50.21 54.06 56.45 56.37 \n Nonperforming assets to total assets ((6)) 0.00 0.00 0.00 0.00 0.00 \n ACL ratio ((7)) 1.02 1.02 1.01 1.03 1.01 \n Loans/total assets 74.59 72.47 75.50 73.12 75.66 \n Loans/total deposits 89.71 86.54 91.00 87.45 90.73 \n Tangible common equity ratio ((8)) 6.75 6.42 6.40 5.94 5.97 \n \n COMMON SHARE DATA \n Earnings per common share (basic) $ 0.62 $ 0.44 $ 0.55 $ 0.47 $ 0.47 \n Earnings per common share (diluted) 0.61 0.43 0.55 0.47 0.46 \n Dividends per common share 0.25 0.25 0.25 0.25 0.25 \n Book value per common share ((9)) 15.90 15.70 15.06 14.22 14.06 \n Closing stock price 23.79 22.19 20.32 19.63 19.94 \n Market price/book value ((10)) 149.62 % 141.34 % 134.93 % 138.05 % 141.82 % \n Price earnings ratio ((11)) 9.40 12.71 9.31 10.41 10.46 \n Annualized dividend yield ((12)) 4.20 % 4.51 % 4.92 % 5.09 % 5.02 % \n \n REGULATORY CAPITAL RATIOS \n Consolidated: \n Total risk-based capital ratio 12.99 % 12.77 % 12.54 % 12.53 % 12.18 % \n Tier 1 risk-based capital ratio 10.34 10.14 9.93 9.89 9.59 \n Tier 1 leverage capital ratio 8.74 8.44 8.51 8.33 8.36 \n Common equity tier 1 ratio 9.77 9.56 9.37 9.32 9.02 \n West Bank: \n Total risk-based capital ratio 13.53 % 13.35 % 13.17 % 13.21 % 12.90 % \n Tier 1 risk-based capital ratio 12.61 12.44 12.26 12.29 11.99 \n Tier 1 leverage capital ratio 10.66 10.35 10.50 10.36 10.46 \n Common equity tier 1 ratio 12.61 12.44 12.26 12.29 11.99 \n\n(1) Annualized net income divided by average assets. \n(2) Annualized net income divided by average stockholders’ equity.\n(3) Annualized tax-equivalent net interest income divided by average\ninterest-earning assets.\n(4) Annualized tax-equivalent interest income on interest-earning assets\ndivided by average interest-earning assets.\n(5) Noninterest expense (excluding other real estate owned expense and\nwrite-down of premises) divided by noninterest income (excluding net\nsecurities gains/losses and gains/losses on disposition of premises and\nequipment) plus tax-equivalent net interest income. \n(6) Total nonperforming assets divided by total assets. \n(7) Allowance for credit losses on loans divided by total\nloans.        \n(8) Common equity less intangible assets (none held) divided by tangible\nassets. \n(9) Includes accumulated other comprehensive loss.\n(10) Closing stock price divided by book value per common share. \n(11) Closing stock price divided by annualized earnings per common share\n(basic).\n(12) Annualized dividend divided by period end closing stock price.\n(13) A non-GAAP measure.\n\n\n\n WEST BANCORPORATION, INC. AND SUBSIDIARY \n Financial Information (unaudited) \n (in thousands) \n As of \n CONDENSED BALANCE SHEETS March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 \n Assets \n Cash and due from banks $ 40,018 $ 25,171 $ 26,875 $ 35,796 $ 39,253 \n Interest-earning deposits with banks 180,218 324,502 109,265 212,450 171,357 \n Securities purchased under agreements to resell 141,742 121,413 96,792 96,955 — \n Securities available for sale, at fair value 456,410 468,447 537,856 536,709 546,619 \n Federal Home Loan Bank stock, at cost 15,180 15,167 15,190 15,311 15,216 \n Loans 2,991,638 3,001,690 3,008,888 2,966,357 3,016,471 \n Allowance for credit losses (30,523 ) (30,525 ) (30,515 ) (30,539 ) (30,526 ) \n Loans, net 2,961,115 2,971,165 2,978,373 2,935,818 2,985,945 \n Premises and equipment, net 107,619 108,380 109,212 109,806 110,270 \n Bank-owned life insurance 46,500 46,192 45,875 45,567 45,272 \n Other assets 62,171 61,807 66,042 68,257 72,737 \n Total assets $ 4,010,973 $ 4,142,244 $ 3,985,480 $ 4,056,669 $ 3,986,669 \n \n Liabilities and Stockholders’ Equity \n Deposits $ 3,334,972 $ 3,468,470 $ 3,306,517 $ 3,391,993 $ 3,324,518 \n Borrowings 375,221 376,406 389,076 390,260 391,445 \n Other liabilities 30,037 31,383 34,754 33,486 32,833 \n Stockholders’ equity 270,743 265,985 255,133 240,930 237,873 \n Total liabilities and stockholders’ equity $ 4,010,973 $ 4,142,244 $ 3,985,480 $ 4,056,669 $ 3,986,669 \n \n For the Quarter Ended \n AVERAGE BALANCES March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 \n Assets $ 4,027,218 $ 4,104,279 $ 4,004,769 $ 4,016,490 $ 3,944,789 \n Loans 2,971,497 2,982,754 2,959,962 2,989,638 3,016,119 \n Deposits 3,348,255 3,418,539 3,333,800 3,353,982 3,284,394 \n Stockholders’ equity 269,453 259,932 242,245 234,399 229,874 \n\n\n\n WEST BANCORPORATION, INC. AND SUBSIDIARY \n Financial Information (unaudited) \n (in thousands) \n As of \n LOANS March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 \n Commercial $ 471,423 $ 505,059 $ 511,316 $ 500,854 $ 531,267 \n Real estate: \n Construction, land and land development 376,059 426,833 448,660 459,037 451,230 \n 1-4 family residential first mortgages 139,118 93,122 87,784 86,173 86,292 \n Home equity 27,084 26,088 27,083 24,285 21,961 \n Commercial 1,958,189 1,929,766 1,912,235 1,875,857 1,909,330 \n Consumer and other 22,257 23,374 24,697 22,900 19,323 \n 2,994,130 3,004,242 3,011,775 2,969,106 3,019,403 \n Net unamortized fees and costs (2,492 ) (2,552 ) (2,887 ) (2,749 ) (2,932 ) \n Total loans $ 2,991,638 $ 3,001,690 $ 3,008,888 $ 2,966,357 $ 3,016,471 \n Less: allowance for credit losses (30,523 ) (30,525 ) (30,515 ) (30,539 ) (30,526 ) \n Net loans $ 2,961,115 $ 2,971,165 $ 2,978,373 $ 2,935,818 $ 2,985,945 \n \n CREDIT QUALITY \n Pass $ 2,952,824 $ 2,952,015 $ 2,973,103 $ 2,958,318 $ 3,011,231 \n Watch 41,306 52,227 38,672 10,788 7,991 \n Substandard — — — — 181 \n Doubtful — — — — — \n Total loans $ 2,994,130 $ 3,004,242 $ 3,011,775 $ 2,969,106 $ 3,019,403 \n \n DEPOSITS \n Noninterest-bearing demand $ 511,013 $ 540,358 $ 512,869 $ 521,990 $ 519,771 \n Interest-bearing demand 489,990 577,814 448,731 461,207 517,409 \n Savings and money market - non-brokered 1,731,835 1,739,790 1,677,543 1,749,049 1,490,189 \n Money market - brokered 86,304 99,718 121,849 98,877 143,423 \n Total nonmaturity deposits 2,819,142 2,957,680 2,760,992 2,831,123 2,670,792 \n Time - non-brokered 485,658 455,944 462,542 451,463 461,655 \n Time - brokered 30,172 54,846 82,983 109,407 192,071 \n Total time deposits 515,830 510,790 545,525 560,870 653,726 \n Total deposits $ 3,334,972 $ 3,468,470 $ 3,306,517 $ 3,391,993 $ 3,324,518 \n \n BORROWINGS \n Subordinated notes, net $ 80,221 $ 80,156 $ 80,090 $ 80,024 $ 79,959 \n Federal Home Loan Bank advances 270,000 270,000 270,000 270,000 270,000 \n Long-term debt 25,000 26,250 38,986 40,236 41,486 \n Total borrowings $ 375,221 $ 376,406 $ 389,076 $ 390,260 $ 391,445 \n \n STOCKHOLDERS’ EQUITY \n Preferred stock $ — $ — $ — $ — $ — \n Common stock 3,000 3,000 3,000 3,000 3,000 \n Additional paid-in capital 36,553 37,231 36,473 35,773 35,072 \n Retained earnings 300,596 294,259 291,069 285,990 282,247 \n Accumulated other comprehensive loss (69,406 ) (68,505 ) (75,409 ) (83,833 ) (82,446 ) \n Total stockholders’ equity $ 270,743 $ 265,985 $ 255,133 $ 240,930 $ 237,873 \n\n\n\n WEST BANCORPORATION, INC. AND SUBSIDIARY \n Financial Information (unaudited) \n (in thousands) \n For the Quarter Ended \n CONSOLIDATED STATEMENTS OF INCOME March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 \n Interest income: \n Loans, including fees $ 40,946 $ 41,992 $ 42,198 $ 41,666 $ 40,988 \n Securities: \n Taxable 2,143 2,355 2,643 2,685 2,788 \n Tax-exempt 638 677 739 742 743 \n Deposits with banks 2,047 2,808 2,087 2,847 1,617 \n Securities purchased under agreements to resell 1,617 1,370 1,258 22 — \n Total interest income 47,391 49,202 48,925 47,962 46,136 \n Interest expense: \n Deposits 19,261 21,112 22,539 22,676 21,423 \n Subordinated notes 1,104 1,109 1,107 1,104 1,105 \n Federal Home Loan Bank advances 2,244 2,316 2,292 2,259 2,235 \n Long-term debt 397 459 486 504 518 \n Total interest expense 23,006 24,996 26,424 26,543 25,281 \n Net interest income 24,385 24,206 22,501 21,419 20,855 \n Credit loss expense — — — — — \n Net interest income after credit loss expense 24,385 24,206 22,501 21,419 20,855 \n Noninterest income: \n Service charges on deposit accounts 508 493 491 486 471 \n Debit card interchange income 472 493 477 478 446 \n Trust services 1,010 964 894 801 777 \n Increase in cash value of bank-owned life insurance 308 317 308 295 282 \n Realized securities losses, net — (3,959 ) — — — \n Other income 256 800 333 350 267 \n Total noninterest income (loss) 2,554 (892 ) 2,503 2,410 2,243 \n Noninterest expense: \n Salaries and employee benefits 7,632 7,579 7,457 7,343 7,004 \n Occupancy and equipment 2,006 2,083 2,090 2,034 1,963 \n Data processing 596 673 663 643 617 \n Technology and software 774 789 794 791 786 \n FDIC insurance 473 475 637 670 587 \n Professional fees 278 297 303 303 308 \n Other expenses 1,706 1,833 1,606 1,701 1,798 \n Total noninterest expense 13,465 13,729 13,550 13,485 13,063 \n Income before income taxes 13,474 9,585 11,454 10,344 10,035 \n Income taxes 2,902 2,160 2,140 2,365 2,193 \n Net income $ 10,572 $ 7,425 $ 9,314 $ 7,979 $ 7,842 \n \n Basic earnings per common share $ 0.62 $ 0.44 $ 0.55 $ 0.47 $ 0.47 \n Diluted earnings per common share $ 0.61 $ 0.43 $ 0.55 $ 0.47 $ 0.46 \n\n\n\nNON-GAAP FINANCIAL MEASURES\n\nThis report contains references to financial measures that are not defined in\nGAAP. Such non-GAAP financial measures include the Company’s presentation of\nnet interest income and net interest margin on a fully taxable equivalent\n(FTE) basis and the presentation of the efficiency ratio on an adjusted and\nFTE basis, excluding certain income and expenses. Management believes these\nnon-GAAP financial measures provide useful information to both management and\ninvestors to analyze and evaluate the Company’s financial performance. These\nmeasures are considered standard measures of comparison within the banking\nindustry. Additionally, management believes providing measures on a FTE basis\nenhances the comparability of income arising from taxable and nontaxable\nsources. Limitations associated with non-GAAP financial measures include the\nrisks that persons might disagree as to the appropriateness of items included\nin these measures and that different companies might calculate these measures\ndifferently. These non-GAAP disclosures should not be considered an\nalternative to the Company’s GAAP results. The following table reconciles\nthe non-GAAP financial measures of net interest income and net interest margin\non a fully taxable equivalent basis and efficiency ratio on an adjusted and\nFTE basis.\n\n (in thousands) For the Quarter Ended \n March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 \n Reconciliation of net interest income and net interest margin on a FTE basis to GAAP: \n Net interest income (GAAP) $ 24,385 $ 24,206 $ 22,501 $ 21,419 $ 20,855 \n Tax-equivalent adjustment ((1)) 72 70 61 59 66 \n Net interest income on a FTE basis (non-GAAP) 24,457 24,276 22,562 21,478 20,921 \n Average interest-earning assets 3,821,463 3,893,827 3,790,154 3,799,081 3,717,441 \n Net interest margin on a FTE basis (non-GAAP) 2.59 % 2.47 % 2.36 % 2.27 % 2.28 % \n \n Reconciliation of efficiency ratio on an adjusted and FTE basis to GAAP: \n Net interest income on a FTE basis (non-GAAP) $ 24,457 $ 24,276 $ 22,562 $ 21,478 $ 20,921 \n Noninterest income 2,554 (892 ) 2,503 2,410 2,243 \n Adjustment for realized securities losses, net — 3,959 — — — \n Adjustment for losses on disposal of premises and equipment, net 2 — — — 8 \n Adjusted income 27,013 27,343 25,065 23,888 23,172 \n Noninterest expense 13,465 13,729 13,550 13,485 13,063 \n Efficiency ratio on an adjusted and FTE basis (non-GAAP) ((2)) 49.85 % 50.21 % 54.06 % 56.45 % 56.37 % \n\n(1) Computed on a tax-equivalent basis using a federal income tax rate of 21\npercent, adjusted to reflect the effect of the nondeductible interest expense\nassociated with owning tax-exempt securities and loans. Management believes\nthe presentation of this non-GAAP measure provides supplemental useful\ninformation for proper understanding of the financial results, as it enhances\nthe comparability of income arising from taxable and nontaxable sources. \n(2) The efficiency ratio expresses noninterest expense as a percent of fully\ntaxable equivalent net interest income and noninterest income, excluding\nspecific noninterest income and expenses. Management believes the presentation\nof this non-GAAP measure provides supplemental useful information for proper\nunderstanding of the Company's financial performance. It is a standard measure\nof comparison within the banking industry. A lower ratio is more desirable.\n\nFor more information contact:\nJane Funk, Executive Vice President, Treasurer and Chief Financial Officer\n(515) 222-5766\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/11d3cf4a-adc1-464c-aaa3-7e2f2435b43d)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-04-23T12:30:03.291938681Z","server_sent_at_ms":1776947403291},"received_at":"2026-04-23T12:30:03.346Z","source_url":null},"analysis":{"id":"4899","press_release_id":"6669","analysis_json":{"industry":{"label":"Banks","sector":"Financials"},"redFlags":[],"eventType":"earnings","narrative":"West Bancorporation reported Q1 2026 net income of $10.6 million, or $0.61 per share, a 34.8% increase from the prior year period, driven by an expanding net interest margin and improved efficiency.\n\nNet interest margin rose to 2.59% compared to 2.28% a year ago, while the efficiency ratio improved to 49.85% from 56.37%, reflecting strong expense management.\n\nThe Board declared a regular quarterly dividend of $0.25 per share, payable May 20, 2026, and credit quality remained pristine with no nonaccrual loans.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Strong profitability improvement with NIM expansion and efficiency gains alongside a maintained dividend."},"keyFigures":{"eps":0.61,"revenue":24400000,"revenueYoy":"34.8%"},"quotedText":"Our net interest margin continues to expand and we saw net income increase 34.8 percent in the first quarter of 2026 compared to the first quarter of 2025.","namedEntities":{"people":[{"name":"David Nelson","role":"President and CEO"},{"name":"Jane Funk","role":"EVP, Treasurer and CFO"}],"products":[],"companies":[{"name":"West Bancorporation, Inc.","ticker":"WTBA"},{"name":"West Bank","relationship":"subsidiary"}],"dollarAmounts":[{"amount":"$10.6 million","context":"first quarter 2026 net income"},{"amount":"$0.25","context":"regular quarterly dividend per common share"},{"amount":"$24.4 million","context":"first quarter 2026 net interest income"},{"amount":"$10.1 million","context":"decrease in loans in Q1 2026"},{"amount":"$133.5 million","context":"decrease in deposits in Q1 2026"},{"amount":"$243.0 million","context":"bond proceeds deposited in Q2 2025"},{"amount":"$79.8 million","context":"increase in average deposit balances in Q1 2026 vs Q1 2025"},{"amount":"$11.4 million","context":"balance of paid off commercial real estate loan"}]},"materialImpact":{"score":4,"reasoning":"Net income increased 34.8% YoY to $10.6M, net interest margin expanded to 2.59%, and efficiency ratio improved significantly to 49.85%. Credit quality remains pristine with zero nonaccrual loans."},"tickerRelevance":{"others":[],"primary":"WTBA"},"eventTypeSecondary":["dividend"]},"event_type":"earnings","event_type_secondary":["dividend"],"sentiment":"bullish","material_impact_score":4,"narrative":"West Bancorporation reported Q1 2026 net income of $10.6 million, or $0.61 per share, a 34.8% increase from the prior year period, driven by an expanding net interest margin and improved efficiency.\n\nNet interest margin rose to 2.59% compared to 2.28% a year ago, while the efficiency ratio improved to 49.85% from 56.37%, reflecting strong expense management.\n\nThe Board declared a regular quarterly dividend of $0.25 per share, payable May 20, 2026, and credit quality remained pristine with no nonaccrual loans.","key_figures":{"eps":0.61,"revenue":24400000,"revenueYoy":"34.8%"},"named_entities":{"people":[{"name":"David Nelson","role":"President and CEO"},{"name":"Jane Funk","role":"EVP, Treasurer and CFO"}],"products":[],"companies":[{"name":"West Bancorporation, Inc.","ticker":"WTBA"},{"name":"West Bank","relationship":"subsidiary"}],"dollarAmounts":[{"amount":"$10.6 million","context":"first quarter 2026 net income"},{"amount":"$0.25","context":"regular quarterly dividend per common share"},{"amount":"$24.4 million","context":"first quarter 2026 net interest income"},{"amount":"$10.1 million","context":"decrease in loans in Q1 2026"},{"amount":"$133.5 million","context":"decrease in deposits in Q1 2026"},{"amount":"$243.0 million","context":"bond proceeds deposited in Q2 2025"},{"amount":"$79.8 million","context":"increase in average deposit balances in Q1 2026 vs Q1 2025"},{"amount":"$11.4 million","context":"balance of paid off commercial real estate loan"}]},"model_name":"glm-4.7","prompt_hash":"sha256:2f2748f0fcc8c4f2","schema_hash":"sha256:ad96b863d7123008","created_at":"2026-04-23T17:25:31.648Z","global_importance":3,"audience_relevance":3,"importance_components":{"method":"backfill-heuristic","signals":{"bodyLong":false,"headlineTier1":false,"tickerCovered":false,"hadSignificance":false},"version":1,"computedAt":"2026-04-27T11:52:54.800Z"}},"durationMs":63756,"modelName":"glm-4.7"}}