West Bancorporation, Inc. (WTBA) 10-Year Financial Performance & Capital Metrics

WTBA • • Banking & Credit

Financial ServicesRegional BanksCommunity & Regional Retail BankingMidwest Community Banks

AboutWest Bancorporation, Inc. operates as the financial holding company for West Bank that provides community banking and trust services to individuals and small- to medium-sized businesses in the United States. It accepts various deposit products, including checking, savings, and money market accounts, as well as time certificates of deposit. The company also provides loan products comprising commercial real estate loans, construction and land development loans, commercial lines of credit, and commercial term loans; consumer loans, including loans extended to individuals for household, family, and other personal expenditures not secured by real estate; and 1-4 family residential mortgages and home equity loans. In addition, it offers trust services, including the administration of estates, conservatorships, personal trusts, and agency accounts. Further, the company provides internet and mobile banking services; treasury management services comprising cash management, client-generated automated clearing house transaction, remote deposit, and fraud protection services; and merchant credit card processing services and corporate credit cards. It has seven offices in the Des Moines area; one office in Coralville and Iowa; and one office each in Rochester, Owatonna, Mankato, and St. Cloud, Minnesota. West Bancorporation, Inc. was founded in 1893 and is headquartered in West Des Moines, Iowa.Show more

Net Interest Income $71M +3.4%
Total Revenue $198M +16.5%
Net Income $24M -0.4%
Return on Equity 10.62% -4.0%
Net Interest Margin 1.78% -1.5%
Efficiency Ratio 25.62% -9.4%
ROA 0.61% -5.5%
Equity / Assets 5.68% -3.5%
Book Value per Share 13.49 +0.4%
Tangible BV/Share 13.49 +0.4%
Debt/Equity 1.72 -34.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient operations: 25.6% efficiency ratio
✓Healthy dividend yield of 4.3%

✗Weaknesses

✗Weak NIM of 1.8%
✗Thin capital base

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.98%

5Y13.08%

3Y19.33%

TTM-

Profit (Net Income) CAGR

10Y1.84%

5Y-3.47%

3Y-21.44%

TTM50.07%

EPS CAGR

10Y1.28%

5Y-3.98%

3Y-21.63%

TTM48.44%

ROCE

10Y Avg10.11%

5Y Avg8.98%

3Y Avg7.15%

Latest4.04%

Peer Comparison

Midwest Community Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TFSLTFS Financial Corporation	3.97B	14.13	44.16	4.37%	11.49%	4.41%	1.15%	2.57
ASBAssociated Banc-Corp	4.43B	26.70	37.08	4.42%	5.85%	3.62%	12.08%	0.69
ASBAAssociated Banc-Corp	4.11B	24.78	30.98	-6.56%	12.92%	3.77%	13.02%	0.17
BANFBancFirst Corporation	3.81B	114.30	17.75	12.28%	23.81%	13.33%	5.89%	0.05
SYBTStock Yards Bancorp, Inc.	2.03B	68.83	17.69	15.84%	22.86%	12.99%	6.56%	0.53
PRKPark National Corporation	2.63B	163.76	17.57	14.4%	23.46%	13.22%	6.44%	0.24
NICNicolet Bankshares, Inc.	1.97B	133.08	16.53	24.6%	23.88%	11.4%	5.95%	0.14
LKFNLakeland Financial Corporation	1.52B	59.47	16.38	9.38%	21.74%	13.06%	6.18%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	54.15M	57.12M	60.06M	62.06M	66.43M	82.83M	95.06M	91.74M	69.03M	71.36M
NII Growth %	0.1%	0.05%	0.05%	0.03%	0.07%	0.25%	0.15%	-0.03%	-0.25%	0.03%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	60.15M	64.99M	73.03M	84.79M	98.67M	100.23M	107.28M	123.35M	160.31M	190.07M
Interest Expense	5.99M	7.88M	12.98M	22.73M	32.24M	17.4M	12.22M	31.61M	91.27M	118.7M
Loan Loss Provision	850K	1M	0	-250K	600K	12M	-1.5M	-2.5M	700K	1M
Non-Interest Income+	7.29M	7.13M	8.65M	7.75M	8.32M	9.14M	9.14M	10.21M	9.44M	7.77M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	67.44M	72.12M	81.68M	92.55M	106.99M	109.37M	116.42M	133.56M	169.75M	197.84M
Revenue Growth %	0.06%	0.07%	0.13%	0.13%	0.16%	0.02%	0.06%	0.15%	0.27%	0.17%
Non-Interest Expense	29.16M	30.29M	32.27M	34.99M	38.41M	38.59M	42.79M	45.05M	47.99M	50.69M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	31.44M	32.95M	36.44M	35.07M	35.74M	41.38M	62.91M	59.4M	29.79M	27.44M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.18%	0.05%	0.11%	-0.04%	0.02%	0.16%	0.52%	-0.06%	-0.5%	-0.08%
Pretax Income+	31.44M	32.95M	36.44M	35.07M	35.74M	41.38M	62.91M	59.4M	29.79M	27.44M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	9.7M	9.94M	13.37M	6.56M	7.05M	8.67M	13.3M	13M	5.65M	3.39M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	21.74M	23.02M	23.07M	28.51M	28.69M	32.71M	49.61M	46.4M	24.14M	24.05M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.08%	0.06%	0%	0.24%	0.01%	0.14%	0.52%	-0.06%	-0.48%	-0%
Net Income (Continuing)	21.74M	23.02M	23.07M	28.51M	28.69M	32.71M	49.61M	46.4M	24.14M	24.05M
EPS (Diluted)+	1.35	1.42	1.41	1.74	1.74	1.98	2.95	2.76	1.44	1.42
EPS Growth %	0.08%	0.05%	-0.01%	0.23%	0%	0.14%	0.49%	-0.06%	-0.48%	-0.01%
EPS (Basic)	1.35	1.42	1.42	1.75	1.75	1.99	3.00	2.79	1.44	1.43
Diluted Shares Outstanding	16.1M	16.21M	16.34M	16.4M	16.48M	16.52M	16.79M	16.8M	16.75M	16.89M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	57.33M	40.94M	34.95M	46.37M	37.81M	77.69M	192.82M	26.54M	65.36M	243.48M
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	1.6B	1.69B	1.98B	2.16B	2.32B	2.67B	3.19B	3.38B	3.52B	3.52B
Investments Growth %	0.07%	0.06%	0.17%	0.09%	0.08%	0.15%	0.19%	0.06%	0.04%	-0%
Long-Term Investments	1.28B	1.43B	1.54B	1.71B	1.92B	2.25B	2.43B	2.72B	2.9B	2.97B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
PP&E (Net)	11.56M	23.31M	23.02M	21.49M	29.68M	29.08M	34.57M	53.12M	86.4M	109.98M
Other Assets	64.45M	84.89M	60.6M	55.66M	70.7M	384.74M	66.44M	103.48M	103.01M	96.51M
Total Current Assets	382.73M	306.9M	486.51M	507.76M	443.52M	509.5M	960.54M	701M	702.86M	800.87M
Total Non-Current Assets	1.37B	1.55B	1.63B	1.79B	2.03B	2.68B	2.54B	2.91B	3.12B	3.21B
Total Assets+	1.75B	1.85B	2.11B	2.3B	2.47B	3.19B	3.5B	3.61B	3.83B	4.01B
Asset Growth %	0.08%	0.06%	0.14%	0.09%	0.08%	0.29%	0.1%	0.03%	0.06%	0.05%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Total Debt+	149.18M	135.1M	143.17M	232.37M	225.39M	222.38M	199.87M	485.86M	592.64M	392.63M
Net Debt	91.85M	94.16M	108.22M	186M	187.58M	144.69M	7.04M	459.32M	527.28M	149.15M
Long-Term Debt	127.17M	125.41M	119.71M	185.34M	222.73M	217.01M	196.99M	285.86M	442.37M	392.63M
Short-Term Debt	21.76M	9.69M	23.46M	47.02M	2.66M	5.38M	2.88M	200M	150.27M	0
Other Liabilities	0	0	-22.92M	-27.04M	0	0	0	0	34.3M	36.89M
Total Current Liabilities	1.47B	1.56B	1.84B	1.95B	2.04B	2.75B	3.04B	3.12B	3.12B	3.36B
Total Non-Current Liabilities	127.42M	125.41M	96.79M	158.3M	222.73M	217.01M	196.99M	285.86M	476.67M	429.52M
Total Liabilities	1.6B	1.69B	1.94B	2.11B	2.26B	2.96B	3.24B	3.4B	3.6B	3.79B
Total Equity+	152.38M	165.38M	178.1M	191.02M	211.82M	223.69M	260.33M	211.11M	225.04M	227.88M
Equity Growth %	0.09%	0.09%	0.08%	0.07%	0.11%	0.06%	0.16%	-0.19%	0.07%	0.01%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.15%	0.14%	0.13%	0.15%	0.14%	0.15%	0.2%	0.2%	0.11%	0.11%
Book Value per Share	9.47	10.20	10.90	11.65	12.85	13.54	15.51	12.57	13.44	13.49
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	3M	3M	3M	3M	3M	3M	3M	3M	3M	3M
Additional Paid-in Capital	20.07M	21.46M	23.46M	25.13M	27.26M	28.82M	30.18M	32.02M	34.2M	35.62M
Retained Earnings	129.74M	141.96M	153.53M	169.71M	184.82M	203.72M	237.78M	267.56M	271.37M	278.61M
Accumulated OCI	-430K	-1.04M	-1.89M	-6.81M	-3.26M	-11.85M	-10.64M	-91.47M	-83.52M	-89.36M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	31.04M	30.19M	29.36M	34.74M	36.97M	42.28M	57.88M	59.44M	25.25M	39.81M
Operating CF Growth %	0.18%	-0.03%	-0.03%	0.18%	0.06%	0.14%	0.37%	0.03%	-0.58%	0.58%
Net Income	21.74M	23.02M	23.07M	28.51M	28.69M	32.71M	49.61M	46.4M	24.14M	24.05M
Depreciation & Amortization	4.81M	5.34M	5.5M	6.35M	5.07M	3.39M	3.62M	4.46M	5.15M	6.92M
Deferred Taxes	82K	89K	2.83M	-359K	-33K	-3.02M	82K	1.58M	447K	2.98M
Other Non-Cash Items	902K	-156K	-1.28M	-285K	-264K	11.33M	-2.47M	-3.46M	-604K	1.05M
Working Capital Changes	2.48M	329K	-3.4M	-2.21M	512K	-4.43M	4.47M	7.1M	-6.99M	2.3M
Cash from Investing+	-106.4M	-105.44M	-293.96M	-188.73M	-155.5M	-367.16M	-537.21M	-357.83M	-168.68M	-27.34M
Purchase of Investments	-116.82M	-3.5M	-341.01M	-96.17M	-180.17M	-232.41M	-481.14M	-120.08M	0	0
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	0	0	0	0	0	0
Other Investing	-53.69M	-150.55M	-108.26M	-213.68M	-219.74M	-348.32M	-173.44M	-296.4M	-185.95M	-69.41M
Cash from Financing+	108.23M	79.33M	235.72M	153.51M	124.35M	668.02M	275.72M	132.11M	182.25M	165.65M
Dividends Paid	-9.95M	-10.8M	-11.5M	-12.7M	-13.58M	-13.81M	-15.54M	-16.62M	-16.7M	-16.81M
Share Repurchases	-225K	-394K	-631K	-1.08M	-861K	-749K	-1.21M	-1.52M	-935K	-1.09M
Stock Issued	0	0	0	0	0	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	-1000K	-1000K	-1000K	1000K	1000K	-1000K	-1000K	1000K	1000K	-1000K
Other Financing	122.67M	93.81M	255.06M	103.16M	102.9M	688.95M	312.52M	61.52M	43.64M	233.55M
Net Change in Cash+	32.87M	4.18M	-28.89M	-475K	5.82M	343.14M	-203.61M	-166.29M	38.82M	178.12M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	39.78M	72.65M	76.84M	47.95M	47.47M	53.29M	396.44M	192.82M	26.54M	65.36M
Cash at End	72.65M	76.84M	47.95M	47.47M	53.29M	396.44M	192.82M	26.54M	65.36M	243.48M
Interest Paid	6.07M	7.94M	12.52M	22.15M	31.49M	18.53M	12.64M	28.87M	87.85M	117M
Income Taxes Paid	6.7M	7.87M	9.3M	7.31M	5.88M	11.19M	13.38M	10.63M	5.72M	1.48M
Free Cash Flow+	28.54M	17.39M	28.3M	34.53M	35.92M	39.97M	49.13M	38.13M	-11.14M	13.67M
FCF Growth %	0.36%	-0.39%	0.63%	0.22%	0.04%	0.11%	0.23%	-0.22%	-1.29%	2.23%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	14.86%	14.49%	13.43%	15.45%	14.24%	15.02%	20.5%	19.68%	11.07%	10.62%
Return on Assets (ROA)	1.29%	1.28%	1.16%	1.29%	1.2%	1.16%	1.48%	1.3%	0.65%	0.61%
Net Interest Margin	3.1%	3.08%	2.84%	2.7%	2.69%	2.6%	2.72%	2.54%	1.8%	1.78%
Efficiency Ratio	43.23%	42%	39.5%	37.81%	35.9%	35.28%	36.75%	33.73%	28.27%	25.62%
Equity / Assets	8.71%	8.92%	8.42%	8.32%	8.56%	7.02%	7.44%	5.84%	5.88%	5.68%
Book Value / Share	9.47	10.2	10.9	11.65	12.85	13.54	15.51	12.57	13.44	13.49
NII Growth	10.19%	5.47%	5.15%	3.33%	7.04%	24.69%	14.76%	-3.49%	-24.75%	3.38%
Dividend Payout	45.77%	46.92%	49.84%	44.53%	47.33%	42.23%	31.33%	35.82%	69.21%	69.88%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Fiduciary and Trust	1.92M	2.03M	2.08M	2.67M	2.71M	3.07M	3.45M
Fiduciary and Trust Growth	-	5.47%	2.57%	28.54%	1.42%	13.25%	12.42%
Debit Card	1.68M	1.64M	1.63M	1.95M	1.97M	1.98M	1.92M
Debit Card Growth	-	-2.20%	-0.73%	19.36%	1.08%	0.56%	-3.08%
Deposit Account	2.54M	2.49M	2.36M	2.35M	2.19M	1.86M	1.84M
Deposit Account Growth	-	-1.93%	-5.30%	-0.34%	-6.72%	-15.27%	-0.86%

Frequently Asked Questions

Valuation & Price

West Bancorporation, Inc. (WTBA) has a price-to-earnings (P/E) ratio of 16.1x. This is roughly in line with market averages.

Growth & Financials

West Bancorporation, Inc. (WTBA) grew revenue by 16.5% over the past year. This is strong growth.

Yes, West Bancorporation, Inc. (WTBA) is profitable, generating $32.2M in net income for fiscal year 2024 (12.2% net margin).

Dividend & Returns

Yes, West Bancorporation, Inc. (WTBA) pays a dividend with a yield of 4.35%. This makes it attractive for income-focused investors.

West Bancorporation, Inc. (WTBA) has a return on equity (ROE) of 10.6%. This is reasonable for most industries.

Industry Metrics

West Bancorporation, Inc. (WTBA) has a net interest margin (NIM) of 1.8%. NIM has been under pressure due to interest rate environment.

West Bancorporation, Inc. (WTBA) has an efficiency ratio of 25.6%. This is excellent, indicating strong cost control.

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