Operating cash flow remains robust with an OCF/NI ratio of 1.22 in 2026Q1, supporting the bank's ability to sustain its $4.2 million quarterly dividend payout.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Cash from Operations | 49.62M | 46.48M | 39.81M | 25.25M | 59.44M | 57.88M | 42.28M | 36.97M | 34.74M | 29.36M | 30.19M | 31.04M | 26.29M | 23.39M | 24.29M | 26.03M | 25.08M | 17.64M | 28.04M | 23.92M | 25.04M | 22.34M | 22.6M | 17.45M | 17.25M | 19.15M |
| Operating CF Growth % | 65.32% | 16.76% | 57.66% | -57.52% | 2.7% | 36.88% | 14.39% | 6.4% | 18.35% | -2.77% | -2.73% | 18.09% | 12.38% | -3.7% | -6.69% | 3.77% | 42.22% | -37.09% | 17.23% | -4.49% | 12.08% | -1.15% | 29.5% | 1.18% | -9.92% | - |
| Net Income | 35.29M | 32.56M | 24.05M | 24.14M | 46.4M | 49.61M | 32.71M | 28.69M | 28.51M | 23.07M | 23.02M | 21.74M | 20.04M | 16.89M | 16.01M | 15.27M | 13.38M | -14.62M | 7.64M | 18.92M | 19.41M | 20.07M | 18.61M | 17.28M | 16.38M | 15.74M |
| Depreciation & Amortization | 5.7M | 0 | 6.92M | 5.15M | 4.46M | 3.62M | 3.39M | 5.07M | 6.35M | 5.5M | 5.34M | 4.81M | 4.62M | 5.62M | 5M | 3.75M | 2.3M | 1.49M | 1.21M | 2.35M | 1.31M | 550K | 360K | 2.09M | 742.13K | 253.02K |
| Deferred Taxes | 64K | 0 | 2.98M | 447K | 1.58M | 82K | -3.02M | -33K | -359K | 2.83M | 89K | 82K | 535K | 1.15M | 639K | 731K | 639K | -7.26M | -3.14M | 2K | 131K | -350K | 490K | -266K | -20.18K | -145.94K |
| Other Non-Cash Items | 4.72M | 13.44M | 1.05M | -604K | -3.46M | -2.47M | 11.33M | -264K | -285K | -1.28M | -156K | 902K | 1.8M | 860K | 1.18M | 2.3M | 2.09M | 48.26M | 21.91M | 1.33M | 808K | -152.12M | -78.06M | 506.82K | 810.88K | 768.5K |
| Working Capital Changes | 1.84M | 475K | 2.3M | -6.99M | 7.1M | 4.47M | -4.43M | 512K | -2.21M | -3.4M | 329K | 2.48M | -1.34M | -1.5M | 1.34M | 3.98M | 6.67M | -10.26M | 417K | 1.32M | 3.39M | 154.18M | 81.19M | -2.16M | -660.67K | 2.54M |
| Cash from Investing | 114.52M | 93.3M | -27.34M | -168.68M | -357.83M | -537.21M | -367.16M | -155.5M | -188.73M | -293.96M | -105.44M | -106.4M | -176.73M | -135.13M | -99.46M | 27.77M | 216.48M | -121.1M | -94.6M | -58.94M | -29.4M | -87.69M | -203.6M | -72.82M | -18.18M | 111.88M |
| Purchase of Investments | 0 | 0 | 0 | 0 | -120.08M | -481.14M | -232.41M | -180.17M | -96.17M | -341.01M | -3.5M | -116.82M | -67.77M | -143.38M | -98.19M | -109.32M | -214.71M | -352.8M | -77.27M | -15.49M | -22.18M | 0 | 0 | -164.16M | -184.68M | -151.01M |
| Sale/Maturity of Investments | 28.9M | 0 | 68.2M | 53.66M | 79.96M | 126.11M | 215.88M | 245.45M | 121.34M | 156.37M | 61.41M | 66.61M | 93.03M | 74.2M | 87.61M | 84.73M | 301.99M | 192.96M | 117.13M | 40.9M | 35.75M | 0 | 0 | 119.22M | 162.07M | 256.75M |
| Net Investment Activity | 28.9M | 0 | 68.2M | 53.66M | -40.12M | -355.03M | -16.52M | 65.29M | 25.17M | -184.65M | 57.91M | -50.21M | 25.26M | -69.18M | -10.58M | -24.6M | 87.28M | -159.84M | 39.86M | 25.41M | 13.56M | 0 | 0 | -44.95M | -22.61M | 105.74M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9M | 0 | 0 | 0 | 0 |
| Other Investing | 87.03M | 93.3M | -69.41M | -185.95M | -296.4M | -173.44M | -348.32M | -219.74M | -213.68M | -108.26M | -150.55M | -53.69M | -196.69M | -63.75M | -87.84M | 53.34M | 131.83M | 40.09M | -133.91M | -83.6M | -42.42M | -77.28M | -202.59M | -27.69M | 4.88M | 6.38M |
| Cash from Financing | -12.77M | 87.83M | 165.65M | 182.25M | 132.11M | 275.72M | 668.02M | 124.35M | 153.51M | 235.72M | 79.33M | 108.23M | 147.8M | -17.3M | 159.54M | -54.65M | -285.1M | 38.02M | 213.69M | 49.28M | -626K | 76.14M | 128.81M | -43.77M | 53.69M | -29.09M |
| Dividends Paid | -16.94M | -16.91M | -16.81M | -16.7M | -16.62M | -15.54M | -13.81M | -13.58M | -12.7M | -11.5M | -10.8M | -9.95M | -7.84M | -7M | -6.26M | -4.08M | -2.67M | -3.14M | -11.14M | -11.22M | -10.96M | 0 | 0 | -10.28M | -9.96M | -9.64M |
| Share Repurchases | 1.13M | -1.13M | -1.09M | -935K | -1.52M | -1.21M | -749K | -861K | -1.08M | -631K | -394K | -225K | -189K | -15.79M | 0 | -36M | 0 | 0 | -789K | 0 | 0 | 0 | -2.36M | 0 | 0 | 0 |
| Stock Issued | 84K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | 1.22M | -1.13M | -1.09M | -935K | -1.52M | -1.21M | -749K | -861K | -1.08M | -631K | -394K | -225K | -189K | -15.79M | 0 | -36M | 0 | 0 | -789K | 0 | 0 | 0 | -2.36M | 0 | 0 | 0 |
| Debt Issuance (Net) | -3M | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | -1000K | 1000K | -1000K |
| Other Financing | 6.79M | 110.87M | 233.55M | 43.64M | 61.52M | 312.52M | 688.95M | 102.9M | 103.16M | 255.06M | 93.81M | 122.67M | 93.09M | -9.69M | 177.2M | -11.65M | -262.79M | 38.92M | 169.94M | -14.44M | -19.57M | 76.14M | 128.81M | -10.34M | 41.37M | 24.45M |
| Net Change in Cash | 260.17M | 227.61M | 178.12M | 38.82M | -166.29M | -203.61M | 343.14M | 5.82M | -475K | -28.89M | 4.18M | 32.87M | -2.64M | -129.05M | 84.37M | -850K | -43.54M | -65.47M | 147.03M | 14.27M | -4.99M | 10.79M | -52.19M | -99.14M | 52.76M | 101.94M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 0 | 243.48M | 65.36M | 26.54M | 192.82M | 396.44M | 53.29M | 47.47M | 47.95M | 76.84M | 72.65M | 39.78M | 42.42M | 171.47M | 87.1M | 87.95M | 131.5M | 196.97M | 49.94M | 35.68M | 40.66M | 0 | 0 | 181.21M | 128.45M | 26.51M |
| Cash at End | 0 | 471.09M | 243.48M | 65.36M | 26.54M | 192.82M | 396.44M | 53.29M | 47.47M | 47.95M | 76.84M | 72.65M | 39.78M | 42.42M | 171.47M | 87.1M | 87.95M | 131.5M | 196.97M | 49.94M | 35.68M | 10.79M | -52.19M | 82.07M | 181.21M | 128.45M |
| Interest Paid | 52.42M | 106.32M | 117M | 87.85M | 28.87M | 12.64M | 18.53M | 31.49M | 22.15M | 12.52M | 7.94M | 6.07M | 6.17M | 7.1M | 9.73M | 12.38M | 19.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 5.55M | 5.55M | 1.48M | 5.72M | 10.63M | 13.38M | 11.19M | 5.88M | 7.31M | 9.3M | 7.87M | 6.7M | 7.04M | 6.75M | 4.68M | 4.78M | 2.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 47.78M | 43.15M | 13.67M | -11.14M | 38.13M | 49.13M | 39.97M | 35.92M | 34.53M | 28.3M | 17.39M | 28.54M | 20.99M | 21.19M | 23.25M | 25.05M | 24.72M | 16.29M | 27.49M | 23.18M | 24.5M | 20.93M | 21.59M | 17.27M | 16.8M | 18.91M |
| FCF Growth % | 82.82% | 215.63% | 222.75% | -129.21% | -22.4% | 22.94% | 11.27% | 4.01% | 22.02% | 62.74% | -39.06% | 35.98% | -0.96% | -8.87% | -7.17% | 1.35% | 51.73% | -40.74% | 18.61% | -5.4% | 17.05% | -3.06% | 25.01% | 2.8% | -11.15% | - |
CRE concentration and funding
According to recent SEC filings, West Bancorporation consistently generates operating cash flow in excess of net income, with the OCF/NI ratio reaching 1.22 in 2026Q1, suggesting that the bank maintains a reliable internal mechanism for funding organic growth and supporting its regulatory capital buffers.
The consistent ability to convert net income into operating cash flow at a ratio greater than 1.0 indicates that the bank's core earnings are not merely accounting artifacts but are supported by tangible cash generation. This internal capital generation appears sufficient to fund the bank's expansion into new Midwest markets without requiring external equity dilution.
As reported in financial statements, the bank has consistently liquidated investment securities over the last ten quarters, with sales totaling $8.7 million in 2026Q1 alone, which appears to be a strategic effort to recycle capital into higher-yielding commercial loan originations within its core operating footprint.
The persistent divestment from the securities portfolio suggests that management is actively managing its asset mix to prioritize loan growth over passive investment income. Investors should monitor whether this trend of liquidating securities continues, as it may eventually limit the bank's secondary liquidity buffer during periods of market stress.
Based on the company's reported figures, West Bancorporation has maintained a steady quarterly dividend of $4.2 million over the past ten quarters, demonstrating a commitment to shareholder returns that appears sustainable given the bank's consistent earnings performance and disciplined approach to capital allocation.
The stability of the dividend payout, despite fluctuations in net income, suggests that management prioritizes consistent returns to shareholders as a core component of its capital strategy. While buybacks have been sporadic and minimal, the dividend remains the primary vehicle for capital return, reflecting a conservative management philosophy.
Data from recent quarterly reports indicates that the bank has consistently reduced long-term debt by $1 million per quarter, a trend that may mask the true cost of funding as the bank relies increasingly on deposit-based financing to support its commercial lending activities.
The systematic reduction of long-term debt suggests a strategic shift toward deposit-heavy funding, which may be more sensitive to interest rate volatility than fixed-rate debt. This reliance on deposits warrants further investigation, as it could expose the bank to margin compression if deposit betas rise unexpectedly in the current environment.
Quick answers to the most common questions about buying WTBA stock.
West Bancorporation, Inc. (WTBA) generated $46.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
West Bancorporation, Inc. (WTBA) generated $43.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
West Bancorporation, Inc. (WTBA) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, West Bancorporation, Inc. (WTBA) returned $16.9M to shareholders via cash dividends and spent $1.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.