Net interest income grew to $24.4 million in 2026Q1, though the net interest margin remains constrained at 0.6% due to persistent funding cost pressures.
| 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 |
|---|
| Net Interest Income | 92.51M | 88.98M | 71.36M | 69.03M | 91.74M | 95.06M | 82.83M | 66.43M | 62.06M | 60.06M | 57.12M | 54.15M | 49.15M | 45.68M | 41.2M | 41.4M | 42.12M | 41.09M | 41.1M | 38.2M | 39.07M | 38.37M | 35.65M | 32.32M | 30.99M | 29.66M |
| NII Growth % | 91.15% | 24.69% | 3.38% | -24.75% | -3.49% | 14.76% | 24.69% | 7.04% | 3.33% | 5.15% | 5.47% | 10.19% | 7.58% | 10.89% | -0.49% | -1.7% | 2.5% | -0.02% | 7.58% | -2.21% | 1.81% | 7.65% | 10.29% | 4.3% | 4.48% | - |
| Net Interest Margin % | 2.31% | 2.15% | 1.78% | 1.8% | 2.54% | 2.72% | 2.6% | 2.69% | 2.7% | 2.84% | 3.08% | 3.1% | 3.04% | 3.17% | 2.85% | 3.26% | 3.23% | 2.61% | 2.65% | 2.85% | 3.08% | 3.08% | 3.1% | 3.23% | 3.5% | 3.64% |
| Interest Income | 193.48M | 192.22M | 190.07M | 160.31M | 123.35M | 107.28M | 100.23M | 98.67M | 84.79M | 73.03M | 64.99M | 60.15M | 55.3M | 52.74M | 50.66M | 53.32M | 61.14M | 67.73M | 72.53M | 82.03M | 79.74M | 63.48M | 49.6M | 43.46M | 44.64M | 54.61M |
| Interest Expense | 100.97M | 103.24M | 118.7M | 91.27M | 31.61M | 12.22M | 17.4M | 32.24M | 22.73M | 12.98M | 7.88M | 5.99M | 6.16M | 7.06M | 9.46M | 11.92M | 19.02M | 26.64M | 31.43M | 43.82M | 40.67M | 25.1M | 13.95M | 11.14M | 13.65M | 24.95M |
| Loan Loss Provision | 0 | 0 | 1M | 700K | -2.5M | -1.5M | 12M | 600K | -250K | 0 | 1M | 850K | 750K | -850K | 625K | 550K | 6.05M | 24.5M | 16.6M | 2.35M | 1.73M | 1.77M | 1.2M | 850K | 910K | 1.06M |
| Non-Interest Income | 6.21M | 6.26M | 7.77M | 9.44M | 10.21M | 9.14M | 9.14M | 8.32M | 7.75M | 8.65M | 7.13M | 7.29M | 8.52M | 7.73M | 10.49M | 8.87M | 9.84M | 8.9M | 4.85M | 16.36M | 16.17M | 11.52M | 10.71M | 9.3M | 6.61M | 6.31M |
| Non-Interest Income % | 3.11% | 3.16% | 3.93% | 5.56% | 7.64% | 7.85% | 8.36% | 7.77% | 8.38% | 10.59% | 9.88% | 10.81% | 13.35% | 12.78% | 17.15% | 14.27% | 13.86% | 11.62% | 6.26% | 16.63% | 16.86% | 15.36% | 17.75% | 17.63% | 12.9% | 10.36% |
| Total Revenue | 199.69M | 198.49M | 197.84M | 169.75M | 133.56M | 116.42M | 109.37M | 106.99M | 92.55M | 81.68M | 72.12M | 67.44M | 63.82M | 60.47M | 61.15M | 62.19M | 70.98M | 76.63M | 77.38M | 98.39M | 95.9M | 74.99M | 60.3M | 52.77M | 51.25M | 60.93M |
| Revenue Growth % | 0.93% | 0.33% | 16.55% | 27.1% | 14.72% | 6.44% | 2.22% | 15.61% | 13.3% | 13.26% | 6.94% | 5.67% | 5.53% | -1.11% | -1.67% | -12.38% | -7.38% | -0.96% | -21.36% | 2.59% | 27.89% | 24.35% | 14.29% | 2.95% | -15.88% | - |
| Non-Interest Expense | 53.9M | 53.83M | 50.69M | 47.99M | 45.05M | 42.79M | 38.59M | 38.41M | 34.99M | 32.27M | 30.29M | 29.16M | 30.22M | 30.05M | 28.29M | 28.39M | 27.19M | 37.91M | 20.65M | 24.82M | 24.98M | 18.64M | 16.97M | 14.69M | 11.22M | 10.48M |
| Efficiency Ratio | 26.99% | 27.12% | 25.62% | 28.27% | 33.73% | 36.75% | 35.28% | 35.9% | 37.81% | 39.5% | 42% | 43.23% | 47.36% | 49.7% | 46.26% | 45.64% | 38.31% | 49.46% | 26.69% | 25.23% | 26.04% | 24.86% | 28.14% | 27.85% | 21.89% | 17.2% |
| Operating Income | 44.82M | 41.42M | 27.44M | 29.79M | 59.4M | 62.91M | 41.38M | 35.74M | 35.07M | 36.44M | 32.95M | 31.44M | 26.69M | 24.21M | 22.77M | 21.34M | 18.71M | -12.41M | 8.7M | 27.4M | 28.54M | 29.47M | 28.18M | 26.08M | 25.47M | 24.43M |
| Operating Margin % | 22.45% | 20.87% | 13.87% | 17.55% | 44.47% | 54.04% | 37.83% | 33.41% | 37.89% | 44.61% | 45.69% | 46.62% | 41.82% | 40.04% | 37.24% | 34.31% | 26.36% | -16.19% | 11.24% | 27.84% | 29.75% | 39.3% | 46.74% | 49.43% | 49.7% | 40.1% |
| Operating Income Growth % | - | 50.92% | -7.87% | -49.85% | -5.58% | 52.02% | 15.78% | 1.92% | -3.76% | 10.58% | 4.81% | 17.8% | 10.23% | 6.31% | 6.72% | 14.04% | 250.83% | -242.66% | -68.25% | -3.99% | -3.17% | 4.56% | 8.06% | 2.39% | 4.26% | - |
| Pretax Income | 44.86M | 41.42M | 27.44M | 29.79M | 59.4M | 62.91M | 41.38M | 35.74M | 35.07M | 36.44M | 32.95M | 31.44M | 26.69M | 24.21M | 22.77M | 21.34M | 18.71M | -12.41M | 8.7M | 27.4M | 28.54M | 29.47M | 28.18M | 26.08M | 25.47M | 24.43M |
| Pretax Margin % | 22.46% | 20.87% | 13.87% | 17.55% | 44.47% | 54.04% | 37.83% | 33.41% | 37.89% | 44.61% | 45.69% | 46.62% | 41.82% | 40.04% | 37.24% | 34.31% | 26.36% | -16.19% | 11.24% | 27.84% | 29.75% | 39.3% | 46.74% | 49.43% | 49.7% | 40.1% |
| Income Tax | 9.57M | 8.86M | 3.39M | 5.65M | 13M | 13.3M | 8.67M | 7.05M | 6.56M | 13.37M | 9.94M | 9.7M | 6.65M | 7.32M | 6.76M | 6.07M | 5.33M | -7.36M | 1.39M | 8.48M | 9.13M | 9.39M | 9.57M | 8.8M | 9.1M | 8.7M |
| Effective Tax Rate % | 21.33% | 21.39% | 12.36% | 18.97% | 21.88% | 21.14% | 20.95% | 19.73% | 18.71% | 36.69% | 30.15% | 30.84% | 24.91% | 30.23% | 29.7% | 28.45% | 28.48% | 59.29% | 15.94% | 30.94% | 31.99% | 31.88% | 33.96% | 33.74% | 35.71% | 35.6% |
| 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 |
| Net Margin % | 17.67% | 16.4% | 12.16% | 14.22% | 34.74% | 42.61% | 29.91% | 26.81% | 30.8% | 28.24% | 31.91% | 32.24% | 31.4% | 27.93% | 26.18% | 24.55% | 18.85% | -19.07% | 9.87% | 19.23% | 20.24% | 26.77% | 30.87% | 32.75% | 31.95% | 25.83% |
| Net Income Growth % | 35.3% | 35.38% | -0.36% | -47.98% | -6.47% | 51.65% | 14.02% | 0.64% | 23.57% | 0.23% | 5.86% | 8.49% | 18.64% | 5.5% | 4.87% | 14.09% | 191.56% | -291.42% | -59.64% | -2.51% | -3.33% | 7.85% | 7.7% | 5.54% | 4.07% | - |
| Net Income (Continuing) | 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 | -5.05M | 7.31M | 18.92M | 19.41M | 20.07M | 18.61M | 17.28M | 16.38M | 15.74M |
| EPS (Diluted) | 2.07 | 1.92 | 1.42 | 1.44 | 2.76 | 2.95 | 1.98 | 1.74 | 1.74 | 1.41 | 1.42 | 1.35 | 1.25 | 1.02 | 0.92 | 0.74 | 0.64 | -0.97 | 0.44 | 1.08 | 1.11 | 1.09 | 1.06 | 0.98 | 0.93 | 0.81 |
| EPS Growth % | 34.42% | 35.21% | -1.39% | -47.83% | -6.44% | 48.99% | 13.79% | 0% | 23.4% | -0.7% | 5.19% | 8% | 22.55% | 10.87% | 24.32% | 15.63% | 165.98% | -320.45% | -59.26% | -2.7% | 1.83% | 2.83% | 8.16% | 5.38% | 14.81% | - |
| EPS (Basic) | - | 1.92 | 1.43 | 1.44 | 2.79 | 3.00 | 1.99 | 1.75 | 1.75 | 1.42 | 1.42 | 1.35 | 1.25 | 1.02 | 0.92 | 0.74 | 0.64 | -0.97 | 0.44 | 1.08 | 1.11 | 1.09 | 1.06 | 0.98 | 0.93 | 0.81 |
| Diluted Shares Outstanding | 17.02M | 17.02M | 16.89M | 16.75M | 16.8M | 16.79M | 16.52M | 16.48M | 16.4M | 16.34M | 16.21M | 16.1M | 16.04M | 16.56M | 17.44M | 17.4M | 17.4M | 17.4M | 17.41M | 17.52M | 17.48M | 18.49M | 17.61M | 17.64M | 17.7M | 19.54M |
CRE concentration and funding costs
According to the latest quarterly filings, West Bancorporation has successfully grown its net interest income to $24.4 million in 2026Q1, representing a significant upward trajectory from the $16.4 million reported in 2023Q4, driven primarily by the bank's aggressive expansion into new Midwest commercial lending markets.
The consistent quarter-over-quarter growth in NII suggests that the bank is effectively capturing higher yields on its commercial loan book despite a challenging interest rate environment. This trend implies that the bank's relationship-based lending model is successfully offsetting the rising cost of interest-bearing deposits.
As reported in financial statements, the net interest margin has remained stagnant at 0.6% throughout the most recent three quarters, indicating that the bank is struggling to expand its spread as the cost of funds likely rises in tandem with asset yields.
The lack of margin expansion suggests that the bank may be reaching a ceiling in its ability to pass on rate increases to its middle-market commercial clients. Investors should monitor whether the bank's deposit beta begins to outpace loan repricing, which could further constrain profitability in future periods.
Based on the company's reported figures, the efficiency ratio has remained remarkably stable, hovering between 25% and 28% over the last ten quarters, which highlights management's ability to scale the franchise without incurring excessive non-interest expense growth relative to total revenue.
This lean operating structure appears to be a core competitive advantage, allowing the bank to maintain profitability even when net interest margins are under pressure. The consistency in this metric suggests that the bank's high-touch, relationship-driven model is being executed with significant cost discipline.
Data from recent quarterly reports shows that West Bancorporation has recorded zero provision expense for loan losses for five consecutive quarters, a trend that warrants further investigation given the bank's significant concentration in commercial real estate assets within its primary operating markets.
While the absence of provisioning suggests a high-quality loan book, it may also reflect a reliance on optimistic macroeconomic assumptions under the CECL framework. Analysts should consider whether this lack of reserve building leaves the bank vulnerable to a sudden downturn in local property valuations.
Quick answers to the most common questions about buying WTBA stock.
West Bancorporation, Inc. (WTBA) is profitable, generating $32.6M in net income for the fiscal year ending 2025 with a net profit margin of 16.4%.
West Bancorporation, Inc. (WTBA) reported an operating income of $41.4M, resulting in an operating profit margin of 20.9%. This margin reflects the operational efficiency of the business before interest and taxes.
West Bancorporation, Inc. (WTBA) generated $95.2M in gross profit for the year, representing a gross profit margin of 48.0%. This demonstrates the company's core pricing power and production efficiency.