WEST BANCORPORATION INC WTBA
West Bancorporation, Inc. (the Company or West Bancorporation) is an Iowa corporation and a financial holding company registered under the Bank Holding Company Act of 1956, as amended (BHCA). The Company was formed in 1984 to own West Bank, an Iowa-chartered bank headquartered in West Des Moines, Iowa. West Bank is a business-focused community bank that was organized in 1893. The Company's primary activity during 2025 was the ownership of West Bank. The Company's and West Bank's only business is banking, and therefore, no segment information is presented in this report. For additional information regarding the Company's segment reporting, see Note 1 of the Notes to the Consolidated Financial Statements included in Item 8 of this Form 10-K .
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $192.2M | $190.1M | $160.3M | $123.3M | $107.3M | $100.2M | $98.7M | $84.8M | $73.0M | $65.0M |
| Interest expense | $89.0M | $71.4M | $69.0M | $91.7M | $12.2M | $17.4M | $32.2M | $22.7M | $13.0M | $7.9M |
| Pre-tax income | $41.4M | $27.4M | $29.8M | $59.4M | $62.9M | $41.4M | $35.7M | $35.1M | $36.4M | $33.0M |
| Income tax | $8.9M | $3.4M | $5.6M | $13.0M | $13.3M | $8.7M | $7.1M | $6.6M | $13.4M | $9.9M |
| Net income | $32.6M | $24.1M | $24.1M | $46.4M | $49.6M | $32.7M | $28.7M | $28.5M | $23.1M | $23.0M |
| EPS, basic | 1.92 | 1.43 | 1.44 | 2.79 | 3.00 | 1.99 | 1.75 | 1.75 | 1.42 | 1.43 |
| EPS, diluted | 1.92 | 1.42 | 1.44 | 2.76 | 2.95 | 1.98 | 1.74 | 1.74 | 1.41 | 1.42 |
| Shares, diluted (wtd. avg.) | $17.0M | $16.9M | $16.8M | $16.8M | $16.8M | $16.5M | $16.5M | $16.4M | $16.3M | $16.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $471.1M | $243.5M | $65.4M | $26.5M | $192.8M | $396.4M | $53.3M | $46.4M | $35.0M | $40.9M |
| Property, plant and equipment | $108.4M | $110.0M | $86.4M | $53.1M | $34.6M | $29.1M | $29.7M | $21.5M | $23.0M | $23.3M |
| Total assets | $4.14B | $4.01B | $3.83B | $3.61B | $3.50B | $3.19B | $2.47B | $2.30B | $2.11B | $1.85B |
| Short-term debt | — | — | — | — | — | — | — | — | — | $0 |
| Long-term debt | — | — | — | — | $51.5M | $21.6M | $22.9M | $27.0M | $22.9M | $5.1M |
| Total liabilities | $3.88B | $3.79B | $3.60B | $3.40B | $3.24B | $2.96B | $2.26B | $2.11B | $1.94B | $1.69B |
| Retained earnings | $294.3M | $278.6M | $271.4M | $267.6M | $237.8M | $203.7M | $184.8M | $169.7M | $153.5M | $142.0M |
| Total equity | $266.0M | $227.9M | $225.0M | $211.1M | $260.3M | $223.7M | $211.8M | $191.0M | $178.1M | $165.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $46.5M | $39.8M | $25.2M | $59.4M | $57.9M | $42.3M | $37.0M | $34.7M | $29.4M | $30.3M |
| Depreciation and amortisation | $4.5M | $3.7M | $1.9M | $1.5M | $1.5M | $1.5M | $1.4M | $1.4M | $1.3M | $1.0M |
| Stock-based compensation | $2.7M | $2.5M | $3.1M | $3.4M | $2.6M | $2.3M | $3.0M | $2.7M | $2.6M | $1.7M |
| Capital expenditure | $3.3M | $26.1M | $36.4M | $21.3M | $8.7M | $2.3M | $1.0M | $210.0K | $1.1M | $12.8M |
| Investing cash flow | $93.3M | -$27.3M | -$168.7M | -$357.8M | -$537.2M | -$367.2M | -$155.5M | -$188.7M | -$294.0M | -$105.4M |
| Financing cash flow | $87.8M | $165.7M | $182.3M | $132.1M | $275.7M | $668.0M | $124.3M | $153.5M | $235.7M | $79.3M |
| Dividends paid | $16.9M | $16.8M | $16.7M | $16.6M | $15.5M | $13.8M | $13.6M | $12.7M | $11.5M | $10.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001166928-26-000010.
Others in SIC 6022
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BNY | Bank of New York Mellon Corp | $111.84B | 22.3x | 7.8% |
| STT | STATE STREET CORP | $53.36B | 20.7x | 7.3% |
| FITB | FIFTH THIRD BANCORP | $49.76B | 15.5x | -5.0% |
| MTB | M&T BANK CORP | $34.64B | 14.1x | 7.5% |
| NTRS | NORTHERN TRUST CORP | $34.15B | 21.4x | 6.1% |
| CFG | CITIZENS FINANCIAL GROUP INC/RI | $29.81B | 18.3x | 6.7% |
| FCNCA | FIRST CITIZENS BANCSHARES INC /DE/ | $25.48B | 13.4x | -2.2% |
| EWBC | EAST WEST BANCORP INC | $17.92B | 13.7x | 2.4% |