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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission File Number:  0-49677

WEST BANCORPORATION, INC.
(Exact Name of Registrant as Specified in its Charter)
Iowa42-1230603
(State of Incorporation)(I.R.S. Employer Identification No.)
3330 Westown Parkway, West Des Moines, Iowa
50266
(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code:  (515) 222-2300

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, no par valueWTBAThe Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  ☒                      No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes  ☒                      No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☐
Accelerated filer☒
Non-accelerated filer☐
Smaller reporting company☐
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  ☐                      No  ☒

As of October 23, 2024, there were 16,832,632 shares of common stock, no par value, outstanding.


WEST BANCORPORATION, INC.
INDEX
Page
PART I.
Item 1.
Item 2.
Item 3.
Item 4.
PART II.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
3
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
West Bancorporation, Inc. and Subsidiary
Consolidated Balance Sheet
(unaudited)


(in thousands, except share and per share data)September 30, 2024December 31, 2023
ASSETS
Cash and due from banks$34,157 $33,245 
Interest-bearing deposits123,646 32,112 
Cash and cash equivalents157,803 65,357 
Securities available for sale, at fair value597,745 623,919 
Federal Home Loan Bank stock, at cost17,195 22,957 
Loans3,021,221 2,927,535 
Allowance for credit losses(29,419)(28,342)
Loans, net2,991,802 2,899,193 
Premises and equipment, net106,771 86,399 
Accrued interest receivable13,842 13,581 
Bank-owned life insurance44,703 43,864 
Deferred tax assets, net30,679 34,303 
Other assets28,026 36,185 
Total assets$3,988,566 $3,825,758 
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing demand$525,332 $548,726 
Interest-bearing demand438,402 481,207 
Savings and money market1,605,620 1,440,076 
Time709,199 503,770 
Total deposits3,278,553 2,973,779 
Federal funds purchased and other short-term borrowings— 150,270 
Subordinated notes, net79,828 79,631 
Federal Home Loan Bank advances315,000 315,000 
Long-term debt43,986 47,736 
Accrued expenses and other liabilities35,846 34,299 
Total liabilities3,753,213 3,600,715 
COMMITMENTS AND CONTINGENCIES (NOTE 8)
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value; authorized 50,000,000 shares; no shares issued and outstanding at September 30, 2024 and December 31, 2023
— — 
Common stock, no par value; authorized 50,000,000 shares; 16,832,632
    and 16,725,094 shares issued and outstanding at September 30, 2024
    and December 31, 2023, respectively
3,000 3,000 
Additional paid-in capital34,960 34,197 
Retained earnings275,724 271,369 
Accumulated other comprehensive loss(78,331)(83,523)
Total stockholders' equity235,353 225,043 
Total liabilities and stockholders' equity$3,988,566 $3,825,758 

See Notes to Consolidated Financial Statements.
4


West Bancorporation, Inc. and Subsidiary
Consolidated Statements of Income
(unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except per share data)2024202320242023
Interest income:
Loans, including fees$42,504 $36,756 $124,400 $104,715 
Securities:
Taxable3,261 3,427 10,071 10,175 
Tax-exempt806 880 2,424 2,648 
Interest-bearing deposits 2,041 29 3,855 84 
Total interest income48,612 41,092 140,750 117,622 
Interest expense:  
Deposits26,076 17,156 71,578 46,772 
Federal funds purchased and other short-term borrowings115 3,165 4,248 7,508 
Subordinated notes1,112 1,113 3,325 3,328 
Federal Home Loan Bank advances2,748 2,329 7,791 5,212 
Long-term debt601 695 1,868 2,132 
Total interest expense30,652 24,458 88,810 64,952 
Net interest income17,960 16,634 51,940 52,670 
Credit loss expense— 200 — 200 
Net interest income after credit loss expense17,960 16,434 51,940 52,470 
Noninterest income:  
Service charges on deposit accounts459 463 1,381 1,383 
Debit card usage fees500 495 1,448 1,492 
Trust services828 831 2,398 2,286 
Increase in cash value of bank-owned life insurance287 262 839 769 
Gain from bank-owned life insurance— — — 691 
Loan swap fees— 431 — 431 
Other income285 340 938 1,116 
Total noninterest income2,359 2,822 7,004 8,168 
Noninterest expense:  
Salaries and employee benefits6,823 6,696 20,481 20,592 
Occupancy and equipment1,926 1,359 5,225 4,008 
Data processing771 703 2,239 2,067 
Technology and software722 573 2,153 1,665 
FDIC insurance711 439 1,861 1,275 
Professional fees239 254 740 791 
Director fees223 196 658 652 
Other expenses1,477 1,685 4,597 5,400 
Total noninterest expense12,892 11,905 37,954 36,450 
Income before income taxes7,427 7,351 20,990 24,188 
Income taxes1,475 1,445 4,037 4,576 
Net income$5,952 $5,906 $16,953 $19,612 
 
Basic earnings per common share$0.35 $0.35 $1.01 $1.17 
Diluted earnings per common share$0.35 $0.35 $1.00 $1.17 

See Notes to Consolidated Financial Statements.
5


West Bancorporation, Inc. and Subsidiary
Consolidated Statements of Comprehensive Income (Loss)
(unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2024202320242023
Net income$5,952 $5,906 $16,953 $19,612 
Other comprehensive income (loss):  
Unrealized gains (losses) on securities:
Unrealized holding gains (losses) arising during the period22,981 (23,391)13,787 (20,561)
Income tax (expense) benefit(5,685)5,819 (3,431)5,100 
Other comprehensive income (loss) on securities17,296 (17,572)10,356 (15,461)
Unrealized gains on derivatives:
Unrealized holding gains (losses) arising during the period(8,218)5,303 1,635 11,771 
Plus: reclassification adjustment for net gains realized in net income(2,697)(2,903)(8,510)(7,328)
Income tax (expense) benefit2,708 (590)1,711 (1,090)
Other comprehensive income (loss) on derivatives(8,207)1,810 (5,164)3,353 
Total other comprehensive income (loss)9,089 (15,762)5,192 (12,108)
Comprehensive income (loss)$15,041 $(9,856)$22,145 $7,504 

See Notes to Consolidated Financial Statements.
 
6


West Bancorporation, Inc. and Subsidiary
Consolidated Statements of Stockholders' Equity
(unaudited)
(in thousands, except share and per share data)
Three Months Ended September 30, 2024
Accumulated
AdditionalOther
PreferredCommon StockPaid-InRetainedComprehensive
StockSharesAmountCapitalEarningsIncome (Loss)Total
Balance, June 30, 2024$— 16,832,632 $3,000 $34,322 $273,981 $(87,420)$223,883 
Net income
— — — — 5,952 — 5,952 
Other comprehensive income, net of tax— — — — — 9,089 9,089 
Cash dividends declared, $0.25 per common share
— — — — (4,209)— (4,209)
Stock-based compensation costs
— — — 638 — — 638 
Balance, September 30, 2024$— 16,832,632 $3,000 $34,960 $275,724 $(78,331)$235,353 
Three Months Ended September 30, 2023
Accumulated
AdditionalOther
PreferredCommon StockPaid-InRetainedComprehensive
StockSharesAmountCapitalEarningsIncome (Loss)Total
Balance, June 30, 2023$— 16,725,094 $3,000 $32,642 $269,301 $(87,817)$217,126 
Net income
— — — — 5,906 — 5,906 
Other comprehensive loss, net of tax— — — — — (15,762)(15,762)
Cash dividends declared, $0.25 per common share
— — — — (4,182)— (4,182)
Stock-based compensation costs
— — — 845 — — 845 
Balance, September 30, 2023$— 16,725,094 $3,000 $33,487 $271,025 $(103,579)$203,933 
See Notes to Consolidated Financial Statements.
7


West Bancorporation, Inc. and Subsidiary
Consolidated Statements of Stockholders' Equity
(unaudited)
(in thousands, except share and per share data)
Nine Months Ended September 30, 2024
Accumulated
AdditionalOther
PreferredCommon StockPaid-InRetainedComprehensive
StockSharesAmountCapitalEarningsIncome (Loss)Total
Balance, December 31, 2023$— 16,725,094 $3,000 $34,197 $271,369 $(83,523)$225,043 
Net income
— — — — 16,953 — 16,953 
Other comprehensive income,
   net of tax
— — — — — 5,192 5,192 
Cash dividends declared, $0.75 per common share
— — — — (12,598)— (12,598)
Stock-based compensation costs
— — — 1,850 — — 1,850 
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for payroll taxes— 107,538 — (1,087)— — (1,087)
Balance, September 30, 2024$— 16,832,632 $3,000 $34,960 $275,724 $(78,331)$235,353 
Nine Months Ended September 30, 2023
Accumulated
AdditionalOther
PreferredCommon StockPaid-InRetainedComprehensive
StockSharesAmountCapitalEarningsIncome (Loss)Total
Balance, December 31, 2022$— 16,640,413 $3,000 $32,021 $267,562 $(91,471)$211,112 
Cumulative effect of change in accounting principle(1)
— — — — (3,626)— (3,626)
Net income
— — — — 19,612 — 19,612 
Other comprehensive loss, net of tax— — — — — (12,108)(12,108)
Cash dividends declared, $0.75 per common share
— — — — (12,523)— (12,523)
Stock-based compensation costs
— — — 2,401 — — 2,401 
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for payroll taxes
— 84,681 — (935)— — (935)
Balance, September 30, 2023$— 16,725,094 $3,000 $33,487 $271,025 $(103,579)$203,933 
(1)Cumulative effect adjustment pursuant to adoption of ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. See Note 1 for additional information.

See Notes to Consolidated Financial Statements.

8


West Bancorporation, Inc. and Subsidiary
Consolidated Statements of Cash Flows
(unaudited)
Nine Months Ended September 30,
(in thousands)20242023
Cash Flows from Operating Activities:
Net income$16,953 $19,612 
Adjustments to reconcile net income to net cash provided by operating activities:
Credit loss expense— 200 
Net amortization and accretion2,422 2,499 
Stock-based compensation1,850 2,401 
Increase in cash value of bank-owned life insurance(839)(769)
Gain from bank-owned life insurance— (691)
Depreciation2,564 1,189 
Provision for deferred income taxes1,904 207 
Change in assets and liabilities:
Increase in accrued interest receivable(261)(1,610)
(Increase) decrease in other assets334 (1,936)
Increase (decrease) in accrued expenses and other liabilities4,129 (3,058)
Net cash provided by operating activities29,056 18,044 
Cash Flows from Investing Activities:  
Proceeds from principal paydowns, maturities and calls of securities available for sale37,736 31,886 
Purchases of Federal Home Loan Bank stock(57,683)(90,194)
Proceeds from redemption of Federal Home Loan Bank stock63,445 82,839 
Net increase in loans(93,609)(106,925)
Purchases of premises and equipment(23,568)(24,699)
Proceeds of principal and earnings from bank-owned life insurance— 2,458 
Net cash used in investing activities(73,679)(104,635)
Cash Flows from Financing Activities:  
Net increase (decrease) in deposits304,774 (124,879)
Net increase (decrease) in federal funds purchased and other short-term borrowings(150,270)61,510 
Net increase in Federal Home Loan Bank advances— 160,000 
Principal payments on long-term debt(3,750)(2,500)
Common stock dividends paid(12,598)(12,523)
Restricted stock units withheld for payroll taxes (1,087)(935)
Net cash provided by financing activities137,069 80,673 
Net increase (decrease) in cash and cash equivalents92,446 (5,918)
Cash and Cash Equivalents:
Beginning65,357 26,539 
Ending$157,803 $20,621 
Supplemental Disclosures of Cash Flow Information:
Cash payments for:
Interest$84,704 $61,342 
Income taxes930 3,890 
See Notes to Consolidated Financial Statements.

9

West Bancorporation, Inc. and Subsidiary
Notes to Consolidated Financial Statements
(unaudited)
(dollars in thousands, except per share data)

1.  Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared by West Bancorporation, Inc. (the Company) pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements have been condensed or omitted pursuant to such rules and regulations. Although management believes that the disclosures are adequate to make the information presented understandable, it is suggested that these interim consolidated financial statements be read in conjunction with the Company's Annual Report on Form 10-K/A for the year ended December 31, 2023, filed with the SEC on February 23, 2024. In the opinion of management, the accompanying consolidated financial statements of the Company contain all adjustments necessary to fairly present its financial position as of September 30, 2024 and December 31, 2023, net income, comprehensive income (loss) and changes in stockholders' equity for the three and nine months ended September 30, 2024 and 2023, and cash flows for the nine months ended September 30, 2024 and 2023. The results for these interim periods may not be indicative of results for the entire year or for any other period.

The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (GAAP) established by the Financial Accounting Standards Board (FASB). References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codification™, sometimes referred to as the Codification or ASC. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses for the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term are the fair value of financial instruments and the allowance for credit losses.

The accompanying unaudited consolidated financial statements include the accounts of the Company, the Company's wholly-owned subsidiary West Bank and West Bank's special purpose subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. In accordance with GAAP, West Bancorporation Capital Trust I is recorded on the books of the Company using the equity method of accounting and is not consolidated.

Current accounting developments:  In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this update provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. They provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update were effective for all entities as of March 12, 2020 through December 31, 2022. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope. The amendments in this update refine the scope for certain optional expedients and exceptions for contract modifications and hedge accounting to apply to derivative contracts and certain hedging relationships affected by the discounting transition. The amendments in this update were effective for all entities as of March 12, 2020 through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. The amendment in this update extends the period of time preparers can utilize reference rate reform relief guidance in Topic 848, discussed above. ASU No. 2022-06 defers the sunset date from December 31, 2022 to December 31, 2024. The Company does not expect the updates within Topic 848 to have a material impact on the Company's financial statements.

In March 2023, the FASB issued ASU No. 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using Proportional Amortization Method. The ASU is intended to improve the accounting and disclosures for investments in tax credit structures. It allows reporting entities to elect to adopt for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The implementation of this ASU did not have a material impact on the Company's financial statements.


10

West Bancorporation, Inc. and Subsidiary
Notes to Consolidated Financial Statements
(unaudited)
(dollars in thousands, except per share data)



In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The ASU incorporates certain SEC disclosure requirements into the FASB Accounting Standards CodificationTM.. The amendments in the ASU are expected to clarify or improve disclosure presentation requirements of a variety of Codification Topics, allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the Codification with the SEC’s regulations. For entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC removes that related disclosure from its rules. For all other entities, the amendments will be effective two years later. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective for any entity. These amendments have not had an impact to the Company as of September 30, 2024.
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this ASU are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of the ASU on the Company’s consolidated financial statements.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU is intended to improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation table and income taxes paid to be disaggregated by jurisdiction. It also includes certain amendments to improve the effectiveness of income tax disclosures. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of the ASU on the Company’s consolidated financial statements.
2.  Earnings per Common Share

Basic earnings per common share are computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per common share reflect the potential dilution that could occur if the Company's outstanding restricted stock units were vested. The dilutive effect was computed using the treasury stock method, which assumes all stock-based awards were exercised and the hypothetical proceeds from exercise were used by the Company to purchase common stock at the average market price during the period. The incremental shares, to the extent they would have been dilutive, were included in the denominator of the diluted earnings per common share calculation. The calculations of earnings per common share and diluted earnings per common share for the three and nine months ended September 30, 2024 and 2023 are presented in the following table.

Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except per share data)2024202320242023
Net income$5,952 $5,906 $16,953 $19,612 
 
Weighted average common shares outstanding16,833 16,725 16,797 16,697 
Weighted average effect of restricted stock units outstanding
88 43 76 45 
Diluted weighted average common shares outstanding16,921 16,768 16,873 16,742 
     
Basic earnings per common share$0.35 $0.35 $1.01 $1.17 
Diluted earnings per common share$0.35 $0.35 $1.00 $1.17 
Number of anti-dilutive common stock equivalents excluded from diluted earnings per share computation264 408 303 413 
11

West Bancorporation, Inc. and Subsidiary
Notes to Consolidated Financial Statements
(unaudited)
(dollars in thousands, except per share data)



3.  Securities Available for Sale

The following tables show the amortized cost, gross unrealized gains and losses, and fair value of securities available for sale, by security type as of September 30, 2024 and December 31, 2023.
 September 30, 2024
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
(Losses)		Fair
Value
Securities available for sale:
State and political subdivisions$229,568 $4 $(35,809)$193,763 
Collateralized mortgage obligations (1)
284,773 — (49,213)235,560 
Mortgage-backed securities (1)
149,135 — (21,269)127,866 
Collateralized loan obligations28,519 25 — 28,544 
Corporate notes13,750 — (1,738)12,012 
 $705,745 $29 $(108,029)$597,745 
 December 31, 2023
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
(Losses)		Fair
Value
Securities available for sale:
State and political subdivisions$231,413 $19 $(38,427)$193,005 
Collateralized mortgage obligations (1)
305,200 — (55,267)249,933 
Mortgage-backed securities (1)
157,711 — (25,873)131,838 
Collateralized loan obligations37,632 — (96)37,536 
Corporate notes13,750 — (2,143)11,607 
 $745,706 $19 $(121,806)$623,919 
(1)Collateralized mortgage obligations and mortgage-backed securities consist of residential and commercial mortgage pass-through securities and collateralized mortgage obligations guaranteed by FNMA, FHLMC, GNMA and SBA.

Securities with a total amortized cost of approximately $590,851 and $447,074 as of September 30, 2024 and December 31, 2023, respectively, were pledged to secure access to Federal Home Loan Bank (FHLB) advances and Federal Reserve credit programs, for public fund deposits, and for other purposes as required or permitted by law or regulation.

The amortized cost and fair value of securities available for sale as of September 30, 2024, by contractual maturity, are shown below. Certain securities have call features that allow the issuer to call the securities prior to maturity. Expected maturities may differ from contractual maturities for collateralized mortgage obligations and mortgage-backed securities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Therefore, collateralized mortgage obligations and mortgage-backed securities are not included in the maturity categories within the following maturity summary.
 September 30, 2024
 Amortized CostFair Value
Due after five years through ten years$67,914 $63,419 
Due after ten years203,923 170,900 
 271,837 234,319 
Collateralized mortgage obligations and mortgage-backed securities433,908 363,426 
 $705,745 $597,745 
12

West Bancorporation, Inc. and Subsidiary
Notes to Consolidated Financial Statements
(unaudited)
(dollars in thousands, except per share data)



There were no sales of securities available for sale during the three and nine months ended September 30, 2024 and 2023.

The following tables show the fair value and gross unrealized losses, aggregated by investment type and length of time that individual securities have been in a continuous loss position, as of September 30, 2024 and December 31, 2023.
September 30, 2024
 Less than 12 months12 months or longerTotal
 Fair
Value		Gross
Unrealized
(Losses)		No. of SecuritiesFair
Value		Gross
Unrealized
(Losses)		No. of SecuritiesFair
Value		Gross
Unrealized
(Losses)
Securities available for sale:
State and political
subdivisions$4,023 $(84)9$188,441 $(35,725)95$192,464 $(35,809)
Collateralized mortgage
obligations— — —235,559 (49,213)71235,559 (49,213)
Mortgage-backed securities607 (8)1127,259 (21,261)26127,866 (21,269)
Corporate notes— — —12,012 (1,738)812,012 (1,738)
 $4,630 $(92)10$563,271 $(107,937)200$567,901 $(108,029)
       
 December 31, 2023
 Less than 12 months12 months or longerTotal
 Fair
Value		Gross
Unrealized
(Losses)		No. of SecuritiesFair
Value		Gross
Unrealized
(Losses)		No. of SecuritiesFair
Value		Gross
Unrealized
(Losses)
Securities available for sale:
State and political
subdivisions$3,353 $(89)5$184,522 $(38,338)92$187,875 $(38,427)
Collateralized mortgage
obligations— — —249,933 (55,267)72249,933 (55,267)
Mortgage-backed securities— — —131,838 (25,873)27131,838 (25,873)
Collateralized loan obligations— — —37,536 (96)637,536 (96)
Corporate notes— — —11,607 (2,143)811,607 (2,143)
 $3,353 $(89)5$615,436 $(121,717)205$618,789 $(121,806)

If the Company intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis, then the security is written down to fair value through income. As of September 30, 2024 and December 31, 2023, the Company did not have the intent to sell, nor was it more likely than not that we would be required to sell any of the securities in an unrealized loss position prior to recovery. As of September 30, 2024 and December 31, 2023, the Company also determined that no individual securities in an unrealized loss position represented credit losses that would require an allowance for credit losses. The Company concluded that the unrealized losses were primarily attributable to increases in market interest rates since these securities were purchased and other market conditions. Accrued interest receivable is not included in available-for-sale security balances and is presented in the "Accrued interest receivable" line of the Consolidated Balance Sheets. Interest receivable on securities was $3,291 and $3,271 as of September 30, 2024 and December 31, 2023, respectively, and was excluded from the estimate of credit losses.

13

West Bancorporation, Inc. and Subsidiary
Notes to Consolidated Financial Statements
(unaudited)
(dollars in thousands, except per share data)



4. Loans and Allowance for Credit Losses

Loans consisted of the following segments as of September 30, 2024 and December 31, 2023.
 September 30, 2024December 31, 2023
Commercial$512,884 $531,594 
Real estate:
Construction, land and land development520,516 413,477 
1-4 family residential first mortgages89,749 106,688 
Home equity17,140 14,618 
Commercial1,870,132 1,854,510 
Consumer and other14,261 10,930 
 3,024,682 2,931,817 
Net unamortized fees and costs(3,461)(4,282)
 $3,021,221 $2,927,535 

Real estate loans of approximately $1,460,000 and $1,420,000 were pledged as security for FHLB advances as of September 30, 2024 and December 31, 2023, respectively.

Loans are stated at the principal amounts outstanding, net of unamortized loan fees and costs, with interest income recognized on the interest method based upon the terms of the loan. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. Loans are reported by the portfolio segments identified above and are analyzed by management on this basis. All loan policies identified below apply to all segments of the loan portfolio.

Allowance for Credit Losses for Loans

The following tables detail the changes in the allowance for credit losses (ACL) by loan segment for the three and nine months ended September 30, 2024 and 2023.

Three Months Ended September 30, 2024
Real Estate
CommercialConstruction and Land1-4 Family ResidentialHome EquityCommercialConsumer and OtherTotal
Beginning balance$5,106 $4,228 $643 $148 $18,143 $154 $28,422 
Charge-offs(16)— — — — — (16)
Recoveries8 3 1 1 — — 13 
Provision for credit loss expense(1)
183 66 2 25 723 1 1,000 
Ending balance$5,281 $4,297 $646 $174 $18,866 $155 $29,419 
Nine Months Ended September 30, 2024
Real Estate
CommercialConstruction and Land1-4 Family ResidentialHome EquityCommercialConsumer and OtherTotal
Beginning balance$5,291 $3,668 $704 $142 $18,420 $117 $28,342 
Charge-offs(20)— — — — — (20)
Recoveries43 10 41 3 — — 97 
Provision for credit loss expense(1)
(33)619 (99)29 446 38 1,000 
Ending balance$5,281 $4,297 $646 $174 $18,866 $155 $29,419 

14

West Bancorporation, Inc. and Subsidiary
Notes to Consolidated Financial Statements
(unaudited)
(dollars in thousands, except per share data)




Three Months Ended September 30, 2023
Real Estate
CommercialConstruction and Land1-4 Family ResidentialHome EquityCommercialConsumer and OtherTotal
Beginning balance