10-Q 1 wtba-20240331.htm 10-Q wtba-20240331
0001166928FALSE2024Q112/3100011669282024-01-012024-03-310001166928dei:FormerAddressMember2024-01-012024-03-3100011669282024-04-24xbrli:shares00011669282024-03-31iso4217:USD00011669282023-12-31iso4217:USDxbrli:shares00011669282023-01-012023-03-310001166928us-gaap:ServiceMember2024-01-012024-03-310001166928us-gaap:ServiceMember2023-01-012023-03-310001166928us-gaap:DebitCardMember2024-01-012024-03-310001166928us-gaap:DebitCardMember2023-01-012023-03-310001166928us-gaap:FiduciaryAndTrustMember2024-01-012024-03-310001166928us-gaap:FiduciaryAndTrustMember2023-01-012023-03-310001166928us-gaap:CommonStockMember2023-12-310001166928us-gaap:AdditionalPaidInCapitalMember2023-12-310001166928us-gaap:RetainedEarningsMember2023-12-310001166928us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001166928us-gaap:RetainedEarningsMember2024-01-012024-03-310001166928us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310001166928us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310001166928us-gaap:PreferredStockMember2024-01-012024-03-310001166928us-gaap:CommonStockMember2024-01-012024-03-310001166928us-gaap:CommonStockMember2024-03-310001166928us-gaap:AdditionalPaidInCapitalMember2024-03-310001166928us-gaap:RetainedEarningsMember2024-03-310001166928us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001166928us-gaap:PreferredStockMember2022-12-310001166928us-gaap:CommonStockMember2022-12-310001166928us-gaap:AdditionalPaidInCapitalMember2022-12-310001166928us-gaap:RetainedEarningsMember2022-12-310001166928us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-3100011669282022-12-310001166928srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2022-12-310001166928srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-12-310001166928us-gaap:RetainedEarningsMember2023-01-012023-03-310001166928us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310001166928us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310001166928us-gaap:PreferredStockMember2023-01-012023-03-310001166928us-gaap:CommonStockMember2023-01-012023-03-310001166928us-gaap:CommonStockMember2023-03-310001166928us-gaap:AdditionalPaidInCapitalMember2023-03-310001166928us-gaap:RetainedEarningsMember2023-03-310001166928us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-3100011669282023-03-310001166928us-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-310001166928us-gaap:CollateralizedMortgageObligationsMember2024-03-310001166928us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-03-310001166928us-gaap:CollateralizedLoanObligationsMember2024-03-310001166928us-gaap:CorporateDebtSecuritiesMember2024-03-310001166928us-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001166928us-gaap:CollateralizedMortgageObligationsMember2023-12-310001166928us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310001166928us-gaap:CollateralizedLoanObligationsMember2023-12-310001166928us-gaap:CorporateDebtSecuritiesMember2023-12-31wtba:securities0001166928us-gaap:CommercialLoanMember2024-03-310001166928us-gaap:CommercialLoanMember2023-12-310001166928wtba:ConstructionLandAndLandDevelopmentMember2024-03-310001166928wtba:ConstructionLandAndLandDevelopmentMember2023-12-310001166928us-gaap:ResidentialMortgageMember2024-03-310001166928us-gaap:ResidentialMortgageMember2023-12-310001166928us-gaap:HomeEquityLoanMember2024-03-310001166928us-gaap:HomeEquityLoanMember2023-12-310001166928us-gaap:CommercialRealEstateMember2024-03-310001166928us-gaap:CommercialRealEstateMember2023-12-310001166928wtba:ConsumerAndOtherLoansMember2024-03-310001166928wtba:ConsumerAndOtherLoansMember2023-12-310001166928us-gaap:RealEstateMember2024-03-310001166928us-gaap:RealEstateMember2023-12-310001166928us-gaap:CommercialLoanMember2024-01-012024-03-310001166928wtba:ConstructionLandAndLandDevelopmentMember2024-01-012024-03-310001166928us-gaap:ResidentialMortgageMember2024-01-012024-03-310001166928us-gaap:HomeEquityLoanMember2024-01-012024-03-310001166928us-gaap:CommercialRealEstateMember2024-01-012024-03-310001166928wtba:ConsumerAndOtherLoansMember2024-01-012024-03-310001166928us-gaap:CommercialLoanMember2022-12-310001166928wtba:ConstructionLandAndLandDevelopmentMember2022-12-310001166928us-gaap:ResidentialMortgageMember2022-12-310001166928us-gaap:HomeEquityLoanMember2022-12-310001166928us-gaap:CommercialRealEstateMember2022-12-310001166928wtba:ConsumerAndOtherLoansMember2022-12-310001166928srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:CommercialLoanMember2022-12-310001166928srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberwtba:ConstructionLandAndLandDevelopmentMember2022-12-310001166928srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ResidentialMortgageMember2022-12-310001166928srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:HomeEquityLoanMember2022-12-310001166928srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:CommercialRealEstateMember2022-12-310001166928srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberwtba:ConsumerAndOtherLoansMember2022-12-310001166928us-gaap:CommercialLoanMember2023-01-012023-03-310001166928wtba:ConstructionLandAndLandDevelopmentMember2023-01-012023-03-310001166928us-gaap:ResidentialMortgageMember2023-01-012023-03-310001166928us-gaap:HomeEquityLoanMember2023-01-012023-03-310001166928us-gaap:CommercialRealEstateMember2023-01-012023-03-310001166928wtba:ConsumerAndOtherLoansMember2023-01-012023-03-310001166928us-gaap:CommercialLoanMember2023-03-310001166928wtba:ConstructionLandAndLandDevelopmentMember2023-03-310001166928us-gaap:ResidentialMortgageMember2023-03-310001166928us-gaap:HomeEquityLoanMember2023-03-310001166928us-gaap:CommercialRealEstateMember2023-03-310001166928wtba:ConsumerAndOtherLoansMember2023-03-310001166928us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialLoanMember2024-03-310001166928us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialLoanMember2024-03-310001166928us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialLoanMember2024-03-310001166928us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialLoanMember2024-03-310001166928us-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialLoanMember2024-03-310001166928us-gaap:FinancingReceivables30To59DaysPastDueMemberwtba:ConstructionLandAndLandDevelopmentMember2024-03-310001166928us-gaap:FinancingReceivables60To89DaysPastDueMemberwtba:ConstructionLandAndLandDevelopmentMember2024-03-310001166928us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberwtba:ConstructionLandAndLandDevelopmentMember2024-03-310001166928us-gaap:FinancialAssetPastDueMemberwtba:ConstructionLandAndLandDevelopmentMember2024-03-310001166928us-gaap:FinancialAssetNotPastDueMemberwtba:ConstructionLandAndLandDevelopmentMember2024-03-310001166928us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialMortgageMember2024-03-310001166928us-gaap:ResidentialMortgageMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310001166928us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ResidentialMortgageMember2024-03-310001166928us-gaap:ResidentialMortgageMemberus-gaap:FinancialAssetPastDueMember2024-03-310001166928us-gaap:ResidentialMortgageMemberus-gaap:FinancialAssetNotPastDueMember2024-03-310001166928us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:HomeEquityLoanMember2024-03-310001166928us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:HomeEquityLoanMember2024-03-310001166928us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:HomeEquityLoanMember2024-03-310001166928us-gaap:FinancialAssetPastDueMemberus-gaap:HomeEquityLoanMember2024-03-310001166928us-gaap:FinancialAssetNotPastDueMemberus-gaap:HomeEquityLoanMember2024-03-310001166928us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialRealEstateMember2024-03-310001166928us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialRealEstateMember2024-03-310001166928us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialRealEstateMember2024-03-310001166928us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialRealEstateMember2024-03-310001166928us-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialRealEstateMember2024-03-310001166928us-gaap:FinancingReceivables30To59DaysPastDueMemberwtba:ConsumerAndOtherLoansMember2024-03-310001166928wtba:ConsumerAndOtherLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310001166928us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberwtba:ConsumerAndOtherLoansMember2024-03-310001166928us-gaap:FinancialAssetPastDueMemberwtba:ConsumerAndOtherLoansMember2024-03-310001166928wtba:ConsumerAndOtherLoansMemberus-gaap:FinancialAssetNotPastDueMember2024-03-310001166928us-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310001166928us-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310001166928us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310001166928us-gaap:FinancialAssetPastDueMember2024-03-310001166928us-gaap:FinancialAssetNotPastDueMember2024-03-310001166928us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialLoanMember2023-12-310001166928us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialLoanMember2023-12-310001166928us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialLoanMember2023-12-310001166928us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialLoanMember2023-12-310001166928us-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialLoanMember2023-12-310001166928us-gaap:FinancingReceivables30To59DaysPastDueMemberwtba:ConstructionLandAndLandDevelopmentMember2023-12-310001166928us-gaap:FinancingReceivables60To89DaysPastDueMemberwtba:ConstructionLandAndLandDevelopmentMember2023-12-310001166928us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberwtba:ConstructionLandAndLandDevelopmentMember2023-12-310001166928us-gaap:FinancialAssetPastDueMemberwtba:ConstructionLandAndLandDevelopmentMember2023-12-310001166928us-gaap:FinancialAssetNotPastDueMemberwtba:ConstructionLandAndLandDevelopmentMember2023-12-310001166928us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialMortgageMember2023-12-310001166928us-gaap:ResidentialMortgageMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001166928us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ResidentialMortgageMember2023-12-310001166928us-gaap:ResidentialMortgageMemberus-gaap:FinancialAssetPastDueMember2023-12-310001166928us-gaap:ResidentialMortgageMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001166928us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:HomeEquityLoanMember2023-12-310001166928us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:HomeEquityLoanMember2023-12-310001166928us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:HomeEquityLoanMember2023-12-310001166928us-gaap:FinancialAssetPastDueMemberus-gaap:HomeEquityLoanMember2023-12-310001166928us-gaap:FinancialAssetNotPastDueMemberus-gaap:HomeEquityLoanMember2023-12-310001166928us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialRealEstateMember2023-12-310001166928us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialRealEstateMember2023-12-310001166928us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialRealEstateMember2023-12-310001166928us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialRealEstateMember2023-12-310001166928us-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialRealEstateMember2023-12-310001166928us-gaap:FinancingReceivables30To59DaysPastDueMemberwtba:ConsumerAndOtherLoansMember2023-12-310001166928wtba:ConsumerAndOtherLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001166928us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberwtba:ConsumerAndOtherLoansMember2023-12-310001166928us-gaap:FinancialAssetPastDueMemberwtba:ConsumerAndOtherLoansMember2023-12-310001166928wtba:ConsumerAndOtherLoansMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001166928us-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001166928us-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001166928us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310001166928us-gaap:FinancialAssetPastDueMember2023-12-310001166928us-gaap:FinancialAssetNotPastDueMember2023-12-31wtba:loans0001166928us-gaap:PassMemberus-gaap:CommercialLoanMember2024-03-310001166928us-gaap:SpecialMentionMemberus-gaap:CommercialLoanMember2024-03-310001166928us-gaap:SubstandardMemberus-gaap:CommercialLoanMember2024-03-310001166928us-gaap:CommercialLoanMemberus-gaap:DoubtfulMember2024-03-310001166928us-gaap:PassMemberwtba:ConstructionLandAndLandDevelopmentMember2024-03-310001166928us-gaap:SpecialMentionMemberwtba:ConstructionLandAndLandDevelopmentMember2024-03-310001166928us-gaap:SubstandardMemberwtba:ConstructionLandAndLandDevelopmentMember2024-03-310001166928wtba:ConstructionLandAndLandDevelopmentMemberus-gaap:DoubtfulMember2024-03-310001166928us-gaap:PassMemberus-gaap:ResidentialMortgageMember2024-03-310001166928us-gaap:ResidentialMortgageMemberus-gaap:SpecialMentionMember2024-03-310001166928us-gaap:ResidentialMortgageMemberus-gaap:SubstandardMember2024-03-310001166928us-gaap:ResidentialMortgageMemberus-gaap:DoubtfulMember2024-03-310001166928us-gaap:PassMemberus-gaap:HomeEquityLoanMember2024-03-310001166928us-gaap:SpecialMentionMemberus-gaap:HomeEquityLoanMember2024-03-310001166928us-gaap:SubstandardMemberus-gaap:HomeEquityLoanMember2024-03-310001166928us-gaap:HomeEquityLoanMemberus-gaap:DoubtfulMember2024-03-310001166928us-gaap:PassMemberus-gaap:CommercialRealEstateMember2024-03-310001166928us-gaap:SpecialMentionMemberus-gaap:CommercialRealEstateMember2024-03-310001166928us-gaap:SubstandardMemberus-gaap:CommercialRealEstateMember2024-03-310001166928us-gaap:CommercialRealEstateMemberus-gaap:DoubtfulMember2024-03-310001166928us-gaap:PassMemberwtba:ConsumerAndOtherLoansMember2024-03-310001166928wtba:ConsumerAndOtherLoansMemberus-gaap:SpecialMentionMember2024-03-310001166928us-gaap:SubstandardMemberwtba:ConsumerAndOtherLoansMember2024-03-310001166928wtba:ConsumerAndOtherLoansMemberus-gaap:DoubtfulMember2024-03-310001166928us-gaap:PassMemberus-gaap:CommercialLoanMember2023-12-310001166928us-gaap:SpecialMentionMemberus-gaap:CommercialLoanMember2023-12-310001166928us-gaap:SubstandardMemberus-gaap:CommercialLoanMember2023-12-310001166928us-gaap:CommercialLoanMemberus-gaap:DoubtfulMember2023-12-310001166928us-gaap:CommercialLoanMember2023-01-012023-12-310001166928us-gaap:PassMemberwtba:ConstructionLandAndLandDevelopmentMember2023-12-310001166928us-gaap:SpecialMentionMemberwtba:ConstructionLandAndLandDevelopmentMember2023-12-310001166928us-gaap:SubstandardMemberwtba:ConstructionLandAndLandDevelopmentMember2023-12-310001166928wtba:ConstructionLandAndLandDevelopmentMemberus-gaap:DoubtfulMember2023-12-310001166928wtba:ConstructionLandAndLandDevelopmentMember2023-01-012023-12-310001166928us-gaap:PassMemberus-gaap:ResidentialMortgageMember2023-12-310001166928us-gaap:ResidentialMortgageMemberus-gaap:SpecialMentionMember2023-12-310001166928us-gaap:ResidentialMortgageMemberus-gaap:SubstandardMember2023-12-310001166928us-gaap:ResidentialMortgageMemberus-gaap:DoubtfulMember2023-12-310001166928us-gaap:ResidentialMortgageMember2023-01-012023-12-310001166928us-gaap:PassMemberus-gaap:HomeEquityLoanMember2023-12-310001166928us-gaap:SpecialMentionMemberus-gaap:HomeEquityLoanMember2023-12-310001166928us-gaap:SubstandardMemberus-gaap:HomeEquityLoanMember2023-12-310001166928us-gaap:HomeEquityLoanMemberus-gaap:DoubtfulMember2023-12-310001166928us-gaap:HomeEquityLoanMember2023-01-012023-12-310001166928us-gaap:PassMemberus-gaap:CommercialRealEstateMember2023-12-310001166928us-gaap:SpecialMentionMemberus-gaap:CommercialRealEstateMember2023-12-310001166928us-gaap:SubstandardMemberus-gaap:CommercialRealEstateMember2023-12-310001166928us-gaap:CommercialRealEstateMemberus-gaap:DoubtfulMember2023-12-310001166928us-gaap:CommercialRealEstateMember2023-01-012023-12-310001166928us-gaap:PassMemberwtba:ConsumerAndOtherLoansMember2023-12-310001166928wtba:ConsumerAndOtherLoansMemberus-gaap:SpecialMentionMember2023-12-310001166928us-gaap:SubstandardMemberwtba:ConsumerAndOtherLoansMember2023-12-310001166928wtba:ConsumerAndOtherLoansMemberus-gaap:DoubtfulMember2023-12-310001166928wtba:ConsumerAndOtherLoansMember2023-01-012023-12-310001166928us-gaap:RealEstateMemberus-gaap:ResidentialMortgageMember2024-03-310001166928us-gaap:ResidentialMortgageMemberus-gaap:EquipmentMember2024-03-310001166928us-gaap:ResidentialMortgageMemberwtba:OtherCollateralMember2024-03-310001166928us-gaap:CollateralPledgedMemberus-gaap:ResidentialMortgageMember2024-03-310001166928us-gaap:RealEstateMember2024-03-310001166928us-gaap:EquipmentMember2024-03-310001166928wtba:OtherCollateralMember2024-03-310001166928us-gaap:CollateralPledgedMember2024-03-310001166928us-gaap:RealEstateMemberus-gaap:ResidentialMortgageMember2023-12-310001166928us-gaap:ResidentialMortgageMemberus-gaap:EquipmentMember2023-12-310001166928us-gaap:ResidentialMortgageMemberwtba:OtherCollateralMember2023-12-310001166928us-gaap:CollateralPledgedMemberus-gaap:ResidentialMortgageMember2023-12-310001166928us-gaap:RealEstateMember2023-12-310001166928us-gaap:EquipmentMember2023-12-310001166928wtba:OtherCollateralMember2023-12-310001166928us-gaap:CollateralPledgedMember2023-12-310001166928us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-03-310001166928us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2023-12-310001166928wtba:InterestrateswaphedgingrollingshorttermfundingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-03-310001166928wtba:ForwardStartingInterestRateSwapHedgingRollingFundingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-03-310001166928us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberwtba:InterestRateSwapHedgingLongTermDebtMember2024-03-310001166928us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberwtba:InterestrateswaphedgingdepositaccountsMember2024-03-310001166928us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberwtba:ForwardStartingInterestRateSwapHedgingDepositAccountsMember2024-03-310001166928wtba:SwapsHedgingDepositAccountsBeingReplacedByForwardStartingSwapsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-03-310001166928us-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-03-310001166928us-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2023-12-310001166928us-gaap:InterestRateSwapMemberus-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-03-310001166928us-gaap:InterestRateSwapMemberus-gaap:OtherLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2023-12-31xbrli:pure0001166928us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-01-012024-03-310001166928us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2023-01-012023-12-310001166928us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2024-03-310001166928us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2023-12-310001166928us-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMemberus-gaap:NondesignatedMember2024-03-310001166928us-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMemberus-gaap:NondesignatedMember2023-12-310001166928us-gaap:InterestRateSwapMemberus-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMember2024-03-310001166928us-gaap:InterestRateSwapMemberus-gaap:OtherLiabilitiesMemberus-gaap:NondesignatedMember2023-12-310001166928us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2023-01-012023-03-310001166928us-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-01-012024-03-310001166928us-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2023-01-012023-03-310001166928us-gaap:DesignatedAsHedgingInstrumentMembersrt:ScenarioForecastMemberus-gaap:CashFlowHedgingMember2024-04-012025-03-310001166928us-gaap:InterestRateSwapMemberus-gaap:CollateralPledgedMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-03-310001166928us-gaap:InterestRateSwapMemberus-gaap:CollateralPledgedMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2023-12-310001166928us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-12-310001166928us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2023-12-310001166928us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-01-012024-03-310001166928us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2024-01-012024-03-310001166928us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-03-310001166928us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2024-03-310001166928us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-12-310001166928us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2022-12-310001166928us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-01-012023-03-310001166928us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2023-01-012023-03-310001166928us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-03-310001166928us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2023-03-310001166928wtba:CommitmentsToFundRealEstateConstructionLoansMember2024-03-310001166928wtba:CommitmentsToFundRealEstateConstructionLoansMember2023-12-310001166928wtba:OtherCommitmentsToExtendCreditMember2024-03-310001166928wtba:OtherCommitmentsToExtendCreditMember2023-12-310001166928us-gaap:StandbyLettersOfCreditMember2024-03-310001166928us-gaap:StandbyLettersOfCreditMember2023-12-310001166928wtba:AffordableHousingProjectInvestmentMember2024-03-310001166928wtba:AffordableHousingProjectInvestmentMember2023-12-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2024-03-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMemberus-gaap:FairValueInputsLevel1Member2024-03-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CollateralizedMortgageObligationsMember2024-03-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMemberus-gaap:FairValueInputsLevel3Member2024-03-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-03-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-03-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-03-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-03-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMember2024-03-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CollateralizedLoanObligationsMember2024-03-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CollateralizedLoanObligationsMember2024-03-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMember2024-03-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-03-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2024-03-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2024-03-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2024-03-310001166928us-gaap:FairValueMeasurementsRecurringMember2024-03-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-03-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-03-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-03-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2023-12-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMemberus-gaap:FairValueInputsLevel1Member2023-12-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CollateralizedMortgageObligationsMember2023-12-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMemberus-gaap:FairValueInputsLevel3Member2023-12-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2023-12-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMember2023-12-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CollateralizedLoanObligationsMember2023-12-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CollateralizedLoanObligationsMember2023-12-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMember2023-12-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-12-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2023-12-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-12-310001166928us-gaap:FairValueMeasurementsRecurringMember2023-12-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-12-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310001166928us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-12-310001166928us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310001166928us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310001166928us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310001166928us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310001166928us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001166928us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31

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 March 31, 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

1601 22nd Street, West Des Moines, Iowa 50266
(Former name or former address, if changed since last report)

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 April 24, 2024, there were 16,813,952 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)March 31, 2024December 31, 2023
ASSETS
Cash and due from banks$27,071 $33,245 
Interest-bearing deposits120,946 32,112 
Cash and cash equivalents148,017 65,357 
Securities available for sale, at fair value605,735 623,919 
Federal Home Loan Bank stock, at cost26,181 22,957 
Loans2,980,133 2,927,535 
Allowance for credit losses(28,373)(28,342)
Loans, net2,951,760 2,899,193 
Premises and equipment, net95,880 86,399 
Accrued interest receivable15,270 13,581 
Bank-owned life insurance44,138 43,864 
Deferred tax assets, net34,552 34,303 
Other assets41,159 36,185 
Total assets$3,962,692 $3,825,758 
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing demand$521,377 $548,726 
Interest-bearing demand449,946 481,207 
Savings and money market1,435,538 1,440,076 
Time658,169 503,770 
Total deposits3,065,030 2,973,779 
Federal funds purchased and other short-term borrowings198,500 150,270 
Subordinated notes, net79,697 79,631 
Federal Home Loan Bank advances315,000 315,000 
Long-term debt46,486 47,736 
Accrued expenses and other liabilities34,223 34,299 
Total liabilities3,738,936 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 March 31, 2024 and December 31, 2023
  
Common stock, no par value; authorized 50,000,000 shares; 16,813,952
    and 16,725,094 shares issued and outstanding at March 31, 2024
    and December 31, 2023, respectively
3,000 3,000 
Additional paid-in capital33,685 34,197 
Retained earnings272,997 271,369 
Accumulated other comprehensive loss(85,926)(83,523)
Total stockholders' equity223,756 225,043 
Total liabilities and stockholders' equity$3,962,692 $3,825,758 

See Notes to Consolidated Financial Statements.
4




West Bancorporation, Inc. and Subsidiary
Consolidated Statements of Income
(unaudited)
 Three Months Ended March 31,
(in thousands, except per share data)20242023
Interest income:
Loans, including fees$40,196 $32,948 
Securities:
Taxable3,416 3,316 
Tax-exempt810 885 
Interest-bearing deposits 148 30 
Total interest income44,570 37,179 
Interest expense:  
Deposits21,559 13,339 
Federal funds purchased and other short-term borrowings2,183 2,079 
Subordinated notes1,108 1,106 
Federal Home Loan Bank advances2,325 1,262 
Long-term debt645 698 
Total interest expense27,820 18,484 
Net interest income16,750 18,695 
Credit loss expense (benefit)  
Net interest income after credit loss expense (benefit)16,750 18,695 
Noninterest income:  
Service charges on deposit accounts460 462 
Debit card usage fees458 486 
Trust services776 706 
Increase in cash value of bank-owned life insurance274 257 
Gain from bank-owned life insurance 691 
Other income331 355 
Total noninterest income2,299 2,957 
Noninterest expense:  
Salaries and employee benefits6,489 6,867 
Occupancy and equipment1,447 1,327 
Data processing714 635 
Technology and software700 513 
FDIC insurance519 416 
Professional fees257 250 
Director fees199 205 
Other expenses1,543 1,858 
Total noninterest expense11,868 12,071 
Income before income taxes7,181 9,581 
Income taxes1,372 1,737 
Net income$5,809 $7,844 
 
Basic earnings per common share$0.35 $0.47 
Diluted earnings per common share$0.35 $0.47 

See Notes to Consolidated Financial Statements.
5




West Bancorporation, Inc. and Subsidiary
Consolidated Statements of Comprehensive Income (Loss)
(unaudited)
 Three Months Ended March 31,
(in thousands)20242023
Net income$5,809 $7,844 
Other comprehensive income (loss):  
Unrealized gains (losses) on securities:
Unrealized holding gains (losses) arising during the period(7,758)11,667 
Income tax (expense) benefit1,910 (2,911)
Other comprehensive income (loss) on securities(5,848)8,756 
Unrealized gains on derivatives:
Unrealized holding gains (losses) arising during the period7,489 (1,634)
Plus: reclassification adjustment for net gains realized in net income(2,915)(1,958)
Income tax (expense) benefit(1,129)882 
Other comprehensive income (loss) on derivatives3,445 (2,710)
Total other comprehensive income (loss)(2,403)6,046 
Comprehensive income$3,406 $13,890 

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 March 31, 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
    5,809  5,809 
Other comprehensive loss,
   net of tax
     (2,403)(2,403)
Cash dividends declared, $0.25 per common share
    (4,181) (4,181)
Stock-based compensation costs
   575   575 
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for payroll taxes 88,858  (1,087)  (1,087)
Balance, March 31, 2024$ 16,813,952 $3,000 $33,685 $272,997 $(85,926)$223,756 
Three Months Ended March 31, 2023
Accumulated
AdditionalOther
PreferredCommon StockPaid-InRetainedComprehensive
StockSharesAmountCapitalEarningsIncome (Loss)Total
Balance, December 31, 2022$ 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
— — — — 7,844 — 7,844 
Other comprehensive income, net of tax— — — — — 6,046 6,046 
Cash dividends declared, $0.25 per common share
— — — — (4,160)— (4,160)
Stock-based compensation costs
— — — 711 — — 711 
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for payroll taxes
 71,844  (935)  (935)
Balance, March 31, 2023$— 16,712,257 $3,000 $31,797 $267,620 $(85,425)$216,992 
(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.

7




West Bancorporation, Inc. and Subsidiary
Consolidated Statements of Cash Flows
(unaudited)
Three Months Ended March 31,
(in thousands)20242023
Cash Flows from Operating Activities:
Net income$5,809 $7,844 
Adjustments to reconcile net income to net cash provided by operating activities:
Net amortization and accretion797 829 
Stock-based compensation575 711 
Increase in cash value of bank-owned life insurance(274)(257)
Depreciation525 404 
Provision for deferred income taxes532 635 
Change in assets and liabilities:
Increase in accrued interest receivable(1,689)(296)
(Increase) decrease in other assets262 (1,322)
Decrease in accrued expenses and other liabilities(416)(6,054)
Net cash provided by operating activities6,121 2,494 
Cash Flows from Investing Activities:  
Proceeds from principal paydowns, maturities and calls of securities available for sale9,695 9,661 
Purchases of Federal Home Loan Bank stock(34,193)(31,595)
Proceeds from redemption of Federal Home Loan Bank stock30,969 28,705 
Net increase in loans(52,567)(13,340)
Purchases of premises and equipment(10,328)(7,164)
Net cash used in investing activities(56,424)(13,733)
Cash Flows from Financing Activities:  
Net increase (decrease) in deposits91,251 (82,015)
Net increase in federal funds purchased and other short-term borrowings48,230 29,290 
Net increase in Federal Home Loan Bank advances 65,000 
Principal payments on long-term debt(1,250) 
Common stock dividends paid(4,181)(4,160)
Restricted stock units withheld for payroll taxes (1,087)(935)
Net cash provided by financing activities132,963 7,180 
Net increase (decrease) in cash and cash equivalents82,660 (4,059)
Cash and Cash Equivalents:
Beginning65,357 26,539 
Ending$148,017 $22,480 
Supplemental Disclosures of Cash Flow Information:
Cash payments for:
Interest$25,588 $16,515 
Income taxes  
See Notes to Consolidated Financial Statements.

8



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, as amended, 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 March 31, 2024 and December 31, 2023, and net income, comprehensive income (loss), changes in stockholders' equity and cash flows for the three months ended March 31, 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, 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 our 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 ASU does not have a material impact on the Company's financial statements.


9



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 March 31, 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 months ended March 31, 2024 and 2023 are presented in the following table.

Three Months Ended March 31,
(in thousands, except per share data)20242023
Net income$5,809 $7,844 
 
Weighted average common shares outstanding16,732 16,645 
Weighted average effect of restricted stock units outstanding
54 160 
Diluted weighted average common shares outstanding16,786 16,805 
   
Basic earnings per common share$0.35 $0.47 
Diluted earnings per common share$0.35 $0.47 
Number of anti-dilutive common stock equivalents excluded from diluted earnings per share computation464 249 
10



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 March 31, 2024 and December 31, 2023.
 March 31, 2024
 Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Fair
Value
Securities available for sale:
State and political subdivisions$230,801 $4 $(41,452)$189,353 
Collateralized mortgage obligations (1)
298,786  (58,724)240,062 
Mortgage-backed securities (1)
155,222  (27,386)127,836 
Collateralized loan obligations36,721 24  36,745 
Corporate notes13,750  (2,011)11,739 
 $735,280 $28 $(129,573)$605,735 
 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 an amortized cost of approximately $442,363 and $447,074 as of March 31, 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 March 31, 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.
 March 31, 2024
 Amortized CostFair Value
Due after five years through ten years$74,307 $69,076 
Due after ten years206,965 168,761 
 281,272 237,837 
Collateralized mortgage obligations and mortgage-backed securities454,008 367,898 
 $735,280 $605,735 
11



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 months ended March 31, 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 March 31, 2024 and December 31, 2023.
March 31, 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$4,059 $(58)10$184,004 $(41,394)95$188,063 $(41,452)
Collateralized mortgage
obligations  240,062 (58,724)72240,062 (58,724)
Mortgage-backed securities  127,836 (27,386)27127,836 (27,386)
Corporate notes  11,739 (2,011)811,739 (2,011)
 $4,059 $(58)10$563,641 $(129,515)202$567,700 $(129,573)
       
 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 March 31, 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 March 31, 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 $3,443 and $3,271 as of March 31, 2024 and December 31, 2023, respectively, and was excluded from the estimate of credit losses.

12



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 March 31, 2024 and December 31, 2023.
 March 31, 2024December 31, 2023
Commercial$544,293 $531,594 
Real estate:
Construction, land and land development465,247 413,477 
1-4 family residential first mortgages108,065 106,688 
Home equity14,020 14,618 
Commercial1,839,580 1,854,510 
Consumer and other12,844 10,930 
 2,984,049 2,931,817 
Net unamortized fees and costs(3,916)(4,282)
 $2,980,133 $2,927,535 

Real estate loans of approximately $1,460,000 and $1,420,000 were pledged as security for FHLB advances as of March 31, 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 months ended March 31, 2024 and 2023.

Three Months Ended March 31, 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       
Recoveries26 3 1 1   31 
Provision for credit loss expense(1)
9 374 123 (3)(529)26  
Ending balance$5,326 $4,045 $828 $140 $17,891 $143 $28,373 


13



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



Three Months Ended March 31, 2023
Real Estate
CommercialConstruction and Land1-4 Family ResidentialHome EquityCommercialConsumer and OtherTotal
Beginning balance$4,804 $3,548 $357 $101 $16,575 $88 $25,473 
Adoption of CECL677 (234)121 (8)1,911 (9)2,458 
Charge-offs       
Recoveries8  1 1   10 
Provision for credit loss expense(1)
8 (148)(13)(6)159   
Ending balance$5,497 $3,166 $466 $88 $18,645 $79 $27,941 
(1)The negative provisions for the various segments are related to the decline in outstanding balances in each of those portfolio segments during the time periods disclosed, improvement in qualitative risk factors related to those portfolio segments and/or changes in economic forecasts.

The following tables present a breakdown of the ACL by segment, disaggregated based on the evaluation method as of March 31, 2024 and December 31, 2023.


March 31, 2024
Real Estate
CommercialConstruction and Land1-4 Family ResidentialHome EquityCommercialConsumer and OtherTotal
Ending balance:
Individually evaluated for credit losses$ $ $ $ $ $ $ 
Collectively evaluated for credit losses5,326 4,045 828 140 17,891 143 28,373 
Total$5,326 $4,045 $828 $140 $17,891 $143 $28,373 
December 31, 2023
Real Estate
CommercialConstruction and Land1-4 Family ResidentialHome EquityCommercialConsumer and OtherTotal
Ending balance:
Individually evaluated for credit losses$ $ $ $ $ $ $ 
Collectively evaluated for credit losses5,291 3,668 704 142 18,420 117 28,342 
Total$5,291 $3,668 $704 $142 $18,420 $117 $28,342 


14



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



The following tables present the recorded investment in loans, exclusive of unamortized fees and costs, disaggregated based on the evaluation method by segment as of March 31, 2024 and December 31, 2023.


March 31, 2024
Real Estate
CommercialConstruction and Land1-4 Family ResidentialHome EquityCommercialConsumer and OtherTotal
Ending balance:
Individually evaluated for credit losses$ $ $289 $ $ $ $289 
Collectively evaluated for credit losses544,293 465,247 107,776 14,020 1,839,580 12,844 2,983,760 
Total$544,293 $465,247 $108,065 $14,020 $1,839,580 $12,844 $2,984,049 
December 31, 2023
Real Estate
CommercialConstruction and Land1-4 Family ResidentialHome EquityCommercialConsumer and OtherTotal
Ending balance:
Individually evaluated for credit losses$ $ $296 $ $ $ $296 
Collectively evaluated for credit losses531,594 413,477 106,392 14,618 1,854,510 10,930 2,931,521 
Total$531,594 $413,477 $106,688 $14,618 $1,854,510 $10,930 $2,931,817 


The ACL is a valuation account estimated at each balance sheet date and deducted from the amortized cost basis of loans to present the net amount expected to be collected. The Company estimates the ACL based on the underlying loans' amortized cost basis, which is the amount at which the loan is originated or acquired, adjusted for collection of cash and charge-offs, as well as applicable accretion or amortization of premiums, discounts, and net deferred fees or costs. The Company's estimate of the ACL reflects losses expected over the remaining contractual life of the assets. The contractual term does not consider extensions, renewals or modifications unless the Company has identified an expected restructuring. In the event that collection of principal becomes uncertain, the Company has policies in place to reverse accrued interest in a timely manner. Therefore, the Company has made a policy election to exclude accrued interest from the measurement of the ACL.

Accrued interest on loans of $11,709 and $10,292 at March 31, 2024 and December 31, 2023, respectively, was included in the "Accrued interest receivable" line of the Consolidated Balance Sheets and was excluded from the estimate of credit losses.

Expected credit losses are reflected in the ACL through a charge to credit loss expense. When the Company deems all or a portion of a loan to be uncollectible, the appropriate amount is written off and the ACL is reduced by the same amount. The Company applies judgment to determine when a loan is deemed uncollectible; however, generally speaking, a loan will be considered uncollectible no later than when all efforts at collection have been exhausted. Subsequent recoveries, if any, are credited to the ACL when received.

The Company measures expected credit losses of loans on a collective (pool) basis when the loans share similar risk characteristics and uses a cash flow based method to estimate expected credit losses for each of these pools. The Company's methodology for estimating the ACL considers available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts. The methodologies apply historical loss information, adjusted for asset-specific characteristics, economic conditions at the measurement date, and forecasts about future economic conditions expected to exist through the contractual lives of the financial assets that are reasonable and supportable, to the identified pools of financial assets with similar risk characteristics for which the historical experience was observed.


15



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



The Company uses the cash flow based model to estimate expected credit losses for all loan segments. For each of the loan segments, the Company calculates a cash flow projection using contractual terms, estimated prepayment speeds, estimated curtailment rates, and other relevant data. The Company uses regression analysis that links historical losses of the Company and its peer group to two economic metrics: national unemployment rate and 10-year treasury rate over 2-year treasury rate spread to establish the loss rates applied to the projected cash flows. For all loan segments, the Company uses a forecast period of four quarters and reverts to a historical rate after four quarters. When estimating prepayment speed and curtailment rates, the modeling is based on historical internal data.

Nonaccrual Loans and Delinquency Status

Delinquencies are determined based on the payment terms of the individual loan agreements. The accrual of interest on past due and other individually evaluated loans is generally discontinued at 90 days past due or when, in the opinion of management, the borrower may be unable to make all payments pursuant to contractual terms. Unless considered collectible, all interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. Generally, all payments received while a loan is on nonaccrual status are applied to the principal balance of the loan. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured. 

The following table presents the amortized cost basis of loans on nonaccrual status, loans on nonaccrual status with no ACL recorded, and loans past due 90 days or more and still accruing by loan segment.

Total NonaccrualNonaccrual with no Allowance for Credit Losses90 Days or More Past Due and Accruing
March 31, 2024December 31, 2023March 31, 2024December 31, 2023March 31, 2024December 31, 2023
Commercial$ $ $ $ $ $ 
Real estate:
Construction, land and land
development      
1-4 family residential first
mortgages289 296 289 296   
Home equity      
Commercial      
Consumer and other      
Total$289 $296 $289 $296 $ $ 

There was no interest income recognized on loans that were on nonaccrual for the three months ended March 31, 2024 and March 31, 2023.


16



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



The following tables provide an analysis of the delinquency status of the amortized cost of loans as of March 31, 2024 and December 31, 2023.


March 31, 2024
30-59
Days Past
Due
60-89
Days Past
Due
90 Days
or More
Past Due