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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 June 30, 2022
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.)
1601 22nd Street, 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 July 27, 2022, there were 16,640,413 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)June 30, 2022December 31, 2021
ASSETS
Cash and due from banks$26,174 $17,555 
Federal funds sold766 175,270 
Cash and cash equivalents26,940 192,825 
Securities available for sale, at fair value731,970 758,822 
Federal Home Loan Bank stock, at cost15,532 9,965 
Loans2,573,129 2,456,196 
Allowance for loan losses(25,434)(28,364)
Loans, net2,547,695 2,427,832 
Premises and equipment, net41,807 34,568 
Accrued interest receivable9,363 8,890 
Bank-owned life insurance44,072 43,609 
Deferred tax assets, net29,861 10,819 
Other assets27,551 12,871 
Total assets$3,474,791 $3,500,201 
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing demand$690,335 $720,136 
Interest-bearing demand472,919 548,242 
Savings1,360,020 1,550,636 
Time of $250 or more87,086 53,019 
Other time232,091 143,972 
Total deposits2,842,451 3,016,005 
Federal funds purchased133,000 2,880 
Subordinated notes, net79,265 20,465 
Federal Home Loan Bank advances125,000 125,000 
Long-term debt51,486 51,521 
Accrued expenses and other liabilities27,400 24,002 
Total liabilities3,258,602 3,239,873 
COMMITMENTS AND CONTINGENCIES (NOTE 8)
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value; authorized 50,000,000 shares; no shares issued and outstanding at June 30, 2022 and December 31, 2021
— — 
Common stock, no par value; authorized 50,000,000 shares; 16,640,413
    and 16,554,846 shares issued and outstanding at June 30, 2022
    and December 31, 2021, respectively
3,000 3,000 
Additional paid-in capital30,283 30,183 
Retained earnings255,334 237,782 
Accumulated other comprehensive loss(72,428)(10,637)
Total stockholders' equity216,189 260,328 
Total liabilities and stockholders' equity$3,474,791 $3,500,201 

See Notes to Consolidated Financial Statements.
4



West Bancorporation, Inc. and Subsidiary
Consolidated Statements of Income
(unaudited)
 Three Months Ended June 30,Six Months Ended June 30,
(in thousands, except per share data)2022202120222021
Interest income:
Loans, including fees$24,848 $23,139 $48,134 $47,177 
Securities:
Taxable3,090 1,895 5,979 3,540 
Tax-exempt892 712 1,750 1,270 
Federal funds sold 67 75 149 144 
Total interest income28,897 25,821 56,012 52,131 
Interest expense:  
Deposits3,146 1,995 5,297 3,872 
Federal funds purchased157 1 157 2 
Subordinated notes394 251 642 500 
Federal Home Loan Bank advances635 649 1,265 1,632 
Long-term debt326 75 584 154 
Total interest expense4,658 2,971 7,945 6,160 
Net interest income24,239 22,850 48,067 45,971 
Provision for loan losses(1,750)(2,000)(2,500)(1,500)
Net interest income after provision for loan losses
25,989 24,850 50,567 47,471 
Noninterest income:  
Service charges on deposit accounts585 578 1,165 1,160 
Debit card usage fees507 511 979 953 
Trust services622 691 1,251 1,343 
Increase in cash value of bank-owned life insurance236 240 463 460 
Loan swap fees— 42 — 42 
Realized securities gains, net— 36 — 40 
Other income328 417 809 982 
Total noninterest income2,278 2,515 4,667 4,980 
Noninterest expense:  
Salaries and employee benefits6,410 5,672 12,708 11,280 
Occupancy1,242 1,199 2,328 2,427 
Data processing656 617 1,280 1,219 
FDIC insurance289 426 626 830 
Professional fees202 268 419 551 
Director fees222 214 390 405 
Other expenses2,245 2,130 4,177 4,085 
Total noninterest expense11,266 10,526 21,928 20,797 
Income before income taxes17,001 16,839 33,306 31,654 
Income taxes4,334 3,600 7,455 6,663 
Net income$12,667 $13,239 $25,851 $24,991 
 
Basic earnings per common share$0.76 $0.80 $1.56 $1.51 
Diluted earnings per common share$0.75 $0.79 $1.54 $1.49 
See Notes to Consolidated Financial Statements.
5



West Bancorporation, Inc. and Subsidiary
Consolidated Statements of Comprehensive Income (Loss)
(unaudited)
 Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2022202120222021
Net income$12,667 $13,239 $25,851 $24,991 
Other comprehensive income (loss):  
Unrealized gains (losses) on securities:
Unrealized holding gains (losses) arising during the period(44,413)4,048 (99,008)(4,290)
Plus: reclassification adjustment for net gains realized in net income— (36)— (40)
Income tax (expense) benefit11,236 (1,011)25,049 1,091 
Other comprehensive income (loss) on securities(33,177)3,001 (73,959)(3,239)
Unrealized gains (losses) on derivatives:
Unrealized holding gains (losses) arising during the period4,066 (2,321)14,602 5,442 
Plus: reclassification adjustment for net losses realized in net income642 1,098 1,687 6,068 
Income tax (expense) benefit (1,191)308 (4,121)(2,900)
Other comprehensive income (loss) on derivatives3,517 (915)12,168 8,610 
Total other comprehensive income (loss)(29,660)2,086 (61,791)5,371 
Comprehensive income (loss)$(16,993)$15,325 $(35,940)$30,362 

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 June 30, 2022
Accumulated
AdditionalOther
PreferredCommon StockPaid-InRetainedComprehensive
StockSharesAmountCapitalEarningsIncome (Loss)Total
Balance, March 31, 2022$— 16,631,413 $3,000 $29,421 $246,827 $(42,768)$236,480 
Net income
— — — — 12,667 — 12,667 
Other comprehensive loss, net of tax— — — — — (29,660)(29,660)
Cash dividends declared, $0.25 per common share
— — — — (4,160)— (4,160)
Stock-based compensation costs
— — — 862 — — 862 
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for payroll taxes— 9,000 — — — — — 
Balance, June 30, 2022$— 16,640,413 $3,000 $30,283 $255,334 $(72,428)$216,189 
Three Months Ended June 30, 2021
Accumulated
AdditionalOther
PreferredCommon StockPaid-InRetainedComprehensive
StockSharesAmountCapitalEarningsIncome (Loss)Total
Balance, March 31, 2021$— 16,540,381 $3,000 $28,243 $211,847 $(8,561)$234,529 
Net income— — — — 13,239 — 13,239 
Other comprehensive income, net of tax— — — — — 2,086 2,086 
Cash dividends declared, $0.24 per common share
— — — — (3,973)— (3,973)
Stock-based compensation costs
— — — 645 — — 645 
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for payroll taxes— 14,465 — — — — — 
Balance, June 30, 2021$— 16,554,846 $3,000 $28,888 $221,113 $(6,475)$246,526 
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)
Six Months Ended June 30, 2022
Accumulated
AdditionalOther
PreferredCommon StockPaid-InRetainedComprehensive
StockSharesAmountCapitalEarningsIncome (Loss)Total
Balance, December 31, 2021$— 16,554,846 $3,000 $30,183 $237,782 $(10,637)$260,328 
Net income
— — — — 25,851 — 25,851 
Other comprehensive loss,
   net of tax
— — — — — (61,791)(61,791)
Cash dividends declared, $0.50 per common share
— — — — (8,299)— (8,299)
Stock-based compensation costs
— — — 1,619 — — 1,619 
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for payroll taxes
— 85,567 — (1,519)— — (1,519)
Balance, June 30, 2022$— 16,640,413 $3,000 $30,283 $255,334 $(72,428)$216,189 
Six Months Ended June 30, 2021
Accumulated
AdditionalOther
PreferredCommon StockPaid-InRetainedComprehensive
StockSharesAmountCapitalEarningsIncome (Loss)Total
Balance, December 31, 2020$— 16,469,272 $3,000 $28,823 $203,718 $(11,846)$223,695 
Net income
— — — — 24,991 — 24,991 
Other comprehensive income, net of tax— — — — — 5,371 5,371 
Cash dividends declared, $0.46 per common share
— — — — (7,596)— (7,596)
Stock-based compensation costs
— — — 1,278 — — 1,278 
Issuance of common stock upon vesting of restricted stock units, net of shares withheld for payroll taxes
— 85,574 — (1,213)— — (1,213)
Balance, June 30, 2021$— 16,554,846 $3,000 $28,888 $221,113 $(6,475)$246,526 

See Notes to Consolidated Financial Statements.

8



West Bancorporation, Inc. and Subsidiary
Consolidated Statements of Cash Flows
(unaudited)
Six Months Ended June 30,
(in thousands)20222021
Cash Flows from Operating Activities:
Net income$25,851 $24,991 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses(2,500)(1,500)
Net amortization and accretion1,409 929 
Securities gains, net— (40)
Stock-based compensation1,619 1,278 
Increase in cash value of bank-owned life insurance(463)(460)
Depreciation680 759 
Provision for deferred income taxes1,885 746 
Change in assets and liabilities:
Increase in accrued interest receivable(473)(184)
Decrease in other assets1,448 3,170 
Increase (decrease) in accrued expenses and other liabilities4,189 (1,181)
Net cash provided by operating activities33,645 28,508 
Cash Flows from Investing Activities:  
Proceeds from sales of securities available for sale— 28,961 
Proceeds from maturities and calls of securities available for sale46,529 43,153 
Purchases of securities available for sale(120,077)(258,216)
Purchases of Federal Home Loan Bank stock(21,003)(861)
Proceeds from redemption of Federal Home Loan Bank stock15,436 2,395 
Net increase in loans(117,363)(28,846)
Purchases of premises and equipment(8,548)(3,150)
Net cash used in investing activities(205,026)(216,564)
Cash Flows from Financing Activities:  
Net increase (decrease) in deposits(173,554)124,295 
Net increase (decrease) in federal funds purchased130,120 (1,770)
Proceeds from issuance of subordinated debt, net of issuance costs58,783 — 
Net decrease in Federal Home Loan Bank advances— (50,000)
Principal payments on long-term debt(35)(1,272)
Common stock dividends paid(8,299)(7,596)
Restricted stock units withheld for payroll taxes (1,519)(1,213)
Net cash provided by financing activities5,496 62,444 
Net decrease in cash and cash equivalents(165,885)(125,612)
Cash and Cash Equivalents:
Beginning192,825 396,435 
Ending$26,940 $270,823 
Supplemental Disclosures of Cash Flow Information:
Cash payments for:
Interest$7,526 $6,499 
Income taxes3,890 5,530 
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 for the year ended December 31, 2021 filed with the SEC on February 24, 2022. 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 June 30, 2022 and December 31, 2021, net income, comprehensive income (loss) and changes in stockholders' equity for the three and six months ended June 30, 2022 and 2021, and cash flows for the six months ended June 30, 2022 and 2021. 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 loan 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 June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326). The amendments in this update require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net carrying value at the amount expected to be collected on the financial assets. Under the update, the income statement will reflect the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectibility of the reported amount of financial assets. An entity must use judgment in determining the relevant information and estimation methods that are appropriate in its circumstances. The allowance for credit losses for purchased financial assets with a more-than-insignificant amount of credit deterioration since origination that are measured at amortized cost basis is determined in a similar manner to other financial assets measured at amortized cost basis; however, the initial allowance for credit losses is added to the purchase price rather than being reported as a credit loss expense. Only subsequent changes in the allowance for credit losses are recorded as a credit loss expense for these assets. Off-balance-sheet arrangements such as commitments to extend credit, guarantees, and standby letters of credit that are not considered derivatives under ASC 815 and are not unconditionally cancellable are also within the scope of this update. Credit losses relating to available for sale debt securities should be recorded through an allowance for credit losses.

In December 2019, the FASB issued ASU No. 2019-10, Financial Instruments-Credit Losses (Topic 326). This update amends the effective date of ASU No. 2016-13 for certain entities, including smaller reporting companies until fiscal years beginning after December 15, 2022, including interim periods within those fiscal periods. Early adoption is permitted. The one-time determination date for identifying as a smaller reporting company was November 15, 2019. The Company met the definition of a smaller reporting company as of that date and plans to adopt the standard with the amended effective date. The Company does not plan to early adopt this standard, but continues to work through implementation. The Company continues collecting and retaining loan and credit data and evaluating various loss estimation models. While we currently cannot reasonably estimate the impact of adopting this standard, we expect the impact will be influenced by the composition, characteristics and quality of our loan and securities portfolios, as well as the general economic conditions and forecasts as of the adoption date.

10


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

In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Financial Instruments - Credit Losses (ASC 326), Derivatives and Hedging (ASC 815), and Financial Instruments (ASC 825). The amendments in the ASU improve the Codification by eliminating inconsistencies and providing clarifications. The amended guidance in this ASU related to the credit losses will be effective for the Company for fiscal years and interim periods beginning after December 15, 2022. The Company is currently evaluating the impact of the ASU on the Company’s consolidated financial statements.

In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments - Credit Losses (ASC 326): Troubled Debt Restructurings and Vintage Disclosures. The amendments in this ASU improve the usefulness of information provided to investors about certain loan refinancings, restructurings, and write-offs. The amendments eliminate the accounting guidance for troubled debt restructurings (TDRs) by creditors that have adopted ASU No. 2016-13. It also enhances disclosure requirements for certain loan refinancings and restructurings by creditors made to borrowers experiencing financial difficulty. Lastly, the amendments require that a public business entity disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases. The Company is currently evaluating the impact of the ASU on the Company's consolidated financial statements.
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 are effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of the reference rate reform on the Company’s consolidated financial statements.
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 are effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of the reference rate reform 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 six months ended June 30, 2022 and 2021 are presented in the following table.

Three Months Ended June 30,Six Months Ended June 30,
(in thousands, except per share data)2022202120222021
Net income$12,667 $13,239 $25,851 $24,991 
 
Weighted average common shares outstanding16,638 16,551 16,599 16,513 
Weighted average effect of restricted stock units outstanding
145 209 218 213 
Diluted weighted average common shares outstanding16,783 16,760 16,817 16,726 
     
Basic earnings per common share$0.76 $0.80 $1.56 $1.51 
Diluted earnings per common share$0.75 $0.79 $1.54 $1.49 
Number of anti-dilutive common stock equivalents excluded from diluted earnings per share computation182 — 88 56 
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 June 30, 2022 and December 31, 2021.
 June 30, 2022
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
(Losses)		Fair
Value
Securities available for sale:
State and political subdivisions$244,056 $18 $(42,286)$201,788 
Collateralized mortgage obligations (1)
365,620 — (39,111)326,509 
Mortgage-backed securities (1)
176,327 — (22,159)154,168 
Collateralized loan obligations37,948 — (1,150)36,798 
Corporate notes13,750 — (1,043)12,707 
 $837,701 $18 $(105,749)$731,970 
 December 31, 2021
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
(Losses)		Fair
Value
Securities available for sale:
State and political subdivisions$231,903 $3,161 $(2,617)$