wtba-20260129
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of Earliest Event Reported): January 29, 2026


WEST BANCORPORATION, INC.
(Exact name of registrant as specified in its charter)

Iowa0-4967742-1230603
(State or other jurisdiction of incorporation)(Commission File Number)(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


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company o

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


Item 2.02 Results of Operations and Financial Condition.

On January 29, 2026, West Bancorporation, Inc. (the "Company") issued a press release announcing its fourth quarter earnings results for the period ended December 31, 2025, and the declaration of a quarterly dividend. A copy of the press release is attached hereto as Exhibit 99.1.

The information furnished in this item of this Form 8-K, and the related exhibit, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

Item 7.01 Regulation FD Disclosure.

The Company hereby furnishes the Earnings Presentation attached hereto as Exhibit 99.2.

The information furnished in this item of this Form 8-K, and the related exhibit, shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or incorporated by reference in any filing under the Securities Act or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
Exhibit NumberDescription
99.1
99.2
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

West Bancorporation, Inc.
January 29, 2026By:/s/ Jane M. Funk
Name: Jane M. Funk
Title: Executive Vice President, Treasurer and Chief Financial Officer





Exhibit 99.1

wtbalogoedita06a01a01a01a22.jpg


Press Release
 
January 29, 2026
 
FOR IMMEDIATE RELEASE
For more information contact:
Jane Funk, Executive Vice President, Treasurer and Chief Financial Officer (515) 222-5766
 
WEST BANCORPORATION, INC. ANNOUNCES FOURTH QUARTER 2025 FINANCIAL RESULTS AND DECLARES QUARTERLY DIVIDEND

West Des Moines, IA - West Bancorporation, Inc. (Nasdaq: WTBA; the “Company”), parent company of West Bank, today reported 2025 net income of $32.6 million, or $1.92 per diluted common share, compared to 2024 net income of $24.1 million, or $1.42 per diluted common share. Net income for the fourth quarter 2025 was $7.4 million, or $0.43 per diluted common share, compared to third quarter 2025 net income of $9.3 million, or $0.55 per diluted common share, and fourth quarter 2024 net income of $7.1 million, or $0.42 per diluted common share. On January 28, 2026, the Company’s Board of Directors declared a regular quarterly dividend of $0.25 per common share. The dividend is payable on February 25, 2026, to stockholders of record on February 11, 2026.

David Nelson, President and Chief Executive Officer of the Company, commented, “We have had continuous improvement in earnings and key performance metrics throughout 2025 and finished the year very strong. Through proactive and strategic balance sheet management, we see opportunities for further improvements in 2026. West Bank remains focused on relationship building and outstanding service and support. Our customer base continues to grow in all of our markets.”

David Nelson added, “We had no loans on nonaccrual status and no loans past due greater than 30 days at December 31, 2025. Our pristine credit quality is the result of our disciplined underwriting standards and steadfast approach to risk, which is consistently executed regardless of the economic or interest rate environment.”

Fourth Quarter 2025 Compared to Third Quarter 2025 Overview

•Loans decreased $7.2 million, or 0.2 percent, in the fourth quarter of 2025.

•No credit loss expense on loans was recorded in either the fourth or third quarter of 2025.

•The allowance for credit losses to total loans was 1.02 percent at December 31, 2025, compared to 1.01 percent at September 30, 2025. There were no nonaccrual loans at December 31, 2025 or September 30, 2025. Watch list loans increased from $38.7 million as of September 30, 2025 to $52.2 million as of December 31, 2025. This increase was primarily due to one commercial real estate loan which we believe, as of December 31, 2025, was adequately collateralized.

•Deposits increased $162.0 million, or 4.9 percent, in the fourth quarter of 2025. Brokered deposits totaled $154.6 million at December 31, 2025, compared to $204.8 million at September 30, 2025, a decrease of $50.2 million. Excluding brokered deposits, deposits increased $212.2 million, or 6.8 percent, during the fourth quarter of 2025. As of December 31, 2025, estimated uninsured deposits, which exclude deposits in a reciprocal deposit network, brokered deposits and public funds protected by state programs, accounted for approximately 28.4 percent of total deposits.

•Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure), was 2.47 percent for the fourth quarter of 2025, compared to 2.36 percent for the third quarter of 2025. Net interest income for the fourth quarter of 2025 was $24.2 million, compared to $22.5 million for the third quarter of 2025. These improvements primarily resulted from growth in and changes in the mix of interest earning-assets and reductions to deposit interest rates in response to reductions in the federal funds rate, partially offset by a reduction in rates on variable-rate loans and growth in deposits.




•The efficiency ratio (a non-GAAP measure) was 50.21 percent for the fourth quarter of 2025, compared to 54.06 percent for the third quarter of 2025. The improvement in the efficiency ratio was primarily due to the increase in net interest income.

•In November 2025, the Company sold $63.7 million of securities available for sale and realized a pre-tax net loss of $4.0 million. The securities sold had a weighted average yield of 2.90 percent. We believe this transaction improves the flexibility of our balance sheet. Proceeds may be used for strategic improvement in our long-term earnings profile through redeployment into higher-earning assets or repayment of higher-costing borrowings.
•The tangible common equity ratio was 6.42 percent as of December 31, 2025, compared to 6.40 percent as of September 30, 2025.

Fourth Quarter 2025 Compared to Fourth Quarter 2024 Overview

•Loans decreased $3.2 million at December 31, 2025, or 0.1 percent, compared to December 31, 2024.

•Deposits increased $110.9 million, or 3.3 percent, at December 31, 2025, compared to December 31, 2024. Included in deposits were brokered deposits totaling $154.6 million at December 31, 2025, compared to $266.4 million at December 31, 2024. Excluding brokered deposits, deposits increased $222.7 million, or 7.2 percent, as of December 31, 2025, compared to December 31, 2024.

•Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure), was 2.47 percent for the fourth quarter of 2025, compared to 1.98 percent for the fourth quarter of 2024. Net interest income for the fourth quarter of 2025 was $24.2 million, compared to $19.4 million for the fourth quarter of 2024. The increase in net interest margin and net interest income was primarily due to the decrease in interest expense on deposits and borrowed funds. The cost of deposits decreased by 64 basis points in the fourth quarter of 2025 compared to the fourth quarter of 2024. Also contributing to the improvement was a decrease in average balances in borrowed funds of $39.6 million in the fourth quarter of 2025 compared to the fourth quarter of 2024.
•The efficiency ratio (a non-GAAP measure) was 50.21 percent for the fourth quarter of 2025, compared to 60.79 percent for the fourth quarter of 2024. The improvement in the efficiency ratio in the fourth quarter of 2025 compared to the fourth quarter of 2024 was primarily due to the increase in net interest income.

•The tangible common equity ratio was 6.42 percent as of December 31, 2025, compared to 5.68 percent as of December 31, 2024. The increase in the tangible common equity ratio was due to growth in retained earnings and a decrease in accumulated other comprehensive loss.

Year Ended 2025 Compared to Year Ended 2024 Overview

•The Company recorded no credit loss expense in 2025, compared to a credit loss expense of $1.0 million in 2024. The credit loss expense in 2024 was primarily due to an adjustment to qualitative factors within the commercial real estate segment and changes in forecasted loss rates, which was driven by an increase in the forecasted unemployment rate.

•Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure) was 2.35 percent for the year ended December 31, 2025, compared to 1.91 percent for the year ended December 31, 2024. Net interest income increased $17.6 million in 2025 compared to 2024. The increase in net interest income was primarily due to the increase in interest income on short-term assets consisting of deposits with banks and securities purchased under agreements to resell and decrease in interest expense on deposits and borrowed funds, partially offset by a decrease in interest income on securities. The increase in interest income on interest-earning assets was driven by growth in and changes in the mix of interest-earning assets. The cost of deposits and cost of borrowed funds decreased by 55 and 21 basis points, respectively, in 2025 compared to 2024, contributing to the reduction in interest expense. Also contributing to the reduction in interest expense was the change in mix of interest-bearing liabilities.

The Company plans to file its report on Form 10-K with the Securities and Exchange Commission on or before February 26, 2026. Please refer to that document for a more in-depth discussion of the Company’s financial results. The Form 10-K will be available on the Investor Relations section of West Bank’s website at www.westbankstrong.com.





The Company will discuss its results in a conference call scheduled for 2:00 p.m. Central Time on Thursday, January 29, 2026. The telephone number for the conference call is 800-715-9871. The conference ID for the conference call is 7846129. A recording of the call will be available until February 12, 2026, by dialing 800-770-2030. The conference ID for the replay call is 7846129 followed by the # key.

About West Bancorporation, Inc. (Nasdaq: WTBA)

West Bancorporation, Inc. is headquartered in West Des Moines, Iowa. Serving customers since 1893, West Bank, a wholly-owned subsidiary of West Bancorporation, Inc., is a community bank that focuses on lending, deposit services, and trust services for small- to medium-sized businesses and consumers. West Bank has six offices in the Des Moines, Iowa metropolitan area, one office in Coralville, Iowa, and four offices in Minnesota in the cities of Rochester, Owatonna, Mankato and St. Cloud.

Certain statements in this report, other than purely historical information, including estimates, projections, statements relating to the Company’s business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may appear throughout this report. These forward-looking statements are generally identified by the words “believes,” “expects,” “intends,” “anticipates,” “projects,” “future,” “confident,” “may,” “should,” “will,” “strategy,” “plan,” “opportunity,” “will be,” “will likely result,” “will continue” or similar references, or references to estimates, predictions or future events. Such forward-looking statements are based upon certain underlying assumptions, risks and uncertainties. Because of the possibility that the underlying assumptions are incorrect or do not materialize as expected in the future, actual results could differ materially from these forward-looking statements.  Risks and uncertainties that may affect future results include: interest rate risk, including the effects of changes in interest rates; fluctuations in the values of the securities held in our investment portfolio, including as a result of changes in interest rates; competitive pressures, including from non-bank competitors such as credit unions, “fintech” companies and digital asset service providers; technological changes implemented by us and other parties, including third-party vendors, which may be more difficult to implement or more expensive than anticipated or which may have unforeseen consequences to us and our customers, including the development and implementation of tools incorporating artificial intelligence; pricing pressures on loans and deposits; our ability to successfully manage liquidity risk; changes in credit and other risks posed by the Company’s loan portfolio, including declines in commercial or residential real estate values or changes in the allowance for credit losses dictated by new market conditions, accounting standards or regulatory requirements; the concentration of large deposits from certain clients, including those who have balances above current FDIC insurance limits; the threat or imposition of domestic or foreign tariffs or other governmental policies impacting the global supply chain and the value of products produced by our commercial borrowers; changes in local, national and international economic conditions, including the level and impact of inflation, and future monetary policies of the Federal Reserve or executive orders in response thereto; the impact of bank failures or adverse developments at other banks and related negative publicity about the banking industry in general on investor and depositor sentiment regarding the stability and liquidity of banks; changes in legal and regulatory requirements, limitations and costs; changes in customers’ acceptance of the Company’s products and services; the occurrence of fraudulent activity, breaches or failures of our or our third-party partners’ information security controls or cyber-security related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools; unexpected outcomes of existing or new litigation involving the Company; the monetary, trade, foreign and other regulatory policies of the U.S. government; military conflicts, acts of war or terrorism, or threats thereof, including the Israeli-Palestinian conflict, recent military activity in Venezuela and the Russian invasion of Ukraine, widespread disease or pandemics, or other adverse external events; risks related to climate change and the negative impact it may have on our customers and their businesses; changes to U.S. tax laws, regulations and guidance; potential changes in federal policy and at regulatory agencies under the Trump administration; new or revised accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board; talent and labor shortages and employee turnover; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update such forward-looking statements to reflect current or future events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.




WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)
As of and for the Quarter EndedFor the Year Ended
KEY PERFORMANCE RATIOS AND OTHER METRICSDecember 31, 2025September 30, 2025June 30, 2025March 31, 2025December 31, 2024December 31, 2025December 31, 2024
Return on average assets(1)
0.72 %0.92 %0.80 %0.81 %0.68 %0.81 %0.61 %
Return on average equity(2)
11.33 15.25 13.65 13.84 12.24 13.47 10.71 
Net interest margin(3)(13)
2.47 2.36 2.27 2.28 1.98 2.35 1.91 
Yield on interest-earning assets(4)(13)
5.02 5.13 5.07 5.04 5.02 5.06 5.08 
Cost of interest-bearing liabilities3.02 3.26 3.28 3.25 3.57 3.20 3.73 
Efficiency ratio(5)(13)
50.21 54.06 56.45 56.37 60.79 54.11 63.25 
Nonperforming assets to total assets(6)
0.00 0.00 0.00 0.00 0.00 
ACL ratio(7)
1.02 1.01 1.03 1.01 1.01 
Loans/total assets72.47 75.50 73.12 75.66 74.84 
Loans/total deposits86.54 91.00 87.45 90.73 89.49 
Tangible common equity ratio(8)
6.42 6.40 5.94 5.97 5.68 
COMMON SHARE DATA
Earnings per common share (basic)$0.44 $0.55 $0.47 $0.47 $0.42 $1.92 $1.43 
Earnings per common share (diluted)0.43 0.55 0.47 0.46 0.42 1.92 1.42 
Dividends per common share0.25 0.25 0.25 0.25 0.25 1.00 1.00 
Book value per common share(9)
15.70 15.06 14.22 14.06 13.54 
Closing stock price22.19 20.32 19.63 19.94 21.65 
Market price/book value(10)
141.34 %134.93 %138.05 %141.82 %159.90 %
Price earnings ratio(11)
12.71 9.31 10.41 10.46 12.96 
Annualized dividend yield(12)
4.51 %4.92 %5.09 %5.02 %4.62 %
REGULATORY CAPITAL RATIOS
Consolidated:
Total risk-based capital ratio12.77 %12.54 %12.53 %12.18 %12.11 %
Tier 1 risk-based capital ratio10.14 9.93 9.89 9.59 9.51 
Tier 1 leverage capital ratio8.44 8.51 8.33 8.36 7.93 
Common equity tier 1 ratio9.56 9.37 9.32 9.02 8.95 
West Bank:
Total risk-based capital ratio13.35 %13.17 %13.21 %12.90 %12.86 %
Tier 1 risk-based capital ratio12.44 12.26 12.29 11.99 11.96 
Tier 1 leverage capital ratio10.35 10.50 10.36 10.46 9.97 
Common equity tier 1 ratio12.44 12.26 12.29 11.99 11.96 

(1) Annualized net income divided by average assets.
(2) Annualized net income divided by average stockholders’ equity.
(3) Annualized tax-equivalent net interest income divided by average interest-earning assets.
(4) Annualized tax-equivalent interest income on interest-earning assets divided by average interest-earning assets.
(5) Noninterest expense (excluding other real estate owned expense and write-down of premises) divided by noninterest income (excluding net securities gains/losses and gains/losses on disposition of premises and equipment) plus tax-equivalent net interest income.
(6) Total nonperforming assets divided by total assets.
(7) Allowance for credit losses on loans divided by total loans.    
(8) Common equity less intangible assets (none held) divided by tangible assets.
(9) Includes accumulated other comprehensive loss.
(10) Closing stock price divided by book value per common share.
(11) Closing stock price divided by annualized earnings per common share (basic).
(12) Annualized dividend divided by period end closing stock price.
(13) A non-GAAP measure.









WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)
(in thousands)
As of
CONDENSED BALANCE SHEETSDecember 31, 2025September 30, 2025June 30, 2025March 31, 2025December 31, 2024
Assets
Cash and due from banks$25,171 $26,875 $35,796 $39,253 $28,750 
Interest-earning deposits with banks324,502 109,265 212,450 171,357 214,728 
Securities purchased under agreements to resell121,413 96,792 96,955 — — 
Securities available for sale, at fair value468,447 537,856 536,709 546,619 544,565 
Federal Home Loan Bank stock, at cost15,167 15,190 15,311 15,216 15,129 
Loans3,001,690 3,008,888 2,966,357 3,016,471 3,004,860 
Allowance for credit losses(30,525)(30,515)(30,539)(30,526)(30,432)
Loans, net2,971,165 2,978,373 2,935,818 2,985,945 2,974,428 
Premises and equipment, net108,380 109,212 109,806 110,270 109,985 
Bank-owned life insurance46,192 45,875 45,567 45,272 44,990 
Other assets61,807 66,042 68,257 72,737 82,416 
Total assets$4,142,244 $3,985,480 $4,056,669 $3,986,669 $4,014,991 
Liabilities and Stockholders’ Equity
Deposits$3,468,470 $3,306,517 $3,391,993 $3,324,518 $3,357,596 
Borrowings376,406 389,076 390,260 391,445 392,629 
Other liabilities31,383 34,754 33,486 32,833 36,891 
Stockholders’ equity265,985 255,133 240,930 237,873 227,875 
Total liabilities and stockholders’ equity$4,142,244 $3,985,480 $4,056,669 $3,986,669 $4,014,991 
For the Quarter Ended
AVERAGE BALANCESDecember 31, 2025September 30, 2025June 30, 2025March 31, 2025December 31, 2024
Assets$4,104,279 $4,004,769 $4,016,490 $3,944,789 $4,135,049 
Loans2,982,754 2,959,962 2,989,638 3,016,119 3,007,558 
Deposits3,418,539 3,333,800 3,353,982 3,284,394 3,434,234 
Stockholders’ equity259,932 242,245 234,399 229,874 230,720 



WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)
(in thousands)
As of
LOANSDecember 31, 2025September 30, 2025June 30, 2025March 31, 2025December 31, 2024
Commercial$505,059 $511,316 $500,854 $531,267 $514,232 
Real estate:
Construction, land and land development426,833 448,660 459,037 451,230 508,147 
1-4 family residential first mortgages93,122 87,784 86,173 86,292 87,858 
Home equity26,088 27,083 24,285 21,961 19,294 
Commercial1,929,766 1,912,235 1,875,857 1,909,330 1,861,195 
Consumer and other23,374 24,697 22,900 19,323 17,287 
3,004,242 3,011,775 2,969,106 3,019,403 3,008,013 
Net unamortized fees and costs(2,552)(2,887)(2,749)(2,932)(3,153)
Total loans$3,001,690 $3,008,888 $2,966,357 $3,016,471 $3,004,860 
Less: allowance for credit losses(30,525)(30,515)(30,539)(30,526)(30,432)
Net loans$2,971,165 $2,978,373 $2,935,818 $2,985,945 $2,974,428 
CREDIT QUALITY
Pass$2,952,015 $2,973,103 $2,958,318 $3,011,231 $2,999,531 
Watch52,227 38,672 10,788 7,991 8,349 
Substandard— — — 181 133 
Doubtful— — — — — 
     Total loans$3,004,242 $3,011,775 $2,969,106 $3,019,403 $3,008,013 
DEPOSITS
Noninterest-bearing demand$540,358 $512,869 $521,990 $519,771 $541,053 
Interest-bearing demand577,814 448,731 461,207 517,409 543,855 
Savings and money market - non-brokered1,739,790 1,677,543 1,749,049 1,490,189 1,517,510 
Money market - brokered99,718 121,849 98,877 143,423 126,381 
    Total nonmaturity deposits2,957,680 2,760,992 2,831,123 2,670,792 2,728,799 
Time - non-brokered455,944 462,542 451,463 461,655 488,760 
Time - brokered54,846 82,983 109,407 192,071 140,037 
    Total time deposits510,790 545,525 560,870 653,726 628,797 
    Total deposits$3,468,470 $3,306,517 $3,391,993 $3,324,518 $3,357,596 
BORROWINGS
Subordinated notes, net$80,156 $80,090 $80,024 $79,959 $79,893 
Federal Home Loan Bank advances270,000 270,000 270,000 270,000 270,000 
Long-term debt26,250 38,986 40,236 41,486 42,736 
    Total borrowings$376,406 $389,076 $390,260 $391,445 $392,629 
STOCKHOLDERS’ EQUITY
Preferred stock$— $— $— $— $— 
Common stock3,000 3,000 3,000 3,000 3,000 
Additional paid-in capital37,231 36,473 35,773 35,072 35,619 
Retained earnings294,259 291,069 285,990 282,247 278,613 
Accumulated other comprehensive loss(68,505)(75,409)(83,833)(82,446)(89,357)
    Total stockholders’ equity$265,985 $255,133 $240,930 $237,873 $227,875 




WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)
(in thousands)
For the Quarter Ended
CONSOLIDATED STATEMENTS OF INCOMEDecember 31, 2025September 30, 2025June 30, 2025March 31, 2025December 31, 2024
Interest income:
Loans, including fees$41,992 $42,198 $41,666 $40,988 $41,822 
Securities:
Taxable2,355 2,643 2,685 2,788 2,959 
Tax-exempt677 739 742 743 795 
Deposits with banks2,808 2,087 2,847 1,617 3,740 
Securities purchased under agreements to resell1,370 1,258 22 — — 
Total interest income49,202 48,925 47,962 46,136 49,316 
Interest expense:
Deposits21,112 22,539 22,676 21,423 25,706 
Subordinated notes1,109 1,107 1,104 1,105 1,106 
Federal Home Loan Bank advances2,316 2,292 2,259 2,235 2,522 
Long-term debt459 486 504 518 560 
Total interest expense24,996 26,424 26,543 25,281 29,894 
Net interest income24,206 22,501 21,419 20,855 19,422 
Credit loss expense— — — — 1,000 
Net interest income after credit loss expense24,206 22,501 21,419 20,855 18,422 
Noninterest income:
Service charges on deposit accounts493 491 486 471 462 
Debit card interchange income493 477 478 446 471 
Trust services964 894 801 777 1,051 
 Increase in cash value of bank-owned life insurance317 308 295 282 287 
Realized securities losses, net(3,959)— — — (1,172)
Other income800 333 350 267 331 
Total noninterest income(892)2,503 2,410 2,243 1,430 
Noninterest expense:
Salaries and employee benefits7,579 7,457 7,343 7,004 7,107 
Occupancy and equipment2,083 2,090 2,034 1,963 2,095 
Data processing673 663 643 617 752 
Technology and software789 794 791 786 743 
FDIC insurance475 637 670 587 699 
Professional fees297 303 303 308 301 
Other expenses1,833 1,606 1,701 1,798 1,702 
Total noninterest expense13,729 13,550 13,485 13,063 13,399 
Income before income taxes9,585 11,454 10,344 10,035 6,453 
Income taxes2,160 2,140 2,365 2,193 (644)
Net income$7,425 $9,314 $7,979 $7,842 $7,097 
Basic earnings per common share$0.44 $0.55 $0.47 $0.47 $0.42 
Diluted earnings per common share$0.43 $0.55 $0.47 $0.46 $0.42 




WEST BANCORPORATION, INC. AND SUBSIDIARY
Financial Information (unaudited)
(in thousands)
For the Year Ended
CONSOLIDATED STATEMENTS OF INCOMEDecember 31, 2025December 31, 2024
Interest income:
Loans, including fees$166,844 $166,222 
Securities:
Taxable10,471 13,030 
Tax-exempt2,901 3,219 
Deposits with banks9,359 7,595 
Securities purchased under agreements to resell2,650 — 
Total interest income192,225 190,066 
Interest expense:
Deposits87,750 97,284 
Federal funds purchased and other short-term borrowings— 4,248 
Subordinated notes4,425 4,431 
Federal Home Loan Bank advances9,102 10,313 
Long-term debt1,967 2,428 
Total interest expense103,244 118,704 
Net interest income88,981 71,362 
Credit loss expense— 1,000 
Net interest income after credit loss expense88,981 70,362 
Noninterest income:
Service charges on deposit accounts1,941 1,843 
Debit card interchange income1,894 1,919 
Trust services3,436 3,449 
Increase in cash value of bank-owned life insurance1,202 1,126 
Realized securities losses, net(3,959)(1,172)
Other income1,750 1,269 
Total noninterest income6,264 8,434 
Noninterest expense:
Salaries and employee benefits29,383 27,588 
Occupancy and equipment8,170 7,320 
Data processing2,596 2,991 
Technology and software3,160 2,896 
FDIC insurance2,369 2,560 
Professional fees1,211 1,041 
Other expenses6,938 6,957 
Total noninterest expense53,827 51,353 
Income before income taxes41,418 27,443 
Income taxes8,858 3,393 
Net income$32,560 $24,050 
Basic earnings per common share$1.92 $1.43 
Diluted earnings per common share$1.92 $1.42 





NON-GAAP FINANCIAL MEASURES

This report contains references to financial measures that are not defined in GAAP. Such non-GAAP financial measures include the Company’s presentation of net interest income and net interest margin on a fully taxable equivalent (FTE) basis and the presentation of the efficiency ratio on an adjusted and FTE basis, excluding certain income and expenses. Management believes these non-GAAP financial measures provide useful information to both management and investors to analyze and evaluate the Company’s financial performance. These measures are considered standard measures of comparison within the banking industry. Additionally, management believes providing measures on a FTE basis enhances the comparability of income arising from taxable and nontaxable sources. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that different companies might calculate these measures differently. These non-GAAP disclosures should not be considered an alternative to the Company’s GAAP results. The following table reconciles the non-GAAP financial measures of net interest income and net interest margin on a fully taxable equivalent basis and efficiency ratio on an adjusted and FTE basis.

 (in thousands)For the Quarter EndedFor the Year Ended
December 31, 2025September 30, 2025June 30, 2025March 31, 2025December 31, 2024December 31, 2025December 31, 2024
Reconciliation of net interest income and net interest margin on a FTE basis to GAAP:
Net interest income (GAAP)$24,206 $22,501 $21,419 $20,855 $19,422 $88,981 $71,362 
Tax-equivalent adjustment (1)
70 61 59 66 16 256 182 
Net interest income on a FTE basis (non-GAAP)24,276 22,562 21,478 20,921 19,438 89,237 71,544 
Average interest-earning assets3,893,827 3,790,154 3,799,081 3,717,441 3,910,978 3,800,582 3,747,528 
Net interest margin on a FTE basis (non-GAAP)2.47 %2.36 %2.27 %2.28 %1.98 %2.35 %1.91 %
Reconciliation of efficiency ratio on an adjusted and FTE basis to GAAP:
Net interest income on a FTE basis (non-GAAP)$24,276 $22,562 $21,478 $20,921 $19,438 $89,237 $71,544 
Noninterest income(892)2,503 2,410 2,243 1,430 6,264 8,434 
Adjustment for realized securities losses, net3,959 — — — 1,172 3,959 1,172 
Adjustment for losses on disposal of premises and equipment, net— — — 8 — 8 47 
Adjusted income27,343 25,065 23,888 23,172 22,040 99,468 81,197 
Noninterest expense13,729 13,550 13,485 13,063 13,399 53,827 51,353 
Efficiency ratio on an adjusted and FTE basis (non-GAAP) (2)
50.21 %54.06 %56.45 %56.37 %60.79 %54.11 %63.25 %
(1)    Computed on a tax-equivalent basis using a federal income tax rate of 21 percent, adjusted to reflect the effect of the nondeductible interest expense associated with owning tax-exempt securities and loans. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the financial results, as it enhances the comparability of income arising from taxable and nontaxable sources.
(2)     The efficiency ratio expresses noninterest expense as a percent of fully taxable equivalent net interest income and noninterest income, excluding specific noninterest income and expenses. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the Company's financial performance. It is a standard measure of comparison within the banking industry. A lower ratio is more desirable.


1 NASDAQ: WTBA Q4 2025 | Earnings Highlights

 
2 Certain statements in this presentation, other than purely historical information, including estimates, projections, statements relating to the Company’s business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). Forward-looking statements may appear throughout this presentation. These forward-looking statements are generally identified by the words “believes,” “expects,” “intends,” “anticipates,” “projects,” “future,” “confident,” “may,” “should,” “will,” “strategy,” “plan,” “opportunity,” “will be,” “will likely result,” “will continue” or similar references, or references to estimates, predictions or future events. Such forward-looking statements are based upon certain underlying assumptions, risks and uncertainties. Because of the possibility that the underlying assumptions are incorrect or do not materialize as expected in the future, actual results could differ materially from these forward-looking statements. Risks and uncertainties that may affect future results include: interest rate risk, including the effects of changes in interest rates; fluctuations in the values of the securities held in our investment portfolio, including as a result of changes in interest rates; competitive pressures, including from non-bank competitors such as credit unions, “fintech” companies and digital asset service providers; technological changes implemented by us and other parties, including third-party vendors, which may be more difficult to implement or more expensive than anticipated or which may have unforeseen consequences to us and our customers, including the development and implementation of tools incorporating artificial intelligence; pricing pressures on loans and deposits; our ability to successfully manage liquidity risk; changes in credit and other risks posed by the Company’s loan portfolio, including declines in commercial or residential real estate values or changes in the allowance for loan losses dictated by new market conditions, accounting standards or regulatory requirements; the concentration of large deposits from certain clients, including those who have balances above current FDIC insurance limits; changes in local, national and international economic conditions, including the level and impact of inflation, and future monetary policies of the Federal Reserve, or executive orders in response thereto; the impact of bank failures or adverse developments at other banks and related negative publicity about the banking industry in general on investor and depositor sentiment regarding the stability and liquidity of banks; changes in legal and regulatory requirements, limitations and costs; the threat or imposition of domestic or foreign tariffs or other governmental policies impacting the global supply chain and the value of products produced by our commercial borrowers; changes in customers’ acceptance of the Company’s products and services; the occurrence of fraudulent activity, breaches or failures of our or our third-party partners' information security controls or cyber-security related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools; unexpected outcomes of existing or new litigation involving the Company; the monetary, trade, foreign and other regulatory policies of the U.S. government; military conflicts, acts of war or terrorism, or threats thereof, including the Israeli- Palestinian conflict, recent military activity in Venezuela and the Russian invasion of Ukraine, widespread disease or pandemics, or other adverse external events; risks related to climate change and the negative impact it may have on our customers and their business; changes to U.S. tax laws, regulations and guidance; potential changes in federal policy and at regulatory agencies under the Trump Administration; new or revised accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board; talent and labor shortages and employee turnover; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update such forward-looking statements to reflect current or future events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Except as otherwise indicated, this presentation speaks as of the date hereof. The delivery of this presentation shall not, under any circumstances, create any implication that there has been no change in the affairs of West Bancorporation, Inc. after the date hereof. Certain of the information contained herein may be derived from information provided by industry sources. We believe that such information is accurate and that the sources from which it has been obtained are reliable. We cannot guarantee the accuracy of such information, however, and we have not independently verified such information. This presentation contains references to financial measures that are not defined in GAAP. Such non-GAAP financial measures include the Company’s presentation of net interest income and net interest margin on a fully taxable equivalent (FTE) basis and the presentation of the efficiency ratio on an adjusted and FTE basis, excluding certain income and expenses. Management believes these non-GAAP financial measures provide useful information to both management and investors to analyze and evaluate the Company’s financial performance. These measures are considered standard measures of comparison within the banking industry. Additionally, management believes providing measures on a FTE basis enhances the comparability of income arising from taxable and nontaxable sources. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that different companies might calculate these measures differently. These non-GAAP disclosures should not be considered an alternative to the Company’s GAAP results. This presentation includes reconciliations of non-GAAP financial measures to comparable GAAP financial measures. Disclaimers

 
3 4Q 2025 Financial Highlights * Presented on a fully taxable equivalent basis; see Appendix for “Non-GAAP Financial Measures.” $26.26 NASDAQ: WTBA December 31, 2025 Closing Price $22.19 4Q 2025 Price Range $19.03 to $24.27 Cash Dividend Per Share Declared On January 28, 2026 $0.25 (payable on February 25, 2026) Annualized Dividend Yield 4.51% 4Q 2025 Total Assets $4.1 billion Gross Loans $3.0 billion Total Deposits $3.5 billion Net Income $7.4 million Annualized ROAA 0.72% Annualized ROAE 11.33% Net Interest Margin* 2.47% Efficiency Ratio* 50.21% NPAs/Assets 0.00% Diluted EPS $0.43

 
4 • West Bancorporation, Inc. (the “Company”) is a publicly traded, financial holding company (NASDAQ: WTBA) established in 1984. Its sole subsidiary is West Bank, founded in 1893. • West Bank is a full service commercial bank headquartered in West Des Moines, Iowa and has 11 branches and commercial banking offices serving the greater Des Moines, Iowa area; eastern Iowa, which includes Iowa City and Coralville, Iowa; and southern Minnesota, which includes Rochester, Owatonna, Mankato, and St. Cloud, Minnesota. • The Company is a long-standing and reliable, dividend paying community bank. Our mission is to build strong relationships, build strong communities, and build upon our strong reputation to ensure our clients receive exceptional care, our communities receive outstanding support, and the loyalty of our employees and stockholders is rewarded. Company Profile and Mission • One of the Company's key competitive advantages is its client-centric approach to delivering strategic financial solutions to businesses and business owners, driven by the establishment of deep customer relationships and extensive experience in its markets. • First and foremost a community bank, West Bank has built a strong reputation for being responsive to local needs. West Bank employees place a high priority on community involvement, lending their time and talents to a long list of civic and community projects. Mission

 
5 Experienced Executive Leadership David D. Nelson Director/Chief Executive Officer/President Joined West Bank in 2010 Years in Banking: 42 Prior to joining the Company Mr. Nelson was the President of Southeast Minnesota Business Banking and President of Wells Fargo Bank Rochester in Rochester, Minnesota. Harlee N. Olafson Chief Risk Officer/Executive Vice President Joined West Bank in 2010 Years in Banking: 47 Prior to joining the Company Mr. Olafson was the President of Southwest Minnesota Business Banking and President of Wells Fargo Bank Mankato in Mankato, Minnesota. Bradley P. Peters Executive Vice President West Bank Minnesota Group President Joined West Bank in 2019 Years in Banking: 40 Prior to joining the Company Mr. Peters was the Executive Vice President of a $16 billion regional bank in Minnesota where he was responsible for new market expansion. Jane M. Funk Chief Financial Officer Executive Vice President/Treasurer Joined West Bank in 2014 Years in Banking & Public Accounting: 35 Ms. Funk has extensive experience in the community banking industry and spent 18 years of her career at a large public accounting firm. Brad L. Winterbottom Executive Vice President West Bank President Joined West Bank in 1992 Years in Banking: 45 Mr. Winterbottom has extensive experience in commercial lending and loan portfolio administration and knowledge of the Iowa business community. Todd A. Mather West Bank Chief Credit Officer Joined West Bank in 2019 Years in Banking: 29 Prior to joining West Bank, Mr. Mather spent 8 years at a $16 billion regional bank in Minnesota as a Senior Credit Director and Group Senior Credit Manager.

 
6 Conservative Organic Growth with Successful Lift-Out Strategies David Nelson joins West Bancorporation, Inc. as CEO. Entered the Rochester, Minnesota market by hiring experienced bankers who had existing strong relationships with local business owners and creating an advisory community board made up of local business owners and leaders. Successful and profitable establishment of market presence led to construction of permanent commercial banking office in 2016. Reached $2 billion in total assets. Expanded into St. Cloud, Mankato, and Owatonna, Minnesota with the same lift- out strategy used in Rochester, Minnesota. Successful and profitable establishment of market presence led to construction of permanent commercial banking offices in each of these three markets during 2022-2025. Reached $3 billion in total assets. Opened new corporate headquarters building in West Des Moines, Iowa in April 2024. After being in the same leased space for fifty years, the new building consolidates the organization's operations under one roof, and provides space for future growth and enhanced business development opportunities. Reached $4 billion in total assets. 2010 2013 2018 2019 2020 2024 2024

 
7 Company Highlights – Commitment to Excellence West Bancorporation, Inc. is a high performing company in U.S. community banking, well-versed in providing commercial banking services, including loans and lines of credit and all types of deposit services, to small- and medium-sized businesses in its Iowa and Minnesota markets. Attractive Franchise Strategy Community Service & Philanthropy • A 133 year presence in the Des Moines, Iowa metropolitan area and is West Des Moines' oldest business of any type. • Long track record of growth and stability coupled with attractive financial returns and dividend yield. • Simple and consistent business model with a conservative operating philosophy and expense management controls. • Efficient and right-sized branch network, with a total of 11 offices serving 6 markets. • Organic growth strategy with a track record of successful lift-out strategies and employing a branch-lite structure. • Disciplined business model highlighted by focus on risk management and consistent execution that has resulted in pristine credit quality. • Superior talent with business expertise in building relationships and providing a differentiated level of service. • In 2025, our employees volunteered over 7,000 hours of community service. • In 2025, the West Bancorporation Foundation and West Bank provided over $550,000 in total philanthropic contributions to more than 182 organizations. • West Bancorporation, Inc.'s new corporate headquarters, which opened in April 2024, was constructed on a redevelopment site in West Des Moines, Iowa in an area in need of a catalyst for revitalization.

 
8 Company Highlights – Commitment to Excellence West Bank is a commercially-focused financial institution operating in high quality markets in Iowa and Minnesota led by a deep and experienced management team with skills developed internally and with other large regional banking institutions. Credit Culture Asset Quality & Risk Management • Strict credit risk management with robust processes and experienced credit personnel. • 30 high quality commercial bankers with an average of 22 years of commercial banking experience. • Centralized committee structure that is agile and responsive to customer needs and an organizational structure that provides deep support of credit and administrative functions. • We are a local lender to local customers. • Proven credit culture with a history of strong asset quality. • Classified and watch list loan balance was 1.74% of the loan portfolio at December 31, 2025. • No nonperforming assets at December 31, 2025. • Commercial real estate stress testing is completed quarterly. • Independent third party loan review is performed semi-annually.

 
9 Historical Strength - 10 Year Performance Period (2016-2025) Organic Growth Asset Quality Profitability & Expense Management Capital • Organic loan growth of $1.75 billion, or 141%. Cumulative annual growth rate (CAGR) of 9.18%. • Organic core deposit growth of $1.90 billion, or 134%. CAGR of 8.86%. • Nonperforming assets to total assets ranged from 0.00% to 0.51%. • Net charge-offs to average assets ranged from (0.04)% to 0.02%. • ROE ranged from 10.71% to 20.71%, with an average of 14.98%. • Efficiency ratio* ranged from 40.91% to 63.25%, with an average of 49.60%. • Tier 1 Capital has grown 105%. CAGR of 7.45%. • Annual dividends have increased from $0.67 per share to $1.00 per share. • Annual dividend yield has ranged from 2.71% to 4.72%. * Presented on a fully taxable equivalent basis; see Appendix for “Non-GAAP Financial Measures.”

 
10 4Q 2025 Income Statement Highlights (in thousands) For the Quarter Ended Q4 '24 Q3 '25 Q4 '25 Linked Quarter Comments Q3 '25 vs. Q4 '25 Net interest income $ 19,422 $ 22,501 $ 24,206 Increase primarily due to the growth and changes in the mix of interest earning assets and decrease in rates on deposits, partially offset by growth in deposits. Net interest margin(1) 1.98 % 2.36 % 2.47 % Credit loss expense $ 1,000 $ — $ — Noninterest income (excluding securities losses) $ 2,602 $ 2,503 $ 3,067 Increase primarily due to a one-time third party contract incentive. Realized securities losses $ (1,172) $ — $ (3,959) $63.7 million of proceeds from investment security sales in Q4 2025 improves balance sheet flexibility and will be redeployed to improve long-term earnings profile. Noninterest expense $ 13,399 $ 13,550 $ 13,729 Increase primarily due to increase in one-time consulting fees. Efficiency ratio(1) 60.79 % 54.06 % 50.21 % Income tax expense $ (644) $ 2,140 $ 2,160 An income tax benefit of $1.8 million was recorded in Q4 2024 for an energy-related investment tax credit associated with new headquarters building construction. Net income $ 7,097 $ 9,314 $ 7,425 Return on average equity 12.24 % 15.25 % 11.33 % (1) Presented on a fully taxable equivalent basis; see Appendix for “Non-GAAP Financial Measures.”

 
11 Net Interest Income (1) Presented on a fully taxable equivalent basis; see Appendix for “Non-GAAP Financial Measures.” $19.4 $20.9 $21.4 $22.5 $24.2 4Q24 1Q25 2Q25 3Q25 4Q25 Net Interest Income ($ in millions) 1.98% 2.28% 2.27% 2.36% 2.47% Net interest margin %(1) Quarterly Highlights • Net interest income increased $1.7 million and net interest margin increased 11 bps in Q4 2025 compared to Q3 2025. Increases were primarily driven by growth and changes in the mix of interest-earning assets and a decrease in rates on deposits. • Average balances of interest-earning deposits with banks and securities purchased under agreements to resell increased as a result of decreases in securities available for sale and increased deposit balances. • Interest income on loans decreased $0.2 million primarily due to loan yields decreasing 7 bps from Q3 2025 to Q4 2025, as reductions to the federal funds target rate reduced the yield on the variable- rate loan portfolio. Fixed-rate loan originations and renewals continue to price at higher prevailing market rates. • Deposit interest expense decreased $1.4 million, primarily due to the cost of interest-bearing deposits decreasing 28 bps from Q3 2025 to Q4 2025, partially offset by an increase in average deposit balances.

 
12 $3,008 $3,016 $2,990 $2,960 $2,983 $3,009 $3,002 4Q24 1Q25 2Q25 3Q25 4Q25 3Q25 4Q25 Loans • Loans decreased $7.2 million in Q4 2025, primarily due to a decrease in construction loans, partially offset by an increase in commercial real estate loans. • Quarterly average loans increased $22.8 million compared to Q3 2025. • Commercial real estate loans are well diversified among various industry sectors. • Loan yields decreased 7 bps in Q4 2025 compared to Q3 2025 as the yield on the variable-rate loan portfolio declined. • 39% of the loan portfolio consists of variable-rate loans. Quarterly Highlights 5.53% 5.52% 5.59% 5.66% 5.59% Loans ($ in millions) Average Balances Period End Loan Yield %

 
13 Loan Mix C & I, 17% CRE - NOO, 35% CRE - OO, 14% Multi Family, 15% 1-4 Family, 3% C & D, 14% Consumer and other, 2% Loan Mix as of December 31, 2025 Total Construction and Development and Commercial Real Estate Loans at December 31, 2025 Sector Balance ($ in thousands) Multifamily $ 582,203 Hotels 261,916 Warehouse & trucking terminals 261,242 Retail 228,562 Residential 150,679 Office 139,094 Mixed use 109,645 Land and land development 105,668 Senior care/living 101,571 Medical 86,964 Other 329,055 Total $ 2,356,599

 
14 $(12) $(94) $(13) $24 $(9) 4Q24 1Q25 2Q25 3Q25 4Q25 Credit Quality $0.1 $0.2 $0.0 $0.0 $0.0 4Q24 1Q25 2Q25 3Q25 4Q25 $0.1 $0.2 $0.0 $0.0 $0.0 4Q24 1Q25 2Q25 3Q25 4Q25 $30.4 $30.5 $30.5 $30.5 $30.5 4Q24 1Q25 2Q25 3Q25 4Q25 Net Charge-Offs (Recoveries) ($ in thousands) Substandard Loans ($ in millions) Nonaccrual Loans ($ in millions) Allowance for Credit Losses ($ in millions) 1.01% 1.01% 1.03% 1.01% 1.02% ACL/Loans %

 
15 Deposits • Total deposits increased $162.0 million in Q4 2025 with increases in both core commercial and retail deposits. • Brokered deposits decreased $50.2 million in Q4 2025. • Deposit costs decreased 28 bps in Q4 2025 compared to Q3 2025. • West Bank participates in a reciprocal deposit network which enables depositors to receive FDIC insurance coverage on deposits otherwise exceeding the maximum insurable amount. • Estimated uninsured deposits, excluding deposits in a reciprocal deposit network, brokered deposits and public funds protected by state programs, were approximately 28.4% of total deposits at the end of Q4. Quarterly Highlights $3,434 $3,284 $3,354 $3,334 $3,419 $3,307 $3,468 4Q24 1Q25 2Q25 3Q25 4Q25 3Q25 4Q25 Average Balances Deposit Cost % Period End Deposits ($ in millions) 3.53% 3.15% 3.19% 3.17% 2.89% Brokered Deposits, 4% Noninterest- Bearing, 16% Interest-Bearing Demand, 17% Savings and Money Market, 50% Time Deposits, 13% Deposit Mix as of December 31, 2025

 
16 Funding and Liquidity Cost of liability funding ($ in thousands) Cash and cash equivalents $ 471,086 Unpledged securities 49,777 FHLB borrowing availability 648,687 Unsecured lines of credit availability 75,000 Federal Reserve discount window availability 38,341 Total as of 12/31/2025 $ 1,282,891 $3,862 $3,676 $3,745 $3,723 $3,806 $533 $522 $503 $512 $524 $2,901 $2,762 $2,851 $2,822 $2,894 $428 $392 $391 $389 $388 Average Noninterest-Bearing Deposits Average Interest-Bearing Deposits Average Borrowings 4Q24 1Q25 2Q25 3Q25 4Q25 3.57% 3.25% 3.28% 3.26% 3.02% Overall Funding Costs Sources of Liquidity West Bank also maintains master brokered deposit agreements with brokerage firms and deposit networks. ($ in millions)

 
17 9.0% 9.0% 9.3% 9.4% 9.6% 12.0% 12.0% 12.3% 12.3% 12.4% 4Q24 1Q25 2Q25 3Q25 4Q25 7.9% 8.4% 8.3% 8.5% 8.4% 10.0% 10.5% 10.4% 10.5% 10.4% 4Q24 1Q25 2Q25 3Q25 4Q25 9.5% 9.6% 9.9% 9.9% 10.1% 12.0% 12.0% 12.3% 12.3% 12.4% 4Q24 1Q25 2Q25 3Q25 4Q25 12.1% 12.2% 12.5% 12.5% 12.8%12.9% 12.9% 13.2% 13.2% 13.4% 4Q24 1Q25 2Q25 3Q25 4Q25 Regulatory Capital Ratios Note: Lines depict regulatory requirements to be considered well-capitalized.Consolidated West Bank Total Risk-Based Capital Ratio Tier 1 Capital Ratio Common Equity Tier 1 Ratio Tier 1 Leverage Ratio 6.5% 10% 8% 5%

 
18Appendix Appendix Non-GAAP Financial Measures (in thousands) As of and for the Quarter Ended December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Reconciliation of net interest income and net interest margin on a FTE basis to GAAP: Net interest income (GAAP) $ 24,206 $ 22,501 $ 21,419 $ 20,855 $ 19,422 Tax-equivalent adjustment (1) 70 61 59 66 16 Net interest income on a FTE basis (non-GAAP) 24,276 22,562 21,478 20,921 19,438 Average interest-earning assets 3,893,827 3,790,154 3,799,081 3,717,441 3,910,978 Net interest margin on a FTE basis (non-GAAP) 2.47 % 2.36 % 2.27 % 2.28 % 1.98 % Reconciliation of efficiency ratio on an adjusted and FTE basis to GAAP: Net interest income on a FTE basis (non-GAAP) $ 24,276 $ 22,562 $ 21,478 $ 20,921 $ 19,438 Noninterest income (892) 2,503 2,410 2,243 1,430 Adjustment for realized securities losses, net 3,959 — — — 1,172 Adjustment for losses on disposal of premises and equipment, net — — — 8 — Adjusted income 27,343 25,065 23,888 23,172 22,040 Noninterest expense 13,729 13,550 13,485 13,063 13,399 Efficiency ratio on an adjusted and FTE basis (non- GAAP) (2) 50.21 % 54.06 % 56.45 % 56.37 % 60.79 % (1) Computed on a tax-equivalent basis using a federal income tax rate of 21 percent, adjusted to reflect the effect of the nondeductible interest expense associated with owning tax-exempt securities and loans. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the financial results, as it enhances the comparability of income arising from taxable and nontaxable sources. (2) The efficiency ratio expresses noninterest expense as a percent of fully taxable equivalent net interest income and noninterest income, excluding specific noninterest income and expenses. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the Company's financial performance. It is a standard measure of comparison within the banking industry. A lower ratio is more desirable.