West Bancorporation Inc Financials

WTBA

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows West Bancorporation Inc (WTBA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 40/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

West Bancorporation Inc's revenue surged 18.6% year-over-year to $190.1M, reflecting rapid business expansion. This strong growth earns a score of 82/100.

Leverage

West Bancorporation Inc has elevated debt relative to equity (D/E of 16.62), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Cash Flow

West Bancorporation Inc has a free cash flow margin of 7.2%, earning a moderate score of 36/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

West Bancorporation Inc's ROE of 10.5% shows moderate profitability relative to equity, earning a score of 42/100. This is down from 10.7% the prior year.

Piotroski F-Score Neutral

4/9

West Bancorporation Inc passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.66x

For every $1 of reported earnings, West Bancorporation Inc generates $1.66 in operating cash flow ($39.8M OCF vs $24.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Revenue

$190.1M

YoY+18.6%

5Y CAGR+14.0%

10Y CAGR+13.1%

West Bancorporation Inc generated $190.1M in revenue in fiscal year 2024. This represents an increase of 18.6% from the prior year.

EBITDA

N/A

Free Cash Flow

$13.7M

YoY+222.8%

5Y CAGR-17.6%

10Y CAGR-4.2%

West Bancorporation Inc generated $13.7M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 222.8% from the prior year.

Net Income

$24.1M

YoY-0.4%

5Y CAGR-3.5%

10Y CAGR+1.8%

West Bancorporation Inc reported $24.1M in net income in fiscal year 2024. This represents a decrease of 0.4% from the prior year.

EPS (Diluted)

$1.42

YoY-1.4%

5Y CAGR-4.0%

10Y CAGR+1.3%

West Bancorporation Inc earned $1.42 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 1.4% from the prior year.

Cash & Debt

$243.5M

YoY+272.5%

5Y CAGR+35.5%

10Y CAGR+19.9%

West Bancorporation Inc held $243.5M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

$1.00

YoY+0.0%

5Y CAGR+3.8%

10Y CAGR+7.4%

West Bancorporation Inc paid $1.00 per share in dividends in fiscal year 2024. This represents an increase of 0.0% from the prior year.

Shares Outstanding

17M

YoY+0.6%

5Y CAGR+0.5%

10Y CAGR+0.5%

West Bancorporation Inc had 17M shares outstanding in fiscal year 2024. This represents an increase of 0.6% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

12.7%

YoY-2.4pp

5Y CAGR-16.4pp

10Y CAGR-23.6pp

West Bancorporation Inc's net profit margin was 12.7% in fiscal year 2024, showing the share of revenue converted to profit. This is down 2.4 percentage points from the prior year.

Return on Equity

10.5%

YoY-0.2pp

5Y CAGR-3.0pp

10Y CAGR-3.7pp

West Bancorporation Inc's ROE was 10.5% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 0.2 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$26.1M

YoY-28.2%

5Y CAGR+90.3%

10Y CAGR+17.3%

West Bancorporation Inc invested $26.1M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 28.2% from the prior year.

WTBA Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$190.1M+18.6%	$160.3M+30.0%	$123.3M+15.0%	$107.3M+7.0%	$100.2M+1.6%	$98.7M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$118.7M+30.1%	$91.3M+188.8%	$31.6M+158.6%	$12.2M-29.8%	$17.4M-46.0%	$32.2M
Income Tax	$3.4M-39.9%	$5.6M-56.5%	$13.0M-2.3%	$13.3M+53.4%	$8.7M+22.9%	$7.1M
Net Income	$24.1M-0.4%	$24.1M-48.0%	$46.4M-6.5%	$49.6M+51.6%	$32.7M+14.0%	$28.7M
EPS (Diluted)	$1.42-1.4%	$1.44-47.8%	$2.76-6.4%	$2.95+49.0%	$1.98+13.8%	$1.74

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$48.9M+2.0%	$48.0M+4.0%	$46.1M-6.4%	$49.3M+3.7%	$47.6M+6.7%	$44.6M+4.4%	$42.7M+3.9%	$41.1M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$26.4M-0.4%	$26.5M+5.0%	$25.3M-15.4%	$29.9M-1.5%	$30.3M+9.1%	$27.8M+5.7%	$26.3M+7.6%	$24.5M
Income Tax	$2.1M-9.5%	$2.4M+7.8%	$2.2M+440.5%	-$644K-154.1%	$1.2M-13.3%	$1.4M+27.9%	$1.1M-25.7%	$1.4M
Net Income	$9.3M+16.7%	$8.0M+1.7%	$7.8M+10.5%	$7.1M+36.7%	$5.2M-10.6%	$5.8M+28.4%	$4.5M-23.4%	$5.9M
EPS (Diluted)	$0.55+17.0%	$0.47+2.2%	$0.46+12.2%	$0.41+32.3%	$0.31-11.4%	$0.35+29.6%	$0.27-22.9%	$0.35

WTBA Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$4.0B+4.9%	$3.8B+5.9%	$3.6B+3.2%	$3.5B+9.9%	$3.2B+28.8%	$2.5B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$243.5M+272.5%	$65.4M+146.3%	$26.5M-86.2%	$192.8M-51.4%	$396.4M+643.9%	$53.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$3.8B+5.2%	$3.6B+5.8%	$3.4B+5.0%	$3.2B+9.4%	$3.0B+31.0%	$2.3B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	$51.5M+139.0%	$21.6M-6.0%	$22.9M
Total Equity	$227.9M+1.3%	$225.0M+6.6%	$211.1M-18.9%	$260.3M+16.4%	$223.7M+5.6%	$211.8M
Retained Earnings	$278.6M+2.7%	$271.4M+1.4%	$267.6M+12.5%	$237.8M+16.7%	$203.7M+10.2%	$184.8M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$4.0B-1.8%	$4.1B+1.8%	$4.0B-0.7%	$4.0B+1.3%	$4.0B+0.1%	$4.0B+3.6%	$3.8B+3.3%	$3.7B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$232.9M-32.5%	$345.2M+63.9%	$210.6M-13.5%	$243.5M+62.5%	$149.8M+1.2%	$148.0M+126.5%	$65.4M+216.9%	$20.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$3.7B-2.2%	$3.8B+1.8%	$3.7B-1.0%	$3.8B+1.2%	$3.7B+0.1%	$3.7B+3.8%	$3.6B+2.9%	$3.5B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$255.1M+5.9%	$240.9M+1.3%	$237.9M+4.4%	$227.9M+1.8%	$223.9M+0.1%	$223.8M-0.6%	$225.0M+10.4%	$203.9M
Retained Earnings	$291.1M+1.8%	$286.0M+1.3%	$282.2M+1.3%	$278.6M+1.7%	$274.0M+0.4%	$273.0M+0.6%	$271.4M+0.1%	$271.0M

WTBA Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$39.8M+57.7%	$25.2M-57.5%	$59.4M+2.7%	$57.9M+36.9%	$42.3M+14.4%	$37.0M
Capital Expenditures	$26.1M-28.2%	$36.4M+70.7%	$21.3M+143.7%	$8.7M+277.0%	$2.3M+121.3%	$1.0M
Free Cash Flow	$13.7M+222.8%	-$11.1M-129.2%	$38.1M-22.4%	$49.1M+22.9%	$40.0M+11.3%	$35.9M
Investing Cash Flow	-$27.3M+83.8%	-$168.7M+52.9%	-$357.8M+33.4%	-$537.2M-46.3%	-$367.2M-136.1%	-$155.5M
Financing Cash Flow	$165.7M-9.1%	$182.3M+38.0%	$132.1M-52.1%	$275.7M-58.7%	$668.0M+437.2%	$124.3M
Dividends Paid	$16.8M+0.6%	$16.7M+0.5%	$16.6M+6.9%	$15.5M+12.5%	$13.8M+1.7%	$13.6M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$11.4M-15.7%	$13.5M+38.8%	$9.7M-9.3%	$10.8M+7.5%	$10.0M+63.4%	$6.1M-15.0%	$7.2M-7.4%	$7.8M
Capital Expenditures	$649K-15.1%	$764K-48.8%	$1.5M-41.9%	$2.6M-64.7%	$7.3M-29.7%	$10.3M-11.6%	$11.7M+20.5%	$9.7M
Free Cash Flow	$10.8M-15.7%	$12.8M+54.6%	$8.3M+0.9%	$8.2M+199.0%	$2.7M+165.1%	-$4.2M+6.2%	-$4.5M-133.6%	-$1.9M
Investing Cash Flow	-$32.7M-155.4%	$59.1M+2103.2%	-$2.9M-106.4%	$46.3M+922.5%	-$5.6M+90.0%	-$56.4M+11.9%	-$64.0M-42.2%	-$45.0M
Financing Cash Flow	-$91.0M-246.7%	$62.0M+256.3%	-$39.7M-238.8%	$28.6M+1214.0%	-$2.6M-101.9%	$133.0M+30.9%	$101.6M+288.7%	$26.1M
Dividends Paid	$4.2M0.0%	$4.2M+0.7%	$4.2M0.0%	$4.2M0.0%	$4.2M+0.6%	$4.2M0.0%	$4.2M0.0%	$4.2M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

WTBA Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	12.7%-2.4pp	15.1%-22.6pp	37.6%-8.6pp	46.2%+13.6pp	32.6%+3.6pp	29.1%
Return on Equity	10.5%-0.2pp	10.7%-11.2pp	22.0%+2.9pp	19.1%+4.4pp	14.6%+1.1pp	13.5%
Return on Assets	0.6%-0.0pp	0.6%-0.7pp	1.3%-0.1pp	1.4%+0.4pp	1.0%-0.1pp	1.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	16.62+0.6	16.00-0.1	16.12+15.9	0.20+0.1	0.10-0.0	0.11
FCF Margin	7.2%+14.1pp	-7.0%-37.9pp	30.9%-14.9pp	45.8%+5.9pp	39.9%+3.5pp	36.4%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	19.0%+2.4pp	16.6%-0.4pp	17.0%+2.6pp	14.4%+3.5pp	10.9%-2.1pp	13.0%+2.4pp	10.6%-3.8pp	14.4%
Return on Equity	3.6%+0.3pp	3.3%0.0pp	3.3%+0.2pp	3.1%+0.8pp	2.3%-0.3pp	2.6%+0.6pp	2.0%-0.9pp	2.9%
Return on Assets	0.2%+0.0pp	0.2%0.0pp	0.2%+0.0pp	0.2%+0.1pp	0.1%-0.0pp	0.1%+0.0pp	0.1%-0.0pp	0.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	14.62-1.2	15.84+0.1	15.76-0.9	16.62-0.1	16.710.0	16.71+0.7	16.00-1.2	17.15
FCF Margin	22.0%-4.6pp	26.6%+8.7pp	17.9%+1.3pp	16.6%+10.9pp	5.8%+15.2pp	-9.4%+1.1pp	-10.5%-5.8pp	-4.7%

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Frequently Asked Questions

What is West Bancorporation Inc's annual revenue?

West Bancorporation Inc (WTBA) reported $190.1M in total revenue for fiscal year 2024. This represents a 18.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is West Bancorporation Inc's revenue growing?

West Bancorporation Inc (WTBA) revenue grew by 18.6% year-over-year, from $160.3M to $190.1M in fiscal year 2024.

Is West Bancorporation Inc profitable?

Yes, West Bancorporation Inc (WTBA) reported a net income of $24.1M in fiscal year 2024, with a net profit margin of 12.7%.

What is West Bancorporation Inc's earnings per share (EPS)?

West Bancorporation Inc (WTBA) reported diluted earnings per share of $1.42 for fiscal year 2024. This represents a -1.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is West Bancorporation Inc's net profit margin?

West Bancorporation Inc (WTBA) had a net profit margin of 12.7% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does West Bancorporation Inc pay dividends?

Yes, West Bancorporation Inc (WTBA) paid $1.00 per share in dividends during fiscal year 2024.

What is West Bancorporation Inc's return on equity (ROE)?

West Bancorporation Inc (WTBA) has a return on equity of 10.5% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is West Bancorporation Inc's free cash flow?

West Bancorporation Inc (WTBA) generated $13.7M in free cash flow during fiscal year 2024. This represents a 222.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is West Bancorporation Inc's operating cash flow?

West Bancorporation Inc (WTBA) generated $39.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are West Bancorporation Inc's total assets?

West Bancorporation Inc (WTBA) had $4.0B in total assets as of fiscal year 2024, including both current and long-term assets.

What are West Bancorporation Inc's capital expenditures?

West Bancorporation Inc (WTBA) invested $26.1M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does West Bancorporation Inc have outstanding?

West Bancorporation Inc (WTBA) had 17M shares outstanding as of fiscal year 2024.

What is West Bancorporation Inc's debt-to-equity ratio?

West Bancorporation Inc (WTBA) had a debt-to-equity ratio of 16.62 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is West Bancorporation Inc's return on assets (ROA)?

West Bancorporation Inc (WTBA) had a return on assets of 0.6% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is West Bancorporation Inc's Piotroski F-Score?

West Bancorporation Inc (WTBA) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are West Bancorporation Inc's earnings high quality?

West Bancorporation Inc (WTBA) has an earnings quality ratio of 1.66x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is West Bancorporation Inc?

West Bancorporation Inc (WTBA) scores 40 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.