West Bancorporation (WTBA)
NASDAQ:WTBA
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West Bancorporation
(NASDAQ:WTBA)
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Rating:74Outperform
Price Target:
$27.00
▲(18.27% Upside)
Action:ReiteratedDate:04/25/26
WTBA scores well primarily on improving financial quality (stronger leverage profile and strengthening cash generation) and a supportive earnings outlook (margin improvement and pristine credit). Valuation is also a plus given the low P/E and ~4.16% dividend yield. The score is held back by a sharp TTM revenue contraction and neutral technical momentum.
Positive Factors
Stronger Leverage / Capital
Debt has been cut materially and equity has risen, producing a debt-to-equity near 0.40. That stronger capital base provides a durable buffer for credit losses, supports the regular dividend, and gives optionality to fund measured loan growth or local M&A over the next several quarters.
Negative Factors
Sharp TTM Revenue Decline
TTM revenue is down roughly 40% after prior multi-year growth, creating a material top-line setback. Persistent revenue weakness limits organic earnings growth, forces reliance on margin improvement and cost discipline, and reduces room to invest in growth initiatives over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Stronger Leverage / Capital
Debt has been cut materially and equity has risen, producing a debt-to-equity near 0.40. That stronger capital base provides a durable buffer for credit losses, supports the regular dividend, and gives optionality to fund measured loan growth or local M&A over the next several quarters.
Read all positive factors
West Bancorporation (WTBA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$400.84M
Dividend Yield4.39%
Average Volume (3M)36.87K
Price to Earnings (P/E)9.5
Beta (1Y)0.79
Revenue Growth0.02%
EPS Growth34.44%
CountryUS
Employees180
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)2.08
Shares Outstanding17,028,101
10 Day Avg. Volume29,609
30 Day Avg. Volume36,865
Financial Highlights & Ratios
PEG Ratio0.34
Price to Book (P/B)1.41
Price to Sales (P/S)1.89
P/FCF Ratio8.71
Enterprise Value/Market Cap1.41
Enterprise Value/Revenue2.82
Enterprise Value/Gross Profit5.71
Enterprise Value/Ebitda11.58
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.55
Revenue Forecast (FY)$114.95M
West Bancorporation Business Overview & Revenue Model
Company Description
West Bancorporation, Inc. operates as the financial holding company for West Bank that provides community banking and trust services to individuals and small- to medium-sized businesses in the United States. It accepts various deposit products, in...
How the Company Makes Money
West Bancorporation makes money primarily through net interest income and, to a lesser extent, noninterest income. Net interest income is earned from the spread between (1) interest and fees collected on loans and other interest-earning assets (su...
West Bancorporation Earnings Call Summary
Earnings Call Date:Apr 23, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call portrayed a fundamentally strong quarter driven by meaningful earnings and margin improvement, disciplined expense control, ample liquidity and pristine credit quality. Key near‑term headwinds are muted loan growth due to refinance/payoff activity, seasonally lower core deposits and a concentrated watch list exposure to the trucking sector. Management emphasized asset repricing opportunities, an expanding pipeline and continued focus on relationship banking and market expansion, suggesting optimism about future growth as market dynamics normalize.Positive Updates
Strong Earnings Growth
Net income of $10.6 million in Q1 2026 versus $7.8 million in Q1 2025, a 35% year‑over‑year increase.
Negative Updates
Flat Loan Balances and Refi/Payoff Pressure
Loan portfolio was flat vs. 12/31/25 with $3.0 billion outstanding at quarter end. Management noted notable loan payoffs driven by secondary market refinancings and asset sales, which is muting near‑term loan growth.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Earnings Growth
Net income of $10.6 million in Q1 2026 versus $7.8 million in Q1 2025, a 35% year‑over‑year increase.
Read all positive updates
Company Guidance
Management guided that earnings and margin should continue to improve as COVID‑era five‑year assets reprice, citing Q1 2026 net income of $10.6M (up 35% Y/Y from $7.8M), net interest income +$3.5M (+17% Y/Y), NIM +12 bps Q/Q and +31 bps Y/Y, and cost of deposits down 14 bps Q/Q and 40 bps Y/Y; noninterest expense rose 3% Y/Y. They emphasized pristine credit—no loans >30 days past due, no nonaccruals, no OREO, no substandard loans, no provision for credit losses—and a watch list down 20% to 1.4% of loans (90% trucking) with a large credit expected to be resolved by end of Q2. Balance sheet metrics included $3.0B loans outstanding (flat vs 12/31/25), about $250M of loans and securities likely to reprice over the next 12 months at a blended rate below 4% (including ~ $38M of investment cash flow rolling off at ~2% or sub‑2%), roughly 75% remaining of last year’s $243M municipal deposit, and plans to deploy investment cash flow and liquidity to fund loan growth; a $0.25 quarterly dividend was declared, payable May 20 to holders of record May 6.West Bancorporation Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
72
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 199.69M | 198.49M | 197.84M | 169.75M | 133.56M | 116.42M |
| Gross Profit | 98.72M | 95.25M | 78.13M | 77.78M | 104.45M | 105.69M |
| EBITDA | 48.67M | 41.42M | 34.37M | 34.94M | 63.86M | 66.52M |
| Net Income | 35.29M | 32.56M | 24.05M | 24.14M | 46.40M | 49.61M |
Balance Sheet | ||||||
| Total Assets | 4.01B | 4.14B | 4.01B | 3.83B | 3.61B | 3.50B |
| Cash, Cash Equivalents and Short-Term Investments | 501.32M | 639.50M | 788.04M | 689.28M | 689.01M | 951.65M |
| Total Debt | 375.22M | 376.41M | 392.63M | 592.64M | 485.86M | 199.87M |
| Total Liabilities | 3.74B | 3.88B | 3.79B | 3.60B | 3.40B | 3.24B |
| Stockholders Equity | 270.74M | 265.99M | 227.88M | 225.04M | 211.11M | 260.33M |
Cash Flow | ||||||
| Free Cash Flow | 47.28M | 43.15M | 13.67M | -11.14M | 38.13M | 49.13M |
| Operating Cash Flow | 49.62M | 46.48M | 39.81M | 25.25M | 59.44M | 57.88M |
| Investing Cash Flow | 114.52M | 93.30M | -27.34M | -168.68M | -357.83M | -537.21M |
| Financing Cash Flow | -12.77M | 87.83M | 165.65M | 182.25M | 132.11M | 275.72M |
West Bancorporation Technical Analysis
Positive
22.83
Price Trends
24.42
Positive
23.53
Positive
21.58
Positive
Market Momentum
0.18
Negative
52.36
Neutral
33.32
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For WTBA, the sentiment is Positive. The current price of 22.83 is below the 20-day moving average (MA) of 24.19, below the 50-day MA of 24.42, and above the 200-day MA of 21.58, indicating a bullish trend. The MACD of 0.18 indicates Negative momentum. The RSI at 52.36 is Neutral, neither overbought nor oversold. The STOCH value of 33.32 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for WTBA.
West Bancorporation Risk Analysis
West Bancorporation disclosed 38 risk factors in its most recent earnings report. West Bancorporation reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
West Bancorporation Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $400.84M | 9.53 | 13.67% | 4.39% | 0.02% | 34.44% | |
74 Outperform | $331.92M | 9.09 | 12.69% | 2.10% | 4.89% | 3.63% | |
72 Outperform | $448.76M | 9.46 | 16.09% | 2.00% | 10.89% | 40.90% | |
70 Outperform | $364.17M | 9.21 | 9.85% | 3.18% | 6.00% | 31.08% | |
68 Neutral | $420.33M | 11.14 | 5.85% | ― | 13.13% | 119.50% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
63 Neutral | $402.88M | 8.31 | 13.31% | 1.66% | 7.75% | 220.19% |
* Financial Sector Average
WTBA
West Bancorporation
23.54
4.63
24.49%
BWFG
Bankwell Financial Group
50.53
17.73
54.07%
FMAO
Farmers & Merchants Bancorp
26.45
2.58
10.81%
PDLB
Ponce Financial Group Inc
17.40
4.01
29.95%
OBT
Orange County Bancorp
33.47
7.57
29.23%
USCB
USCB Financial Holdings, Inc. Class A
18.18
1.94
11.93%
West Bancorporation Corporate Events
Executive/Board ChangesShareholder Meetings
West Bancorporation Shareholders Approve Directors and Key Proposals
Positive
Apr 24, 2026
West Bancorporation held its Annual Meeting of Stockholders on April 23, 2026, with approximately 82.9% of the 16,940,785 outstanding common shares represented, establishing a quorum for the session. Shareholders elected eight directors, including...
Business Operations and StrategyDividendsFinancial Disclosures
West Bancorporation Posts Strong Q1 2026 Earnings, Dividend
Positive
Apr 23, 2026
West Bancorporation, Inc., headquartered in West Des Moines, Iowa, is the parent of community bank West Bank, which has served customers since 1893. The bank focuses on lending, deposit and trust services for small- to medium-sized businesses and ...
Business Operations and StrategyDividendsFinancial Disclosures
West Bancorporation Posts Strong 2025 Earnings, Raises Dividend
Positive
Jan 29, 2026
On January 29, 2026, West Bancorporation, Inc. reported that net income for 2025 rose to $32.6 million, or $1.92 per diluted share, up from $24.1 million, or $1.42 per diluted share, in 2024, driven by higher net interest income and improved net i...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.