West Bancorporation · NASDAQ:WTBA
West Bancorporation — Q2 2024 Earnings Presentation
16 slides from West Bancorporation's earnings presentation, Jul 25, 2024
Slide 1: Q2 2024 Earnings Highlights
1 NASDAQ: WTBA Q2 2024 | Earnings Highlights
Slide 2: Forward-looking statements
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 state
Slide 3: 2Q 2024 Financial Highlights
3 2Q 2024 Financial Highlights (1) Presented on a fully taxable equivalent basis; see Appendix for “Non-GAAP Financial Measures.” $26.26 NASDAQ: WTBA June 28, 2024* Closing Price: $17.90 2Q 2024 Price Range: $15.80 to $18.20 Cash Dividend Per Share Declared On July 24, 2024: $0.25 (payable on August
Slide 4: Company Profile and Mission
4 • West Bancorporation, Inc. (the “Company”) is a publicly-traded, financial holding company (NASDAQ: WTBA) established in 1984 whose sole subsidiary is West Bank, founded in 1893. • West Bank is headquartered in West Des Moines, Iowa and has 11 branches and commercial banking offices serving the g
Slide 5: Experienced Executive Leadership
5 Experienced Executive Leadership David D. Nelson Director/Chief Executive Officer/President Joined West Bank in 2010 Years in Banking: 41 Prior to joining the Company Mr. Nelson was the President of Southeast Minnesota Business Banking and President of Wells Fargo Bank Rochester in Rochester, Minn
Slide 6: Conservative Organic Growth with Successful Lift-Out Strategies
6 Conservative Organic Growth with Successful Lift-Out Strategies David Nelson joins West Bank 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 busi
Slide 7: Company Highlights – Commitment to Excellence
7 Company Highlights – Commitment to Excellence West Bancorporation 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 a
Slide 8: Company Highlights – Commitment to Excellence
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
Slide 9: Loans – Quarterly Highlights
9 $2,783 $2,813 $2,858 $2,950 $2,994 $2,980 $2,999 2Q23 3Q23 4Q23 1Q24 2Q24 1Q24 2Q24 Loans • Loans increased $18.6 million in Q2 2024, primarily due to the funding of previously committed construction loans. • Quarterly average loans increased $44.8 million compared to Q1 2024. • Commercial real es
Slide 10: Deposits
10 Deposits • Total deposits increased $115.9 million in Q2 2024. • Brokered deposits decreased $26.1 million in Q2 2024. • West Bank participates in the IntraFi® ICS and CDARS reciprocal deposit network which enables depositors to receive FDIC insurance coverage on deposits otherwise exceeding the
Slide 11: Funding and Liquidity
11 Funding and Liquidity Cost of liability funding ($ in thousands) Cash and cash equivalents $ 149,819 Unpledged securities 156,561 FHLB borrowing availability 524,974 Unsecured lines of credit availability 75,000 Federal Reserve discount window availability 71,550 Total as of 6/30/2024 $ 977,904 $
Slide 12: Credit Quality
12 $3 $108 2Q23 3Q23 4Q23 1Q24 2Q24 Credit Quality $0.3 $0.3 $0.3 $0.3 $0.5 2Q23 3Q23 4Q23 1Q24 2Q24 $0.3 $0.3 $0.3 $0.3 $0.5 2Q23 3Q23 4Q23 1Q24 2Q24 $27.9 $28.1 $28.3 $28.3 $28.4 2Q23 3Q23 4Q23 1Q24 2Q24 Net Charge-Offs (Recoveries) ($ in thousands) Substandard Loans ($ in millions) Nonaccrual Loa
Slide 13: Net Interest Income
13 Net Interest Income (1) Presented on a fully taxable equivalent basis; see Appendix for “Non-GAAP Financial Measures.” $17.3 $16.6 $16.4 $16.8 $17.2 2Q23 3Q23 4Q23 1Q24 2Q24 Net Interest Income ($ in millions) 2.02% 1.91% 1.87% 1.88% 1.86% Net interest margin %(1) Net interest income increased $0
Slide 14: Regulatory Capital Ratios
14 8.9% 8.8% 8.7% 8.7% 8.7% 12.2% 12.0% 11.9% 11.8% 11.8% 2Q23 3Q23 4Q23 1Q24 2Q24 8.6% 8.6% 8.5% 8.4% 8.1% 11.1% 11.0% 10.9% 10.7% 10.3% 2Q23 3Q23 4Q23 1Q24 2Q24 9.5% 9.4% 9.3% 9.2% 9.3% 12.2% 12.0% 11.9% 11.8% 11.8% 2Q23 3Q23 4Q23 1Q24 2Q24 12.2% 12.0% 11.9% 11.8% 11.9% 13.1% 12.9% 12.8% 12.6% 12.
Slide 15: Appendix Non-GAAP Financial Measures
15Appendix Appendix Non-GAAP Financial Measures (in thousands) As of and for the Quarter Ended June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Reconciliation of net interest income and net interest margin on a FTE basis to GAAP: Net interest income (GAAP) $ 17,230 $ 1
Slide 16: West Bancorporation, Inc. Board of Directors
16 Third Quarter 2022 Earnings Highlights October 27, 2022 Appendix West Bancorporation, Inc. Board of Directors Back L to R: Douglas Gulling, Sean McMurray, Patrick Donovan and Philip Jason Worth Front L to R: Steven Gaer, Lisa Elming, George Milligan (Chair), Rosemary Parson, David Nelson, James N