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West Bancorporation Inc Ė ĎARSí†for†12/31/04

On:† Thursday, 3/10/05, at 9:45am ET † ∑ † Effective:† 3/10/05 † ∑ † For:† 12/31/04 † ∑ Accession #:† 950124-5-1403 † ∑ File #:0-49677

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  As Of                Filer                Filing    For∑On∑As Docs:Size              Issuer               Agent

 3/10/05  West Bancorporation Inc           ARS        12/31/04    1:34K                                    Bowne - Bde

Annual Report to Security Holders
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: ARS         Annual Report                                         12     68K 


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11st Page † - † Filing Submission
6Buy Fresh, Buy Local
"Tools For Schools
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Excellent CUSTOMER SERVICE is alive and well [PHOTOS] [WEST BANCORPORATION LOGO] West Bancorporation, Inc. | 2004 Annual Report
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WEST BANCORPORATION, INC. & SUBSIDIARIES FINANCIAL HIGHLIGHTS (dollars in thousands, except per share) [Enlarge/Download Table] 2004 2003 2002 2001 2000 ---- ---- ---- ---- ---- YEAR-END BALANCES Assets $1,148,435 $1,000,612 $ 886,116 $ 815,970 $ 827,876 Investment securities 347,052 274,913 212,292 189,473 292,371 Loans 725,845 599,355 488,453 493,399 500,079 Non-performing loans 860 1,793 1,899 1,274 1,171 Deposits 865,932 705,074 613,099 571,730 547,283 Stockholders' equity 97,620 92,896 85,824 79,012 70,845 AVERAGE BALANCES Assets 1,066,511 932,907 837,938 837,798 812,411 Investment securities 301,718 246,823 213,361 203,137 282,946 Loans 645,875 531,033 482,013 495,825 489,598 Deposits 764,741 608,544 568,625 547,247 513,296 Stockholders' equity 94,209 88,742 81,904 74,977 63,872 RESULTS OF OPERATIONS Net interest income 35,647 32,322 30,990 29,662 27,560 Provision for loan losses 1,200 850 910 1,063 1,190 Noninterest income 10,706 9,305 6,614 6,314 5,678 Noninterest expense 16,968 14,694 11,220 10,480 9,596 Income before taxes 28,185 26,083 25,474 24,433 22,452 Net income 18,614 17,283 16,376 15,736 14,416 PER COMMON SHARE (1) Net income 1.11 1.02 0.97 0.93 0.85 Dividend 0.625 0.610 0.590 0.571 0.552 Book value 5.84 5.51 5.09 4.69 4.20 Closing price 17.61 16.46 14.46 11.24 10.60 RATIOS Return on average equity 19.76% 19.48% 19.99% 20.99% 22.57% Return on average assets 1.75% 1.85% 1.95% 1.88% 1.77% Efficiency ratio 35.78% 34.78% 29.19% 28.23% 27.98% Net interest margin 3.71% 3.77% 3.97% 3.81% 3.62% Average equity as % of average assets 8.83% 9.51% 9.77% 8.95% 7.86% Allowance for loan losses as % of average loans 1.01% 1.13% 0.93% 0.86% 0.86% Net charge-offs as % of average loans 0.10% 0.05% 0.14% 0.21% 0.21% Nonperforming loans as % of loans 0.12% 0.30% 0.39% 0.26% 0.23% 2
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Shareholders' LETTER DEAR SHAREHOLDERS: I am pleased to report that 2004 was an exceptional year. Net income for the Company was $18,614,000, or $1.11 per share, up from $17,283,000 or $1.02(1) per share in 2003. Return on average equity was 19.76% and return on average assets was 1.75%. The efficiency ratio was 35.78%. The efficiency ratio for our subsidiary West Bank was 30.70%. Our 2003 acquisitions of Hawkeye State Bank in Iowa City and VMF Capital produced results in 2004 that exceeded our expectations. In the Iowa City market we recruited additional business development and customer service personnel, reviewed and improved the quality of the existing loan portfolio, developed significant new business relationships and increased our community involvement. At VMF Capital we increased assets under management through new business development, had strong performance in all investment styles and increased our profitability. The VMF Capital small cap equity investment style ranked among the top investment returns in the nation for 2004 according to the November 15, 2004 issue of Pensions & Investments. Our 2004 results came from working in partnership with each of our four stakeholders. Highlights of our efforts to add value for these stakeholders follow. OUR SHAREHOLDERS. In 2004 we paid a 5% stock dividend plus a cash dividend of $.625 per share for an average dividend yield of 3.55% based on the year end closing stock price of $17.61. This compares to our peers' average dividend yield of approximately 1.80%.(2) The total return on an investment in our stock from January 1, 2004 through December 31, 2004 was 11.2% compared to the total return of the SNL Midwest Bank Index of 12.8%. OUR EMPLOYEES. Our employees are our most important asset. Our mission is to provide a quality work environment in which our employees can serve our clients. In 2004 we made investments in technology at all locations and in the physical facilities at many of our locations. We completed the office design we will use for new offices. In order to promote employee ownership of the Company we amended our 401(k) plan to become the Employee Savings and Stock Ownership Plan which will allow our employees to voluntarily direct funds to be invested in Company stock on a tax deferred basis. These improvements will continue in 2005 as we enhance the quality of the work environment for our employees so that it becomes even more fun, competitive and efficient. OUR CLIENTS. As profiled in our annual report, Leachman Lumber, Des Moines Service Corporation and Iowa Cancer Treatment Center are typical of the close relationships we have with our many clients. The bank's 2004 client survey told us our clients expect convenient, excellent service and effective products that are competitively priced. In 2004 we enhanced the quality and frequency of the training our business development and customer service employees received to increase their expertise and their awareness of our customers needs. In December we opened a new office in Coralville to better serve the Coralville and North Liberty areas of our eastern Iowa market. We continuously strive to meet our mission of providing exceptional service as we solve our clients' financial needs. OUR COMMUNITY. Contributing to the communities where we work is the soul of our company. In 2004 we continued our focus on buying local, funding charitable contributions and community service. Our commitment to buying local, whenever possible, helps create strong local economies where our businesses thrive and our citizens are employed. Through The West Bancorporation Foundation and West Bank we approved 29 charitable grants totaling $168,000. Several community projects were accomplished as our employees contributed approximately 7,500 hours to community service. David R. Milligan retired as Chairman and Chief Executive Officer of West Bank on December 31, 2004 and will retire from the Company's board of directors at the annual meeting on April 12, 2005. Dave Milligan joined West Bank in 1980. During his tenure at the bank he was a trust officer, commercial loan officer, general counsel, Chairman and Chief Executive Officer. He has agreed to remain with us in a part time capacity working on special projects. Our 2004 accomplishments continue to rank us among the top community banks in the nation. We believe we can improve. Our 2005 focus will remain on building long-term customer relationships and providing financial solutions. Our goal is to have steady growth in all asset classes and business lines without resorting to lower credit quality or excessive pricing. We plan to expand our statewide market share at West Bank and VMF Capital while also expanding the depth of the relationships with our existing clients. We are prepared for 2005 to be a challenging year. Economic indications are that the national and State of Iowa economies will continue to grow at a slow pace through the end of 2005 with low to moderate inflation. We expect a steady increase in short term interest rates to keep inflation in check and bring rates back in line with the historical averages for a growing economy. At the same time we anticipate an overall flattening of the yield curve throughout the year as intermediate and long-term interest rates remain near their current levels. The ongoing uncertainty that remains out of our control is the high level of terrorist driven turmoil throughout the world. All of us at West Bank and VMF Capital look forward to delivering exceptional service and financial solutions to our clients, and providing the financial results you, our shareholders, expect. Very truly yours, /s/ Thomas E. Stanberry Thomas E. Stanberry Chairman, President and Chief Executive Officer (1) In July 2004, the Company's Board of Directors authorized a 5% common stock dividend. Per share numbers in this report have been adjusted for that stock dividend. (2) According to data obtained from Howe Barnes Investments, Inc. 3
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Excellent customer service is ALIVE AND WELL Time and time again, excellent, one-on-one, personalized service is what our customers mention when asked why they remain so loyal to West Bank. Service is the business we're in and we will never forget it. West Bank's many long-term relationships are the result of our purposeful focus on "ethically, aggressively and professionally serving the existing and future needs of our clients." Our mission statement specifically defines our first priority as being "the recognized leader for providing financial solutions and community service in our markets." If excellent customer service were not alive and well at West Bank, we wouldn't have the long track record of successfully following through on those promises. The stories on the following pages bear witness to the effect of relentlessly placing our customers and their needs ahead of everything else. There are hundreds more stories just like them. Listen as our clients and community service partners reveal a recurring theme of unparalleled individual attention and customer service. [PHOTO] Charlie Grask (center), president of Des Moines Service Corporation, says West Bank gives him the support he needs to run his business efficiently. Pictured with him are West Bank assistant trust officer, Jami Turner (right), and Brad Winterbottom (left), West Bank president. "THERE WILL ALWAYS BE INTELLIGENT, PROFESSIONAL DIALOGUE" When Charlie Grask was ready to make a change in his banking relationship, he called West Bank president Brad Winterbottom for advice. They met and twelve hours later had worked out a deal that resulted in Charlie moving his business accounts to West Bank. Charlie is the president of Des Moines Service Corporation, which owns the local National Car Rental and Alamo Rent-A-Car franchises. "The arrangement we worked out," said Charlie, "gives me the flexibility I need to run my business." Charlie's father, Phil Grask, started the business with the National Car Rental franchise in 1968. Charlie went to work for the company when he was 16 years old as a car prep person. Throughout his college years, he worked the counter renting cars. Following college, Charlie rose through the management structure and when his father retired six years ago, he became president. The company added the Alamo Rent-A-Car franchise two years ago. They currently operate two locations in Des Moines, one at the Des Moines International Airport and the other on the west side at 100th and Hickman Road. In addition to maintaining business checking and loan accounts at West Bank, Charlie says he uses VMF Capital to manage his company's 401(k) and profit sharing plans, and West Bank's trust department acts as trustee. "So far, West Bank has performed well on every service related issue we've had. I would recommend West Bank to other businesses because they really want to work with you," he said. "I feel there's a real line of communication with the people at West Bank. They know what we do and how we like to do it. Issues can come up at any time, but I feel with West Bank, there will always be intelligent, professional dialogue." 4
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"NOTHING TAKES THE PLACE OF PERSONALIZED SERVICE" John Leachman, Sr., chairman and CEO of Des Moines-based Leachman Lumber Company, places a lot of importance on personal relationships. As head of an 83-year-old family business that supplies lumber and building products primarily to home builders and contractors, John says nothing takes the place of personalized service. He's been banking with West Bank for more than 37 years because of "the personal attention I get from them. They're absolutely the best at that!" John's father and grandfather started Leachman Lumber in 1921. John grew up in the lumber business and joined the company in 1957. With an inventory that sometimes swells to more than $1.8 million, Leachman Lumber relies heavily on West Bank as their financial partner. "We recently wanted to buy some of the properties around us so we can expand," said John. "West Bank not only helped us with financing, but was very encouraging of our expansion." John often recommends West Bank to other businesses. "I tell them West Bank will take a personal interest in their business and help it grow," he said. Even though Leachman Lumber's president and COO, Jim Kahler, is not a Leachman family member, the company remains a Leachman family enterprise. John's nephew, Mark, Jr., is the purchasing agent; John's son, John, Jr. (Jack), is involved with sales; and John's daughter, Jennifer, a CPA, is the company's chief financial officer. Perhaps the most famous Leachman family member is Hollywood actress Cloris Leachman, John's cousin. Her father, Berkley Leachman, worked in the family business until his death. "Cloris was in Des Moines just a while back," said John. "She came out to the lumberyard and visited, gave hugs, and made everybody feel special. She's a wonderful woman." Another personal relationship John prizes! [PHOTO] John Leachman, Sr. (right), chairman and CEO of Leachman Lumber Company, pauses to pose with West Bank senior vice president, Roger Reed. (left) [PHOTO] Doctors Hamed (left) and Ferial Tewfik (middle) pose with West Bank Iowa City market president, Lynn Rowat, outside their treatment center in Iowa City. "A VERY CONSTRUCTIVE, VERY PROFESSIONAL RELATIONSHIP" Doctors Hamed and Ferial Tewfik have dedicated their lives to treating patients with cancer. The husband and wife physician team, originally from Alexandria, Egypt, started their medical training in their native country, where they became interested in a new technology called "Cobalt Radiation Therapy." This interest resulted in an opportunity to travel overseas and they eventually finished their medical training at the University of New York at Buffalo. "Fate" is what Hamed says brought them to Iowa. They had a cousin living in Iowa City and after a 1971 visit, they moved to Iowa City to practice medicine. Their specialty is radiation oncology and in 1985 they opened the Iowa City Cancer Treatment Center, specializing in cancer radiation treatment. The Tewfiks work with a staff of eight, including a radiation physicist. They have a banking relationship with West Bank in Iowa City, primarily, Hamed says, because "it's a community-based bank interested in the local people doing business in the community." He likes the "personal, one-on-one working relationship" he has with West Bank, particularly with West Bank Iowa City market president, Lynn Rowat, and West Bank second vice president, Maggie Kiewiet. "They're very knowledgeable and they really understand our needs," Hamed said. The Tewfiks like the service they receive from West Bank so much they not only have their business accounts with us, but also their personal accounts. They even have a daughter living in Virginia who has an account at West Bank. "So far our relationship with West Bank has been very constructive, very professional," he concludes. "They take care of our business with a minimum of hassle, a minimum of work. No problems. No snags. And all it takes is a telephone call to get things done." 5
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A good corporate NEIGHBOR & FRIEND FOUNDATION LAUNCHED Always known for its generous giving to various charitable civic, and cultural activities and causes in the communities we serve, West Bancorporation established a charitable foundation to consider and award donations. The West Bancorporation Foundation, Inc. was founded as a permanently funded vehicle for providing assistance to various community needs. "It's our way of formally setting aside money for the purpose of giving back to the community," explained Joyce Chapman, West Bank executive vice president, who serves as executive director of the Foundation. "We have always given to deserving causes and are known for our giving. But the foundation now provides a formal structure through which we can set aside funds for accomplishing our charitable activities." Requests for donations from the foundation should be made to Joyce Chapman at West Bank. "All requests will be reviewed on a regular basis by the foundation's board of directors," she explained. "We will look at the nature of the effort and whether or not it fits the stated purposes of the foundation." "We're excited about establishing the foundation," she stated. "It allows us to permanently set aside funds that will enable us to continue our support of viable efforts that benefit the communities and their citizens." BUY FRESH, BUY LOCAL West Bank has become a sponsor of "Buy Fresh, Buy Local", a partnership with Practical Farmers of Iowa and the Drake University Agricultural Law Center. The "Buy Fresh, Buy Local" program encourages consumers to buy and enjoy fresh foods from local producers. It also educates consumers about the economic, social and product benefits of buying fresh, local foods. Buying locally supports local farms and businesses in the central Iowa area and contributes to the overall economic well-being of the state. The program through its website, (www.practicalfarmers.org) links consumers and producers alike to a directory of area farmers market locations and dates, as well as restaurants, grocery stores and other businesses featuring fresh, locally grown food. TOOLS FOR SCHOOLS [GRAPHIC] The first annual West Bank "Tools For Schools" supply drive was held at ten West Bank locations in Des Moines and Iowa City in September. Designed to benefit middle and grade schools in Des Moines, West Des Moines, Urbandale and Iowa City school districts, more than $14,000 in cash and school supplies was collected to help replenish basic school supplies used in these districts during the school year. "Tools For Schools" was established by West Bancorporation Inc., in response to this year's state and federal educational funding cuts. The effort was coordinated through school district representatives, who helped establish needs and facilitated the distribution of supplies to the schools. The "Tools For Schools" effort marks the first time four different area school districts have teamed up for such a campaign. [PHOTO] West Bancorporation chairman, president and CEO, Tom Stanberry, and West Bank executive vice president, Joyce Chapman, are joined by area school children to help celebrate the success of the first annual West Bank "Tools For Schools" supply drive campaign. The West Bancorporation Foundation kicked off the campaign with a $5,000 cash donation. 6
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DIRECTORS & EXECUTIVE OFFICERS WEST BANCORPORATION BOARD OF DIRECTORS FRANK W. BERLIN 1 [PHOTO] President, Frank W. Berlin & Associates ORVILLE E. CROWLEY 2 President, Linden Lane Farms DAVID R. MILLIGAN 3 Executive Vice President JACK G. WAHLIG 4 President, Integrus Financial, L.C. CONNIE WIMER 5 Publisher, Business Publications ROBERT G. PULVER 6 President & CEO, All State Industries, Inc. THOMAS E. STANBERRY 7 Chairman, President, & CEO STEVEN G. CHAPMAN 8 President & CEO, ITAGroup, Inc MICHAEL A. COPPOLA 9 President, Coppola Enterprises, Inc. West Bancorporation directors gathered for this photo in the new board room, currently under construction. WEST BANK EXECUTIVE OFFICERS THOMAS E. STANBERRY 1 [PHOTO] Vice Chairman DAVID R. MILLIGAN 2 Chairman & Chief Executive Officer BRAD L. WINTERBOTTOM 3 President JOYCE A. CHAPMAN 4 Executive Vice President SHAREN K. SURBER 5 Executive Vice President DOUGLAS R. GULLING 6 Chief Financial Officer
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WEST BANCORPORATION, INC. & SUBSIDIARIES CONSOLIDATED BALANCE SHEETS December 31, 2004 & 2003 [Enlarge/Download Table] ASSETS 2004 2003 ------ ---- ---- Cash and due from banks $ 18,686,360 $ 27,786,795 Federal funds sold and other short-term investments 11,193,099 54,287,004 CASH AND CASH EQUIVALENTS 29,879,459 82,073,799 Securities available for sale 281,110,020 178,308,941 Securities held to maturity 59,419,549 91,406,205 Federal Home Loan Bank stock, at cost 6,522,800 5,197,600 Loans 725,845,003 599,355,407 Allowance for loan losses (6,526,824) (5,975,587) LOANS, NET 719,318,179 593,379,820 Premises and equipment, net 4,309,597 3,683,020 Accrued interest receivable 6,505,047 5,878,880 Goodwill and other intangible assets 16,561,810 16,900,487 Bank-owned life insurance 21,256,138 20,386,714 Other assets 3,551,911 3,396,145 $ 1,148,434,510 $ 1,000,611,611 LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------ LIABILITIES ----------- Deposits: Noninterest bearing demand $ 186,710,245 $ 172,070,832 Savings and interest bearing demand 422,560,048 403,060,980 Time, in excess of $100,000 193,716,248 63,463,030 Other time 62,945,833 66,479,171 TOTAL DEPOSITS 865,932,374 705,074,013 Federal funds purchased and securities sold under agreements to repurchase 74,543,033 85,442,675 Other short-term borrowings 4,668,451 9,141,973 Long-term borrowings 101,892,773 106,024,315 Accrued expenses and other liabilities 3,777,903 2,032,291 TOTAL LIABILITIES 1,050,814,534 907,715,267 STOCKHOLDERS' EQUITY -------------------- Common stock, no par value; authorized 50,000,000 shares; 16,701,843 & 16,863,285 shares issued and outstanding at December 31, 2004 and 2003, respectively 3,000,000 3,000,000 Additional paid-in capital 32,000,000 32,000,000 Retained earnings 62,565,046 56,796,771 Accumulated other comprehensive income 54,930 1,099,573 TOTAL STOCKHOLDERS' EQUITY 97,619,976 92,896,344 $ 1,148,434,510 $ 1,000,611,611 8
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WEST BANCORPORATION, INC. & SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (1)(2) Years Ended December 31, 2004, 2003 & 2002 [Enlarge/Download Table] INTEREST INCOME: 2004 2003 2002 ---- ---- ---- Loans $37,168,986 $32,633,401 $33,035,194 Securities: U.S. Treasury, government agencies and corporations 6,408,522 4,727,838 6,764,475 States and political subdivisions 2,399,378 1,725,250 1,625,568 Other 2,673,791 3,111,436 1,404,173 Federal funds sold and other short-term investments 947,993 1,263,190 1,810,348 TOTAL INTEREST INCOME 49,598,670 43,461,115 44,639,758 INTEREST EXPENSE: Demand and savings deposits 3,681,439 3,084,033 3,755,205 Time deposits 3,759,910 2,665,970 5,084,437 Federal funds purchased and securities sold under agreements to repurchase 857,050 1,503,051 1,929,097 Other short-term borrowings 444,120 8,564 29,622 Long-term borrowings 5,209,148 3,877,773 2,851,210 TOTAL INTEREST EXPENSE 13,951,667 11,139,391 13,649,571 NET INTEREST INCOME 35,647,003 32,321,724 30,990,187 PROVISION FOR LOAN LOSSES 1,200,000 850,000 910,000 NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 34,447,003 31,471,724 30,080,187 NONINTEREST INCOME: Service charges on deposit accounts 4,968,077 4,984,373 4,705,261 Trust services 631,500 507,000 569,634 Investment advisory fees 2,682,690 503,899 -- Increase in cash value of bank-owned life insurance 869,423 666,785 -- Proceeds from bank-owned life insurance -- 821,254 -- Net realized gains from securities available for sale 198,877 299,562 115,939 Other income 1,355,342 1,522,348 1,223,368 TOTAL NONINTEREST INCOME 10,705,909 9,305,221 6,614,202 NONINTEREST EXPENSES: Salaries and employee benefits 9,680,139 7,700,608 6,408,438 Occupancy 2,056,755 1,582,660 1,310,971 Data processing 1,360,724 1,130,131 1,006,272 Charitable contributions 147,584 1,483,516 106,552 Other expenses 3,722,923 2,797,331 2,388,294 TOTAL NONINTEREST EXPENSE 16,968,125 14,694,246 11,220,527 INCOME BEFORE INCOME TAXES 28,184,787 26,082,699 25,473,862 INCOME TAXES 9,570,310 8,800,071 9,098,059 NET INCOME $18,614,477 $17,282,628 $16,375,803 EARNINGS PER SHARE: Basic $ 1.11 $ 1.02 $ 0.97 9
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WEST BANCORPORATION, INC. & SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (1) Years Ended December 31, 2004, 2003 & 2002 [Enlarge/Download Table] COMMON STOCK 2004 2003 2002 ---- ---- ---- Beginning of year balance $ 3,000,000 $ 3,000,000 $ 3,000,000 End of year balance 3,000,000 3,000,000 3,000,000 ADDITIONAL PAID-IN CAPITAL Beginning of year balance 32,000,000 32,000,000 32,000,000 End of year balance 32,000,000 32,000,000 32,000,000 RETAINED EARNINGS Beginning of year balance 56,796,771 49,792,716 43,374,281 Net income 18,614,477 17,282,628 16,375,803 Dividends on common stock; per share amounts 2004 $0.625, 2003 $0.610, 2002 $0.590 (10,483,877) (10,278,573) (9,957,368) Purchase of fractional shares resulting from stock dividend (2,090) -- -- Shares reacquired under the common stock repurchase plan (2,360,235) -- -- End of year balance 62,565,046 56,796,771 49,792,716 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Beginning of year balance 1,099,573 1,031,446 637,980 Unrealized gains (losses) on securities, net of tax (1,044,643) 68,127 393,466 End of year balance 54,930 1,099,573 1,031,446 TOTAL STOCKHOLDERS' EQUITY $ 97,619,976 $ 92,896,344 $ 85,824,162 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Years Ended December 31, 2004, 2003 & 2002 [Enlarge/Download Table] 2004 2003 2002 ---- ---- ---- NET INCOME $ 18,614,477 $ 17,282,628 $ 16,375,803 OTHER COMPREHENSIVE INCOME (LOSS), Unrealized gains (losses) on securities, net of tax (1,044,643) 68,127 393,466 COMPREHENSIVE INCOME $ 17,569,834 $ 17,350,755 $ 16,769,269 FORM 10-K A copy of the Company's annual report to the Securities and Exchange Commission on Form 10-K will be mailed when available without charge to shareholders upon written request to the Chief Financial Officer. The annual report will also be available on the Securities and Exchange Commission's website at http://www.sec.gov/edgar/searchedgar/webusers.htm and through a link on the Company's investor relations web page at www.westbankiowa.com. 10
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WEST BANCORPORATION, INC. & SUBSIDIARIES STOCK INFORMATION West Bancorporation, Inc. common stock is traded on the Nasdaq National Market and quotations are furnished by the Nasdaq System. There were 332 common stockholders of record on December 31, 2004, and an estimated 850 additional beneficial holders whose stock was held in street name by brokerage houses. MARKET AND DIVIDEND INFORMATION (1)(3) [Download Table] 2004 HIGH LOW DIVIDENDS 1st quarter $17.14 $15.40 $0.152 2nd quarter 17.14 13.93 0.152 3rd quarter 17.54 14.76 0.160 4th quarter 18.15 16.21 0.160 2003 1st quarter $16.70 $13.67 $0.152 2nd quarter 18.68 15.02 0.152 3rd quarter 17.92 15.77 0.152 4th quarter 17.66 16.24 0.152 (1) In July 2004, the Company's Board of Directors authorized a 5% common stock dividend. Per share numbers in this report have been adjusted for that stock dividend. (2) Minor reclassifications were made to certain 2003 and 2002 categories to conform to the 2004 presentation. (3) The prices shown are the high and low sale prices for the Company's common stock. The market quotations, reported by Nasdaq, do not include retail markup, markdown or commissions. NASDAQ SYMBOL: WTBA WALL STREET JOURNAL AND OTHER NEWSPAPERS: WestBcp [Enlarge/Download Table] TRANSFER AGENT/DIVIDEND PAYING AGENT GENERAL COUNSEL INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ------------------------------------ --------------- --------------------------------------------- Illinois Stock Transfer Company Ahlers & Cooney P.C. McGladrey & Pullen, LLP 209 West Jackson Boulevard, Suite 903 100 Court Avenue 400 Locust Street Chicago, Illinois 60606-6905 Suite 600 Suite 640 800-757-5755 Des Moines, Iowa 50309 Des Moines, Iowa 50309 www.illinoisstocktransfer.com REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The Board of Directors of West Bancorporation, Inc.: We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of West Bancorporation, Inc. and subsidiaries as of December 31, 2004, and 2003, and the related consolidated statements of income, stockholders' equity, comprehensive income and cash flows (not presented herein) for each of the three years in the period ended December 31, 2004 and in our report dated March 3, 2005, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated financial statements appearing in this report is fairly presented, in all material respects, in relation to the consolidated financial statements from which it has been derived. /s/ McGladrey & Pullen, LLP Des Moines, Iowa March 3, 2005 11
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WEST BANCORPORATION, INC. AND SUBSIDIARIES' BOARDS OF DIRECTORS [Enlarge/Download Table] JON K. AUGUSTINE (3) DAVID R. MILLIGAN (1,2,3) Managing Director, WB Capital Management Inc. Chairman & CEO, West Bank Executive Vice President, West Bancorporation, Inc. FRANK W. BERLIN (1,2,6,7) President, Frank W. Berlin & Associates GEORGE D. MILLIGAN (2) President, The Graham Group, Inc. THOMAS A. CARLSTROM (2) Neurosurgeon THOMAS E. MYERS (3) Executive Vice President & Managing Director, JOYCE A. CHAPMAN (2,3) WB Capital Management Inc. Executive Vice President, West Bank Vice President, West Bancorporation, Inc. ROBERT G. PULVER (1,2,6,7) President & CEO, All State Industries, Inc. STEVEN G. CHAPMAN (1,2,7) KEVIN J. SMITH (3) President & CEO, ITAGroup, Inc. Senior Vice President, West Bank CHRISTOPHER C. COOK (3) THOMAS E. STANBERRY (1,2,3) Managing Director, WB Capital Management Inc. Chairman, President, & CEO, West Bancorporation, Inc. Vice Chairman, West Bank MICHAEL A. COPPOLA (1,2,5) Chairman, WB Capital Management Inc. President, Coppola Enterprises, Inc. JACK G. WAHLIG (1,2,5) ORVILLE E. CROWLEY (1,4,6) President, Integrus Financial, L.C. President, Linden Lane Farms CONNIE WIMER (1,2,5,6) SCOTT D. ELTJES (3) Publisher, Business Publications Managing Director, WB Capital Management Inc. BRAD L. WINTERBOTTOM (2,3) KAREN J. GREEN (3) President, West Bank Managing Director, WB Capital Management Inc. DOUGLAS R. GULLING (3) Executive Vice President & Chief Financial Officer, West Bancorporation, Inc. Chief Financial Officer, West Bank Treasurer, WB Capital Management Inc. HARLAN D. HOCKENBERG (4) Attorney, Sullivan & Ward, P.C. PAUL R. KNAPP (4) Vice President, Knapp Properties, Inc. (1) Director of West Bancorporation, Inc. (2) Director of West Bank (3) Director of WB Capital Management Inc. (4) Director Emeritus of West Bank (5) Audit Committee (6) Compensation Committee (7) Nominating & Corporate Governance Committee WEST BANK OFFICERS [Enlarge/Download Table] SHAREN K. SURBER RODNEY S. WEIKERT PAM K. KELLER GEORGANN R. MEFFERD Executive Vice President Senior Vice President - Real Estate Vice President Vice President & Compliance Officer LYNN E. ROWAT LOUIS H. ANDERSON J. CRAIG KROUCH ALLEN R. PETERSEN Market President - Iowa City Vice President Vice President Vice President TOM CILEK MICHELE A. BELDEN KEITH A. KURTH MARIE I. ROBERTS Senior Vice President Vice President Vice President Vice President & Controller RONALD H. DEGEN RUSSELL W. BREAZEALE CATHERINE L. MACKAY JOHN J. STONE Senior Vice President Vice President Vice President - Marketing Vice President MARC J. MEYER JOHN HUMESTON JOHN F. MCKINNEY III KAY A. TRAGER Senior Vice President Vice President Vice President & Assistant Vice President Counsel ROGER L. REED ALICE A. JENSEN DANIEL L. MCNACE Senior Vice President Vice President & Secretary, West Bank Vice President Secretary, West Bancorporation & WB Capital Management Inc. WEST BANK LOCATIONS DES MOINES MARKET Main Bank 1601 22nd o West Des Moines Grand 125 Grand Ave o West Des Moines Urbandale 3255 99th St o Urbandale North 3839 Merle Hay Rd o Des Moines City Center 809 6th Ave o Des Moines Skywalk 501 Locust #214 o Des Moines East 2742 Hubbell o Des Moines South SW 9th & Watrous o Des Moines EASTERN IOWA MARKET Downtown 229 S. Dubuque Street o Iowa City East 1910 Lower Muscatine Road o Iowa City Coralville 1150 5th Street o Coralville CUSTOMER SERVICE Des Moines: 515.222.2360 Iowa City/Coralville: 319.351.4121 24 Hour Telephone Banking: 515.222.0314 / toll free 1.866.815.7858 VMF CAPITAL 1370 NW 114th St | 118 Third Ave SE Suite 202 | Suite 700 Clive, IA 50325 | Cedar Rapids, IA 52401 Phone: 1.800.343.7084 WEST BANCORPORATION 1601 22nd Street Suite 209 West Des Moines, IA 50266 Phone: 515.222.2300 WWW.WESTBANKIOWA.COM Member FDIC [FEDERAL HOUSING LENDER LOGO] We want you to know: Investment products provided by VMF Capital ARE NOT | MAY LOSE | ARE NOT BANK FDIC INSURED | VALUE | GUARANTEED Accounts offered through VMF Capital, a non-bank affiliate of West Bancorporation.

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