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West Bancorporation Inc · ARS · For 12/31/04

Filed On 3/10/05 9:45am ET · SEC File 0-49677 · Accession Number 950124-5-1403

  As Of               Filer                 Filing     As/For/On Docs:Pgs              Issuer               Agent

 3/10/05  West Bancorporation Inc           ARS        12/31/04    1:12                                     Bowne of Detroit...01/FA

Annual Report to Security Holders
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: ARS         Annual Report                                         12     79K

Document Table of Contents

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			Alternative Formats (RTF, XML, et al.) Buy Fresh, Buy Local Tools For Schools
1	1st Page
6	Buy 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."                                                         

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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."             

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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 

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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

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                                        WEST BANCORPORATION, INC. & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (1)                             
                                      Years Ended December 31, 2004, 2003 & 2002

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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.                  

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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)                                          

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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

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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                                                                   

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WEST BANCORPORATION, INC. AND SUBSIDIARIES' BOARDS OF DIRECTORS                 

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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                                                              

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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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Dates Referenced Herein and Documents Incorporated By Reference

		Referenced-On Page
This ARS Filing	Date	First	Last	Other Filings

	12/31/03	8	11	10-K, 5, ARS
	1/1/04	3
	11/15/04	3
For The Period Ended	12/31/04	3	11	11-K, 5, 10-K
	3/3/05	11		10-K
Filed On / Filed As Of / Effective As Of	3/10/05			DEF 14A
	4/12/05	3		8-K, DEF 14A

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Filing Submission - Alternative Formats (Word / Rich Text, HTML, Plain Text, SGML, XML, et al.)

West Bancorporation Inc · ARS · For 12/31/04

Filed On 3/10/05 9:45am ET · SEC File 0-49677 · Accession Number 950124-5-1403

Annual Report to Security HoldersFiling Table of Contents

Document Table of Contents

Dates Referenced Herein and Documents Incorporated By Reference

Annual Report to Security Holders
Filing Table of Contents