SEC Info - West Bancorporation Inc - ‘ARS’ for 12/31/03

SEC Info℠

Home

Help

Please Sign In

West Bancorporation Inc – ‘ARS’ for 12/31/03

On: Wednesday, 3/3/04, at 12:43pm ET · Effective: 3/3/04 · For: 12/31/03 · Accession #: 950137-4-1396 · File #: 0-49677

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

 3/03/04  West Bancorporation Inc           ARS        12/31/03    1:31K                                    Bowne Boc/FA

Annual Report to Security Holders
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: ARS         Annual Report                                         12     63K 

ARS 1st Page of 12 TOC ↑Top Previous Next ↓Bottom Just 1st
 
                                                                        (PHOTOS)

 110 YEARS OF INNOVATIVE FINANCIAL SOLUTIONS

                                  West Bancorporation, Inc. | 2003 Annual Report

                                                      (WEST BANCORPORATION LOGO)

                                                                        (PHOTOS)

ARS 2nd Page of 12 TOC 1st Previous Next ↓Bottom Just 2nd
2                                                                               

                                        WEST BANCORPORATION, INC. & SUBSIDIARIES

FINANCIAL HIGHLIGHTS                    (dollars in thousands, except per share)

                                                        [Enlarge/Download Table]

                                        2003           2002           2001           2000           1999     
                                    ------------   ------------   ------------   ------------   ------------ 
                                                                                                             
YEAR-END BALANCES                                                                                            
         Assets                     $  1,000,612   $    886,116   $    815,970   $    827,876   $    775,972 
         Loans                           599,355        488,453        493,399        500,079        474,076 
         Non-performing loans              1,793          1,899          1,274          1,171          1,019 
         Deposits                        705,074        613,099        571,730        547,283        541,962 
         Stockholders' equity             92,896         85,824         79,012         70,845         61,125 

AVERAGE BALANCES                                                                                             
         Assets                          932,907        837,938        837,798        812,411        729,090 
         Loans                           531,033        482,013        495,825        489,598        434,131 
         Deposits                        608,544        568,625        547,247        513,296        497,291 
         Stockholders' equity             88,742         81,904         74,977         63,872         61,033 

RESULTS OF OPERATIONS                                                                                        
         Net interest income              32,322         30,990         29,662         27,560         28,372 
         Provision for loan losses           850            910          1,063          1,190            290 
         Noninterest income                9,305          6,614          6,314          5,678          4,852 
         Noninterest expense              14,694         11,220         10,480          9,596          9,515 
         Income before taxes              26,083         25,474         24,433         22,452         23,419 
         Net income                       17,283         16,376         15,736         14,416         14,953 

PER COMMON SHARE                                                                                             
         Net income                         1.08           1.02           0.98           0.90           0.93 
         Dividend                           0.64           0.62           0.60           0.58           0.53 
         Book value                         5.78           5.34           4.92           4.41           3.81 
         Closing price                     17.28          15.18          11.80          11.13          13.19 

RATIOS                                                                                                       
         Return on average equity          19.48%         19.99%         20.99%         22.57%         24.50%
         Return on average assets           1.85%          1.95%          1.88%          1.77%          2.05%
         Efficiency ratio                  34.78%         29.19%         28.23%         27.98%         27.96%
         Net interest margin                3.77%          3.97%          3.81%          3.62%          4.17%
         Average equity as %                                                                                 
            of average assets               9.51%          9.77%          8.95%          7.86%          8.37%
         Allowance for loan losses                                                                           
            as % of average loans           1.13%          0.93%          0.86%          0.86%          0.93%
         Net charge-offs as %                                                                                
            of average loans                0.05%          0.14%          0.21%          0.21%          0.03%
         Nonperforming loans                                                                                 
            as % of loans                   0.30%          0.39%          0.26%          0.23%          0.21%

ARS 3rd Page of 12 TOC 1st Previous Next ↓Bottom Just 3rd
                                                                               3

SHAREHOLDER'S                                                                   
LETTER                                  

Dear Shareholders:                                                              

In my first annual letter to you, I am pleased to report that 2003 was
another good year. Net income for the Company was $17,283,000 or $1.08 per      
share, up from $16,376,000 or $1.02 per share in 2002. Return on average equity 
was 19.48% and return on average assets was 1.85%. The efficiency ratio was     
34.78%.                                                                         

     2003 was a notable year for the Company and West Bank. In July we completed
our first acquisition of a bank when we purchased the assets of Hawkeye State   
Bank in Iowa City. This transaction brought us two offices in Iowa City, a      
number of very talented employees and a new customer base in a vibrant growing  
part of Iowa with a stable business climate. The banking market in Iowa City is 
highly competitive which creates new challenges in our depository and lending   
businesses but allows us to expand the best practices of West Bank outside the  
Des Moines metropolitan market.                                                 

On October 1, our newly formed, wholly-owned subsidiary and registered
investment advisor, WB Capital Management Inc., completed the purchase of VMF   
Capital which was an independently-owned, Iowa-based asset manager. VMF Capital 
provides domestic equity and fixed income money management for individuals,     
non-profits and business enterprises. This acquisition is another step in the   
expansion of the financial solutions available to our customers by providing    
professional management of their investment assets.                             

    In December, we created The West Bancorporation Foundation. The Foundation
is a non-profit charitable foundation that will be the vehicle we use to make   
charitable contributions in the communities we serve. The initial funding for   
the Foundation was the result of a tragic event that occurred at West Bank last 
fall. On October 16, an officer of the bank died while attending a charitable   
function at the main bank. The proceeds of the "bank owned life insurance"      
related to our officer's death were deposited with the Foundation and will be   
used for future contributions to causes that enhance the lives of children and  
families.                                                                       

 Two people whose insight and direction helped make the Company and West
Bank what it is today will retire from the board of directors this year. David  
L. Miller retired from the West Bank board of directors on January 1, 2004 and  
will retire from the Company's board of directors at the annual meeting on April
15. Raymond G. Johnston, who retired from the West Bank board on May 14, 2003,  
will also retire from the Company's board of directors at the annual meeting.   

   Ray Johnston joined West Bank in 1984 as senior vice president. He became
executive vice president in 1986 and remained in that position until 1996. Mr.  
Johnston joined the West Bank and Company boards in 1986.                       

Dave Miller joined West Bank in 1961, becoming president in 1968 and  
chairman in 1978. He began phasing into retirement when he retired as chairman  
and chief executive officer of West Bank in 2001, and as chairman, president and
chief executive officer of the Company in early 2003. Dave Miller has been a    
friend and mentor to me for the past twenty years. His advice and counsel have  
been invaluable. Fortunately for the Company and me, he will continue to consult
with us into the future.                                                        

    Even though our accomplishments rank us among the top performing community
banks in the nation we are not satisfied with our 2003 performance and believe  
we can improve. We will continue our long-term focus on building customer       
relationships and providing financial solutions despite the temptation to enter 
into transactions for short-term gain. Our loan portfolio and deposit base will 
have steady growth without resorting to lower credit quality or excessive       
pricing. We intend to maintain high credit quality and short duration in our    
bond portfolio. Each of these decisions position us for the improvement in the  
economy we expect will occur in 2004.                                           

Community banks will need ways to distinguish themselves from other   
financial institutions to successfully compete in the marketplace and grow. In  
2003, we began a strategic planning process that will guide us in future years  
to ensure that we are delivering the financial solutions at the locations and   
through the delivery methods our customers require.                             

  We are excited about 2004. The economic recovery that is underway, while
slow and fragile, will benefit both our customers and us. We are well prepared  
for the inevitable increase in interest rates likely to occur later in the year.
The ongoing uncertainty that must concern all of us is the level of             
international unrest and the irrationality of the terrorist mind. Either of     
these issues could make 2004 a challenging year.                                

 Our employees continue to be our single most important asset. All of us
look forward to delivering exceptional service and financial solutions to our   
customers, 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

ARS 4th Page of 12 TOC 1st Previous Next ↓Bottom Just 4th
4                                                                               

A CONTINUING TRADITION OF EXCELLENCE                                            

 West Bank has been an integral part of Central Iowa's development since
1893 and has built a proud tradition of local excellence in the communities it  
serves. That tradition continues today even as West Bank aggressively expands   
the menu of financial services it offers and continues to grow geographically.  
Management never takes its eye off the expectations that have resulted from the 
tradition of excellence and continues to sharpen and refine the very attributes 
that have fueled the bank's consistent growth and profitability. As a result,   
West Bank is now widely considered the definitive source of innovative financial
solutions by Iowa businesses and individuals alike. The stories of several of   
these organizations and their relationships with West Bank are found on the     
following pages. It is these stories, and hundreds of others just like them,    
that have earned West Bank its reputation for 110 years of innovative financial 
solutions.                                                                      

 (PHOTO)

(STROUD, WINTERBOTTOM AND DEGEN PHOTO)

 Electrical Engineering & Equipment Company's president,
Jeff Stroud (center), shows off his new headquarters warehouse
 facility to West Bank's president, Brad Winterbottom (left)
and West Bank vice president, Ron Degen (right).

"THEY'RE REAL PEOPLE... VERY DOWN-TO-EARTH"                                     

     Jeff Stroud's rise to the top at Electrical Engineering & Equipment Company
has taken him through almost every job in the company. He started with the      
electrical distribution firm more than 30 years ago working in the warehouse. He
later spent time at the city counter, inside sales, outside sales, sales        
management, and vice-president in charge of sales. In 1995, he became president 
of the company and in 1998 added the title of CEO. During his rise, the company,
known by many simply as "3E," has grown to $60 million a year in sales and 190  
employees. 3E currently ranks in the top 80 electrical distribution companies in
the nation. Jeff credits his company's banking relationship with West Bank for  
part of their success. "They're an unusual bank, in that they make it           
surprisingly easy for us, even when it involves millions of dollars," he says.  
In 2001, 3E moved into a new 100,000 square-foot office/warehouse building.     
"West Bank was a big part of that move," explains Jeff. 3E has two facilities in
Des Moines and branch locations in Waterloo, Burlington, and Davenport. "As     
we've grown, our comfort level with West Bank has gone straight up," says Jeff. 
"They can compete with the big guys, but they're not intimidating. They're real 
people... very down-to-earth."                                                  

ARS 5th Page of 12 TOC 1st Previous Next ↓Bottom Just 5th
                                                                               5

"THEY MAKE EVERYTHING EASY AND FRIENDLY"                                        

 Tim Taylor and Mike McCreedy understand the difference a strong banking
relationship can make to a small business. McCreedy Taylor Construction         
specializes in building new residential homes in the Iowa City/Johnson County   
area. "A real trust has developed between our company and West Bank," says Tim  
Taylor. "I'm not just an account number in their computer. I'm Tim Taylor, they 
know me, and they make it easy for me to do business with them." In 1982, Tim, a
framing contractor, and Mike McCreedy, a trim carpenter, joined forces to form  
McCreedy Taylor Construction. Their company uses West Bank for construction     
loans, checking accounts, safe deposit box services, etc.. "If your business    
needs money and you have a viable reason to borrow, West Bank is going to make  
it easy for you to get the money." Tim points to the friendly, personal         
attention he receives from the West Bank staff, particularly Lynn Rowat, Kelly  
Larson and Maggie Kiewiet. "We've developed a good rapport," he explains. "It   
all boils down to trust. They trust me and I trust them to do what's best for   
me. They make everything easy and friendly." What does he appreciate most about 
West Bank? "They have that down-home feeling and they always make you feel like 
part of the team. I like that."                                                 

(TAYLOR AND ROWAT PHOTO)

Tim Taylor (left) of McCreedy Taylor Construction shares blueprints of a
current project with West Bank's Iowa City market president, Lynn Rowat.

 (DEEGAN, AUGUSTINE AND MEARS PHOTO)

 Dr. Jerry Deegan (left), president of Dowling Catholic High School,
  with VMF Capital's Jon Augustine (middle) and Don Mears (right).

"THEY HELP US BE GOOD STEWARDS"                                                 

 Dr. Jerry Deegan, president of Dowling Catholic High School in West Des
Moines, answers to a higher authority. "Our mission is to help kids get to      
heaven," he says matter-of-factly, but adds that it involves building excellent 
partnerships with parents to offer students a great education so they can grow  
up to make a difference in the world. Each year, Dowling's 1,145 students       
account for more than 20,000 hours of local community service as part of their  
high school experience. Dr. Deegan wonders aloud how the community would be     
different without this commitment. "We want to create great citizens who will   
become great leaders. To do that, we have to be good stewards of our resources."
Dowling's goal is at the core of the school's relationship with West Bank and   
VMF Capital, the company's investment advisory subsidiary. "We work with West   
Bank and VMF Capital to help us be good stewards," explains Dr. Deegan. Dr.     
Deegan describes Dowling as "a very unique community." There's a strong         
connection between students, parents, alumni, and contributors. "It's a         
constantly growing, changing, healthy community," says Dr. Deegan. "And         
everything we do is focused on our mission." He says VMF Capital and West Bank  
not only understand Dowling's mission, but they believe in it. "They're good    
listeners, good focusers, and good communicators. They're good team members."   

ARS 6th Page of 12 TOC 1st Previous Next ↓Bottom Just 6th
6                                                                               

"A GOOD CORPORATE NEIGHBOR AND FRIEND"                                          

When the community calls, West Bank answers. Just ask Gloria Gray,    
executive director of Children and Families of Iowa. Her organization works to  
improve the well-being of children and support the healthy development of       
families through safe, stable and nurturing environments. "West Bank has helped 
us carry out our mission," she says. "We need the caring support of the         
community and West Bank has been a good partner." Dave Milligan, West Bank      
chairman and CEO, is a member of the foundation's board of directors and West   
Bank vice president, Lou Anderson, is heavily involved in many of the           
organization's fund raising activities. Children and Families of Iowa also has a
banking relationship with West Bank. "We like the concept of banking with a     
local bank," Gloria says. "They're just great, down-to-earth people we enjoy    
working with." She is convinced that West Bank truly believes in CFI's mission. 
"They understand what being our partner is all about and they work well with us.
They obviously believe in giving back to the community and that makes them a    
good corporate neighbor and friend."                                            

"WEST BANK'S VOLUNTEERS ARE AMAZING"                                            

  West Bank's relationship with Valley Junction goes back 110 years to the
day the bank first opened its doors in the small railroad community on the      
western edge of Des Moines. In 1938, Valley Junction became West Des Moines and 
today, West Bank continues to be an active participant in the development of one
of Iowa's fastest growing cities, by supporting the Historic Valley Junction    
Foundation and its activities. Vicki Davis, executive director of the           
foundation, points to West Bank's financial support as well as its volunteer    
efforts for the annual Valley Arts Festival. "Kathy McNamara leads the volunteer
efforts of several of her fellow West Bank co-workers," explains Vicki. "West   
Bank's volunteers are amazing, offering services that would never be expected   
and rarely requested." In 2003, West Bank expanded its support of the Historic  
Valley Junction Foundation's activities to include the Valley Junction Arts     
Market as well as the Valley Junction Arts Festival. "West Bank provides the    
stability needed to continue these festivals," says Vicki. "They're a true      
partner and their financial support, as well as their volunteer efforts, are    
very much appreciated and will ensure our continued success."                   

 "THEY BELIEVE IN GIVING BACK TO THE COMMUNITY."

 (PHOTO)

 (MILLIGAN, ANDERSON AND GRAY PHOTO)

 West Bank chairman & CEO, Dave Milligan (left), West Bank vice president,
 Lou Anderson, and Gloria Gray, executive director of Children & Families of
 Iowa, lend a helping hand to children being served by the agency.

(DAVIS AND MCNAMARA PHOTO)

Vicki Davis (left), executive director of the Historic Valley Junction
Foundation, works closely with West Bank's Kathy McNamara (right) and a host
of other West Bank volunteers to make the foundation's events a success.

ARS 7th Page of 12 TOC 1st Previous Next ↓Bottom Just 7th
                                                                               7

WEST BANCORPORATION                                                             
BOARD OF DIRECTORS                                                              

 ORVILLE E. CROWLEY          1
President, Linden Lane Farms                    

RAYMOND G. JOHNSTON          2
Vice Chairman     

   ROBERT G. PULVER          3
President & CEO, All State Industries, Inc.                                   

    FRANK W. BERLIN          4
President, Frank W. Berlin & Associates                               

 MICHAEL A. COPPOLA          5
President, Coppola Enterprises, Inc.                            

       CONNIE WIMER          6
Publisher, Business Publications                        

  DAVID R. MILLIGAN          7
Executive Vice President                

     JACK G. WAHLIG          8
President, Integrus Financial, L.C.                           

  STEVEN G. CHAPMAN          9
President & CEO, ITAGroup, Inc.                       

 THOMAS E. STANBERRY          10
Chairman, President, & CEO                  

DAVID L. MILLER       
Chairman Emeritus         
Not Pictured    

                                  (WEST BANCORPORATION BOARD OF DIRECTORS PHOTO)

WEST BANCORPORATION &                                                           
WEST BANK EXECUTIVE OFFICERS                                                    

   SHAREN K. SURBER          1

BRAD L. WINTERBOTTOM          2 

THOMAS E. STANBERRY          3

  DAVID R. MILLIGAN          4

 DOUGLAS R. GULLING          5

   JOYCE A. CHAPMAN          6

                      (WEST BANCORPORATION & WEST BANK EXECUTIVE OFFICERS PHOTO)

ARS 8th Page of 12 TOC 1st Previous Next ↓Bottom Just 8th
8                                                                               

                                        WEST BANCORPORATION, INC. & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS                             December 31, 2003 & 2002

                                                        [Enlarge/Download Table]

ASSETS                                                            2003            2002     
                                                             --------------  --------------
                                                                                           
        Cash and due from banks                              $   27,786,795  $   23,022,298
        Federal funds sold and other short-term investments      54,287,004     158,191,770
                          CASH AND CASH EQUIVALENTS              82,073,799     181,214,068

        Securities available for sale                           178,308,941      70,862,435
        Securities held to maturity                              91,406,205     138,299,566
        Federal Home Loan Bank stock, at cost                     5,197,600       3,129,700
        Loans, net of allowance for loan losses                 593,379,820     483,959,328
        Premises and equipment, net                               3,683,020       1,394,649
        Accrued interest receivable                               5,878,880       5,204,203
        Goodwill and other intangible assets                     16,900,487          47,730
        Bank-owned life insurance                                20,386,714              --
        Other assets                                              3,396,145       2,004,384

                                                             $1,000,611,611  $  886,116,063

LIABILITIES AND STOCKHOLDERS' EQUITY                                                       

LIABILITIES                                                                                
        Deposits:                                                                          
                 Noninterest bearing demand                  $  172,070,832  $  145,208,492
                 Savings and interest bearing demand            403,060,980     338,775,544
                 Time, in excess of $100,000                     63,463,030      88,592,994
                 Other time                                      66,479,171      40,521,470
                          TOTAL DEPOSITS                     $  705,074,013  $  613,098,500

        Federal funds purchased and securities sold                                        
          under agreements to repurchase                         85,442,675     127,418,671
        Other short-term borrowings                               9,141,973       5,096,872
        Accrued expenses and other liabilities                    2,032,291       3,077,858
        Trust preferred securities                               20,000,000              --
        Long-term borrowings                                     86,024,315      51,600,000
                          TOTAL LIABILITIES                     907,715,267     800,291,901

STOCKHOLDERS' EQUITY                                                                       
        Common stock, no par value; authorized                                             
          50,000,000 shares; shares issued and                                             
          outstanding:                                                                     
          2003 and 2002 16,060,271                                3,000,000       3,000,000
        Additional paid-in capital                               32,000,000      32,000,000
        Retained earnings                                        56,796,771      49,792,716
        Accumulated other comprehensive income                    1,099,573       1,031,446
                          TOTAL STOCKHOLDERS' EQUITY             92,896,344      85,824,162

                                                             $1,000,611,611  $  886,116,063

ARS 9th Page of 12 TOC 1st Previous Next ↓Bottom Just 9th
                                                                               9

                                        WEST BANCORPORATION, INC. & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME     Years Ended December 31, 2003, 2002 & 2001

                                                        [Enlarge/Download Table]

                                                                    2003          2002          2001    
                                                                ------------  ------------  ------------
                                                                                                        
INTEREST INCOME:                                                                                        
         Loans                                                  $ 32,633,401  $ 33,035,194  $ 39,322,663
         Securities:                                                                                    
           U.S. Treasury, government agencies and corporations     4,727,838     6,764,475     9,945,440
           States and political subdivisions                       1,725,250     1,625,568     1,570,671
           Other                                                   3,111,436     1,404,173       394,246
         Federal funds sold and other short-term investments       1,263,190     1,810,348     3,381,198
                  TOTAL INTEREST INCOME                           43,461,115    44,639,758    54,614,218
INTEREST EXPENSE:                                                                                       
         Demand and savings deposits                               3,084,033     3,755,205     7,069,318
         Time deposits                                             2,665,970     5,084,437     9,007,791
         Federal funds purchased and securities                                                         
          sold under agreements to repurchase                      1,503,051     1,929,097     5,971,626
         Other short-term borrowings                                   8,564        29,622        90,122
         Trust preferred securities                                  649,280            --            --
         Long-term borrowings                                      3,228,493     2,851,210     2,813,531
                  TOTAL INTEREST EXPENSE                          11,139,391    13,649,571    24,952,388

                  NET INTEREST INCOME                             32,321,724    30,990,187    29,661,830

PROVISION FOR LOAN LOSSES                                            850,000       910,000     1,062,500
                  NET INTEREST INCOME AFTER                                                             
                   PROVISION FOR LOAN LOSSES                      31,471,724    30,080,187    28,599,330
NONINTEREST INCOME:                                                                                     
         Service charges on deposit accounts                       4,811,335     4,527,170     4,463,921
         Trust services                                              507,000       569,634       531,495
         Investment advisory fees                                    503,899            --            --
         Increase in cash value of bank-owned life insurance         666,785            --            --
         Proceeds from bank-owned life insurance                     821,254            --            --
         Net realized gains from securities available for sale       299,562       115,939            --
         Other income                                              1,695,386     1,401,459     1,318,640
                  TOTAL NONINTEREST INCOME                         9,305,221     6,614,202     6,314,056
NONINTEREST EXPENSES:                                                                                   
         Salaries and employee benefits                            7,700,608     6,408,438     5,981,699
         Occupancy                                                 1,582,660     1,310,971     1,225,553
         Data processing                                           1,130,131     1,006,272       993,274
         Charitable contributions                                  1,483,516       106,552       117,648
         Other expenses                                            2,797,331     2,388,294     2,161,733
                  TOTAL NONINTEREST EXPENSE                       14,694,246    11,220,527    10,479,907

                  INCOME BEFORE INCOME TAXES                      26,082,699    25,473,862    24,433,479

INCOME TAXES                                                       8,800,071     9,098,059     8,697,039
                  NET INCOME                                    $ 17,282,628  $ 16,375,803  $ 15,736,440
EARNINGS PER SHARE:                                                                                     
         Basic                                                  $       1.08  $       1.02  $       0.98

ARS 10th Page of 12 TOC 1st Previous Next ↓Bottom Just 10th
10                                                                              

                                        WEST BANCORPORATION, INC. & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF                                                      
STOCKHOLDERS' EQUITY                  Years Ended December 31, 2003, 2002 & 2001

                                                        [Enlarge/Download Table]

                                                          2003           2002           2001     
                                                      ------------   ------------   ------------ 
                                                                                                 
COMMON STOCK                                                                                     
         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                      49,792,716     43,374,281     37,274,004 
         Net income                                     17,282,628     16,375,803     15,736,440 
         Dividends on common stock; per share                                                    
          amounts 2003 $0.64, 2002 $0.62, 2001 $0.60   (10,278,573)    (9,957,368)    (9,636,163)
         End of year balance                            56,796,771     49,792,716     43,374,281 

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)                                                    
         Beginning of year balance                       1,031,446        637,980     (1,428,660)
         Unrealized gain on securities, net of tax          68,127        393,466      2,066,640 
         End of year balance                             1,099,573      1,031,446        637,980 

TOTAL STOCKHOLDERS' EQUITY                            $ 92,896,344   $ 85,824,162   $ 79,012,261 

CONSOLIDATED STATEMENTS OF                                                      
COMPREHENSIVE INCOME                  Years Ended December 31, 2003, 2002 & 2001

                                                        [Enlarge/Download Table]

                                                         2003          2002          2001    
                                                     ------------  ------------  ------------
                                                                                             

NET INCOME                                           $ 17,282,628  $ 16,375,803  $ 15,736,440

OTHER COMPREHENSIVE INCOME,                                                                  
         Unrealized gains on securities, net of tax        68,127       393,466     2,066,640

COMPREHENSIVE INCOME                                 $ 17,350,755  $ 16,769,269  $ 17,803,080

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.

ARS 11th Page of 12 TOC 1st Previous Next ↓Bottom Just 11th
                                                                              11

                                        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
337 common stockholders of record on December 31, 2003, and an
     estimated 600 additional beneficial holders whose stock was held in
street name by brokerage houses.                              

MARKET AND DIVIDEND INFORMATION                               

                                                                [Download Table]

2003                         HIGH           LOW        DIVIDENDS
----                       ---------     ---------     ---------
                                                                
        1st quarter        $   17.54     $   14.35     $    0.16
        2nd quarter            19.61         15.77          0.16
        3rd quarter            18.82         16.56          0.16
        4th quarter            18.54         17.05          0.16

                                                       $    0.64
2002                                                            
----                                                            

        1st quarter        $   14.00     $   11.50     $    0.15
        2nd quarter            18.00         13.15          0.15
        3rd quarter            16.50         14.38          0.16
        4th quarter            15.63         14.40          0.16

                                                       $    0.62

     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   MARKET MAKERS                 GENERAL COUNSEL         AUDITOR                
------------------------------------   -------------                 ---------------         -------                
                                                                                                                    

Illinois Stock Transfer Company        Citigroup Global Markets      Ahlers & Cooney P.C.    McGladrey & Pullen, LLP
209 West Jackson Boulevard, Suite 903  Goldman, Sachs & Co.          100 Court Avenue        400 Locust Street      
Chicago, Illinois 60606-6905           Hill, Thompson, Magid & Co.   Suite 600               Suite 640              
800-757-5755                           Howe Barnes Investments, Inc. Des Moines, Iowa 50309  Des Moines, Iowa 50309 
www.illinoisstocktransfer.com          Keefe, Bruyette & Woods, Inc.                                                
                                       Knight Equity Markets, L.P.                                                  
                                       Sandler O'Neill & Partners                                                   
                                       Schwab Capital Markets                                                       
                                       Wachovia Securities                                                          

INDEPENDENT AUDITOR'S REPORT                                                    

The Board of Directors of West Bancorporation, Inc.:          

  We have audited, in accordance with auditing standards generally
    accepted in the United States of America, the consolidated balance
         sheets of West Bancorporation, Inc. and subsidiaries as of December 31,
    2003, and 2002, 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, 2003 and in our report dated January 9, 2004, 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                                              
January 9, 2004                                               

ARS Last Page of 12 TOC 1st Previous Next ↓Bottom Just 12th
WEST BANCORPORATION, INC. AND SUBSIDIARIES' BOARDS OF DIRECTORS                 

                                                        [Enlarge/Download Table]
                                                                                                           
JON K. AUGUSTINE (3)                                  DAVID L. MILLER (1,2)                                
Managing Director, WB Capital Management Inc.         Chairman Emeritus, West Bancorporation, Inc.         
                                                      Vice Chairman, West Bank                             
FRANK W. BERLIN (1,2,6,7)                                                                                  
President, Frank W. Berlin & Associates               DAVID R. MILLIGAN (1,2,3)                            
                                                      Chairman & CEO, West Bank                            
THOMAS A. CARLSTROM (2)                               Executive Vice President, West Bancorporation, Inc.  
Neurosurgeon                                                                                               
                                                      GEORGE D. MILLIGAN (2)                               
JOYCE A. CHAPMAN (2,3)                                President, The Graham Group                          
Executive Vice President, West Bank                                                                        
Vice President & Treasurer, West Bancorporation, Inc. THOMAS E. MYERS (3)                                  
                                                      Executive Vice President & Managing Director,        
STEVEN G. CHAPMAN (1,2,7)                             WB Capital Management Inc.                           
President & CEO, ITAGroup, Inc.                                                                            
                                                      ROBERT G. PULVER (1,2,6,7)                           
CHRISTOPHER C. COOK (3)                               President & CEO, All State Industries, Inc.          
Managing Director, WB Capital Management Inc.                                                              
                                                      KEVIN J. SMITH (3)                                   
MICHAEL A. COPPOLA (1,2,5)                            Senior Vice President, West Bank                     
President, Coppola Enterprises, Inc.                                                                       
                                                      THOMAS E. STANBERRY (1,2,3)                          
ORVILLE E. CROWLEY (1,4,6)                            Chairman, President, & CEO, West Bancorporation, Inc.
President, Linden Lane Farms                          Vice Chairman, West Bank                             
                                                      Chairman, WB Capital Management Inc.                 
SCOTT D. ELTJES (3)                                                                                        
Executive Vice President & Managing Director,         JACK G. WAHLIG (1,2,5)                               
WB Capital Management Inc.                            President, Integrus Financial, L.C.                  

KAREN J. GREEN (3)                                    CONNIE WIMER (1,2,5,6)                               
Managing Director, WB Capital Management Inc.         Publisher, Business Publications                     

DOUGLAS R. GULLING (3)                                BRAD L. WINTERBOTTOM (2,3)                           
Chief Financial Officer, West Bancorporation, Inc.    President, West Bank                                 
& West Bank; Treasurer, WB Capital Management Inc.                                                         
                                                      ----------                                           
HARLAN D. HOCKENBERG (4)                                                                                   
Attorney, Sullivan & Ward, P.C.                       (1) Director of West Bancorporation, Inc.            
                                                      (2) Director of West Bank                            
RAYMOND G. JOHNSTON (1)                               (3) Director of WB Capital Management Inc.           
Vice Chairman, West Bancorporation, Inc.              (4) Director Emeritus of West Bank                   
                                                      (5) Audit Committee                                  
PAUL R. KNAPP (4)                                     (6) Compensation Committee                           
Vice President, Knapp Properties, Inc.                (7) Nominating & Corporate Governance Committee      

WEST BANK OFFICERS                                                              

                                                        [Enlarge/Download Table]
                                                                                                                
SHAREN K. SURBER                     JILL R. FERGUSON                GEORGANN R. MEFFERD  JEFFERY C. WISECUP    
Executive Vice President             Vice President                  Vice President &     Trust Officer         
                                                                     Compliance Officer                         
LYNN E. ROWAT                        DALE L. HILTON                                       GEOFFREY J. GADE      
Market President - Iowa City         Vice President                  MARC J. MEYER        First Vice President  
                                                                     Vice President                             
RODNEY S. WEIKERT                    ALICE A. JENSEN                                      PAM K. KELLER         
Senior Vice President - Real Estate  Vice President & Secretary,     ALLEN R. PETERSEN    First Vice President  
                                     West Bank                       Vice President                             
                                     Secretary, West Bancorporation                                             
                                     & WB Capital Management Inc.                                               
LOUIS H. ANDERSON                                                                         JOHN F. MCKINNEY III  
Vice President                       J. CRAIG KROUCH                 ROGER L. REED        First Vice President &
                                     Vice President                  Vice President       Assistant Counsel     
MICHELE A. BELDEN                                                                                               
Vice President                       KEITH A. KURTH                  JOHN J. STONE        KENT C. MERICLE       
                                     Vice President                  Vice President       First Vice President  
RUSSELL W. BREAZEALE                                                                                            
Vice President                       CATHERINE L. MACKAY             KAY A. TRAGER        JOHN A. POLEY         
                                     Vice President - Marketing      Vice President       First Vice President  
RONALD H. DEGEN                                                                                                 
Vice President                       DANIEL L. MCNACE                MARIE I. ROBERTS     HAN WU                
                                     Vice President                  Controller           First Vice President  

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                                                   

IOWA CITY MARKET                                                                

Downtown                                                                        
229 S. Dubuque Street o Iowa City                                               

East                                                                            
1910 Lower Muscatine Road o Iowa City                                           

CUSTOMER SERVICE                                                                

Des Moines: 515.222.2360                                                        
Iowa City: 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                                          (EQUAL 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.

ARS	1st Page of 12	TOC	↑Top	Previous	Next	↓Bottom	Just 1st

ARS	2nd Page of 12	TOC	1st	Previous	Next	↓Bottom	Just 2nd

ARS	3rd Page of 12	TOC	1st	Previous	Next	↓Bottom	Just 3rd

ARS	4th Page of 12	TOC	1st	Previous	Next	↓Bottom	Just 4th

ARS	5th Page of 12	TOC	1st	Previous	Next	↓Bottom	Just 5th

ARS	6th Page of 12	TOC	1st	Previous	Next	↓Bottom	Just 6th

ARS	7th Page of 12	TOC	1st	Previous	Next	↓Bottom	Just 7th

ARS	8th Page of 12	TOC	1st	Previous	Next	↓Bottom	Just 8th

ARS	9th Page of 12	TOC	1st	Previous	Next	↓Bottom	Just 9th

ARS	10th Page of 12	TOC	1st	Previous	Next	↓Bottom	Just 10th

ARS	11th Page of 12	TOC	1st	Previous	Next	↓Bottom	Just 11th

ARS	Last Page of 12	TOC	1st	Previous	Next	↓Bottom	Just 12th

Dates Referenced Herein and Documents Incorporated by Reference

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

Filed on / Effective on:	3/3/04			DEF 14A
	1/9/04	11
	1/1/04	3
For Period End:	12/31/03	8	11	10-K, 5
	5/14/03	3
	12/31/02	9	11	10-K, DEF 14A
				List all Filings

↑Top

Filing Submission 0000950137-04-001396 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

West Bancorporation Inc – ‘ARS’ for 12/31/03

On: Wednesday, 3/3/04, at 12:43pm ET · Effective: 3/3/04 · For: 12/31/03 · Accession #: 950137-4-1396 · File #: 0-49677

Previous ‘ARS’: None · Next: ‘ARS’ on 3/10/05 for 12/31/04 · Latest: ‘ARS’ on 3/5/24 for 12/31/23

Annual Report to Security HoldersFiling Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Annual Report to Security Holders
Filing Table of Contents