West Bancorporation, Inc. Announces Second Quarter 2025 Financial Results and Declares Quarterly Dividend

WEST DES MOINES, Iowa, July 24, 2025 (GLOBE NEWSWIRE) -- West Bancorporation, Inc. (Nasdaq: WTBA; the “Company”), parent company of West Bank, today reported second quarter 2025 net income of $8.0 million, or $0.47 per diluted common share, compared to first quarter 2025 net income of $7.8 million, or $0.46 per diluted common share, and second quarter 2024 net income of $5.2 million, or $0.31 per diluted common share. For the first six months of 2025, net income was $15.8 million, or $0.93 per diluted common share, compared to $11.0 million, or $0.65 per diluted common share, for the first six months of 2024. On July 23, 2025, the Company’s Board of Directors declared a regular quarterly dividend of $0.25 per common share. The dividend is payable on August 20, 2025, to stockholders of record on August 6, 2025. David Nelson, President and Chief Executive Officer of the Company, commented, “We had a solid second quarter and have significantly improved year-to-date net interest income, net interest margin and efficiency ratio compared to the first six months of 2024. We believe that we are well positioned for continued improvement in earnings through asset repricing while controlling funding costs and maintaining our pristine credit quality.” David Nelson added, “Our best-in-class credit quality metrics continue to be extremely strong. We had no loans on nonaccrual status and no loans past due greater than 90 days at June 30, 2025. Loan balances have been relatively flat this year as loan production has been offset by payoffs resulting from customers selling business assets and refinancing commercial real estate in the secondary market. We continue to identify high-quality opportunities for growing our core customer base in all of our markets.” Second Quarter 2025 Financial Highlights Quarter EndedJune 30, 2025 Quarter EndedMarch 31, 2025 Quarter EndedJune 30, 2024Net income (in thousands)$7,979 $7,842 $5,192 Return on average equity 13.65% 13.84% 9.50%Return on average assets 0.80% 0.81% 0.53%Efficiency ratio (a non-GAAP measure) 56.45% 56.37% 67.14%Nonperforming assets to total assets 0.00% 0.00% 0.01% Second Quarter 2025 Compared to First Quarter 2025 Overview Loans decreased $50.1 million in the second quarter of 2025, primarily due to a decrease in commercial loans and commercial real estate loans, partially offset by an increase in construction loans. The decrease in loan balances in the second quarter of 2025 was primarily due to payoffs resulting from customers selling business assets and refinancing commercial real estate in the secondary market, along with a slight reduction in the utilization of lines of credit within the commercial loans segment. No credit loss expense on loans was recorded in either the second or first quarter of 2025. The allowance for credit losses to total loans was 1.03 percent at June 30, 2025, compared to 1.01 percent at March 31, 2025. There were no nonaccrual loans at June 30, 2025, compared to one nonaccrual loan with a balance of $181 thousand at March 31, 2025. Deposits increased $67.5 million, or 2.0 percent, in the second quarter of 2025. Brokered deposits totaled $208.3 million at June 30, 2025, compared to $335.5 million at March 31, 2025, a decrease of $127.2 million. Excluding brokered deposits, deposits increased $194.7 million, or 6.5 percent, during the second quarter of 2025. In the second quarter of 2025, a local municipal customer deposited approximately $243.0 million of bond proceeds that are expected to be withdrawn over 24 months. As of June 30, 2025, estimated uninsured deposits, which exclude deposits in a reciprocal deposit network, brokered deposits and public funds protected by state programs, accounted for approximately 27.2 percent of total deposits. Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure), was 2.27 percent for the second quarter of 2025, compared to 2.28 percent for the first quarter of 2025. Net interest income for the second quarter of 2025 was $21.4 million, compared to $20.9 million for the first quarter of 2025. The increase in net interest income was primarily due to an increase in interest income on deposits with banks due to the increase in the average balance of interest-earning deposits with banks. The efficiency ratio (a non-GAAP measure) was 56.45 percent for the second quarter of 2025, compared to 56.37 percent for the first quarter of 2025. The tangible common equity ratio was 5.94 percent as of June 30, 2025, compared to 5.97 percent as of March 31, 2025. Second Quarter 2025 Compared to Second Quarter 2024 Overview Loans decreased $32.4 million at June 30, 2025, or 1.1 percent, compared to June 30, 2024. The decrease was primarily due to the decreases in commercial loans and construction loans, partially offset by an increase in commercial real estate loans. The decrease in commercial loan balances at June 30, 2025 compared to June 30, 2024 was primarily due to a reduction in the utilization of lines of credit. Deposits increased $211.1 million, or 6.6 percent, at June 30, 2025, compared to June 30, 2024. Included in deposits were brokered deposits totaling $208.3 million at June 30, 2025, compared to $370.3 million at June 30, 2024. Excluding brokered deposits, deposits increased $373.1 million, or 13.3 percent, as of June 30, 2025, compared to June 30, 2024. In the second quarter of 2025, a local municipal customer deposited approximately $243.0 million of bond proceeds that are expected to be withdrawn over 24 months. Borrowed funds decreased to $390.3 million at June 30, 2025, compared to $525.5 million at June 30, 2024. The decrease was primarily attributable to a decrease of $85.5 million in federal funds purchased and other short-term borrowings and a decrease of $45.0 million in Federal Home Loan Bank advances. The decrease in borrowed funds balances resulted primarily from the increase in deposits since June 30, 2024. Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure), was 2.27 percent for the second quarter of 2025, compared to 1.86 percent for the second quarter of 2024. Net interest income for the second quarter of 2025 was $21.4 million, compared to $17.2 million for the second quarter of 2024. The increase in net interest margin and net interest income was primarily due to the decrease in interest expense on deposits and borrowed funds. The cost of deposits and cost of borrowed funds decreased by 51 and 46 basis points, respectively, in the second quarter of 2025 compared to the second quarter of 2024. Also contributing to the improvement was an increase in average deposit balances of $248.4 million, in comparing the same time periods, which resulted in the reduction of higher-cost borrowed funds and an increase in interest-earning deposits with banks.The efficiency ratio (a non-GAAP measure) was 56.45 percent for the second quarter of 2025, compared to 67.14 percent for the second quarter of 2024. The improvement in the efficiency ratio in the second quarter of 2025 compared to the second quarter of 2024 was primarily due to the increase in net interest income, partially offset by an increase in noninterest expense. The tangible common equity ratio was 5.94 percent as of June 30, 2025, compared to 5.65 percent as of June 30, 2024. The increase in the tangible common equity ratio was due to retained net income and the decrease in accumulated other comprehensive loss. The Company filed its report on Form 10-Q with the Securities and Exchange Commission today. Please refer to that document for a more in-depth discussion of the Company’s financial results. The Form 10-Q is available on the Investor Relations section of West Bank’s website at www.westbankstrong.com. The Company will discuss its results in a conference call scheduled for 2:00 p.m. Central Time on Thursday, July 24, 2025. The telephone number for the conference call is 800-715-9871. The conference ID for the conference call is 7846129. A recording of the call will be available until August 7, 2025, by dialing 800-770-2030. The conference ID for the replay call is 7846129, followed by the # key. About West Bancorporation, Inc. (Nasdaq: WTBA) West Bancorporation, Inc. is headquartered in West Des Moines, Iowa. Serving customers since 1893, West Bank, a wholly-owned subsidiary of West Bancorporation, Inc., is a community bank that focuses on lending, deposit services, and trust services for small- to medium-sized businesses and consumers. West Bank has six offices in the Des Moines, Iowa metropolitan area, one office in Coralville, Iowa, and four offices in Minnesota in the cities of Rochester, Owatonna, Mankato and St. Cloud. Certain statements in this report, other than purely historical information, including estimates, projections, statements relating to the Company’s business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may appear throughout this report. These forward-looking statements are generally identified by the words “believes,” “expects,” “intends,” “anticipates,” “projects,” “future,” “confident,” “may,” “should,” “will,” “strategy,” “plan,” “opportunity,” “will be,” “will likely result,” “will continue” or similar references, or references to estimates, predictions or future events. Such forward-looking statements are based upon certain underlying assumptions, risks and uncertainties. Because of the possibility that the underlying assumptions are incorrect or do not materialize as expected in the future, actual results could differ materially from these forward-looking statements. Risks and uncertainties that may affect future results include: interest rate risk, including the effects of changes in interest rates; fluctuations in the values of the securities held in our investment portfolio, including as a result of changes in interest rates; competitive pressures, including from non-bank competitors such as credit unions, “fintech” companies and digital asset service providers; technological changes implemented by us and other parties, including third-party vendors, which may be more difficult to implement or more expensive than anticipated or which may have unforeseen consequences to us and our customers, including the development and implementation of tools incorporating artificial intelligence; pricing pressures on loans and deposits; our ability to successfully manage liquidity risk; changes in credit and other risks posed by the Company’s loan portfolio, including declines in commercial or residential real estate values or changes in the allowance for credit losses dictated by new market conditions, accounting standards or regulatory requirements; the concentration of large deposits from certain clients, including those who have balances above current FDIC insurance limits; the threat or imposition of domestic or foreign tariffs or other governmental policies impacting the global supply chain and the value of products produced by our commercial borrowers; changes in local, national and international economic conditions, including the level and impact of inflation, and future monetary policies of the Federal Reserve in response thereto, and possible recession; the impact of bank failures or adverse developments at other banks and related negative publicity about the banking industry in general on investor and depositor sentiment regarding the stability and liquidity of banks; changes in legal and regulatory requirements, limitations and costs; changes in customers’ acceptance of the Company’s products and services; the occurrence of fraudulent activity, breaches or failures of our or our third-party partners’ information security controls or cyber-security related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools; unexpected outcomes of existing or new litigation involving the Company; the monetary, trade and other regulatory policies of the U.S. government; acts of war or terrorism, including the ongoing Israeli-Palestinian conflict and the Russian invasion of Ukraine, widespread disease or pandemics, or other adverse external events; risks related to climate change and the negative impact it may have on our customers and their businesses; changes to U.S. tax laws, regulations and guidance; potential changes in federal policy and at regulatory agencies as a result of the 2024 presidential election; new or revised accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board; talent and labor shortages and employee turnover; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update such forward-looking statements to reflect current or future events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. WEST BANCORPORATION, INC. AND SUBSIDIARY Financial Information (unaudited) (in thousands) As ofCONDENSED BALANCE SHEETS June 30,2025 March 31,2025 December 31,2024 September 30,2024 June 30,2024Assets Cash and due from banks $35,796 $39,253 $28,750 $34,157 $27,994 Interest-earning deposits with banks 212,450 171,357 214,728 123,646 121,825 Securities purchased under agreements to resell 96,955 — — — — Securities available for sale, at fair value 536,709 546,619 544,565 597,745 588,452 Federal Home Loan Bank stock, at cost 15,311 15,216 15,129 17,195 21,065 Loans 2,966,357 3,016,471 3,004,860 3,021,221 2,998,774 Allowance for credit losses (30,539) (30,526) (30,432) (29,419) (28,422)Loans, net 2,935,818 2,985,945 2,974,428 2,991,802 2,970,352 Premises and equipment, net 109,806 110,270 109,985 106,771 101,965 Bank-owned life insurance 45,567 45,272 44,990 44,703 44,416 Other assets 68,257 72,737 82,416 72,547 89,046 Total assets $4,056,669 $3,986,669 $4,014,991 $3,988,566 $3,965,115 Liabilities and Stockholders’ Equity Deposits $3,391,993 $3,324,518 $3,357,596 $3,278,553 $3,180,922 Federal funds purchased and other short-term borrowings — — — — 85,500 Other borrowings 390,260 391,445 392,629 438,814 439,998 Other liabilities 33,486 32,833 36,891 35,846 34,812 Stockholders’ equity 240,930 237,873 227,875 235,353 223,883 Total liabilities and stockholders’ equity $4,056,669 $3,986,669 $4,014,991 $3,988,566 $3,965,115 For the Quarter EndedAVERAGE BALANCES June 30,2025 March 31,2025 December 31,2024 September 30,2024 June 30,2024Assets $4,016,490 $3,944,789 $4,135,049 $3,973,824 $3,964,109 Loans 2,989,638 3,016,119 3,007,558 2,991,272 2,994,492 Deposits 3,353,982 3,284,394 3,434,234 3,258,669 3,123,282 Stockholders’ equity 234,399 229,874 230,720 227,513 219,771 WEST BANCORPORATION, INC. AND SUBSIDIARY Financial Information (unaudited) (in thousands) As ofLOANS June 30,2025 March 31,2025 December 31,2024 September 30,2024 June 30,2024Commercial $500,854 $531,267 $514,232 $512,884 $526,589 Real estate: Construction, land and land development 459,037 451,230 508,147 520,516 496,864 1-4 family residential first mortgages 86,173 86,292 87,858 89,749 92,230 Home equity 24,285 21,961 19,294 17,140 15,264 Commercial 1,875,857 1,909,330 1,861,195 1,870,132 1,856,301 Consumer and other 22,900 19,323 17,287 14,261 15,234 2,969,106 3,019,403 3,008,013 3,024,682 3,002,482 Net unamortized fees and costs (2,749) (2,932) (3,153) (3,461) (3,708)Total loans $2,966,357 $3,016,471 $3,004,860 $3,021,221 $2,998,774 Less: allowance for credit losses (30,539) (30,526) (30,432) (29,419) (28,422)Net loans $2,935,818 $2,985,945 $2,974,428 $2,991,802 $2,970,352 CREDIT QUALITY Pass $2,958,318 $3,011,231 $2,999,531 $3,016,493 $2,994,310 Watch 10,788 7,991 8,349 7,956 7,651 Substandard — 181 133 233 521 Doubtful — — — — — Total loans $2,969,106 $3,019,403 $3,008,013 $3,024,682 $3,002,482 DEPOSITS Noninterest-bearing demand $521,990 $519,771 $541,053 $525,332 $530,441 Interest-bearing demand 461,207 517,409 543,855 438,402 443,658 Savings and money market - non-brokered 1,749,049 1,490,189 1,517,510 1,481,840 1,483,264 Money market - brokered 98,877 143,423 126,381 123,780 97,259 Total nonmaturity deposits 2,831,123 2,670,792 2,728,799 2,569,354 2,554,622 Time - non-brokered 451,463 461,655 488,760 407,109 353,269 Time - brokered 109,407 192,071 140,037 302,090 273,031 Total time deposits 560,870 653,726 628,797 709,199 626,300 Total deposits $3,391,993 $3,324,518 $3,357,596 $3,278,553 $3,180,922 BORROWINGS Federal funds purchased and other short-term borrowings $— $— $— $— $85,500 Subordinated notes, net 80,024 79,959 79,893 79,828 79,762 Federal Home Loan Bank advances 270,000 270,000 270,000 315,000 315,000 Long-term debt 40,236 41,486 42,736 43,986 45,236 Total borrowings $390,260 $391,445 $392,629 $438,814 $525,498 STOCKHOLDERS’ EQUITY Preferred stock $— $— $— $— $— Common stock 3,000 3,000 3,000 3,000 3,000 Additional paid-in capital 35,773 35,072 35,619 34,960 34,322 Retained earnings 285,990 282,247 278,613 275,724 273,981 Accumulated other comprehensive loss (83,833) (82,446) (89,357) (78,331) (87,420)Total stockholders’ equity $240,930 $237,873 $227,875 $235,353 $223,883 WEST BANCORPORATION, INC. AND SUBSIDIARY Financial Information (unaudited) (in thousands) For the Quarter EndedCONSOLIDATED STATEMENTS OF INCOME June 30,2025 March 31,2025 December 31,2024 September 30,2024 June 30,2024Interest income: Loans, including fees $41,666 $40,988 $41,822 $42,504 $41,700 Securities: Taxable 2,685 2,788 2,959 3,261 3,394 Tax-exempt 742 743 795 806 808 Deposits with banks 2,847 1,617 3,740 2,041 1,666 Securities purchased under agreements to resell 22 — — — — Total interest income 47,962 46,136 49,316 48,612 47,568 Interest expense: Deposits 22,676 21,423 25,706 26,076 23,943 Federal funds purchased and other short-term borrowings — — — 115 1,950 Subordinated notes 1,104 1,105 1,106 1,112 1,105 Federal Home Loan Bank advances 2,259 2,235 2,522 2,748 2,718 Long-term debt 504 518 560 601 622 Total interest expense 26,543 25,281 29,894 30,652 30,338 Net interest income 21,419 20,855 19,422 17,960 17,230 Credit loss expense — — 1,000 — — Net interest income after credit loss expense 21,419 20,855 18,422 17,960 17,230 Noninterest income: Service charges on deposit accounts 486 471 462 459 462 Debit card usage fees 478 446 471 500 490 Trust services 801 777 1,051 828 794 Increase in cash value of bank-owned life insurance 295 282 287 287 278 Realized securities losses, net — — (1,172) — — Other income 350 267 331 285 322 Total noninterest income 2,410 2,243 1,430 2,359 2,346 Noninterest expense: Salaries and employee benefits 7,343 7,004 7,107 6,823 7,169 Occupancy and equipment 2,034 1,963 2,095 1,926 1,852 Data processing 643 617 752 771 754 Technology and software 791 786 743 722 731 FDIC insurance 670 587 699 711 631 Professional fees 303 308 301 239 244 Director fees 202 206 170 223 236 Other expenses 1,499 1,592 1,532 1,477 1,577 Total noninterest expense 13,485 13,063 13,399 12,892 13,194 Income before income taxes 10,344 10,035 6,453 7,427 6,382 Income taxes 2,365 2,193 (644) 1,475 1,190 Net income $7,979 $7,842 $7,097 $5,952 $5,192 Basic earnings per common share $0.47 $0.47 $0.42 $0.35 $0.31 Diluted earnings per common share $0.47 $0.46 $0.42 $0.35 $0.31 WEST BANCORPORATION, INC. AND SUBSIDIARY Financial Information (unaudited) (in thousands) For the Six Months EndedCONSOLIDATED STATEMENTS OF INCOME June 30, 2025 June 30, 2024Interest income: Loans, including fees $82,654 $81,896 Securities: Taxable 5,473 6,810 Tax-exempt 1,485 1,618 Deposits with banks 4,464 1,814 Securities purchased under agreements to resell 22 — Total interest income 94,098 92,138 Interest expense: Deposits 44,099 45,502 Federal funds purchased and other short-term borrowings — 4,133 Subordinated notes 2,209 2,213 Federal Home Loan Bank advances 4,494 5,043 Long-term debt 1,022 1,267 Total interest expense 51,824 58,158 Net interest income 42,274 33,980 Credit loss expense — — Net interest income after credit loss expense 42,274 33,980 Noninterest income: Service charges on deposit accounts 957 922 Debit card usage fees 924 948 Trust services 1,578 1,570 Increase in cash value of bank-owned life insurance 577 552 Other income 617 653 Total noninterest income 4,653 4,645 Noninterest expense: Salaries and employee benefits 14,347 13,658 Occupancy and equipment 3,997 3,299 Data processing 1,260 1,468 Technology and software 1,577 1,431 FDIC insurance 1,257 1,150 Professional fees 611 501 Director fees 408 435 Other expenses 3,091 3,120 Total noninterest expense 26,548 25,062 Income before income taxes 20,379 13,563 Income taxes 4,558 2,562 Net income $15,821 $11,001 Basic earnings per common share $0.94 $0.66 Diluted earnings per common share $0.93 $0.65 WEST BANCORPORATION, INC. AND SUBSIDIARY Financial Information (unaudited) As of and for the Quarter Ended For the Six Months EndedCOMMON SHARE DATA June 30,2025 March 31,2025 December 31, 2024 September 30, 2024 June 30,2024 June 30,2025 June 30,2024Earnings per common share (basic) $0.47 $0.47 $0.42 $0.35 $0.31 $0.94 $0.66 Earnings per common share (diluted) 0.47 0.46 0.42 0.35 0.31 0.93 0.65 Dividends per common share 0.25 0.25 0.25 0.25 0.25 0.50 0.50 Book value per common share(1) 14.22 14.06 13.54 13.98 13.30 Closing stock price 19.63 19.94 21.65 19.01 17.90 Market price/book value(2) 138.05% 141.82% 159.90% 135.98% 134.59% Price earnings ratio(3) 10.41 10.46 12.96 13.65 14.36 Annualized dividend yield(4) 5.09% 5.02% 4.62% 5.26% 5.59% REGULATORY CAPITAL RATIOS Consolidated: Total risk-based capital ratio 12.53% 12.18% 12.11% 11.95% 11.85% Tier 1 risk-based capital ratio 9.89 9.59 9.51 9.39 9.30 Tier 1 leverage capital ratio 8.33 8.36 7.93 8.15 8.08 Common equity tier 1 ratio 9.32 9.02 8.95 8.83 8.74 West Bank: Total risk-based capital ratio 13.21% 12.90% 12.86% 12.73% 12.66% Tier 1 risk-based capital ratio 12.29 11.99 11.96 11.86 11.79 Tier 1 leverage capital ratio 10.36 10.46 9.97 10.29 10.25 Common equity tier 1 ratio 12.29 11.99 11.96 11.86 11.79 KEY PERFORMANCE RATIOS AND OTHER METRICS Return on average assets(5) 0.80% 0.81% 0.68% 0.60% 0.53% 0.80% 0.57%Return on average equity(6) 13.65 13.84 12.24 10.41 9.50 13.74 10.07 Net interest margin(7)(13) 2.27 2.28 1.98 1.91 1.86 2.27 1.87 Yield on interest-earning assets(8)(13) 5.07 5.04 5.02 5.16 5.13 5.06 5.06 Cost of interest-bearing liabilities 3.28 3.25 3.57 3.84 3.83 3.27 3.77 Efficiency ratio(9)(13) 56.45 56.37 60.79 63.28 67.14 56.41 64.62 Nonperforming assets to total assets(10) 0.00 0.00 0.00 0.01 0.01 ACL ratio(11) 1.03 1.01 1.01 0.97 0.95 Loans/total assets 73.12 75.66 74.84 75.75 75.63 Loans/total deposits 87.45 90.73 89.49 92.15 94.27 Tangible common equity ratio(12) 5.94 5.97 5.68 5.90 5.65 (1) Includes accumulated other comprehensive loss.(2) Closing stock price divided by book value per common share.(3) Closing stock price divided by annualized earnings per common share (basic).(4) Annualized dividend divided by period end closing stock price.(5) Annualized net income divided by average assets.(6) Annualized net income divided by average stockholders’ equity.(7) Annualized tax-equivalent net interest income divided by average interest-earning assets.(8) Annualized tax-equivalent interest income on interest-earning assets divided by average interest-earning assets.(9) Noninterest expense (excluding other real estate owned expense and write-down of premises) divided by noninterest income (excluding net securities gains/losses and gains/losses on disposition of premises and equipment) plus tax-equivalent net interest income.(10) Total nonperforming assets divided by total assets.(11) Allowance for credit losses on loans divided by total loans. (12) Common equity less intangible assets (none held) divided by tangible assets.(13) A non-GAAP measure. NON-GAAP FINANCIAL MEASURES This report contains references to financial measures that are not defined in GAAP. Such non-GAAP financial measures include the Company’s presentation of net interest income and net interest margin on a fully taxable equivalent (FTE) basis and the presentation of the efficiency ratio on an adjusted and FTE basis, excluding certain income and expenses. Management believes these non-GAAP financial measures provide useful information to both management and investors to analyze and evaluate the Company’s financial performance. These measures are considered standard measures of comparison within the banking industry. Additionally, management believes providing measures on a FTE basis enhances the comparability of income arising from taxable and nontaxable sources. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that different companies might calculate these measures differently. These non-GAAP disclosures should not be considered an alternative to the Company’s GAAP results. The following table reconciles the non-GAAP financial measures of net interest income and net interest margin on a fully taxable equivalent basis and efficiency ratio on an adjusted and FTE basis. (in thousands) For the Quarter Ended For the Six Months Ended June 30,2025 March 31,2025 December 31, 2024 September 30, 2024 June 30,2024 June 30,2025 June 30,2024Reconciliation of net interest income and net interest margin on a FTE basis to GAAP: Net interest income (GAAP) $21,419 $20,855 $19,422 $17,960 $17,230 $42,274 $33,980 Tax-equivalent adjustment(1) 59 66 16 29 55 125 137 Net interest income on a FTE basis (non-GAAP) 21,478 20,921 19,438 17,989 17,285 42,399 34,117 Average interest-earning assets 3,799,081 3,717,441 3,910,978 3,749,688 3,731,674 3,758,487 3,663,814 Net interest margin on a FTE basis (non-GAAP) 2.27% 2.28% 1.98% 1.91% 1.86% 2.27% 1.87% Reconciliation of efficiency ratio on an adjusted and FTE basis to GAAP: Net interest income on a FTE basis (non-GAAP) $21,478 $20,921 $19,438 $17,989 $17,285 $42,399 $34,117 Noninterest income 2,410 2,243 1,430 2,359 2,346 4,653 4,645 Adjustment for realized securities losses, net — — 1,172 — — — — Adjustment for losses on disposal of premises and equipment, net — 8 — 26 21 8 21 Adjusted income 23,888 23,172 22,040 20,374 19,652 47,060 38,783 Noninterest expense 13,485 13,063 13,399 12,892 13,194 26,548 25,062 Efficiency ratio on an adjusted and FTE basis (non-GAAP)(2) 56.45% 56.37% 60.79% 63.28% 67.14% 56.41% 64.62% (1) Computed on a tax-equivalent basis using a federal income tax rate of 21 percent, adjusted to reflect the effect of the nondeductible interest expense associated with owning tax-exempt securities and loans. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the financial results, as it enhances the comparability of income arising from taxable and nontaxable sources.(2) The efficiency ratio expresses noninterest expense as a percent of fully taxable equivalent net interest income and noninterest income, excluding specific noninterest income and expenses. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the Company's financial performance. It is a standard measure of comparison within the banking industry. A lower ratio is more desirable. For more information contact:Jane Funk, Executive Vice President, Treasurer and Chief Financial Officer (515) 222-5766

West Bancorporation, Inc. Announces Second Quarter 2025 Financial Results and Declares Quarterly Dividend

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