WTBAMEDIUM SIGNALFINANCIAL10-K

WTBA reported solid operational performance with notably higher net income and strengthened balance sheet metrics, while dramatically reducing capital expenditures.

The bank demonstrated healthy organic growth with assets and deposits expanding modestly alongside improved profitability. The substantial increase in tangible common equity ratio from 5.68% to 6.42% indicates strengthening capital adequacy, which is positive for regulatory compliance and dividend sustainability.

Comparing 2026-02-26 vs 2025-02-20View on EDGAR →
FINANCIAL ANALYSIS

WTBA delivered strong financial performance with net income growing meaningfully by 35% to $32.6M while operating cash flow increased 17% to $46.5M. The balance sheet strengthened considerably with cash and equivalents roughly doubling to $72.7M and stockholders' equity growing 17% to $266.0M. Capital expenditures dropped substantially from $26.1M to $3.3M, suggesting either reduced expansion plans or completion of a major investment cycle, which contributed to the improved cash position.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-87.3%
$26.1M→$3.3M

Capex reduced 87.3% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Cash & Equivalents
Balance Sheet
+82.6%
$39.8M→$72.7M

Cash position surged 82.6% — strong cash generation or capital raise providing significant financial cushion.

Net Income
P&L
+35.4%
$24.1M→$32.6M

Net income grew 35.4% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
+16.8%
$39.8M→$46.5M

Operating cash flow grew 16.8% — strong conversion of earnings to cash, healthy business fundamentals.

Stockholders Equity
Balance Sheet
+16.7%
$227.9M→$266.0M

Equity base grew 16.7% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-20
ADDED
government; military conflicts, acts of war or terrorism or threats thereof, including the Israeli-Palestinian conflict, recent military activity in Venezuela 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.
The Company s primary activity during 2025 was the ownership of West Bank.
The Company continues to grow, as total assets at the end of 2025 totaled $4.1 billion compared to $4.0 billion at the end of 2024, an increase of 3.2 percent.
Total deposits at the end of 2025 totaled $3.5 billion compared to $3.4 billion at the end of 2024, an increase of 3.3 percent.
The Company declared and paid cash dividends on its common stock totaling $1.00 per share in 2025 and declared a $0.25 quarterly dividend on January 28, 2026, payable on February 25, 2026, to stockholders of record on February 11, 2026.
At December 31, 2025, the Company s tangible common equity ratio was 6.42 percent compared to 5.68 percent at December 31, 2024.
As of December 31, 2025 and 2024, the Company had no intangible assets or preferred stock outstanding.
Treasury management services offered to business customers include online and mobile cash management, client-generated automated clearing house transactions, remote deposit capture, lock box and fraud protection services.
Unemployment rates in all our markets are below the national unemployment rate of 4.4 percent as of December 31, 2025, according to data from the U.S.
20 percent of West Bank s current executive management team and 41 percent of West Bank officers and department managers are women.
REMOVED
Risks and uncertainties that may affect future results include: interest rate risk, including the effects of changes in interest rates; effects on 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.
The Company s primary activity during 2024 was the ownership of West Bank.
and Subsidiary The Company continues to grow, as loans outstanding at the end of 2024 totaled $3.0 billion compared to $2.9 billion at the end of 2023, an increase of 2.6 percent.
Total deposits at the end of 2024 totaled $3.4 billion compared to $3.0 billion at the end of 2023, an increase of 12.9 percent.
The Company declared and paid cash dividends on its common stock totaling $1.00 per share in 2024 and declared a $0.25 quarterly dividend on January 22, 2025, payable on February 19, 2025, to stockholders of record on February 5, 2025.
At December 31, 2024, the Company s tangible common equity ratio was 5.68 percent compared to 5.88 percent at December 31, 2023.
As of December 31, 2024 and 2023, the Company had no intangible assets or preferred stock outstanding.
In 2024, West Bank completed construction of a new headquarters building in West Des Moines, Iowa.
The new building consolidates the organization s operations under one roof, and provides space for future growth and enhanced business development opportunities.
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