West Bancorp (WTBA)


Market Price (8/8/2026): $28.415 | Market Cap: $484.2 MilSector: Financials | Industry: Regional Banks

West Bancorp (WTBA)


Market Price (8/8/2026): $28.415
Market Cap: $484.2 Mil
Sector: Financials
Industry: Regional Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 3.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.0%, FCF Yield is 10%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -40%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 49%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 47%

Low stock price volatility
Vol 12M is 28%

Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%

Weak multi-year price returns
3Y Excs Rtn is -5.1%

Key risks
WTBA key risks include [1] a significantly compressed net interest margin in 2024 due to adverse economic conditions, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 3.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.0%, FCF Yield is 10%
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -40%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 49%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 47%
3 Low stock price volatility
Vol 12M is 28%
4 Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
5 Weak multi-year price returns
3Y Excs Rtn is -5.1%
6 Key risks
WTBA key risks include [1] a significantly compressed net interest margin in 2024 due to adverse economic conditions, Show more.

WTBA in ETFs

Weight = WTBA's share of each fund

AVUV0.03%
IWN0.03%
VTWO0.01%
DFAS0.01%
IWO0.00%
DFAC0.00%
IWV0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 8/1/2026

West Bancorp (WTBA) stock has gained about 20% since 4/30/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Earnings and Financial Performance.

West Bancorp reported robust financial results for its fiscal second quarter ended June 30, 2026, which significantly exceeded prior periods. Net income surged by 38.8% year-over-year to $11.1 million, or $0.64 per diluted share, surpassing the Zacks Consensus Estimate of $0.63 per share. This strong performance was further evidenced by an improved return on average equity, rising to 16.21% in fiscal Q2 2026 from 15.91% in the prior quarter. Additionally, the net interest margin expanded to 2.69% from 2.27% a year earlier.

2. Increased Quarterly Dividend.

In conjunction with its strong earnings announcement on July 23, 2026, West Bancorp's Board of Directors declared a regular quarterly dividend of $0.26 per share, representing a $0.01 increase from the previous quarter. This marked the largest quarterly dividend in the company's history, signaling confidence in its sustained financial health and commitment to shareholder returns.

Show more
Updated on 8/1/2026

West Bancorp (WTBA) stock has gained about 20% since 4/30/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Earnings and Financial Performance.

West Bancorp reported robust financial results for its fiscal second quarter ended June 30, 2026, which significantly exceeded prior periods. Net income surged by 38.8% year-over-year to $11.1 million, or $0.64 per diluted share, surpassing the Zacks Consensus Estimate of $0.63 per share. This strong performance was further evidenced by an improved return on average equity, rising to 16.21% in fiscal Q2 2026 from 15.91% in the prior quarter. Additionally, the net interest margin expanded to 2.69% from 2.27% a year earlier.

2. Increased Quarterly Dividend.

In conjunction with its strong earnings announcement on July 23, 2026, West Bancorp's Board of Directors declared a regular quarterly dividend of $0.26 per share, representing a $0.01 increase from the previous quarter. This marked the largest quarterly dividend in the company's history, signaling confidence in its sustained financial health and commitment to shareholder returns.

3. Positive Analyst Price Target Revisions.

Several financial analysts revised their price targets upwards for West Bancorp following the positive earnings report. For example, Hovde Group boosted its price objective for the stock from $25.50 to $28.00 on July 24, 2026, and Piper Sandler increased its target price from $27.00 to $30.00. The average twelve-month price target from analysts is $29.00.

4. Sustained Robust Credit Quality.

The company demonstrated consistently strong credit quality, reporting 0% nonaccrual loans as a percentage of total loans at the end of fiscal Q2 2026 (June 30, 2026). This marked the eighth consecutive quarter with no loans more than 30 days past due, highlighting effective risk management and a healthy loan portfolio.

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Stock Movement Drivers

Fundamental Drivers

The 21.1% change in WTBA stock from 4/30/2026 to 8/7/2026 was primarily driven by a 11.9% change in the company's P/E Multiple.
(LTM values as of)43020268072026Change
Stock Price ($)23.4828.4321.1%
Change Contribution By: 
Total Revenues ($ Mil)981034.3%
Net Income Margin (%)35.9%37.4%4.3%
P/E Multiple11.312.611.9%
Shares Outstanding (Mil)1717-0.5%
Cumulative Contribution21.1%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/7/2026
ReturnCorrelation
WTBA21.1% 
Market (SPY)7.6%-4.4%
Sector (XLF)10.5%45.2%

Fundamental Drivers

The 23.4% change in WTBA stock from 1/31/2026 to 8/7/2026 was primarily driven by a 11.4% change in the company's Total Revenues ($ Mil).
(LTM values as of)13120268072026Change
Stock Price ($)23.0528.4323.4%
Change Contribution By: 
Total Revenues ($ Mil)9210311.4%
Net Income Margin (%)35.0%37.4%6.9%
P/E Multiple12.112.64.2%
Shares Outstanding (Mil)1717-0.6%
Cumulative Contribution23.4%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/7/2026
ReturnCorrelation
WTBA23.4% 
Market (SPY)12.1%16.0%
Sector (XLF)8.3%47.8%

Fundamental Drivers

The 66.9% change in WTBA stock from 7/31/2025 to 8/7/2026 was primarily driven by a 26.3% change in the company's P/E Multiple.
(LTM values as of)73120258072026Change
Stock Price ($)17.0428.4366.9%
Change Contribution By: 
Total Revenues ($ Mil)8710317.3%
Net Income Margin (%)33.0%37.4%13.3%
P/E Multiple10.012.626.3%
Shares Outstanding (Mil)1717-0.6%
Cumulative Contribution66.9%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/7/2026
ReturnCorrelation
WTBA66.9% 
Market (SPY)23.4%25.4%
Sector (XLF)11.3%51.2%

Fundamental Drivers

The 66.2% change in WTBA stock from 7/31/2023 to 8/7/2026 was primarily driven by a 51.1% change in the company's P/E Multiple.
(LTM values as of)73120238072026Change
Stock Price ($)17.1128.4366.2%
Change Contribution By: 
Total Revenues ($ Mil)9110313.2%
Net Income Margin (%)37.8%37.4%-1.0%
P/E Multiple8.412.651.1%
Shares Outstanding (Mil)1717-1.9%
Cumulative Contribution66.2%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/7/2026
ReturnCorrelation
WTBA66.2% 
Market (SPY)74.9%36.1%
Sector (XLF)70.4%53.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
WTBA Return66%-14%-12%8%8%31%90%
Peers Return27%-7%1%20%17%30%116%
S&P 500 Return27%-19%24%23%16%13%105%

Monthly Win Rates [3]
WTBA Win Rate75%42%42%50%67%88% 
Peers Win Rate57%45%55%57%62%68% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
WTBA Max Drawdown-13%-35%-38%-25%-20%-13% 
Peers Max Drawdown-17%-24%-37%-18%-22%-15% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: FIBK, QCRH, UMBF, NIC, ATLO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/7/2026 (YTD)

How Low Can It Go

EventWTBAS&P 500
2025 US Tariff Shock
  % Loss-18.3%-18.8%
  % Gain to Breakeven22.4%23.1%
  Time to Breakeven208 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-20.3%-9.5%
  % Gain to Breakeven25.5%10.5%
  Time to Breakeven42 days24 days
2023 SVB Regional Banking Crisis
  % Loss-27.8%-6.7%
  % Gain to Breakeven38.6%7.1%
  Time to Breakeven216 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-32.3%-24.5%
  % Gain to Breakeven47.7%32.4%
  Time to Breakeven1216 days427 days
2020 COVID-19 Crash
  % Loss-33.6%-33.7%
  % Gain to Breakeven50.5%50.9%
  Time to Breakeven324 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-21.6%-19.2%
  % Gain to Breakeven27.5%23.8%
  Time to Breakeven53 days105 days

Compare to FIBK, QCRH, UMBF, NIC, ATLO

In The Past

West Bancorp's stock fell -18.3% during the 2025 US Tariff Shock. Such a loss loss requires a 22.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventWTBAS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-20.3%-9.5%
  % Gain to Breakeven25.5%10.5%
  Time to Breakeven42 days24 days
2023 SVB Regional Banking Crisis
  % Loss-27.8%-6.7%
  % Gain to Breakeven38.6%7.1%
  Time to Breakeven216 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-32.3%-24.5%
  % Gain to Breakeven47.7%32.4%
  Time to Breakeven1216 days427 days
2020 COVID-19 Crash
  % Loss-33.6%-33.7%
  % Gain to Breakeven50.5%50.9%
  Time to Breakeven324 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-21.6%-19.2%
  % Gain to Breakeven27.5%23.8%
  Time to Breakeven53 days105 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-21.0%-17.9%
  % Gain to Breakeven26.6%21.8%
  Time to Breakeven36 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-24.7%-15.4%
  % Gain to Breakeven32.7%18.2%
  Time to Breakeven151 days125 days
2008-2009 Global Financial Crisis
  % Loss-63.4%-53.4%
  % Gain to Breakeven173.2%114.4%
  Time to Breakeven1296 days1085 days

Compare to FIBK, QCRH, UMBF, NIC, ATLO

In The Past

West Bancorp's stock fell -18.3% during the 2025 US Tariff Shock. Such a loss loss requires a 22.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About West Bancorp (WTBA)

West Bancorporation, Inc. (WTBA) operates as the financial holding company for West Bank, a community bank primarily serving individuals and small- to medium-sized businesses. The company focuses on providing a comprehensive range of traditional banking and trust services within its local markets.

Its core offerings include various deposit products such as checking, savings, money market accounts, and certificates of deposit. On the lending side, West Bank offers commercial real estate, construction, and commercial term loans, alongside lines of credit for businesses. For individuals, it provides residential mortgages, home equity loans, and other consumer loans. Additionally, the company manages trust services, including the administration of estates, conservatorships, and personal trusts.

Beyond its primary banking and trust services, West Bancorp also offers modern conveniences like internet and mobile banking, treasury management solutions for businesses (including cash management and remote deposit), and merchant credit card processing. The company's operations are concentrated in the Des Moines area and Coralville/Iowa City, Iowa, with additional branches in Rochester, Owatonna, Mankato, and St. Cloud, Minnesota.

AI Analysis | Feedback

Here are a few analogies for West Bancorp (WTBA):

  • A community-focused version of a larger regional bank like U.S. Bank, serving individuals and small businesses in Iowa and Minnesota.

  • Like a local branch of Chase or Bank of America, but operating as an independent regional bank across parts of Iowa and Minnesota.

AI Analysis | Feedback

  • Deposit Products: The company offers various accounts for holding funds, including checking, savings, money market accounts, and certificates of deposit.
  • Loan Products: West Bank provides a range of lending options, categorized into commercial, construction, consumer, and residential mortgages.
    • Commercial Loans: Loans for businesses, including commercial real estate, construction and land development, lines of credit, and term loans.
    • Consumer & Residential Loans: Loans for individuals, covering personal expenditures, 1-4 family residential mortgages, and home equity.
  • Trust Services: Administration of estates, conservatorships, personal trusts, and agency accounts for managing assets.
  • Digital Banking Services: Convenience services enabling banking transactions and account management via internet and mobile platforms.
  • Treasury Management Services: Specialized financial services for businesses, such as cash management, ACH transactions, remote deposit, and fraud protection.
  • Payment & Card Services: Provides merchant credit card processing and corporate credit cards for businesses.

AI Analysis | Feedback

West Bancorp (WTBA) primarily serves a diverse customer base rather than a few major corporate clients. Based on the company description, its customer base can be categorized as follows:

  • Individuals: This category includes customers who utilize services such as checking, savings, and money market accounts, consumer loans, 1-4 family residential mortgages, home equity loans, and personal trust services.
  • Small- to Medium-Sized Businesses: This category encompasses businesses that use West Bancorp for commercial real estate loans, construction and land development loans, commercial lines of credit, commercial term loans, treasury management services (including cash management, client-generated automated clearing house transactions, remote deposit, and fraud protection), merchant credit card processing, and corporate credit cards.

AI Analysis | Feedback

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AI Analysis | Feedback

David D. Nelson, Director, Chief Executive Officer and President; Chairman of the Board and Chief Executive Officer of West Bank

Mr. Nelson was appointed CEO in April 2010 and has over 30 years of experience in commercial banking. He previously served as President, Southeast Minnesota Business Banking and President, Wells Fargo Bank Rochester. He has a strong background in customer relationship building, credit, and leadership development. Mr. Nelson has increased his ownership in West Bancorp through stock purchases and directly held approximately 253,090 shares as of February 2025.

Jane M. Funk, Principal Accounting Officer and Treasurer; Executive Vice President and Chief Financial Officer of the Company and West Bank

Ms. Funk joined West Bank in 2014 and brings over 20 years of combined experience in the financial services industry and public accounting. She is a Certified Public Accountant (CPA) and is a member of the Iowa Society of Certified Public Accountants and the American Institute of Certified Public Accountants.

Brad L. Winterbottom, Executive Vice President; President of West Bank

Mr. Winterbottom joined West Bank in 1992, and has served as a Director of West Bank since 2000. He joined the West Bancorporation Board in 2009.

Harlee N. Olafson, Executive Vice President and Chief Risk Officer of the Company and West Bank; Chief Operating Officer of West Bank

Mr. Olafson has served as Chief Risk Officer and Executive Vice President of the Company and West Bank since 2010. He possesses over 30 years of experience in commercial banking.

Bradley P. Peters, Executive Vice President of the Company and West Bank; Minnesota Group President of West Bank

Mr. Peters joined West Bank in 2019 and has over 30 years of experience in commercial banking. He also serves on the Minnesota State University College of Business Advisory Council.

AI Analysis | Feedback

Here are the key risks to West Bancorp (WTBA):

Key Risks to West Bancorp (WTBA)

  1. Credit Risk: West Bancorp, through its subsidiary West Bank, is significantly exposed to credit risks within its loan portfolio, particularly commercial real estate loans, construction and land development loans, and other commercial loans. These loans are subject to market fluctuations and potential economic downturns in its operating regions of Iowa and Minnesota. A deterioration in economic conditions or specific market segments could lead to increased loan defaults and losses, directly impacting the company's financial performance.
  2. Interest Rate Risk: As a financial institution, West Bancorp's profitability is highly sensitive to changes in interest rates. Fluctuations in interest rates, influenced by the Federal Reserve's monetary policies, can negatively impact the company's net interest income and overall financial condition by affecting the spread between the interest earned on assets (loans) and the interest paid on liabilities (deposits and borrowings).
  3. Regulatory and Compliance Risk: West Bancorp operates within a heavily regulated banking industry, subject to extensive federal and state laws and regulations. Changes in these regulatory requirements, increased supervisory expectations, or non-compliance can lead to higher operational costs, fines, penalties, and restrictions on business activities, diverting resources and impacting profitability. Regulatory burden is a significant concern for community banks, potentially affecting their ability to compete and serve their communities.

AI Analysis | Feedback

Emerging threats for West Bancorp (WTBA) include:

  • The rise of digital-only banks (neobanks) which operate with lower overheads and can offer more competitive rates and streamlined mobile-first experiences, potentially siphoning away deposit customers and consumer loan business.

  • Specialized financial technology (fintech) lenders that leverage technology to offer faster, more convenient, and often more tailored loan products (e.g., commercial lines of credit, commercial term loans, consumer loans) to small- to medium-sized businesses and individuals, thereby challenging West Bancorp's traditional lending services.

AI Analysis | Feedback

The addressable markets for West Bancorp's main products and services are primarily within the United States, with specific data available for Iowa and Minnesota where the company operates.

Addressable Markets for West Bancorp's Main Products and Services

  • Commercial Banking (Iowa): The market size for the Commercial Banking industry in Iowa is projected to be $16.7 billion in 2026. Iowa banks provided approximately $92 billion in loans in 2025. Total deposits in Iowa banks were $110.8 billion in 2025, with total assets exceeding $132 billion at year-end 2025.
  • Commercial Banking (Minnesota): The market size for the Commercial Banking industry in Minnesota is projected to be $37.0 billion in 2026. In 2024, deposits in Minnesota banks amounted to $311 billion.
  • Commercial Real Estate Loans (U.S.): Total commercial real estate (CRE) mortgage borrowing and lending in the U.S. was estimated at $498 billion in 2024. Preliminary figures indicate that total commercial mortgage originations in the U.S. climbed 40% in 2025 from 2024 levels. The global commercial lending market size was valued at USD 10,923.28 billion in 2025 and is projected to reach USD 28,369.38 billion by 2034. North America's commercial lending growth is projected to reach USD 2,892.50 billion by 2025.
  • Residential Mortgages and Home Equity Loans (U.S.): The U.S. Home Mortgage Market is projected to reach a valuation of approximately $204.5 billion in 2024 and $571.6 billion by 2033. Total single-family mortgage origination volume in the U.S. is expected to increase to $2.2 trillion in 2026 from $2.0 trillion in 2025. As of April 2023, total mortgage debt, including home equity loans, accounted for $12.33 trillion of total U.S. consumer debt.
  • Residential Mortgages (Minnesota): New home loans booked in Minnesota totaled $16.4 billion in 2024.
  • Consumer Loans (U.S.): The global consumer credit market size was valued at USD 13.05 billion in 2024 and is expected to grow to USD 18.80 billion by 2033. The U.S. personal loan market, a segment of consumer loans, is estimated to gain USD 148.64 billion in 2026. As of April 2023, non-mortgage consumer debt in the U.S. totaled $4.66 trillion.
  • Trust Services (U.S.): The Trust and Corporate Services market in the U.S. is estimated at US$2.2 billion in 2024. The global trust and corporate service market was valued at US$13.86 billion in 2024 and is projected to exceed US$20.05 billion by 2033.

AI Analysis | Feedback

Here are the expected drivers of future revenue growth for West Bancorp (WTBA) over the next 2-3 years:

1. Expansion in the Midwest, particularly Minnesota, through relationship-based banking: West Bancorp is strategically expanding its presence in Minnesota, focusing on relationship-based banking to generate new business opportunities, including both loan and deposit growth.

2. Net Interest Margin (NIM) expansion driven by the repricing of fixed-rate loans: The company anticipates an expanding net interest margin as fixed-rate loans reprice into higher yields. Approximately $550 million in fixed-rate loans were expected to reprice within 12 months as of October 2025, and nearly $400 million of the fixed-rate portfolio is projected to reprice in 2026, with an expected yield pickup of 1.5% to 2%. Future Federal Reserve rate cuts are also expected to be favorable to the net interest margin.

3. Growth in core deposits through targeted business and high-value retail customer acquisition: West Bancorp is actively focusing on attracting new core commercial and retail deposits through targeted calling plans, specifically seeking deposit-rich business banking opportunities and high-value retail deposits. This growth in core deposits is crucial for funding loan growth and managing the cost of funds.

4. Strategic balance sheet management, including asset redeployment: The company is capitalizing on strategic balance sheet management to achieve further gains. This includes the repositioning of securities, such as the sale of $64 million in securities in Q4 2025, with proceeds intended for redeployment into higher-earning assets or repayment of high-cost funding, thereby enhancing future margins.

AI Analysis | Feedback

Here's a summary of West Bancorp's capital allocation decisions over the last 3-5 years (2021-2025), based on available public information:

Share Repurchases

  • West Bancorporation has not reported significant share repurchase programs or substantial dollar amounts of common stock repurchased in its recent SEC filings for the period of 2021-2025.

Share Issuance

  • The number of common shares issued and outstanding has slightly increased over the last few years, primarily due to shares issued through the Company's Equity Incentive Plans as restricted stock units vest. For example, an Executive Vice President received an equity award of 15,000 shares of common stock as restricted stock units on February 23, 2026.
  • The number of shares outstanding for West Bancorporation increased from 16.54 million in 2021 to 16.93 million in 2025.

Capital Expenditures

  • West Bancorp significantly invested in its physical infrastructure during this period. The net value of premises and equipment increased from approximately $86.4 million at December 31, 2023, to $109.9 million at December 31, 2024.
  • A major focus of capital expenditures was the relocation to a new corporate headquarters in West Des Moines, Iowa, which the company moved into in April 2024.
  • The company also completed the construction of permanent offices in St. Cloud and Mankato, Minnesota, and anticipated the completion of a permanent office in Owatonna, Minnesota, in 2024.

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Can West Bancorp Stock Hold Up When Markets Turn?10/17/2025
Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

WTBAFIBKQCRHUMBFNICATLOMedian
NameWest Ban.First In.QCR UMB Fina.Nicolet .Ames Nat. 
Mkt Price28.4337.53103.87145.60172.5431.2570.70
Mkt Cap0.53.61.711.13.70.32.7
Rev LTM1031,0503742,69551970447
Op Inc LTM-------
FCF LTM492433591,04117422209
FCF 3Y Avg2629836372614117220
CFO LTM502724291,08918323227
CFO 3Y Avg4332440876015219238

Growth & Margins

WTBAFIBKQCRHUMBFNICATLOMedian
NameWest Ban.First In.QCR UMB Fina.Nicolet .Ames Nat. 
Rev Chg LTM17.3%4.1%12.2%41.7%41.5%21.7%19.5%
Rev Chg 3Y Avg5.4%-1.6%5.1%27.5%25.4%5.4%5.4%
Rev Chg Q18.0%-1.6%18.3%14.2%85.7%17.8%17.9%
QoQ Delta Rev Chg LTM4.3%-0.4%3.8%3.5%18.7%4.1%4.0%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM49.2%25.9%114.9%40.4%35.1%32.5%37.8%
CFO/Rev 3Y Avg47.9%31.9%116.9%37.7%37.7%31.4%37.7%
FCF/Rev LTM47.4%23.2%96.0%38.6%33.5%31.2%36.1%
FCF/Rev 3Y Avg26.2%29.4%103.9%36.1%34.8%28.6%32.1%

Valuation

WTBAFIBKQCRHUMBFNICATLOMedian
NameWest Ban.First In.QCR UMB Fina.Nicolet .Ames Nat. 
Mkt Cap0.53.61.711.13.70.32.7
P/S4.73.54.64.17.04.04.4
P/Op Inc-------
P/EBIT-------
P/E12.611.212.811.723.712.812.7
P/CFO9.613.34.010.220.012.311.2
Total Yield11.4%14.2%8.0%9.9%4.9%10.5%10.2%
Dividend Yield3.5%5.2%0.2%1.4%0.7%2.7%2.0%
FCF Yield 3Y Avg6.3%9.6%29.9%9.8%7.1%8.8%9.2%
D/E0.80.10.20.00.00.10.1
Net D/E-0.4-0.30.1-1.3-0.5-1.7-0.4

Returns

WTBAFIBKQCRHUMBFNICATLOMedian
NameWest Ban.First In.QCR UMB Fina.Nicolet .Ames Nat. 
1M Rtn10.3%-0.7%9.9%2.5%6.9%8.4%7.6%
3M Rtn19.1%5.7%14.2%11.2%17.6%10.1%12.7%
6M Rtn11.3%0.4%9.1%9.2%13.9%13.7%10.2%
12M Rtn66.4%39.5%49.1%36.0%39.0%75.0%44.3%
3Y Rtn71.8%55.0%98.1%116.6%113.6%83.0%90.6%
1M Excs Rtn6.6%-5.2%5.3%-1.5%2.9%4.8%3.8%
3M Excs Rtn13.3%0.4%8.0%5.6%12.2%4.5%6.8%
6M Excs Rtn-0.7%-11.6%-3.3%-3.1%1.3%0.9%-1.9%
12M Excs Rtn42.5%15.5%26.3%12.0%15.5%52.9%20.9%
3Y Excs Rtn-5.1%-11.5%28.3%48.8%41.1%8.0%18.2%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Community banking activities947979102104
Total947979102104


Assets by Segment
$ Mil2006
Banking1,254
Investment Advisory16
Total1,270


Price Behavior

Price Behavior
Market Price$28.43 
Market Cap ($ Bil)0.5 
First Trading Date05/03/1999 
Distance from 52W High0.0% 
   50 Days200 Days
DMA Price$25.97$23.57
DMA Trendupup
Distance from DMA9.5%20.6%
 3M1YR
Volatility23.6%27.9%
Downside Capture-43.9327.11
Upside Capture40.3078.40
Correlation (SPY)-6.6%25.9%
WTBA Betas & Captures as of 7/31/2026

 1M2M3M6M1Y3Y
Beta-0.03-0.31-0.140.290.550.78
Up Beta-0.97-1.17-0.640.100.750.79
Down Beta-0.40-0.26-0.110.070.410.71
Up Capture80%46%39%56%69%57%
Bmk +ve Days11223567138427
Stock +ve Days12263767132372
Down Capture-6%-62%-44%26%35%93%
Bmk -ve Days11212859114326
Stock -ve Days10172659118375

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with WTBA
WTBA65.1%27.8%1.78-
Sector ETF (XLF)12.3%14.6%0.5751.9%
Equity (SPY)23.3%12.8%1.3625.6%
Gold (GLD)28.5%28.4%0.87-10.2%
Commodities (DBC)32.9%19.8%1.32-27.9%
Real Estate (VNQ)14.2%13.8%0.7240.7%
Bitcoin (BTCUSD)-44.2%42.9%-1.2314.7%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with WTBA
WTBA4.2%31.6%0.17-
Sector ETF (XLF)11.4%18.4%0.4855.7%
Equity (SPY)13.5%17.2%0.6140.6%
Gold (GLD)18.6%18.6%0.81-2.1%
Commodities (DBC)8.2%19.6%0.313.7%
Real Estate (VNQ)2.3%18.9%0.0243.8%
Bitcoin (BTCUSD)8.8%53.0%0.3520.1%

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Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with WTBA
WTBA8.7%32.9%0.33-
Sector ETF (XLF)13.6%22.1%0.5663.5%
Equity (SPY)15.4%17.9%0.7348.9%
Gold (GLD)12.1%16.2%0.61-4.0%
Commodities (DBC)7.4%18.0%0.3313.4%
Real Estate (VNQ)4.8%20.7%0.2047.1%
Bitcoin (BTCUSD)58.2%66.2%0.9815.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date7152026
Short Interest: Shares Quantity0.4 Mil
Short Interest: % Change Since 6302026-2.8%
Average Daily Volume0.1 Mil
Days-to-Cover Short Interest6.8 days
Basic Shares Quantity17.0 Mil
Short % of Basic Shares2.3%

Earnings Returns History

Updated 8/3/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/23/20262.1%5.0% 
4/23/20263.5%1.5%1.7%
1/29/20264.2%15.9%10.1%
10/23/20253.4%7.5%8.5%
7/24/2025-2.7%-5.9%-1.4%
4/24/2025-4.9%-1.3%-0.3%
1/23/2025-0.2%3.9%7.5%
10/24/20240.5%8.1%18.3%
...
SUMMARY STATS   
# Positive151516
# Negative997
Median Positive2.6%3.7%8.0%
Median Negative-1.6%-3.8%-5.6%
Max Positive4.5%15.9%20.7%
Max Negative-4.9%-7.8%-12.0%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/23/20262.1%5.0% 
4/23/20263.5%1.5%1.7%
1/29/20264.2%15.9%10.1%
10/23/20253.4%7.5%8.5%
7/24/2025-2.7%-5.9%-1.4%
4/24/2025-4.9%-1.3%-0.3%
1/23/2025-0.2%3.9%7.5%
10/24/20240.5%8.1%18.3%
7/25/2024-1.6%-2.3%-8.5%
4/25/2024-1.4%1.1%2.7%
1/25/2024-4.5%-7.8%-12.0%
10/26/20234.1%2.1%15.3%
7/27/20231.8%-1.6%-6.5%
4/27/20232.6%-3.8%2.4%
1/26/2023-2.8%-4.8%-5.6%
10/27/20223.0%-2.3%8.8%
7/28/20221.0%0.5%2.4%
4/28/20223.6%3.3%2.0%
1/27/2022-1.5%-4.3%-2.7%
10/28/20211.2%8.2%3.7%
7/29/20210.6%3.7%5.1%
4/29/20214.5%7.1%11.0%
1/28/20210.2%1.1%11.0%
10/29/2020-0.3%3.3%20.7%
SUMMARY STATS   
# Positive151516
# Negative997
Median Positive2.6%3.7%8.0%
Median Negative-1.6%-3.8%-5.6%
Max Positive4.5%15.9%20.7%
Max Negative-4.9%-7.8%-12.0%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202607/23/202610-Q
03/31/202604/23/202610-Q
12/31/202502/26/202610-K
09/30/202510/23/202510-Q
06/30/202507/24/202510-Q
03/31/202504/24/202510-Q
12/31/202402/20/202510-K
09/30/202410/24/202410-Q
06/30/202407/25/202410-Q
03/31/202404/25/202410-Q
12/31/202302/22/202410-K
09/30/202310/26/202310-Q
06/30/202307/27/202310-Q
03/31/202304/27/202310-Q
12/31/202202/23/202310-K
09/30/202210/27/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202607/23/202610-Q
03/31/202604/23/202610-Q
12/31/202502/26/202610-K
09/30/202510/23/202510-Q
06/30/202507/24/202510-Q
03/31/202504/24/202510-Q
12/31/202402/20/202510-K
09/30/202410/24/202410-Q
06/30/202407/25/202410-Q
03/31/202404/25/202410-Q
12/31/202302/22/202410-K
09/30/202310/26/202310-Q
06/30/202307/27/202310-Q
03/31/202304/27/202310-Q
12/31/202202/23/202310-K
09/30/202210/27/202210-Q
06/30/202207/28/202210-Q
03/31/202204/28/202210-Q
12/31/202102/24/202210-K
09/30/202110/28/202110-Q
06/30/202107/29/202110-Q
03/31/202104/29/202110-Q
12/31/202003/01/202110-K
09/30/202010/29/202010-Q
06/30/202007/23/202010-Q
03/31/202004/23/202010-Q
12/31/201902/27/202010-K
09/30/201910/24/201910-Q

Insider Activity

Updated 4/26/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Milligan, George DDirectSell1125202521.7110,000217,1001,154,863Form
2Milligan, George DDirectSell1125202522.005,826128,1721,390,290Form
3Gulling, Douglas R DirectSell1112202521.757,900171,8251,573,352Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Milligan, George DDirectSell1125202521.7110,000217,1001,154,863Form
2Milligan, George DDirectSell1125202522.005,826128,1721,390,290Form
3Gulling, Douglas R DirectSell1112202521.757,900171,8251,573,352Form

Investor Activity (13F)

Updated Aug 8, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Rhino Investment Partners, Inc$5.3 Mil1.5%39Hold13F
Active Manager
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Rhino Investment Partners, Inc$5.3 Mil1.5%39Hold13F
Core Cache Last Updated: 8/7/2026