WEST DES MOINES, Iowa, July 23, 2026 (GLOBE NEWSWIRE) -- West Bancorporation, Inc. (Nasdaq: WTBA; the “Company”), parent company of West Bank, today reported second quarter 2026 net income of $11.1 million, or $0.64 per diluted common share, compared to first quarter 2026 net income of $10.6 million, or $0.61 per diluted common share, and second quarter 2025 net income of $8.0 million, or $0.47 per diluted common share. On July 22, 2026, the Company’s Board of Directors declared a regular quarterly dividend of $0.26 per common share, an increase of $0.01 from the prior quarter and representing a record high quarterly dividend for the Company. The dividend is payable on August 19, 2026, to stockholders of record on August 5, 2026.
David Nelson, President and Chief Executive Officer of the Company, commented, “Our net income for the first half of 2026 has increased 37 percent compared to the first half of 2025. Our annualized return on average equity has improved to 16.06 percent for the first half of 2026, compared to 13.74 percent for the first half of 2025 and our annualized return on average assets has grown to 1.10 percent in the second quarter of 2026. As a result of our strong financial performance, we are excited to announce a $0.01 increase in our regular quarterly dividend. This marks the largest quarterly dividend in our Company’s history, providing shareholders with meaningful cash returns on their investments.”
Mr. Nelson added, “Our balance sheet remains exceptionally strong, supported by solid capital and liquidity levels. Credit quality remains pristine with no loans on nonaccrual status at June 30, 2026. Additionally, this marks our eighth consecutive quarter-end with no loans greater than 30 days past due.”
Second Quarter 2026 Compared to First Quarter 2026 Overview
- Quarterly net income was $11.1 million, an increase of $0.5 million, or 4.74 percent, compared to prior quarter.
- Quarterly return on average equity increased to 16.21 percent, compared to 15.91 percent in prior quarter.
- Loan balances were down slightly by $41.5 million, or 1.4 percent, at June 30, 2026 compared to March 31, 2026. However, average loan balances increased by $13.0 million in the second quarter of 2026 compared to the first quarter of 2026. We continue to experience notable loan payoffs as a result of secondary market refinancings and asset and business sales. The change in loan mix was primarily due to reclassifications resulting from completed construction projects moving to permanent financing.
- No credit loss expense on loans was recorded in either the second or first quarter of 2026.
- The allowance for credit losses to total loans was 1.03 percent as of June 30, 2026, compared to 1.02 percent as of March 31, 2026. There were no nonaccrual loans at June 30, 2026 or March 31, 2026. Substandard loans increased to $14.4 million as of June 30, 2026, from $0 as of March 31, 2026. The substandard loans balance consisted of loans to two borrowers, which have loans in the commercial and commercial real estate segments. In both instances, the Company believes the loans within the relationship are sufficiently collateralized. Watch list loans decreased from $41.3 million as of March 31, 2026 to $7.1 million as of June 30, 2026. This decrease was primarily due to loan payoffs totaling approximately $32.2 million.
- Deposits, excluding brokered deposits, increased $15.9 million, or 0.5 percent, in the second quarter of 2026. Brokered deposits were reduced by $6.0 million. As of June 30, 2026, 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 2.69 percent for the second quarter of 2026, compared to 2.59 percent for the first quarter of 2026. Net interest income for the second quarter of 2026 was $25.5 million, compared to $24.4 million for the first quarter of 2026. The improvement was primarily due to an increase in average loan balances and increase in loan yields for the second quarter of 2026. Loan yields increased by 6 basis points in the second quarter of 2026.
- The efficiency ratio (a non-GAAP measure) was 48.78 percent for the second quarter of 2026, compared to 49.85 percent for the first quarter of 2026.
- The tangible common equity ratio was 6.97 percent as of June 30, 2026, compared to 6.75 percent as of March 31, 2026.
Second Quarter 2026 Compared to Second Quarter 2025 Overview
- Quarterly net income was $11.1 million, an increase of $3.1 million, or 38.8 percent, compared to prior year.
- Quarterly return on average equity increased to 16.21 percent, compared to 13.65 percent in prior year.
- Loan balances were down slightly by $16.2 million at June 30, 2026, or 0.5 percent, compared to June 30, 2025. Average loan balances for the two comparable quarterly periods were relatively unchanged. We continue to experience notable loan payoffs as a result of secondary market refinancings and asset and business sales. The change in loan mix was primarily due to reclassifications resulting from completed construction projects moving to permanent financing and commercial loan restructurings adding real estate collateral.
- Deposits, excluding brokered deposits, increased $50.7 million, or 1.6 percent, as of June 30, 2026, compared to June 30, 2025. Brokered deposits were reduced by $97.8 million.
- Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure), was 2.69 percent for the second quarter of 2026, compared to 2.27 percent for the second quarter of 2025. Net interest income for the second quarter of 2026 was $25.5 million, compared to $21.4 million for the second quarter of 2025. The increase in net interest margin and net interest income was primarily due to a decrease in interest expense on deposits. The cost of deposits decreased by 46 basis points in the second quarter of 2026 compared to the second quarter of 2025. This was primarily driven by the decline in deposit rates in response to the reduction in the federal funds rate in the second half of 2025.
- The efficiency ratio (a non-GAAP measure) was 48.78 percent for the second quarter of 2026, compared to 56.45 percent for the second quarter of 2025. The improvement in the efficiency ratio in the second quarter of 2026 compared to the second quarter of 2025 was primarily due to the increase in net interest income.
- The tangible common equity ratio was 6.97 percent as of June 30, 2026, compared to 5.94 percent as of June 30, 2025. The increase in the tangible common equity ratio was due to growth in retained earnings and a 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 23, 2026. 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 6, 2026, 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 Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may appear throughout this report. These forward-looking statements are generally identified by the words “believes,” “expects,” “intends,” “anticipates,” “projects,” “forecasts,” “plans,” “targets,” “future,” “confident,” “potentially,” “probably,” “outlook,” “may,” “should,” “would,” “could,” “will,” “strategy,” “plan,” “opportunity,” “will be,” “will likely result,” “will continue” or similar references, as well as the negative of such words, or references to estimates, predictions or future events. Forward-looking statements are not historical facts but instead represent management’s current expectations and forecasts regarding future events, many of which are inherently uncertain and outside of our control. Such forward-looking statements are based upon certain underlying assumptions, known and unknown, risks and uncertainties. Because of the possibility that the underlying assumptions are incorrect or do not materialize as expected in the future, actual results may differ, possibly materially, from these forward-looking statements. Risks and uncertainties that may affect future results include, but are not limited to: 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 rising 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; effects on the U.S. economy resulting from actions taken by the federal government, including executive orders and immigration enforcement; 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; the effects of acts of war or terrorism, including the wars in Iran and Ukraine, ongoing conflicts in the Middle East, and other international military conflicts that can increase levels of political and economic unpredictability, contribute to rising energy and commodity prices, affect global supply chains, increase the volatility of financial markets, and other matters beyond our control; widespread disease, pandemics or epidemics, or other adverse external events; risks related to climate change and the negative impact it may have on our customers and their business; changes to U.S. tax laws, regulations and guidance; potential changes in federal policy and at regulatory agencies; talent and labor shortages; emerging issues related to the development and use of artificial intelligence that could give rise to legal or regulatory action, damage our reputation or otherwise materially harm our business or customers; that availability of future equity and debt issuances and other capital raising opportunities on favorable terms; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the Securities and Exchange Commission (the “SEC”). The Company cautions readers not to place undue reliance on any forward-looking statements. Moreover, any of the forward-looking statements that the Company makes in this report or the documents the Company files with or furnishes to the SEC are based only on information then actually known to the Company and upon management’s beliefs and assumptions at the time they are made, which may turn out to be wrong because of inaccurate assumptions they might make, because of the factors described above or because of other factors that the Company cannot foresee. Forward-looking statements speak only as of the date they are made, and the Company does not undertake and specifically disclaims any 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) As of and for the Quarter Ended For the Six Months EndedKEY PERFORMANCE RATIOS AND OTHER METRICS June 30,2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025 June 30,
2026 June 30,
2025Return on average assets(1) 1.10% 1.06% 0.72% 0.92% 0.80% 1.08% 0.80%Return on average equity(2) 16.21 15.91 11.33 15.25 13.65 16.06 13.74 Net interest margin(3)(13) 2.69 2.59 2.47 2.36 2.27 2.64 2.27 Yield on interest-earning assets(4)(13) 5.10 5.04 5.02 5.13 5.07 5.07 5.06 Cost of interest-bearing liabilities 2.88 2.90 3.02 3.26 3.28 2.89 3.27 Efficiency ratio(5)(13) 48.78 49.85 50.21 54.06 56.45 49.31 56.41 Nonperforming assets to total assets(6) 0.00 0.00 0.00 0.00 0.00 ACL ratio(7) 1.03 1.02 1.02 1.01 1.03 Loans/total assets 73.21 74.59 72.47 75.50 73.12 Loans/total deposits 88.20 89.71 86.54 91.00 87.45 Tangible common equity ratio(8) 6.97 6.75 6.42 6.40 5.94 COMMON SHARE DATA Earnings per common share (basic) $0.65 $0.62 $0.44 $0.55 $0.47 $1.27 $0.94 Earnings per common share (diluted) 0.64 0.61 0.43 0.55 0.47 1.26 0.93 Dividends per common share 0.25 0.25 0.25 0.25 0.25 0.50 0.50 Book value per common share(9) 16.49 15.90 15.70 15.06 14.22 Closing stock price 26.53 23.79 22.19 20.32 19.63 Market price/book value(10) 160.89% 149.62% 141.34% 134.93% 138.05% Price earnings ratio(11) 10.18 9.40 12.71 9.31 10.41 Annualized dividend yield(12) 3.77% 4.20% 4.51% 4.92% 5.09% REGULATORY CAPITAL RATIOS Consolidated: Total risk-based capital ratio 13.46% 12.99% 12.77% 12.54% 12.53% Tier 1 risk-based capital ratio 10.77 10.34 10.14 9.93 9.89 Tier 1 leverage capital ratio 8.91 8.74 8.44 8.51 8.33 Common equity tier 1 ratio 10.18 9.77 9.56 9.37 9.32 West Bank: Total risk-based capital ratio 13.97% 13.53% 13.35% 13.17% 13.21% Tier 1 risk-based capital ratio 13.03 12.61 12.44 12.26 12.29 Tier 1 leverage capital ratio 10.79 10.66 10.35 10.50 10.36 Common equity tier 1 ratio 13.03 12.61 12.44 12.26 12.29
(1) Annualized net income divided by average assets.
(2) Annualized net income divided by average stockholders’ equity.
(3) Annualized tax-equivalent net interest income divided by average interest-earning assets.
(4) Annualized tax-equivalent interest income on interest-earning assets divided by average interest-earning assets.
(5) 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.
(6) Total nonperforming assets divided by total assets.
(7) Allowance for credit losses on loans divided by total loans.
(8) Common equity less intangible assets (none held) divided by tangible assets.
(9) Includes accumulated other comprehensive loss.
(10) Closing stock price divided by book value per common share.
(11) Closing stock price divided by annualized earnings per common share (basic).
(12) Annualized dividend divided by period end closing stock price.
(13) A non-GAAP measure.
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025Assets Cash and due from banks $30,986 $40,018 $25,171 $26,875 $35,796 Interest-earning deposits with banks 260,633 180,218 324,502 109,265 212,450 Securities purchased under agreements to resell 142,080 141,742 121,413 96,792 96,955 Securities available for sale, at fair value 446,575 456,410 468,447 537,856 536,709 Federal Home Loan Bank stock, at cost 15,168 15,180 15,167 15,190 15,311 Loans 2,950,114 2,991,638 3,001,690 3,008,888 2,966,357 Allowance for credit losses (30,530) (30,523) (30,525) (30,515) (30,539)Loans, net 2,919,584 2,961,115 2,971,165 2,978,373 2,935,818 Premises and equipment, net 106,626 107,619 108,380 109,212 109,806 Bank-owned life insurance 46,751 46,500 46,192 45,875 45,567 Other assets 61,261 62,171 61,807 66,042 68,257 Total assets $4,029,664 $4,010,973 $4,142,244 $3,985,480 $4,056,669 Liabilities and Stockholders’ Equity Deposits $3,344,900 $3,334,972 $3,468,470 $3,306,517 $3,391,993 Borrowings 374,037 375,221 376,406 389,076 390,260 Other liabilities 29,685 30,037 31,383 34,754 33,486 Stockholders’ equity 281,042 270,743 265,985 255,133 240,930 Total liabilities and stockholders’ equity $4,029,664 $4,010,973 $4,142,244 $3,985,480 $4,056,669 For the Quarter EndedAVERAGE BALANCES June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025Assets $4,029,324 $4,027,218 $4,104,279 $4,004,769 $4,016,490 Loans 2,984,527 2,971,497 2,982,754 2,959,962 2,989,638 Deposits 3,347,452 3,348,255 3,418,539 3,333,800 3,353,982 Stockholders’ equity 273,967 269,453 259,932 242,245 234,399
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025Commercial $463,248 $471,423 $505,059 $511,316 $500,854 Real estate: Construction, land and land development 333,753 376,059 426,833 448,660 459,037 1-4 family residential first mortgages 130,951 139,118 93,122 87,784 86,173 Home equity 25,999 27,084 26,088 27,083 24,285 Commercial 1,977,477 1,958,189 1,929,766 1,912,235 1,875,857 Consumer and other 21,347 22,257 23,374 24,697 22,900 2,952,775 2,994,130 3,004,242 3,011,775 2,969,106 Net unamortized fees and costs (2,661) (2,492) (2,552) (2,887) (2,749)Total loans $2,950,114 $2,991,638 $3,001,690 $3,008,888 $2,966,357 Less: allowance for credit losses (30,530) (30,523) (30,525) (30,515) (30,539)Net loans $2,919,584 $2,961,115 $2,971,165 $2,978,373 $2,935,818 CREDIT QUALITY Pass $2,931,300 $2,952,824 $2,952,015 $2,973,103 $2,958,318 Watch 7,112 41,306 52,227 38,672 10,788 Substandard 14,363 — — — — Doubtful — — — — — Total loans $2,952,775 $2,994,130 $3,004,242 $3,011,775 $2,969,106 DEPOSITS Noninterest-bearing demand $553,660 $511,013 $540,358 $512,869 $521,990 Interest-bearing demand 506,574 489,990 577,814 448,731 461,207 Savings and money market - non-brokered 1,705,057 1,731,835 1,739,790 1,677,543 1,749,049 Money market - brokered 100,450 86,304 99,718 121,849 98,877 Total nonmaturity deposits 2,865,741 2,819,142 2,957,680 2,760,992 2,831,123 Time - non-brokered 469,159 485,658 455,944 462,542 451,463 Time - brokered 10,000 30,172 54,846 82,983 109,407 Total time deposits 479,159 515,830 510,790 545,525 560,870 Total deposits $3,344,900 $3,334,972 $3,468,470 $3,306,517 $3,391,993 BORROWINGS Subordinated notes, net $80,287 $80,221 $80,156 $80,090 $80,024 Federal Home Loan Bank advances 270,000 270,000 270,000 270,000 270,000 Long-term debt 23,750 25,000 26,250 38,986 40,236 Total borrowings $374,037 $375,221 $376,406 $389,076 $390,260 STOCKHOLDERS’ EQUITY Preferred stock $— $— $— $— $— Common stock 3,000 3,000 3,000 3,000 3,000 Additional paid-in capital 37,312 36,553 37,231 36,473 35,773 Retained earnings 307,408 300,596 294,259 291,069 285,990 Accumulated other comprehensive loss (66,678) (69,406) (68,505) (75,409) (83,833)Total stockholders’ equity $281,042 $270,743 $265,985 $255,133 $240,930
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025Interest income: Loans, including fees $42,031 $40,946 $41,992 $42,198 $41,666Securities: Taxable 2,097 2,143 2,355 2,643 2,685Tax-exempt 636 638 677 739 742Deposits with banks 2,130 2,047 2,808 2,087 2,847Securities purchased under agreements to resell 1,580 1,617 1,370 1,258 22Total interest income 48,474 47,391 49,202 48,925 47,962Interest expense: Deposits 19,184 19,261 21,112 22,539 22,676Subordinated notes 1,110 1,104 1,109 1,107 1,104Federal Home Loan Bank advances 2,274 2,244 2,316 2,292 2,259Long-term debt 385 397 459 486 504Total interest expense 22,953 23,006 24,996 26,424 26,543Net interest income 25,521 24,385 24,206 22,501 21,419Credit loss expense — — — — —Net interest income after credit loss expense 25,521 24,385 24,206 22,501 21,419Noninterest income: Service charges on deposit accounts 476 508 493 491 486Debit card interchange income 514 472 493 477 478Trust services 1,048 1,010 964 894 801Increase in cash value of bank-owned life insurance 313 308 317 308 295Realized securities losses, net — — (3,959) — —Other income 245 256 800 333 350Total noninterest income (loss) 2,596 2,554 (892) 2,503 2,410Noninterest expense: Salaries and employee benefits 7,987 7,632 7,579 7,457 7,343Occupancy and equipment 2,006 2,006 2,083 2,090 2,034Technology and software 822 774 789 794 791Data processing 545 596 673 663 643FDIC insurance 444 473 475 637 670Professional fees 298 278 297 303 303Other expenses 1,665 1,706 1,833 1,606 1,701Total noninterest expense 13,767 13,465 13,729 13,550 13,485Income before income taxes 14,350 13,474 9,585 11,454 10,344Income taxes 3,277 2,902 2,160 2,140 2,365Net income $11,073 $10,572 $7,425 $9,314 $7,979 Basic earnings per common share $0.65 $0.62 $0.44 $0.55 $0.47Diluted earnings per common share $0.64 $0.61 $0.43 $0.55 $0.47
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 30,2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025 June 30,
2026 June 30,
2025Reconciliation of net interest income and net interest margin on a FTE basis to GAAP: Net interest income (GAAP) $25,521 $24,385 $24,206 $22,501 $21,419 $49,906 $42,274 Tax-equivalent adjustment(1) 75 72 70 61 59 147 125 Net interest income on a FTE basis (non-GAAP) 25,596 24,457 24,276 22,562 21,478 50,053 42,399 Average interest-earning assets 3,820,041 3,821,463 3,893,827 3,790,154 3,799,081 3,820,748 3,758,487 Net interest margin on a FTE basis (non-GAAP) 2.69% 2.59% 2.47% 2.36% 2.27% 2.64% 2.27% Reconciliation of efficiency ratio on an adjusted and FTE basis to GAAP: Net interest income on a FTE basis (non-GAAP) $25,596 $24,457 $24,276 $22,562 $21,478 $50,053 $42,399 Noninterest income 2,596 2,554 (892) 2,503 2,410 5,150 4,653 Adjustment for realized securities losses, net — — 3,959 — — — — Adjustment for losses on disposal of premises and equipment, net 28 2 — — — 30 8 Adjusted income 28,220 27,013 27,343 25,065 23,888 55,233 47,060 Noninterest expense 13,767 13,465 13,729 13,550 13,485 27,232 26,548 Efficiency ratio on an adjusted and FTE basis (non-GAAP)(2) 48.78% 49.85% 50.21% 54.06% 56.45% 49.31% 56.41%
(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