West Bancorporation, Inc. 8-K Summary
Business Context and Reporting Period
This Form 8-K, filed on March 23, 2020, reports on the finalization of 2019 annual incentive bonus awards for West Bancorporation, Inc.'s named executive officers. The filing revises compensation data previously estimated in the February 27, 2020 Proxy Statement now that full-year 2019 peer group performance data is available.
Key Financial Metrics
The filing does not provide company-wide revenue, profit, cash flow, or liquidity metrics. It focuses exclusively on executive compensation adjustments.
- CEO Total Compensation (2019): $972,934 (David D. Nelson)
- Other NEO Total Compensation (2019): $758,483 each (Douglas R. Gulling, Harlee N. Olafson, Brad L. Winterbottom)
- 2019 Incentive Bonus Payout: 55.68% of base salary for all named executive officers.
- Performance Metric: Awards were earned at 92.80% of the maximum potential amount.
Material Changes Versus Prior Period
The primary change is the revision of the "Non-Equity Incentive Plan Compensation" for 2019 from estimated figures to actual figures based on finalized peer group data.
- Estimated vs. Actual Bonus: The Proxy Statement estimated bonuses at 56.25% of base salary (93.75% of maximum potential). The actual payout was determined to be 55.68% of base salary (92.80% of maximum potential).
- CEO Bonus Adjustment: Mr. Nelson's actual bonus was $242,784.
- Other NEO Bonus Adjustment: Messrs. Gulling, Olafson, and Winterbottom each received an actual bonus of $167,053.
- Comparison to 2018: Total compensation for all named executive officers decreased in 2019 compared to 2018, primarily due to lower stock award values and lower non-equity incentive plan compensation.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, outlook, or discussion of risks and contingencies. It is a retrospective disclosure regarding executive compensation.
Key Facts for Investor Verification
- Verify the final 2019 total compensation figures for named executive officers against the revised Summary Compensation Table provided in this filing.
- Confirm the specific peer group performance data used to calculate the 92.80% payout ratio.
- Note that the reduction in total compensation from 2018 to 2019 was driven by both lower stock award grant date fair values and a slight decrease in the incentive bonus percentage.