West Bancorporation, Inc. - Form 8-K Summary
Business Context and Reporting Period
This Form 8-K was filed by West Bancorporation, Inc. on March 25, 2019. The report addresses Item 5.02 regarding the final determination of 2018 annual incentive bonus awards for named executive officers (NEOs) by the Compensation Committee.
Key Financial Metrics and Compensation Data
The filing does not provide company-wide revenue, profit, cash flow, or debt metrics. It focuses exclusively on executive compensation adjustments for the fiscal year ended December 31, 2018.
- CEO (David D. Nelson) Total 2018 Compensation: $1,081,568
- Other NEOs (Gulling, Olafson, Winterbottom) Total 2018 Compensation: $861,248 each
- 2018 Incentive Bonus Payout: 100% of maximum potential (60% of base salary).
- CEO Bonus Amount: $261,600
- Other NEO Bonus Amount: $180,000 each
Material Changes Versus Prior Period
The primary material change is the revision of the "Non-Equity Incentive Plan Compensation" and total compensation figures previously estimated in the February 28, 2019 Proxy Statement.
- Previous Estimate: Bonuses were estimated at 58.6% of base salary (97.7% of maximum) due to unavailable peer group data for the full 2018 year.
- Actual Outcome: With full 2018 peer data available, the Committee determined performance met the threshold for 100% of the maximum potential award (60% of base salary).
- Impact: Total compensation for all NEOs increased from the estimated figures in the Proxy Statement to the actual figures reported herein.
Management Commentary and Risks
The Compensation Committee determined that the Company's financial results for 2018, combined with peer group performance for the same period, warranted the maximum payout under the incentive plan. No specific risks, contingencies, or unusual items regarding the Company's operations were disclosed in this filing.
Key Facts for Investor Verification
- Verify the final 2018 total compensation figures for NEOs against the revised Summary Compensation Table provided in this filing.
- Confirm that the 2018 incentive bonus payout was 60% of base salary for all named executive officers.
- Note that the increase in compensation is solely due to the finalization of peer group performance data, not a change in base salary or stock awards.