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West Bancorporation Executive Compensation (FY25)

WTBA · Executive and director compensation, fiscal 2023 to 2025
Data as of September 7, 2026Latest filing (8-K): April 24, 2026
274 figures on this page: 263 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
David Nelson, President and Chief Executive Officer of the Company and Chief Executive Officer of West Bank, received $1,456,493 in total compensation for fiscal 2025, and Nelson's total moved 16.8% higher from the $1,246,543 reported for fiscal 2024. Shareholders supported the say-on-pay proposal with 96.2% of votes cast for or against in favor at the meeting held April 23, 2026 for fiscal 2025. Companies named in the disclosed peer group include Bank First Corporation, Bridgewater Bancshares, Inc., ChoiceOne Financial Services, Inc., Civista Bancshares, Inc. and Equity Bancshares, Inc., among others. The fiscal 2025 disclosure covers 5 named executive officers.
Chief executive, fiscal 2025
◇
David Nelson
Latest say-on-pay support
=
April 23, 2026
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — David Nelson: $1,246,543 → $1,456,493 (16.8% higher)
Say-on-pay support: 96.7% → 96.2% (0.5 points lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is West Bancorporation's chief executive and what were they paid?
David Nelson, President and Chief Executive Officer of the Company and Chief Executive Officer of West Bank, received $1,456,493 in total compensation for fiscal 2025. Nelson's total moved 16.8% higher from the $1,246,543 reported for fiscal 2024.
What was West Bancorporation's say-on-pay result?
Shareholders supported the say-on-pay proposal with 96.2% of votes cast for or against in favor at the meeting held April 23, 2026 for fiscal 2025.
Which companies are in West Bancorporation's peer group?
Companies named in the disclosed peer group include Bank First Corporation, Bridgewater Bancshares, Inc., ChoiceOne Financial Services, Inc., Civista Bancshares, Inc. and Equity Bancshares, Inc., among others.
What is West Bancorporation's chief executive pay ratio?
The company reported a chief executive pay ratio of 18:1 for fiscal 2025, against median employee compensation of $80,878.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Nelson
President and Chief Executive Officer of the Company and Chief Executive Officer of West Bank
◇◇◇—◇◇◇◇
Harlee Olafson
Executive Vice President and Chief Risk Officer of the Company and Executive Vice President, Chief Risk Officer and Chief Operating Officer of West Bank
◇◇◇—◇—◇◇
Brad Winterbottom
Executive Vice President of the Company and President of West Bank
◇◇◇—◇—◇◇
Bradley Peters
Executive Vice President of the Company and Executive Vice President and Minnesota Market President of West Bank
◇◇◇—◇◇◇◇
Jane Funk
Executive Vice President, Treasurer and Chief Financial Officer of the Company and Executive Vice President and Chief Financial Officer of West Bank
◇◇◇—◇◇◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Nelson
President and Chief Executive Officer
◇◇◇—◇◇◇◇
Harlee Olafson
Executive Vice President and Chief Risk Officer
◇◇◇—◇—◇◇
Brad Winterbottom
Executive Vice President
◇◇◇—◇—◇◇
Bradley Peters
Executive Vice President
◇◇◇—◇◇◇◇
Jane Funk
Executive Vice President, Treasurer and Chief Financial Officer
◇◇◇—◇◇◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Nelson
President and Chief Executive Officer of the Company and Chief Executive Officer of West Bank
◇◇◇—◇◇◇◇
Brad Winterbottom
Executive Vice President of the Company and President of West Bank
◇◇◇—◇—◇◇
Harlee Olafson
Executive Vice President and Chief Risk Officer of the Company and Executive Vice President, Chief Risk Officer and Chief Operating Officer of West Bank
◇◇◇—◇—◇◇
Bradley Peters
Executive Vice President of the Company and Executive Vice President and Minnesota Market President of West Bank
◇◇◇—◇◇◇◇
Jane Funk
Executive Vice President, Treasurer and Chief Financial Officer of the Company and Executive Vice President and Chief Financial Officer of West Bank
◇◇◇—◇◇◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Brad L. WinterbottomRSU◇——◇——◇
Brad L. WinterbottomRSU◇——◇——◇
Bradley P. PetersRSU◇——◇——◇
Bradley P. PetersRSU◇——◇——◇
David D. NelsonRSU◇——◇——◇
David D. NelsonRSU◇——◇——◇
Harlee N. OlafsonRSU◇——◇——◇
Harlee N. OlafsonRSU◇——◇——◇
Jane M. FunkRSU◇——◇——◇
Jane M. FunkRSU◇——◇——◇
Fiscal 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Bradley PetersRSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Jane FunkRSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Brad WinterbottomRSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Harlee OlafsonRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
David NelsonRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
George D. Milligan
◇◇————◇
Sean P. McMurray
Board chair
◇◇————◇
Therese M. Vaughan
◇◇————◇
Steven K. Gaer
◇◇————◇
James W. Noyce
◇◇————◇
Lisa J. Elming
◇◇————◇
Rosemary Parson
◇◇————◇
Douglas R. Gulling
◇◇————◇
John K. Sorensen
◇◇————◇
Steven T. Schuler
◇—————◇
Philip Jason Worth
◇—————◇
David D. Nelson served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇
Equity is delivered as restricted stock units.
Stock ownership guideline: 3x annual cash compensation

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Bank First Corporation BFC
  • Bridgewater Bancshares, Inc. BWB
  • ChoiceOne Financial Services, Inc. COFS
  • Civista Bancshares, Inc. CIVB
  • Equity Bancshares, Inc. EQBK
  • Farmers & Merchants Bancorp FMAO
  • Farmers National Banc Corp. FMNB
  • First Business Financial Services, Inc. FBIZ
  • First Financial Corp. BAFN
  • First Mid Bancshares, Inc. FMBH
  • German American Bancorp, Inc. GABC
  • HBT Financial, Inc. HBT
  • Hills Bancorporation HBIA
  • Isabella Bank Corporation ISBA
  • LCNB Corp. LCNB
  • Mercantile Bank Corporation MBWM
  • MidWest One Financial Group, Inc. symbol not shown
  • Nicolet Bankshares, Inc. NIC
  • Peoples Bancorp, Inc. PEBO
  • Southern Missouri Bancorp, Inc. SMBC

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025April 23, 2026=◇◇◇
2024April 24, 2025=◇◇◇
2023April 25, 2024=◇◇◇
2022April 27, 2023=◇◇◇
2021April 28, 2022=◇◇◇
2020April 29, 2021=◇◇◇
2019April 23, 2020=◇◇◇
2018April 25, 2019=◇◇◇
2017April 26, 2018=◇◇◇
2016April 27, 2017=◇◇◇
2015April 28, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact West Bancorporation disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where West Bancorporation sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
274 figures on this page: 263 cited to the filing that reported them, 11 calculated from figures it prints.
263 cited to the filing
11 calculated from the filing

Documents cited

  1. 0001166928-26-000029
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001166928-26-000016
    CEO Pay Ratio · DIRECTOR COMPENSATION · Director Compensation · Grants of Plan-Based Awards · and 2 more sections
  3. 0001166928-25-000036
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001166928-25-000018
    SUMMARY COMPENSATION TABLE
  5. 0001166928-24-000055
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001166928-24-000029
    Summary Compensation Table
  7. 0001166928-23-000084
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001166928-22-000061
    Item 5.07 Submission of Matters to a Vote of Security Holders
  9. 0001166928-21-000042
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001166928-20-000059
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0001166928-19-000066
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0001166928-18-000060
  13. 0001166928-17-000040
    Item 5.07 Submission of Matters to a Vote of Security Holders
  14. 0001166928-16-000173
    Item 5.07 Submission of Matters to a Vote of Security Holders
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Velarion, “West Bancorporation executive compensation, FY2023–FY2025.” https://intel.velarion.ai/comp/WTBA (accessed 2026).
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Banking rankings

Chief executive pay — BankingCEO pay ratio — BankingSay-on-pay support — Banking

Peers West Bancorporation discloses

The companies named in WTBA's own disclosed peer group.

Bank First CorporationBridgewater Bancshares, Inc.ChoiceOne Financial Services, Inc.Civista Bancshares, Inc.Equity Bancshares, Inc.Farmers & Merchants BancorpFarmers National Banc Corp.First Business Financial Services, Inc.First Mid Bancshares, Inc.German American Bancorp, Inc.HBT Financial, Inc.Hills BancorporationIsabella Bank CorporationLCNB Corp.Mercantile Bank CorporationNicolet Bankshares, Inc.Peoples Bancorp, Inc.Southern Missouri Bancorp, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
For informational purposes only. Not investment, legal, or compensation advice.  The Pay Desk · Methodology · Terms · Privacy