Business
West Bancorporation, Inc. Announces Net Income for the Third Quarter Of 2021, Declares Quarterly Dividend
WEST DES MOINES, Iowa, Oct. 28, 2021 (GLOBE NEWSWIRE) -- West Bancorporation, Inc. (Nasdaq: WTBA; the “Company”), parent company of West Bank, today reported
About this update from West Bancorporation
[{"type":"text","content":"WEST DES MOINES, Iowa, Oct. 28, 2021 (GLOBE NEWSWIRE) -- West Bancorporation, Inc. (Nasdaq: WTBA; the “Company”), parent company of West Bank, today reported that third quarter 2021 net income was $12.7 million, or $0.76 per diluted common share, compared to third quarter 2020 net income of $8.1 million, or $0.49 per diluted common share. For the first nine months of 2021, net income was $37.7 million, or $2.25 per diluted common share, compared to $24.2 million, or $1.46 per diluted common share, for the first nine months of 2020. On October 27, 2021, the Company’s Board of Directors declared a regular quarterly dividend of $0.24 per common share. The dividend is payable on November 24, 2021, to stockholders of record on November 10, 2021. The Company recorded no provision for loan losses and a negative $1,500 provision for loan losses in the three and nine months ended September 30, 2021, respectively, compared to provisions for loan losses of $4,000 and $8,000 for the same time periods in 2020. The provisions in 2020 were due to the onset of the global pandemic, whereas 2021 includes a reserve release due to the improving economic outlook. Dave Nelson, President and Chief Executive Officer of the Company, commented, “West Bancorporation, Inc. is experiencing extraordinary financial performance this year. Net income for the first nine months of 2021 has already exceeded our fiscal year 2020 net income. We have experienced loan growth (exclusive of Paycheck Protection Program (PPP) loan activity) of 10.1 percent for the first nine months of 2021, and year over year loan growth of 14.3 percent (also exclusive of PPP loan activity). Our credit quality continues to improve as classified loans continue to be paid down and pay off. As of September 30, 2021, the Texas ratio declined to 3.24 percent as impaired loans have been paid down, and there were no loans past due more than 30 days.” Dave Nelson also commented, “Construction of our permanent branch office in Sartell, Minnesota, a suburb of St. Cloud, is expected to be completed in January 2022. We have also purchased land and started planning for the construction of a permanent branch office in Mankato, Minnesota. These offices reflect the success we have had since expanding into those markets in 2019 and represent our commitment to these communities.” The Company filed its repo...