Business
West Bancorporation, Inc. Announces Record First Quarter Net Income, Declares Quarterly Dividend
WEST DES MOINES, Iowa, April 28, 2022 (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, April 28, 2022 (GLOBE NEWSWIRE) -- West Bancorporation, Inc. (Nasdaq: WTBA; the “Company”), parent company of West Bank, today reported first quarter 2022 net income of $13.2 million, or $0.78 per diluted common share, compared to first quarter 2021 net income of $11.8 million, or $0.70 per diluted common share. On April 27, 2022, the Company’s Board of Directors declared a regular quarterly dividend of $0.25 per common share. The dividend is payable on May 25, 2022, to stockholders of record on May 11, 2022. The Company recorded a negative provision for loan losses of $750 thousand for the three months ended March 31, 2022, compared to a provision for loan losses of $500 thousand for the three months ended March 31, 2021. The negative provision in 2022 was due to the sustained performance of loans after the expiration of COVID modifications and sustained improvement in classified loans. Total assets were $3.5 billion at March 31, 2022, compared to $3.2 billion at March 31, 2021. David Nelson, President and Chief Executive Officer of the Company, commented, “West Bancorporation, Inc. experienced record performance in the first quarter of 2022, compared to any prior first quarter of the Company. Net income increased 12 percent in the first quarter of 2022, compared to the first quarter of 2021. We are very proud of the strength and experience of our banking teams in all of our markets. We continue to find opportunities to build new and expand existing customer relationships and feel confident in our ability to serve the needs of our communities. Our credit quality has remained incredibly strong, as even our classified and impaired loans continue to make timely payments.” David Nelson added, “After only three years in the market, we opened our newly constructed bank building in St. Cloud, Minnesota in March 2022. Our success in that market is a testament to our business model and the hard work of our local bankers and community board advocates who help us tell our story. We currently have other new bank building projects in various stages of planning and development, including our new corporate headquarters in West Des Moines, Iowa. These buildings represent our commitment to our customers, our employees and the communities we serve as we continue our pursuit of excellence.” The Company filed its report on F...