Business
West Bancorporation, Inc. Announces Record Quarterly Net Income, Declares Quarterly Dividend, Appoints New Director
WEST DES MOINES, Iowa, Oct. 24, 2019 (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. 24, 2019 (GLOBE NEWSWIRE) -- West Bancorporation, Inc. (Nasdaq: WTBA; the “Company”), parent company of West Bank, today reported that third quarter 2019 net income was $7.5 million, or $0.46 per diluted common share, which is the highest quarterly net income ever recorded by the Company. This is compared to third quarter 2018 net income of $7.1 million, or $0.43 per diluted common share. For the first nine months of 2019, net income was $21.1 million, or $1.28 per diluted common share, compared to $21.3 million, or $1.30 per diluted common share, for the first nine months of 2018. On October 23, 2019, the Company’s Board of Directors declared a regular quarterly dividend of $0.21 per common share. The dividend is payable on November 20, 2019, to stockholders of record on November 6, 2019. Also, at its meeting, the Company’s Board of Directors appointed Patrick J. Donovan to the Company’s board. For more information about Mr. Donovan, refer to the Company’s 8-K, which is available on our website.\n In March 2019, the Company announced that, through its subsidiary, West Bank, it was initiating a growth strategy in three new Minnesota markets and has since opened full service branch offices in Owatonna, Mankato and St. Cloud, Minnesota. The financial results of 2019 have been impacted by compensation, professional fees and occupancy and equipment costs related to the Company’s new growth strategy, which totaled approximately $1.9 million on a pretax basis for the first nine months of 2019. We estimate the pretax benefit from loans and deposits in these markets to be approximately $0.5 million through September 30, 2019. “We continue to execute on our strategic priorities and are pleased to report an all-time record quarter for net income,” commented Dave Nelson, President and Chief Executive Officer of the Company. “We have successfully opened three new full service branch offices in Minnesota and are encouraged by the new business activity in those new markets. We have assembled teams of experienced bankers that are building relationships with local business owners and business leaders. West Bank remains committed to our community focused business banking model with local leadership. We believe we are uniquely positioned to seize opportunities in all of our markets with the seasoned business banking te...