Business
West Bancorporation, Inc. Announces Second Quarter 2024 Financial Results and Declares Quarterly Dividend
WEST DES MOINES, Iowa, July 25, 2024 (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, July 25, 2024 (GLOBE NEWSWIRE) -- West Bancorporation, Inc. (Nasdaq: WTBA; the “Company”), parent company of West Bank, today reported second quarter 2024 net income of $5.2 million, or $0.31 per diluted common share, compared to first quarter 2024 net income of $5.8 million, or $0.35 per diluted common share, and second quarter 2023 net income of $5.9 million, or $0.35 per diluted common share. On July 24, 2024, the Company’s Board of Directors declared a regular quarterly dividend of $0.25 per common share. The dividend is payable on August 21, 2024, to stockholders of record on August 7, 2024. David Nelson, President and Chief Executive Officer of the Company, commented, “Our credit quality remains pristine as a result of our disciplined loan growth and credit risk management practices. The ratio of nonperforming assets to total assets remains negligible at 0.01%. In the first half of 2024, we have seen deposits grow, net interest income improve and net interest margin stabilize.” David Nelson added, “Our efficiency ratio has increased as expected with the costs associated with our new buildings. Our buildings are designed as tools for building strong relationships and facilitating business development. We believe these strategic investments will continue to drive profitable growth similar to the successes we have had in our newer Minnesota offices.” Second Quarter 2024 Financial Highlights Quarter Ended June 30, 2024 Six Months Ended June 30, 2024 Net income (in thousands)$5,192 $11,001 Return on average equity9.50 % 10.07 % Return on average assets0.53 % 0.57 % Efficiency ratio (a non-GAAP measure)67.14 % 64.62 % Nonperforming assets to total assets0.01 % 0.01 % Second Quarter 2024 Compared to First Quarter 2024 Overview Loans increased $18.6 million in the second quarter of 2024, or 2.5 percent annualized. The increase is primarily due to the funding of previously committed construction loans.No credit loss expense was recorded in either the first or second quarter of 2024.The allowance for credit losses to total loans was 0.95 percent at June 30, 2024 and March 31, 2024. Nonaccrual loans at June 30, 2024 consisted of three loans with a total balance of $521 thousand, compared to one loan with a balance of $289 thousand at March 31, 2024.Deposits increased $115.9 million, or 3.8 percent, in the secon...