West Bancorporation Inc., parent company of West Bank, today reported first-quarter net income of $6.9 million, or 42 cents per share, compared with 2018 first-quarter net income of $7.4 million, or 45 cents per share. Overall, West Bank’s loan and deposit balances have increased by 16.4% and 9.8%, respectively, as of March 31, 2019, compared with a year earlier. The financial results of the recent quarter were affected by compensation, professional fees and occupancy costs related to the company’s new growth strategy, which totaled $453,000 on a pretax basis. The West Des Moines-based bank in March expanded loan production operations to three markets in Minnesota. “West Bank’s expansion in Minnesota is well underway with investments in people and facilities that have already begun loan production,” West Bank President Brad Winterbottom said in a release. “We see opportunities in all of our markets for stable organic loan growth while staying committed to our disciplined approach to credit quality.” The company’s board declared a regular quarterly dividend of 21 cents per common share, an increase of 1 cent from the prior quarter and representing a record high quarterly dividend.