American Equity Investment Life Holding Co. reported second-quarter 2008 operating income of $18.7 million, or 33 cents per share, up 14 percent from $16.3 million, or 28 cents per share, in the second quarter of 2007. Annuity sales rose 4 percent to $648 million. Net income for the quarter was $4.8 million, or 9 cents per share, compared with $20.6 million, or 35 cents per share, a year ago. Net income was affected by an $8.9 million reduction related to “other than temporary impairments” on invested assets. The company also said it is working on a plan to handle a proposed Securities and Exchange Commission rule that would change the legal status of index annuities from insurance to securities.

Sauer-Danfoss Inc.’s second-quarter net income rose 29 percent to $22.7 million, or 47 cents per share, compared with $17.6 million, or 37 cents per share, in the year-ago period. Earnings for 2007’s second quarter included restructuring costs of $3.5 million. Sales for the second quarter rose 21 percent to a record $611.5 million. President and CEO David Anderson said despite U.S. economic conditions, the company improved sales in the Asia-Pacific region, Europe and the Americas. Sales increased in all of its business, with continued improvement in its operating margins. The company has operations in Ames.

West Bancorporation Inc., parent company of West Bank and WB Capital Management Inc., reported today that net income for the second quarter was $4.5 million, or 26 cents per share, compared with $5.1 million, or 29 cents per share, a year ago. Return on average equity and return on average assets were 15.23 percent and 1.39 percent, respectively, compared with 17.8 percent and 1.55 percent a year ago. Net income in the most recent quarter was affected by a $650,000 increase in loan loss provisions and a $1.04 million increase in non-interest expenses. The company had to transfer a couple of loans to nonperforming status during the quarter, including $3.1 million related to the defunct Regency Homes and a $1.7 million loan to a biofuels plant; the biofuels loan is a participation from another bank. In early-morning trading, the company’s stock was down 9.57 percent to $11.62.

Bank of the West’s net income for the second quarter was $37.2 million, compared with $139 million in the year-ago period. Total revenues before impairment rose 6.4 percent to $570 million, compared with $535.8 million in the second quarter of 2007. This year’s results were affected by $185.3 million in provisions for loan and lease losses and a $27.9 million impairment against the securities portfolio.

The 2008 Habitat for Humanity Women’s Build project undertaken by the Hammers and Heels team will host a groundbreaking ceremony tomorrow at 9:30 a.m. The team will construct a four-bedroom ranch home at 1605 23rd St. in Des Moines. It will benefit two sisters from Liberia who are single mothers with an extended family of five children, ages 6 months to 17 years. This is the second Greater Des Moines Habitat for Humanity Women’s Build project. The Hammers and Heels volunteer team is made up of 28 women leaders from Central Iowa who will handle most of the work to construct the house, including funding, labor, promotion and organization.



The Windsor Heights Foundation has established an endowment fund to benefit the city and its residents long-term. 3E-Electrical Engineering and Equipment Co. has committed $20,000 to kick-start the fund. The first installment of the gift will be presented to the foundation at the Aug. 5 Music in the Park concert at 7 p.m. in Colby Park. The endowment fund will be used for programs and projects that benefit the community, such as family activities or college scholarships. For more information, contact George Hanusa at 255-6367.

E. I. du Pont de Nemours & Co. has declared a quarterly dividend of 41 cents per share, payable on Sept. 12 to stockholders of record Aug. 15. Regular quarterly dividends of $1.125 per share on the $4.50 series preferred stock and 87.5 cents per share on the $3.50 series preferred stock also were declared, both payable on Oct. 24 to shareholders of record Oct. 10.