AABP Award 728x90

West Bancorporation reports record 2020 earnings, increases dividend


West Bancorporation Inc., the publicly traded parent company of West Bank, today reported 2020 net income of $32.7 million, or $1.98 per diluted common share, compared with 2019 net income of $28.7 million, or $1.74 per diluted common share. Net income for the fourth quarter was $8.6 million, compared with fourth quarter 2019 net income of $7.6 million. The full-year net income for 2020 of $32.7 million was an all-time high for the West Des Moines-based bank holding company, and a 14% increase over 2019 earnings, even while the bank recorded a provision for loan losses of $12 million related to the uncertain and unprecedented economic conditions created by the COVID-19 pandemic. Total assets were $3.2 billion at year-end 2020, compared with $2.5 billion at Dec. 31, 2019, a 28.8% increase. Total loans increased to $2.3 billion as of Dec. 31, a 17.5% year-over-year increase. At year-end 2020, 35 loans totaling $140 million, or 6.1% of total loans, had payment deferral modifications related to the COVID-19 pandemic, primarily in the hospitality and entertainment industries. West Bancorporation’s board declared a regular quarterly dividend of 22 cents per common share, an increase of 1 cent from the prior quarter, representing a record high quarterly dividend for the company. 

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