West Bancorporation Inc., parent company of West Bank, said today that first-quarter profits rose to $7.4 million, or 45 cents per common share, from $6.1 million, or 37 cents per share, in the first quarter of 2017. Net income in the first quarter was the highest quarterly income recorded by the West Des Moines-based operation, according to a release. Profits were boosted by a reduction in the federal corporate income tax rate as a result of the Tax Cuts and Jobs Act of 2017, according to the release. West Bancorporation raised its quarterly dividend to 20 cents per share, an 11 percent increase from the previous dividend and a record for the company, President and CEO Dave Nelson said in the release. West Bancorporation reported strong performance in all of its markets, with loans increased 4.8 percent year-to-date in eastern Iowa and 8 percent in Rochester, Minn.