h digitalfootprint web 728x90

West Bancorporation reports record second-quarter net income of $13.2M


West Bancorporation Inc., parent company of West Bank, today reported that its second-quarter net income was $13.2 million, or 79 cents per diluted common share, compared with $8.0 million, or 48 cents per diluted common share, in last year’s second quarter. The company’s board of directors declared a regular quarterly dividend of 24 cents per common share, payable on Aug. 25 to stockholders of record on Aug. 11. The West Des Moines-based bank recorded loan growth of 6% in the first half of 2021, excluding Paycheck Protection Program loans. “Our credit quality continues to improve as all remaining COVID-related loan modifications expired in the second quarter and those loans returned to normal payment status,” President and CEO Dave Nelson said in an earnings release. “This improvement in economic conditions and credit quality resulted in a negative provision for loan losses of $2.0 million in the second quarter compared to a provision for loan losses of $3.0 million in the second quarter last year.” West Bank is continuing to build its brand in Minnesota, Nelson said. “Construction of our permanent branch office in Sartell, Minn., a suburb of St. Cloud, is expected to be completed before the end of the year. We are also in the planning phase for the construction of a permanent branch office in Mankato, Minn.” The company will discuss its financial results on a conference call scheduled for 10 a.m. Friday. The telephone number for the conference call is 888-339-0814.

Facebook Notice for EU! You need to login to view and post FB Comments!

brownwinick brd 030123 300x250