West Bancorporation reports second quarter earnings
BPC Staff Jul 28, 2022 | 3:15 pm
1 min read time213 wordsAll Latest News, Banking & Finance, Insurance & Investments
West Bancorporation Inc., the parent company of West Bank, today reported second quarter 2022 net income of $12.7 million, or 75 cents per share, compared to second quarter 2021 net income of $13.2 million, or 79 cents per share. On Wednesday, the West Des Moines-based company’s board of directors declared a regular quarterly dividend of 25 cents per common share. Among one-time items affecting net income, West Bank recorded a negative provision for loan losses of $1.75 million for the three months ending June 30, due primarily to the reversal of a specific $2.5 million reserve on an impaired loan. The settlement of that loan resulted in a charge-off of $451,000 during the quarter. Also, the bank had a one-time increase in state income tax expense of $671,000 related to the June 2022 enactment of changes in the Iowa bank franchise tax rates. President and CEO Dave Nelson stated: “West Bancorporation, Inc. has entered the current inflationary and volatile interest rate environment from a position of financial strength. Our credit quality is pristine and we continue to see opportunities for high quality loan growth.” The company will discuss its financial results on a conference call scheduled for 10 a.m. Friday. The phone number for the conference call is 844-200-6205 with access code 258647.