West Bancorporation takes a quick hit from tax bill, still reports record earnings for 2017
West Bancorporation Inc. reported record net income of $23.1 million for 2017, compared with $23 million the previous year, according to a release. West Bancorporation took a $2.3 million hit to earnings in the fourth quarter after recording an additional, one-time provision for income taxes as required by the tax bill that passed Congress and was signed into law on Dec. 22 by President Donald Trump. The tax bill required companies to revalue their deferred tax assets and liabilities. West Bancorporation earnings per share for 2017 were $1.41, compared with $1.42 in 2016. Fourth-quarter profits for the West Des Moines-based parent of West Bank were $4 million, down from $6 million in the year-ago period. “The primary driver of our increased earnings continues to be our overall loan growth,” West Bancorporation President and CEO Dave Nelson said in a statement. In 2017, deposit balances increased 17.1 percent and outstanding loan balances grew 7.9 percent, West Bank President Brad Winterbottom said in the release. West Bancorporation reported assets of $2.1 billion at the end of 2017, compared with $1.8 billion the previous year. On Jan. 24, the ompany’s board of directors declared a regular quarterly dividend of 18 cents per common share payable on Feb. 21 to stockholders of record on Feb. 7.