West Bancorporation Inc. said it plans to build a permanent branch office on land it has purchased in Sartell, Minn., to serve the St. Cloud metro market. The West Des Moines-based bank holding company announced the plans in its quarterly earnings release, in which it reported third quarter net income of $8.1 million, or 49 cents per share. Earnings for the first nine months of 2020 were $24.2 million, compared to $21.1 million for the first nine months of 2019. West Bancorporation CEO Dave Nelson said the bank’s growth strategy in three new Minnesota markets has increased average loan balances by $208.1 million in the first nine months of 2020 compared to the same period in 2019. West Bank announced its plans to open loan production offices in St. Cloud, Mankato and Owatonna in March 2019, after entering the Minnesota market in Rochester in 2013. In the latest earnings report, Nelson also said West Bank is closely monitoring credit quality in its commercial real estate loan portfolio as the economic recovery in those industries remains slow and uncertain. “In spite of economic stress, we are encouraged by our customers’ abilities to resume contractual payments at the end of most payment deferral accommodation periods related to COVID-19,” he said.