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West Bank records nearly $6 million in 4th-quarter profits

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West Bancorporation Inc. reported record fourth-quarter net income of $5.9 million, or 37 cents per share. Profits for the year were $21.7 million, or $1.35 per share, up from $20 million in 2014. The West Des Moines-based parent of West Bank said in a release that its annual profits represented an all-time record in its 122 years of operation. West Bank had an after-tax gain of $500,000 from the sale of SmartyPig LLC, in which it had an ownership stake. West Bank President Brad Winterbottom said the bank’s average loan balance was 14.1 percent higher in 2015 than in 2014. The average deposit balance was 12.5 percent higher than in the previous year. In its Rochester, Minn., market, loans outstanding at the end of the year exceeded $87 million, an increase of more than 9 percent from the third quarter of 2015.