West Bank reports 9th consecutive quarter of record profits

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West Bancorporation Inc. reported its ninth consecutive quarter of record earnings today, with profits for the quarter ended Sept. 30 of $5.8 million, or 36 cents per share, compared with profits of $5.4 million, or 34 cents per share, for the same period last year. For the first nine months of the year, the West Des Moines-based parent of West Bank reported net income of $17 million, or $1.05 per share, up from $15.8 million, or 98 cents per share, for the first nine months of 2015. The increase in net income for the third quarter and first nine months was primarily the result of higher net interest income that resulted from a growth in loans, according to a release. “While our loan growth during the third quarter of 2016 was modest, our pipeline of potential new business continues to be strong, and we have several construction loans yet to be funded,” said West Bank President Brad Winterbottom. West Bancorporation reported $1.4 billion in net loans at the end of the quarter, compared with $1.2 billion a year ago. The cost of making a profit also continued to decrease in the third quarter, with West Bancorporation reporting an efficiency ratio of 46.6 percent through nine months, down from 47.1 percent for the same period last year. A lower number is preferred. West Bancorporation had total assets of $1.8 billion at the end of the third quarter, compared with $1.7 billion a year ago. Return on average assets dropped to 1.26 percent from 1.28 percent and return on average equity dropped to 14.2 percent from 14.6 percent.