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West Bancorporation, Inc. (NASDAQ:WTBA), parent company of West Bank, is pleased to report that first quarter 2017 net income was $6.1 million, or $0.37 per diluted common share. This is the highest net income ever recorded by the Company for the first quarter of any year. This compares to first quarter 2016 net income of $5.7 million, or $0.35 per diluted common share. On April 26, 2017, the Company’s Board of Directors declared a regular quarterly dividend of $0.18 per common share. The dividend is payable on May 24, 2017, to stockholders of record on May 10, 2017.
“We are excited about our first quarter 2017 results,” commented Dave Nelson, President and Chief Executive Officer of the Company. “We have had eleven consecutive record quarters for each respective quarter. Our strong performance gives us a great start to 2017 and has allowed us to increase our second quarter dividend to $0.18 per common share. This is the highest quarterly dividend ever paid by the Company."
Brad Winterbottom, West Bank President, said, “We continue to focus on expanding services to our valued customer base and fostering new relationships. Those efforts have resulted in 13.5 percent growth in outstanding loan balances as of March 31, 2017 compared to March 31, 2016. Deposits have grown 5.7 percent during the same time period. Our bankers are having great success in growing and adding new relationships while maintaining strong credit quality.”
Eastern Iowa Market President, Jim Conard, commented, “In the first quarter of 2017, total loans for the eastern Iowa market increased by 7.6 percent and total deposits increased by 13.4 percent. Our bankers have been successful in originating a number of larger commercial and residential construction loans, many of which are starting to be drawn upon now that the spring building season has begun. Our outlook is positive for the second quarter as we continue to fund these projects and originate new loans.”
“We have rounded out the staffing of our prominent new bank building in Rochester with a team of six seasoned bankers who are all well-known in the Rochester market,” said Mike Zinser, Rochester Market President. “While our business and consumer banking activity continues to gain momentum, we are now rolling out a new personal banking model that is specifically geared toward professionals, executives and business owners.” Zinser continued, “This new model was designed to complement how we do business banking and builds on our success as well as the personal relationships that we have built over the years.” Zinser concluded, “West Bank has differentiated itself in the Rochester market, and we are encouraged by the community’s enthusiasm for how we do business. We believe this bodes well for our continued growth.”
The Company filed its report on Form 10-Q with the Securities and Exchange Commission on April 27, 2017. Please refer to that document for a more in-depth discussion of our financial results. The Form 10-Q document is available on the Investor Relations section of West Bank's website at www.westbankstrong.com.
About West Bancorporation, Inc.
West Bancorporation, Inc. is headquartered in West Des Moines, Iowa. Serving Iowans since 1893, West Bank, a wholly-owned subsidiary of West Bancorporation, Inc., is a community bank that focuses on lending, deposit services, and trust services for consumers and small- to medium-sized businesses. West Bank has eight offices in the Des Moines metropolitan area, one office in Iowa City, Iowa, one office in Coralville, Iowa and one office in Rochester, Minnesota.
Certain statements in this report, other than purely historical information, including estimates, projections, statements relating to the Company's business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may appear throughout this report. These forward-looking statements are generally identified by the words “believes,” “expects,” “intends,” “anticipates,” “projects,” “future,” “may,” “should,” “will,” “strategy,” “plan,” “opportunity,” “will be,” “will likely result,” “will continue” or similar references, or references to estimates, predictions or future events. Such forward-looking statements are based upon certain underlying assumptions, risks and uncertainties. Because of the possibility that the underlying assumptions are incorrect or do not materialize as expected in the future, actual results could differ materially from these forward-looking statements. Risks and uncertainties that may affect future results include: interest rate risk; competitive pressures; pricing pressures on loans and deposits; changes in credit and other risks posed by the Company's loan and investment portfolios, including declines in commercial or residential real estate values or changes in the allowance for loan losses dictated by new market conditions or regulatory requirements; actions of bank and nonbank competitors; changes in local, national and international economic conditions; changes in regulatory requirements, limitations and costs; changes in customers' acceptance of the Company's products and services; cyber-attacks; unexpected outcomes of existing or new litigation involving the Company; and any other risks described in the “Risk Factors” sections of other reports filed by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update such forward-looking statements to reflect current or future events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.