West Bancorporation, Inc. (NASDAQ: WTBA), parent company of West Bank, is pleased to report that third quarter 2017 net income was $6.4 million, or $0.39 per diluted common share. This is the highest net income ever recorded by the Company for the third quarter of any year. This compares to third quarter 2016 net income of $5.8 million, or $0.36 per diluted common share. On October 25, 2017, the Company’s Board of Directors declared a regular quarterly dividend of $0.18 per common share. The dividend is payable on November 22, 2017, to stockholders of record on November 8, 2017.
For the first nine months of 2017, net income was $18.9 million, or $1.16 per diluted common share, up from $17.0 million, or $1.05 per diluted common share, for the first nine months of 2016. “West Bancorporation, Inc. has again delivered record results,” commented Dave Nelson, President and Chief Executive Officer of the Company. “We have now had 13 consecutive record quarters for each respective quarter. We are extremely pleased with the Company’s year-to-date 2017 earnings success. Management remains committed to achieving superior earnings and creating value for our stockholders in an evolving economic and regulatory environment.”
Brad Winterbottom, West Bank President, said, “We continued to grow our community banking relationships in all of our markets in the third quarter. Deposit balances increased $76.2 million, or 4.8 percent as of September 30, 2017, compared to June 30, 2017. Outstanding loan balances grew $21.5 million during the same period of time. We believe West Bank’s risk management practices and capital strength continue to position us well for long-term growth.”
Eastern Iowa Market President, Jim Conard, commented, “Loan growth in the Eastern Iowa market continued to be strong in the third quarter of 2017, with total loan balances increasing by over nine percent. This quarter was particularly rewarding for our experienced commercial banking team as we saw a number of our commercial real estate clients successfully complete development projects and acquisitions. Also of note this quarter was the Iowa City Area Development Corporation’s naming of a new annual award recognizing leadership in economic development after Tom Cilek, Senior Vice President and Commercial Lender at West Bank. Tom has been a long time community leader and we congratulate him on this special recognition.”
“Our momentum in Rochester is strong with loan growth of more than four percent and deposit growth exceeding 14 percent in the third quarter of 2017,” said Mike Zinser, Rochester Market President. “Since we opened our Rochester location in 2013, nearly 100 businesses have moved their banking relationships to West Bank, which is an endorsement of the way we do business. We believe West Bank is very different from any other bank in Rochester, and we are encouraged by the community’s enthusiasm for how we do business.” Zinser concluded, “We have also had success this year with our exclusive personal banking program, which is a high service, concierge type banking model similar to our business banking model. We are providing our customers with a complete and unique banking experience that continues to drive our strong growth of loyal customers.”