West Des Moines, IA - West Bancorporation, Inc. (Nasdaq: WTBA), parent company of West Bank, today reported 2017 net income of $23.1 million, or $1.41 per diluted common share, compared to $23.0 million, or $1.42 per diluted common share for 2016. Net income for 2017 was a record for the Company, even after recording an additional provision for income taxes of $2.3 million in the fourth quarter of 2017. The additional tax provision related to the revaluation of our deferred tax assets as a result of the tax reform bill signed into law on December 22, 2017. Net income for the fourth quarter of 2017 was $4.2 million, or $0.26 per diluted common share. This compares to fourth quarter 2016 net income of $6.0 million, or $0.37 per diluted common share. On January 24, 2018, the Company’s Board of Directors declared a regular quarterly dividend of $0.18 per common share. The dividend is payable on February 21, 2018, to stockholders of record on February 7, 2018.
“I am extremely pleased that West Bancorporation, Inc. has again delivered record results,” commented Dave Nelson, President and Chief Executive Officer of the Company. “We believe our earnings performance is evidence of our community-focused, relationship-driven business model’s success. The primary driver of our increased earnings continues to be our overall loan growth. Management remains committed to achieving a high level of earnings and creating value for our stockholders in an evolving economic and regulatory environment. We are confident in the strength of our balance sheet and capital position.”
Brad Winterbottom, West Bank President, said, “We continue to grow our community banking relationships in all of our markets. In 2017, deposit balances increased 17.1 percent and outstanding loan balances grew 7.9 percent. I am particularly pleased with the 30 percent growth in trust revenues. We believe our performance reflects the skill of our team and the quality of the loan portfolio, and that West Bank’s risk management practices and capital strength continue to position us well for long-term growth. We approach 2018 with continued confidence in our ability to cultivate quality relationships and deliver excellent service.”
Eastern Iowa Market President, Jim Conard, commented, “The Eastern Iowa market achieved record loan production in 2017. We attribute our success in recent years to our ability to bring real value to the people and businesses we serve, and 2017 was no exception. In 2018, we will focus on delivering new and innovative value propositions to the market. We feel this strategy is unique, and we invite any business owner or manager to reach out to us to learn more about how a business relationship with West Bank can impact their company.”
“We are very pleased with our strong year in Rochester and plan on carrying that momentum into 2018,” said Mike Zinser, Rochester Market President. “Year-end loans outstanding in Rochester increased over 30 percent in 2017, and our deposits increased over 15 percent for the same period. While nearly all of our loan growth was from business banking, much of our deposit growth was from an inflow of personal deposits. New customers are enjoying our high service, concierge-type personal banking program which is similar to our business banking model.” Zinser concluded, “We are providing our customers with a comprehensive and unique banking experience that continues to drive our strong growth of loyal customers and market share in Rochester.”