West Bancorporation, Inc. (Nasdaq: WTBA; the “Company”), parent company of West Bank, today reported that second quarter 2020 net income was $8.0 million, or $0.48 per diluted common share, compared to second quarter 2019 net income of $6.7 million, or $0.41 per diluted common share. For the first six months of 2020, net income was $16.1 million, or $0.97 per diluted common share, compared to $13.6 million, or $0.83 per diluted common share, for the first six months of 2019. On July 22, 2020, the Company’s Board of Directors declared a regular quarterly dividend of $0.21 per common share, the same amount as in the previous five quarters. The dividend is payable on August 19, 2020, to stockholders of record on August 5, 2020.
“The COVID-19 pandemic has created unprecedented challenges for our customers, employees and communities,” commented Dave Nelson, President and Chief Executive Officer of the Company. “The long-term economic impact of the pandemic is still uncertain and highly dependent on variables that are extremely difficult to predict. Throughout the pandemic, West Bank has continued to deliver all of our banking services and respond to our customers’ needs in a timely and efficient manner, as demonstrated by the implementation of the Paycheck Protection Program and prudent loan modifications. We remain committed to supporting the recovery of the communities we serve.”
Dave Nelson also commented, “We are pleased with our continued strong financial performance in the first six months of 2020. Although the inherent stress on credit quality and reduced demand for new lending caused by the COVID-19 pandemic may impact our growth and earnings in future periods, we believe our history of strong capital, earnings and credit quality has put us in a position to support our customers, employees and communities during this period of unprecedented challenges.”
For the past several years, the Company has increased the amount of the quarterly dividend during the second quarter of each year. Although the Company had strong earnings in the first and second quarters of 2020, due to the uncertainty facing the economy, the Board of Directors of the Company decided to maintain the dividend at the current level of $0.21 per share. The Board will continue to evaluate the dividend on a quarterly basis based on the effects the COVID-19 pandemic has on the Company and its customers.
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