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West Bancorporation reports developments tied to its role as the parent company of West Bank, a community bank serving consumers and small- to medium-sized businesses in Iowa and Minnesota. The bank focuses on lending, deposit services and trust services, with additional digital banking and treasury management offerings for business customers.
Company updates regularly cover quarterly financial results, dividend declarations, net interest income and margin trends, loan balances and mix, credit quality, funding costs and relationship banking activity across its markets.
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West Bancorporation, parent of West Bank, reported a net income of $7.8 million ($0.47 per diluted share) for the first quarter of 2023, marking a decline from $8.9 million in Q4 2022 and $13.2 million in Q1 2022. The Board of Directors declared a quarterly dividend of $0.25 per share, payable May 24, 2023. Notably, loans increased by $13.3 million (2.0% annualized), while deposits fell by $82.0 million. The net interest margin decreased to 2.23% from 2.49% quarter-over-quarter due to rising deposit costs. Despite these challenges, the company's credit quality remains strong, with no loans over 30 days past due for the seventh consecutive quarter. The efficiency ratio rose to 55.34% compared to 50.42% in the prior quarter, reflecting increased operational costs.
West Bancorporation, Inc. (Nasdaq: WTBA) will announce its first-quarter 2023 results on April 27, 2023, before market opening. Following this, a conference call is scheduled for the same day at 2:00 p.m. Central Time, with access via 844-200-6205 (access code: 950386). A recording will be available until May 11, 2023. Established in 1893, West Bank serves consumers and small to medium-sized businesses, operating six offices in the greater Des Moines area, one in Coralville, Iowa, and four in Minnesota.
West Bancorporation reported a net income of $46.4 million for 2022, down from $49.6 million in 2021, resulting in $2.76 per diluted share compared to $2.95 per share. In Q4 2022, net income was $8.9 million, with a $0.53 per share, a decrease from $11.9 million in Q4 2021. The company declared a $0.25 dividend per share, payable on February 22, 2023. Despite loan growth of 11.7% year-over-year, net interest income decreased by 3.5% due to rising costs. Credit quality remains strong with no loans overdue by more than 30 days for six consecutive quarters.
West Bancorporation, Inc. (Nasdaq: WTBA) will report its fourth quarter 2022 results on January 26, 2023, prior to market opening. A conference call to discuss these results is scheduled for the same day at 2:00 p.m. Central Time, accessible at 844-200-6205 with access code 214929. The call recording will be available until February 9, 2023. West Bancorporation, located in West Des Moines, Iowa, has been operational since 1893, providing various banking services through its subsidiary, West Bank, with multiple locations in Iowa and Minnesota.
West Bancorporation reported Q3 2022 net income of $11.6 million ($0.69 per diluted share), down from $12.7 million ($0.76) in Q3 2021. Year-to-date net income stands at $37.5 million ($2.23), slightly lower than $37.7 million ($2.25) last year. A quarterly dividend of $0.25 per common share has been declared, payable on November 23, 2022. The company experienced a 6.3% annualized loan growth and maintained pristine credit quality with no loans past 30 days overdue.
West Bancorporation, Inc. (Nasdaq: WTBA) will announce its third quarter 2022 results on October 27, 2022, before market opening. A conference call is scheduled for 2:00 p.m. Central Time the same day, accessible by phone at 844-200-6205, using access code 014998. The call will be recorded for replay until November 10, 2022, with the replay access code 419470. West Bank, a subsidiary of West Bancorporation, has served the community since 1893, offering lending and trust services across Iowa and Minnesota.