West Bancorporation announces record net income

West Bank Coralville
The West Bank branch in Coralville. CREDIT WEST BANCORPORATION

Last year was a record-setting year for West Bancorporation.

The Des Moines-based bank holding company, with a branch in Coralville, reported Tuesday that they ended 2021 with a net income of $49.6 million, a record total for the company and up markedly from the $32.7 million reported in 2020. Diluted earnings per share (EPS) were $2.95, up from $1.98 in 2020.

For the fourth quarter, West Bancorporation reported net income of $11.7 million, or 71 cents diluted EPS, compared to net income of $8.6 million and diluted EPS of 52 cents for the fourth quarter of 2020. The diluted EPS total fell 5.3% short of Zacks Consensus Estimates, which had predicted diluted EPS of 75 cents for the quarter.

The companyโ€™s board of directors also declared a quarterly dividend of 25 cents per share, up 1 cent from the prior quarter and setting a new dividend record.

โ€œWest Bancorporation experienced extraordinary financial performance in 2021,โ€ West Bancorporation president and CEO David Nelson said. โ€œNet income increased 52 percent in 2021, compared to 2020, and net interest income increased 15 percent in 2021, compared to 2020. Total assets were $3.5 billion at Dec. 31, 2021, compared to $3.2 billion at Dec. 31, 2020. Our credit quality continues to improve as classified and impaired loans were paid down and paid off.โ€

Mr. Nelson also indicated that West Bancorporation has four new bank building projects in various stages of development.