West Bancorporation parent company of West Bank, reported a net income of $13.2 million compared to a first quarter 2021 net income of $11.8 million on April 29.
The quarter one announcement comes just months after a record-setting 2021 in which the bank earned a net income of $49.6 million.
“We’ve been pleased with the resiliency our local economy and real estate market have shown in the first quarter,” said Eastern Iowa Market President Jim Conrad in an email to the CBJ. “Despite the volatility and upward pressure on interest rates, our customers who own and operate local businesses remain optimistic about the continued growth of our marketplace.”
West Bank recorded a negative provision for loan losses of $750,000 for the first three months of 2022. That number is up $250,000 for the same time period in 2021. They attribute the difference to “the sustained performance of loans after the expiration of COVID-19 modifications and sustained improvement in classified loans.”
Total assets were recorded at $3.5 billion at the end of March.
CEO and President David Nelson noted in a statement that West Bank’s credit quality has “remained incredibly strong, as even our classified and impaired loans continue to make timely payments.”
