West Bancorporation Inc., parent company of West Bank, reported Oct. 28 that
its third quarter 2021 net income was $12.7 million, or $0.76 per diluted common share, compared to a third quarter 2020 net income of $8.1 million, or $0.49 per diluted common share.
For the first nine months of 2021, net income was $37.7 million, or $2.25 per diluted common share, compared to $24.2 million, or $1.46 per diluted common share, for the first nine months of 2020. On Oct. 27, the company’s board of directors declared a regular quarterly dividend of $0.24 per common share. The dividend is payable on Nov. 24 to stockholders of record on Nov. 10.
In Eastern Iowa, West Bank is encouraged by the growth in deposits. Jim Conard attributes that success to Julie Kunkel, the vice president of treasury management and commercial deposits.
“In the six months since Julie has joined West Bank, we have seen established businesses moving their full banking relationships to us,” said Mr. Conard, Eastern Iowa market president, in a statement. “Both our business and personal deposits totals have grown, a sign of our local market placing their trust in our growing team.”
On a national level, West Bank is experiencing “extraordinary financial performance this year,” said Dave Nelson, president and CEO of West Bank, in a statement. “Net income for the first nine months of 2021 has already exceeded our fiscal year 2020 net income. We have experienced loan growth (exclusive of Paycheck Protection Program (PPP) loan) activity of 10.1% for the first nine months of 2021, and year-over-year loan growth of 14.3% (also exclusive of PPP loan activity).”
