West Bancorp., Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Announces Impairment Losses for the Fourth Quarter of 2011; Declares Increased Quarterly Dividend, Payable on February 28, 2012
January 27, 2012 at 01:30 pm
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West Bancorp., Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported net income available to common stockholders of $3,732,000, income before income taxes of $5,247,000, net interest income after provision for loan losses of $10,587,000 and net interest income of $10,187,000 on total interest income of $13,042,000 compared to net income available to common stockholders of $2,929,000, income before income taxes of $5,316,000, net interest income after provision for loan losses of $10,376,000 and net interest income of $11,026,000 on total interest income of $14,446,000 for the same period a year ago. Return on average equity at the end of fourth quarter of 2011 was 12.08% compared to 9.45% at the same period a year ago. Return on average assets at the end of fourth quarter of 2011 was 1.14% compared to 0.98% at the same period a year ago. Net income per common share was $0.21 compared to $0.17 for the same period a year ago.
For the full year, the company reported net income available to common stockholders of $12,881,000, income before income taxes of $21,340,000, net interest income after provision for loan losses of $40,852,000 and net interest income of $41,402,000 on total interest income of $53,319,000 compared to net income available to common stockholders of $11,099,000, income before income taxes of $18,713,000, net interest income after provision for loan losses of $36,070,000 and net interest income of $42,120,000 on total interest income of $61,143,000 for the same period a year ago. Return on average equity at the end of fourth quarter of 2011 was 11.27% compared to 9.49% at the same period a year ago. Return on average assets at the end of fourth quarter of 2011 was 1.18% compared to 0.86% at the same period a year ago. Net income per common share was $0.74 compared to $0.64 for the same period a year ago.
The company reported net impairment losses recognized in earnings of $77,000 for the fourth quarter of 2011.
The company also announced that on January 25, 2012, its board of directors declared a quarterly dividend of $0.08 per share. The dividend is payable on February 28, 2012, to shareholders of record on February 6, 2012. This is an increase of $0.01 per share or 14% over the previous quarterly dividend.
West Bancorporation, Inc., is a financial holding company. The Company owns West Bank (the Bank), which is a business-focused community bank. The Bank provides full-service community banking and trust services to customers. The Bank offers range of credit to its customers, including commercial, real estate, and consumer loans. It also offers trust services, including the administration of estates, conservatorships, personal trusts, and agency accounts. The Company operates in the markets, including central Iowa, which is generally the greater Des Moines metropolitan area; eastern Iowa, which includes the area surrounding Iowa City and Coralville, and southern Minnesota, which includes the cities of Rochester, Owatonna, Mankato, and St. Cloud. The Bank offers a full range of deposit services, including checking, savings and money market accounts and time certificates of deposit. It also offers online banking, mobile banking, and treasury management services.
West Bancorp., Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Announces Impairment Losses for the Fourth Quarter of 2011; Declares Increased Quarterly Dividend, Payable on February 28, 2012