West Bancorp., Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013
January 24, 2014 at 12:21 pm
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West Bancorp., Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company reported total interest income of $13,464,000 against $12,507,000 for the same period last year. Net interest income was $11,700,000 against $10,372,000 for the same period last year. Net interest income after provision for loan losses was $11,700,000 against $10,047,000 for the same period last year. Income before income taxes was $6,084,000 against $5,736,000 for the same period last year. Net income was $4.3 million, or $0.27 per diluted common share, compared to $3.9 million, or $0.22 per diluted common share, for the fourth quarter of 2012. Return on average assets was 1.17% against 1.14% for the same period last year. Return on average equity was 13.85% against 11.57% for the same period last year. The improvement in net interest income was due to a higher volume of earning assets and expansion of the net interest margin to 3.52% for the quarter from 3.30% for the fourth quarter of last year. The improvement in net interest income was due to a higher volume of earning assets (loans and investments) and expansion of the net interest margin to 3.52% for the quarter from 3.30% for the fourth quarter of last year.
For the year, the company reported total interest income of $52,741,000 against $50,662,000 for the same period last year. Net interest income was $45,683,000 against $41,198,000 for the same period last year. Net interest income after provision for loan losses was $46,533,000 against $40,573,000 for the same period last year. Income before income taxes was $24,211,000 against $22,775,000 for the same period last year. Net income was $16.9 million or $1.02 per diluted common share against $16.0 million or $0.92 per diluted common share a year ago. Return on average assets was 1.17% against 1.21% for the same period last year. Return on average equity was 13.22% against 12.34% for the same period last year.
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.