West Bancorporation, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017
January 25, 2018 at 01:29 pm
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West Bancorporation, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total interest income of $19,517,000 against $16,565,000 a year ago. Net interest income was $15,544,000 against $14,425,000 a year ago. Income before income taxes was $9,420,000 against $8,718,000 a year ago. Net income was $4,194,000 against $6,031,000 a year ago. Return on average assets was 0.80% against 1.30% a year ago. Return on average equity was 9.31% against 14.53% a year ago. Net interest income on an fte basis (non-GAAP) was $16,329,000 against $15,054,000 a year ago. Adjusted income was $18,334,000 against $16,982,000 a year ago. Earnings per share basic and diluted were $0.26 against $0.37 per share a year ago.
For the year, the company reported total interest income of $73,034,000 against $64,994,000 a year ago. Net interest income was $60,057,000 against $57,118,000 a year ago. Income before income taxes was $36,438,000 against $32,952,000 a year ago. Net income was $23,070,000 against $23,016,000 a year ago. Return on average assets was 1.18% against 1.27% a year ago. Return on average equity was 13.29% against 14.35% a year ago. Net interest income on an fte basis (non-GAAP) was $62,734,000 against $59,741,000 a year ago. Adjusted income was $71,081,000 against $67,661,000 a year ago.
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.