West Bank announces record first-quarter net income

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The West Bank branch in Coralville. CREDIT WEST BANCORPORATION

West Bancorporation, parent West Bank, reported net income of $13.2 million compared to net income of $11.8 million in the first quarter of 2021 on April 29.

The first-quarter announcement comes just months after a record-breaking 2021 in which the bank posted net income of $49.6 million.

“We were pleased with the resilience of our local economy and real estate market in the first quarter,” East Iowa Market President Jim Conrad said in an email to 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 market.”

The West Bank recorded a negative loan loss provision of $750,000 for the first three months of 2022. This number is up from $250,000 for the same period in 2021. They attribute the difference to “sustained loan performance following the expiration of COVID-19 changes and a sustained improvement in classified loans.

Total assets were recorded at $3.5 billion at the end of March.

CEO and Chairman David Nelson noted in a statement that the West Bank’s credit quality has “remained incredibly strong, as even our classified and impaired loans continue to make timely payments.”

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