West Bancorporation, Inc. (WTBA) has reported an 1.51 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $6.03 million, or $0.37 a share in the quarter, compared with $5.94 million, or $0.37 a share for the same period last year.
Revenue during the quarter went up marginally by 0.54 percent to $16.26 million from $16.17 million in the previous year period. Non-interest income for the quarter fell 22.37 percent over the last year period to $1.93 million.
West Bancorporation, Inc. has made provision of $0.10 million for loan losses during the quarter, down 77.78 percent from $0.45 million in the same period last year.
Net interest margin contracted 14 basis points to 3.43 percent in the quarter from 3.57 percent in the last year period. Efficiency ratio for the quarter deteriorated to 44.38 percent from 44.04 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
"We are very pleased with our 2016 results," commented Dave Nelson, president and chief executive officer of the Company. "Annual earnings for 2016 represented the highest annual earnings in the 123-year history of the Company. It is our second consecutive record year, and we have had ten consecutive record quarters for each respective quarter. Our strong performance has allowed us to pay dividends at a record level in 2016."
Assets outpace liabilities growth
Total assets stood at $1,854.20 million as on Dec. 31, 2016, up 6.04 percent compared with $1,748.40 million on Dec. 31, 2015. On the other hand, total liabilities stood at $1,688.83 million as on Dec. 31, 2016, up 5.80 percent from $1,596.02 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $1,383.76 million as on Dec. 31, 2016, up 12.34 percent compared with $1,231.72 million on Dec. 31, 2015. Deposits stood at $1,546.60 million as on Dec. 31, 2016, up 7.35 percent compared with $1,440.73 million on Dec. 31, 2015.
Investments stood at $309.02 million as on Dec. 31, 2016, down 16.92 percent or $62.95 million from year-ago. Shareholders equity stood at $165.38 million as on Dec. 31, 2016, up 8.53 percent or $13 million from year-ago.
Return on average assets moved down 5 basis points to 1.30 percent in the quarter from 1.35 percent in the last year period. At the same time, return on average equity decreased 111 basis points to 14.53 percent in the quarter from 15.64 percent in the last year period.
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