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05 December, 2023 21:37 IST
West Bancorporation first-quarter profit rises 7.20 percent on a YOY basis
Source: IRIS | 21 Jun, 2017, 09.29PM

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West Bancorporation, Inc (WTBA) has reported a 7.20 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $6.11 million, or $0.37 a share in the quarter, compared with $5.70 million, or $0.35 a share for the same period last year.      

Revenue during the quarter grew 5.21 percent to $16.55 million from $15.73 million in the previous year period. Non-interest income for the quarter fell 3.14 percent over the last year period to $2.16 million.

Net interest margin contracted 3 basis points to 3.48 percent in the quarter from 3.51 percent in the last year period. Efficiency ratio for the quarter improved to 46.84 percent from 46.91 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.

"We are excited about our first quarter 2017 results," commented Dave Nelson, President and Chief Executive Officer of the Company. "We have had eleven consecutive record quarters for each respective quarter. Our strong performance gives us a great start to 2017 and has allowed us to increase our second quarter dividend to $0.18 per common share. This is the highest quarterly dividend ever paid by the Company."

Assets outpace liabilities growth

Total assets stood at $1,867.82 million as on Mar. 31, 2017, up 6.42 percent compared with $1,755.12 million on Mar. 31, 2016. On the other hand, total liabilities stood at $1,698.05 million as on Mar. 31, 2017, up 6.25 percent from $1,598.19 million on Mar. 31, 2016.

Loans outpace deposit growth

Net loans stood at $1,430.31 million as on Mar. 31, 2017, up 13.55 percent compared with $1,259.65 million on Mar. 31, 2016. Deposits stood at $1,528.75 million as on Mar. 31, 2017, up 5.74 percent compared with $1,445.75 million on Mar. 31, 2016.

Investments stood at $309.79 million as on Mar. 31, 2017, down 14.39 percent or $52.07 million from year-ago. Shareholders equity stood at $169.77 million as on Mar. 31, 2017, up 8.19 percent or $12.85 million from year-ago.

Return on average assets moved up 4 basis points to 1.35 percent in the quarter from 1.31 percent in the last year period. At the same time, return on average equity increased 3 basis points to 14.80 percent in the quarter from 14.77 percent in the last year period.

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