West Bancorporation posts record quarter

West Bancorporation, corporate parent of West Bank in Coralville, on Thursday reported a record first-quarter profit.

The West Des Moines-based bank holding company posted net income of $5.7 million, or 35 cents per share, for the quarter that ended on March 31. That was an improvement from net income of $5.1 million, or 32 cents per share, in the same quarter of 2015.

West Bancorporation recorded tax-exempt gains from bank-owned life insurance of approximately $443,000. The company had life insurance claims of approximately $111,000 on an after-tax basis, creating a net non-recurring benefit of approximately $332,000.

Dave Nelson, president and CEO of West Bancorporation, said the company's loan portfolio expanded during the quarter to $1.27 billion from $1.18 billion in the first quarter of 2015.

'Many times, the first quarter can be a relatively slow growth period,” Nelson said in a news release. 'Having the loan portfolio increase during the first quarter gives us a great start to 2016.”

West Bancorporation recorded total deposits of $1.44 billion on March 31, up from $1.36 billion on the same date in 2015. The increase was primarily due to an increase in savings deposits.