116 3rd St SE
Cedar Rapids, Iowa 52401
West Bank owner posts higher earnings
George C. Ford
Jul. 26, 2014 1:00 am, Updated: Jul. 26, 2014 9:01 am
West Bancorporation, corporate parent of West Bank with branches in Iowa City, reported higher second-quarter earnings and improved loan volume.
The West Des Moines-based bank holding company posted net income of $4.74 million, or 30 cents per share, for the quarter that ended June 30, up from $4.30 million, or 25 cents per share, for the second quarter of 2013.
For the first six months of 2014, West Bancorp recorded net income of $9.14 million, or 57 per share, up from $8.25 million, or 48 cents per share, for the first six months of 2013.
'During the second quarter, our loan portfolio grew by $57 million,” said Dave Nelson, president and CEO of West Bancorporation. 'Our loans were $107 million higher than a year ago. Deposits increased $26 million during the quarter.”
Revenue, defined as net interest income plus noninterest income, for the second quarter of 2014 was 6.5 percent higher than the second quarter of 2013.
Fees from trust services were 39.5 percent higher quarter over quarter.
Gains and fees from the sale of residential mortgages were 66.4 percent higher in the second quarter than the same period last year.
Lynn Rowat, West Bank Eastern Iowa market president, said the Iowa City area continues to be strengthened by the large amount of construction activity in progress and the positive influence that has on the local community.
Rowat said a new branch under construction in Coralville should be ready for occupancy around Jan. 1, 2015.