West Bancorporation Inc., the parent company of
West Bank, reported first-quarter net income of $3.95 million, or 23 cents per
share, compared with net income for the first quarter of 2012 of $3.98 million,
which also equated to 23 cents per share.
The West Des Moines-based bank's loan
portfolio increased by $9.6 million to $88 million, 10 percent higher than a
year ago. West Bank also added $93 million to its investment portfolio during
the quarter, "which should enhance earnings going forward," said Dave
Nelson, president and CEO of West Bancorporation, in a release.
In the past
quarter, West Bank has launched a new loan production office in Rochester,
Minn., and opened a Grand Avenue branch.