West Bancorporation Inc. reported an increase of net income to $4.74 million, or 30 cents per share, in the second quarter, up from $4.3 million, or 25 cents per share, in the second quarter of 2013, the West Des Moines-based parent of West Bank said today.
Loans grew by $57 million in the quarter and were $107 million higher than a year ago. Part of the boost in lending occurred in the year-old West Bank branch in Rochester, Minn., which has generated $50 million in loans to Rochester businesses, with $30 million of that growth occurring in the second quarter, according to a release. Read a previous Business Record article aboutthe decision to open a Rochester branch.
Deposits increased to $26 million in the second quarter. Revenue was 6.5 percent higher than a year ago, and residential mortgages jumped 66.4 percent. For the first six months of 2014, net income was $9.14 million, or 57 cents per share, up from $8.25 million, or 48 cents per share, for the first six months of 2013.
The company's board of directors declared a quarterly dividend of 12 cents per share, payable Aug. 20 to shareholders of record on Aug. 6.