West Bankcorporation reports increase in net income
Friday, October 26, 2012 4:24 PM
West Bancorporation Inc., parent company of West Bank, declared a quarterly dividend of 10 cents per share.
Net income for the first nine months of 2012 was $12.11 million, or 69 cents per share, up from the same period last year when it sat at $9.15 million or 53 cents per share.
Gains and fees from the sale of residential mortgages totaled $816,000 in the third quarter of 2012, more than double the amount earned in the same period in 2011.
The bank credits this to low interest rates, which have resulted in higher volumes of mortgage activity.
The provision for loan losses was $300,000 for the third quarter of 2012 while there was no such provision in the same period last year.
Other real estate owned expense was $240,000 this quarter, significantly lower than the $1.65 million of expense in the third quarter of 2011.