West Bancorporation Reports Stable 2024 Financial Results

West Bancorporation ( (WTBA) ) has released its Q4 earnings. Here is a breakdown of the information West Bancorporation presented to its investors.

West Bancorporation, Inc., headquartered in West Des Moines, Iowa, is a community bank that provides lending, deposit, and trust services primarily for small to medium-sized businesses and consumers in the Midwest region.

West Bancorporation has reported its financial results for the fourth quarter and the full year of 2024, maintaining a stable net income compared to 2023, despite a challenging year. The bank declared a regular quarterly dividend of $0.25 per common share, reflecting its commitment to returning value to shareholders.

Key financial highlights include a net income of $24.1 million for 2024, matching the previous year, with a notable growth in core deposits and improvements in net interest income. The fourth quarter saw a significant increase in deposits by $79.0 million, alongside a decrease in borrowed funds by approximately $46.2 million. The efficiency ratio improved to 60.79%, aided by increased net interest income. Despite a decline in the tangible common equity ratio to 5.68%, the company maintained a pristine credit quality with no nonperforming assets.

Strategically, West Bancorporation focused on core deposit growth through enhanced customer relationship activities and improved its digital banking platforms, resulting in a reduction in wholesale funding costs. The bank also recorded a credit loss expense of $1.0 million due to adjustments in the commercial real estate segment.

Looking ahead, West Bancorporation remains optimistic about continuing the positive trends observed in the fourth quarter into 2025, focusing on maintaining credit quality and leveraging its strong deposit growth to support future loan growth and financial stability.