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EX - 99.1 2 wtba - 20210729exhibit991.htm EX - 99.1 Exhibit 99.1 W West Bancorporation Press Release July 29 , 2021 FOR IMMEDIATE RELEASE For more information contact : Doug Gulling , Executive Vice President , Treasurer and Chief Financial Officer ( 515 ) 222-2309 WEST BANCORPORATION , INC . ANNOUNCES RECORD NET INCOME FOR THE SECOND QUARTER OF 2021 , DECLARES QUARTERLY DIVIDEND West Des Moines , IA - West Bancorporation , Inc. ( Nasdaq : WTBA ; the “ Company ” ) , parent company of West Bank , today reported that second quarter 2021 net income was $ 13.2 million , or $ 0.79 per diluted common share , compared to second quarter 2020 net income of $ 8.0 million , or $ 0.48 per diluted common share . For the first six months of 2021 , net income was $ 25.0 million , or $ 1.49 per diluted common share , compared to $ 16.1 million , or $ 0.97 per diluted common share , for the first six months of 2020. On July 28 , 2021 , the Company's Board of Directors declared a regular quarterly dividend of $ 0.24 per common share . The dividend is payable on August 25 , 2021 , to stockholders of record on August 11 , 2021 . Dave Nelson , President and Chief Executive Officer of the Company , commented , " As the country and our communities continue to emerge from the economic uncertainties created by the COVID - 19 pandemic , our bankers are dedicated to executing our strategic objectives , which include organic loan growth and superior credit quality resulting from disciplined underwriting . We are pleased to have loan growth ( exclusive of Paycheck Protection Program ( PPP ) loan activity ) of 6.0 percent for the first six months of 2021 , and year over year loan growth of 12.6 percent ( also exclusive of PPP loan activity ) . Our credit quality continues to improve as all remaining COVID- related loan modifications expired in the second quarter and those loans returned to normal payment status . This improvement in economic conditions and credit quality resulted in a negative provision for loan losses of $ 2.0 million in the second quarter compared to a provision for loan losses of $ 3.0 million in the second quarter last year . " Dave Nelson also commented , " We continue to build our brand in Minnesota . Construction of our permanent branch office in Sartell , Minnesota , a suburb of St. Cloud , is expected to be completed before the end of the year . We are also in the planning phase for the construction of a permanent branch office in Mankato , Minnesota . " The Company filed its report on Form 10 - Q with the Securities and Exchange Commission today . Please refer to that document for a more in - depth discussion of the Company's financial results . The Form 10 - Q is available on the Investor Relations section of West Bank's website at www.westbankstrong.com . The Company will discuss its financial results on a conference call scheduled for 10:00 a.m. Central Time tomorrow , Friday , July 30 , 2021. The telephone number for the conference call is 888-339-0814 . A recording of the call will be available until August 13 , 2021 , by dialing 877-344-7529 . The replay passcode is 10150541 . About West Bancorporation , Inc. ( Nasdaq : WTBA ) West Bancorporation , Inc. is headquartered in West Des Moines , Iowa . Serving customers since 1893 , West Bank , a wholly - owned subsidiary of West Bancorporation , Inc. , is a community bank that focuses on lending , deposit services , and trust services for consumers and small- to medium - sized businesses . West Bank has seven offices in the Des Moines , Iowa metropolitan area , one office in Coralville , Iowa , and four offices in Minnesota in the cities of Rochester , Owatonna , Mankato and St. Cloud .