West Bancorp Q1 net income $5.8M ($0.35 EPS) down 26% YoY; net interest margin 1.88% vs 2.23%

WEST BANCORPORATION INC

2024-Q1 EPS reported $0.35

Net income $5.8M ($0.35 diluted EPS) vs Q4 $4.5M ($0.27) and Q1 2023 $7.8M ($0.47).
Net interest margin (tax-equivalent) 1.88%, down from 2.23% a year ago on cost of funds pressure.
Deposits rose $91.3M, but brokered deposits increased $91M; excluding brokered, core deposits up only $0.3M.
No credit loss expense in Q1; allowance for credit losses 0.95% of loans; nonaccrual loans $289K.
Quarterly dividend $0.25 per share declared, payable May 22, 2024 to holders of record May 8, 2024.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

WEST BANCORPORATION INC reported first quarter 2024 results: net income $5.8 million, EPS $0.35 per diluted common share.

Period: first quarter 2024
Net income: $5.8 million
EPS: $0.35 per diluted common share
Result: reported results

Exact text from the filing

West Bancorporation, Inc. (Nasdaq: WTBA; the “Company”), parent company of West Bank, today reported first quarter 2024 net income of $5.8 million, or $0.35 per diluted common share, compared to fourth quarter 2023 net income of $4.5 million, or $0.27 per diluted common share, and first quarter 2023 net income of $7.8 million, or $0.47 per diluted common share.

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Source: SEC EDGAR

accession 0001166928-24-000051

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