Thu, Jul 25, 11:14 AM (44 days ago)
West Bancorporation, Inc. reported net income of $5,192 for Q2 2024, down from $5,862 in Q2 2023. The decline in net income was primarily due to increased interest expense on deposits and borrowings, which outpaced the growth in interest income from loans. Net interest income slightly decreased by $111 to $17,230. Noninterest income fell by $43, while noninterest expense rose by $720, driven by higher occupancy, technology, and FDIC insurance costs. Loans grew by 2.4% to $2,998,774, and deposits increased by 7.0% to $3,180,922. The allowance for credit losses remained stable at 0.95% of total loans. The company's capital ratios remained strong, with a total capital ratio of 11.85%. Future uncertainties include interest rate fluctuations, competitive pressures, and broader economic conditions.