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West Bancorporation, Inc. Announces Results for 1st Quarter of 2010 MarketWatch (press release)

29.04.10

(The "Company"), parent company of West Bank, reports net income available to common shareholders of $2.8 million or $0.16 per common share for the first quarter of 2010 compared to net income available to common shareholders of $2.4 million or $0.14 per common share for the same quarter in 2009. "We are pleased to see continued improvement in our earnings over the past three quarters," said Chairman Jack Wahlig.

The improvement in net income can largely be attributed to a reduction in the quarterly provision for loan losses. The results for the first quarter of 2010 included a provision for loan losses of $2 million compared to $3.5 million a year ago. The allowance for loan losses as a percentage of loans outstanding as of March 31, 2010, was 2.04 percent. This is up from 1.61 percent a year ago. Management believes the allowance is adequate to absorb the losses inherent in the loan portfolio, although the uncertain economic environment will continue to be a significant determinant of future loan losses. During the first quarter of this year, total nonperforming assets increased by $3.5 million to $56.5 million. The following changes in nonperforming assets took place during the quarter: nonaccrual loans decreased by $0.9 million, restructured loans increased by $3.7 million, and other real estate owned grew by $1.6 million. Although the level of nonperforming assets remains higher than we like, the nonperforming assets that have been liquidated were sold at or near the carrying value of those assets. It should be noted that while restructured loans are considered nonperforming assets for regulatory purposes, those loans are earning interest income, albeit at a lower level than before the loans were restructured. Loans outstanding totaled $992 million at March 31, 2010, down from $1.12 billion a year ago. Demand for new loans continues to be soft.

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