West Bancorporation(US:WTBA)2024-04-25 11:07Financial Performance - First quarter 2024 net income was $5.8 million, or $0.35 per diluted common share, compared to $4.5 million, or $0.27 per diluted common share in Q4 2023, and $7.8 million, or $0.47 per diluted common share in Q1 2023[1] - The net income for the quarter was $5,809,000, representing a 28.3% increase from $4,525,000 in the previous quarter[15] - Basic and diluted earnings per common share increased to $0.35, up from $0.27 in the previous quarter, marking a 29.6% increase[16] - Adjusted income for the quarter was $19,131,000, up from $18,809,000 in the previous quarter, indicating a growth of 1.7%[22] Loans and Deposits - Loans increased by $52.6 million, or 7.2 percent annualized, in Q1 2024, primarily due to funding of previously committed construction loans[6] - Total loans reached $2,980,133 thousand, an increase of 1.8% from $2,927,535 thousand at the end of 2023[14] - Net loans amounted to $2,951,760 thousand, reflecting a rise of 1.8% compared to $2,899,193 thousand in the previous quarter[14] - Deposits increased by $91.3 million, or 3.1 percent, in Q1 2024, with brokered deposits totaling $396.4 million, up from $305.4 million at the end of Q4 2023[10] - Total deposits grew to $3,065,030 thousand, up 3.1% from $2,973,779 thousand at December 31, 2023[14] Asset Management - Total assets increased to $3,962,692 thousand as of March 31, 2024, up from $3,825,758 thousand at December 31, 2023, representing a growth of 3.6%[13] - The average balance of assets for the quarter was $3,812,199 thousand, compared to $3,706,497 thousand in the previous quarter, indicating an increase of 2.9%[13] - The tangible common equity ratio decreased to 5.65 percent at March 31, 2024, from 5.88 percent at December 31, 2023, due to accumulated other comprehensive losses[10] Income and Expenses - For the quarter ended March 31, 2024, total interest income increased to $44,570,000, up 4.4% from $42,683,000 in the previous quarter[15] - Net interest income after credit loss expense for the quarter was $16,750,000, compared to $15,861,000 in the previous quarter, reflecting a 5.6% increase[15] - Noninterest income totaled $2,299,000, a significant increase of 21.1% from $1,898,000 in the previous quarter[15] - Noninterest expense decreased to $11,868,000 from $12,161,000 in the previous quarter, showing a reduction of about 2.4%[22] Efficiency and Ratios - The efficiency ratio improved to 62.04 percent in Q1 2024 from 64.66 percent in Q4 2023, driven by an increase in net interest income[10] - The efficiency ratio on an adjusted and FTE basis improved to 62.04% from 64.66% in the previous quarter, indicating enhanced operational efficiency[23] - Return on average assets increased to 0.61% from 0.48% in the previous quarter, showing improved asset utilization[17] - The total risk-based capital ratio as of March 31, 2024, was 11.78%, slightly down from 11.88% in the previous quarter[16] Dividends and Stock Performance - The company declared a quarterly dividend of $0.25 per common share, payable on May 22, 2024[1] - The closing stock price as of March 31, 2024, was $17.83, down from $21.20 at the end of the previous quarter[16] - The annualized dividend yield increased to 5.61% from 4.72% in the previous quarter, reflecting a more attractive return for shareholders[16]