The following is a summary of the West Bancorporation, Inc. (WTBA) Q2 2024 Earnings Call Transcript:

Financial Performance:

• West Bancorporation reported a net income of $5.2 million in Q2 2024, compared to $5.8 million in Q1 2024.

• Net interest income increased by $480,000 in Q2 compared to Q1.

• Loan growth was approximately 2.4%, primarily due to funding of construction loans.

• Deposit balances included a large deposit from a municipal customer expected to be drawn down over the next 12 to 18 months for a construction project.

Business Progress:

• Opened new headquarters in West Des Moines during April.

• Declared a quarterly dividend of $0.25 per common share.

• Emphasized deposit gathering in a competitive market.

• Advanced construction of a new facility in the Owatonna market expected to be occupied late in Q4.

Opportunities:

• Enhanced deposit growth through a large deposit from a municipal customer and ongoing competitive deposit gathering efforts.

• Potential market share growth in the Minnesota region supported by relationship-building facilities and a focus on C&I and high-value retail deposits.

Risks:

• Anticipated payoffs in the loan portfolio in the range of $20 million to $25 million which need replacement through funded commitments.

• High operational costs and changing market demands impacting the senior care facilities lending decisions.

• Potential challenges expected from fixed rate interest swaps maturing in the second half of the year with rates below 2%.

More details: West Bancorporation IR

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