West Ban Corp. (WTBA, Financial) filed Quarterly Report for the period ended 2012-06-30.
West Bancorporation, Inc. has a market cap of $169.7 million; its shares were traded at around $9.74 with a P/E ratio of 13.2 and P/S ratio of 2.7. The dividend yield of West Bancorporation, Inc. stocks is 3.3%.
Noninterest income increased $1,230 compared to the second quarter of 2011 primarily due to increased gains and fees on sales of residential mortgages of $309 and realized net investment securities gains of $279. In addition, a gain of $841 from bank-owned life insurance was recognized due to the death of a long-time West Bank officer. Noninterest expense was $1,437 higher in the second quarter of 2012 than in 2011 due to a $401 increase in salaries and employee benefit costs and write-downs of $745 on other real estate owned properties.
Net income available to common stockholders for the six months ended June 30, 2012, was $8,360 compared to $6,066 for the six months ended June 30, 2011. Like the second quarter, results for the first six months of 2011 were impacted by preferred stock dividends and accretion of discount. Net income for the first six months of 2012 declined $93 from $8,453 for the same period in 2011. Total basic and diluted earnings per common share were $0.48 and $0.35 for the first six months of 2012 and 2011, respectively. The Company's annualized return on average equity and return on average assets for the six months ended June 30, 2012, were 13.26 and 1.28 percent, respectively, compared to 11.40 and 1.30 percent, respectively, for the six months ended June 30, 2011.
For the six months ended June 30, 2012, net interest income declined $321 from the prior year, primarily due to continued downward pressure on interest rates. No provision for loan losses was recorded compared to $950 in the six months ended June 30, 2011, as a result of continued credit quality improvement in 2012. Other significant changes between the first six months of 2012 and the same time period in 2011 were the $872 increase in gains and fees on sales of residential mortgages, which was offset by a $982 increase in salaries and benefits and a $708 increase in other real estate owned expenses. In addition, FDIC insurance expense declined by $562 during the same time period.
The objective of liquidity management is to ensure the availability of sufficient cash flows to meet all financial commitments and to capitalize on opportunities for profitable business expansion. The Company's principal source of funds is deposits. Other sources include loan principal repayments, proceeds from the maturity and sale of investment securities, principal payments on collateralized mortgage obligations and mortgage-backed securities, federal funds purchased, repurchase agreements, advances from the FHLB, and funds provided by operations. Liquidity management is conducted on both a daily and a long-term basis. Investments in liquid assets are adjusted based on expected loan demand, projected loan maturities and payments, expected deposit flows, and the objectives set by West Bank's asset-liability management policy. The Company had liquid assets (cash and cash equivalents) of $112,858 as of June 30, 2012, compared with $87,104 as of December 31, 2011. West Bank had additional borrowing capacity available from the FHLB of approximately $41,000 at June 30, 2012. In addition, West Bank has $53,000 in borrowing capacity available through unsecured federal funds lines of credit and $10,000 available through secured federal funds lines of credit with correspondent banks. West Bank was not drawing on any of these lines of credit as of June 30, 2012. Net cash from operating activities contributed $10,314 and $17,153 to liquidity for the six months ended June 30, 2012 and 2011, respectively. Management believes the Company was in a strong liquidity position as of June 30, 2012.
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West Bancorporation, Inc. has a market cap of $169.7 million; its shares were traded at around $9.74 with a P/E ratio of 13.2 and P/S ratio of 2.7. The dividend yield of West Bancorporation, Inc. stocks is 3.3%.
Highlight of Business Operations:
Total basic and diluted earnings per common share were $0.25 and $0.12 for the second quarters of 2012 and 2011, respectively. The Company's annualized returns on average equity and average assets for the quarter ended June 30, 2012, were 13.69 and 1.32 percent, respectively, compared to 10.36 and 1.21 percent, respectively, for the quarter ended June 30, 2011.Noninterest income increased $1,230 compared to the second quarter of 2011 primarily due to increased gains and fees on sales of residential mortgages of $309 and realized net investment securities gains of $279. In addition, a gain of $841 from bank-owned life insurance was recognized due to the death of a long-time West Bank officer. Noninterest expense was $1,437 higher in the second quarter of 2012 than in 2011 due to a $401 increase in salaries and employee benefit costs and write-downs of $745 on other real estate owned properties.
Net income available to common stockholders for the six months ended June 30, 2012, was $8,360 compared to $6,066 for the six months ended June 30, 2011. Like the second quarter, results for the first six months of 2011 were impacted by preferred stock dividends and accretion of discount. Net income for the first six months of 2012 declined $93 from $8,453 for the same period in 2011. Total basic and diluted earnings per common share were $0.48 and $0.35 for the first six months of 2012 and 2011, respectively. The Company's annualized return on average equity and return on average assets for the six months ended June 30, 2012, were 13.26 and 1.28 percent, respectively, compared to 11.40 and 1.30 percent, respectively, for the six months ended June 30, 2011.
For the six months ended June 30, 2012, net interest income declined $321 from the prior year, primarily due to continued downward pressure on interest rates. No provision for loan losses was recorded compared to $950 in the six months ended June 30, 2011, as a result of continued credit quality improvement in 2012. Other significant changes between the first six months of 2012 and the same time period in 2011 were the $872 increase in gains and fees on sales of residential mortgages, which was offset by a $982 increase in salaries and benefits and a $708 increase in other real estate owned expenses. In addition, FDIC insurance expense declined by $562 during the same time period.
The objective of liquidity management is to ensure the availability of sufficient cash flows to meet all financial commitments and to capitalize on opportunities for profitable business expansion. The Company's principal source of funds is deposits. Other sources include loan principal repayments, proceeds from the maturity and sale of investment securities, principal payments on collateralized mortgage obligations and mortgage-backed securities, federal funds purchased, repurchase agreements, advances from the FHLB, and funds provided by operations. Liquidity management is conducted on both a daily and a long-term basis. Investments in liquid assets are adjusted based on expected loan demand, projected loan maturities and payments, expected deposit flows, and the objectives set by West Bank's asset-liability management policy. The Company had liquid assets (cash and cash equivalents) of $112,858 as of June 30, 2012, compared with $87,104 as of December 31, 2011. West Bank had additional borrowing capacity available from the FHLB of approximately $41,000 at June 30, 2012. In addition, West Bank has $53,000 in borrowing capacity available through unsecured federal funds lines of credit and $10,000 available through secured federal funds lines of credit with correspondent banks. West Bank was not drawing on any of these lines of credit as of June 30, 2012. Net cash from operating activities contributed $10,314 and $17,153 to liquidity for the six months ended June 30, 2012 and 2011, respectively. Management believes the Company was in a strong liquidity position as of June 30, 2012.
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