West Bancorporation (WTBA) Raises Quarterly Dividend 4.8% to $0.22; 4.2% Yield

West Bancorporation (NASDAQ: WTBA) declared a quarterly dividend of $0.22 per share, or $0.88 annualized. This is a 4.8% increase from the prior dividend of $0.21.

The dividend will be payable on February 24, 2021, to stockholders of record on February 10, 2021, with an ex-dividend date of February 9, 2021.

The annual yield on the dividend is 4.2 percent.

Dave Nelson, President and Chief Executive Officer of the Company, commented, “Despite this being an incredibly unique and challenging year, I am proud of what our team has accomplished and happy to share some of the Company’s achievements. First, loan growth was over eight percent for the year, not including Paycheck Protection Program loans. Our employees engaged in extraordinary efforts to meet the ongoing business needs of our customers and communities in addition to delivering pandemic-related relief programs. In addition to our normal business development efforts, we originated over 900 Small Business Administration Paycheck Protection Program loans and provided nearly 300 loan payment deferral modifications. In continued support of our communities, we are currently participating in the newest round of lending under the Paycheck Protection Program. Second, net income for 2020 was $32.7 million, a 14 percent increase over last year. This represents an all-time record year for earnings even while the Bank recorded a provision for loan losses of $12.0 million related to the uncertain and unprecedented economic conditions created by the COVID-19 pandemic. Finally, because of the success of our 2019 expansion in Minnesota, we began construction of a permanent branch office in Sartell, Minnesota, a suburb of St. Cloud.”

Dave Nelson also commented, “We believe our history of strong capital, earnings and credit quality and the strength of our customer relationships allowed us to successfully navigate the challenges of 2020. We enter 2021 with great momentum and optimism.”

For a dividend history and other dividend-related data on West Bancorporation (WTBA) click here.

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