The West Des Moines-based bank holding company West Bancorporation is continuing a string of record-setting quarters. The parent company of West Bank is enjoying a commercial building spree in two key Iowa markets.
The 123-year-old company is reporting the highest fourth-quarter net income in its history. In fact, all of fiscal 2016 was a record year for West Bank, which operates eight offices in the Des Moines area, two more in Iowa City, and a recently purchased one in Rochester, Minnesota. President Brad Winterbottom says the banks focus on commercial lending for apartment and warehouse projects, which is paying off.
“We have several construction loans that are in various stages of construction that will continue to add to our loan portfolio,” he says.
Winterbottom says loan amounts in the fourth quarter were $17 million higher than a year ago.
“The bulk of that would have been through commercial real estate," he says. "We had a handful of nice apartments and warehouse closings that we financed.”
He warns, however, over the next 90 days West Bank will lose $50 million in loans that will be refinanced elsewhere or sold off.