West One Bancorp., which has extensive operations in Utah, had net income of $42.6 million or $3.34 per share in 1990, a 25 percent increase over the $34 million or $2.69 cents per share in 1989.
"Economic conditions in our four-state market area remained generally healthy throughout 1990," said Daniel R. Nelson, chairman and chief executive officer. "We increased earning assets, improved net interest margin and maintained our strong capital position," he said.In the fourth quarter of 1990, the bank reported earnings of $11.2 million or 88 cents per share, a 27 percent increase over the fourth quarter of 1989.
Taxable equivalent net interest income for the fourth quarter of 1990 increased $6.1 million or 15 percent over the same period a year ago. For all of 1990, taxable equivalent net interest income increased $19.3 million or 12 percent.
Loans grew $418 million or 17 percent over the same period and represented 72 percent of earning assets in 1990 compared to 66 percent in 1989.