West Bancorp., Inc. (NASDAQ:WTBA) Q2 2020 Earnings Conference Call - Final Transcript
Jul 24, 2020 • 11:00 am ET
Good morning and welcome to West Bancorp Quarterly Earnings Call. [Operator Instructions]
I'd like to turn the conference over to Mr. Doug Gulling, Chief Financial Officer. Please go ahead.
Douglas R. Gulling
Hey. Thank you, Nick. Good morning, everyone. Thank you for joining us. With me on the call today are Dave Nelson, our Chief Executive Officer; Harlee Olafson, our Chief Risk Officer; and Jane Funk, our Chief Accounting Officer.
And I'll begin with our fair disclosure statement. Comments made during this conference call may contain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any forward-looking statement made by us during this call is based only on information currently available to us and speaks only as of today's date. The company undertakes no obligation to revise or update such statements to reflect current events or circumstances after this call or to reflect the occurrence of unanticipated events.
I'll turn it over to Dave Nelson to start us off.
David D. Nelson
Thank you, Doug. Good morning. Thank you everyone for joining us. We appreciate your interest in our company. We had an excellent quarter, and we are significantly ahead of where we were at this point during last year's record year plus we've set aside more in reserves for potential future loan losses. Doug will provide more detail on the drivers behind the performance with a large one being the performance of our Minnesota expansion.
While we currently have an absence of past due loans or overdrawn accounts, we have extended many helpful payment modifications where needed. In terms of what the economic impact of COVID and the shutdown will ultimately have on our customers and our community remains to be seen. We will hope for the best but plan for some trouble and challenges. Harlee will have more comments on credit quality, but we believe that being a bank of first choice versus a bank of last resort will prove to be strongly in our favor.
And in terms of COVID-19 operational issues, we have implemented many protocols, no doubt, similar to what all of you have done. But despite limiting physical access and many employees working from home, I remain unaware of a single example of where a West Bank customer has been unable to receive requested service. Pertaining to the PPP, proud to say we really outpunched our weight class with the PPP program. We did over 900 PPP loans. I think we actually have 914 active PPP loans totaling approximately $24 million, and we are all anxious -- anxiously awaiting final instructions on the forgiveness process. Based on our quarterly performance, our Board of Directors has approved a $0.21 dividend with a payment date of August 19 to shareholders of record as of August 5.
That's my prepared comments, and with that, I'd like to turn the call over to Harlee Olafson, our Chief Risk Officer.
Harlee N. Olafson
Well, thank you, Dave, and good morning everyone. I'll talk about our credit and where we're