West One Bancorp, the Boise-based banking institution that does extensive business in Utah, had record earnings in the last quarter of 1993 that officials attributed to loan growth and a higher net interest margin.
The corporation had net income of $22.4 million in the quarter, a 29 percent increase over the net income of $17.2 million in the same quarter a year ago. Fully diluted earnings per share were 63 cents in the last quarter of 1993 compared with 51 cents in the same quarter of 1992.Net income for 1993 was $83.2 million, a 31 percent increase over the $63.4 million in net income for 1992. The per-share earnings were $2.38 in 1993 compared with $1.98 in 1992.
Daniel R. Nelson, chairman and chief executive officer, said, "We established aggressive goals for West One in 1993 and we are pleased to report we exceeded those goals. An expanding economy led to double digit loan growth in all four states in our market area (Utah, Idaho, Washington and Oregon)."