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Pacific West Bancorp (symbol: PWBK) is the holding company of Pacific West Bank (PWB), a financial institution committed to delivering exceptional banking services through experienced professionals. Established in 2004 by Portland businesspeople, the bank focuses on providing loan and deposit solutions to businesses, nonprofits, professionals, and individuals in the greater Portland/Vancouver Metro area. With strategically located offices in Downtown Portland, Lake Oswego, West Linn, and Vancouver, WA, PWB is well-positioned to serve its community effectively.
In recent developments, PWBK experienced a second quarter net loss of $122 thousand or $0.05 per diluted share in 2023, but achieved a year-to-date net income of $113 thousand or $0.04 per diluted share. Despite industry challenges, the bank remains optimistic about its future, particularly with its strategic initiatives to embrace digital banking and expand into Southwest Washington. PWB is set to launch its first Fintech partnership in the third quarter, aiming to diversify its deposit growth and non-interest income streams. The new office in Vancouver’s waterfront business district, led by seasoned banker Robert Greenawald, bolsters PWB's presence in Southwest Washington.
During the second quarter of 2023, PWB originated or renewed $18.3 million in loans, reflecting a steady increase in asset yield. The bank reported a total interest income of $3.6 million for the quarter, marking significant growth both quarter-over-quarter and year-over-year. As of the second quarter’s end, loans grew by $9.0 million, indicating strong loan quality with no loans past due.
Moreover, the bank executed a $20 million interest rate swap agreement in June 2023, ensuring a gain of $185 thousand amidst a challenging interest rate environment. In terms of partnerships and leadership, PWB is fostering significant collaborations with Fintech firms and has the potential to grow an additional $100 million in total assets.
In the third quarter of 2023, PWB announced a net loss of $205 thousand but continued to show strong loan growth and deposit diversity through its Banking as a Service (BaaS) division. This division not only introduced new revenue streams but also helped in building a robust pipeline for future growth.
For the full year 2023, PWB reported a net loss of $242 thousand, but the bank’s asset growth has been remarkable, growing from $60 million in 2018 to $320 million by year-end 2023. The bank’s efforts in nurturing relationships with clients, along with its BaaS strategy, have been key contributors to its growth.
Entering 2024, PWB continued to experience balance sheet growth despite a net loss of $251 thousand in the first quarter. The bank maintained strong loan quality and a stable deposit environment, driving optimism for future profitability as assets reprice higher and deposit costs stabilize.
On the leadership front, Terry Peterson announced his retirement as CEO, effective June 1st, 2024, with Jason Wessling set to succeed him. This transition is part of a well-planned strategy to ensure continuity and sustained growth for the bank.
Pacific West Bancorp (PWBK) reported Q4 2024 net income of $155,000 ($0.06 per diluted share), with a full-year 2024 net loss of ($338,000) or ($0.13) per diluted share. Key Q4 highlights include core deposits growth of $7.2M, $11.0M growth in unfunded lending commitments, and retirement of $13.5M in borrowings.
For full-year 2024, interest income reached $17.4M, up 19.8% from 2023. Core deposits grew by $54.4M (25.15%), while non-interest-bearing deposits increased by $7.0M (11.06%). The bank maintained a 'well-capitalized' status with a 10.29% leverage ratio. Net interest margin improved to 3.06% in Q4, up 31 basis points from Q3. Total deposits reached $272.7M, marking a 14.8% increase year-over-year, with core deposits representing 99.23% of total deposits.
Pacific West Bancorp (PWBK) reported a Q3 net loss of ($12) thousand. Key highlights include: net deposit growth of $27.9 million (11.3% increase), with $52.2 million growth in core deposits offset by $24.3 million reduction in non-core deposits. Total assets reached $345 million, up 7.5% quarter-over-quarter. The bank saw loan growth of $2.3 million (1%), interest income increase of $478 thousand (11.6%), and net interest margin improvement of 13 basis points to 2.76%. Non-interest expense decreased by $174 thousand (6.9%) compared to Q1 2024.
Pacific West Bancorp (PWBK) announced its Q2 2024 financial results, showing a net loss of $230,000 or $0.09 per diluted share, an 8% improvement over Q1. Key highlights include:
- Total deposits increased by $8 million (3.3%) to $248 million
- Gross loans grew by $5 million (2.0%)
- Non-interest expense decreased by $135,000 (5.4%)
- Net loss before tax and provision improved by $94,000 (28.6%)
- Strong capital position with a Tier 1 leverage ratio of 11.02%
- Assets ended at $321 million
The bank's strategic initiatives led to improved cost controls, deposit growth, and a focus on non-interest-bearing deposits. New partnerships with Benepass and Interchange are expected to drive further deposit growth and enhance the digital division platform.
Pacific West Bancorp announces leadership promotions, including the transition of the CEO and the promotion of the President to CEO on June 1st, 2024. Terry Peterson retires as CEO, with Jason Wessling taking over. Lisa Fajardo-Faust and Sujana Regmi-Schuler also receive promotions within the company. The company emphasizes continuity and talent development in its leadership team.
Pacific West Bancorp (PWBK) reported a first quarter 2023 net income of
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