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Pacific West Bancorp ("PWBK") Announces Fourth Quarter Financial Results

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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) ha riportato un reddito netto del quarto trimestre 2024 di $155.000 ($0,06 per azione diluita), con una perdita netta complessiva per l'anno 2024 di ($338.000) o ($0,13) per azione diluita. Punti salienti del Q4 includono una crescita dei depositi core di $7,2M, una crescita dei finanziamenti non assistiti di $11,0M e un rimborso di $13,5M in prestiti.

Per l'anno 2024, il reddito da interessi ha raggiunto i $17,4M, un aumento del 19,8% rispetto al 2023. I depositi core sono cresciuti di $54,4M (25,15%), mentre i depositi non fruttiferi sono aumentati di $7,0M (11,06%). La banca ha mantenuto uno stato di 'ben capitalizzata' con un rapporto di leva del 10,29%. Il margine di interesse netto è migliorato al 3,06% nel Q4, un aumento di 31 punti base rispetto al Q3. I depositi totali hanno raggiunto i $272,7M, segnando un aumento del 14,8% su base annua, con i depositi core che rappresentano il 99,23% dei depositi totali.

Pacific West Bancorp (PWBK) reportó un ingreso neto en el cuarto trimestre de 2024 de $155,000 ($0.06 por acción diluida), con una pérdida neta del año completo 2024 de ($338,000) o ($0.13) por acción diluida. Aspectos destacados del Q4 incluyen un crecimiento en depósitos básicos de $7.2M, un crecimiento en compromisos de préstamos no financiados de $11.0M y un retiro de $13.5M en préstamos.

Para el año completo 2024, los ingresos por intereses alcanzaron $17.4M, un aumento del 19.8% respecto a 2023. Los depósitos básicos crecieron en $54.4M (25.15%), mientras que los depósitos que no devengan intereses aumentaron en $7.0M (11.06%). El banco mantuvo un estado de 'bien capitalizado' con un ratio de apalancamiento del 10.29%. El margen de interés neto mejoró al 3.06% en el Q4, un aumento de 31 puntos básicos desde el Q3. Los depósitos totales alcanzaron $272.7M, marcando un incremento del 14.8% interanual, con los depósitos básicos representando el 99.23% del total de depósitos.

Pacific West Bancorp (PWBK)는 2024년 4분기 순이익이 $155,000 ($0.06 희석 주당)이고, 2024년 연간 순손실이 ($338,000) 또는 ($0.13) 희석 주당이라고 보고했습니다. 4분기 주요 사항으로는 $7.2M의 핵심 예금 성장, $11.0M의 미승인 대출 약정 성장, $13.5M의 차입금 상환이 포함됩니다.

2024년 전체 연도 동안, 이자 수익은 $17.4M에 달하며, 이는 2023년 대비 19.8% 증가한 수치입니다. 핵심 예금은 $54.4M (25.15%) 증가하였고, 비이자-bearing 예금은 $7.0M (11.06%) 증가하였습니다. 이 은행은 10.29%의 레버리지 비율로 '양호한 자본 상태'를 유지하였습니다. 4분기 순이자 마진은 3.06%로, 3분기보다 31베이시스 포인트 증가하였습니다. 총 예금은 $272.7M에 달해, 전년 대비 14.8% 증가하였으며, 핵심 예금은 총 예금의 99.23%를 차지합니다.

Pacific West Bancorp (PWBK) a rapporté un revenu net pour le quatrième trimestre de 2024 de 155 000 $ (0,06 $ par action diluée), avec une perte nette sur l'année complète de 2024 de (338 000 $) ou (0,13 $) par action diluée. Faits saillants du Q4 comprennent une croissance des dépôts de base de 7,2 millions de dollars, une croissance des engagements de prêts non financés de 11,0 millions de dollars et un remboursement de 13,5 millions de dollars d'emprunts.

Pour l'année complète 2024, les revenus d'intérêts ont atteint 17,4 millions de dollars, soit une augmentation de 19,8 % par rapport à 2023. Les dépôts de base ont augmenté de 54,4 millions de dollars (25,15 %), tandis que les dépôts non rémunérés ont augmenté de 7,0 millions de dollars (11,06 %). La banque a maintenu un statut de 'bien capitalisé' avec un ratio de levier de 10,29 %. La marge d'intérêts nets a été améliorée à 3,06 % au Q4, soit une augmentation de 31 points de base par rapport au Q3. Les dépôts totaux ont atteint 272,7 millions de dollars, marquant une augmentation de 14,8 % d'une année sur l'autre, les dépôts de base représentant 99,23 % des dépôts totaux.

Pacific West Bancorp (PWBK) berichtete für das 4. Quartal 2024 einen Nettogewinn von $155.000 ($0,06 pro verwässerter Aktie) sowie einen Gesamtjahresverlust für 2024 von ($338.000) bzw. ($0,13) pro verwässerter Aktie. Wichtige Höhepunkte des Q4 umfassen ein Wachstum der Kern-Einlagen von $7,2M, ein Wachstum von $11,0M bei nicht finanzierten Kreditverpflichtungen und die Rückzahlung von $13,5M an Darlehen.

Für das gesamte Jahr 2024 erreichten die Zinserträge $17,4M, was einem Anstieg von 19,8% im Vergleich zu 2023 entspricht. Die Kern-Einlagen wuchsen um $54,4M (25,15%), während die nicht zinstragenden Einlagen um $7,0M (11,06%) zunahmen. Die Bank wies einen 'gut kapitalisierten' Status mit einem Leverage-Verhältnis von 10,29% auf. Die Nettozinsmarge verbesserte sich im Q4 auf 3,06%, ein Anstieg um 31 Basispunkte im Vergleich zum Q3. Die Gesamteinlagen beliefen sich auf $272,7M, was einem Anstieg von 14,8% im Jahresvergleich entspricht, wobei die Kern-Einlagen 99,23% der Gesamteinlagen ausmachten.

Positive
  • Q4 net income of $155,000 after previous losses
  • Interest income grew 19.8% to $17.4M in 2024
  • Core deposits increased 25.15% year-over-year
  • Net interest margin improved 31 basis points to 3.06% in Q4
  • Reduction of 56.8% in expensive non-core funding
  • Strong loan quality with minimal past-due accounts
Negative
  • Full-year 2024 net loss of ($338,000)
  • Modest total assets growth of only 2.8% year-over-year

PORTLAND, Ore., Jan. 23, 2025 /PRNewswire/ -- Pacific West Bancorp (PWBK), the holding company of Pacific West Bank ("PWB"), today announced a fourth quarter net income of $155 thousand or $0.06 per diluted share, bringing its full-year 2024 net loss to ($338) thousand or ($0.13) per diluted share.

Fourth Quarter Highlights:

  • Core deposits grew by $7.2 million, while retiring $10.0 million in non-core funding.
  • Unfunded lending commitments grew by about $11.0 million and are expected to fund during the first half of 2025.
  • PWB retired $13.5 million, or 41.1% of borrowings, further improving our net non-core funding ratio.
  • Interest expense of $2.1 million decreased by $234.3 thousand or 10.2% compared to prior quarter.
  • Net interest income before provision increased by $267.4 thousand or 11.7%.
  • Net interest margin increased by 31 basis points compared to prior quarter.

2024 Full Year Highlights:

  • Interest income of $17.4 million grew by $2.9 million or 19.8% during 2024.
  • Core deposits grew by $54.4 million or 25.15% compared to prior yearend.
  • Non-interest-bearing deposits increased $7.0 million or 11.06% compared to prior yearend.
  • PWB retired $25.4 million or 56.8% of borrowings compared to prior yearend.
  • Total assets growth was $8.8 million or 2.8% compared to prior yearend.

"Pacific West Bank's momentum accelerated in the second half of 2024 as we significantly increased core deposits, allowing us to reduce higher-cost funding, such as brokered deposits and borrowings. This shift in our funding mix, combined with strong new loan pricing and repricing, led to a new record for interest income. Our team of seasoned Bankers remain focused on building lasting relationships and delivering exceptional service, solidifying PWB's reputation as the premier business bank in Portland and Southwest Washington," said PWB's President and CEO Jason Wessling.

Interest income totaled $17.4 million in 2024, compared to $14.5 million in the prior year, which was driven by approximately $18.0 million of loans that repriced in 2024, along with balance sheet repositioning. These changes increased the Bank's average asset yield by 47 basis points year-over-year from 5.03% in 2023 to 5.50% in 2024. While interest expense trended higher in 2024, the Bank's cost of funds during the fourth quarter decreased by 30 basis points, driven by reduction in short-term market rates and a decrease in the Bank's exposure to higher rate non-core fundings. All these changes resulted in a 31 basis points increase in net interest margin, from 2.76% in the third quarter to 3.06% in the fourth quarter of 2024.

Deposits totaled $272.7 million at the end of 2024, which was an increase of $35.2 million or 14.8% over the prior year. In addition, core deposits increased by $54.4 million or 25.15%, including $7.0 million or 10% growth in non-interest-bearing deposits compared to yearend 2023. As of yearend 2024, core deposits totaled $270.6 million or 99.23% of total deposits. "Our strategic focus on creating specialized niches by delivering excellent service for digital partners, social impact organizations, and professional services, has been a driving force behind the Bank's core deposit growth throughout 2024. This includes significant growth in non-interest-bearing deposits, which underscores the trust our clients place in us. As a Benefit Corporation for Good, we remain committed to positively impacting the communities we serve and aligning our growth with purpose and responsibility," said PWB's Chief Banking Officer, Lisa Faust. 

The Bank remains "well-capitalized" with a leverage ratio of 10.29%, reflecting its solid financial foundation. Loan demand continued, as the Bank originated $11.0 million in new loan commitments during the quarter at a weighted average rate of 7.59%. Loan quality remained consistent with no loans past due greater than 30 days and one loan on non-accrual. As previously mentioned, the strategic repositioning of the balance sheet, which included a $25.5 million or 56.8% reduction in expensive non-core funding compared to the year-end 2023, has further strengthened the Bank's financial position. The Bank is well-positioned to deliver continued earnings improvement and asset growth as it moves into 2025.

About Pacific West Bancorp: Information about the Holding Company's stock is available through the over-the- counter marketplace at www.otcmarkets.com (symbol PWBK).

Pacific West Bank was formed in 2004 by local businesspeople to deliver loan and deposit product solutions through experienced and professional bankers to businesses, nonprofits, professionals, and individuals. The Bank serves the greater Portland/ Vancouver Metro area with offices strategically located in Downtown Portland, Lake Oswego, West Linn, and Vancouver, WA.

Certain statements in this release may be deemed to be "forward-looking statements." Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement.

 

Balance Sheets

(amounts in 000s, except per share data and ratios)

















For the Quarter Ended


% Change




% Change





12/31/2024


09/30/2024


QOQ


12/31/2023


YTD















ASSETS












Cash & due from banks

$        12,781


$         23,599


-45.8 %


$          10,693


19.5 %



Investments - CD

498


498


0.0 %


747


-33.3 %
















Investments - Debt Securities HTM

7,746


7,746


0.0 %


7,746


0.0 %



Allowance for HTM

(267)


(284)


-5.8 %


(256)


4.3 %



Investments - Debt Securities AFS

43,282


45,456


-4.8 %


41,053


5.4 %



  Net Investments - Debt Securities

50,761


52,919


-4.1 %


48,543


4.6 %



Investments - Correspondent Stock

1,560


2,032


-23.2 %


1,424


9.5 %
















Gross loans net of fees

252,767


256,402


-1.4 %


248,402


1.8 %



Allowance for Loans and Leases

(3,553)


(3,533)


0.6 %


(3,257)


9.1 %




Net loans

249,214


252,869


-1.4 %


245,146


1.7 %
















Premises and equipment, net

4,614


4,259


8.3 %


4,629


-0.3 %



Deferred tax asset, net

1,944


2,012


-3.4 %


1,806


7.6 %



BOLI

4,527


4,487


0.9 %


4,379


3.4 %



Other assets                  

2,899


2,692


7.7 %


2,616


10.8 %

















Total Assets

$       328,798


$      345,367


-4.8 %


$      319,983


2.8 %















LIABILITIES












Deposits

$       272,709


$       275,561


-1.0 %


$       237,470


14.8 %



Borrowed funds

19,338


32,838


-41.1 %


44,782


-56.8 %



Other liabilities

2,863


2,743


4.4 %


3,681


-22.2 %




Total Liabilities

$        294,910


311,142


-5.2 %


285,933


3.1 %















STOCKHOLDERS' EQUITY

33,889


34,225


-1.0 %


34,051


-0.48 %




Total Liabilities and Stockholders' Equity

$       328,798


$      345,367


-4.8 %


$      319,983


2.8 %















Shares outstanding at end-of-period

2,687,116


2,685,943




2,676,564




Book value per share

$           12.61


$          12.74




$          12.72




Allowance for credit losses to total loans
and HTM

1.47 %


1.45 %




1.37 %




Non-performing assets (non-accrual loans
and OREO)

$              840


$              840




$                 -




Leverage Ratio

10.29 %


10.16 %




11.45 %




 

Statements of Net Income

(amounts in 000s, except per share data and ratios)


















For the Quarter Ended




Year to Date






12/31/2024


9/30/2024


%
Change


12/31/2024


12/31/2023


%
Change

INTEREST INCOME













Loans Interest Income

$      3,633


$     3,616


0.5 %


$    14,152


$       11,488


23.2 %


Investments & due from banks

835


881


-5.3 %


2,906


2,674


8.7 %


Loan fee income

149


87


71.5 %


325


350


-7.1 %



Total interest income

4,617


4,584


0.7 %


17,383


14,512


19.8 %















INTEREST EXPENSE

2,069


2,303


-10.2 %


8,528


5,101


67.2 %















NET INTEREST INCOME BEFORE LOAN
LOSS PROVISION

2,548


2,280


11.7 %


8,856


9,411


-5.9 %















PROVISION FOR CREDIT LOSSES

3


101


-97.0 %


169


535


-68.4 %















NET INTEREST INCOME AFTER LOAN
LOSS PROVISION

2,545


2,179


16.8 %


8,687


8,876


-2.1 %















NON-INTEREST INCOME

192


167


14.8 %


666


620


7.5 %















NON-INTEREST EXPENSE

2,521


2,343


7.6 %


9,763


9,705


0.6 %















INCOME (LOSS) BEFORE PROVISION
FOR INCOME TAXES

216


3


6,149.5 %


(410)


(209)


96.3 %















PROVISION (BENEFIT) FOR INCOME
TAXES

61


15


308.0 %


(72)


33


-318.5 %















NET INCOME (LOSS)

$         155


$       (12)


1,441.7 %


$      (338)


$         (242)


39.6 %















Earnings per share - Basic

$        0.06


$      (0.00)




$      (0.13)


$        (0.09 )

















Earnings per share - Diluted

$        0.06


$      (0.00)




$      (0.13)


$         (0.09)

















Return on average equity

1.81 %


-0.14 %




-1.00 %


-0.72 %



Return on average assets

0.18 %


-0.01 %




-0.10 %


-0.08 %



Net interest margin

3.06 %


2.76 %




2.79 %


3.24 %



Efficiency ratio

92 %


96 %




103 %


97 %



 

Jason Wessling
President and Chief Executive Officer
(503) 912-2101
Jwessling@bankpacificwest.com

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/pacific-west-bancorp-pwbk-announces-fourth-quarter-financial-results-302358992.html

SOURCE Pacific West Bancorp

FAQ

What was PWBK's net income for Q4 2024?

Pacific West Bancorp reported a net income of $155,000 or $0.06 per diluted share for Q4 2024.

How much did PWBK's core deposits grow in 2024?

PWBK's core deposits grew by $54.4 million or 25.15% compared to the previous year.

What was PWBK's interest income growth in 2024?

PWBK's interest income grew by $2.9 million or 19.8% to $17.4 million in 2024.

What is PWBK's current leverage ratio?

PWBK maintains a leverage ratio of 10.29%, qualifying as 'well-capitalized'.

How much did PWBK reduce its borrowings in 2024?

PWBK retired $25.4 million or 56.8% of borrowings compared to the previous year.

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PWBK Stock Data

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Banks - Regional
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West Linn