Welcome to our dedicated page for PWBO news (Ticker: PWBO), a resource for investors and traders seeking the latest updates and insights on PWBO stock.
Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect PWBO's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.
Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of PWBO's position in the market.
Pacific West Bank reported a third-quarter net income of $523 thousand, or $0.20 per diluted share, marking a 31.5% increase from the previous quarter. For the first nine months of 2022, net income reached $1.3 million, or $0.48 per diluted share. Key financial highlights include $20.1 million in core loan commitments, deposits rising by $18.5 million (7.9%), and total assets growing to $291.3 million. The bank reported no non-accrual loans, with a net interest margin increase to 4.03% due to higher interest rates. However, a $3.7 million negative adjustment to equity was noted.
Pacific West Bank (OTC: PWBO) has announced the promotion of Lisa Fajardo-Faust to Chief Deposit Officer. This role recognizes her contributions to the bank's deposit growth strategy, crucial for their rapid balance sheet expansion. CEO Terry Peterson emphasized her leadership within the Portland community and the importance of her team in establishing the bank as a preferred choice for local businesses and non-profits. Lisa is actively involved in various organizations, enhancing the bank's community connections.
Pacific West Bank (OTC: PWBO) announced the promotion of Jason Wessling to Bank President, pending regulatory approval. Wessling, who remains Chief Financial Officer, has been instrumental in the bank's growth from $90 million in assets in 2018 to $300 million as of July. His leadership was recognized in 2021 when he was named CFO of the Year by the Portland Business Journal. The bank, established in 2004, serves the greater Portland area and focuses on providing tailored banking solutions to businesses and individuals.
Pacific West Bank reported second quarter net income of $398 thousand, or $0.15 per diluted share, and $752 thousand for the first half of 2022, a 7.8% increase year-over-year. Key highlights include $16.8 million in core loan commitments and a 6% increase in deposits, totaling $232.1 million. Loan interest income rose by 5.7%, while investment interest income surged by 52.8%. Total assets remained steady at $274.5 million. The bank concluded its PPP loan forgiveness program, successfully managing 669 loans totaling $124.3 million.
Pacific West Bank (OTCPK: PWBO) has appointed Erin Hubert to its Board of Directors, aiming to enhance its leadership and community connections. Hubert, a known figure in Portland, brings extensive experience from her roles at the Multnomah County Sheriff's Office and Boys and Girls Club of Portland. She expressed enthusiasm for contributing to the bank's growth and mission to serve Portland's business community. This strategic addition underscores the bank's commitment to local leadership and community service.
Pacific West Bank (OTCPK: PWBO) announced the appointment of Terri Sorensen to its Board of Directors on June 29, 2022. This move aligns with the bank's strategy to strengthen its presence in the Portland market. Sorensen, CEO of Friends of the Children, brings extensive nonprofit experience and community leadership. Her involvement is expected to enhance the bank's services tailored for nonprofits, reflecting the bank's goal of being the preferred banking partner for this sector. Chairman Ed Kawasaki emphasized her community engagement as a crucial asset for the bank's mission.
FAQ
What is the market cap of PWBO (PWBO)?
