Pacific West Bancorp ("PWBK") Announces First Quarter Financial Results
Year over year demonstrated continued balance sheet growth while first quarter, 2024 was seasonally quiet.
- Total deposits grew
$12 million or 5.2% year over year and$2 million during the quarter. - Total loans grew
$40 million or 19% year over year and$770 thousand during the quarter. - Total interest income grew by 27% or
$873 thousand year over year and$36 thousand during the quarter. - Credit quality remained strong with no loans past due greater than 90 days or on nonaccrual.
- The Bank's capital position remained strong and well above regulatory requirements with a leverage ratio of 11.14% at the end of the first quarter.
- Assets ended the quarter at
$315 million .
"We are delighted to celebrate Pacific West Bank's 20th anniversary, marking two decades of dedicated service to our clients and the community. As we look back, we are reminded of our strong foundations and the growth we have achieved together," stated
In the first quarter of this year, loan interest income expanded by
While deposit pricing remained a key factor in maintaining core banking relationships in a high-interest-rate environment, the Bank observed a gradual shift from rate-focused discussions to those centered on service-related opportunities, pointing to a more stable deposit environment. The deposit pipeline for next quarter is robust. The Bank's digital division has carefully brought select brand partners out of their beta phase, and deposits from the Digital Division should represent seven percent of total deposits by the end of third quarter. These deposits add granularity, stability, fee income, and are less sensitive to interest rate changes.
In the first quarter, the Bank's yield on interest-bearing assets remained steady at 5.38%, nearly the same as the prior quarter's 5.39%. However, the cost of funds for these assets rose by 39 basis points to 2.70%. The Bank took borrowings through the Bank Term Funding Program (BTFP) in
The Bank's unrealized loss on its available-for-sale (AFS) securities portfolio remained steady at
About
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
|
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. |
Media Contact:
Chief Executive Officer
(503) 905-2217
tpeterson@bankpacificwest.com
Balance Sheets (amounts in 000s, except per share data and ratios) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
|
% Change |
|
|
|
% Change |
|
||
|
|
|
|
|
|
|
QOQ |
|
|
|
YOY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
||
|
Cash & due from banks |
$ 5,150 |
|
$ 10,693 |
|
-51.8 % |
|
$ 27,364 |
|
-81.2 % |
|
|
|
Investments - CD |
747 |
|
747 |
|
0.0 % |
|
996 |
|
-25.0 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments - Debt Securities HTM |
7,746 |
|
7,746 |
|
0.0 % |
|
7,746 |
|
0.0 % |
|
|
|
Allowance for HTM |
(312) |
|
(256) |
|
21.7 % |
|
(324) |
|
-3.8 % |
|
|
|
Investments - Debt Securities AFS |
39,652 |
|
41,053 |
|
-3.4 % |
|
43,102 |
|
-8.0 % |
|
|
|
Net Investments - |
47,086 |
|
48,543 |
|
-3.0 % |
|
50,523 |
|
-6.8 % |
|
|
|
Investments - Correspondent Stock |
1,852 |
|
1,424 |
|
30.0 % |
|
1,190 |
|
55.7 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans net of fees |
249,172 |
|
248,402 |
|
0.3 % |
|
208,631 |
|
19.4 % |
|
|
|
Allowance for Loans and Leases |
(3,201) |
|
(3,257) |
|
-1.7 % |
|
(2,804) |
|
14.2 % |
|
|
|
|
Net loans |
245,971 |
|
245,146 |
|
0.3 % |
|
205,827 |
|
19.5 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premises and equipment, net |
4,484 |
|
4,629 |
|
-3.1 % |
|
4,272 |
|
5.0 % |
|
|
|
Deferred tax asset, net |
1,909 |
|
1,806 |
|
5.7 % |
|
1,481 |
|
28.9 % |
|
|
|
BOLI |
4,414 |
|
4,379 |
|
0.8 % |
|
4,272 |
|
3.3 % |
|
|
|
Other assets |
3,245 |
|
2,616 |
|
24.1 % |
|
2,514 |
|
29.1 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ 314,858 |
|
$ 319,983 |
|
-1.6 % |
|
$ 298,438 |
|
5.5 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
||
|
Deposits |
$ 239,698 |
|
$ 237,470 |
|
0.9 % |
|
$ 227,937 |
|
5.2 % |
|
|
|
Borrowed funds |
38,787 |
|
44,782 |
|
-13.4 % |
|
33,781 |
|
14.8 % |
|
|
|
Other liabilities |
2,624 |
|
3,681 |
|
-28.7 % |
|
2,512 |
|
4.4 % |
|
|
|
|
Total Liabilities |
281,109 |
|
285,933 |
|
-1.7 % |
|
264,233 |
|
6.4 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
33,750 |
|
|
|
|
|
|
|
|
|
||
|
|
|
34,051 |
|
-0.9 % |
|
34,205 |
|
-1.33 % |
|
||
|
|
Total Liabilities and Stockholders' Equity |
$ 314,858 |
|
$ 319,983 |
|
-1.6 % |
|
$ 298,438 |
|
5.5 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding at end-of-period |
2,682,581 |
|
2,676,564 |
|
|
|
2,671,399 |
|
|
|
||
Book value per share |
$ 12.58 |
|
$ 12.72 |
|
|
|
$ 12.80 |
|
|
|
||
Allowance for credit losses to total loans |
1.37 % |
|
1.37 % |
|
|
|
1.45 % |
|
|
|
||
Non-performing assets (non-accrual loans |
$ - |
|
$ - |
|
|
|
$ - |
|
|
|
||
Leverage Ratio |
11.14 % |
|
11.45 % |
|
|
|
12.83 % |
|
|
|
Statements of Net Income (amounts in 000s, except per share data and ratios) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended |
|
|
|
Year to Date |
|
|
||||
|
|
|
|
|
|
|
% |
|
|
|
|
|
% Change |
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
||
|
Loans Interest Income |
$ 3,449 |
|
$ 3,252 |
|
6.1 % |
|
$ 3,449 |
|
$ 2,605 |
|
32.4 % |
|
|
Investments & due from banks |
589 |
|
669 |
|
-11.9 % |
|
589 |
|
535 |
|
10.0 % |
|
|
Loan fee income |
39 |
|
121 |
|
-67.7 % |
|
39 |
|
64 |
|
-39.4 % |
|
|
|
Total interest income |
4,077 |
|
4,041 |
|
0.9 % |
|
4,077 |
|
3,204 |
|
27.2 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE |
2,041 |
|
|
|
|
|
|
|
|
|
|
||
|
|
|
1,733 |
|
17.8 % |
|
2,041 |
|
636 |
|
220.7 % |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME BEFORE LOAN |
2,036 |
|
2,309 |
|
-11.8 % |
|
2,036 |
|
2,568 |
|
-20.7 % |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR CREDIT LOSSES |
- |
|
70 |
|
-100.0 % |
|
- |
|
150 |
|
-100.0 % |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME AFTER LOAN |
2,036 |
|
2,239 |
|
-9.1 % |
|
2,036 |
|
2,418 |
|
-15.8 % |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME |
152 |
|
161 |
|
-5.8 % |
|
152 |
|
191 |
|
-20.5 % |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE |
2,517 |
|
2,502 |
|
0.6 % |
|
2,517 |
|
2,277 |
|
10.5 % |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE PROVISION |
(329) |
|
(102) |
|
224.0 % |
|
(329) |
|
332 |
|
-199.3 % |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION (BENEFIT) FOR INCOME |
(78) |
|
49 |
|
-260.1 % |
|
(78) |
|
97 |
|
-181.2 % |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) |
$ (251) |
|
$ (151) |
|
66.5 % |
|
$ (251) |
|
$ 235 |
|
-206.8 % |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - Basic |
$ (0.09) |
|
$ (0.06) |
|
|
|
$ (0.09) |
|
$ 0.09 |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - Diluted |
$ (0.09) |
|
$ (0.06) |
|
|
|
$ (0.09) |
|
$ 0.09 |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average equity |
-3.00 % |
|
-2.42 % |
|
|
|
-3.00 % |
|
2.82 % |
|
|
||
Return on average assets |
-0.32 % |
|
-0.27 % |
|
|
|
-0.32 % |
|
0.34 % |
|
|
||
Net interest margin |
2.69 % |
|
3.08 % |
|
|
|
2.69 % |
|
3.92 % |
|
|
||
Efficiency ratio |
115 % |
|
102 % |
|
|
|
115 % |
|
83 % |
|
|
View original content to download multimedia:https://www.prnewswire.com/news-releases/pacific-west-bancorp-pwbk-announces-first-quarter-financial-results-302128163.html
SOURCE