Pacific West Bancorp ("PWBK") Announces Second Quarter Financial Results
Second quarter demonstrated significant progress in the financial results compared to the first quarter.
- Total deposits were
$248 million which was an increase of$8 million or 3.3% during the second quarter. - Average deposits increased
$17 million or 7.2% compared to the previous quarter. - Total gross loans grew by
$5 million or 2.0% during the second quarter. - Credit quality was stable with no loans past due greater than 30 days and one loan on non-accrual.
- Non-interest expense decreased by
$135 thousand or 5.4% compared to the previous quarter. - Net loss before tax and provision for credit loss improved by
$94 thousand or 28.6% compared to the previous quarter. - The Bank's capital position continued to be strong and well above regulatory requirements with a Tier 1 leverage ratio of 11.02% at the end of the second quarter.
- Assets ended the second quarter at
$321 million . - The Bank was honored by the
Portland Business Journal as one ofPortland's Best Places to Work.
"In the second quarter, the Bank successfully advanced its strategic plan to boost profitability," stated
At quarter end, deposits totaled
The Bank entered into a new brand partnership with Benepass and a Collaboration Agreement with Interchange. These new relationships will continue to provide deposit growth and enhance the Bank's digital division platform. Digital division deposits totaled
PWB originated
"With deposits continuing to stabilize and interest expense moderating, I am confident that the Bank is well-positioned to further execute our strategic plan and enhance profitability," said
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. |
Balance Sheets (amounts in 000s, except per share data and ratios) |
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For the Quarter Ended |
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% Change |
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% Change |
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QOQ |
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YTD |
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ASSETS |
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Cash & due from banks |
$ 8,613 |
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$ 5,150 |
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67.2 % |
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$ 10,693 |
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-19.5 % |
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Investments - CD |
747 |
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747 |
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0.0 % |
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747 |
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0.0 % |
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Investments - Debt Securities HTM |
7,746 |
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7,746 |
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0.0 % |
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7,746 |
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0.0 % |
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Allowance for HTM |
(301) |
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(312) |
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-3.5 % |
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(256) |
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17.4 % |
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Investments - Debt Securities AFS |
37,952 |
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39,652 |
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-4.3 % |
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41,053 |
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-7.6 % |
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Net Investments - |
45,397 |
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47,086 |
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-3.6 % |
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48,543 |
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-65 % |
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Investments - Correspondent Stock |
1,762 |
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1,852 |
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-4.9 % |
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1,424 |
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23.7 % |
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Gross loans net of fees |
254,122 |
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249,172 |
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2.0 % |
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248,402 |
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2.3 % |
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Allowance for Loans and Leases |
(3,415) |
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(3,201) |
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6.7 % |
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(3,257) |
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4.9 % |
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Net loans |
250,707 |
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245,971 |
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1.9 % |
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245,146 |
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2.3 % |
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Premises and equipment, net |
4,401 |
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4,484 |
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-1.9 % |
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4,629 |
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-4.9 % |
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Deferred tax asset, net |
2,003 |
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1,909 |
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4.9 % |
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1,806 |
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10.9 % |
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BOLI |
4,448 |
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4,414 |
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0.8 % |
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4,379 |
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1.6 % |
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Other assets |
3,074 |
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3,245 |
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-5.3 % |
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2,616 |
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17.5 % |
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Total Assets |
$ 321,152 |
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$ 314,858 |
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2.0 % |
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$ 319,983 |
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0.4 % |
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LIABILITIES |
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Deposits |
$ 247,662 |
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$ 239,698 |
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3.3 % |
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$ 237,470 |
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4.3 % |
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Borrowed funds |
36,841 |
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38,787 |
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-5.0 % |
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44,782 |
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-17.7 % |
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Other liabilities |
2,904 |
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2,624 |
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10.7 % |
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3,681 |
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-21.1 % |
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Total Liabilities |
$ 287,407 |
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281,109 |
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2.2 % |
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285,933 |
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0.5 % |
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STOCKHOLDERS' EQUITY |
33,744 |
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33,750 |
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0.0 % |
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34,051 |
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-0.90 % |
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Total Liabilities and Stockholders' Equity |
$ 321,152 |
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$ 314,858 |
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2.0 % |
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$ 319.983 |
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0.4 % |
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Shares outstanding at end-of-period |
2,685,204 |
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2,682,581 |
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2,676,564 |
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Book value per share |
$ 12.57 |
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$ 12.58 |
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$ 12.72 |
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Allowance for credit losses to total loans and HTM |
1.42 % |
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1.37 % |
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1.37 % |
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Non-performing assets (non-accrual loans and OREO) |
$ 840 |
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$ - |
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$ - |
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Leverage Ratio |
11.02 % |
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11.14 % |
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11.45 % |
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Statements of Net Income (amounts in 000s, except per share data and ratios) |
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For the Quarter Ended |
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Year to Date |
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% Change |
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% Change |
INTEREST INCOME |
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Loans Interest Income |
$ 3,454 |
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$ 3,449 |
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0.1 % |
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$ 6,903 |
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$ 5,294 |
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30.4 % |
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Investments & due from banks |
601 |
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589 |
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2.1 % |
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1,190 |
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1,291 |
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-7.8 % |
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Loan fee income |
50 |
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39 |
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28.9 % |
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89 |
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187 |
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-52.3 % |
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Total interest income |
4,106 |
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4,077 |
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0.7 % |
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8,183 |
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6,773 |
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20.8 % |
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INTEREST EXPENSE |
2,114 |
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2,041 |
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3.6 % |
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4,155 |
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1,864 |
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122.9 % |
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NET INTEREST INCOME BEFORE LOAN LOSS PROVISION |
1,992 |
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2,036 |
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-2.2 % |
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4,028 |
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4,909 |
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-18.0 % |
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PROVISION FOR CREDIT LOSSES |
65 |
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- |
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N/A |
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65 |
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240 |
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-72.9 % |
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NET INTEREST INCOME AFTER LOAN LOSS PROVISION |
1,927 |
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2,036 |
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-5.4 % |
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3,963 |
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4,669 |
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-15.1 % |
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NON-INTEREST INCOME |
155 |
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152 |
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2.2 % |
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307 |
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273 |
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12.4 % |
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NON-INTEREST EXPENSE |
2,382 |
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2,517 |
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-5.4 % |
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4,899 |
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4,773 |
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2.6 % |
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INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES |
(300) |
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(329) |
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-8.9 % |
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(629) |
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169 |
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-472.0 % |
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PROVISION (BENEFIT) FOR INCOME TAXES |
(70) |
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(78) |
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-10.9 % |
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(148) |
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56 |
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-365.0 % |
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NET INCOME (LOSS) |
$ (230) |
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$ (251) |
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-8.2 % |
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$ (481) |
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$ 113 |
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-524.8 % |
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Earnings per share - Basic |
$ (0.09) |
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$ (0.09) |
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$ (0.18) |
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$ 0.04 |
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Earnings per share - Diluted |
$ (0.09) |
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$ (0.09) |
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$ (0.18) |
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$ 0.04 |
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Return on average equity |
-2.77 % |
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-3.00 % |
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-2.88 % |
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0.67 % |
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Return on average assets |
-0.29 % |
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-0.32 % |
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-0.30 % |
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0.08 % |
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Net interest margin |
2.63 % |
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2.69 % |
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2.66 % |
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3.58 % |
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Efficiency ratio |
111 % |
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115 % |
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113 % |
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92 % |
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Media Contact:
President and CEO
(503) 912-2101
jwessling@bankpacificwest.com
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