Accessibility Statement Skip Navigation
  • Resources
  • Investor Relations
  • Journalists
  • Agencies
  • Client Login
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • Arabic
      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Explore Our Platform
  • Plan Campaigns
  • Create with AI
  • Distribute Press Releases
  • Amplify Content
  • All Products
  • General Inquiries
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Hamburger menu
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS
  • Explore Our Platform
  • Plan Campaigns
  • Create with AI
  • Distribute Press Releases
  • Amplify Content
  • All Products
  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS
  • General Inquiries
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS

Pacific West Bank (PWBO) Announces Third Quarter 2022 Earnings

Pacific West Bank (PRNewsfoto/Pacific West Bank)

News provided by

Pacific West Bank

Oct 27, 2022, 20:57 ET

Share this article

Share toX

Share this article

Share toX

PORTLAND, Ore., Oct. 27, 2022 /PRNewswire/ -- Pacific West Bank ("Bank") today announced third quarter net income of $523 thousand or $0.20 per diluted share and net income for the first nine months of the year of $1.3 million or $0.48 per diluted share.

 Third Quarter 2022 Results:
  • Net income grew by $125 thousand, or 31.5% when compared to prior quarter.
  • $20.1 million in core loan commitments originated during the quarter.
  • Deposits grew $18.5 million, or 7.9%.
  • Gross interest income grew by $284 thousand, or 10.2% compared to prior quarter.
  • Total assets as of quarter-end were $291.3 million.
  • There were no non-accrual loans or past-due loans greater than 30-days as of quarter-end.
  • Capital levels as of September 30, 2022, remained strong with a leverage ratio of 11.30%.

"Net interest income growth was strong during the third quarter driven by both loan growth and higher interest rates," said Terry Peterson, Chief Executive Officer. "Our results reflect the accelerating endorsement from the Portland business community that demands local decisioning from experienced bankers, delivering a client-focused service model." 

Loan interest income for the first nine months of 2022 grew by $1.5 million, or 30.5%, when compared to the same period in 2021. Investment interest income for the first nine months of 2022 grew by $696 thousand, or 145.3%, when compared to the same period in 2021. Year-to-date loan fees recognized show a negative variance of $1.0 million, or 53.4%, from 2021 due to non-recurring fees related to the Bank's participation in the Small Business Administration's Payment Protection Program (PPP).

Total assets were $291.3 million as of September 30, 2022, a 6.0% increase compared to year-end 2021. Investments increased by 41.9%, or $15.1 million, as excess cash balances were deployed into debt securities. Core loans, net of PPP totaled $196.0 million, an increase of $22.6 million, or 13.1%, compared to year-end 2021 totals. Loan growth was driven by $60.3 million in loan commitments originated in the first nine months of 2022. During the third quarter of 2022, core loans grew by $13.1 million, or by 7.2%. There were no loans past-due greater than 30 days, or on non-accrual status as of September 30, 2022. The Bank continues to diligently monitor the loan portfolio as market interest rates increase.

As index interest rates have risen, there has been improvement in net interest margin by 52 basis points, from 3.51% for the first nine months of 2021, compared to 4.03% for the first nine months of 2022. The increase in margin was partially driven by earnings from investments, which were up 145.3% when compared to the same period in 2021. While the rise in index interest rates has improved the Bank's earnings and net interest margin, the change has also caused a negative accounting adjustment to equity of $3.7 million, due to marking the investment portfolio to market value. These adjustments are being experienced industry wide, and the Bank does not expect to realize any losses related to this accounting adjustment.

Deposits totaled $250.6 million as of September 30, 2022, which represents an increase of $18.5 million, or 7.9%, compared to $232.1 million as of June 30, 2022. The Bank continues to focus on growing non-interest-bearing deposits, which grew $11.7 million, or 13%, during the quarter. Deposit growth for the first nine months of 2022 was 8.37%, or $19.3 million. Rising market index interest rates have caused headwinds for deposit growth and have caused the cost of funds to increase during the quarter.

"During the quarter we were proud to promote seasoned bankers to leadership positions in the Bank, including Jim Wilcox as Director of Commercial Real Estate, Eric Deisler and Andy Bennett as Commercial Lending Team Leads, and Kyle Baisch as Commercial Banking Team Lead," said Jason Wessling, President and CFO. "Our growth has provided an opportunity to promote talented leaders within our organization."  

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

Pacific West Bank was formed in 2004 by Portland 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 Metro area with offices strategically located in Downtown Portland, Lake Oswego, and West Linn.

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)





September 30


% Change


December 31


% Change




2022


2021


YOY


2021


YTD













ASSETS











Cash & due from banks

$          30,903


$         44,456


-30.5 %


$            28,040


10.2 %


Investments - CD

2,485


2,685


-7.4 %


2,685


-7.4 %


Investments -  Debt Securities

51,091


36,236


41.0 %


35,994


41.9 %


Investments - Correspondent Stock

1,030


954


7.9 %


954


7.9 %


Gross loans net of fees 

196,091


182,957


7.2 %


195,527


0.3 %


Allowance for loan losses

(2,525)


(1,975)


27.8 %


(2,225)


13.5 %



Net loans

193,566


180,982


7.0 %


193,302


0.1 %














Premises and equipment, net 

4,140


4,570


-9.4 %


4,451


-7.0 %


Deferred tax asset, net 

1,450


1,337


8.5 %


1,525


-4.9 %


BOLI 

4,208


4,077


3.2 %


4,104


2.5 %


Other assets                   

2,415


1,392


73.5 %


3,637


-33.6 %















Total Assets

$        291,288


$       276,688


5.3 %


$          274,693


6.0 %













LIABILITIES











Deposits

$        250,623


$       233,738


7.2 %


$          231,263


8.4 %


Borrowed funds 

5,000


5,000


0.0 %


5,000


0.0 %


Other liabilities

2,738


2,999


-8.7 %


3,306


-17.2 %



Total Liabilities

258,361


241,738


6.9 %


239,569


7.8 %













STOCKHOLDERS' EQUITY

32,927


34,951


-5.8 %


35,124


-6.3 %



Total Liabilities and Stockholders' Equity

$        291,288


$       276,688


5.3 %


$          274,693


6.0 %













Shares outstanding at end-of-period

2,665,535


2,659,516




2,662,566



Book value per share

$            12.35


$           13.14




$              13.19



Allowance for loan losses to total loans

1.29 %


1.08 %




1.14 %



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

$                    -


$                24




$                   18



Leverage Ratio 

11.30 %


12.55 %




12.11 %



 Statements of Net Income

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





Three Months Ended



Nine Months Ended 






9/30/2022


6/30/2022


% Change


9/30/2022


9/30/2021


% Change

INTEREST INCOME













Loans Interest Income 

$   2,279


$   2,146


6.2 %


$   6,456


$   4,949


30.5 %


Investments & due from banks

660


312


111.5 %


1,175


479


145.3 %


Loan fee income 

131


328


-60.1 %


870


1,868


-53.4 %



Total interest income

3,069


2,786


10.2 %


8,501


7,297


16.5 %


INTEREST EXPENSE

257


122


111.4 %


492


426


15.5 %


NET INTEREST INCOME BEFORE  LOAN LOSS PROVISION

2,812


2,664


5.6 %


8,009


6,871


16.6 %


PROVISION FOR LOAN LOSSES

50


100


-50.0 %


300


300


0.0 %


NET INTEREST INCOME AFTER LOAN LOSS PROVISION

2,762


2,564


7.7 %


7,709


6,571


17.3 %


NON-INTEREST INCOME

157


71


119.5 %


299


207


44.3 %


NON-INTEREST EXPENSE

2,172


2,008


8.2 %


6,158


5,020


22.7 %


INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES 

747


628


18.9 %


1,851


1,758


5.2 %


PROVISION (BENEFIT) FOR INCOME TAXES

224


230


-2.8 %


576


453


27.0 %



NET INCOME (LOSS)

$      523


$      398


31.5 %


$   1,275


$   1,305


-2.3 %


Earnings per share - Basic

$     0.20


$     0.15




$     0.48


$     0.49




Earnings per share - Diluted

$     0.20


$     0.15




$     0.48


$     0.49




Return on average equity

6.12 %


4.71 %




4.97 %


5.38 %



Return on average assets

0.69 %


0.59 %




0.61 %


0.68 %



Net interest margin

3.96 %


4.17 %




4.03 %


3.51 %



Efficiency ratio

75 %


76 %




74 %


71 %



SOURCE Pacific West Bank

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

icon3
440k+
Newsrooms &
Influencers
icon1
9k+
Digital Media
Outlets
icon2
270k+
Journalists
Opted In
GET STARTED

Modal title

Contact PR Newswire

  • Call PR Newswire at 888-776-0942
    from 8 AM - 9 PM ET
  • Chat with an Expert
  • General Inquiries
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • Accessibility Statement
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Italy
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom
  • Vietnam

My Services

  • All New Releases
  • Platform Login
  • ProfNet
  • Data Privacy

Do not sell or share my personal information:

  • Submit via [email protected] 
  • Call Privacy toll-free: 877-297-8921

Contact PR Newswire

Products

About

My Services
  • All News Releases
  • Platform Login
  • ProfNet
Call PR Newswire at
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookies
Copyright © 2025 Cision US Inc.