#United States #Portland #Pacific West Bank #PWBK #Pacific West Bancorp

Pacific West Bancorp Reports Impressive First Quarter 2025 Financial Results

On April 24, 2025, Pacific West Bancorp (PWBK), the holding firm for Pacific West Bank (PWB), revealed its first quarter financial outcomes, demonstrating significant improvements across various metrics. For Q1 2025, the company recorded a net income of $81,000, translating to $0.03 on a diluted share basis, marking a notable turnaround from previous results.

First Quarter Highlights

The company achieved several remarkable feats in this quarter:

• - Net Income Increase: PWBK’s net income experienced a year-on-year growth of 132.2%, with an increase of $332,000 compared to Q1 2024.
• - Deposits Surge: Total deposits rose by $17.9 million, or 6.6%, compared to the year-end 2024 figures. This figure surges to $50.9 million, equating to a 21.3% increase when comparing year-over-year statistics for the same quarter.
• - Loans and Lending Commitments: Total loans saw a modest increase to $256.3 million, with $14.5 million sourced from new lending commitments during the quarter.
• - Reduced Borrowings: The firm successfully retired $4.7 million in borrowings, reducing the total to $14.6 million — a significant 62.4% decrease from the prior year.
• - Interest Expense Dropped: A reduction was also seen in interest expenses, which decreased by $165,000, equating to an 8% drop from the previous quarter.

Chief Executive Officer Jason Wessling commented on the results, stating, “Our consistent deposit growth and the ability to minimize reliance on high-cost funding reflect our strategy in creating a stable financial footing. We recognize our community's needs and persistently focus on diversifying our revenue streams.”

Key Financial Metrics

The financial reports highlight the following key metrics that underscore PWBK’s resilience:

• - Net Interest Margin: The net interest margin for Q1 2025 stood at 3.10%, marking a 15.7% increase from 2.69% in the same quarter last year, influenced by enhanced earning assets and a strategic reduction in higher-cost funding sources.
• - Non-Interest Income Growth: There was an 18% surge in non-interest income compared to the prior quarter and a significant 48.9% year-on-year increase, reflecting the bank's endeavors to create diverse revenue outlets.

The bank's commitment towards client service was also reiterated by Chief Credit Officer Robert Holden. He emphasized the importance of maintaining customer-focused services that have allowed the bank to navigate through current economic uncertainties effectively. The bank's allowance for credit losses remains at a prudent 1.44% of total loans, affirming its risk management strategies.

Looking Ahead

As the bank progresses through 2025, its financial positioning appears robust, supported by a focused strategy on responsible growth and community engagement. The growth in deposits, reduction in borrowing costs, and enhanced loan origination efforts indicate a promising outlook for the bank.

PWBK serves the greater Portland/Vancouver Metro area with branches in key locations, remaining committed to aiding local businesses and nonprofit organizations overcoming economic challenges. With a proactive approach and strong community ties, Pacific West Bancorp illustrates an encouraging trajectory in the financial services space.

For further information about Pacific West Bancorp and its stock details, visit the over-the-counter marketplace at www.otcmarkets.com, symbol PWBK.