Pacific West Bancorp Q2 net income rises from prior quarter
Pacific West Bancorp Q2 net income rises from prior quarter
Overview
US community bank's Q2 net income rose 190% from prior quarter, despite merger expenses
Total assets grew 16% yr/yr to $420 mln; deposits up 19% yr/yr
Non-interest income jumped 79% from prior quarter, driven by fee and service charges
Outlook
Company did not provide specific guidance for future quarters or the full year
Result Drivers
NON-INTEREST INCOME - Higher fee income from depository networks and service charges contributed to increased non-interest income
LOAN INTEREST INCOME - Growth in loan interest income attributed to renewing borrowers at market rates
MERGER EXPENSES - Merger-related expenses reduced reported net income for the quarter
Company press release: ID:nPn3hMxdla
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 EPS |
| $0.16 |
|
Q2 Net Income |
| $450,000 |
|
Q2 Basic EPS |
| $0.16 |
|
Q2 Net Interest Margin (%) |
| 2.98% |
|
Reuters Recommended Reads
July 27 - Pacific Valley Bancorp Q2 net income rises on higher loan interest income
July 27 - Richmond Mutual Bancorporation Q2 net income falls on merger costs
July 28 - Skyline Bankshares Q2 net income rises on loan growth
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)