Pacific West Bancorp Q3 net income rises 139%, margin improves

Overview

Pacific West Bancorp Q3 net income rises 139.1% quarter-over-quarter

Net interest margin improves to 3.17% from 3.11% in prior quarter

Outlook

Pacific West Bancorp sees strong loan pipeline heading into Q4

Company expects full benefit to interest income from loan growth in future periods

Result Drivers

LOAN GROWTH - Significant loan growth of $11.7 mln in Q3 contributed to increased interest income

DEPOSIT MIX IMPROVEMENT - Strategic reduction of high-cost deposits improved net interest margin

INVESTMENT GAINS - Sale of an investment resulted in a gain of $182 thousand, contributing to earnings

Key Details

MetricBeat/MissActualConsensus Estimate
Q3 EPS$0.11
Q3 Net Income$310,000
Q3 Basic EPS$0.11
Q3 Net Interest Margin (%)3.17%
Q3 Provision for Credit Losses$171,000
Press Release: ID:nPn8wH5BFa For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@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.)

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