Pacific West Bancorp Reports Q2 2026 Financial Results
Pacific West Bancorp (PWBK) reported net income of $450 thousand for the second quarter ended June 30, 2026. This includes merger-related expenses of approximately $222 thousand; adjusted net income would have been around $607 thousand without these costs. Total assets reached $420 million as of June 30, reflecting a quarterly increase of 4.1% and an annual growth of 16.2%. Deposits grew by 5.5% quarter-over-quarter to $379.7 million and increased by 19.1% year-over-year. Net interest income before credit loss provisions was $2.9 million for the quarter, with a notable rise in non-interest income of $623 thousand—a 79% increase compared to the prior quarter. Year-to-date net income reached $605 thousand, up significantly from previous periods. Jason Wessling, President and CEO, highlighted strong performance driven by strategic priorities and team dedication amid merger activities with 1st Security Bank of Washington. The company maintained a robust capital position with a Community Bank Leverage Ratio (CBLR) of 9.14%, well above the regulatory threshold for being 'Well-Capitalized.' The growth in loan interest income, driven by renewals at market rates and increased unfunded commitments from construction loans and secured lines of credit, further supports its financial resilience.
Topics: banking financial_performance