Pacific West Bancorp Reports Quarterly Growth Amid Merger Integration

The bank reported total assets of $420 million as of June 30, marking a 4.1% increase over the previous quarter and a 16.2% jump compared to the same period last year. Deposits followed a similar upward trajectory, reaching $379.7 million, a 19.1% year-over-year climb. These gains reflect the bank's efforts to renew borrower relationships at current market rates, which bolstered loan interest income to $7.8 million for the first half of the year.

Financial performance during the quarter was impacted by approximately $222,000 in merger-related expenses. Had those costs been excluded, adjusted net income would have reached roughly $607,000, or $0.22 per diluted share. Despite the complexities of the organizational integration, the bank maintained a Community Bank Leverage Ratio of 9.14%, comfortably exceeding the threshold required for a well-capitalized status.

President and CEO Jason Wessling credited the results to the resilience of the staff during this transition. As the bank prepares to conclude its 22-year independent history, Chairman Ed Kawasaki noted that the merger with 1st Security Bank is intended to provide deeper resources and broader reach across the Pacific Northwest.