As you hunt for new stocks to look into this morning, it may be a good time to consider having a look at Pacific West Bank (OTCMKTS:PWBO). The company had been established back in 2004 by entrepreneurs in the city of Portland. The aim of the company is to provide deposit and loan services to businesses, non-profit organizations, professionals, and individuals through highly experienced bankers.
Trading Data
On Friday, PWBO stock ended flat at $13.05 with 235 shares, compared to its average volume of 609 shares. The stock moved within a range of $13.05 – 13.05 after opening trade at $13.05.
About Pacific West Bank
Pacific West Bank generally serves clients in the Portland Metro area and its offices are situated in West Linn, Downtown Portland, and Lake Oswego. The company had come into focus back on Friday after it announced its financial results for the second fiscal quarter of 2022.
Pacific West Bank (PWBO) Announces Second Quarter 2022 Earnings
Before the opening of markets today, it may be a good idea for investors to consider taking a look at the highlights of the financial results. Pacific West Bank announced that it had managed to generate a net income of as much as $398000 for the second quarter. It worked out to earnings of $0.15 per diluted share.
On the other hand, the net income for the first six months of the year stood at $752000 and the earnings per diluted share in Pacific West Bank stood at $0.28 for the period. During the course of the second quarter, the company managed to generate core loan commitments to the tune of as much as $16.8 million. On the other hand, the deposits with the bank grew by 6% to hit $13.8 million. The income from loan interests also went up by 5.7% on a sequential basis and stood at $115000. The company also brought in as much as $108000 in the form of investment interest income and the sum reflected a sequential rise of as much as 52.8%. In light of such a strong performance, it is going to be quite interesting to see if the Pacific West Bank stock manages to gain any traction among investors or not.
At the end of the quarter, the total valuation of the assets with Pacific West Bank stood at $274.5 million. In addition to that, they were no past due loans that was older than 30 days. During the course of the quarter, the Payroll Protection Plan loan forgiveness had also been completed. Pacific West Bank also noted that at the end of March 2022, the capital levels remained fairly strong and the leverage ratio stood at only 12.62%.
The chairman of the Pacific West Bank board, Ed Kawasaki spoke about the company’s performance as well. He noted that the second quarter had been another historic one for Pacific West Bank as managed to hit new milestones. He noted that two new business leaders had also been added to the board of the company. The net income during the first six months of the year went up by as much as 7.8% on a year-on-year basis. On the other hand, the interest income went up by as much as 30% on a year-on-year basis.
Technical Data
PWBO stock is trading below the 20-Day and 50-Day Moving averages of $13.81 and $13.89 respectively. Moreover, the stock is trading below the 200-Day moving average of $14.18. The company has a total market capitalization of $34.75 million. The stock is down 5% over the past 3-month.
