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

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(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.)