Greg Froman has joined Pacific West Bank as chief credit officer and executive vice president. Froman will manage all facets of the bank's credit administration and loan production functions.

Pacific West Bank reported unaudited earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported interest and fee income of $982,000, net interest income of $620,000, net interest income after provision for loan losses of $545,000, loss before provision for income taxes of $56,000, net loss of $35,000, or $0.04 per diluted share compared to interest and fee income of $1,018,000, net interest income of $619,000, net interest income after provision for loan losses of $559,000, income before provision for income taxes of $18,000, net income of $11,000, or $0.01 per diluted share for the same period last year. The company reported return on average assets in negative of 0.19% and return on average equity in negative of 1.82% compared to return on average assets of 0.07% and return on average equity of 0.57% for the same period last year. The current quarter loss was primarily due to a decline in net interest margin and an increase in noninterest expense. For the nine months, the company reported interest and fee income of $2,947,000, net interest income of $1,773,000, net interest income after provision for loan losses of $852,000, loss before provision for income taxes of $976,000, net loss of $593,000, or $0.78 per diluted share compared to interest and fee income of $2,762,000, net interest income of $1,681,000, net interest income after provision for loan losses of $1,501,000, income before provision for income taxes of $97,000, net income of $59,000, or $0.08 per diluted share for the same period last year. The company reported return on average assets in negative of 1.13% and return on average equity in negative of 10.50% compared to return on average assets of 0.15% and return on average equity of 1.03% for the same period last year. The year-to-date loss was primarily due to a significant increase in the provision for loan losses, a decline in net interest margin and an increase in noninterest expense.

Doug Leeding, Chief Executive Officer of Pacific West Bank announced his retirement from the bank he helped found in 2004. Leeding has been involved in local banking for 34 years. His retirement is part of the bank's strategic management succession plan implemented in 2008. He will continue to serve the bank in an advisory capacity through the end of the year and remain on the Board of Directors. Steve Gray was promoted from President to President and Chief Executive Officer. Gray became President in mid-2008 after serving as Chairman of the Board and has worked with Leeding toward a smooth transition. Both Leeding and Gray are charter founders of the local bank. Gray's previous business experience includes working as an auditor with an international CPA firm and serving as Corporate Controller at Microsoft. Gray is a past officer and board member of several West Linn community organizations.

Pacific West Bank Reports Third Quarter 2009 Financial Results

Pacific West Bank Reports Third Quarter 2009 Financial Results