{"id":310724,"date":"2008-08-28T11:10:00","date_gmt":"2008-08-28T16:10:00","guid":{"rendered":"https:\/\/www.investmentexecutive.com\/uncategorized\/pacific-western-posts-quarterly-loss-2\/"},"modified":"2008-08-28T11:10:00","modified_gmt":"2008-08-28T16:10:00","slug":"pacific-western-posts-quarterly-loss-2","status":"publish","type":"post","link":"https:\/\/www.investmentexecutive.com\/news\/industry-news\/pacific-western-posts-quarterly-loss-2\/","title":{"rendered":"Pacific &#038; Western posts quarterly loss"},"content":{"rendered":"<p>Pacific &#038; Western Credit Corp. swung to a loss in the third quarter as it took a $3.7 million charge on one of its preferred share positions. <BR><BR>The London, Ont.-based financial services company said the net loss for the quarter ended July 31 was $4.2 million, or 31\u00a2 a share, compared to a profit of $127,000, or 1\u00a2 a share for the same period last year. <BR><BR>The company said its third quarter results were negatively impacted by a charge of $3.7 million ($2.5 million after income taxes) relating to \u201ca security whose decline in value was determined to be other than temporary.\u201d<BR><BR>\u201cThis quarter we determined that there was a permanent impairment in the value of one of our preferred share positions that had been trading below our amortized cost for sometime. This resulted in a $2.5 million reduction of income after taxes,\u201d said .<BR><BR>\u201cA large portion of this charge had already been reflected in shareholders&#8217; equity and in the bank\u2019s regulatory capital as a result of previously recorded mark-to-market adjustments relating to this security,\u201d the company said in a release.<BR><BR>Total loans increased to $949 million from $923 million a year ago.<BR><BR>Total assets were $1.43 billion compared to $1.23 billion a year ago.<BR><BR>Total revenue was negative $2.2 million for<BR>the quarter compared to $3.9 million a year ago. The decrease in total revenue from a year ago was due primarily to the impairment writedown of $3.7 million on securities and a compression of spreads,<BR>primarily in the company\u2019s securities portfolio.<BR><BR>Total allowances for credit losses were $3.5 million at the end of the quarter compared to $3.2 million a year ago. The provision for credit losses as a percentage of average loans for the quarter was 0.02%, the same as a year ago.<BR><BR>Return on equity plunged to -42.21% from 0.45% in the year-ago period.<BR><BR>Pacific &#038; Western Credit Corp. is the parent company of Pacific &#038; Western Bank of Canada. <BR><BR>PWBank is a branchless financial institution with over $1.4 billion in assets. It specializes in providing innovative financing to large corporate and government entities including hospitals, school boards, universities and colleges, municipalities and provincial and federal government agencies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pacific &#038; Western Credit Corp. swung to a loss in the third quarter as it took a $3.7 million charge on one of its preferred share positions. The London, Ont.-based financial services company said the net loss for the quarter ended July 31 was $4.2 million, or 31\u00a2 a share, compared to a profit of [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2312,2318],"tags":[2483],"yst_prominent_words":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/310724"}],"collection":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/comments?post=310724"}],"version-history":[{"count":0,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/310724\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/media?parent=310724"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/categories?post=310724"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/tags?post=310724"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/yst_prominent_words?post=310724"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}