SAN DIEGO, April 21 /PRNewswire-FirstCall/ -- PacWest
Bancorp (Nasdaq: PACW) today announced a net loss for the first
quarter of 2010 of $60.5 million, or
$1.76 per diluted share, compared to
net loss of $7.8 million, or
$0.23 per diluted share, for the
fourth quarter of 2009. The first quarter included a loss on
the Company's previously reported sale of $323.6 million of classified loans in
February 2010 for $200.6 million in cash. Although the first
quarter of 2010 was impacted significantly by the classified loan
sale and other credit-related costs, our non-covered loan portfolio
credit quality measures improved as shown in the following
table.
|
|
At
|
|
|
|
3/31/10
|
|
12/31/09
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
Nonaccrual loans
|
|
$
99,920
|
|
$
240,167
|
|
Nonperforming assets
|
|
$
129,563
|
|
$
283,422
|
|
Allowance for credit losses to
nonaccrual loans
|
|
91.45%
|
|
51.75%
|
|
|
|
|
|
|
This press release contains non-GAAP financial disclosures for
tangible capital. The Company uses certain non-GAAP financial
measures to provide meaningful supplemental information regarding
the Company's operational performance and to enhance investors'
overall understanding of such financial performance. Because
the use of tangible capital amounts and ratios is becoming more
prevalent among banking regulators, investors and analysts, we
disclose our tangible capital ratios in addition to
equity-to-assets ratios. Please refer to the table at the end
of this release for a presentation of performance ratios in
accordance with GAAP and a reconciliation of the non-GAAP financial
measures to the GAAP financial measures.
FIRST QUARTER
RESULTS
|
|
|
|
|
First
Quarter
|
Fourth
Quarter
|
|
In thousands, except per share data
and percentages
|
2010
|
2009
|
|
|
|
|
|
Net loss
|
$
(60,533)
|
$
(7,780)
|
|
Diluted loss per share
|
$
(1.76)
|
$
(0.23)
|
|
Efficiency ratio
|
63.8%
|
53.7%
|
|
Net interest margin
|
4.90%
|
4.79%
|
|
|
|
|
|
At quarter end:
|
|
|
|
Allowance for credit losses to
non-covered loans (1), net of
unearned
income
|
2.81%
|
3.35%
|
|
Equity-to-assets:
|
|
|
|
Consolidated
Company
|
9.13%
|
9.52%
|
|
Pacific Western
Bank
|
10.78%
|
11.03%
|
|
Tangible common equity
ratios:
|
|
|
|
Consolidated
Company
|
8.58%
|
8.95%
|
|
Pacific Western
Bank
|
10.25%
|
10.47%
|
|
|
|
|
|
(1) Non-covered loans exclude all
loans acquired in the Affinity acquisition.
|
|
|
|
|
The first quarter of 2010 net loss was caused mostly by the
credit loss provision of $133.2
million ($77.3 million after
tax) and OREO costs of $10.6 million
($6.2 million after tax). The
credit loss provision has two components: $112.5 million for non-covered loans and
$20.7 million for covered loans.
The non-covered credit loss provision was driven by (a) the
classified loan sale completed during the quarter which resulted in
a charge-off of $123 million and (b)
non-covered loan net charge-offs totaling $22 million. The covered loan credit loss
provision resulted from net charge-offs of $31 million, of which $20.7 million was in excess of the acquisition
date reserves established on those covered loans. The covered
loan charge-offs resulted mostly from updated appraisals reflecting
credit deterioration subsequent to acquisition. The
credit-related costs on covered assets were offset partially by
FDIC loss-sharing income of $18.3
million ($10.6 million
after-tax). The following table summarizes the net
credit-related costs for the linked quarters:
|
Quarters
Ended
|
|
|
3/31/10
|
|
12/31/09
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
Non-covered loans credit loss
provision
|
$
112,527
|
|
$
34,900
|
|
|
|
|
|
|
Covered loans credit loss
provision
|
$
20,700
|
|
$
18,000
|
|
Increase in FDIC loss sharing
asset
|
16,560
|
|
14,400
|
|
Net covered loan loss
|
$
4,140
|
|
$
3,600
|
|
|
|
|
|
|
Non-covered OREO expense
|
$
8,442
|
|
$
3,200
|
|
|
|
|
|
|
Covered OREO expense
|
$
2,168
|
|
$
1,753
|
|
OREO-related increase in FDIC loss
sharing asset
|
1,718
|
|
1,214
|
|
Net covered OREO expense
|
$
450
|
|
$
539
|
|
|
|
|
|
|
Total credit-related costs,
net
|
$
125,559
|
|
$
42,239
|
|
|
|
|
|
The increased net loss between the first quarter of 2010 and the
fourth quarter of 2009 was due to lower net interest income and
higher credit-related costs. Net interest income decreased
$2.5 million after-tax due largely to
the decline in loan balances from the loan sale. The credit
loss provision resulting from the classified loan sale and
charge-offs on non-covered and covered loans increased the net loss
by $46.6 million after-tax.
Increased OREO costs added $3.3
million after-tax to the net loss.
Matt Wagner, Chief Executive
Officer, commented, "During the first quarter, we completed the
sale of $323.6 million of adversely
classified loans, resulting in a substantial change to our credit
profile and balance sheet. As a result of the sale, and our
continued efforts to resolve problem credits during the quarter, we
shed 58% of our nonaccrual loans and 64% of our adversely
classified loans in a single quarter."
Mr. Wagner continued, "With solid deposit growth during the
quarter, a good credit reserve coverage ratio and solid capital
ratios, we have positioned the Company to take advantage of growth
opportunities as they arise, both organically and through
acquisition. While economic headwinds remain nationally and
locally, the Company continues to generate income at a very high
level."
Vic Santoro, Executive Vice
President and Chief Financial Officer, stated, "The improvement on
the asset side of our balance sheet has been complimented
positively on the liability side by strong deposit growth.
Core deposits grew $87 million
during the quarter, while our overall average cost of deposits
declined to 0.68%. The deposit growth coupled with the
$200 million in proceeds from the
loan sale has created a strong liquidity position. In
addition, we augmented our capital with the $27 million of net proceeds from the warrant
exercise that occurred in March and our capital ratios remain
significantly above well-capitalized requirements."
BALANCE SHEET CHANGES
Interest-bearing deposits in financial institutions and
investment securities available-for-sale increased to $870.5 million at March
31, 2010, from $540.8 million
at December 31, 2009. The
increase resulted from the cash proceeds from the classified loan
sale and positive deposit flows.
Gross loans decreased $484 million
during the first quarter of 2010, including a $454 million decrease in non-covered loans due
mostly to the classified loan sale. On February 23, 2010 we completed the sale of 61
non-covered adversely classified loans totaling $323.6 million, which included $107.6 million of nonaccrual loans, to an
institutional buyer for $200.6
million in cash. The sale was on a servicing-released
basis and without recourse to Pacific Western Bank.
Declines in the non-covered portfolio continue as a result of
weakened economic conditions which have caused higher levels of
charge-offs, lower demand for loans, and fewer acceptable lending
opportunities. The covered loan portfolio continues to
decline from resolutions of problem assets. Non-covered OREO
declined to $29.6 million at
March 31, 2010 from $43.3 million at year end. Covered OREO
declined $2.3 million to $25.4
million at March 31, 2010.
Total deposits increased $60
million during the first quarter. Core deposits, which
include noninterest-bearing demand, interest checking, savings and
money market deposits, increased $87
million and totaled $3.1
billion at March 31, 2010.
Brokered and acquired money desk deposits totaled
$108.3 million at March 31, 2010, relatively unchanged from
year-end. Noninterest-bearing demand deposits totaled
$1.4 billion and represented 33% of
total deposits at March 31, 2010.
During the first quarter, we repaid $135.0 million in FHLB advances that had a
weighted average annual interest cost of 0.92%.
COVERED ASSETS
As part of the Affinity acquisition on August 28, 2009, we entered into a loss sharing
agreement with the FDIC that covers a substantial portion of losses
incurred after the acquisition date on loans, other real estate
owned and certain investment securities. A summary of the
covered assets at March 31, 2010 and
December 31, 2009 are shown in the
following table.
|
|
|
|
|
|
|
|
Balance as
of
|
|
Covered Assets
|
|
March 31,
2010
|
|
December 31,
2009
|
|
|
|
(Dollars in
thousands)
|
|
Loans, net
|
|
$
591,669
|
|
$
621,686
|
|
Investment securities
|
|
51,061
|
|
52,125
|
|
Other real estate owned
|
|
25,403
|
|
27,688
|
|
Total covered
assets
|
|
$
668,133
|
|
$
701,499
|
|
|
|
|
|
|
NET INTEREST INCOME
Net interest income was $58.0
million for the first quarter of 2010 compared to
$62.3 million for the fourth quarter
of 2009. The $4.3 million net
decrease is due mostly to lower loan balances resulting from the
classified loan sale. Deposit interest expense declined
$586,000 due mostly to lower offering
rates on money market accounts. Borrowing costs decreased
$1.7 million due mainly to lower
average balances.
NET INTEREST MARGIN
Our net interest margin for the first quarter of 2010 was 4.90%,
an increase of 11 basis points from the 4.79% posted for the fourth
quarter of 2009. The yield on average loans was 6.27% for the
first quarter of 2010 compared to 6.29% for the prior quarter.
Net reversals of interest income on nonaccrual loans
negatively impacted the first quarter's net interest margin and
loan yield by 7 basis points. The cost of interest bearing
deposits declined 5 basis points to 1.01% and all-in deposit cost
declined 4 basis points to 0.68%; such declines resulted from rate
reductions on money market deposits, downward repricing of
higher-rate acquired deposits, and higher average demand
deposits.
NONINTEREST INCOME
Noninterest income for the first quarter of 2010 totaled
$21.3 million compared to
$21.8 million for the fourth quarter
of 2009. First quarter noninterest income includes
FDIC loss sharing income of $16.2
million compared to $16.3
million recorded in the prior quarter. First quarter
FDIC loss sharing income includes (a) $18.3
million representing the FDIC's share of losses from credit
deterioration on covered loans and covered OREO occurring
subsequent to the Affinity acquisition date and (b) a $2.1 million reduction for other covered loan
activity. The loss sharing income represents the FDIC's 80%
share of the current period's credit loss provision on covered
loans and write-downs on covered OREO under the terms of the loss
sharing agreement.
NONINTEREST EXPENSE
Noninterest expense totaled $50.6
million for the first quarter of 2010 compared to
$45.2 million for the fourth quarter
of 2009. The $5.3 million
increase was caused mostly by a $5.7
million increase in OREO costs. The first quarter OREO
expenses include carrying value write-downs of $10.5 million, holding costs of $1.1 million, and net realized gains on sales of
$1.0 million. The write-downs
include $8.3 million on non-covered
OREO and $2.2 million on covered
OREO. Compensation costs decreased $909,000 due to lower discretionary compensation
accruals offset by higher restricted stock amortization expense.
Insurance and assessments increased $448,000 due to higher deposit insurance premiums
that went into effect at the beginning of 2010.
Noninterest expense includes amortization of time-based and
performance-based restricted stock, which is included in
compensation, and intangible asset amortization. Amortization
of restricted stock totaled $2.3
million for the first quarter of 2010 compared to
$1.9 million for the fourth quarter
of 2009. Intangible asset amortization totaled $2.4 million for both the first quarter of 2010
and the prior quarter.
TAXES
The effective tax benefit rate for the first quarter of 2010 was
42.1% compared to 44.3% for the fourth quarter of 2009. The
Company's blended Federal and California statutory rate is 42.0%.
CREDIT QUALITY
Although we improved significantly various credit quality
measures through both the classified loan sale and portfolio
workout efforts, our loan portfolio, including both non-covered and
covered loans, continues to experience pressure from adverse
economic conditions in Southern
California and other areas where our borrowers and
collateral are located, and we expect such situation to continue
during the remainder 2010.
Classified Loan
Sale
On February 23, 2010 we sold 61
non-covered adversely classified loans totaling $323.6 million, which included $107.6 million of nonaccrual loans, to an
institutional buyer for $200.6
million in cash. The sale was on a servicing-released
basis and without recourse to Pacific Western Bank. The sale
substantially reduced problem credits and improved credit quality
measurements. At March 31,
2010, non-covered nonaccrual loans totaled $99.9 million (down from $240.2 million at December
31, 2009) and the ratio of the allowance for credit losses
to non-covered nonaccrual loans increased to 91.5% at March 31, 2010 from 51.8% at December 31, 2009.
Credit Loss Provisions
The first quarter provision for credit losses totaled
$133.2 million and is composed of
$112.5 million on the non-covered
loan portfolio and $20.7 million on
the covered loan portfolio. The provision on the non-covered
portfolio is generated by our methodology and reflects the
charge-off from the classified loan sale and the levels of other
net charge-offs and remaining classified loans. The covered
loan credit loss provision increases the covered loan allowance for
credit losses and results from credit deterioration on covered
loans since the acquisition date.
Net charge-offs on non-covered loans included $123 million related to the classified loan sale
completed during the quarter and $22
million in other non-covered loan charge-offs; this compares
to total net charge-offs of $31.2
million in the fourth quarter of 2009. These
charge-off levels reflect the aggressive actions we are taking to
promptly identify and resolve problem credits.
The allowance for credit losses on the non-covered portfolio
totaled $91.4 million at March 31, 2010, and represented 2.81% of the
non-covered loan balances at that date compared to 3.35% at
December 31, 2009. The lower
coverage ratio of 2.81% reflects an improved credit risk profile
with lower non-covered nonaccrual and adversely classified loans
when compared to the December 31,
2009 profile.
Non-covered Nonaccrual Loans and Other Real Estate
Owned
Non-covered nonperforming assets include non-covered nonaccrual
loans and non-covered OREO and totaled $129.6 million at March
31, 2010 compared to $283.4
million at December 31, 2009.
The ratio of non-covered nonperforming assets to non-covered loans
and non-covered OREO decreased to 3.95% at March 31, 2010 from 7.56% at December 31, 2009. The decrease in
non-covered nonperforming assets is primarily due to (a) lower
nonaccrual loans resulting from the classified loan sale and other
reductions and (b) lower OREO from write-downs and sales.
The types and balances of non-covered loans included in the
categories of nonaccrual and accruing loans past due between 30 and
89 days at March 31, 2010 and
December 31, 2009 follow:
|
|
Nonaccrual loans
(1)
|
|
Accruing and
over
30
days past due (1)
|
|
|
|
March 31,
2010
|
December 31,
2009
|
|
March
31,
|
|
December
31,
|
|
|
|
As a %
of
|
|
|
|
As a %
of
|
|
|
|
2010
|
|
2009
|
|
Loan category
|
|
loan
category
|
|
Balance
|
|
loan
category
|
|
Balance
|
|
Balance
|
|
Balance
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBA 504
|
|
18.7%
|
|
$
18,462
|
|
20.1%
|
|
$
22,849
|
|
$
4,149
|
|
$
1,603
|
|
SBA 7(a) and Express (2)
|
|
20.9%
|
|
7,543
|
|
28.5%
|
|
12,026
|
|
1,000
|
|
1,487
|
|
Residential construction
|
|
6.8%
|
|
2,957
|
|
16.3%
|
|
17,018
|
|
-
|
|
-
|
|
Commercial real estate
|
|
1.6%
|
|
29,979
|
|
4.2%
|
|
88,483
|
|
4,630
|
|
1,109
|
|
Commercial construction
|
|
1.4%
|
|
2,125
|
|
11.9%
|
|
26,394
|
|
1,997
|
|
1,032
|
|
Commercial
|
|
1.3%
|
|
8,635
|
|
0.8%
|
|
6,052
|
|
1,800
|
|
2,592
|
|
Commercial land
|
|
0.0%
|
|
-
|
|
15.6%
|
|
9,113
|
|
-
|
|
-
|
|
Residential other
|
|
1.8%
|
|
1,725
|
|
16.3%
|
|
19,127
|
|
393
|
|
178
|
|
Residential land
|
|
54.4%
|
|
24,966
|
|
68.2%
|
|
37,104
|
|
-
|
|
-
|
|
Residential multifamily
|
|
0.6%
|
|
910
|
|
1.5%
|
|
1,281
|
|
-
|
|
-
|
|
Other, including foreign
|
|
4.6%
|
|
2,618
|
|
1.1%
|
|
720
|
|
187
|
|
492
|
|
|
|
3.1%
|
|
$
99,920
|
|
6.5%
|
|
$
240,167
|
|
$
14,156
|
|
$
8,493
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excludes covered loans acquired in
the Affinity acquisition.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans declined $140.2
million during the first quarter. Approximately
$107.6 million of the decrease was
due to the classified loans sale. The remaining net decrease of
$32.6 million is composed of (a)
additions of $18.1 million, (b)
reductions, payoffs and returns to accrual status of $25.8 million, (c) foreclosures of $16.1 million,
and (d) charge-offs of $8.8 million. The additions to nonaccrual
loans include $5.0 million in SBA 504 loans, a $3.8 million real
estate commercial loan secured by a hotel, $4.2 million in secured
commercial loans and $2.0 million in other loans. Reductions
include an $11.6 million paydown on a residential loan secured by
an 85 lot in-fill development south of Los Angeles and pay-downs of
$5.6 million on commercial real estate and construction loans.
The reduction in nonaccrual loans due to foreclosures was
mostly due to a $14.7 million loan secured by a golf course and
luxury residences and land in Palm Desert; the golf course was sold
during the quarter.
The most significant loans which have remained on nonaccrual
status during the first quarter include a loan collateralized by
land in Ventura, California
totaling $22.0 million, two loans
totaling $17.0 million secured by
shopping malls and two loans totaling $4.7
million secured by hotels.
The details of non-covered OREO follow:
|
Balance as
of
|
|
Property Type
|
March 31,
2010
|
|
December 31,
2009
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
Improved
residential land
|
$
5,189
|
|
$
7,514
|
|
Commercial real
estate
|
21,158
|
|
28,478
|
|
Single family
residences
|
3,296
|
|
7,263
|
|
Total
|
$
29,643
|
|
$
43,255
|
|
|
|
|
|
Our exposure to non-covered nonowner-occupied residential
construction loans was reduced by $62.6
million during the first quarter to $100.9 million at March
31, 2010. The reduction was due mostly to the
classified loan sale. The details of the non-covered
nonowner-occupied residential construction loan portfolio as of the
dates indicated follow:
|
|
As of March 31,
2010
|
|
As of December 31,
2009
|
|
Loan
Category
|
|
Balance
|
|
Number of
loans
|
|
Average loan
balance
|
|
Balance
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential land acquisition and
development
|
|
$
2,558
|
|
|
4
|
|
|
$640
|
|
$
33,501
|
|
Residential nonowner-occupied single
family
|
|
20,121
|
|
|
13
|
|
|
1,548
|
|
32,209
|
|
Unimproved residential land
|
|
57,640
|
|
|
29
|
|
|
1,988
|
|
58,948
|
|
Residential multifamily
|
|
20,576
|
|
|
5
|
|
|
4,115
|
|
38,825
|
|
|
|
$
100,895
|
|
|
51
|
|
|
$1,978
|
|
$
163,483
|
|
|
|
|
|
|
|
|
|
|
|
|
Our largest non-covered loan portfolio concentration is the real
estate mortgage category, which includes loans secured by
commercial and residential real estate. The following table
presents our non-covered real estate mortgage loan portfolio as of
the dates indicated.
Loan Category
|
|
At March 31,
2010
|
|
At December 31,
2009
|
|
|
|
(Dollars in
thousand)
|
|
Commercial real estate
mortgage
|
|
|
|
|
|
Owner-occupied
|
|
$
278,189
|
|
$
291,198
|
|
Retail
|
|
396,721
|
|
434,902
|
|
Office
buildings
|
|
314,682
|
|
319,912
|
|
Industrial/warehouse
|
|
322,122
|
|
328,709
|
|
Hotels and other
hospitality
|
|
176,295
|
|
262,556
|
|
Other
|
|
449,464
|
|
471,334
|
|
Total commercial real estate
mortgage
|
|
1,937,473
|
|
2,108,611
|
|
|
|
|
|
|
|
Residential real estate
mortgage:
|
|
|
|
|
|
Multi-family
|
|
73,416
|
|
98,137
|
|
Mixed
use
|
|
89,794
|
|
90,119
|
|
Single family
owner-occupied
|
|
73,539
|
|
84,400
|
|
Single family
nonowner-occupied
|
|
23,073
|
|
42,445
|
|
Total residential real estate
mortgage
|
|
259,822
|
|
315,101
|
|
Total real estate mortgage
|
|
$
2,197,295
|
|
$
2,423,712
|
|
|
|
|
|
|
Covered Loans and Other Real Estate Owned
As part of the Affinity acquisition that occurred on
August 28, 2009, we entered into a
loss sharing agreement with the FDIC that covers a substantial
portion of losses incurred after the acquisition date on loans,
other real estate owned and certain investment securities.
The carrying value of loans that would normally be considered
nonaccrual except for the accounting requirements regarding
purchased impaired loans and other real estate owned covered by the
loss sharing agreement ("covered nonaccrual loans" and "covered
OREO"; collectively, "covered nonperforming assets") at
March 31, 2010 follows:
Covered Nonperforming
Assets
|
|
At March 31,
2010
|
|
|
|
(Dollars in
thousands)
|
|
Covered nonaccrual loans
|
|
$
157,325
|
|
Covered OREO
|
|
25,403
|
|
Total covered
nonperforming assets
|
|
$
182,728
|
|
|
|
|
REGULATORY CAPITAL MEASURES ARE ABOVE THE WELL-CAPITALIZED
MINIMUMS
PacWest and its wholly-owned banking subsidiary, Pacific Western
Bank, each remained well capitalized at March 31, 2010 as shown in the following
table.
|
|
Minimum
|
|
|
|
|
|
|
|
|
Regulatory
|
|
|
|
|
|
|
|
Requirements
|
Actual
|
|
|
|
Well
|
|
Pacific
|
|
Company
|
|
Capitalized
|
Western
|
Consolidated
|
|
Tier 1
leverage capital ratio
|
|
|
5.00%
|
|
|
|
9.97%
|
|
|
|
10.47%
|
|
Tier 1
risk-based capital ratio
|
|
|
6.00%
|
|
|
|
13.70%
|
|
|
|
14.33%
|
|
Total
risk-based capital
|
|
|
10.00%
|
|
|
|
14.98%
|
|
|
|
15.60%
|
|
Tangible common equity (TCE)
ratio
|
|
|
----
|
|
|
|
10.25%
|
|
|
|
8.58%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCK
On December 22, 2009, PacWest
Bancorp filed a registration statement with the SEC to offer to
sell, from time to time, shares of common stock, preferred stock,
and other equity linked securities for an aggregate initial
offering price of up to $350.0 million. The registration statement
was declared effective on January 8,
2010. Proceeds from the offering are anticipated to be used
to fund future acquisitions of banks and financial institutions and
for general corporate purposes.
On March 1, 2010 holders of
1,348,040 warrants to acquire PacWest Bancorp common stock
exercised such warrants for net proceeds of $26.6 million. The warrants, which had a
strike price of $20.20 per share,
represented 99% of the 1,361,656 six-month warrants issued in
August 2009. An additional
1,361,657 million warrants issued in August
2009 with a strike price of $20.20 remain outstanding, of which 1,348,040
expire on August 27, 2010 and 13,617
expire on August 30, 2010.
ABOUT PACWEST BANCORP
PacWest Bancorp is a bank holding company with $5.2 billion in assets as of March 31, 2010,
with one wholly-owned banking subsidiary, Pacific Western Bank.
Through 68 full-service community banking branches, Pacific Western
provides commercial banking services, including real estate,
construction and commercial loans, to small and medium-sized
businesses. Pacific Western's branches are located in Los Angeles, Orange, Riverside, San
Bernardino, San Diego,
San Francisco, San Mateo and Ventura Counties. Through
its subsidiary BFI Business Finance and its division First
Community Financial, Pacific Western also provides working capital
financing to growing companies located throughout the Southwest,
primarily in the states of Arizona, California and Texas. Additional information regarding
PacWest Bancorp is available on the Internet at
www.pacwestbancorp.com. Information regarding Pacific Western
Bank is also available on the Internet at
www.pacificwesternbank.com.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking information
about PacWest that is intended to be covered by the safe harbor for
"forward-looking statements" provided by the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact are forward-looking statements. Such statements
involve inherent risks and uncertainties, many of which are
difficult to predict and are generally beyond the control of the
Company. We caution readers that a number of important factors
could cause actual results to differ materially from those
expressed in, implied or projected by, such forward-looking
statements. Risks and uncertainties include, but are not limited
to: lower than expected revenues; credit quality deterioration or a
pronounced and sustained reduction in real estate values could
cause an increase in the allowance for credit losses and a
reduction in net earnings; increased competitive pressure among
depository institutions; the Company's ability to complete future
acquisitions, successfully integrate such acquired entities, or
achieve expected beneficial synergies and/or operating efficiencies
within expected time-frames or at all; settlements with the FDIC
related to our loss-sharing arrangement and other adjustments
related to the Affinity Bank acquisition; the possibility that
personnel changes will not proceed as planned; the cost of
additional capital is more than expected; a change in the interest
rate environment reduces interest margins; asset/liability
repricing risks and liquidity risks; pending legal matters may take
longer or cost more to resolve or may be resolved adversely to the
Company; general economic conditions, either nationally or in the
market areas in which the Company does or anticipates doing
business, are less favorable than expected; environmental
conditions, including natural disasters, may disrupt our business,
impede our operations, negatively impact the values of collateral
securing the Company's loans or impair the ability of our borrowers
to support their debt obligations; the economic and regulatory
effects of the continuing war on terrorism and other events of war,
including the war in Iraq and
Afghanistan; legislative or
regulatory requirements or changes adversely affecting the
Company's business; and changes in the securities markets;
regulatory approvals for any capital activities cannot be obtained
on the terms expected or on the anticipated schedule; and, other
risks that are described in PacWest's public filings with the U.S.
Securities and Exchange Commission (the "SEC"). If any of these
risks or uncertainties materializes or if any of the assumptions
underlying such forward-looking statements proves to be incorrect,
PacWest's results could differ materially from those expressed in,
implied or projected by such forward-looking statements. PacWest
assumes no obligation to update such forward-looking
statements.
For a more complete discussion of risks and uncertainties,
investors and security holders are urged to read PacWest Bancorp's
annual report on Form 10-K, quarterly reports on Form 10-Q and
other reports filed by PacWest with the SEC. The documents
filed by PacWest with the SEC may be obtained at PacWest Bancorp's
website at www.pacwestbancorp.com or at the SEC's website at
www.sec.gov. These documents may also be obtained free of
charge from PacWest by directing a request to: PacWest Bancorp c/o
Pacific Western Bank, 275 North Brea Boulevard, Brea, CA 92821. Attention: Investor
Relations. Telephone 714-671-6800.
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
2010
|
|
2009
|
|
|
(In thousands,
except share data)
|
|
Assets:
|
|
|
|
|
Cash and due from banks
|
$
87,510
|
|
$
93,915
|
|
Total cash and
cash equivalents
|
87,510
|
|
93,915
|
|
|
|
|
|
|
Interest-bearing deposits in financial
institutions
|
431,211
|
|
117,133
|
|
|
|
|
|
|
Federal Home Loan Bank stock, at
cost
|
50,429
|
|
50,429
|
|
Non-covered securities
available-for-sale, at estimated fair value
|
388,180
|
|
371,575
|
|
Covered securities available-for-sale,
at estimated fair value
|
51,061
|
|
52,125
|
|
Total
securities
|
489,670
|
|
474,129
|
|
|
|
|
|
|
Non-covered loans, net of unearned
income
|
3,253,834
|
|
3,707,383
|
|
Allowance for loan losses
|
(86,163)
|
|
(118,717)
|
|
Non-covered loans,
net
|
3,167,671
|
|
3,588,666
|
|
Covered loans, net
|
591,669
|
|
621,686
|
|
Total
loans
|
3,759,340
|
|
4,210,352
|
|
|
|
|
|
|
Premises and equipment
|
22,050
|
|
22,546
|
|
|
|
|
|
|
Non-covered other real estate owned,
net
|
29,643
|
|
43,255
|
|
Covered other real estate owned,
net
|
25,403
|
|
27,688
|
|
Total other real
estate owned
|
55,046
|
|
70,943
|
|
|
|
|
|
|
Intangible assets
|
30,872
|
|
33,296
|
|
Cash surrender value of life
insurance
|
66,547
|
|
66,149
|
|
FDIC loss sharing asset
|
87,140
|
|
112,817
|
|
Other assets
|
173,831
|
|
122,799
|
|
Total
assets
|
$
5,203,217
|
|
$
5,324,079
|
|
|
|
|
|
|
Liabilities and Stockholders'
Equity:
|
|
|
|
|
Liabilities:
|
|
|
|
|
Noninterest-bearing
deposits
|
$
1,388,646
|
|
$
1,302,974
|
|
Interest-bearing deposits
|
2,765,591
|
|
2,791,595
|
|
Total
deposits
|
4,154,237
|
|
4,094,569
|
|
|
|
|
|
|
Accrued interest payable and other
liabilities
|
37,836
|
|
50,176
|
|
Borrowings
|
406,550
|
|
542,763
|
|
Subordinated debentures
|
129,750
|
|
129,798
|
|
Total
liabilities
|
4,728,373
|
|
4,817,306
|
|
|
|
|
|
|
Stockholders'
Equity
|
474,844
|
|
506,773
|
|
Total
Liabilities and Stockholders' Equity
|
$
5,203,217
|
|
$
5,324,079
|
|
|
|
|
|
|
Shares outstanding (including
1,424,574 shares at March 31, 2010 and 1,095,417 shares at December
31, 2009, underlying unvested stock awards)
|
36,730,809
|
|
35,015,322
|
|
|
|
|
|
|
Tangible book value per
share
|
$
12.09
|
|
$
13.52
|
|
Book value per share
|
$
12.93
|
|
$
14.47
|
|
|
|
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
|
|
|
|
|
|
|
|
|
|
Quarters
Ended
|
|
|
3/31/10
|
|
12/31/09
|
|
3/31/09
|
|
|
(In thousands,
except per share data)
|
|
Interest income:
|
|
|
|
|
|
|
Interest and fees
on loans
|
$
63,745
|
|
$
70,331
|
|
$
61,847
|
|
Interest on time
deposits in other financial institutions
|
129
|
|
197
|
|
61
|
|
Interest on investment
securities
|
5,121
|
|
5,041
|
|
1,546
|
|
Total interest
income
|
68,995
|
|
75,569
|
|
63,454
|
|
|
|
|
|
|
|
|
Interest expense:
|
|
|
|
|
|
|
Interest expense on
deposits
|
6,889
|
|
7,475
|
|
9,320
|
|
Interest expense on
borrowings
|
2,668
|
|
4,300
|
|
3,582
|
|
Interest expense on
subordinated debentures
|
1,415
|
|
1,467
|
|
1,779
|
|
Total interest
expense
|
10,972
|
|
13,242
|
|
14,681
|
|
Net interest income before provision
for credit losses
|
58,023
|
|
62,327
|
|
48,773
|
|
Provision for credit
losses:
|
|
|
|
|
|
|
Non-covered
loans
|
112,527
|
|
34,900
|
|
14,000
|
|
Covered loans
|
20,700
|
|
18,000
|
|
-
|
|
Total provision
for credit losses
|
133,227
|
|
52,900
|
|
14,000
|
|
Net interest income (loss) after
provision for credit losses
|
(75,204)
|
|
9,427
|
|
34,773
|
|
|
|
|
|
|
|
|
Noninterest income:
|
|
|
|
|
|
|
Service charges on deposit
accounts
|
2,729
|
|
2,890
|
|
3,149
|
|
Other commissions and
fees
|
1,790
|
|
1,799
|
|
1,685
|
|
Increase in cash
surrender value of life insurance
|
398
|
|
375
|
|
439
|
|
FDIC loss sharing
income, net
|
16,172
|
|
16,314
|
|
-
|
|
Other
income
|
180
|
|
450
|
|
808
|
|
Total noninterest
income
|
21,269
|
|
21,828
|
|
6,081
|
|
|
|
|
|
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
Compensation
|
19,411
|
|
20,320
|
|
19,331
|
|
Occupancy
|
6,958
|
|
7,100
|
|
6,386
|
|
Data
processing
|
1,969
|
|
1,831
|
|
1,628
|
|
Other professional
services
|
1,998
|
|
2,047
|
|
1,524
|
|
Business
development
|
667
|
|
663
|
|
725
|
|
Communications
|
804
|
|
789
|
|
693
|
|
Insurance and
assessments
|
2,274
|
|
1,826
|
|
1,598
|
|
Other real estate
owned, net
|
10,610
|
|
4,953
|
|
997
|
|
Intangible asset
amortization
|
2,424
|
|
2,355
|
|
2,247
|
|
Reorganization and
lease charges
|
-
|
|
-
|
|
1,215
|
|
Other
|
3,455
|
|
3,329
|
|
2,625
|
|
Total noninterest
expense
|
50,570
|
|
45,213
|
|
38,969
|
|
(Loss) earnings before income
taxes
|
(104,505)
|
|
(13,958)
|
|
1,885
|
|
Income taxes
|
(43,972)
|
|
(6,178)
|
|
440
|
|
Net (loss)
earnings
|
$
(60,533)
|
|
$
(7,780)
|
|
$
1,445
|
|
|
|
|
|
|
|
|
Per share information
|
|
|
|
|
|
|
Basic (loss)
earnings per share
|
$
(1.76)
|
|
$
(0.23)
|
|
$
0.04
|
|
Diluted (loss)
earnings per share
|
$
(1.76)
|
|
$
(0.23)
|
|
$
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED AVERAGE BALANCE
SHEETS
|
Quarters
Ended
|
|
|
3/31/10
|
|
12/31/09
|
|
3/31/09
|
|
|
(Dollars in
thousands)
|
|
Average Assets:
|
|
|
|
|
|
|
Loans, net of unearned
income
|
$
4,122,853
|
|
$
4,439,586
|
|
$
3,938,322
|
|
Investment
securities
|
469,732
|
|
421,647
|
|
165,333
|
|
Federal funds sold
|
-
|
|
279
|
|
260
|
|
Interest-bearing deposits in
financial institutions
|
206,887
|
|
298,073
|
|
92,271
|
|
Average earning
assets
|
4,799,472
|
|
5,159,585
|
|
4,196,186
|
|
Other assets
|
418,517
|
|
373,570
|
|
284,628
|
|
Average total assets
|
$
5,217,989
|
|
$
5,533,155
|
|
$
4,480,814
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Liabilities and Stockholders'
Equity:
|
|
|
|
|
|
|
Average
liabilities
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
$
1,332,862
|
|
$
1,318,819
|
|
$
1,163,059
|
|
|
|
|
|
|
|
|
Interest
checking
|
434,446
|
|
438,242
|
|
349,908
|
|
Money market
accounts
|
1,166,688
|
|
1,188,939
|
|
841,410
|
|
Savings
|
110,564
|
|
111,374
|
|
123,005
|
|
Time deposits
|
1,045,417
|
|
1,064,596
|
|
899,666
|
|
Interest-bearing
deposits
|
2,757,115
|
|
2,803,151
|
|
2,213,989
|
|
Average deposits
|
4,089,977
|
|
4,121,970
|
|
3,377,048
|
|
Subordinated
debentures
|
129,780
|
|
129,829
|
|
129,975
|
|
Borrowings
|
445,754
|
|
706,013
|
|
451,608
|
|
Other
liabilities
|
46,756
|
|
52,846
|
|
61,882
|
|
Average
liabilities
|
4,712,267
|
|
5,010,658
|
|
4,020,513
|
|
Average equity
|
505,722
|
|
522,497
|
|
460,301
|
|
Average liabilities and stockholders'
equity
|
$
5,217,989
|
|
$
5,533,155
|
|
$
4,480,814
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield Analysis:
|
|
|
|
|
|
|
Average earning assets
|
$4,799,472
|
|
$5,159,585
|
|
$4,196,186
|
|
Yield
|
5.83%
|
|
5.81%
|
|
6.13%
|
|
Average interest-bearing
deposits
|
$2,757,115
|
|
$2,803,151
|
|
$2,213,989
|
|
Cost
|
1.01%
|
|
1.06%
|
|
1.71%
|
|
Average deposits
|
$4,089,977
|
|
$4,121,970
|
|
$3,377,048
|
|
Cost
|
0.68%
|
|
0.72%
|
|
1.12%
|
|
Average interest-bearing
liabilities
|
$3,332,649
|
|
$3,638,993
|
|
$2,795,572
|
|
Cost
|
1.34%
|
|
1.44%
|
|
2.13%
|
|
Average subordinated
debentures
|
$129,780
|
|
$129,829
|
|
$129,975
|
|
Cost
|
4.42%
|
|
4.48%
|
|
5.55%
|
|
Average borrowings
|
$445,754
|
|
$706,013
|
|
$451,608
|
|
Cost
|
2.43%
|
|
2.42%
|
|
3.22%
|
|
Average interest sensitive
liabilities
|
$4,665,511
|
|
$4,957,812
|
|
$3,958,631
|
|
Cost
|
0.95%
|
|
1.06%
|
|
1.50%
|
|
|
|
|
|
|
|
|
Interest spread
|
4.49%
|
|
4.37%
|
|
4.00%
|
|
Net interest margin
|
4.90%
|
|
4.79%
|
|
4.71%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPOSITS (unaudited)
|
|
As of the Dates
Indicated
|
|
|
|
|
3/31/10
|
|
12/31/09
|
|
3/31/09
|
|
|
|
|
(Dollars in
thousands)
|
|
Transaction accounts:
|
|
|
|
|
|
|
|
Demand deposits
|
|
$
1,388,646
|
|
$
1,302,974
|
|
$
1,223,884
|
|
Interest checking
|
|
436,570
|
|
439,694
|
|
359,551
|
|
Total transaction
accounts
|
|
1,825,216
|
|
1,742,668
|
|
1,583,435
|
|
Non-transaction accounts:
|
|
|
|
|
|
|
|
Money market
|
|
1,171,565
|
|
1,171,386
|
|
890,558
|
|
Savings
|
|
|
112,720
|
|
108,569
|
|
116,550
|
|
Time deposits under
$100,000
|
|
468,356
|
|
505,130
|
|
400,084
|
|
Time deposits over
$100,000
|
|
576,380
|
|
566,816
|
|
410,189
|
|
Total
non-transaction accounts
|
|
2,329,021
|
|
2,351,901
|
|
1,817,381
|
|
Total deposits
|
|
$
4,154,237
|
|
$
4,094,569
|
|
$
3,400,816
|
|
|
|
|
|
|
|
|
|
|
Core deposits (1)
|
|
$
3,109,501
|
|
$
3,022,623
|
|
$
2,590,543
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
noninterest-bearing demand, interest checking, savings
and money market deposits.
|
|
|
|
|
|
|
|
|
|
LOAN CONCENTRATION
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Non-covered
Loans
|
|
|
|
|
|
|
|
|
|
|
|
As of the Dates
Indicated
|
|
|
3/31/10
|
|
12/31/09
|
|
9/30/09
|
|
6/30/09
|
|
3/31/09
|
|
|
(Dollars in
thousands)
|
|
Loan Category:
|
|
|
|
|
|
|
|
|
|
|
Domestic:
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
$
720,105
|
|
$
781,003
|
|
$
774,755
|
|
$
776,060
|
|
$
779,971
|
|
Real
estate-construction
|
284,274
|
|
440,286
|
|
480,119
|
|
544,889
|
|
583,709
|
|
Commercial real
estate-mortgage
|
2,197,295
|
|
2,423,712
|
|
2,500,520
|
|
2,511,292
|
|
2,482,790
|
|
Consumer
|
28,804
|
|
32,138
|
|
33,011
|
|
35,150
|
|
38,615
|
|
Foreign:
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
26,736
|
|
34,524
|
|
38,964
|
|
42,672
|
|
44,955
|
|
Other
|
1,675
|
|
1,719
|
|
1,763
|
|
1,722
|
|
2,126
|
|
Total gross loans
|
$
3,258,889
|
|
$
3,713,382
|
|
$
3,829,132
|
|
$
3,911,785
|
|
$
3,932,166
|
|
|
|
|
|
|
|
|
|
|
|
COMPONENTS OF ALLOWANCE FOR CREDIT
LOSSES, NONPERFORMING ASSETS AND CREDIT QUALITY MEASURES FOR
NON-COVERED LOANS (Unaudited)
|
|
|
|
|
|
|
|
|
As of the Dates
Indicated
|
|
|
|
3/31/10
|
|
12/31/09
|
|
3/31/09
|
|
|
|
(Dollars in
thousands)
|
|
ALLOWANCE FOR CREDIT LOSSES
(1):
|
|
|
|
|
|
|
Allowance for loan losses
|
$
86,163
|
|
$
118,717
|
|
$
71,361
|
|
Reserve for unfunded loan
commitments
|
5,216
|
|
5,561
|
|
5,271
|
|
Allowance for credit losses
|
$
91,379
|
|
$
124,278
|
|
$
76,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING ASSETS
(2):
|
|
|
|
|
|
|
Nonaccrual loans
|
|
$
99,920
|
|
$
240,167
|
|
$
138,497
|
|
Other real estate owned
|
29,643
|
|
43,255
|
|
47,673
|
|
Total nonperforming
assets
|
$
129,563
|
|
$
283,422
|
|
$
186,170
|
|
|
|
|
|
|
|
|
|
Restructured performing
loans
|
$
68,127
|
|
$
181,454
|
|
$
35,300
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses to loans,
net of unearned income
|
2.81%
|
|
3.35%
|
|
1.95%
|
|
Allowance for credit losses to
nonaccrual loans
|
91.45%
|
|
51.75%
|
|
55.33%
|
|
Nonperforming assets to total loans
and other real estate owned
|
3.95%
|
|
7.56%
|
|
4.69%
|
|
Nonaccrual loans to total
loans
|
3.07%
|
|
6.48%
|
|
3.53%
|
|
|
|
|
|
|
|
|
|
(1) Applies to non-covered
loans.
|
|
(2) Excludes covered nonperforming
assets acquired in the Affinity acquisition.
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT LOSSES
ROLLFORWARD AND NET CHARGE-OFF MEASUREMENT FOR NON-COVERED LOANS
(1) (unaudited)
|
|
|
|
|
|
|
|
As of or for
the:
|
|
|
Quarter
Ended
|
|
Year
Ended
|
|
Quarter
Ended
|
|
|
3/31/10
|
|
12/31/09
|
|
3/31/09
|
|
|
(Dollars in
thousands)
|
|
Balance at beginning of
period
|
$
124,278
|
|
$
68,790
|
|
$
68,790
|
|
Loans charged-off:
|
|
|
|
|
|
|
Commercial
|
(8,139)
|
|
(11,982)
|
|
(1,881)
|
|
Real
estate-construction
|
(55,741)
|
|
(28,542)
|
|
(1,572)
|
|
Real
estate-mortgage
|
(82,849)
|
|
(46,047)
|
|
(2,738)
|
|
Consumer
|
(58)
|
|
(1,180)
|
|
(216)
|
|
Foreign
|
-
|
|
(368)
|
|
(368)
|
|
Total loans
charged-off
|
(146,787)
|
|
(88,119)
|
|
(6,775)
|
|
|
|
|
|
|
|
|
Recoveries on loans
charged-off:
|
|
|
|
|
|
|
Commercial
|
488
|
|
548
|
|
303
|
|
Real
estate-construction
|
681
|
|
461
|
|
-
|
|
Real
estate-mortgage
|
180
|
|
503
|
|
190
|
|
Consumer
|
12
|
|
151
|
|
110
|
|
Foreign
|
-
|
|
44
|
|
14
|
|
Total recoveries on loans
charged-off
|
1,361
|
|
1,707
|
|
617
|
|
Net charge-offs
|
(145,426)
|
|
(86,412)
|
|
(6,158)
|
|
Provision for credit losses
|
112,527
|
|
141,900
|
|
14,000
|
|
Balance at end of period
|
$
91,379
|
|
$
124,278
|
|
$
76,632
|
|
|
|
|
|
|
|
|
Net charge-offs excluding charge-offs
from classified loan sale
|
$
(21,721)
|
|
$
-
|
|
$
-
|
|
|
|
|
|
|
|
|
Annualized net charge-offs to average
loans
|
16.81%
|
|
2.22%
|
|
0.63%
|
|
Annualized net charge-offs excluding
charge-offs from classified loan sale to average loans
|
2.51%
|
|
2.22%
|
|
0.63%
|
|
|
|
|
|
|
|
|
(1) Applies only to non-covered
loans.
|
|
|
|
|
|
|
|
This press release contains certain non-GAAP financial
disclosures for tangible capital. The Company uses certain
non-GAAP financial measures to provide meaningful supplemental
information regarding the Company's operational performance and to
enhance investors' overall understanding of such financial
performance. Because the use of tangible capital amounts and
ratios is becoming more prevalent among banking regulators,
investors and analysts, we disclose our tangible capital ratios in
addition to equity-to-assets ratios.
These non-GAAP financial measures are presented for supplemental
informational purposes only for understanding the Company's
operating results and should not be considered a substitute for
financial information presented in accordance with United States generally accepted accounting
principles (GAAP). The following table presents performance
ratios in accordance with GAAP and a reconciliation of the non-GAAP
financial measurements to the GAAP financial measurements.
Non GAAP Measurements
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of the dates
indicated:
|
|
Dollars in thousands
|
|
03/31/10
|
|
12/31/09
|
|
03/31/09
|
|
|
|
|
|
|
|
|
|
End of period assets
|
|
$
5,203,217
|
|
$
5,324,079
|
|
$
4,496,070
|
|
Intangibles
|
|
30,872
|
|
33,296
|
|
37,675
|
|
End of period tangible
assets
|
|
$
5,172,345
|
|
$
5,290,783
|
|
$
4,458,395
|
|
|
|
|
|
|
|
|
|
End of period equity
|
|
$
474,844
|
|
$
506,773
|
|
$
469,006
|
|
Intangibles
|
|
30,872
|
|
33,296
|
|
37,675
|
|
End of period tangible
equity
|
|
$
443,972
|
|
$
473,477
|
|
$
431,331
|
|
|
|
|
|
|
|
|
|
Equity to assets ratio
|
|
9.13%
|
|
9.52%
|
|
10.43%
|
|
Tangible common equity
ratio
|
|
8.58%
|
|
8.95%
|
|
9.67%
|
|
|
|
|
|
|
|
|
|
Pacific Western Bank
|
|
|
|
|
|
|
|
End of period assets
|
|
$
5,192,003
|
|
$
5,313,750
|
|
$
4,486,793
|
|
Intangibles
|
|
30,872
|
|
33,296
|
|
37,675
|
|
End of period tangible
assets
|
|
$
5,161,131
|
|
$
5,280,454
|
|
$
4,449,118
|
|
|
|
|
|
|
|
|
|
End of period equity
|
|
$
559,909
|
|
$
585,940
|
|
$
506,694
|
|
Intangibles
|
|
30,872
|
|
33,296
|
|
37,675
|
|
End of period tangible
equity
|
|
$
529,037
|
|
$
552,644
|
|
$
469,019
|
|
|
|
|
|
|
|
|
|
Equity-to-assets
|
|
10.78%
|
|
11.03%
|
|
11.29%
|
|
Tangible common equity
ratio
|
|
10.25%
|
|
10.47%
|
|
10.54%
|
|
|
|
|
|
|
|
|
Contact:
|
Matthew P. Wagner
|
Victor R. Santoro
|
|
|
Chief Executive Officer
|
Executive Vice President and CFO
|
|
|
10250 Constellation Boulevard
|
10250 Constellation Boulevard
|
|
|
Suite 1640
|
Suite 1640
|
|
|
Los Angeles, CA 90067
|
Los Angeles, CA 90067
|
|
|
|
|
|
Phone:
|
310-728-1020
|
310-728-1021
|
|
Fax:
|
310-201-0498
|
310-201-0498
|
|
|
|
|
SOURCE PacWest Bancorp