PacWest Bancorp (Nasdaq: PACW) today announced net
earnings for the second quarter of 2020 of $33.2 million, or $0.28
per diluted share, compared to a net loss for the first quarter of
2020 of $1.43 billion, or $12.23 per diluted share. The increase in
net earnings in the second quarter was due primarily to a $1.47
billion goodwill impairment charge in the first quarter.
Matt Wagner, President and CEO, commented, “Our focus continues
to be the health and safety of our employees while assisting our
customers during the COVID-19 pandemic. We assisted our customers
by funding over 4,100 PPP loans in the second quarter totaling over
$1.2 billion, while granting loan payment modifications on
approximately $1.8 billion, or 9% of loans and leases, most during
May and June. The ultimate resolution of these modified loans is
largely dependent on how long the pandemic impacts consumer demand
and business activity. ”
Mr. Wagner added, “We continued enhanced monitoring of our loan
portfolios and saw less loan migration to special mention during
the second quarter after being proactive in downgrading loans in
the first quarter. We recorded another significant provision for
credit losses largely due to deterioration in the macro-economic
variables used in our CECL forecast.”
Mr. Wagner continued, “Our operations remain healthy and
continue to produce increasing revenues while generating internal
capital. PPNR increased by $5.3 million in the second quarter to
$166.2 million, which resulted in a PPNR return on average assets
of 2.51%. These solid operating earnings highlight the
resilience of our business as we continue to navigate the
challenging economic conditions.”
FINANCIAL HIGHLIGHTS
|
At or For the |
|
|
|
At or For the |
|
|
|
Three Months Ended |
|
|
|
Six Months Ended |
|
|
|
June 30, |
|
March 31, |
|
Increase |
|
June 30, |
|
Increase |
Financial
Highlights |
|
2020 |
|
|
|
2020 |
|
|
(Decrease) |
|
|
2020 |
|
|
|
2019 |
|
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share data) |
Net earnings (loss) |
$ |
33,204 |
|
|
$ |
(1,433,111 |
) |
|
$ |
1,466,315 |
|
|
$ |
(1,399,907 |
) |
|
$ |
240,729 |
|
|
$ |
(1,640,636 |
) |
Diluted earnings (loss) |
|
|
|
|
|
|
|
|
|
|
|
per share |
$ |
0.28 |
|
|
$ |
(12.23 |
) |
|
$ |
12.51 |
|
|
$ |
(11.98 |
) |
|
$ |
1.99 |
|
|
$ |
(13.97 |
) |
Return on average assets |
|
0.50 |
% |
|
|
(21.27 |
)% |
|
|
21.77 |
|
|
|
(10.48 |
)% |
|
|
1.88 |
% |
|
|
(12.36 |
) |
Pre-provision,
pre-goodwill |
|
|
|
|
|
|
|
|
|
|
|
impairment, pre-tax net |
|
|
|
|
|
|
|
|
|
|
|
revenue ("PPNR") (1) |
$ |
166,172 |
|
|
$ |
160,877 |
|
|
$ |
5,295 |
|
|
$ |
327,049 |
|
|
$ |
346,017 |
|
|
$ |
(18,968 |
) |
PPNR return on average |
|
|
|
|
|
|
|
|
|
|
|
assets (1) |
|
2.51 |
% |
|
|
2.39 |
% |
|
|
0.12 |
|
|
|
2.45 |
% |
|
|
2.70 |
% |
|
|
(0.25 |
) |
Return on average |
|
|
|
|
|
|
|
|
|
|
|
tangible equity (1) |
|
6.39 |
% |
|
|
6.88 |
% |
|
|
(0.49 |
) |
|
|
6.64 |
% |
|
|
22.79 |
% |
|
|
(16.15 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
("NIM") |
|
|
|
|
|
|
|
|
|
|
|
(tax equivalent) |
|
4.20 |
% |
|
|
4.31 |
% |
|
|
(0.11 |
) |
|
|
4.26 |
% |
|
|
4.70 |
% |
|
|
(0.44 |
) |
Yield on average loans
and |
|
|
|
|
|
|
|
|
|
|
|
leases (tax equivalent) |
|
5.01 |
% |
|
|
5.54 |
% |
|
|
(0.53 |
) |
|
|
5.27 |
% |
|
|
6.21 |
% |
|
|
(0.94 |
) |
Cost of average total |
|
|
|
|
|
|
|
|
|
|
|
deposits |
|
0.25 |
% |
|
|
0.59 |
% |
|
|
(0.34 |
) |
|
|
0.41 |
% |
|
|
0.77 |
% |
|
|
(0.36 |
) |
Efficiency ratio |
|
42.9 |
% |
|
|
40.6 |
% |
|
|
2.3 |
|
|
|
41.8 |
% |
|
|
42.0 |
% |
|
|
(0.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
27,365,738 |
|
|
$ |
26,143,267 |
|
|
$ |
1,222,471 |
|
|
$ |
27,365,738 |
|
|
$ |
26,344,414 |
|
|
$ |
1,021,324 |
|
Loans and leases held |
|
|
|
|
|
|
|
|
|
|
|
for investment, |
|
|
|
|
|
|
|
|
|
|
|
net of deferred fees |
$ |
19,694,631 |
|
|
$ |
19,745,305 |
|
|
$ |
(50,674 |
) |
|
$ |
19,694,631 |
|
|
$ |
18,472,852 |
|
|
$ |
1,221,779 |
|
Noninterest-bearing |
|
|
|
|
|
|
|
|
|
|
|
demand deposits |
$ |
8,629,543 |
|
|
$ |
7,510,218 |
|
|
$ |
1,119,325 |
|
|
$ |
8,629,543 |
|
|
$ |
7,299,213 |
|
|
$ |
1,330,330 |
|
Core deposits |
$ |
19,535,814 |
|
|
$ |
16,050,522 |
|
|
$ |
3,485,292 |
|
|
$ |
19,535,814 |
|
|
$ |
15,617,488 |
|
|
$ |
3,918,326 |
|
Total deposits |
$ |
22,928,579 |
|
|
$ |
19,575,837 |
|
|
$ |
3,352,742 |
|
|
$ |
22,928,579 |
|
|
$ |
18,805,756 |
|
|
$ |
4,122,823 |
|
|
|
|
|
|
|
|
|
|
|
|
|
As percentage of total |
|
|
|
|
|
|
|
|
|
|
|
deposits: |
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
|
|
|
|
|
|
|
|
|
|
demand deposits |
|
38 |
% |
|
|
38 |
% |
|
|
- |
|
|
|
38 |
% |
|
|
39 |
% |
|
|
(1 |
) |
Core deposits |
|
85 |
% |
|
|
82 |
% |
|
|
3 |
|
|
|
85 |
% |
|
|
83 |
% |
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to assets ratio |
|
12.62 |
% |
|
|
12.97 |
% |
|
|
(0.35 |
) |
|
|
12.62 |
% |
|
|
18.42 |
% |
|
|
(5.80 |
) |
Tangible common equity |
|
|
|
|
|
|
|
|
|
|
|
ratio (1) |
|
8.93 |
% |
|
|
9.10 |
% |
|
|
(0.17 |
) |
|
|
8.93 |
% |
|
|
9.50 |
% |
|
|
(0.57 |
) |
Book value per share |
$ |
29.17 |
|
|
$ |
28.75 |
|
|
$ |
0.42 |
|
|
$ |
29.17 |
|
|
$ |
40.49 |
|
|
$ |
(11.32 |
) |
Tangible book value per |
|
|
|
|
|
|
|
|
|
|
|
share (1) |
$ |
19.80 |
|
|
$ |
19.31 |
|
|
$ |
0.49 |
|
|
$ |
19.80 |
|
|
$ |
18.83 |
|
|
$ |
0.97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Non-GAAP measure. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME STATEMENT HIGHLIGHTS
Net Interest Income
Net interest income increased by $4.5 million to $254.3 million
for the second quarter of 2020 compared to $249.7 million for the
first quarter of 2020 due mainly to a lower cost of average
interest-bearing liabilities and a higher balance of average loans
and leases, partially offset by a lower yield on average loans and
leases and securities. The tax equivalent yield on average loans
and leases was 5.01% for the second quarter of 2020 compared to
5.54% for the first quarter of 2020. The decrease in the yield on
average loans and leases was due principally to lower market rates,
a lower rate on loan production from the impact of the PPP loans,
and lower loan discount accretion. Excluding the PPP loans, which
have a coupon rate of 1%, the tax equivalent yield on average loans
and leases was 5.10%.
The tax equivalent NIM was 4.20% for the second quarter of 2020
compared to 4.31% for the first quarter of 2020. The decrease in
the NIM was due mainly to lower market rates resulting in lower
loan and lease and security yields, a lower rate on loan production
from the impact of the PPP loans, and lower loan discount
accretion, offset partially by the lower cost of average
interest-bearing liabilities. Excluding the PPP loans, the tax
equivalent NIM was 4.25%.
The cost of average total deposits decreased to 0.25% for the
second quarter of 2020 from 0.59% for the first quarter of 2020.
The lower cost of average interest-bearing deposits reflected
actions taken to reduce deposit rates in light of the two emergency
interest rate cuts by the Federal Reserve in March of 2020. The
cost of deposits at June 30, 2020 was 0.19%.
Provision for Credit Losses
The following table presents details of the provision for credit
losses for the periods indicated:
|
Three Months Ended |
|
|
|
June 30, |
|
March 31, |
|
Increase |
Provision for Credit
Losses |
2020 |
|
2020 |
|
(Decrease) |
|
|
|
|
|
|
|
|
|
(In thousands) |
Addition to allowance for loan and lease losses |
$ |
93,000 |
|
$ |
98,000 |
|
$ |
(5,000 |
) |
Addition to reserve for
unfunded |
|
|
|
|
|
loan commitments |
|
27,000 |
|
|
14,000 |
|
|
13,000 |
|
Total provision for credit losses |
$ |
120,000 |
|
$ |
112,000 |
|
$ |
8,000 |
|
|
The provision for credit losses was $120.0 million for the
second quarter of 2020, up $8.0 million from the first quarter of
2020, driven by reserve builds that reflected significant
deterioration and continued uncertainty in the key macro-economic
forecast variables such as unemployment and GDP as a result of the
impact of COVID-19.
Noninterest Income
The following table presents details of noninterest income for
the periods indicated:
|
Three Months Ended |
|
|
|
June 30, |
|
March 31, |
|
Increase |
Noninterest
Income |
2020 |
|
2020 |
|
(Decrease) |
|
|
|
|
|
|
|
(In thousands) |
Service charges on deposit accounts |
$ |
2,004 |
|
$ |
2,658 |
|
$ |
(654 |
) |
Other commissions and
fees |
|
10,111 |
|
|
9,721 |
|
|
390 |
|
Leased equipment income |
|
12,037 |
|
|
12,251 |
|
|
(214 |
) |
Gain on sale of loans and
leases |
|
346 |
|
|
87 |
|
|
259 |
|
Gain on sale of
securities |
|
7,715 |
|
|
182 |
|
|
7,533 |
|
Other income: |
|
|
|
|
|
Dividends and gains on equity investments |
|
2,947 |
|
|
28 |
|
|
2,919 |
|
Warrant income |
|
1,973 |
|
|
837 |
|
|
1,136 |
|
Other |
|
1,725 |
|
|
3,336 |
|
|
(1,611 |
) |
Total noninterest income |
$ |
38,858 |
|
$ |
29,100 |
|
$ |
9,758 |
|
|
Noninterest income increased by $9.8 million to $38.9 million
for the second quarter of 2020 compared to $29.1 million for the
first quarter of 2020 due primarily to a $7.5 million increase in
gain on sale of securities and a $2.9 million increase in dividends
and gains on equity investments, partially offset by a $1.6 million
decrease in other income. The increase in gain on sale of
securities resulted from the sale of $122 million of securities in
the second quarter. The increase in dividends and gains on equity
investments resulted from increases in the fair value of equity
investments still held and a $1.5 million gain on the sale of an
equity investment. The decrease in other income was primarily due
to $1.1 million of bankruptcy proceeds received on a former credit
in the first quarter.
Noninterest Expense
The following table presents details of noninterest expense for
the periods indicated:
|
Three Months Ended |
|
|
|
June 30, |
|
March 31, |
|
Increase |
Noninterest
Expense |
2020 |
|
2020 |
|
(Decrease) |
|
(In thousands) |
|
|
|
|
Compensation |
$ |
61,910 |
|
|
$ |
61,282 |
|
$ |
628 |
|
Occupancy |
|
14,494 |
|
|
|
14,207 |
|
|
287 |
|
Data processing |
|
7,102 |
|
|
|
6,454 |
|
|
648 |
|
Other professional
services |
|
4,146 |
|
|
|
4,258 |
|
|
(112 |
) |
Insurance and assessments |
|
9,373 |
|
|
|
4,249 |
|
|
5,124 |
|
Intangible asset
amortization |
|
3,882 |
|
|
|
3,948 |
|
|
(66 |
) |
Leased equipment
depreciation |
|
7,102 |
|
|
|
7,205 |
|
|
(103 |
) |
Foreclosed assets (income)
expense, net |
|
(146 |
) |
|
|
66 |
|
|
(212 |
) |
Customer related expense |
|
4,408 |
|
|
|
3,932 |
|
|
476 |
|
Loan expense |
|
3,379 |
|
|
|
2,650 |
|
|
729 |
|
Other |
|
11,315 |
|
|
|
9,719 |
|
|
1,596 |
|
Total operating expense |
|
126,965 |
|
|
|
117,970 |
|
|
8,995 |
|
Goodwill impairment |
|
- |
|
|
|
1,470,000 |
|
|
(1,470,000 |
) |
Total noninterest expense |
$ |
126,965 |
|
|
$ |
1,587,970 |
|
$ |
(1,461,005 |
) |
|
Noninterest expense decreased by $1.46 billion to $127.0 million
for the second quarter of 2020 compared to $1.59 billion for the
first quarter of 2020 attributable primarily to a $1.47 billion
goodwill impairment charge in the first quarter. Excluding the
goodwill impairment charge, noninterest expense increased by $9.0
million to $127.0 million. This increase was mainly due to a $5.1
million increase in insurance and assessments expense, a $1.6
million increase in other expense, a $0.7 million increase in loan
expense, and a $0.6 million increase in data processing expense.
The increase in insurance and assessments expense was due to an
increase in FDIC assessment expense resulting from an increase in
our assessment rate due primarily to the first quarter loss from
the goodwill impairment charge. The higher assessment rate will
continue for one year. The increase in other expense was due to
$6.6 million in prepayment penalties incurred from the early payoff
of $750 million of FHLB term advances, partially offset by the
reversal of a $1.5 million accrual for operational loss
contingencies and decreases in various business expenses due to
less activity as a result of COVID-19. The FHLB term advances had a
weighted average interest rate of 0.96% and the prepayment decision
was made after the significant drop in market rates in March and
the expectation of continued low rates for an extended time. The
increase in loan expense was due primarily to higher loan-related
legal and workout expenses. The increase in data processing expense
was due to a one-time expense to create systems for the origination
and loan documentation submissions necessary for the Paycheck
Protection Program.
Income Taxes
The effective income tax rate was 28.1% for the second quarter
of 2020 compared to (0.8)% for the first quarter of 2020. Excluding
non-deductible goodwill impairment, the effective income tax rate
for the first quarter of 2020 was 24.5%. Excluding the
non-deductible goodwill impairment, the effective tax rate for the
full year 2020 is currently estimated to be in the range of 26-28%.
The higher effective tax rate in the second quarter was mainly due
to tax expense related to restricted stock vestings combined with
benefits recorded in the first quarter related to the filing of
amended state returns.
BALANCE SHEET HIGHLIGHTS
Loans and Leases
The following table presents roll forwards of loans and leases
held for investment, net of deferred fees, for the periods
indicated:
|
Three Months Ended |
|
Six Months Ended |
Roll Forward of Loans
and Leases Held |
June 30, |
|
March 31, |
|
June 30, |
for Investment, Net of Deferred Fees (1) |
|
2020 |
|
|
|
2020 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
Balance, beginning of
period |
$ |
19,745,305 |
|
|
$ |
18,846,872 |
|
|
$ |
18,846,872 |
|
Additions: |
|
|
|
|
|
Production |
|
1,802,956 |
|
|
|
789,746 |
|
|
|
2,592,702 |
|
Disbursements |
|
800,458 |
|
|
|
1,997,080 |
|
|
|
2,797,538 |
|
Total production and disbursements |
|
2,603,414 |
|
|
|
2,786,826 |
|
|
|
5,390,240 |
|
Reductions: |
|
|
|
|
|
Payoffs |
|
(612,837 |
) |
|
|
(812,707 |
) |
|
|
(1,425,544 |
) |
Paydowns |
|
(2,022,376 |
) |
|
|
(1,053,705 |
) |
|
|
(3,076,081 |
) |
Total payoffs and paydowns |
|
(2,635,213 |
) |
|
|
(1,866,412 |
) |
|
|
(4,501,625 |
) |
Sales |
|
(3,089 |
) |
|
|
- |
|
|
|
(3,089 |
) |
Transfers to foreclosed assets |
|
- |
|
|
|
(1,776 |
) |
|
|
(1,776 |
) |
Charge-offs |
|
(15,786 |
) |
|
|
(20,205 |
) |
|
|
(35,991 |
) |
Total reductions |
|
(2,654,088 |
) |
|
|
(1,888,393 |
) |
|
|
(4,542,481 |
) |
Net (decrease) increase |
|
(50,674 |
) |
|
|
898,433 |
|
|
|
847,759 |
|
Balance, end of period |
$ |
19,694,631 |
|
|
$ |
19,745,305 |
|
|
$ |
19,694,631 |
|
|
|
|
|
|
|
Weighted average rate on
production (2) |
|
2.33 |
% |
|
|
4.31 |
% |
|
|
2.93 |
% |
|
|
|
|
|
|
(1) Includes
direct financing leases but excludes equipment leased to others
under operating leases. |
|
|
|
|
(2) The weighted
average rate on production presents contractual rates on a tax
equivalent basis |
|
|
|
|
and excludes amortized fees. Amortized fees added
approximately 21 basis points to loan |
|
|
|
|
yields in
2020. |
|
|
|
|
|
|
|
|
|
|
|
Loans and leases held for investment, net of deferred fees,
decreased by $50.7 million in the second quarter of 2020 to $19.7
billion at June 30, 2020. We funded $1.2 billion of PPP loans in
the second quarter and continued ongoing fundings in the
construction loan class, however, this was more than offset by
paydowns on existing credits in the venture capital and asset-based
loan portfolio classes. Many borrowers who drew down on their loans
in the first quarter to ensure liquidity during the COVID-19
pandemic paid back the funds in the second quarter as the economy
began to reopen. In addition, our venture banking equity funds
business saw balances decline $662.7 million in the second quarter
after growing $203.2 million in the first quarter, as drawdowns by
equity funds in late March were repaid during the second quarter.
The weighted average rate on production decreased to 2.33% since
most of the loan production related to PPP loans at a coupon rate
of 1%. Excluding PPP loans, the weighted average rate on production
was 5.39%.
The following table presents the composition of loans and leases
held for investment by loan portfolio segment and class, net of
deferred fees, as of the dates indicated:
|
June 30, 2020 |
|
March 31, 2020 |
|
June 30, 2019 |
|
|
% of |
|
|
% of |
|
|
% of |
Loan and Lease
Portfolio |
Balance |
Total |
|
Balance |
Total |
|
Balance |
Total |
|
|
|
|
|
|
|
|
|
|
(In thousands) |
Real estate mortgage: |
|
|
|
|
|
|
|
|
Commercial |
$ |
4,222,075 |
22 |
% |
|
$ |
4,220,649 |
21 |
% |
|
$ |
4,435,274 |
24 |
% |
Income producing and other |
|
|
|
|
|
|
|
|
residential |
|
3,733,659 |
19 |
% |
|
|
3,788,295 |
19 |
% |
|
|
3,640,752 |
20 |
% |
Total real estate mortgage |
|
7,955,734 |
41 |
% |
|
|
8,008,944 |
40 |
% |
|
|
8,076,026 |
44 |
% |
Real estate
construction and land: |
|
|
|
|
|
|
|
|
Commercial |
|
1,167,609 |
6 |
% |
|
|
1,087,505 |
6 |
% |
|
|
972,891 |
5 |
% |
Residential |
|
2,172,919 |
11 |
% |
|
|
1,792,748 |
9 |
% |
|
|
1,403,239 |
8 |
% |
Total real estate construction |
|
|
|
|
|
|
|
|
and land |
|
3,340,528 |
17 |
% |
|
|
2,880,253 |
15 |
% |
|
|
2,376,130 |
13 |
% |
Total real estate |
|
11,296,262 |
58 |
% |
|
|
10,889,197 |
55 |
% |
|
|
10,452,156 |
57 |
% |
Commercial: |
|
|
|
|
|
|
|
|
Asset-based |
|
3,412,431 |
17 |
% |
|
|
3,938,402 |
20 |
% |
|
|
3,606,007 |
19 |
% |
Venture capital |
|
1,814,341 |
9 |
% |
|
|
2,715,837 |
14 |
% |
|
|
2,194,743 |
12 |
% |
Other commercial |
|
2,760,278 |
14 |
% |
|
|
1,771,985 |
9 |
% |
|
|
1,773,564 |
10 |
% |
Total commercial |
|
7,987,050 |
40 |
% |
|
|
8,426,224 |
43 |
% |
|
|
7,574,314 |
41 |
% |
Consumer |
|
411,319 |
2 |
% |
|
|
429,884 |
2 |
% |
|
|
446,382 |
2 |
% |
Total loans and leases held for |
|
|
|
|
|
|
|
|
investment, net of deferred fees |
$ |
19,694,631 |
100 |
% |
|
$ |
19,745,305 |
100 |
% |
|
$ |
18,472,852 |
100 |
% |
|
|
|
|
|
|
|
|
|
Total unfunded loan
commitments |
$ |
7,745,921 |
|
|
$ |
7,697,724 |
|
|
$ |
7,610,899 |
|
|
|
|
|
|
|
|
|
|
Allowance for Credit Losses
The following tables present roll forwards of the allowance for
credit losses for the periods indicated:
|
Three Months Ended June 30, 2020 |
|
Allowance for |
|
Reserve for |
|
Total |
Allowance for
Credit |
Loan and |
|
Unfunded Loan |
|
Allowance for |
Losses
Rollforward |
Lease Losses |
|
Commitments |
|
Credit Losses |
|
|
|
|
|
|
|
(In thousands) |
Beginning balance |
$ |
221,292 |
|
|
$ |
53,571 |
|
$ |
274,863 |
|
Charge-offs |
|
(15,786 |
) |
|
|
- |
|
|
(15,786 |
) |
Recoveries |
|
2,544 |
|
|
|
- |
|
|
2,544 |
|
Net charge-offs |
|
(13,242 |
) |
|
|
- |
|
|
(13,242 |
) |
Provision |
|
93,000 |
|
|
|
27,000 |
|
|
120,000 |
|
Ending balance |
$ |
301,050 |
|
|
$ |
80,571 |
|
$ |
381,621 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2020 |
|
Allowance for |
|
Reserve for |
|
Total |
Allowance for
Credit |
Loan and |
|
Unfunded Loan |
|
Allowance for |
Losses
Rollforward |
Lease Losses |
|
Commitments |
|
Credit Losses |
|
|
|
|
|
|
|
(In thousands) |
Beginning balance |
$ |
138,785 |
|
|
$ |
35,861 |
|
$ |
174,646 |
|
Charge-offs |
|
(20,205 |
) |
|
|
- |
|
|
(20,205 |
) |
Recoveries |
|
1,095 |
|
|
|
- |
|
|
1,095 |
|
Net charge-offs |
|
(19,110 |
) |
|
|
- |
|
|
(19,110 |
) |
Provision |
|
98,000 |
|
|
|
14,000 |
|
|
112,000 |
|
Cumulative effect of change in |
|
|
|
|
|
accounting principle - CECL |
|
3,617 |
|
|
|
3,710 |
|
|
7,327 |
|
Ending balance |
$ |
221,292 |
|
|
$ |
53,571 |
|
$ |
274,863 |
|
|
The allowance for credit losses increased by $106.8 million in
the second quarter of 2020 to $381.6 million at June 30, 2020.
Substantially all of the increase in the allowance for credit
losses during the second quarter was attributable to deterioration
in the macro-economic variables used in our CECL forecast. Net
charge-offs decreased from $19.1 million in the first quarter to
$13.2 million in the second quarter.
The allowance for credit losses as a percentage of loans and
leases held for investment was 1.94% at June 30, 2020 and 1.39% at
March 31, 2020. The allowance for loan and lease losses as a
percentage of loans and leases held for investment was 1.53% at
June 30, 2020 and 1.12% at March 31, 2020. The allowance for credit
losses and allowance for loan and lease losses as a percentage of
loans and leases held for investment, excluding PPP loans that are
fully guaranteed and do not carry any allowance, was 2.06% and
1.63% at June 30, 2020, respectively.
Gross charge-offs for the second quarter of 2020 were $15.8
million and included $6.5 million for venture capital loans, $5.0
million for other commercial loans, and $4.2 million for commercial
real estate mortgage loans compared to gross charge-offs for the
first quarter of 2020 of $20.2 million that included $11.5 million
for an asset-based oil industry loan and $7.3 million for other
commercial loans.
Recoveries for the second quarter of 2020 were $2.5 million and
included $2.3 million for other commercial loans compared to
recoveries for the first quarter of 2020 of $1.1 million that
included $0.4 million for other commercial loans and $0.4 million
for asset-based loans.
For the second quarter of 2020 and first quarter of 2020,
annualized net charge-offs to average loans and leases were 0.27%
and 0.40%, respectively.
Deposits and Client Investment Funds
The following table presents the composition of our deposit
portfolio as of the dates indicated:
|
June 30, 2020 |
|
March 31, 2020 |
|
June 30, 2019 |
|
|
% of |
|
|
% of |
|
|
% of |
Deposit
Composition |
Balance |
Total |
|
Balance |
Total |
|
Balance |
Total |
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
Noninterest-bearing demand |
$ |
8,629,543 |
38 |
% |
|
$ |
7,510,218 |
38 |
% |
|
$ |
7,299,213 |
39 |
% |
Interest checking |
|
4,858,168 |
21 |
% |
|
|
3,333,147 |
17 |
% |
|
|
3,220,353 |
17 |
% |
Money market |
|
5,498,150 |
24 |
% |
|
|
4,712,118 |
24 |
% |
|
|
4,578,083 |
24 |
% |
Savings |
|
549,953 |
2 |
% |
|
|
495,039 |
3 |
% |
|
|
519,839 |
3 |
% |
Total core deposits |
|
19,535,814 |
85 |
% |
|
|
16,050,522 |
82 |
% |
|
|
15,617,488 |
83 |
% |
Non-core non-maturity
deposits |
|
1,217,266 |
5 |
% |
|
|
836,157 |
4 |
% |
|
|
436,833 |
2 |
% |
Total non-maturity deposits |
|
20,753,080 |
90 |
% |
|
|
16,886,679 |
86 |
% |
|
|
16,054,321 |
85 |
% |
Time deposits $250,000 and
under |
|
1,522,928 |
7 |
% |
|
|
2,086,188 |
11 |
% |
|
|
2,284,023 |
12 |
% |
Time deposits over
$250,000 |
|
652,571 |
3 |
% |
|
|
602,970 |
3 |
% |
|
|
467,412 |
3 |
% |
Total time deposits |
|
2,175,499 |
10 |
% |
|
|
2,689,158 |
14 |
% |
|
|
2,751,435 |
15 |
% |
Total deposits |
$ |
22,928,579 |
100 |
% |
|
$ |
19,575,837 |
100 |
% |
|
$ |
18,805,756 |
100 |
% |
|
At June 30, 2020, core deposits totaled $19.5 billion, or 85% of
total deposits, including $8.6 billion of noninterest-bearing
demand deposits, or 38% of total deposits. Core deposits increased
by $3.5 billion in the second quarter driven by PPP loan proceeds
being deposited into customers’ accounts and venture banking which
saw deposits increase by $2.0 billion to a record $8.7 billion as
of June 30, 2020.
In addition to deposit products, we also offer alternative
non-depository cash investment options for select clients; these
alternatives include investments managed by Pacific Western Asset
Management Inc. (“PWAM”), our registered investment advisor
subsidiary, and third-party sweep products. Total off-balance
sheet client investment funds at June 30, 2020 were $1.4 billion,
of which $1.1 billion was managed by PWAM.
CREDIT QUALITY
The following table presents loan and lease credit quality
metrics as of the dates indicated:
|
June 30, |
|
March 31, |
|
Increase |
|
|
|
|
|
|
|
|
|
|
Credit Quality
Metrics |
|
2020 |
|
|
|
2020 |
|
|
(Decrease) |
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
NPAs and Performing
TDRs: |
|
|
|
|
|
Nonaccrual loans and leases held for investment (1) |
$ |
166,113 |
|
|
$ |
95,602 |
|
|
$ |
70,511 |
|
Accruing loans contractually
past due 90 days or more |
|
- |
|
|
|
- |
|
|
|
- |
|
Foreclosed assets, net |
|
1,449 |
|
|
|
1,701 |
|
|
|
(252 |
) |
Total nonperforming assets ("NPAs") |
$ |
167,562 |
|
|
$ |
97,303 |
|
|
$ |
70,259 |
|
|
|
|
|
|
|
Performing TDRs held for
investment |
$ |
15,037 |
|
|
$ |
8,978 |
|
|
$ |
6,059 |
|
|
|
|
|
|
|
Nonaccrual loans and leases
held for investment |
|
|
|
|
|
to loans and leases held for investment |
|
0.84 |
% |
|
|
0.48 |
% |
|
|
Nonperforming assets to loans
and leases |
|
|
|
|
|
held for investment and foreclosed assets |
|
0.85 |
% |
|
|
0.49 |
% |
|
|
|
|
|
|
|
|
Loan and Lease Credit
Risk Ratings: |
|
|
|
|
|
Pass |
$ |
18,635,004 |
|
|
$ |
18,698,942 |
|
|
$ |
(63,938 |
) |
Special mention |
|
766,397 |
|
|
|
898,658 |
|
|
|
(132,261 |
) |
Classified |
|
293,230 |
|
|
|
147,705 |
|
|
|
145,525 |
|
Total loans and leases held for investment, |
|
|
|
|
|
net of deferred fees |
$ |
19,694,631 |
|
|
$ |
19,745,305 |
|
|
$ |
(50,674 |
) |
|
|
|
|
|
|
Classified loans and leases
held for investment |
|
|
|
|
|
to loans and leases held for investment |
|
1.49 |
% |
|
|
0.75 |
% |
|
|
|
|
|
|
|
|
Allowance for Credit
Losses: |
|
|
|
|
|
Allowance for credit
losses |
$ |
381,621 |
|
|
$ |
274,863 |
|
|
$ |
106,758 |
|
Provision for credit losses
(for the quarter) |
$ |
120,000 |
|
|
$ |
112,000 |
|
|
$ |
8,000 |
|
Net charge-offs (for the
quarter) |
$ |
13,242 |
|
|
$ |
19,110 |
|
|
$ |
(5,868 |
) |
Net charge-offs to average
loans and leases |
|
|
|
|
|
(for the quarter) |
|
0.27 |
% |
|
|
0.40 |
% |
|
|
Allowance for credit losses to
loans and leases |
|
|
|
|
|
held for investment |
|
1.94 |
% |
|
|
1.39 |
% |
|
|
Allowance for credit losses to
nonaccrual loans |
|
|
|
|
|
and leases held for investment |
|
229.7 |
% |
|
|
287.5 |
% |
|
|
|
|
|
|
|
|
(1) Nonaccrual
loans include guaranteed amounts of $16.2 million at June 30, 2020
and $16.0 million |
|
|
|
|
at March 31, 2020. |
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual, classified, and special mention loans and leases
fluctuate from period to period as a result of loan repayments and
our ongoing active portfolio monitoring, including loan
downgrades.
During the second quarter of 2020, classified loans and leases
increased by $145.5 million, while special mention loans and leases
decreased by $132.3 million. The increase in classified loans and
leases and the decrease in special mention loans and leases was due
primarily to three security monitoring loans totaling $119.2
million and two retail real estate loans totaling $42.0 million
migrating out of special mention and into the classified
category.
The following table presents nonaccrual loans and leases and
accruing loans and leases past due between 30 and 89 days by loan
portfolio segment and class as of the dates indicated:
|
June 30, 2020 |
|
March 31, 2020 |
|
Increase (Decrease) |
|
|
|
Accruing |
|
|
|
Accruing |
|
|
|
Accruing |
|
|
|
and 30-89 |
|
|
|
and 30-89 |
|
|
|
and 30-89 |
|
|
|
Days Past |
|
|
|
Days Past |
|
|
|
Days Past |
|
Nonaccrual |
|
Due |
|
Nonaccrual |
|
Due |
|
Nonaccrual |
|
Due |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
Real estate mortgage: |
|
|
|
|
|
|
|
|
|
|
|
Commercial |
$ |
61,771 |
|
$ |
- |
|
$ |
19,088 |
|
$ |
1,807 |
|
$ |
42,683 |
|
|
$ |
(1,807 |
) |
Income producing and other |
|
|
|
|
|
|
|
|
|
|
|
residential |
|
2,207 |
|
|
- |
|
|
2,308 |
|
|
1,064 |
|
|
(101 |
) |
|
|
(1,064 |
) |
Total real estate mortgage |
|
63,978 |
|
|
- |
|
|
21,396 |
|
|
2,871 |
|
|
42,582 |
|
|
|
(2,871 |
) |
Real estate construction and
land: |
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
337 |
|
|
- |
|
|
351 |
|
|
- |
|
|
(14 |
) |
|
|
- |
|
Residential |
|
- |
|
|
1,021 |
|
|
- |
|
|
241 |
|
|
- |
|
|
|
780 |
|
Total real estate |
|
|
|
|
|
|
|
|
|
|
|
construction and land |
|
337 |
|
|
1,021 |
|
|
351 |
|
|
241 |
|
|
(14 |
) |
|
|
780 |
|
Commercial: |
|
|
|
|
|
|
|
|
|
|
|
Asset-based |
|
19,013 |
|
|
3,697 |
|
|
17,104 |
|
|
- |
|
|
1,909 |
|
|
|
3,697 |
|
Venture capital |
|
8,270 |
|
|
1,924 |
|
|
18,612 |
|
|
183 |
|
|
(10,342 |
) |
|
|
1,741 |
|
Other commercial |
|
73,995 |
|
|
191 |
|
|
37,726 |
|
|
4,393 |
|
|
36,269 |
|
|
|
(4,202 |
) |
Total commercial |
|
101,278 |
|
|
5,812 |
|
|
73,442 |
|
|
4,576 |
|
|
27,836 |
|
|
|
1,236 |
|
Consumer |
|
520 |
|
|
1,067 |
|
|
413 |
|
|
518 |
|
|
107 |
|
|
|
549 |
|
Total held for investment |
$ |
166,113 |
|
$ |
7,900 |
|
$ |
95,602 |
|
$ |
8,206 |
|
$ |
70,511 |
|
|
$ |
(306 |
) |
|
During the second quarter of 2020, nonaccrual loans and leases
increased by $70.5 million due primarily to two retail real estate
loans and one security monitoring loan.
CAPITAL
The following table presents certain actual capital ratios and
ratios excluding PPP loans:
|
June 30, 2020 |
|
|
|
|
|
Excluding |
|
March 31, |
|
|
|
PPP |
|
2020 |
|
Actual (1) |
|
Loans (1) |
|
Actual |
PacWest Bancorp
Consolidated: |
|
|
|
|
|
Tier 1 leverage capital ratio |
8.93 |
% |
|
9.22 |
% |
(3) |
8.63 |
% |
Common equity tier 1 capital ratio |
9.97 |
% |
|
9.97 |
% |
|
9.22 |
% |
Total capital ratio |
13.18 |
% |
|
13.18 |
% |
|
12.07 |
% |
Tangible common equity ratio (2) |
8.93 |
% |
|
9.36 |
% |
(3) |
9.10 |
% |
|
|
|
|
|
|
(1) Capital information for
June 30, 2020 is preliminary. |
|
|
|
|
|
(2) Non-GAAP measure. |
|
|
|
|
|
(3) PPP loans have
been excluded from total assets in denominator as they are zero
risk-weighted. |
|
|
|
|
|
|
|
STOCK REPURCHASE PROGRAM
During the second quarter of 2020, there were no stock
repurchases. On April 21, 2020, we announced that stock repurchases
were suspended indefinitely.
ABOUT PACWEST BANCORP
PacWest Bancorp (“PacWest”) is a bank holding company with over
$27 billion in assets headquartered in Los Angeles, California,
with executive offices in Denver, Colorado, with one wholly-owned
banking subsidiary, Pacific Western Bank (the “Bank”). The Bank has
74 full-service branches located in California, one branch located
in Durham, North Carolina, and one branch located in Denver,
Colorado. The Bank provides community banking products including
lending and comprehensive deposit and treasury management services
to small and medium-sized businesses conducted primarily through
our California-based branch offices and Denver, Colorado branch
office. The Bank offers national lending products including
asset-based, equipment, and real estate loans and treasury
management services to established middle-market businesses on a
national basis. The Bank also offers venture banking products
including a comprehensive suite of financial services focused on
entrepreneurial and venture-backed businesses and their venture
capital and private equity investors, with offices located in key
innovative hubs across the United States. For more
information about PacWest Bancorp or Pacific Western Bank, visit
www.pacwest.com.
FORWARD LOOKING STATEMENTS
This communication contains certain forward-looking information
about PacWest Bancorp that is intended to be covered by the safe
harbor for “forward-looking statements” provided by the Private
Securities Litigation Reform Act of 1995. Statements that are not
historical or current facts, including statements about future
financial and operational results, expectations, or intentions are
forward-looking statements. Such statements are based on
information available at the time of the communication and are
based on current beliefs and expectations of the Company’s
management and are subject to significant risks, uncertainties and
contingencies, many of which are beyond our control. The
COVID-19 pandemic is adversely affecting PacWest Bancorp, its
employees, customers and third-party service providers, and the
ultimate extent of the impacts on its business, financial position,
results of operations, liquidity and prospects is uncertain. The
length of the COVID-19 pandemic and the severity of its impact on
key macro-economic indicators such as unemployment and GDP may have
a material impact on our allowance for credit losses and related
provision for credit losses. Continued deterioration in general
business and economic conditions could adversely affect PacWest
Bancorp’s revenues and the values of its assets, including
goodwill, and liabilities, lead to a tightening of credit, and
increase stock price volatility. In addition, PacWest Bancorp’s
results could be adversely affected by changes in interest rates,
sustained high unemployment rates, deterioration in the credit
quality of its loan portfolio or in the value of the collateral
securing those loans, deterioration in the value of its investment
securities, and legal and regulatory developments. Actual results
may differ materially from those set forth or implied in the
forward-looking statements due to a variety of factors, including
the risk factors described in documents filed by the Company with
the U.S. Securities and Exchange Commission.
We are under no obligation (and expressly disclaim any such
obligation) to update or alter our forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
|
|
|
|
|
|
PACWEST BANCORP AND
SUBSIDIARIES |
|
|
|
|
|
CONDENSED CONSOLIDATED
BALANCE SHEET |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
|
2020 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share data) |
ASSETS: |
|
|
|
|
|
Cash and due from banks |
$ |
174,059 |
|
|
$ |
172,570 |
|
|
$ |
185,075 |
|
Interest-earning deposits in
financial institutions |
|
1,747,077 |
|
|
|
439,690 |
|
|
|
422,663 |
|
Total cash and cash equivalents |
|
1,921,136 |
|
|
|
612,260 |
|
|
|
607,738 |
|
|
|
|
|
|
|
Securities available-for-sale,
at estimated fair value |
|
3,851,141 |
|
|
|
3,757,663 |
|
|
|
3,807,244 |
|
Federal Home Loan Bank stock,
at cost |
|
17,250 |
|
|
|
54,244 |
|
|
|
43,146 |
|
Total investment securities |
|
3,868,391 |
|
|
|
3,811,907 |
|
|
|
3,850,390 |
|
|
|
|
|
|
|
Gross loans and leases held
for investment |
|
19,780,476 |
|
|
|
19,806,394 |
|
|
|
18,532,740 |
|
Deferred fees, net |
|
(85,845 |
) |
|
|
(61,089 |
) |
|
|
(59,888 |
) |
Total loans and leases held for investment, |
|
|
|
|
|
net of deferred fees |
|
19,694,631 |
|
|
|
19,745,305 |
|
|
|
18,472,852 |
|
Allowance for loan and lease
losses |
|
(301,050 |
) |
|
|
(221,292 |
) |
|
|
(135,037 |
) |
Total loans and leases held for investment,
net |
|
19,393,581 |
|
|
|
19,524,013 |
|
|
|
18,337,815 |
|
|
|
|
|
|
|
Equipment leased to others
under operating leases |
|
295,191 |
|
|
|
306,530 |
|
|
|
300,668 |
|
Premises and equipment,
net |
|
42,299 |
|
|
|
39,799 |
|
|
|
38,162 |
|
Foreclosed assets, net |
|
1,449 |
|
|
|
1,701 |
|
|
|
1,472 |
|
Goodwill |
|
1,078,670 |
|
|
|
1,078,670 |
|
|
|
2,548,670 |
|
Core deposit and customer
relationship intangibles, net |
|
30,564 |
|
|
|
34,446 |
|
|
|
47,380 |
|
Other assets |
|
734,457 |
|
|
|
733,941 |
|
|
|
612,119 |
|
Total assets |
$ |
27,365,738 |
|
|
$ |
26,143,267 |
|
|
$ |
26,344,414 |
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
Noninterest-bearing
deposits |
$ |
8,629,543 |
|
|
$ |
7,510,218 |
|
|
$ |
7,299,213 |
|
Interest-bearing deposits |
|
14,299,036 |
|
|
|
12,065,619 |
|
|
|
11,506,543 |
|
Total deposits |
|
22,928,579 |
|
|
|
19,575,837 |
|
|
|
18,805,756 |
|
Borrowings |
|
60,000 |
|
|
|
2,295,000 |
|
|
|
1,913,059 |
|
Subordinated debentures |
|
460,772 |
|
|
|
458,994 |
|
|
|
456,112 |
|
Accrued interest payable and
other liabilities |
|
463,489 |
|
|
|
423,047 |
|
|
|
317,477 |
|
Total liabilities |
|
23,912,840 |
|
|
|
22,752,878 |
|
|
|
21,492,404 |
|
STOCKHOLDERS' EQUITY
(1) |
|
3,452,898 |
|
|
|
3,390,389 |
|
|
|
4,852,010 |
|
Total liabilities and stockholders’ equity |
$ |
27,365,738 |
|
|
$ |
26,143,267 |
|
|
$ |
26,344,414 |
|
|
|
|
|
|
|
Book value per share |
$ |
29.17 |
|
|
$ |
28.75 |
|
|
$ |
40.49 |
|
Tangible book value per share
(2) |
$ |
19.80 |
|
|
$ |
19.31 |
|
|
$ |
18.83 |
|
Shares outstanding |
|
118,374,603 |
|
|
|
117,916,789 |
|
|
|
119,829,104 |
|
|
|
|
|
|
|
(1) Includes net unrealized
gain on securities |
|
|
|
|
|
available-for-sale, net |
$ |
145,038 |
|
|
$ |
90,916 |
|
|
$ |
73,066 |
|
(2) Non-GAAP measure. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PACWEST BANCORP AND
SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENT OF EARNINGS (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
|
2020 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share data) |
Interest
income: |
|
|
|
|
|
|
|
|
|
Loans and leases |
$ |
247,851 |
|
|
$ |
262,278 |
|
|
$ |
284,236 |
|
|
$ |
510,129 |
|
|
$ |
558,465 |
|
Investment securities |
|
26,038 |
|
|
|
27,446 |
|
|
|
28,948 |
|
|
|
53,484 |
|
|
|
58,628 |
|
Deposits in financial
institutions |
|
186 |
|
|
|
1,608 |
|
|
|
1,349 |
|
|
|
1,794 |
|
|
|
1,999 |
|
Total interest income |
|
274,075 |
|
|
|
291,332 |
|
|
|
314,533 |
|
|
|
565,407 |
|
|
|
619,092 |
|
|
|
|
|
|
|
|
|
|
|
Interest
expense: |
|
|
|
|
|
|
|
|
|
Deposits |
|
13,075 |
|
|
|
28,247 |
|
|
|
38,720 |
|
|
|
41,322 |
|
|
|
72,955 |
|
Borrowings |
|
1,319 |
|
|
|
6,778 |
|
|
|
7,210 |
|
|
|
8,097 |
|
|
|
14,920 |
|
Subordinated debentures |
|
5,402 |
|
|
|
6,560 |
|
|
|
7,705 |
|
|
|
11,962 |
|
|
|
15,443 |
|
Total interest expense |
|
19,796 |
|
|
|
41,585 |
|
|
|
53,635 |
|
|
|
61,381 |
|
|
|
103,318 |
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
254,279 |
|
|
|
249,747 |
|
|
|
260,898 |
|
|
|
504,026 |
|
|
|
515,774 |
|
Provision for credit
losses |
|
120,000 |
|
|
|
112,000 |
|
|
|
8,000 |
|
|
|
232,000 |
|
|
|
12,000 |
|
Net interest income after |
|
|
|
|
|
|
|
|
|
provision for credit losses |
|
134,279 |
|
|
|
137,747 |
|
|
|
252,898 |
|
|
|
272,026 |
|
|
|
503,774 |
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income: |
|
|
|
|
|
|
|
|
|
Service charges on deposit
accounts |
|
2,004 |
|
|
|
2,658 |
|
|
|
3,771 |
|
|
|
4,662 |
|
|
|
7,501 |
|
Other commissions and
fees |
|
10,111 |
|
|
|
9,721 |
|
|
|
11,590 |
|
|
|
19,832 |
|
|
|
22,598 |
|
Leased equipment income |
|
12,037 |
|
|
|
12,251 |
|
|
|
9,182 |
|
|
|
24,288 |
|
|
|
18,464 |
|
Gain on sale of loans and
leases |
|
346 |
|
|
|
87 |
|
|
|
326 |
|
|
|
433 |
|
|
|
326 |
|
Gain on sale of
securities |
|
7,715 |
|
|
|
182 |
|
|
|
22,192 |
|
|
|
7,897 |
|
|
|
24,353 |
|
Other income |
|
6,645 |
|
|
|
4,201 |
|
|
|
3,832 |
|
|
|
10,846 |
|
|
|
8,715 |
|
Total noninterest income |
|
38,858 |
|
|
|
29,100 |
|
|
|
50,893 |
|
|
|
67,958 |
|
|
|
81,957 |
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense: |
|
|
|
|
|
|
|
|
|
Compensation |
|
61,910 |
|
|
|
61,282 |
|
|
|
68,956 |
|
|
|
123,192 |
|
|
|
139,801 |
|
Occupancy |
|
14,494 |
|
|
|
14,207 |
|
|
|
14,457 |
|
|
|
28,701 |
|
|
|
28,777 |
|
Data processing |
|
7,102 |
|
|
|
6,454 |
|
|
|
6,817 |
|
|
|
13,556 |
|
|
|
13,742 |
|
Other professional
services |
|
4,146 |
|
|
|
4,258 |
|
|
|
4,629 |
|
|
|
8,404 |
|
|
|
9,142 |
|
Insurance and assessments |
|
9,373 |
|
|
|
4,249 |
|
|
|
4,098 |
|
|
|
13,622 |
|
|
|
8,136 |
|
Intangible asset
amortization |
|
3,882 |
|
|
|
3,948 |
|
|
|
4,870 |
|
|
|
7,830 |
|
|
|
9,740 |
|
Leased equipment
depreciation |
|
7,102 |
|
|
|
7,205 |
|
|
|
5,558 |
|
|
|
14,307 |
|
|
|
11,209 |
|
Foreclosed assets (income)
expense, net |
|
(146 |
) |
|
|
66 |
|
|
|
(146 |
) |
|
|
(80 |
) |
|
|
(117 |
) |
Acquisition, integration
and |
|
|
|
|
|
|
|
|
|
reorganization costs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
618 |
|
Customer related expense |
|
4,408 |
|
|
|
3,932 |
|
|
|
3,405 |
|
|
|
8,340 |
|
|
|
6,348 |
|
Loan expense |
|
3,379 |
|
|
|
2,650 |
|
|
|
3,451 |
|
|
|
6,029 |
|
|
|
6,336 |
|
Goodwill impairment |
|
- |
|
|
|
1,470,000 |
|
|
|
- |
|
|
|
1,470,000 |
|
|
|
- |
|
Other expense |
|
11,315 |
|
|
|
9,719 |
|
|
|
9,332 |
|
|
|
21,034 |
|
|
|
17,982 |
|
Total noninterest expense |
|
126,965 |
|
|
|
1,587,970 |
|
|
|
125,427 |
|
|
|
1,714,935 |
|
|
|
251,714 |
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) before income
taxes |
|
46,172 |
|
|
|
(1,421,123 |
) |
|
|
178,364 |
|
|
|
(1,374,951 |
) |
|
|
334,017 |
|
Income tax expense |
|
12,968 |
|
|
|
11,988 |
|
|
|
50,239 |
|
|
|
24,956 |
|
|
|
93,288 |
|
Net earnings (loss) |
$ |
33,204 |
|
|
$ |
(1,433,111 |
) |
|
$ |
128,125 |
|
|
$ |
(1,399,907 |
) |
|
$ |
240,729 |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted earnings (loss)
per share |
$ |
0.28 |
|
|
$ |
(12.23 |
) |
|
$ |
1.07 |
|
|
$ |
(11.98 |
) |
|
$ |
1.99 |
|
Dividends declared and paid per
share |
$ |
0.25 |
|
|
$ |
0.60 |
|
|
$ |
0.60 |
|
|
$ |
0.85 |
|
|
$ |
1.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PACWEST BANCORP AND
SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
NET EARNINGS (LOSS)
PER SHARE CALCULATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
|
2020 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except per share data) |
Basic Earnings (Loss)
Per Share: |
|
|
|
|
|
|
|
|
|
Net earnings (loss) |
$ |
33,204 |
|
|
$ |
(1,433,111 |
) |
|
$ |
128,125 |
|
|
$ |
(1,399,907 |
) |
|
$ |
240,729 |
|
Less: earnings allocated to unvested |
|
|
|
|
|
|
|
|
|
restricted stock (1) |
|
(362 |
) |
|
|
(939 |
) |
|
|
(1,190 |
) |
|
|
(1,251 |
) |
|
|
(2,343 |
) |
Net earnings (loss) allocated to |
|
|
|
|
|
|
|
|
|
common shares |
$ |
32,842 |
|
|
$ |
(1,434,050 |
) |
|
$ |
126,935 |
|
|
$ |
(1,401,158 |
) |
|
$ |
238,386 |
|
|
|
|
|
|
|
|
|
|
|
Weighted-average basic shares and |
|
|
|
|
|
|
|
|
|
unvested restricted stock outstanding |
|
118,192 |
|
|
|
118,775 |
|
|
|
120,042 |
|
|
|
118,484 |
|
|
|
121,128 |
|
Less: weighted-average unvested |
|
|
|
|
|
|
|
|
|
restricted stock outstanding |
|
(1,606 |
) |
|
|
(1,495 |
) |
|
|
(1,462 |
) |
|
|
(1,551 |
) |
|
|
(1,407 |
) |
Weighted-average basic shares |
|
|
|
|
|
|
|
|
|
outstanding |
|
116,586 |
|
|
|
117,280 |
|
|
|
118,580 |
|
|
|
116,933 |
|
|
|
119,721 |
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share |
$ |
0.28 |
|
|
$ |
(12.23 |
) |
|
$ |
1.07 |
|
|
$ |
(11.98 |
) |
|
$ |
1.99 |
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings
(Loss) Per Share: |
|
|
|
|
|
|
|
|
|
Net earnings (loss) allocated to |
|
|
|
|
|
|
|
|
|
common shares |
$ |
32,842 |
|
|
$ |
(1,434,050 |
) |
|
$ |
126,935 |
|
|
$ |
(1,401,158 |
) |
|
$ |
238,386 |
|
|
|
|
|
|
|
|
|
|
|
Weighted-average diluted shares |
|
|
|
|
|
|
|
|
|
outstanding |
|
116,586 |
|
|
|
117,280 |
|
|
|
118,580 |
|
|
|
116,933 |
|
|
|
119,721 |
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share |
$ |
0.28 |
|
|
$ |
(12.23 |
) |
|
$ |
1.07 |
|
|
$ |
(11.98 |
) |
|
$ |
1.99 |
|
|
|
|
|
|
|
|
|
|
|
(1) Represents
cash dividends paid to holders of unvested stock, net of
forfeitures, plus |
|
|
|
|
|
|
|
|
undistributed earnings amounts available to holders of
unvested restricted stock, if any. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PACWEST
BANCORP AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
AVERAGE
BALANCE SHEET AND YIELD ANALYSIS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
June 30, 2020 |
|
March 31, 2020 |
|
June 30, 2019 |
|
|
Interest |
Average |
|
|
Interest |
Average |
|
|
Interest |
Average |
|
Average |
Income/ |
Yield/ |
|
Average |
Income/ |
Yield/ |
|
Average |
Income/ |
Yield/ |
|
Balance |
Expense |
Cost |
|
Balance |
Expense |
Cost |
|
Balance |
Expense |
Cost |
|
(Dollars in thousands) |
Assets: |
|
|
|
|
|
|
|
|
|
|
|
Loans and leases (1)(2) |
$ |
19,951,603 |
$ |
248,474 |
5.01 |
% |
|
$ |
19,065,035 |
$ |
262,764 |
5.54 |
% |
|
$ |
18,239,690 |
$ |
284,513 |
6.26 |
% |
Investment securities (3) |
|
3,846,459 |
|
27,430 |
2.87 |
% |
|
|
3,853,217 |
|
28,641 |
2.99 |
% |
|
|
3,790,436 |
|
29,462 |
3.12 |
% |
Deposits in financial |
|
|
|
|
|
|
|
|
|
|
|
institutions |
|
733,142 |
|
186 |
0.10 |
% |
|
|
537,384 |
|
1,608 |
1.20 |
% |
|
|
228,702 |
|
1,349 |
2.37 |
% |
Total interest-earning |
|
|
|
|
|
|
|
|
|
|
|
assets (1) |
|
24,531,204 |
|
276,090 |
4.53 |
% |
|
|
23,455,636 |
|
293,013 |
5.02 |
% |
|
|
22,258,828 |
|
315,324 |
5.68 |
% |
Other assets |
|
2,090,023 |
|
|
|
|
3,643,404 |
|
|
|
|
3,590,361 |
|
|
Total assets |
$ |
26,621,227 |
|
|
|
$ |
27,099,040 |
|
|
|
$ |
25,849,189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
and |
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
Interest checking |
$ |
4,001,750 |
|
1,573 |
0.16 |
% |
|
$ |
3,466,812 |
|
7,135 |
0.83 |
% |
|
$ |
3,242,960 |
|
10,644 |
1.32 |
% |
Money market |
|
6,114,354 |
|
2,856 |
0.19 |
% |
|
|
5,247,866 |
|
10,016 |
0.77 |
% |
|
|
5,046,021 |
|
14,604 |
1.16 |
% |
Savings |
|
524,335 |
|
33 |
0.03 |
% |
|
|
497,959 |
|
160 |
0.13 |
% |
|
|
525,648 |
|
227 |
0.17 |
% |
Time |
|
2,475,858 |
|
8,613 |
1.40 |
% |
|
|
2,684,143 |
|
10,936 |
1.64 |
% |
|
|
2,731,156 |
|
13,245 |
1.95 |
% |
Total interest-bearing |
|
|
|
|
|
|
|
|
|
|
|
deposits |
|
13,116,297 |
|
13,075 |
0.40 |
% |
|
|
11,896,780 |
|
28,247 |
0.95 |
% |
|
|
11,545,785 |
|
38,720 |
1.35 |
% |
Borrowings |
|
871,110 |
|
1,319 |
0.61 |
% |
|
|
2,026,749 |
|
6,778 |
1.35 |
% |
|
|
1,142,223 |
|
7,210 |
2.53 |
% |
Subordinated debentures |
|
459,466 |
|
5,402 |
4.73 |
% |
|
|
458,399 |
|
6,560 |
5.76 |
% |
|
|
454,901 |
|
7,705 |
6.79 |
% |
Total interest-bearing |
|
|
|
|
|
|
|
|
|
|
|
liabilities |
|
14,446,873 |
|
19,796 |
0.55 |
% |
|
|
14,381,928 |
|
41,585 |
1.16 |
% |
|
|
13,142,909 |
|
53,635 |
1.64 |
% |
Noninterest-bearing |
|
|
|
|
|
|
|
|
|
|
|
demand deposits |
|
8,292,151 |
|
|
|
|
7,357,717 |
|
|
|
|
7,544,027 |
|
|
Other liabilities |
|
435,353 |
|
|
|
|
402,617 |
|
|
|
|
343,364 |
|
|
Total liabilities |
|
23,174,377 |
|
|
|
|
22,142,262 |
|
|
|
|
21,030,300 |
|
|
Stockholders' equity |
|
3,446,850 |
|
|
|
|
4,956,778 |
|
|
|
|
4,818,889 |
|
|
Total liabilities and |
|
|
|
|
|
|
|
|
|
|
|
stockholders' equity |
$ |
26,621,227 |
|
|
|
$ |
27,099,040 |
|
|
|
$ |
25,849,189 |
|
|
Net interest income (1) |
|
$ |
256,294 |
|
|
|
$ |
251,428 |
|
|
|
$ |
261,689 |
|
Net interest spread (1) |
|
|
3.98 |
% |
|
|
|
3.86 |
% |
|
|
|
4.04 |
% |
Net interest margin (1) |
|
|
4.20 |
% |
|
|
|
4.31 |
% |
|
|
|
4.72 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits (4) |
$ |
21,408,448 |
$ |
13,075 |
0.25 |
% |
|
$ |
19,254,497 |
$ |
28,247 |
0.59 |
% |
|
$ |
19,089,812 |
$ |
38,720 |
0.81 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Tax equivalent. |
|
|
|
|
|
|
|
|
|
|
|
(2) Includes
discount accretion on acquired loans of $2.5 million, $4.8 million,
and $3.5 million for the three months ended June 30,
2020, March 31, 2020, and June 30, 2019, respectively. |
(3) Includes
tax-equivalent adjustments of $1.4 million, $1.2 million, and $0.5
million for the three months ended June 30, 2020, March 31,
2020, and June 30, 2019 related to tax-exempt income on investment
securities. The federal statutory tax rate utilized was 21%. |
(4) Total
deposits is the sum of total interest-bearing deposits and
noninterest-bearing demand deposits. The cost of total
deposits is calculated as annualized interest expense on total
deposits divided by average total deposits. |
|
|
|
|
|
|
|
|
|
|
|
PACWEST BANCORP AND
SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
FIVE QUARTER BALANCE
SHEET |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
|
2020 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share data) |
ASSETS: |
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
174,059 |
|
|
$ |
172,570 |
|
|
$ |
172,585 |
|
|
$ |
252,596 |
|
|
$ |
185,075 |
|
Interest-earning deposits in
financial |
|
|
|
|
|
|
|
|
|
institutions |
|
1,747,077 |
|
|
|
439,690 |
|
|
|
465,039 |
|
|
|
483,405 |
|
|
|
422,663 |
|
Total cash and cash equivalents |
|
1,921,136 |
|
|
|
612,260 |
|
|
|
637,624 |
|
|
|
736,001 |
|
|
|
607,738 |
|
|
|
|
|
|
|
|
|
|
|
Securities
available-for-sale |
|
3,851,141 |
|
|
|
3,757,663 |
|
|
|
3,797,187 |
|
|
|
3,817,348 |
|
|
|
3,807,244 |
|
Federal Home Loan Bank
stock |
|
17,250 |
|
|
|
54,244 |
|
|
|
40,924 |
|
|
|
26,865 |
|
|
|
43,146 |
|
Total investment securities |
|
3,868,391 |
|
|
|
3,811,907 |
|
|
|
3,838,111 |
|
|
|
3,844,213 |
|
|
|
3,850,390 |
|
|
|
|
|
|
|
|
|
|
|
Gross loans and leases held
for investment |
|
19,780,476 |
|
|
|
19,806,394 |
|
|
|
18,910,740 |
|
|
|
18,796,011 |
|
|
|
18,532,740 |
|
Deferred fees, net |
|
(85,845 |
) |
|
|
(61,089 |
) |
|
|
(63,868 |
) |
|
|
(60,468 |
) |
|
|
(59,888 |
) |
Total loans and leases held for |
|
|
|
|
|
|
|
|
|
investment, net of deferred fees |
|
19,694,631 |
|
|
|
19,745,305 |
|
|
|
18,846,872 |
|
|
|
18,735,543 |
|
|
|
18,472,852 |
|
Allowance for loan and lease
losses |
|
(301,050 |
) |
|
|
(221,292 |
) |
|
|
(138,785 |
) |
|
|
(138,552 |
) |
|
|
(135,037 |
) |
Total loans and leases held for |
|
|
|
|
|
|
|
|
|
investment, net |
|
19,393,581 |
|
|
|
19,524,013 |
|
|
|
18,708,087 |
|
|
|
18,596,991 |
|
|
|
18,337,815 |
|
|
|
|
|
|
|
|
|
|
|
Equipment leased to others
under |
|
|
|
|
|
|
|
|
|
operating leases |
|
295,191 |
|
|
|
306,530 |
|
|
|
324,084 |
|
|
|
295,854 |
|
|
|
300,668 |
|
Premises and equipment,
net |
|
42,299 |
|
|
|
39,799 |
|
|
|
38,585 |
|
|
|
37,926 |
|
|
|
38,162 |
|
Foreclosed assets, net |
|
1,449 |
|
|
|
1,701 |
|
|
|
440 |
|
|
|
1,366 |
|
|
|
1,472 |
|
Goodwill |
|
1,078,670 |
|
|
|
1,078,670 |
|
|
|
2,548,670 |
|
|
|
2,548,670 |
|
|
|
2,548,670 |
|
Core deposit and customer
relationship |
|
|
|
|
|
|
|
|
|
intangibles, net |
|
30,564 |
|
|
|
34,446 |
|
|
|
38,394 |
|
|
|
42,547 |
|
|
|
47,380 |
|
Other assets |
|
734,457 |
|
|
|
733,941 |
|
|
|
636,811 |
|
|
|
621,059 |
|
|
|
612,119 |
|
Total assets |
$ |
27,365,738 |
|
|
$ |
26,143,267 |
|
|
$ |
26,770,806 |
|
|
$ |
26,724,627 |
|
|
$ |
26,344,414 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits |
$ |
8,629,543 |
|
|
$ |
7,510,218 |
|
|
$ |
7,243,298 |
|
|
$ |
7,441,185 |
|
|
$ |
7,299,213 |
|
Interest-bearing deposits |
|
14,299,036 |
|
|
|
12,065,619 |
|
|
|
11,989,738 |
|
|
|
12,292,018 |
|
|
|
11,506,543 |
|
Total deposits |
|
22,928,579 |
|
|
|
19,575,837 |
|
|
|
19,233,036 |
|
|
|
19,733,203 |
|
|
|
18,805,756 |
|
Borrowings |
|
60,000 |
|
|
|
2,295,000 |
|
|
|
1,759,008 |
|
|
|
1,253,031 |
|
|
|
1,913,059 |
|
Subordinated debentures |
|
460,772 |
|
|
|
458,994 |
|
|
|
458,209 |
|
|
|
456,145 |
|
|
|
456,112 |
|
Accrued interest payable and
other |
|
|
|
|
|
|
|
|
|
liabilities |
|
463,489 |
|
|
|
423,047 |
|
|
|
365,856 |
|
|
|
362,140 |
|
|
|
317,477 |
|
Total liabilities |
|
23,912,840 |
|
|
|
22,752,878 |
|
|
|
21,816,109 |
|
|
|
21,804,519 |
|
|
|
21,492,404 |
|
STOCKHOLDERS' EQUITY
(1) |
|
3,452,898 |
|
|
|
3,390,389 |
|
|
|
4,954,697 |
|
|
|
4,920,108 |
|
|
|
4,852,010 |
|
Total liabilities and stockholders’ |
|
|
|
|
|
|
|
|
|
equity |
$ |
27,365,738 |
|
|
$ |
26,143,267 |
|
|
$ |
26,770,806 |
|
|
$ |
26,724,627 |
|
|
$ |
26,344,414 |
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
$ |
29.17 |
|
|
$ |
28.75 |
|
|
$ |
41.36 |
|
|
$ |
41.06 |
|
|
$ |
40.49 |
|
Tangible book value per share
(2) |
$ |
19.80 |
|
|
$ |
19.31 |
|
|
$ |
19.77 |
|
|
$ |
19.43 |
|
|
$ |
18.83 |
|
Shares outstanding |
|
118,374,603 |
|
|
|
117,916,789 |
|
|
|
119,781,605 |
|
|
|
119,831,192 |
|
|
|
119,829,104 |
|
|
|
|
|
|
|
|
|
|
|
(1) Includes net unrealized
gain on |
|
|
|
|
|
|
|
|
|
securities available-for-sale, net |
$ |
145,038 |
|
|
$ |
90,916 |
|
|
$ |
78,658 |
|
|
$ |
95,887 |
|
|
$ |
73,066 |
|
(2) Non-GAAP measure. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PACWEST BANCORP AND
SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
FIVE QUARTER STATEMENT
OF EARNINGS (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
|
2020 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2019 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share data) |
Interest
income: |
|
|
|
|
|
|
|
|
|
Loans and leases |
$ |
247,851 |
|
|
$ |
262,278 |
|
|
$ |
263,402 |
|
|
$ |
275,978 |
|
$ |
284,236 |
|
Investment securities |
|
26,038 |
|
|
|
27,446 |
|
|
|
28,135 |
|
|
|
28,806 |
|
|
28,948 |
|
Deposits in financial
institutions |
|
186 |
|
|
|
1,608 |
|
|
|
2,056 |
|
|
|
2,424 |
|
|
1,349 |
|
Total interest income |
|
274,075 |
|
|
|
291,332 |
|
|
|
293,593 |
|
|
|
307,208 |
|
|
314,533 |
|
|
|
|
|
|
|
|
|
|
|
Interest
expense: |
|
|
|
|
|
|
|
|
|
Deposits |
|
13,075 |
|
|
|
28,247 |
|
|
|
34,802 |
|
|
|
40,703 |
|
|
38,720 |
|
Borrowings |
|
1,319 |
|
|
|
6,778 |
|
|
|
5,189 |
|
|
|
6,852 |
|
|
7,210 |
|
Subordinated debentures |
|
5,402 |
|
|
|
6,560 |
|
|
|
6,983 |
|
|
|
7,417 |
|
|
7,705 |
|
Total interest expense |
|
19,796 |
|
|
|
41,585 |
|
|
|
46,974 |
|
|
|
54,972 |
|
|
53,635 |
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
254,279 |
|
|
|
249,747 |
|
|
|
246,619 |
|
|
|
252,236 |
|
|
260,898 |
|
Provision for credit
losses |
|
120,000 |
|
|
|
112,000 |
|
|
|
3,000 |
|
|
|
7,000 |
|
|
8,000 |
|
Net interest income after |
|
|
|
|
|
|
|
|
|
provision for credit losses |
|
134,279 |
|
|
|
137,747 |
|
|
|
243,619 |
|
|
|
245,236 |
|
|
252,898 |
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income: |
|
|
|
|
|
|
|
|
|
Service charges on deposit
accounts |
|
2,004 |
|
|
|
2,658 |
|
|
|
3,611 |
|
|
|
3,525 |
|
|
3,771 |
|
Other commissions and
fees |
|
10,111 |
|
|
|
9,721 |
|
|
|
10,170 |
|
|
|
10,855 |
|
|
11,590 |
|
Leased equipment income |
|
12,037 |
|
|
|
12,251 |
|
|
|
10,648 |
|
|
|
9,615 |
|
|
9,182 |
|
Gain on sale of loans and
leases |
|
346 |
|
|
|
87 |
|
|
|
23 |
|
|
|
765 |
|
|
326 |
|
Gain on sale of
securities |
|
7,715 |
|
|
|
182 |
|
|
|
184 |
|
|
|
908 |
|
|
22,192 |
|
Other income |
|
6,645 |
|
|
|
4,201 |
|
|
|
2,540 |
|
|
|
7,761 |
|
|
3,832 |
|
Total noninterest income |
|
38,858 |
|
|
|
29,100 |
|
|
|
27,176 |
|
|
|
33,429 |
|
|
50,893 |
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense: |
|
|
|
|
|
|
|
|
|
Compensation |
|
61,910 |
|
|
|
61,282 |
|
|
|
74,637 |
|
|
|
71,424 |
|
|
68,956 |
|
Occupancy |
|
14,494 |
|
|
|
14,207 |
|
|
|
14,541 |
|
|
|
14,089 |
|
|
14,457 |
|
Data processing |
|
7,102 |
|
|
|
6,454 |
|
|
|
6,770 |
|
|
|
7,044 |
|
|
6,817 |
|
Other professional
services |
|
4,146 |
|
|
|
4,258 |
|
|
|
4,261 |
|
|
|
4,400 |
|
|
4,629 |
|
Insurance and assessments |
|
9,373 |
|
|
|
4,249 |
|
|
|
4,168 |
|
|
|
4,100 |
|
|
4,098 |
|
Intangible asset
amortization |
|
3,882 |
|
|
|
3,948 |
|
|
|
4,153 |
|
|
|
4,833 |
|
|
4,870 |
|
Leased equipment
depreciation |
|
7,102 |
|
|
|
7,205 |
|
|
|
6,856 |
|
|
|
5,951 |
|
|
5,558 |
|
Foreclosed assets (income)
expense, net |
|
(146 |
) |
|
|
66 |
|
|
|
(3,446 |
) |
|
|
8 |
|
|
(146 |
) |
Acquisition, integration
and |
|
|
|
|
|
|
|
|
|
reorganization costs |
|
- |
|
|
|
- |
|
|
|
(269 |
) |
|
|
- |
|
|
- |
|
Customer related expense |
|
4,408 |
|
|
|
3,932 |
|
|
|
3,952 |
|
|
|
3,539 |
|
|
3,405 |
|
Loan expense |
|
3,379 |
|
|
|
2,650 |
|
|
|
2,967 |
|
|
|
3,628 |
|
|
3,451 |
|
Goodwill impairment |
|
- |
|
|
|
1,470,000 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
Other expense |
|
11,315 |
|
|
|
9,719 |
|
|
|
5,138 |
|
|
|
7,793 |
|
|
9,332 |
|
Total noninterest expense |
|
126,965 |
|
|
|
1,587,970 |
|
|
|
123,728 |
|
|
|
126,809 |
|
|
125,427 |
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) before income
taxes |
|
46,172 |
|
|
|
(1,421,123 |
) |
|
|
147,067 |
|
|
|
151,856 |
|
|
178,364 |
|
Income tax expense |
|
12,968 |
|
|
|
11,988 |
|
|
|
29,186 |
|
|
|
41,830 |
|
|
50,239 |
|
Net earnings (loss) |
$ |
33,204 |
|
|
$ |
(1,433,111 |
) |
|
$ |
117,881 |
|
|
$ |
110,026 |
|
$ |
128,125 |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted earnings
(loss) per share |
$ |
0.28 |
|
|
$ |
(12.23 |
) |
|
$ |
0.98 |
|
|
$ |
0.92 |
|
$ |
1.07 |
|
Dividends declared and paid per
share |
$ |
0.25 |
|
|
$ |
0.60 |
|
|
$ |
0.60 |
|
|
$ |
0.60 |
|
$ |
0.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PACWEST BANCORP AND
SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
FIVE QUARTER SELECTED
FINANCIAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or For the Three Months Ended |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
|
2020 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
Performance
Ratios: |
|
|
|
|
|
|
|
|
|
Return on average assets (1) |
|
0.50 |
% |
|
|
(21.27 |
)% |
|
|
1.77 |
% |
|
|
1.65 |
% |
|
|
1.99 |
% |
Return on average equity (1) |
|
3.87 |
% |
|
|
(116.28 |
)% |
|
|
9.49 |
% |
|
|
8.93 |
% |
|
|
10.66 |
% |
Return on average tangible equity (1)(2) |
|
6.39 |
% |
|
|
6.88 |
% |
|
|
20.68 |
% |
|
|
19.84 |
% |
|
|
24.03 |
% |
Efficiency ratio |
|
42.9 |
% |
|
|
40.6 |
% |
|
|
44.8 |
% |
|
|
42.3 |
% |
|
|
41.6 |
% |
Noninterest expense as a percentage |
|
|
|
|
|
|
|
|
|
of average assets (1) |
|
1.92 |
% |
|
|
23.57 |
% |
|
|
1.86 |
% |
|
|
1.91 |
% |
|
|
1.95 |
% |
|
|
|
|
|
|
|
|
|
|
Average Yields/Costs
(1): |
|
|
|
|
|
|
|
|
|
Yield on: |
|
|
|
|
|
|
|
|
|
Average loans and leases (3) |
|
5.01 |
% |
|
|
5.54 |
% |
|
|
5.67 |
% |
|
|
5.91 |
% |
|
|
6.26 |
% |
Average interest-earning assets (3) |
|
4.53 |
% |
|
|
5.02 |
% |
|
|
5.14 |
% |
|
|
5.41 |
% |
|
|
5.68 |
% |
Cost of: |
|
|
|
|
|
|
|
|
|
Average interest-bearing deposits |
|
0.40 |
% |
|
|
0.95 |
% |
|
|
1.14 |
% |
|
|
1.34 |
% |
|
|
1.35 |
% |
Average total deposits |
|
0.25 |
% |
|
|
0.59 |
% |
|
|
0.71 |
% |
|
|
0.83 |
% |
|
|
0.81 |
% |
Average interest-bearing liabilities |
|
0.55 |
% |
|
|
1.16 |
% |
|
|
1.36 |
% |
|
|
1.60 |
% |
|
|
1.64 |
% |
Net interest spread (3) |
|
3.98 |
% |
|
|
3.86 |
% |
|
|
3.78 |
% |
|
|
3.81 |
% |
|
|
4.04 |
% |
Net interest margin (3) |
|
4.20 |
% |
|
|
4.31 |
% |
|
|
4.33 |
% |
|
|
4.46 |
% |
|
|
4.72 |
% |
|
|
|
|
|
|
|
|
|
|
Average
Balances: |
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
Loans and leases, net of deferred fees |
$ |
19,951,603 |
|
|
$ |
19,065,035 |
|
|
$ |
18,470,583 |
|
|
$ |
18,539,281 |
|
|
$ |
18,239,690 |
|
Interest-earning assets |
|
24,531,204 |
|
|
|
23,455,636 |
|
|
|
22,779,867 |
|
|
|
22,793,676 |
|
|
|
22,258,828 |
|
Total assets |
|
26,621,227 |
|
|
|
27,099,040 |
|
|
|
26,380,739 |
|
|
|
26,406,603 |
|
|
|
25,849,189 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
8,292,151 |
|
|
|
7,357,717 |
|
|
|
7,338,888 |
|
|
|
7,487,555 |
|
|
|
7,544,027 |
|
Interest-bearing deposits |
|
13,116,297 |
|
|
|
11,896,780 |
|
|
|
12,102,902 |
|
|
|
12,031,776 |
|
|
|
11,545,785 |
|
Total deposits |
|
21,408,448 |
|
|
|
19,254,497 |
|
|
|
19,441,790 |
|
|
|
19,519,331 |
|
|
|
19,089,812 |
|
Borrowings |
|
871,110 |
|
|
|
2,026,749 |
|
|
|
1,179,220 |
|
|
|
1,181,313 |
|
|
|
1,142,223 |
|
Subordinated debentures |
|
459,466 |
|
|
|
458,399 |
|
|
|
456,997 |
|
|
|
456,011 |
|
|
|
454,901 |
|
Interest-bearing liabilities |
|
14,446,873 |
|
|
|
14,381,928 |
|
|
|
13,739,119 |
|
|
|
13,669,100 |
|
|
|
13,142,909 |
|
Stockholders' equity |
|
3,446,850 |
|
|
|
4,956,778 |
|
|
|
4,930,182 |
|
|
|
4,890,746 |
|
|
|
4,818,889 |
|
|
|
|
|
|
|
|
|
|
|
(1) Annualized. |
|
|
|
|
|
|
|
|
|
(2) Non-GAAP measure. |
|
|
|
|
|
|
|
|
|
(3) Tax equivalent. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PACWEST BANCORP AND
SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
FIVE QUARTER SELECTED
FINANCIAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or For the Three Months Ended |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
|
2020 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
Credit Quality
Ratios: |
|
|
|
|
|
|
|
|
|
Nonaccrual loans and leases held for |
|
|
|
|
|
|
|
|
|
investment to loans and leases |
|
|
|
|
|
|
|
|
|
held for investment |
|
0.84 |
% |
|
|
0.48 |
% |
|
|
0.49 |
% |
|
|
0.53 |
% |
|
|
0.44 |
% |
Nonperforming assets to loans and |
|
|
|
|
|
|
|
|
|
leases held for investment and |
|
|
|
|
|
|
|
|
|
foreclosed assets |
|
0.85 |
% |
|
|
0.49 |
% |
|
|
0.49 |
% |
|
|
0.54 |
% |
|
|
0.45 |
% |
Classified loans and leases held for |
|
|
|
|
|
|
|
|
|
investment to loans and leases |
|
|
|
|
|
|
|
|
|
held for investment |
|
1.49 |
% |
|
|
0.75 |
% |
|
|
0.93 |
% |
|
|
1.01 |
% |
|
|
1.03 |
% |
Provision for credit losses (for the |
|
|
|
|
|
|
|
|
|
quarter) to average loans and leases |
|
|
|
|
|
|
|
|
|
held for investment (annualized) |
|
2.42 |
% |
|
|
2.36 |
% |
|
|
0.06 |
% |
|
|
0.15 |
% |
|
|
0.18 |
% |
Net charge-offs (for the quarter) to |
|
|
|
|
|
|
|
|
|
average loans and leases held |
|
|
|
|
|
|
|
|
|
for investment (annualized) |
|
0.27 |
% |
|
|
0.40 |
% |
|
|
0.02 |
% |
|
|
0.10 |
% |
|
|
0.25 |
% |
Trailing 12 months net charge-offs |
|
|
|
|
|
|
|
|
|
to average loans and leases |
|
|
|
|
|
|
|
|
|
held for investment |
|
0.20 |
% |
|
|
0.19 |
% |
|
|
0.09 |
% |
|
|
0.20 |
% |
|
|
0.18 |
% |
Allowance for credit losses to loans |
|
|
|
|
|
|
|
|
|
and leases held for investment |
|
1.94 |
% |
|
|
1.39 |
% |
|
|
0.93 |
% |
|
|
0.92 |
% |
|
|
0.92 |
% |
Allowance for credit losses to |
|
|
|
|
|
|
|
|
|
nonaccrual loans and leases |
|
|
|
|
|
|
|
|
|
held for investment |
|
229.7 |
% |
|
|
287.5 |
% |
|
|
189.1 |
% |
|
|
174.0 |
% |
|
|
209.1 |
% |
|
|
|
|
|
|
|
|
|
|
PacWest Bancorp
Consolidated: |
|
|
|
|
|
|
|
|
|
Tier 1 leverage capital ratio (1) |
|
8.93 |
% |
|
|
8.63 |
% |
|
|
9.74 |
% |
|
|
9.50 |
% |
|
|
9.49 |
% |
Common equity tier 1 capital ratio (1) |
|
9.97 |
% |
|
|
9.22 |
% |
|
|
9.78 |
% |
|
|
9.55 |
% |
|
|
9.53 |
% |
Tier 1 capital ratio (1) |
|
9.97 |
% |
|
|
9.22 |
% |
|
|
9.78 |
% |
|
|
9.55 |
% |
|
|
9.53 |
% |
Total capital ratio (1) |
|
13.18 |
% |
|
|
12.07 |
% |
|
|
12.41 |
% |
|
|
12.16 |
% |
|
|
12.18 |
% |
Risk-weighted assets (1) |
$ |
22,781,405 |
|
|
$ |
24,214,209 |
|
|
$ |
23,582,495 |
|
|
$ |
23,579,614 |
|
|
$ |
23,117,199 |
|
|
|
|
|
|
|
|
|
|
|
Equity to assets ratio |
|
12.62 |
% |
|
|
12.97 |
% |
|
|
18.51 |
% |
|
|
18.41 |
% |
|
|
18.42 |
% |
Tangible common equity ratio (2) |
|
8.93 |
% |
|
|
9.10 |
% |
|
|
9.79 |
% |
|
|
9.65 |
% |
|
|
9.50 |
% |
Book value per share |
$ |
29.17 |
|
|
$ |
28.75 |
|
|
$ |
41.36 |
|
|
$ |
41.06 |
|
|
$ |
40.49 |
|
Tangible book value per share (2) |
$ |
19.80 |
|
|
$ |
19.31 |
|
|
$ |
19.77 |
|
|
$ |
19.43 |
|
|
$ |
18.83 |
|
|
|
|
|
|
|
|
|
|
|
Pacific Western
Bank: |
|
|
|
|
|
|
|
|
|
Tier 1 leverage capital ratio (1) |
|
10.03 |
% |
|
|
9.71 |
% |
|
|
10.95 |
% |
|
|
10.72 |
% |
|
|
10.76 |
% |
Common equity tier 1 capital ratio (1) |
|
11.18 |
% |
|
|
10.38 |
% |
|
|
11.00 |
% |
|
|
10.79 |
% |
|
|
10.80 |
% |
Tier 1 capital ratio (1) |
|
11.18 |
% |
|
|
10.38 |
% |
|
|
11.00 |
% |
|
|
10.79 |
% |
|
|
10.80 |
% |
Total capital ratio (1) |
|
12.44 |
% |
|
|
11.39 |
% |
|
|
11.74 |
% |
|
|
11.52 |
% |
|
|
11.53 |
% |
|
|
|
|
|
|
|
|
|
|
(1) Capital information for
June 30, 2020 is preliminary. |
|
|
|
|
|
|
|
|
|
(2) Non-GAAP measure. |
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GAAP TO NON-GAAP RECONCILIATIONS
This press release contains certain non-GAAP financial
disclosures for: (1) PPNR, (2) PPNR return on average assets (3)
return on average tangible equity, (4) tangible common equity
ratio, and (5) tangible book value per share. The Company uses
these 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. In particular, the use of return on
average tangible equity, tangible common equity ratio, tangible
book value per share, and PPNR is prevalent among banking
regulators, investors, and analysts. Accordingly, we disclose
the non-GAAP measures in addition to the related GAAP measures of:
(1) net earnings, (2) return on average assets, (3) return on
average equity, (4) equity to assets ratio, and (5) book value per
share.
The tables below present the reconciliations of these GAAP
financial measures to the related non-GAAP financial measures:
|
Three Months Ended |
|
Six Months Ended |
PPNR and PPNR
Return |
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
on Average Assets |
|
2020 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
Net earnings (loss) |
$ |
33,204 |
|
|
$ |
(1,433,111 |
) |
|
$ |
128,125 |
|
|
$ |
(1,399,907 |
) |
|
$ |
240,729 |
|
Add: Provision for credit
losses |
|
120,000 |
|
|
|
112,000 |
|
|
|
8,000 |
|
|
|
232,000 |
|
|
|
12,000 |
|
Add: Goodwill impairment |
|
- |
|
|
|
1,470,000 |
|
|
|
- |
|
|
|
1,470,000 |
|
|
|
- |
|
Add: Income tax expense |
|
12,968 |
|
|
|
11,988 |
|
|
|
50,239 |
|
|
|
24,956 |
|
|
|
93,288 |
|
Pre-provision, pre-goodwill impairment, |
|
|
|
|
|
|
|
|
|
pre-tax net revenue ("PPNR") |
$ |
166,172 |
|
|
$ |
160,877 |
|
|
$ |
186,364 |
|
|
$ |
327,049 |
|
|
$ |
346,017 |
|
|
|
|
|
|
|
|
|
|
|
Average assets |
$ |
26,621,227 |
|
|
$ |
27,099,040 |
|
|
$ |
25,849,189 |
|
|
$ |
26,860,133 |
|
|
$ |
25,812,771 |
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
(1) |
|
0.50 |
% |
|
|
(21.27 |
)% |
|
|
1.99 |
% |
|
|
(10.48 |
)% |
|
|
1.88 |
% |
PPNR return on average assets
(2) |
|
2.51 |
% |
|
|
2.39 |
% |
|
|
2.89 |
% |
|
|
2.45 |
% |
|
|
2.70 |
% |
|
|
|
|
|
|
|
|
|
|
(1) Annualized net earnings
(loss) divided by average assets. |
|
|
|
|
|
|
|
|
|
(2) Annualized PPNR divided by
average assets. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
Return on Average Tangible Equity |
|
2020 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
Net earnings (loss) |
$ |
33,204 |
|
|
$ |
(1,433,111 |
) |
|
$ |
128,125 |
|
|
$ |
(1,399,907 |
) |
|
$ |
240,729 |
|
Add: Intangible asset
amortization |
|
3,882 |
|
|
|
3,948 |
|
|
|
4,870 |
|
|
|
7,830 |
|
|
|
9,740 |
|
Add: Goodwill impairment |
|
- |
|
|
|
1,470,000 |
|
|
|
- |
|
|
|
1,470,000 |
|
|
|
- |
|
Adjusted net earnings |
$ |
37,086 |
|
|
$ |
40,837 |
|
|
$ |
132,995 |
|
|
$ |
77,923 |
|
|
$ |
250,469 |
|
|
|
|
|
|
|
|
|
|
|
Average stockholders'
equity |
$ |
3,446,850 |
|
|
$ |
4,956,778 |
|
|
$ |
4,818,889 |
|
|
$ |
4,201,814 |
|
|
$ |
4,817,435 |
|
Less: Average intangible
assets |
|
1,111,302 |
|
|
|
2,569,189 |
|
|
|
2,598,762 |
|
|
|
1,840,246 |
|
|
|
2,601,288 |
|
Average tangible common equity |
$ |
2,335,548 |
|
|
$ |
2,387,589 |
|
|
$ |
2,220,127 |
|
|
$ |
2,361,568 |
|
|
$ |
2,216,147 |
|
|
|
|
|
|
|
|
|
|
|
Return on average equity
(1) |
|
3.87 |
% |
|
|
(116.28 |
)% |
|
|
10.66 |
% |
|
|
(67.00 |
)% |
|
|
10.08 |
% |
Return on average tangible
equity (2) |
|
6.39 |
% |
|
|
6.88 |
% |
|
|
24.03 |
% |
|
|
6.64 |
% |
|
|
22.79 |
% |
|
|
|
|
|
|
|
|
|
|
(1) Annualized net
earnings divided by average stockholders' equity. |
|
|
|
|
|
|
|
|
(2) Annualized
adjusted net earnings divided by average tangible common
equity. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Common Equity
Ratio/ |
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
Tangible Book Value Per Share |
|
2020 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2019 |
|
|
|
2019 |
|
|
(Dollars in thousands, except per share
data) |
Stockholders' equity |
$ |
3,452,898 |
|
|
$ |
3,390,389 |
|
|
$ |
4,954,697 |
|
|
$ |
4,920,108 |
|
|
$ |
4,852,010 |
|
Less: Intangible assets |
|
1,109,234 |
|
|
|
1,113,116 |
|
|
|
2,587,064 |
|
|
|
2,591,217 |
|
|
|
2,596,050 |
|
Tangible common equity |
$ |
2,343,664 |
|
|
$ |
2,277,273 |
|
|
$ |
2,367,633 |
|
|
$ |
2,328,891 |
|
|
$ |
2,255,960 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
27,365,738 |
|
|
$ |
26,143,267 |
|
|
$ |
26,770,806 |
|
|
$ |
26,724,627 |
|
|
$ |
26,344,414 |
|
Less: Intangible assets |
|
1,109,234 |
|
|
|
1,113,116 |
|
|
|
2,587,064 |
|
|
|
2,591,217 |
|
|
|
2,596,050 |
|
Tangible assets |
$ |
26,256,504 |
|
|
$ |
25,030,151 |
|
|
$ |
24,183,742 |
|
|
$ |
24,133,410 |
|
|
$ |
23,748,364 |
|
|
|
|
|
|
|
|
|
|
|
Equity to assets ratio |
|
12.62 |
% |
|
|
12.97 |
% |
|
|
18.51 |
% |
|
|
18.41 |
% |
|
|
18.42 |
% |
Tangible common equity ratio
(1) |
|
8.93 |
% |
|
|
9.10 |
% |
|
|
9.79 |
% |
|
|
9.65 |
% |
|
|
9.50 |
% |
|
|
|
|
|
|
|
|
|
|
Book value per share |
$ |
29.17 |
|
|
$ |
28.75 |
|
|
$ |
41.36 |
|
|
$ |
41.06 |
|
|
$ |
40.49 |
|
Tangible book value per share
(2) |
$ |
19.80 |
|
|
$ |
19.31 |
|
|
$ |
19.77 |
|
|
$ |
19.43 |
|
|
$ |
18.83 |
|
Shares outstanding |
|
118,374,603 |
|
|
|
117,916,789 |
|
|
|
119,781,605 |
|
|
|
119,831,192 |
|
|
|
119,829,104 |
|
|
|
|
|
|
|
|
|
|
|
(1) Tangible common equity
divided by tangible assets. |
|
|
|
|
|
|
|
|
|
(2) Tangible common equity
divided by shares outstanding. |
|
|
|
|
|
|
|
|
|
Contact: |
|
Matthew P. WagnerPresident and CEO |
|
Patrick J. RusnakExecutive Vice President and CFO |
Phone: |
|
303-802-8900 |
|
714-989-4705 |
|
|
|
|
|
Contact: |
|
William BlackExecutive Vice PresidentStrategy and Corporate
Development |
|
|
Phone: |
|
919-597-7466 |
|
|
|
|
|
|
|
PacWest Bancorp (NASDAQ:PACW)
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