PACW EPS came in at $0.66 a share, higher than the estimates of $0.61 a share, according to Benzinga Pro. PacWest says total deposits increased $1.1 billion to $28.2 billion on March 31, vs. the most recent update of $27.1 billion as of March 20, 2023.

PacWest’s stock traded up more than 20% at one point in the after-hours session Tuesday following its earnings report. 

First Republic’s stock dropped nearly 50% after the company announced a big drop in deposits following Silicon Valley Bank’s collapse, and fears regarding regional banks swept through the market. But PacWest seemed less impacted and added subsequent deposits last quarter. 

Read Also: Why First Republic Bank Stock Is Falling After Hours

For many investors, First Republic’s earnings call put a renewed focus on the financial condition of regional banks. Silicon Valley Bank purchased bonds and treasuries that have depreciated in value as interest rates have risen, and failed to hedge properly. But, because Silicon Valley Bank dealt primarily with high-growth, pre-revenue tech companies, it likely faced a much higher withdrawal rate than other banks such as PacWest or Western Alliance. 

Price Action: PACW shares are up 13.3% at $11.68 in the after-hours session on the last check Tuesday