Market Overview

PacWest Bancorp Announces Results for the Second Quarter 2018

Share:

Highlights

  • Net Earnings of $115.7 Million, or $0.92 Per Diluted Share
  • Tax Equivalent Net Interest Margin of 5.18%
  • New Loan and Lease Production of $1.3 Billion; $430 Million of Net Loan Growth
  • Core Deposits at 87% of Total Deposits

LOS ANGELES, July 17, 2018 (GLOBE NEWSWIRE) -- PacWest Bancorp (NASDAQ:PACW) today announced net earnings for the second quarter of 2018 of $115.7 million, or $0.92 per diluted share, compared to net earnings for the first quarter of 2018 of $118.3 million, or $0.93 per diluted share.  The decrease in net earnings from the prior quarter was due primarily to a higher provision for credit losses offset partially by higher net interest income and higher noninterest income. 

The provision for credit losses increased by $13.5 million in the second quarter of 2018 compared to the first quarter of 2018 due mainly to higher net charge-offs.  Net interest income increased by $5.8 million in the second quarter of 2018 due mostly to a higher yield on average loans and leases and one more day in the current quarter, partially offset by an increase in the cost of average total deposits and borrowings.     

Matt Wagner, President and CEO, commented, "While the credit provision was higher than expected, we were pleased with the increase in loan and lease production and net loan growth in the second quarter.  The second quarter efficiency ratio improved to 39.8% as a result of higher revenues combined with lower operating expenses. Our second quarter results produced a return on assets of 1.93% and a return on tangible equity of 20.98%."

Mr. Wagner continued, "Our second quarter tax equivalent NIM increased by seven basis points to 5.18%. While the NIM benefitted from the repricing of variable-rate loans and higher recapture of nonaccrual interest, this was partially offset by higher rates on deposits and higher balances and rates on borrowings.  The growth in loans outstanding and unfunded commitments during the quarter should be a catalyst for increased interest income in the second half of the year."

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 2018
  2018
  (Decrease)   2018
  2017
  (Decrease)
                                               
  (Dollars in thousands, except per share data)
Net earnings $ 115,735     $ 118,276     $ (2,541 )   $ 234,011     $ 172,315     $ 61,696  
Diluted earnings per share $ 0.92     $ 0.93     $ (0.01 )   $ 1.85     $ 1.42     $ 0.43  
Return on average assets   1.93 %     1.99 %     (0.06 )     1.96 %     1.59 %     0.37  
Return on average                      
tangible equity (1)   20.98 %     21.08 %     (0.10 )     21.03 %     15.00 %     6.03  
                       
Net interest margin ("NIM")                      
(tax equivalent)   5.18 %     5.11 %     0.07       5.15 %     5.19 %     (0.04 )
Yield on average loans and                      
leases (tax equivalent)   6.30 %     6.11 %     0.19       6.21 %     6.01 %     0.20  
Cost of average total deposits   0.37 %     0.31 %     0.06       0.34 %     0.23 %     0.11  
Efficiency ratio   39.8 %     41.7 %     (1.9 )     40.7 %     40.8 %     (0.1 )
                       
Total assets $ 24,529,557     $ 24,149,330     $ 380,227     $ 24,529,557     $ 22,246,877     $ 2,282,680  
Loans and leases held                      
for investment,                      
net of deferred fees $ 16,885,192     $ 16,455,285     $ 429,907     $ 16,885,192     $ 15,543,457     $ 1,341,735  
Noninterest-bearing deposits $ 8,126,153     $ 8,232,140     $ (105,987 )   $ 8,126,153     $ 6,701,039     $ 1,425,114  
Core deposits $ 15,586,238     $ 15,661,529     $ (75,291 )   $ 15,586,238     $ 13,217,574     $ 2,368,664  
Total deposits $ 17,929,192     $ 18,078,788     $ (149,596 )   $ 17,929,192     $ 16,874,977     $ 1,054,215  
                       
Noninterest-bearing                      
deposits as percentage                      
of total deposits   45 %     46 %     (1 )     45 %     40 %     5  
Core deposits as                      
percentage of total                      
deposits   87 %     87 %     -       87 %     78 %     9  
                       
Equity to assets ratio   19.48 %     20.16 %     (0.68 )     19.48 %     20.50 %     (1.02 )
Tangible common equity                      
ratio (1)   9.86 %     10.43 %     (0.57 )     9.86 %     11.75 %     (1.89 )
Book value per share $ 38.36     $ 38.47     $ (0.11 )   $ 38.36     $ 37.55     $ 0.81  
Tangible book value per                      
share (1) $ 17.35     $ 17.75     $ (0.40 )   $ 17.35     $ 19.40     $ (2.05 )
                       
(1) Non-GAAP measure.                      
                       

INCOME STATEMENT HIGHLIGHTS

Net Interest Income

Net interest income increased by $5.8 million to $262.3 million for the second quarter of 2018 compared to $256.5 million for the first quarter of 2018 due mainly to a higher yield on average loans and leases and one additional day in the second quarter.  The tax equivalent yield on average loans and leases was 6.30% for the second quarter of 2018 compared to 6.11% for the first quarter of 2018. The increase in the yield on average loans and leases was due principally to higher coupon interest (15 basis points) and higher recapture of nonaccrual interest (four basis points).    

The tax equivalent NIM was 5.18% for the second quarter of 2018 compared to 5.11% for the first quarter of 2018.  The increase in the NIM was due mainly to the higher yield on average loans and leases resulting from higher loan coupon interest and higher recapture of nonaccrual interest, which was partially offset by an increase of six basis points in the cost of average total deposits.          

The cost of average total deposits increased to 0.37% for the second quarter of 2018 from 0.31% for the first quarter of 2018 due to higher rates paid for non-core deposits and pricing adjustments for select customers in light of recent market rate increases and the competitive market environment.  

Provision for Credit Losses

A provision for credit losses of $17.5 million was recorded in the second quarter of 2018 compared to $4.0 million in the first quarter of 2018, which benefitted from higher than normal recoveries of $7.2 million.  The higher provision for the second quarter of 2018 was due mainly to higher net charge-offs. The allowance for credit losses as a percentage of loans and leases held for investment decreased to 0.99% at June 30, 2018 from 1.02% at March 31, 2018.

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 2018   2018   (Decrease)
           
  (In thousands)
Addition to (reduction in) allowance for loan          
and lease losses $ 15,000   $ (226 )   $ 15,226  
Addition to (reduction in) reserve for unfunded          
loan commitments   2,500     4,226       (1,726 )
Total provision for credit losses $ 17,500   $ 4,000     $ 13,500  
                     

Noninterest Income

Noninterest income increased by $1.1 million to $39.6 million for the second quarter of 2018 compared to $38.6 million for the first quarter of 2018 due mainly to increases in all income categories except for the gain on sale of securities and the gain on sale of loans and leases, as sale activities were minimal in the second quarter.  The significant increase in other income was attributable to $7.5 million of gains on early lease terminations.

The following table presents details of noninterest income for the periods indicated:

           
  Three Months Ended    
  June 30,   March 31,   Increase
Noninterest Income 2018   2018   (Decrease)
           
  (In thousands)
Service charges on deposit accounts $ 4,265   $ 4,174   $ 91  
Other commissions and fees   11,767     10,265     1,502  
Leased equipment income   9,790     9,587     203  
Gain on sale of loans and leases   106     4,569     (4,463 )
Gain on sale of securities   253     6,311     (6,058 )
Other income:          
Dividends and gains on equity investments   1,992     251     1,741  
Warrant income   1,225     248     977  
Other   10,240     3,154     7,086  
Total noninterest income $ 39,638   $ 38,559   $ 1,079  
                   

Noninterest Expense

Noninterest expense decreased by $0.9 million to $126.4 million for the second quarter of 2018 compared to $127.4 million for the first quarter of 2018 attributable primarily to a $1.1 million decrease in compensation expense due mainly to lower payroll taxes.

The following table presents details of noninterest expense for the periods indicated:

           
  Three Months Ended    
  June 30,   March 31,   Increase
Noninterest Expense 2018   2018   (Decrease)
           
  (In thousands)
Compensation $ 69,913     $ 71,023     $ (1,110 )
Occupancy   13,575       13,223       352  
Data processing   6,896       6,659       237  
Other professional services   5,257       4,439       818  
Insurance and assessments   5,330       5,727       (397 )
Intangible asset amortization   5,587       6,346       (759 )
Leased equipment depreciation   5,237       5,375       (138 )
Foreclosed assets income, net   (61 )     (122 )     61  
Loan expense   3,058       2,271       787  
Other   11,657       12,454       (797 )
Total noninterest expense $ 126,449     $ 127,395     $ (946 )
                       

Income Taxes

The overall effective income tax rate was 26.8% for the second quarter of 2018 and 27.7% for the first quarter of 2018.  The effective tax rate for the full year 2018 is estimated to be approximately 28%.

BALANCE SHEET HIGHLIGHTS

Loans and Leases

Loans and leases held for investment, net of deferred fees, increased by $429.9 million in the second quarter of 2018 to $16.9 billion at June 30, 2018.  The net increase was driven mainly by new production of $1.3 billion and disbursements of $1.2 billion, offset partially by payoffs of $1.2 billion, paydowns of $829.1 million, and sales of $27.8 million.

The following table presents a roll forward of loans and leases held for investment, net of deferred fees, for the periods indicated:

           
  Three Months   Six Months
  Ended   Ended
Loans and Leases June 30,   March 31,   June 30,
Held for Investment Roll Forward (1) 2018   2018   2018
                       
  (Dollars in thousands)
Balance, beginning of period $ 16,455,285     $ 16,972,743     $ 16,972,743  
New production   1,256,559       744,918       2,001,477  
Existing loans and leases:          
Payoffs   (1,154,400 )     (930,973 )     (2,085,373 )
Paydowns   (829,119 )     (936,002 )     (1,765,121 )
Disbursements   1,203,940       747,376       1,951,316  
Sales   (27,779 )     (130,624 )     (158,403 )
Transfers to foreclosed assets   (1,059 )     -       (1,059 )
Charge-offs   (18,235 )     (12,153 )     (30,388 )
Balance, end of period $ 16,885,192     $ 16,455,285     $ 16,885,192  
           
Weighted average rate on new production (2)   5.00 %     5.36 %     5.13 %
               
                   
(1) Includes direct financing leases but excludes equipment leased to others under operating leases.
(2) The weighted average rate on new production presents contractual rates and does not include
amortized fees.  Amortized fees added approximately 31 basis points to loan yields in 2018.
 

The following table presents the composition of loans and leases held for investment, net of deferred fees, as of the dates indicated:

               
  June 30,   March 31,   December 31,   June 30,
Loan and Lease Portfolio 2018   2018   2017   2017
                       
  (In thousands)
Real estate mortgage:              
Commercial $ 5,010,680   $ 5,033,006   $ 5,385,740   $ 4,418,463
Residential   2,555,695     2,521,237     2,466,894     1,719,269
Total real estate mortgage   7,566,375     7,554,243     7,852,634     6,137,732
Real estate construction and land:              
Commercial   831,462     789,892     769,075     691,828
Residential   1,042,564     887,110     822,154     473,282
Total real estate construction and land   1,874,026     1,677,002     1,591,229     1,165,110
Total real estate   9,440,401     9,231,245     9,443,863     7,302,842
Commercial:              
Asset-based   3,184,300     2,957,890     2,924,950     2,655,762
Venture capital   2,008,205     1,920,643     2,122,735     2,001,427
Other commercial   1,873,607     1,947,590     2,071,394     3,184,957
Total commercial   7,066,112     6,826,123     7,119,079     7,842,146
Consumer   378,679     397,917     409,801     398,469
Total loans and leases held for              
investment, net of deferred fees (1) $ 16,885,192   $ 16,455,285   $ 16,972,743   $ 15,543,457
               
Total unfunded loan commitments $ 6,429,587   $ 6,352,803   $ 6,234,061   $ 4,926,743
               
                       
(1) Excludes loans held for sale carried at lower of cost or fair value at December 31, 2017 and June 30, 2017.
 

Allowance for Credit Losses

The following tables show roll forwards of the allowance for credit losses for the periods indicated:

           
  Three Months Ended June 30, 2018
  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 $ 134,275     $ 32,861   $ 167,136  
Charge-offs   (18,235 )     -     (18,235 )
Recoveries   1,099       -     1,099  
Net charge-offs   (17,136 )     -     (17,136 )
Provision   15,000       2,500     17,500  
Ending balance $ 132,139     $ 35,361   $ 167,500  
                     


   
  Three Months Ended March 31, 2018
  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 $ 139,456     $ 28,635   $ 168,091  
Charge-offs   (12,153 )     -     (12,153 )
Recoveries   7,198       -     7,198  
Net charge-offs   (4,955 )     -     (4,955 )
Provision   (226 )     4,226     4,000  
Ending balance $ 134,275     $ 32,861   $ 167,136  
                     

Gross charge-offs for the second quarter of 2018 were $18.2 million and included $6.1 million for venture capital loans, $4.7 million for real estate mortgage loans, $4.4 million for other commercial loans and $2.9 million for asset-based loans. Gross charge-offs for the first quarter of 2018 were $12.2 million and included $6.8 million for other commercial loans, $2.6 million for real estate mortgage loans, and $2.3 million for venture capital loans.  Four loans accounted for $14.2 million or 78 percent of the gross charge-offs in the second quarter of 2018. Recoveries in the second quarter of 2018 were $1.1 million and included $0.8 million for other commercial loans. Recoveries for the first quarter of 2018 were $7.2 million and included $4.6 million for venture capital loans.    

The annualized ratio of net charge-offs to average loans was 0.41% for the second quarter of 2018 and 0.12% for the first quarter of 2018.

Deposits and Client Investment Funds

The following table presents the composition of our deposit portfolio as of the dates indicated:

               
  June 30,   March 31,   December 31,   June 30,
Deposit Category 2018   2018   2017   2017
                               
  (Dollars in thousands)
Noninterest-bearing demand deposits $ 8,126,153     $ 8,232,140     $ 8,508,044     $ 6,701,039  
Interest checking deposits   2,184,785       2,076,152       2,226,885       1,762,016  
Money market deposits   4,631,658       4,676,734       4,511,730       4,033,471  
Savings deposits   643,642       676,503       690,353       721,048  
Total core deposits   15,586,238       15,661,529       15,937,012       13,217,574  
Non-core non-maturity deposits   607,388       585,399       863,202       1,329,324  
Total non-maturity deposits   16,193,626       16,246,928       16,800,214       14,546,898  
Time deposits $250,000 and under   1,394,117       1,482,118       1,709,980       1,940,872  
Time deposits over $250,000   341,449       349,742       355,342       387,207  
Total time deposits   1,735,566       1,831,860       2,065,322       2,328,079  
Total deposits $ 17,929,192     $ 18,078,788     $ 18,865,536     $ 16,874,977  
               
Noninterest-bearing demand deposits              
as percentage of total deposits   45 %     46 %     45 %     40 %
Core deposits as percentage of total deposits   87 %     87 %     85 %     78 %
                               

At June 30, 2018, core deposits totaled $15.6 billion, or 87% of total deposits, including $8.1 billion of noninterest-bearing demand deposits, or 45% of total deposits.    

In addition to deposit products, we also offer alternative non-depository cash investment options for select clients; these alternatives include investments managed by Square 1 Asset Management, Inc. ("S1AM"), our registered investment advisor subsidiary, and third-party sweep products.  Total off-balance sheet client investment funds at June 30, 2018 were $2.5 billion, of which $1.7 billion was managed by S1AM.

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 2018   2018   (Decrease)
                       
  (Dollars in thousands)
Nonaccrual loans and leases held for investment (1) $ 113,745     $ 103,725     $ 10,020  
Accruing loan contractually past due          
90 days or more   -       500       (500 )
Foreclosed assets, net   2,231       1,236       995  
Total nonperforming assets $ 115,976     $ 105,461     $ 10,515  
           
Nonaccrual loans and leases held for investment (1) $ 113,745     $ 103,725     $ 10,020  
Performing troubled debt restructured loans          
held for investment   58,148       60,173       (2,025 )
Total impaired loans and leases $ 171,893     $ 163,898     $ 7,995  
           
Pass $ 16,142,052     $ 15,832,127     $ 309,925  
Special mention   506,848       415,116       91,732  
Classified   236,292       208,042       28,250  
Total loans and leases held for investment,          
net of deferred fees $ 16,885,192     $ 16,455,285     $ 429,907  
           
Allowance for credit losses $ 167,500     $ 167,136     $ 364  
Provision for credit losses (for the quarter) $ 17,500     $ 4,000     $ 13,500  
Net charge-offs (for the quarter) $ 17,136     $ 4,955     $ 12,181  
Net charge-offs to average loans and leases          
(for the quarter)   0.41 %     0.12 %    
Allowance for credit losses to loans and leases          
held for investment   0.99 %     1.02 %    
Allowance for credit losses to nonaccrual loans          
and leases held for investment   147.3 %     161.1 %    
Nonaccrual loans and leases held for investment          
to loans and leases held for investment   0.67 %     0.63 %    
Nonperforming assets to loans and leases          
held for investment and foreclosed assets   0.69 %     0.64 %    
Classified loans and leases held for investment          
to loans and leases held for investment   1.40 %     1.26 %    
           
                       
(1) Nonaccrual loans include guaranteed amounts of $13.5 million and $13.4 million at June 30, 2018
and March 31, 2018.
 

Nonaccrual loans and leases increased by $10.0 million in the second quarter primarily due to a $14.0 million increase in nonaccrual commercial real estate loans and a $10.5 million increase in nonaccrual residential construction loans, partially offset by a $15.7 million decrease in nonaccrual other commercial loans. Classified loans and leases increased by $28.3 million in the second quarter primarily due to a $26.4 million increase in classified commercial real estate loans, a $22.9 million increase in classified venture capital loans, and a $10.5 million increase in classified residential construction loans, partially offset by a $16.0 million decrease in classified other commercial loans and a $14.5 million decrease in classified asset-based loans.

The following table presents nonaccrual loans and leases and accruing loans and leases past due between 30 and 89 days by portfolio segment and class as of the dates indicated:

                   
  Nonaccrual Loans and Leases   Accruing and
  June 30, 2018   March 31, 2018   30-89 Days Past Due
    % of     % of   June 30,   March 31,
    Loan     Loan   2018   2018
  Amount Category   Amount Category   Amount   Amount
                               
  (Dollars in thousands)
Real estate mortgage:                  
Commercial $ 33,105 0.7 %   $ 19,116 0.4 %   $ 2,620   $ 23,505
Residential   3,527 0.1 %     5,225 0.2 %     2,983     708
Total real estate mortgage   36,632 0.5 %     24,341 0.3 %     5,603     24,213
Real estate construction and land:                  
Commercial   - 0.0 %     - 0.0 %     -     -
Residential   10,450 1.0 %     - 0.0 %     5,969     2,605
Total real estate                  
construction and land   10,450 0.6 %     - 0.0 %     5,969     2,605
Commercial:                  
Asset-based   29,677 0.9 %     32,838 1.1 %     -     -
Venture capital   27,940 1.4 %     21,861 1.1 %     -     -
Other commercial   8,782 0.5 %     24,434 1.3 %     230     663
Total commercial   66,399 0.9 %     79,133 1.2 %     230     663
Consumer   264 0.1 %     251 0.1 %     75     1,000
Total held for investment $ 113,745 0.7 %   $ 103,725 0.6 %   $ 11,877   $ 28,481
                               

STOCK REPURCHASE PROGRAM

During the second quarter of 2018, we repurchased 2,286,881 shares at an average price of $53.36 and a total cost of $122.0 million.  At June 30, 2018, the remaining amount that could be used to repurchase shares under the $350 million Stock Repurchase Program was $174.7 million.

ABOUT PACWEST BANCORP

PacWest Bancorp ("PacWest") is a bank holding company with over $24 billion in assets with one wholly-owned banking subsidiary, Pacific Western Bank (the "Bank"). The Bank has 74 full-service branches located throughout the state of California and one branch in Durham, North Carolina. Our Community Banking group provides lending and comprehensive deposit and treasury management services to small and medium-sized businesses conducted primarily through our California-based branch offices. We offer additional products and services through our National Lending and Venture Banking business groups. National Lending provides asset-based, equipment, real estate and security cash flow loans and treasury management services to established middle-market businesses on a national basis. Venture Banking offers a comprehensive suite of financial services focused on entrepreneurial 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, visit www.pacwestbancorp.com, or to learn more about Pacific Western Bank, visit www.pacificwesternbank.com.

FORWARD LOOKING STATEMENTS

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include future financial and operating results, expectations, intentions and other statements that are not historical facts such as our future effective tax rate. Such statements are based on information available at the time of this 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. Actual results may differ materially from those set forth in the forward-looking statements due to a variety of factors, including the risk factors described in documents filed by the Company with the 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,   December 31,
  2018
  2018
  2017
                       
  (Dollars in thousands, except per share data)
ASSETS:          
Cash and due from banks $ 245,998     $ 235,061     $ 233,215  
Interest-earning deposits in financial institutions   205,567       312,735       165,222  
Total cash and cash equivalents   451,565       547,796       398,437  
           
Securities available-for-sale, at estimated fair value   3,857,788       3,801,986       3,774,431  
Federal Home Loan Bank stock, at cost   26,271       17,250       20,790  
Total investment securities   3,884,059       3,819,236       3,795,221  
           
Loans held for sale   -       -       481,100  
           
Gross loans and leases held for investment   16,947,502       16,516,627       17,032,221  
Deferred fees, net   (62,310 )     (61,342 )     (59,478 )
Loans and leases held for investment,          
net of deferred fees   16,885,192       16,455,285       16,972,743  
Allowance for loan and lease losses   (132,139 )     (134,275 )     (139,456 )
Total loans and leases held for investment, net   16,753,053       16,321,010       16,833,287  
           
Equipment leased to others under operating leases   266,576       280,648       284,631  
Premises and equipment, net   34,513       33,686       31,852  
Foreclosed assets, net   2,231       1,236       1,329  
Deferred tax asset, net   25,551       12,584       -  
Goodwill   2,548,670       2,548,670       2,548,670  
Core deposit and customer relationship intangibles, net   67,693       73,280       79,626  
Other assets   495,646       511,184       540,723  
Total assets $ 24,529,557     $ 24,149,330     $ 24,994,876  
           
LIABILITIES:          
Noninterest-bearing deposits $ 8,126,153     $ 8,232,140     $ 8,508,044  
Interest-bearing deposits   9,803,039       9,846,648       10,357,492  
Total deposits   17,929,192       18,078,788       18,865,536  
Borrowings   1,187,226       575,284       467,342  
Subordinated debentures   451,878       452,223       462,437  
Accrued interest payable and other liabilities   183,302       175,545       221,963  
Total liabilities   19,751,598       19,281,840       20,017,278  
STOCKHOLDERS' EQUITY (1)   4,777,959       4,867,490       4,977,598  
Total liabilities and stockholders' equity $ 24,529,557     $ 24,149,330     $ 24,994,876  
           
Book value per share $ 38.36     $ 38.47     $ 38.65  
Tangible book value per share (2) $ 17.35     $ 17.75     $ 18.24  
Shares outstanding   124,567,950       126,537,871       128,782,878  
           
(1) Includes net unrealized (loss) gain on securities          
available-for-sale, net $ (22,340 )   $ (11,936 )   $ 31,171  
(2) Non-GAAP measure.          
           


                 
PACWEST BANCORP AND SUBSIDIARIES                
CONDENSED CONSOLIDATED STATEMENT OF EARNINGS            
                   
  Three Months Ended   Six Months Ended
  June 30,   March 31,   June 30,   June 30,
  2018   2018   2017   2018   2017
                               
  (Dollars in thousands, except per share data)        
Interest income:                  
Loans and leases $ 260,300     $ 251,085     $ 234,618     $ 511,385     $ 458,796  
Investment securities   27,730       26,138       24,689       53,868       47,728  
Deposits in financial institutions   484       552       237       1,036       429  
Total interest income   288,514       277,775       259,544       566,289       506,953  
                   
Interest expense:                  
Deposits   16,367       13,818       10,205       30,185       18,582  
Borrowings   2,649       920       1,066       3,569       2,084  
Subordinated debentures   7,166       6,537       5,800       13,703       11,362  
Total interest expense   26,182       21,275       17,071       47,457       32,028  
                   
Net interest income   262,332       256,500       242,473       518,832       474,925  
Provision for credit losses   17,500       4,000       11,499       21,500       36,227  
Net interest income after provision                  
for credit losses   244,832       252,500       230,974       497,332       438,698  
                   
Noninterest income:                  
Service charges on deposit accounts   4,265       4,174       3,510       8,439       7,268  
Other commissions and fees   11,767       10,265       10,583       22,032       20,973  
Leased equipment income   9,790       9,587       11,635       19,377       21,110  
Gain on sale of loans and leases   106       4,569       649       4,675       1,361  
Gain on sale of securities   253       6,311       1,651       6,564       1,552  
Other income   13,457       3,653       7,254       17,110       18,132  
Total noninterest income   39,638       38,559       35,282       78,197       70,396  
                   
Noninterest expense:                  
Compensation   69,913       71,023       65,288       140,936       130,168  
Occupancy   13,575       13,223       11,811       26,798       23,419  
Data processing   6,896       6,659       6,337       13,555       13,352  
Other professional services   5,257       4,439       3,976       9,696       7,354  
Insurance and assessments   5,330       5,727       4,856       11,057       9,647  
Intangible asset amortization   5,587       6,346       3,065       11,933       6,129  
Leased equipment depreciation   5,237       5,375       5,232       10,612       10,857  
Foreclosed assets income, net   (61 )     (122 )     (157 )     (183 )     (14 )
Acquisition, integration and                  
reorganization costs   -       -       1,700       -       2,200  
Loan expense   3,058       2,271       3,884       5,329       7,271  
Other expense   11,657       12,454       11,715       24,111       23,868  
Total noninterest expense   126,449       127,395       117,707       253,844       234,251  
                   
Earnings before income taxes   158,021       163,664       148,549       321,685       274,843  
Income tax expense   (42,286 )     (45,388 )     (54,902 )     (87,674 )     (102,528 )
Net earnings $ 115,735     $ 118,276     $ 93,647     $ 234,011     $ 172,315  
                   
Basic and diluted earnings per share $ 0.92     $ 0.93     $ 0.77     $ 1.85     $ 1.42  
                                       


                 
PACWEST BANCORP AND SUBSIDIARIES                
NET EARNINGS PER SHARE CALCULATIONS                
                   
  Three Months Ended
  Six Months Ended 
  June 30,   March 31,   June 30,   June 30,
  2018   2018   2017   2018   2017
                                       
  (In thousands, except per share data)
Basic Earnings Per Share:                  
Net earnings $ 115,735     $ 118,276     $ 93,647     $ 234,011     $ 172,315  
Less: earnings allocated to unvested                  
restricted stock (1)   (1,348 )     (1,115 )     (1,080 )     (2,469 )     (2,082 )
Net earnings allocated to common                  
shares $ 114,387     $ 117,161     $ 92,567     $ 231,542     $ 170,233  
                   
Weighted-average basic shares and                  
unvested restricted stock outstanding   126,082       127,487       121,422       126,780       121,384  
Less: weighted-average unvested                  
restricted stock outstanding   (1,466 )     (1,413 )     (1,455 )     (1,439 )     (1,479 )
Weighted-average basic shares                  
outstanding   124,616       126,074       119,967       125,341       119,905  
                   
Basic earnings per share $ 0.92     $ 0.93     $ 0.77     $ 1.85     $ 1.42  
                   
Diluted Earnings Per Share:                  
Net earnings allocated to common                  
shares $ 114,387     $ 117,161     $ 92,567     $ 231,542     $ 170,233  
                   
Weighted-average basic shares                  
outstanding   124,616       126,074       119,967       125,341       119,905  
                   
Diluted earnings per share $ 0.92     $ 0.93     $ 0.77     $ 1.85     $ 1.42  
                   
                                       
(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, 2018   March 31, 2018   June 30, 2017
    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) $ 16,576,361 $ 260,529 6.30 %   $ 16,682,124 $ 251,260 6.11 %   $ 15,497,921 $ 234,618 6.07 %
Investment securities (3)   3,803,590   29,967 3.16 %     3,682,138   27,935 3.08 %     3,436,785   29,538 3.45 %
Deposits in financial                      
institutions   112,170   484 1.73 %     150,674   552 1.49 %     96,087   237 0.99 %
Total interest-earning                    
assets (4)   20,492,121   290,980 5.70 %     20,514,936   279,747 5.53 %     19,030,793   264,393 5.57 %
Other assets   3,507,516         3,556,212         2,905,809    
Total assets $ 23,999,637       $ 24,071,148       $ 21,936,602    
                       
Liabilities and                      
Stockholders' Equity:                    
Interest checking $ 2,243,767   3,932 0.70 %   $ 2,311,988   3,050 0.54 %   $ 1,709,699   1,697 0.40 %
Money market   5,013,119   8,072 0.65 %     5,038,119   6,812 0.55 %     4,907,865   4,993 0.41 %
Savings   656,310   245 0.15 %     685,173   258 0.15 %     708,389   296 0.17 %
Time   1,790,415   4,118 0.92 %     1,923,963   3,698 0.78 %     2,366,399   3,219 0.55 %
Total interest-bearing                    
deposits   9,703,611   16,367 0.68 %     9,959,243   13,818 0.56 %     9,692,352   10,205 0.42 %
Borrowings   549,665   2,649 1.93 %     239,293   920 1.56 %     457,774   1,066 0.93 %
Subordinated debentures   451,973   7,166 6.36 %     461,648   6,537 5.74 %     443,756   5,800 5.24 %
Total interest-bearing                    
liabilities   10,705,249   26,182 0.98 %     10,660,184   21,275 0.81 %     10,593,882   17,071 0.65 %
Noninterest-bearing                      
demand deposits   8,253,413         8,311,104         6,646,349    
Other liabilities   208,495         198,653         151,095    
Total liabilities   19,167,157         19,169,941         17,391,326    
Stockholders' equity   4,832,480         4,901,207         4,545,276    
Total liabilities and                      
stockholders' equity $ 23,999,637       $ 24,071,148       $ 21,936,602    
Net interest income (4)   $ 264,798       $ 258,472       $ 247,322  
Net interest spread (4)     4.72 %       4.72 %       4.92 %
Net interest margin (4)     5.18 %       5.11 %       5.21 %
                       
Total deposits (5) $ 17,957,024 $ 16,367 0.37 %   $ 18,270,347 $ 13,818 0.31 %   $ 16,338,701 $ 10,205 0.25 %
Funding sources (6) $ 18,958,662 $ 26,182 0.55 %   $ 18,971,288 $ 21,275 0.45 %   $ 17,240,231 $ 17,071 0.40 %
                       
                                     
(1) Starting with the third quarter of 2017, includes tax-equivalent adjustments related to tax-exempt interest on loans.
(2) Includes discount accretion on acquired loans of $8.7 million, $7.6 million, and $7.5 million for the three months ended June 30, 2018,
March 31, 2018, and June 30, 2017, respectively.
(3) Includes tax-equivalent adjustments of $2.1 million, $1.8 million, and $4.9 million for the three months ended June 30, 2018,
March 31, 2018, and June 30, 2017 related to tax-exempt income on municipal securities.  The federal statutory tax-rate utilized
was 21% for the 2018 periods and 35% for the 2017 period.
(4) Tax equivalent.
(5) 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 deposits divided by average total deposits.
(6) Funding sources is the sum of total interest-bearing liabilities and noninterest-bearing demand deposits. The cost of funding sources is
calculated as annualized total interest expense divided by average funding sources.
 


                 
PACWEST BANCORP AND SUBSIDIARIES                
FIVE QUARTER BALANCE SHEET                  
                   
  June 30,   March 31,   December 31,   September 30,   June 30,
  2018   2018   2017   2017   2017
                                       
  (Dollars in thousands, except per share data)
ASSETS:                  
Cash and due from banks $ 245,998     $ 235,061     $ 233,215     $ 147,579     $ 180,330  
Interest-earning deposits in financial                  
institutions   205,567       312,735       165,222       122,439       107,150  
Total cash and cash equivalents   451,565       547,796       398,437       270,018       287,480  
                   
Securities available-for-sale   3,857,788       3,801,986       3,774,431       3,532,230       3,474,560  
Federal Home Loan Bank stock   26,271       17,250       20,790       17,250       22,059  
  Total investment securities   3,884,059       3,819,236       3,795,221       3,549,480       3,496,619  
                   
Loans held for sale   -       -       481,100       -       175,158  
                   
Gross loans and leases held for                  
investment   16,947,502       16,516,627       17,032,221       15,756,285       15,609,180  
Deferred fees, net   (62,310 )     (61,342 )     (59,478 )     (65,768 )     (65,723 )
Loans and leases held for                  
investment, net of deferred fees   16,885,192       16,455,285       16,972,743       15,690,517       15,543,457  
Allowance for loan and lease losses   (132,139 )     (134,275 )     (139,456 )     (159,606 )     (145,958 )
Total loans and leases held for                  
investment, net   16,753,053       16,321,010       16,833,287       15,530,911       15,397,499  
                   
Equipment leased to others under                  
operating leases   266,576       280,648       284,631       233,866       203,212  
Premises and equipment, net   34,513       33,686       31,852       28,910       29,108  
Foreclosed assets, net   2,231       1,236       1,329       11,630       13,278  
Deferred tax asset, net   25,551       12,584       -       65,321       70,354  
Goodwill   2,548,670       2,548,670       2,548,670       2,173,949       2,173,949  
Core deposit and customer                  
relationship intangibles, net   67,693       73,280       79,626       27,188       30,237  
Other assets   495,646       511,184       540,723       351,659       369,983  
Total assets $ 24,529,557     $ 24,149,330     $ 24,994,876     $ 22,242,932     $ 22,246,877  
                   
LIABILITIES:                  
Noninterest-bearing deposits $ 8,126,153     $ 8,232,140     $ 8,508,044     $ 6,911,874     $ 6,701,039  
Interest-bearing deposits   9,803,039       9,846,648       10,357,492       9,861,371       10,173,938  
Total deposits   17,929,192       18,078,788       18,865,536       16,773,245       16,874,977  
Borrowings   1,187,226       575,284       467,342       250,399       217,454  
Subordinated debentures   451,878       452,223       462,437       448,126       445,743  
Accrued interest payable and other                  
liabilities   183,302       175,545       221,963       160,494       148,798  
Total liabilities   19,751,598       19,281,840       20,017,278       17,632,264       17,686,972  
STOCKHOLDERS' EQUITY (1)   4,777,959       4,867,490       4,977,598       4,610,668       4,559,905  
Total liabilities and stockholders'                  
equity $ 24,529,557     $ 24,149,330     $ 24,994,876     $ 22,242,932     $ 22,246,877  
                   
Book value per share $ 38.36     $ 38.47     $ 38.65     $ 37.96     $ 37.55  
Tangible book value per share (2) $ 17.35     $ 17.75     $ 18.24     $ 19.84     $ 19.40  
Shares outstanding   124,567,950       126,537,871       128,782,878       121,449,794       121,448,321  
                   
(1) Includes net unrealized (loss) gain on                  
securities available-for-sale, net $ (22,340 )   $ (11,936 )   $ 31,171     $ 33,613     $ 29,729  
(2) Non-GAAP measure.                  
                   


                 
PACWEST BANCORP AND SUBSIDIARIES                
FIVE QUARTER STATEMENT OF EARNINGS                
                   
  Three Months Ended
  June 30,   March 31,   December 31,   September 30,   June 30,
  2018   2018   2017   2017   2017
                                       
  (Dollars in thousands, except per share data)
Interest income:                  
Loans and leases $ 260,300     $ 251,085     $ 258,309     $ 235,666     $ 234,618  
Investment securities   27,730       26,138       25,712       24,762       24,689  
Deposits in financial institutions   484       552       576       538       237  
Total interest income   288,514       277,775       284,597       260,966       259,544  
                   
Interest expense:                  
Deposits   16,367       13,818       14,041       13,071       10,205  
Borrowings   2,649       920       1,366       188       1,066  
Subordinated debentures   7,166       6,537       6,234       6,017       5,800  
Total interest expense   26,182       21,275       21,641       19,276       17,071  
                   
Net interest income   262,332       256,500       262,956       241,690       242,473  
Provision for credit losses   17,500       4,000       6,406       15,119       11,499  
Net interest income after provision                  
for credit losses   244,832       252,500       256,550       226,571       230,974  
                   
Noninterest income:                  
Service charges on deposit accounts   4,265       4,174       4,574       3,465       3,510  
Other commissions and fees   11,767       10,265       10,505       9,944       10,583  
Leased equipment income   9,790       9,587       8,258       8,332       11,635  
Gain on sale of loans and leases   106       4,569       1,988       2,848       649  
Gain (loss) on sale of securities   253       6,311       (3,329 )     1,236       1,651  
Other income   13,457       3,653       4,799       5,557       7,254  
Total noninterest income   39,638       38,559       26,795       31,382       35,282  
                   
Noninterest expense:                  
Compensation   69,913       71,023       71,986       64,413       65,288  
Occupancy   13,575       13,223       12,715       12,729       11,811  
Data processing   6,896       6,659       6,764       6,459       6,337  
Other professional services   5,257       4,439       5,786       4,213       3,976  
Insurance and assessments   5,330       5,727       5,384       4,702       4,856  
Intangible asset amortization   5,587       6,346       5,062       3,049       3,065  
Leased equipment depreciation   5,237       5,375       5,048       4,862       5,232  
Foreclosed assets (income) expense, net   (61 )     (122 )     (475 )     2,191       (157 )
Acquisition, integration and                  
reorganization costs   -       -       16,085       1,450       1,700  
Loan expense   3,058       2,271       3,140       3,421       3,884  
Other expense   11,657       12,454       11,373       11,053       11,715  
Total noninterest expense   126,449       127,395       142,868       118,542       117,707  
                   
Earnings before income taxes   158,021       163,664       140,477       139,411       148,549  
Income tax expense   (42,286 )     (45,388 )     (56,440 )     (37,945 )     (54,902 )
Net earnings $ 115,735     $ 118,276     $ 84,037     $ 101,466     $ 93,647  
                   
Basic and diluted earnings per share $ 0.92     $ 0.93     $ 0.66     $ 0.84     $ 0.77  
                                       


                 
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,
  2018   2018   2017   2017   2017
                   
  (Dollars in thousands)
Performance Ratios:                  
Return on average assets (1)   1.93 %     1.99 %     1.34 %     1.82 %     1.71 %
Return on average equity (1)   9.61 %     9.79 %     6.78 %     8.77 %     8.26 %
Return on average tangible equity (1)(2)   20.98 %     21.08 %     13.75 %     16.85 %     16.06 %
                   
Yield on average loans and leases (1)(3)   6.30 %     6.11 %     5.89 %     6.01 %     6.07 %
Yield on average interest-earning                  
assets (1)(4)   5.70 %     5.53 %     5.37 %     5.48 %     5.57 %
Cost of average total deposits (1)   0.37 %     0.31 %     0.30 %     0.31 %     0.25 %
Cost of average time deposits (1)   0.92 %     0.78 %     0.68 %     0.62 %     0.55 %
Cost of average interest-bearing                  
liabilities (1)   0.98 %     0.81 %     0.75 %     0.73 %     0.65 %
Cost of average funding sources (1)   0.55 %     0.45 %     0.44 %     0.44 %     0.40 %
Net interest spread (1)(4)   4.72 %     4.72 %     4.62 %     4.75 %     4.92 %
Net interest margin (1)(4)   5.18 %     5.11 %     4.97 %     5.08 %     5.21 %
                   
Efficiency ratio   39.8 %     41.7 %     41.0 %     40.4 %     40.3 %
Noninterest expense as a percentage                  
of average assets (1)   2.11 %     2.15 %     2.29 %     2.12 %     2.15 %
                   
Average Balances:                  
Loans and leases, net of deferred fees $ 16,576,361     $ 16,682,124     $ 17,426,873     $ 15,575,030     $ 15,497,921  
Interest-earning assets   20,492,121       20,514,936       21,414,180       19,257,441       19,030,793  
Total assets   23,999,637       24,071,148       24,789,836       22,137,874       21,936,602  
Noninterest-bearing deposits   8,253,413       8,311,104       8,190,134       6,858,816       6,646,349  
Interest-bearing deposits   9,703,611       9,959,243       10,578,568       10,024,554       9,692,352  
Total deposits   17,957,024       18,270,347       18,768,702       16,883,370       16,338,701  
Borrowings and subordinated                  
debentures   1,001,638       700,941       903,375       508,083       901,530  
Interest-bearing liabilities   10,705,249       10,660,184       11,481,943       10,532,637       10,593,882  
Funding sources   18,958,662       18,971,288       19,672,077       17,391,453       17,240,231  
Stockholders' equity   4,832,480       4,901,207       4,920,498       4,592,489       4,545,276  
                   
(1) Annualized.                  
(2) Non-GAAP measure.                  
(3) Tax equivalent starting with the third quarter of 2017.                
(4) 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,
  2018   2018   2017   2017   2017
                   
  (Dollars in thousands)
Credit Quality Ratios (1):                  
Allowance for credit losses to loans                  
and leases held for investment   0.99 %     1.02 %     0.96 %     1.11 %     1.03 %
Allowance for credit losses to                  
nonaccrual loans and leases held                  
for investment   147.3 %     161.1 %     103.8 %     110.1 %     92.2 %
Nonaccrual loans and leases held for                  
investment to loans and leases held                  
for investment   0.67 %     0.63 %     0.92 %     1.01 %     1.12 %
Nonperforming assets to loans and                  
leases held for investment and                  
foreclosed assets   0.69 %     0.64 %     0.93 %     1.08 %     1.20 %
Nonperforming assets to total assets   0.47 %     0.44 %     0.63 %     0.76 %     0.84 %
Trailing 12 months net charge-offs                  
to average loans and leases                  
held for investment   0.28 %     0.31 %     0.40 %     0.35 %     0.37 %
                   
PacWest Bancorp Consolidated                  
Capital:                  
Tier 1 leverage ratio (2)   10.33 %     10.66 %     10.66 %     12.02 %     11.90 %
Common equity tier 1 capital ratio (2)   10.61 %     11.16 %     10.91 %     12.52 %     12.28 %
Tier 1 capital ratio (2)   10.61 %     11.16 %     10.91 %     12.52 %     12.28 %
Total capital ratio (2)   13.51 %     14.11 %     13.75 %     15.74 %     15.42 %
Risk-weighted assets (2) $ 20,887,678     $ 20,523,487     $ 21,657,591     $ 19,086,798     $ 19,084,823  
                   
Equity to assets ratio   19.48 %     20.16 %     19.91 %     20.73 %     20.50 %
Tangible common equity ratio (3)   9.86 %     10.43 %     10.50 %     12.02 %     11.75 %
Book value per share $ 38.36     $ 38.47     $ 38.65     $ 37.96     $ 37.55  
Tangible book value per share (3) $ 17.35     $ 17.75     $ 18.24     $ 19.84     $ 19.40  
                   
Pacific Western Bank Capital:                  
Tier 1 leverage ratio (2)   11.11 %     11.33 %     11.75 %     11.46 %     11.41 %
Common equity tier 1 capital ratio (2)   11.40 %     11.86 %     11.91 %     11.95 %     11.79 %
Tier 1 capital ratio (2)   11.40 %     11.86 %     11.91 %     11.95 %     11.79 %
Total capital ratio (2)   12.21 %     12.67 %     12.69 %     12.89 %     12.66 %
                   
                                       
(1) Ratios related to 2018 periods are for total loans and leases.  Ratios related to 2017 periods are for Non-PCI loans and leases.
(2) Capital information for June 30, 2018 is preliminary.                
(3) Non-GAAP measure.                  
                   

GAAP TO NON-GAAP RECONCILIATIONS

This press release contains certain non-GAAP financial disclosures for: (1) return on average tangible equity, (2) tangible common equity ratio, and (3) 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, and tangible book value per share is prevalent among banking regulators, investors and analysts.  Accordingly, we disclose the non-GAAP measures in addition to the related GAAP measures of: (1) return on average equity, (2) equity to assets ratio, and (3) 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
  June 30,   March 31,   June 30,   June 30,
Return on Average Tangible Equity 2018
  2018
  2017
  2018
  2017
                                       
  (Dollars in thousands)
Net earnings $ 115,735     $ 118,276     $ 93,647     $ 234,011     $ 172,315  
                   
Average stockholders' equity $ 4,832,480     $ 4,901,207     $ 4,545,276     $ 4,866,654     $ 4,524,591  
Less: Average intangible assets   2,619,351       2,625,593       2,205,814       2,622,455       2,207,454  
Average tangible common equity $ 2,213,129     $ 2,275,614     $ 2,339,462     $ 2,244,199     $ 2,317,137  
                   
Return on average equity (1)   9.61 %     9.79 %     8.26 %     9.70 %     7.68 %
Return on average tangible equity (2)   20.98 %     21.08 %     16.06 %     21.03 %     15.00 %
                   
                           
(1) Annualized net earnings divided by average stockholders' equity.            
(2) Annualized 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 2018   2018   2017   2017   2017
                   
  (Dollars in thousands, except per share data)
Stockholders' equity $ 4,777,959     $ 4,867,490     $ 4,977,598     $ 4,610,668     $ 4,559,905  
Less: Intangible assets   2,616,363       2,621,950       2,628,296       2,201,137       2,204,186  
Tangible common equity $ 2,161,596     $ 2,245,540     $ 2,349,302     $ 2,409,531     $ 2,355,719  
                   
Total assets $ 24,529,557     $ 24,149,330     $ 24,994,876     $ 22,242,932     $ 22,246,877  
Less: Intangible assets   2,616,363       2,621,950       2,628,296       2,201,137       2,204,186  
Tangible assets $ 21,913,194     $ 21,527,380     $ 22,366,580     $ 20,041,795     $ 20,042,691  
                   
Equity to assets ratio   19.48 %     20.16 %     19.91 %     20.73 %     20.50 %
Tangible common equity ratio (1)   9.86 %     10.43 %     10.50 %     12.02 %     11.75 %
                   
Book value per share $ 38.36     $ 38.47     $ 38.65     $ 37.96     $ 37.55  
Tangible book value per share (2) $ 17.35     $ 17.75     $ 18.24     $ 19.84     $ 19.40  
Shares outstanding   124,567,950       126,537,871       128,782,878       121,449,794       121,448,321  
                   
                       
(1) Tangible common equity divided by tangible assets.                
(2) Tangible common equity divided by shares outstanding.                
                 


Contact: Matthew P. Wagner Patrick J. Rusnak
  President and CEO Executive Vice President and CFO
Phone: 310-887-8520
714-989-4705
     
Contact: Donald D. Destino
 
  Executive Vice President  
  Corporate Development and Investor Relations  
  Relations
 
Phone: 310-887-8521  

View Comments and Join the Discussion!