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PacWest Bancorp Reports Net Earnings of $62.3 Million for Third Quarter

PacWest Bancorp announced on Wednesday net earnings for the third quarter of 2014 of $62.3 million, or 60 cents per diluted share, compared to net earnings for the second quarter of 2014 of $10.6 million, or 10 cents per diluted share.

When certain income and expense items described below are excluded, adjusted net earnings are $68.4 million, or 66 cents per diluted share, for the third quarter of 2014 and $63.8 million, or 64 cents per diluted share, for the second quarter of 2014.

"The operating metrics of our third quarter are outstanding," President/CEO Matt Wagner said. "We originated $975 million of loans and leases resulting in annualized portfolio growth of 14 percent. Core deposits grew $269 million during the quarter, with $85 million of such growth coming from CapitalSource division borrowers. At Sept. 30, CapitalSource division borrowers had $193 million on deposit with us and our team continues to have a strong pipeline.

"On the earnings side, we posted a robust adjusted earnings of $68.4 million, or 66 cents per share, that represent a 1.73 percent return on average assets and a 15.8 percent return on average tangible equity. Our credit quality remains strong, with substantial reductions in nonaccrual and classified loans and leases. These strong operating results, along with the asset generation momentum from the CapitalSource merger, position us well for continued growth and success."

Vic Santoro, executive vice president and CFO, said, "Our net interest margin and expense control were strong in the third quarter. Our core net interest margin remains quite solid at 5.64 percent. The third quarter adjusted efficiency ratio at 43 percent held steady with the second quarter. We continue to build capital, with a tangible common equity ratio of 12.2 percent at the end of September."

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