PacWest Bancorp Announces Results For The Fourth Quarter Of 2010
Net Interest Margin Increases to 5.21% Credit Loss Reserve at 3.30% of Net Non-Covered Loans Nonaccrual Loans and Non-Performing Assets Decline Core Deposits Grow $24.2 Million
LOS ANGELES, Jan. 20, 2011 (GLOBE NEWSWIRE) -- PacWest Bancorp (Nasdaq:PACW) today announced a net loss for the fourth quarter of 2010 of $7.7 million, or $0.22 per diluted share, compared to net earnings of $3.5 million, or $0.10 per diluted share, for the third quarter of 2010. The fourth quarter included a $35.3 million ($20.5 million after-tax) credit loss provision for non-covered loans, of which $14.3 million ($8.3 million after-tax) is attributed to the Company's sale of $74.9 million of classified loans in December 2010 for $54.0 million in cash, and a $1.9 million ($1.1 million after tax) penalty for the early repayment of $50 million of FHLB advances.
As a result of loan sales and other credit management activities, our non-covered loan portfolio credit quality measures improved as shown in the following table:
|December 31,||September 30,||December 31,|
|(Dollars in thousands)|
|Nonaccrual loans||$ 94,183||$ 105,539||$ 240,167|
|Nonperforming assets||$ 119,781||$ 130,137||$ 283,422|
|Performing restructured loans||$ 89,272||$ 143,407||$ 181,454|
|Allowance for credit losses to nonaccrual loans||110.77%||95.93%||51.75%|
|Allowance for credit losses to loans, net of unearned income||3.30%||3.05%||3.35%|
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