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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,
  2010 2010 2009
  (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%

Fourth quarter earnings include the operating results of Los Padres Bank ("Los Padres"), which was acquired in an FDIC-assisted transaction on August 20, 2010 and added $3.3 million in net earnings during the quarter. Los Padres has added $3.7 million in net earnings since its acquisition.

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