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Net Earnings of $16.1 Million or $0.43 Per Diluted Share
Net Interest Margin at 5.58%; Core Net Interest Margin at 5.32%
Credit Loss Reserve at 2.46% of Net Non-Covered Loans and Leases and 203% of Non-Covered Nonaccrual Loans and Leases
Noninterest-Bearing Deposits at 42% and Core Deposits at 82% of Total Deposits
American Perspective Bank Acquisition Closed on August 1, 2012
Branch Sale Closed on September 21, 2012
LOS ANGELES, Oct. 17, 2012 (GLOBE NEWSWIRE) --
PacWest Bancorp (Nasdaq:PACW) today announced net earnings for the third quarter of 2012 of $16.1 million, or $0.43 per diluted share, compared to net earnings for the second quarter of 2012 of $15.6 million, or $0.42 per diluted share.
This press release contains certain non-GAAP financial disclosures for tangible common equity; pre-tax earnings before net credit costs, impairment loss on a covered security, debt termination expense, and acquisition and integration costs, which we refer to as "adjusted earnings before income taxes"; and efficiency ratios adjusted to exclude OREO expenses, FDIC loss sharing income, impairment loss on a covered security, acquisition and integration costs, and debt termination expenses. The Company uses certain 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. Given the use of tangible common equity amounts and ratios is prevalent among banking regulators, investors and analysts, we disclose our tangible common equity ratio in addition to equity-to-assets ratio. Also, as analysts and investors view adjusted earnings before income taxes as an indicator of the Company's ability to absorb credit losses, we disclose this amount in addition to pre-tax earnings. We disclose the adjusted efficiency ratio as it shows the trend in recurring overhead-related noninterest expense relative to recurring net revenues. Please refer to the tables at the end of this release for a presentation of performance ratios in accordance with GAAP and a reconciliation of the non-GAAP financial measures to the GAAP financial measures.