This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
Net Earnings of $3.1 Million or $0.06 Per Diluted Share
Net Interest Margin at 5.41%
Credit Loss Reserve at 1.73% of Total Loans and Leases
Credit Loss Reserve at 145% of Nonaccrual Loans and Leases (excludes purchased credit impaired loans)
Demand Deposits Reach 44% of Total Deposits
Core Deposits Increase to 88% of Total Deposits
Calendar Year 2013 Highlights
Net Earnings of $45.1 Million or $1.08 Per Diluted Share
Return on Average Assets and Equity of 0.74% and 6.28%
Core Deposit Growth of $727.8 Million, or 19%
Loan Growth of $720.5 Million, or 20%
LOS ANGELES, Jan. 23, 2014 (GLOBE NEWSWIRE) --
PacWest Bancorp (Nasdaq:PACW) today announced net earnings for the fourth quarter of 2013 of $3.1 million, or $0.06 per diluted share, compared to net earnings for the third quarter of 2013 of $24.2 million, or $0.53 per diluted share, and net earnings of $45.1 million for calendar year 2013, or $1.08 per diluted share, compared to $56.8 million, or $1.54 per diluted share, for calendar year 2012. For the fourth quarter of 2013, net earnings include a $12.2 million, or $0.28 per diluted share, after-tax charge for accelerated restricted stock vesting and third quarter of 2013 net earnings include a $5.2 million, or $0.12 per diluted share, after-tax acquisition-related securities gain.
This press release contains certain non-GAAP financial disclosures for adjusted earnings from continuing operations before income taxes, adjusted efficiency ratio, adjusted allowance for credit losses to loans and leases, return on average tangible equity, and tangible common equity ratio. 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. As analysts and investors view adjusted earnings from continuing operations before income taxes as an indicator of the Company's ability to both generate earnings and 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. As the allowance for credit losses takes into account credit deterioration on acquired loans and leases, which include an estimate of credit losses in their initial fair values, we disclose the adjusted allowance for credit losses to loans and leases in addition to the allowance for credit losses to loans and leases. The adjusted allowance for credit losses to loans and leases excludes acquired loans and leases and the related allowance. Given that the use of return on average tangible equity, tangible common equity amounts and ratios, and tangible book value per share is prevalent among banking regulators, investors and analysts, we disclose our return on average tangible equity in addition to return on average equity, our tangible common equity ratio in addition to the equity-to-assets ratio, and tangible book value per share in addition to book value per share. 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.