PacWest Bancorp
- PacWest Bancorp declined 6.2% to $6.85 after the regional bank reported mixed quarterly results.
Total interest income increased to $446 million from $410 million, the company swung to a net loss of $33.3 million from a profit of $122 million, and diluted earnings per share dropped to ($0.28) from $1.02 a year ago.
Interest-bearing deposits increased 1% to 79%, or $26.6 billion, and cost-on-average deposits increased to 2.98% from 2.62% in the previous quarter, respectively.
At the end of the quarter, FDIC-insured deposits represented 81% of total deposits.
Total borrowings at the end of the quarter were $6.29 billion with a weighted average rate of 5.43%, reflecting $4.9 billion borrowed under the Bank Term Funding Program with a rate of 4.38%.
Securities held-for-sale declined to $4.48 billion from $5.89 billion, and securities held-to-maturity edged up to $2.28 billion from $2.26 billion a year ago.
Oct 24, 2023
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