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 - PacWest Bancorp jumped 7% to $7.71 after the company sold a $3.5 billion specialty finance portfolio of senior and secured maturities to Ares Management.
Jun 26, 2023 - PacWest Bancorp plunged 19.5% to $4.88 after the regional bank said deposits declined 9.5% for the week ended May 5.
In the first quarter, total interest income increased to $517.7 million from $322.9 million and the company swung to a net loss of $1.2 billion from a profit of $120.1 million and diluted earnings per share was ($10.22) from $1.01 a year ago.
The goodwill impairment charge of $1.38 billion led to a net loss $1.2 billion in the quarter.
The goodwill charge is a non-cash charge and had no impact on bank's regulatory capital ratios, cash flows, or liquidity position.
Total deposits decreased by $5.7 billion or 16.9% in the first quarter and most of the decrease in deposits was from uninsured deposits, which resulted in the percentage of insured deposits to total deposits to increase from 48% at December 31, 2022 to 71% of total deposits at March 31, 2023.
Following the closure and sale of First Republic Bank on May 1, during the week ended May 5, 2023, deposits declined approximately 9.5%, with a majority of that decline occurring on May 4th and May 5th after the news reports on the afternoon of May 3rd when the company was the focus of financial news across the nation.
May 11, 2023 - PacWest Bancorp, the parent of Pacific Western Bank, in focus said it has "solid liquidity and stabilized deposit balances" in its latest update to investors.
The bank's holding company said total available cash is $11.4 billion, which exceeds $9.5 billion in uninsured deposits. The bank said deposit withdrawals were $6.8 billion in the current quarter to March 20.
The bank also confirmed it borrowed $3.7 billion from the FHLB, $10.5 billion from the Federal Reserve Discount Window, and $2.1 billion in Bank Term Funding Program,
The bank said it will pursue other "liquidity enhancing measures" and decided not raise capital in the "current depressed market conditions."
Mar 22, 2023
| Year | Mar | Jun | Sep | Dec | Annual | |
|---|---|---|---|---|---|---|
| 2023 | (10.22) | - | - | - | - | |
| 2022 | 1.01 | 1.02 | 1.02 | 0.32 | 3.37 | |
| 2021 | 1.27 | 1.52 | 1.17 | 1.14 | 5.1 | |
| 2020 | -12.23 | 0.28 | 0.38 | 0.99 | -10.61 | |
| 2019 | 0.92 | 1.07 | 0.92 | 0.98 | 3.9 | |
| 2018 | 0.93 | 0.92 | 0.94 | 0.93 | 3.72 | |
| 2017 | 0.65 | 0.77 | 0.84 | 0.67 | 2.93 | |
| 2016 | 0.74 | 0.68 | 0.77 | 0.71 | 2.9 | |
| 2015 | 0.61 | 0.70 | 0.63 | 0.70 | 2.64 | |
| 2014 | 0.55 | 0.10 | 0.60 | 0.69 | 1.92 | |
| 2013 | 0.37 | 0.11 | 0.53 | 0.06 | 1.08 | |
| 2012 | 0.14 | 0.42 | 0.43 | 0.54 | 1.54 | |
| 2011 | 0.29 | 0.35 | 0.36 | 0.38 | 1.37 | |
| 2010 | -1.76 | 0.07 | 0.10 | -0.22 | -1.77 | |
| 2009 | 0.04 | -0.18 | 0.08 | -0.23 | -0.3 | |
| 2008 | -10.05 | -17.47 | 0.35 | 0.34 | -26.81 | |
| 2007 | 0.98 | 0.78 | 0.77 | 0.62 | 3.08 | |
| 2006 | 0.88 | 0.64 | 0.88 | 0.81 | 3.21 | |
| 2005 | 0.63 | 0.72 | 0.78 | 0.85 | 2.98 |