PacWest Bancorp in Los Angeles reported higher quarterly earnings, driven by asset gains from a recent acquisition.
The $15.9 billion-asset bank said in a press release Wednesday that its third-quarter profits were $62.3 million, or 158% higher than a year ago. Earnings were 60 cents per share, missing a Bloomberg analyst poll by 9 cents.
Earnings were boosted by the bank's April acquisition of the $8.3 billion-asset CapitalSource Bank in Los Angeles.
PacWest's loan portfolio more than doubled following the deal, increasing 162%, to $11.6 billion. Net interest income jumped 129%, to $189 million.
The net interest margin was 5.78%, or 32 basis points higher than last year.
Fee-based income increased more than threefold, partially from gains on the sale of loans and leases. Noninterest income was $16.3 million, compared to $5.1 million a year ago.
Operating expenses grew 70%, to $95.6 million.