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PacWest Bancorp's pending purchase of CapitalSource has been pushed back as the deal awaits approval from the Federal Reserve Board.
March 25 -
PacWest Bancorp (PACW) of Los Angeles reported a steep decline in quarterly earnings after it took a large charge tied to stock awards.
January 23 -
Community organizations in California are urging regulators to postpone approval of PacWest Bancorp's (PACW) acquisition of CapitalSource (CSE), arguing that PacWest lacks CapitalSource's commitment to serving community needs and economically disadvantaged groups.
October 4
PacWest Bancorp (PACW) in Los Angeles reported a surge in quarterly profits as the company produced more loan revenue.
The $15.6 billion-asset company reported earnings of $25.1 million in the first quarter, up 86% from the same period a year ago. Earnings per share of 55 cents were 9 cents higher than the estimates of analysts polled by Bloomberg.
PacWest's net interest income climbed 31%, to $86 million, as the company gained more income from loans and leases and lowered expenses on deposits. The company's net interest margin climbed 55 basis points, to 5.95%.
Noninterest income rose 68%, to $4.7 million, as the company received more Federal Deposit Insurance Corp. loss-sharing income and gained more on the sale of securities. Noninterest expense climbed 15%, to $50.9 million. The increase was primarily driven by higher merger-related costs and increased compensation costs.
PacWest recovered $644,000 from its loan-loss provision, compared with a $3.1 million provision during the first quarter of 2013. It also recovered $861,000 from previously charged-off loans, nearly three times its recoveries during the prior-year period.
PacWest completed its acquisition of the $9.1 billion-asset CapitalSource, also in Los Angeles, on April 7. PacWest paid roughly $3.1 billion in the deal.
