updated 1/20/2011 9:16:31 AM ET 2011-01-20T14:16:31

Net Interest Margin Increases to 5.21%

Credit Loss Reserve at 3.30% of Net Non-Covered Loans

Nonaccrual Loans and Non-Performing Assets Decline

Core Deposits Grow $24.2 Million

LOS ANGELES, Jan. 20, 2011 (GLOBE NEWSWIRE) -- PacWest Bancorp (Nasdaq:PACW) today announced a net loss for the fourth quarter of 2010 of $7.7 million, or $0.22 per diluted share, compared to net earnings of $3.5 million, or $0.10 per diluted share, for the third quarter of 2010. The fourth quarter included a $35.3 million ($20.5 million after-tax) credit loss provision for non-covered loans, of which $14.3 million ($8.3 million after-tax) is attributed to the Company's sale of $74.9 million of classified loans in December 2010 for $54.0 million in cash, and a $1.9 million ($1.1 million after tax) penalty for the early repayment of $50 million of FHLB advances.

As a result of loan sales and other credit management activities, our non-covered loan portfolio credit quality measures improved as shown in the following table:

  December 31,  September 30,  December 31,
  2010 2010 2009
  (Dollars in thousands)
Nonaccrual loans  $ 94,183  $ 105,539  $ 240,167
Nonperforming assets  $ 119,781  $ 130,137  $ 283,422
Performing restructured loans  $ 89,272  $ 143,407  $ 181,454
Allowance for credit losses to nonaccrual loans 110.77% 95.93% 51.75%
Allowance for credit losses to loans, net of unearned income 3.30% 3.05% 3.35%

Fourth quarter earnings include the operating results of Los Padres Bank ("Los Padres"), which was acquired in an FDIC-assisted transaction on August 20, 2010 and added $3.3 million in net earnings during the quarter. Los Padres has added $3.7 million in net earnings since its acquisition.

Net loss for the year ended December 31, 2010 was $62.0 million, or $1.77 per diluted share, compared to a net loss of $9.4 million for 2009, or $0.30 per diluted share. The increase in the net loss was primarily due to higher 2010 credit loss provisions from the Company's sales of classified loans and the $67.0 million ($38.9 million after tax) gain on the Affinity Bank acquisition recorded in 2009. There was no similar gain in 2010. The credit loss provision on non-covered loans increased $37.1 million ($21.5 million after-tax) to $179.0 million. Such credit loss provision includes $85.7 million ($49.7 million after tax) related to the $398.5 million of classified loans sold in 2010.

The Company made strategic decisions in the first and fourth quarters of 2010 to sell $398.5 million of its classified loans at a discount from their carrying values. The effect of the sales was the immediate recognition of the losses as charge-offs, large reductions in the Company's classified loan balances and reduced credit risk in the Company's loan portfolio. The fourth quarter classified loan sale included $17.6 million of nonaccrual loans.

This press release contains non-GAAP financial disclosures for tangible common equity. 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. Because the use of tangible common equity amounts and ratios is becoming more prevalent among banking regulators, investors and analysts, we disclose our tangible common equity ratios in addition to equity-to-assets ratios. Please refer to the table 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.

FOURTH QUARTER RESULTS

  Three Months Ended
  December 31,  September 30, 
  2010 2010
  (Dollars in thousands, except per share data)
Financial Highlights:    
Net (loss) earnings   $ (7,688)  $ 3,500
Diluted (loss) earnings per share  $ (0.22)  $ 0.10
Annualized return on average assets (0.53%) 0.25%
Annualized return on average equity (6.15%) 2.82%
Net interest margin 5.21% 5.08%
Efficiency ratio (1) 67.4% 60.8%
     
At Quarter End:    
Allowance for credit losses to non-covered loans, net of unearned income (2) 3.30% 3.05%
Equity to assets ratios:    
PacWest Bancorp Consolidated 8.66% 8.60%
Pacific Western Bank 10.34% 10.17%
Tangible common equity ratios:    
PacWest Bancorp Consolidated 7.44% 7.39%
Pacific Western Bank 9.13% 8.98%
     
(1) FDIC loss sharing income increased the fourth quarter and reduced third quarter efficiency ratios by 116 bps and 560 bps, respectively.
(2) Non-covered loans exclude loans from the Los Padres and Affinity acquisitions covered by a loss sharing agreement with the FDIC.

The decline in fourth quarter net earnings compared to the prior quarter was due to a combination of higher net interest income, higher provision for credit losses on non-covered loans, lower FDIC loss sharing income and higher noninterest expense. The growth in net interest income was due mostly to accelerated accretion of purchase discount on covered loan payoffs and the increase in average loans from the Los Padres acquisition. The lower FDIC loss sharing income was due to a net reduction in the FDIC loss sharing asset as covered loan credit costs declined and certain covered loans, which are carried at a discount, were resolved above their carrying values. The increase in noninterest expense was due principally to the penalty on the early repayment of FHLB advances.

Net credit costs on a pre-tax basis are shown in the following table:

  Three Months Ended Year Ended
  December 31,  September 30,  December 31,
  2010 2010 2010 2009
  (In thousands)
         
Provision for credit losses on non-covered loans  $ 35,315  $ 17,050  $ 178,992  $ 141,900
         
Provision for credit losses on covered loans  2,096  7,400  39,046  18,000
Less: increase in FDIC loss sharing asset  1,677  5,920  31,237  14,400
Net credit costs on covered loans  419  1,480  7,809  3,600
         
Non-covered OREO expense  1,093  2,151  12,310  21,569
         
Covered OREO (income) expense  699  (319)  2,460  1,753
Less: OREO-related increase (decrease) in FDIC loss sharing asset  529  (409)  1,786  1,214
Net covered OREO expense  170  90  674  539
         
Total credit-related costs, net  $ 36,997  $ 20,771  $ 199,785  $ 167,608
         
Non-covered loan net charge-offs  $ 32,231  $ 9,240  $ 198,942  $ 86,412
         
Charge-offs on loans sold included in non-covered loan net charge-offs above  $ 20,942  $ --  $ 144,647  $ --

The credit loss provision for the fourth quarter had two components: $35.3 million for non-covered loans and $2.1 million for covered loans. The fourth quarter non-covered credit loss provision was driven by (a) non-covered loan net charge-offs of $32.2 million, which included $20.9 million in charge-offs from the sale of classified loans in December and (b) the level of nonaccrual and classified loans. The covered loan credit loss provision was driven by credit deterioration on covered loans since the acquisition dates. The covered loan credit loss provision was offset by an increase in the FDIC loss sharing asset, which represents the FDIC's 80% share of the provisions.

Matt Wagner, Chief Executive Officer, commented, "During the fourth quarter, we completed the sale of $74.9 million of classified loans, which, when combined with the first quarter classified loan sale and our direct workout efforts, decreased classified loans, nonaccrual loans and nonperforming assets, reduced credit risk in our loan portfolio and significantly improved coverage ratios at year-end. During 2010, we provisioned nearly $180 million to handle existing loans and to facilitate the transition and resolution of weaker credits. Our strong capital position, coupled with the earnings generation from our core franchise, gave us the flexibility to address issues directly and maintain excellent capital ratios." 

Mr. Wagner continued, "We increased core deposits significantly in the fourth quarter and in 2010, primarily through organic growth. We also completed the systems conversion for the Los Padres operation in December. Our footprint now extends from San Diego to Northern California, inland to the Desert and into Arizona, with concentration in what we believe are the most attractive business demographics in California. While we remain cautious on the economic outlook in California, economic optimism is slowly returning. We are well-positioned to take advantage of any economic recovery, serve our existing customers and attract new customers."

Vic Santoro, Executive Vice President and Chief Financial Officer, stated, "The events of the fourth quarter reflect the strengths of our core business and the positive impact of the Los Padres acquisition. Our net interest margin continued to expand, reflecting higher yield on acquired loans and our deposit cost management, which caused all-in deposit cost to drop to 0.50% for the fourth quarter. Our core deposits increased over $24 million and represented 74% of total deposits at year end. In addition to gaining a foothold in the Central Coast market, the Los Padres acquisition augmented our earnings generation ability and added $3.3 million in net earnings in the fourth quarter." 

Mr. Santoro continued, "Liquidity and capital positions remain strong. The Company's cash and available-for-sale securities, which represent 18% of assets at year-end, position us to take advantage of asset generation opportunities as they arise. Our capital position allowed us to absorb the loss from the fourth quarter classified loan sale and at the same time maintain our capital ratios significantly above the well-capitalized minimums."

YEAR TO DATE RESULTS

  Year Ended
  December 31, 
  2010 2009
  (Dollars in thousands, except per share data)
Financial Highlights:    
Net loss  $ (62,016)  $ (9,350)
Diluted loss per share  $ (1.77)  $ (0.30)
Net interest margin 5.02% 4.79%
Efficiency ratio 63.3% 55.7%

The higher net loss for the year ended December 31, 2010 compared to last year was due mostly to two factors: the 2009 gain recorded in connection with the Affinity acquisition and the higher credit loss provisions in 2010 from the Company's sales of $398.5 million of classified loans and higher non-covered loan charge-offs. When compared to 2009, 2010 shows higher net interest income of $33.3 million ($19.3 million after-tax), higher provision for credit losses of $58.1 million ($33.7 million after-tax), higher FDIC loss sharing income of $12.0 million ($7.0 million after-tax) and higher noninterest expense of $9.6 million ($5.6 million after-tax). The increases in these categories reflect the inclusion of the operating results for Affinity Bank since its August 2009 acquisition date and Los Padres Bank since its August 2010 acquisition date. 

BALANCE SHEET CHANGES

During the fourth quarter total loans declined $214.9 million on a net basis, including a $157.4 million decrease in non-covered loans, which reflected in part the $74.9 million reduction related to the classified loans sold in December. The loan portfolio continues to decline generally due to repayments, resolution activities and low loan demand. Non-covered loans, net of unearned income, were $3.2 billion at December 31, 2010 and the covered loan portfolio was $908.6 million at December 31, 2010.

Investment securities available-for-sale grew $85.2 million during the fourth quarter due primarily to the purchase of $179.0 million in government-sponsored entity pass through securities with excess cash balances. At December 31, 2010 overnight funds held at the Federal Reserve Bank totaled $26.1 million, a decrease of $42.1 million from the balance at September 30, 2010.

The activity in non-covered and covered OREO for the fourth quarter is shown in the following table:

  Three Months Ended
  December 31, 2010
  Non-Covered Covered 
  OREO OREO
  (In thousands)
Beginning of period  $ 24,598  $ 55,244
Adjustment to initial fair value  --  519
Foreclosures  3,272  20,762
Write-downs from updated appraisals  (907)  (1,974)
Reductions related to sales  (1,365)  (18,735)
End of period  $ 25,598  $ 55,816

There were no gains or losses on sales of non-covered OREO in the fourth quarter of 2010; there were, however, $2.0 million in net gains for the full year of 2010.

Total deposits declined $151.2 million during the fourth quarter to $4.6 billion at December 31, 2010 largely as a result of brokered deposit maturities and runoff of higher cost acquired time deposit accounts. Time deposits decreased $175.4 million during the fourth quarter, including brokered deposit maturities of $68.3 million, to $1.2 billion at December 31, 2010. Brokered deposits totaled $36.2 million at December 31, 2010. Core deposits, which include noninterest-bearing demand, interest checking, money market, and savings accounts, increased $24.2 million during the fourth quarter and totaled $3.4 billion at December 31, 2010, or 74% of total deposits at that date. Noninterest-bearing demand deposits declined $2.3 million during the fourth quarter to $1.5 billion and represented 32% of total deposits at December 31, 2010.

Acquired Los Padres deposits totaled $360.7 million at December 31, 2010, a $132.1 million decline since September 30, 2010.  The decline was centered in time deposits after the rates on them were reduced to market effective September 1, 2010. 

COVERED ASSETS

As part of the Los Padres and Affinity acquisitions we entered into loss sharing agreements with the FDIC that cover a substantial portion of losses incurred after the acquisition dates on loans and other real estate owned, and in the case of the Affinity acquisition, certain investment securities. 

A summary of the covered assets at December 31, 2010 and September 30, 2010 is shown in the following table.

  December 31,  September 30, 
Covered Assets 2010 2010
   (In thousands) 
Loans, net  $ 908,576  $ 966,140
Investment securities   50,437  51,125
Other real estate owned   55,816  55,244
Total covered assets   $ 1,014,829  $ 1,072,509

NET INTEREST INCOME

Net interest income was $68.5 million for the fourth quarter of 2010 compared to $65.2 million for the third quarter of 2010. The $3.3 million increase is due mostly to a $2.8 million increase in interest income attributable to higher average loans from the Los Padres acquisition, the accelerated accretion of purchase discount on the disposal of certain covered loans, and the higher average balance of investments due to securities purchases. Contributing to the increase in net interest income was a reduction in interest expense of $585,000 due mainly to rate reductions on our money market and time deposit accounts and maturities of higher cost brokered deposits. 

Net interest income grew by $33.3 million to $249.3 million for 2010 compared to 2009. This growth was due to a $20.4 million increase in interest income and a $12.9 million decline in interest expense. The increase in interest income was due to higher average balances of investment securities from the purchase of $627.9 million of government-sponsored entity pass through securities during 2010, the interest-earning assets from the Los Padres and Affinity acquisitions, and a higher average yield on loans.   The decline in interest expense was due mainly to lower rates paid on deposits and borrowings and lower average borrowings.

NET INTEREST MARGIN

Our net interest margin for the fourth quarter of 2010 was 5.21%, an increase of 13 basis points from the 5.08% posted for the third quarter of 2010. Such improvement reflects a higher yield on average loans during the fourth quarter. The yield on average loans was 6.64% for the fourth quarter of 2010 compared to 6.59% for the prior quarter.  The loan yield, earning asset yield and net interest margin are all affected by loans being placed on or removed from nonaccrual status and the acceleration of purchase discounts on covered loan pay-offs; the loan yield and net interest margin for the fourth quarter were positively impacted by 20 basis points and 16 basis points, respectively, from the combination of these items. The loan yield and net interest margin for the third quarter were positively impacted by12 basis points and 10 basis points, respectively, from these items. The cost of interest-bearing deposits and all-in deposit cost decreased 8 basis points and 5 basis points to 0.73% and 0.50%, respectively; such decreases resulted primarily from lower rates on our deposit products and maturities of higher cost brokered deposits.   

The net interest margin for 2010 was 5.02%, an increase of 23 basis points when compared to 2009. The increase is due mostly to a higher yield on average loans and lower funding costs, due principally to lower rates paid on deposits and lower average borrowings.

NONINTEREST INCOME

Noninterest income for the fourth quarter of 2010 totaled $4.6 million compared to $10.8 million for the third quarter of 2010. The $6.2 million decline was due mostly to lower FDIC loss sharing income stemming from lower credit-related costs on covered loans, OREO, and a third quarter other-than-temporary impairment (OTTI) charge on one covered investment security. There was no OTTI charge in the fourth quarter. Such decline was offset by an increase in service charges and fee income attributable to a full quarter of operations with Los Padres and an increase in rates charged for certain deposit services. Loss sharing income declined due to higher FDIC loss sharing asset write-offs as covered loans, which are carried at a discount, were resolved above their carrying values. 

Noninterest income declined in 2010 to $48.8 million from the $105.9 million earned in 2009. The $57.1 million decrease was due mainly to the $67.0 million gain on the Affinity acquisition recorded in August 2009; there was no similar gain in 2010. This was offset partially by an increase of $12.0 million in FDIC loss sharing income to $28.3 million in 2010 compared to 2009.  

NONINTEREST EXPENSE

Noninterest expense totaled $49.3 million for the fourth quarter of 2010 compared to $46.2 million for the third quarter of 2010. The $3.1 million increase was due mostly to a penalty of $1.9 million for the early repayment of $50 million in FHLB advances and an increase in other expense categories related to a full quarter of the Los Padres operations. Los Padres noninterest expense totaled $4.4 million for the fourth quarter compared to $2.1 million for the third quarter. Other professional services declined $861,000 during the fourth quarter as the third quarter included higher consulting, legal, and due diligence costs related to acquisition activity and ongoing loan workouts.

Noninterest expense includes amortization of time-based restricted stock, which is included in compensation, and intangible asset amortization. Amortization of restricted stock totaled $1.9 million for the fourth quarter of 2010, $2.1 million for the third quarter of 2010 and $8.5 million for the year ended December 31, 2010. Intangible asset amortization totaled $2.4 million for the fourth quarter of 2010, $2.4 million for the third quarter of 2010 and $9.6 million for the year ended December 31, 2010.

Noninterest expense increased $9.6 million year-over-year to $188.8 million for 2010. The growth in most expense categories was due primarily to higher overhead costs related to the Affinity and Los Padres acquisitions. Compensation increased $9.3 million due to the acquisitions and severance costs. Occupancy costs increased $1.3 million due mostly to the 10 branches added in the Affinity acquisition and 14 branches added in the Los Padres acquisition. Other professional services increased $1.7 million due mostly to higher legal costs related to loan workout activity and consulting fees for acquisitions. Other expense increased $3.5 million due mostly to higher loan-related costs from loan workouts and $2.7 million in penalties for early repayment of $175 million in FHLB advances; there were no FHLB prepayment penalties in 2009. OREO costs declined $8.6 million due mostly to higher net gains on sales and lower write-downs and costs in 2010.

CREDIT QUALITY

Although our credit risk profile improved through both the classified loan sale and ongoing portfolio workout measures, our loan portfolio, including both non-covered and covered loans, continues to experience pressure from adverse economic conditions in Southern California and other areas where our borrowers and collateral are located. We expect such situation to continue during 2011.

Credit Loss Provisions

The fourth quarter provision for credit losses totaled $37.4 million and was composed of $21.0 million on the non-covered loan portfolio, $14.3 million related to the December classified loan sale, and $2.1 million on the covered loan portfolio. The third quarter provision for credit losses totaled $24.5 million and was composed of $17.1 million on the non-covered loan portfolio and $7.4 million on the covered loan portfolio. The provision on the non-covered portfolio is generated by our allowance methodology and reflects net charge-offs, the levels of nonaccrual and classified loans, and the migration of loans into various risk classifications. The covered loan credit loss provision increases the covered loan allowance for credit losses and results from credit deterioration on covered loans since the acquisition dates.

The fourth quarter loan sale resulted in a charge-off of $20.9 million to the allowance for loan losses, of which $6.6 million had been previously provided through the Company's allowance methodology. The additional $14.3 million charge-off represents the market discount in excess of the Company's allocated allowance necessary for the loans to be sold to a third party.

Fourth quarter net charge-offs on non-covered loans totaled $32.2 million compared to third quarter net charge-offs of $9.2 million. The fourth quarter net charge-offs included $20.9 million in charge-offs from the $74.9 million of classified loans sold in December. The allowance for credit losses on the non-covered portfolio totaled $104.3 million and $101.2 million at December 31, 2010 and September 30, 2010, respectively, and represented 3.30% and 3.05% of the non-covered loan balances at those respective dates. The allowance for credit losses as a percent of nonaccrual loans was 111% at December 31, 2010.

Non-covered Nonaccrual Loans and Other Real Estate Owned

Non-covered nonperforming assets include non-covered nonaccrual loans and non-covered OREO and totaled $119.8 million at December 31, 2010 compared to $130.1 million at September 30, 2010. The $10.3 million reduction in non-covered nonperforming assets is due primarily to lower nonaccrual loans attributable to the classified loan sale in December. The ratio of non-covered nonperforming assets to non-covered loans and non-covered OREO decreased to 3.76% at December 31, 2010 from 3.89% at September 30, 2010.   

The velocity of new nonaccrual loans has slowed over the last few quarters as shown in the following chart: http://media.globenewswire.com/cache/13824/file/9460.pdf

The types and balances of non-covered loans included in the categories of nonaccrual and accruing loans past due between 30 and 89 days at December 31, 2010 and September 30, 2010 follow:

  Nonaccrual Loans (1) Accruing and Over 
  December 31, 2010 September 30, 2010 30 days Past Due (1)
    % of   % of December 31, September 30,
    Loan   Loan 2010 2010
Loan Category Balance Category Balance Category Balance Balance
  (Dollars in thousands)
SBA:            
SBA 504  $ 9,346 12.5%  $ 24,480 26.5%  $ 190  $ 500
SBA 7(a) and Express  6,518 19.7%  5,258 16.3%  423  141
Total SBA  15,864    29,738    613  641
Commercial real estate  21,805 1.1%  26,392 1.3%  1,652  1,356
Residential land  24,886 65.8%  25,463 67.8%  --   22
Commercial  16,219 2.6%  8,592 1.3%  746  1,189
Commercial construction  1,516 2.2%  1,353 1.6%  --   -- 
Residential multi-family  818 0.6%  848 0.6%  --   -- 
Residential   8,255 7.7%  9,250 8.4%  585  1,043
Residential construction  810 3.0%  814 3.0%  --   -- 
Commercial land  1,897 4.3%  1,517 3.5%  --   -- 
Other, including foreign  2,113 4.4%  1,572 3.0%  138  335
   $ 94,183 3.0%  $ 105,539 3.2%  $ 3,734  $ 4,586
             
(1) Excludes covered loans acquired from the Los Padres and Affinity acquisitions.

The $11.4 million decline in non-covered nonaccrual loans during the fourth quarter was attributable to (a) sales of $17.6 million, (b) other reductions, payoffs and returns to accrual status of $2.1 million, (c) foreclosures of $2.0 million, (d) charge-offs of $11.1 million, and (e) additions of $21.4 million.

At December 31, 2010, 73% of the nonaccrual loan total was represented by:

  1. SBA-related loans of $15.9 million.
  2. Two loans collateralized by land in Ventura County, California totaling $23.3 million. 
  3. One loan for $5.7 million secured by an out-of-state shopping center. This loan has been written down to its underlying collateral value based on the most recent appraisal. A receiver is in place to manage the property and foreclosure proceedings have commenced. 
  4. A hotel-secured loan totaling $4.2 million.  Since the loan was placed on nonaccrual, operating income from the property has improved and it is projected to return to profitability.
  5. Four industrial warehouse loans to the same borrower totaling $5.8 million.  
  6. One residential loan for $6.4 million.  The loan is collateralized by 2nd trust deeds on two single family residences in Beverly Hills, California.
  7. Two unsecured loans to the same borrower totaling $6.9 million. The borrower has notified the Bank that his cash flow is no longer sufficient to service his debt. A $6.9 million charge-off was taken in the fourth quarter and a 100% specific reserve was established for the remaining loan amount.

The details of non-covered OREO follow:

  December 31,  September 30, 
Property Type 2010 2010
  (In thousands)
Commercial real estate   $ 18,205  $ 18,920
Single family residences  2,743  2,743
Construction and land development   4,650  2,935
Total non-covered OREO  $ 25,598  $ 24,598

Covered Loans and Other Real Estate Owned

As part of the Los Padres acquisition that occurred on August 20, 2010 and the Affinity acquisition that occurred on August 28, 2009, we entered into loss sharing agreements with the FDIC that cover a substantial portion of losses incurred after the acquisition dates on loans and other real estate owned. The carrying value of loans that would normally be considered nonaccrual except for the accounting requirements regarding purchased impaired loans and other real estate owned covered by the loss sharing agreement ("covered nonaccrual loans" and "covered OREO"; collectively, "covered nonperforming assets") are as follows.

  December 31,  September 30, 
  2010 2010
   (In thousands) 
 Covered nonaccrual loans   $ 142,964  $ 171,804
 Covered OREO  55,816  55,244
 Total covered nonperforming assets   $ 198,780  $ 227,048

REGULATORY CAPITAL MEASURES ARE ABOVE THE WELL-CAPITALIZED MINIMUMS

PacWest and its wholly-owned banking subsidiary, Pacific Western Bank, each remained well capitalized at December 31, 2010 as shown in the following table.

  December 31, 2010
  Well  Pacific PacWest
  Capitalized Western Bancorp
  Requirement Bank Consolidated
Tier 1 leverage capital ratio  5.00% 8.34% 8.37%
Tier 1 risk-based capital ratio  6.00% 12.44% 12.42%
Total risk-based capital ratio 10.00% 13.72% 13.70%
Tangible common equity ratio N/A 9.13% 7.44%

ABOUT PACWEST BANCORP

PacWest Bancorp ("PacWest") is a bank holding company with $5.5 billion in assets as of December 31, 2010, with one wholly-owned banking subsidiary, Pacific Western Bank ("Pacific Western"). Through 82 full-service community banking branches, including branches of the recently acquired Los Padres Bank, Pacific Western provides commercial banking services, including real estate, construction and commercial loans, to small and medium-sized businesses. Pacific Western's branches are located in Los Angeles, Orange, Riverside, Santa Barbara, San Bernardino, San Diego, San Francisco, San Luis Obispo, San Mateo and Ventura Counties in California and Maricopa County in Arizona. Through its subsidiary BFI Business Finance and its division First Community Financial, Pacific Western also provides working capital financing to growing companies located throughout the Southwest, primarily in the states of Arizona, California and Texas. Additional information regarding PacWest Bancorp is available on the Internet at www.pacwestbancorp.com.  Information regarding Pacific Western Bank is also available on the Internet at www.pacificwesternbank.com.

FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking information about PacWest that is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. We caution readers that a number of important factors could cause actual results to differ materially from those expressed in, implied or projected by, such forward-looking statements. Risks and uncertainties include, but are not limited to: lower than expected revenues; credit quality deterioration or a reduction in real estate values could cause an increase in the allowance for credit losses and a reduction in net earnings; increased competitive pressure among depository institutions; the Company's ability to complete future acquisitions, successfully integrate such acquired entities, or achieve expected beneficial synergies and/or operating efficiencies within expected time-frames or at all; settlements with the FDIC related to our loss-sharing arrangement and other adjustments related to the Los Padres Bank and Affinity Bank acquisitions; the possibility that personnel changes will not proceed as planned; the cost of additional capital is more than expected; a change in the interest rate environment reduces interest margins; asset/liability repricing risks and liquidity risks; pending legal matters may take longer or cost more to resolve or may be resolved adversely to the Company; general economic conditions, either nationally or in the market areas in which the Company does or anticipates doing business, are less favorable than expected; environmental conditions, including natural disasters, may disrupt our business, impede our operations, negatively impact the values of collateral securing the Company's loans or impair the ability of our borrowers to support their debt obligations; the economic and regulatory effects of the continuing war on terrorism and other events of war, including the wars in Iraq and Afghanistan; legislative or regulatory requirements or changes adversely affecting the Company's business; and changes in the securities markets; regulatory approvals for any capital activities cannot be obtained on the terms expected or on the anticipated schedule; and, other risks that are described in PacWest's public filings with the U.S. Securities and Exchange Commission (the "SEC"). If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, PacWest's results could differ materially from those expressed in, implied or projected by such forward-looking statements. PacWest assumes no obligation to update such forward-looking statements.

For a more complete discussion of risks and uncertainties, investors and security holders are urged to read PacWest Bancorp's annual report on Form 10-K, quarterly reports on Form 10-Q and other reports filed by PacWest with the SEC. The documents filed by PacWest with the SEC may be obtained at PacWest Bancorp's website at www.pacwestbancorp.com or at the SEC's website at www.sec.gov . These documents may also be obtained free of charge from PacWest by directing a request to: PacWest Bancorp c/o Pacific Western Bank, 275 North Brea Boulevard, Brea, CA 92821. Attention: Investor Relations. Telephone 714-671-6800.

 
PACWEST BANCORP AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS 
(Unaudited)      
       
  December 31,  September 30,  December 31,
  2010 2010 2009
  (In thousands, except per share and share data)
ASSETS      
Cash and due from banks  $ 82,170  $ 91,615  $ 93,915
Interest-earning deposits in financial institutions  26,382  68,470  117,133
Total cash and cash equivalents  108,552  160,085  211,048
       
Non-covered securities available-for-sale  823,579  737,642  371,575
Covered securities available-for-sale  50,437  51,125  52,125
Total securities available-for-sale, at estimated fair value   874,016  788,767  423,700
Federal Home Loan Bank stock, at cost  55,040  57,332  50,429
Total investment securities  929,056  846,099  474,129
       
Non-covered loans, net of unearned income  3,161,055  3,318,409  3,707,383
Allowance for loan losses  (98,653)  (96,494)  (118,717)
Total non-covered loans, net  3,062,402  3,221,915  3,588,666
Covered loans, net  908,576  966,140  621,686
Total loans  3,970,978  4,188,055  4,210,352
       
Non-covered other real estate owned, net  25,598  24,598  43,255
Covered other real estate owned, net  55,816  55,244  27,688
Total other real estate owned  81,414  79,842  70,943
       
Premises and equipment  22,578  21,138  22,546
Goodwill   47,301  46,228  --
Core deposit and customer relationship intangibles  25,843  28,441  33,296
Cash surrender value of life insurance  66,182  65,735  66,149
FDIC loss sharing asset  116,352  141,591  112,817
Other assets  160,765  165,708  122,799
Total assets  $ 5,529,021  $ 5,742,922  $ 5,324,079
       
LIABILITIES      
Noninterest-bearing deposits  $ 1,465,562  $ 1,467,862  $ 1,302,974
Interest-bearing deposits  3,184,136  3,333,052  2,791,595
Total deposits  4,649,698  4,800,914  4,094,569
Borrowings  225,000  275,000  542,763
Subordinated debentures  129,572  129,648  129,798
Accrued interest payable and other liabilities  45,954  43,598  50,176
Total liabilities  5,050,224  5,249,160  4,817,306
STOCKHOLDERS' EQUITY (1)  478,797  493,762  506,773
Total liabilities and stockholders' equity  $ 5,529,021  $ 5,742,922  $ 5,324,079
       
(1) Includes net unrealized gain (loss) on securities       
available-for-sale, net  $ 3,969  $ 11,410  $ (104)
       
Tangible book value per share  $ 11.06  $ 11.42  $ 13.52
Book value per share  $ 13.06  $ 13.45  $ 14.47
Shares outstanding (includes unvested restricted

shares of 1,230,582 at December 31, 2010, 1,359,594

at September 30, 2010 and 1,095,417 at December 31, 2009)
 36,672,429  36,708,275  35,015,322
 
 
PACWEST BANCORP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
(Unaudited)          
           
  Three Months Ended Year Ended
  December 31,  September 30,  December 31,  December 31, 
  2010 2010 2009 2010 2009
  (In thousands, except per share data)
Interest income:          
Loans  $ 70,597  $ 68,480  $ 70,331  $ 265,136  $ 258,499
Investment securities   7,222  6,519  5,041  24,564  10,969
Deposits in financial institutions   79  131  197  584  406
Total interest income   77,898  75,130  75,569  290,284  269,874
           
Interest expense:          
Deposits   6,028  6,375  7,475  26,237  31,916
Borrowings   2,113  2,129  4,300  9,126  15,497
Subordinated debentures   1,237  1,459  1,467  5,594  6,415
Total interest expense   9,378  9,963  13,242  40,957  53,828
           
Net interest income  68,520  65,167  62,327  249,327  216,046
           
Provision for credit losses:          
Non-covered loans  35,315  17,050  34,900  178,992  141,900
Covered loans  2,096  7,400  18,000  39,046  18,000
Total provision for credit losses  37,411  24,450  52,900  218,038  159,900
           
Net interest income after provision for credit losses   31,109  40,717  9,427  31,289  56,146
           
Noninterest income:          
Service charges on deposit accounts  3,305  2,861  2,890  11,561  12,008
Other commissions and fees   1,896  1,760  1,799  7,291  6,951
Other-than-temporary impairment loss on securities  --  (874)  --  (874)  --
Increase in cash surrender value of life insurance   320  353  375  1,440  1,579
FDIC loss sharing income (expense), net  (1,277)  6,406  16,314  28,330  16,314
Other income  404  279  450  1,036  2,066
Gain from Affinity acquisition  --  --  --  --  66,989
Total noninterest income   4,648  10,785  21,828  48,784  105,907
           
Noninterest expense:          
Compensation   23,944  23,060  20,320  87,483  78,173
Occupancy   7,233  6,872  7,100  27,639  26,383
Data processing   2,556  2,121  1,831  8,538  6,946
Other professional services   1,833  2,694  2,047  8,567  6,914
Business development   570  571  663  2,463  2,541
Communications   919  811  789  3,329  2,932
Insurance and assessments   2,369  2,431  1,826  9,685  9,305
Other real estate owned, net  1,792  1,832  4,953  14,770  23,322
Intangible asset amortization   2,360  2,434  2,355  9,642  9,547
Other expense  5,710  3,348  3,329  16,687  13,141
Total noninterest expense   49,286  46,174  45,213  188,803  179,204
           
Earnings (loss) before income taxes   (13,529)  5,328  (13,958)  (108,730)  (17,151)
Income tax (expense) benefit  5,841  (1,828)  6,178  46,714  7,801
Net earnings (loss)  $ (7,688)  $ 3,500  $ (7,780)  $ (62,016)  $ (9,350)
           
Per share information:          
 Basic earning (loss) per share  $ (0.22)  $ 0.10  $ (0.23)  $ (1.77)  $ (0.30)
 Diluted earnings (loss) per share  $ (0.22)  $ 0.10  $ (0.23)  $ (1.77)  $ (0.30)
 
 
PACWEST BANCORP AND SUBSIDIARIES
AVERAGE BALANCE SHEETS AND YIELD ANALYSIS
(Unaudited)          
         
  Three Months Ended Year Ended
  December 31,  September 30,  December 31,  December 31, 
  2010 2010 2009 2010 2009
  (Dollars in Thousands)
Average Assets:          
Loans, net of unearned income  $ 4,216,088  $ 4,123,684  $ 4,439,586  $ 4,068,450  $ 4,111,379
Investment securities  886,392  757,945  421,647  675,979  258,160
Interest-earning deposits in financial institutions  116,721  208,074  298,073  226,276  144,216
Federal funds sold  --   --   279  --   135
Average interest-earning assets  5,219,201  5,089,703  5,159,585  4,970,705  4,513,890
Other assets  531,829  455,323  373,570  455,005  309,827
Average total assets  $ 5,751,030  $ 5,545,026  $ 5,533,155  $ 5,425,710  $ 4,823,717
           
Average liabilities:          
Interest checking deposits  $ 494,313  $ 466,366  $ 438,242  $ 458,703  $ 390,605
Money market deposits  1,305,199  1,246,585  1,188,939  1,230,924  981,901
Savings deposits  139,228  124,132  111,374  121,793  114,933
Time deposits  1,327,869  1,281,423  1,064,596  1,181,735  874,786
Average interest-bearing deposits  3,266,609  3,118,506  2,803,151  2,993,155  2,362,225
Borrowings  272,848  276,543  706,013  324,150  550,888
Subordinated debentures  129,621  129,683  129,829  129,703  129,901
Average interest-bearing liabilities  3,669,078  3,524,732  3,638,993  3,447,008  3,043,014
Noninterest-bearing deposits  1,538,748  1,472,366  1,318,819  1,437,493  1,245,512
Other liabilities  47,002  55,450  52,846  47,586  50,043
Average total liabilities  5,254,828  5,052,548  5,010,658  4,932,087  4,338,569
Average stockholders' equity  496,202  492,478  522,497  493,623  485,148
 Average liabilities and stockholders' equity  $ 5,751,030  $ 5,545,026  $ 5,533,155  $ 5,425,710  $ 4,823,717
           
Average deposits   $ 4,805,357  $ 4,590,872  $ 4,121,970  $ 4,430,648  $ 3,607,737
Average funding sources (1)   $ 5,207,826  $ 4,997,098  $ 4,957,812  $ 4,884,501  $ 4,288,526
           
Yield on:          
Average loans 6.64% 6.59% 6.29% 6.52% 6.29%
Average investment securities 3.23% 3.41% 4.74% 3.63% 4.25%
Average interest-earning deposits 0.27% 0.25% 0.26% 0.26% 0.28%
Average interest-earning assets 5.92% 5.86% 5.81% 5.84% 5.98%
           
Cost of:          
Average interest-bearing deposits 0.73% 0.81% 1.06% 0.88% 1.35%
Average borrowings 3.07% 3.05% 2.42% 2.82% 2.81%
Average subordinated debentures 3.79% 4.46% 4.48% 4.31% 4.94%
Average interest-bearing liabilities 1.01% 1.12% 1.44% 1.19% 1.77%
           
Interest rate spread (2) 4.91% 4.74% 4.37% 4.65% 4.21%
Net interest margin (3) 5.21% 5.08% 4.79% 5.02% 4.79%
           
Cost of average deposits (4) 0.50% 0.55% 0.72% 0.59% 0.88%
Cost of average funding sources (5) 0.71% 0.79% 1.06% 0.84% 1.26%
           
           
(1) Average funding sources is the sum of average interest-bearing liabilities plus average noninterest-bearing deposits.
(2) Interest rate spread is calculated as the yield on average interest-earning assets less the cost of average interest-bearing liabilities.
(3) Net interest rate margin is calculated as annualized net interest income divided by average interest-earning assets.
(4) Cost of average deposits is calculated as annualized interest expense on deposits divided by average deposits.
(5) Cost of average funding sources is calculated as annualized total interest expense divided by average funding sources.
       
       
PACWEST BANCORP AND SUBSIDIARIES      
DEPOSITS      
(Unaudited)      
       
  December 31,  September 30,  December 31,
Deposit Category 2010 2010 2009
  (Dollars in thousands)
Noninterest-bearing deposits  $ 1,465,562  $ 1,467,862  $ 1,302,974
Interest checking deposits  494,617  487,022  439,694
Money market deposits  1,321,780  1,303,522  1,171,386
Savings deposits  135,876  135,245  108,569
Total core deposits  3,417,835  3,393,651  3,022,623
Time deposits under $100,000  436,838  559,724  505,130
Time deposits $100,000 and over  795,025  847,539  566,816
Total time deposits  1,231,863  1,407,263  1,071,946
Total deposits   $ 4,649,698  $ 4,800,914  $ 4,094,569
       
Noninterest-bearing deposits as a percentage of total deposits 32% 31% 32%
Core deposits as a percentage of total deposits 74% 71% 74%
 
 
PACWEST BANCORP AND SUBSIDIARIES
NON-COVERED LOAN CONCENTRATION 
(Unaudited)          
           
  December 31, September 30, June 30, March 31, December 31, 
Loan Category 2010 2010 2010 2010 2009
  (In thousands)
Domestic:          
Real estate mortgage   $ 2,274,733  $ 2,368,943  $ 2,229,331  $ 2,197,295  $ 2,423,712
Commercial   663,557  708,329  709,075  720,105  781,003
Real estate construction   179,479  192,595  194,181  284,274  440,286
Consumer   25,058  28,328  30,323  28,804  32,138
Foreign:          
Commercial   21,057  22,948  25,309  26,736  34,524
Other, including real estate   1,551  1,595  1,637  1,675  1,719
Total gross non-covered loans  $ 3,165,435  $ 3,322,738  $ 3,189,856  $ 3,258,889  $ 3,713,382
 
 
PACWEST BANCORP AND SUBSIDIARIES
NON-COVERED LOAN CONCENTRATION 
REAL ESTATE MORTGAGE LOANS
(Unaudited)            
             
  December 31, 2010 September 30, 2010 December 31, 2009
    % of    % of    % of 
Loan Category Balance Total Balance Total Balance Total
  (Dollars in thousands)
Commercial real estate mortgage:            
Industrial/warehouse  $ 432,263 19.0%  $ 414,020 17.5%  $ 328,709 13.6%
Retail  374,027 16.4%  394,727 16.7%  434,902 17.9%
Office buildings  350,192 15.4%  358,858 15.1%  319,912 13.2%
Owner-occupied  263,603 11.6%  279,760 11.8%  291,198 12.0%
Hotel   156,614 6.9%  166,504 7.0%  262,556 10.8%
Healthcare  102,227 4.5%  95,311 4.0%  91,740 3.8%
Gas station  38,502 1.7%  40,008 1.7%  39,260 1.6%
Self storage  26,432 1.2%  32,235 1.4%  30,038 1.2%
Restaurant  26,463 1.2%  26,461 1.1%  26,723 1.1%
Land acquisition/development  9,649 0.4%  9,693 0.4%  9,819 0.4%
Unimproved land  1,494 0.1%  1,524 0.1%  5,485 0.2%
Other  250,068 11.0%  300,144 12.7%  268,269 11.1%
Total commercial real estate mortgage  2,031,534 89.3%  2,119,245 89.5%  2,108,611 87.0%
             
Residential real estate mortgage:            
Multi-family  81,880 3.6%  78,109 3.3%  98,137 4.0%
Mixed use  57,230 2.5%  63,472 2.7%  90,119 3.7%
Single family owner-occupied  38,025 1.7%  40,903 1.7%  53,521 2.2%
Single family nonowner-occupied  26,618 1.2%  27,872 1.2%  35,586 1.5%
HELOC's  38,823 1.7%  38,716 1.6%  37,738 1.6%
Unimproved land  623 0.0%  626 0.0%  -- 0.0%
Total residential real estate mortgage  243,199 10.7%  249,698 10.5%  315,101 13.0%
             
Total gross non-covered real estate mortgage loans  $ 2,274,733 100.0%  $ 2,368,943 100.0%  $ 2,423,712 100.0%
 
 
PACWEST BANCORP AND SUBSIDIARIES
NON-COVERED LOAN CONCENTRATION 
REAL ESTATE CONSTRUCTION LOANS
(Unaudited)            
             
  December 31, 2010 September 30, 2010 December 31, 2009
    % of    % of    % of 
Loan Category Balance Total Balance Total Balance Total
  (Dollars in thousands)
Commercial real estate construction:            
Retail  $ 20,378 11.4%  $ 21,817 11.3%  $ 46,742 10.6%
Industrial/warehouse  11,329 6.3%  9,154 4.8%  57,714 13.1%
Office buildings  3,805 2.1%  5,006 2.6%  37,300 8.5%
Owner-occupied  2,000 1.1%  3,548 1.8%  3,082 0.7%
Healthcare  4,305 2.4%  3,856 2.0%  9,773 2.2%
Gas station  -- 0.0%  -- 0.0%  12,939 2.9%
Self storage  13,191 7.3%  13,151 6.8%  17,569 4.0%
Land acquisition/development  16,983 9.5%  17,872 9.3%  16,652 3.8%
Unimproved land  26,032 14.5%  28,370 14.7%  39,377 8.9%
Other  9,062 5.0%  16,413 8.5%  24,454 5.6%
Total commercial real estate construction  107,085 59.7%  119,187 61.9%  265,602 60.3%
             
Residential real estate construction:            
Multi-family  26,474 14.8%  24,779 12.9%  38,826 8.8%
Single family owner-occupied  -- 0.0%  1,689 0.9%  11,199 2.5%
Single family nonowner-occupied  1,026 0.6%  925 0.5%  32,209 7.3%
Land acquisition/development  1,482 0.8%  1,498 0.8%  33,501 7.6%
Unimproved land  43,412 24.2%  44,517 23.1%  58,949 13.4%
Total residential real estate construction  72,394 40.3%  73,408 38.1%  174,684 39.7%
             
Total gross non-covered real estate construction loans  $ 179,479 100.0%  $ 192,595 100.0%  $ 440,286 100.0%
 
 
PACWEST BANCORP AND SUBSIDIARIES
INFORMATION ABOUT DECEMBER 2010 CLASSIFIED LOAN SALE
(Unaudited)    
     
  Classified Loan Sale
  December 2010 
  Carrying  Charge-offs 
  Values of   to Allowance
  Loans for Loan
Loan Category Sold Losses
  (In thousands)
Real estate mortgage:    
Industrial/warehouse  $ 19,526  $ 5,461
Retail  11,754  3,291
Owner-occupied  10,517  2,945
Hotel  8,926  2,499
Office building  8,778  2,458
Other  3,609  984
Total commercial   63,110  17,638
Single family nonowner-occupied  3,894  1,090
Mixed use  5,911  1,655
Total residential   9,805  2,745
Total real estate mortgage  72,915  20,383
Real estate construction - commercial retail  1,997  559
Total classified loans sold   $ 74,912  $ 20,942
     
Included in the above total:    
Nonaccrual loans  $ 17,562  
Performing restructured loans  $ 43,703  
 
 
PACWEST BANCORP AND SUBSIDIARIES
ALLOWANCE FOR CREDIT LOSSES, NONPERFORMING 
ASSETS AND CREDIT QUALITY RATIOS FOR 
NON-COVERED LOANS 
(Unaudited)      
  December 31,  September 30,  December 31,
  2010 2010 2009
  (Dollars in thousands)
Allowance for loan losses (1)  $ 98,653  $ 96,494  $ 118,717
Reserve for unfunded loan commitments (1)  5,675  4,750  5,561
Total allowance for credit losses  $ 104,328  $ 101,244  $ 124,278
       
       
Nonaccrual loans (2)   $ 94,183  $ 105,539  $ 240,167
Other real estate owned (2)  25,598  24,598  43,255
Total nonperforming assets  $ 119,781  $ 130,137  $ 283,422
       
Performing restructured loans (1)  $ 89,272  $ 143,407  $ 181,454
       
Allowance for credit losses to loans, net of unearned income 3.30% 3.05% 3.35%
Allowance for credit losses to nonaccrual loans 110.77% 95.93% 51.75%
Nonperforming assets to loans, net of unearned income, and other real estate owned 3.76% 3.89% 7.56%
Nonaccrual loans to loans, net of unearned income 2.98% 3.18% 6.48%
       
(1) Applies to non-covered loans.
(2) Excludes covered nonperforming assets from the Los Padres and Affinity acquisitions.
 
 
PACWEST BANCORP AND SUBSIDIARIES
ALLOWANCE FOR CREDIT LOSSES ROLLFORWARD 
AND NET CHARGE-OFF RATIOS FOR 
NON-COVERED LOANS (1) 
(Unaudited)          
           
  Three Months Ended Year Ended
  December 31,  September 30,  December 31,  December 31, 
  2010 2010 2009 2010 2009
  (Dollars in thousands)
Allowance for credit losses, beginning of period   $ 101,244  $ 93,434  $ 120,586  $ 124,278  $ 68,790
Loans charged-off:          
Real estate mortgage   (22,591)  (4,601)  (21,865)  (117,029)  (46,047)
Real estate construction   (1,476)  (3,032)  (5,989)  (63,590)  (28,542)
Commercial  (7,311)  (2,074)  (3,936)  (18,548)  (11,982)
Consumer   (1,469)  (218)  (48)  (3,749)  (1,180)
Foreign   (193)  (113)  --  (306)  (368)
Total loans charged off   (33,040)  (10,038)  (31,838)  (203,222)  (88,119)
Recoveries on loans charged-off:          
Real estate mortgage   25  --  37  1,222  503
Real estate construction   --  --  453  708  461
Commercial  591  319  126  1,652  548
Consumer   193  348  14  565  151
Foreign   --  131  --  133  44
Total recoveries on loans charged off   809  798  630  4,280  1,707
Net charge-offs  (32,231)  (9,240)  (31,208)  (198,942)  (86,412)
Provision for credit losses  35,315  17,050  34,900  178,992  141,900
Allowance for credit losses, end of period   $ 104,328  $ 101,244  $ 124,278  $ 104,328  $ 124,278
           
Charge-offs on loans sold included in "Loans charged-off" section of table above  $ 20,942  $ --   $ --   $ 144,647  $ -- 
           
Annualized net charge-off ratios:          
Gross net charge-offs to average loans 3.90% 1.09% 3.26% 5.94% 2.22%
Gross net charge-offs, excluding charge-offs on loans sold, to average loans 1.37% 1.09% 3.26% 1.62% 2.22%
           
(1) Applies only to non-covered loans.          

This press release contains certain non-GAAP financial disclosures for tangible capital. 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. Because the use of tangible capital amounts and ratios is becoming more prevalent among banking regulators, investors and analysts, we disclose our tangible capital ratios in addition to equity-to-assets ratios.

These non-GAAP financial measures are presented for supplemental informational purposes only for understanding the Company's operating results and should not be considered a substitute for financial information presented in accordance with United States generally accepted accounting principles (GAAP). 

The following table presents performance ratios in accordance with GAAP and a reconciliation of the non-GAAP financial measurements to the GAAP financial measurements:

 
PACWEST BANCORP AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATIONS
(Unaudited)      
       
  December 31,  September 30,  December 31, 
  2010 2010 2009
  (Dollars in thousands)
PacWest Bancorp Consolidated:      
Stockholders' equity  $ 478,797  $ 493,762  $ 506,773
Less: intangible assets  73,144  74,669  33,296
Tangible common equity  $ 405,653  $ 419,093  $ 473,477
       
Total assets  $ 5,529,021  $ 5,742,922  $ 5,324,079
Less: intangible assets  73,144  74,669  33,296
Tangible assets  $ 5,455,877  $ 5,668,253  $ 5,290,783
       
Equity to assets ratio 8.66% 8.60% 9.52%
Tangible common equity ratio (1) 7.44% 7.39% 8.95%
       
Pacific Western Bank:      
Stockholder's equity  $ 570,118  $ 582,335  $ 585,940
Less: intangible assets  73,144  74,669  33,296
Tangible common equity  $ 496,974  $ 507,666  $ 552,644
       
Total assets  $ 5,513,601  $ 5,728,353  $ 5,313,750
Less: intangible assets  73,144  74,669  33,296
Tangible assets  $ 5,440,457  $ 5,653,684  $ 5,280,454
       
Equity to assets ratio 10.34% 10.17% 11.03%
Tangible common equity ratio (1) 9.13% 8.98% 10.47%
       
(1) Calculated as tangible common equity divided by tangible assets.
CONTACT: Matthew P. Wagner
         Chief Executive Officer
         10250 Constellation Boulevard
         Suite 1640
         Los Angeles, CA 90067
         
         Phone: 310-728-1020
         Fax:   310-201-0498

         Victor R. Santoro
         Executive Vice President and CFO
         10250 Constellation Boulevard
         Suite 1640
         Los Angeles, CA 90067
 
         Phone: 310-728-1021
         Fax:   310-201-0498

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