PacWest Bancorp Announces Results for the First Quarter 2020
PacWest Bancorp (PACW)
Last pacwest bancorp earnings: 4/21 07:00 am
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US:NASDAQ Investor Relations:
pacwestbancorp.com
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Source: GlobeNewswire
Significant Items Net Loss of $1.43 Billion, or a Loss of $12.23 Per Diluted ShareRecorded Goodwill Impairment of $1.47 BillionExcluding Goodwill Impairment, Net Earnings of $36.9 Million; $0.31 Per Diluted ShareProvision for Credit Losses of $112.0 MillionLoan and Lease Production of $790 Million; $898 Million of Net Loan GrowthCore Deposits Represents 82% of Total DepositsTax Equivalent Net Interest Margin of 4.31% Compared to 4.33% in Q4Cost of Average Total Deposits Decreased 12 Basis Points from Q4 to 59 Basis Points LOS ANGELES, April 21, 2020 (GLOBE NEWSWIRE) -- PacWest Bancorp (Nasdaq: PACW) today announced a net loss for the first quarter of 2020 of $1.43 billion, or $12.23 per diluted share, compared to net earnings for the fourth quarter of 2019 of $117.9 million, or $0.98 per diluted share. The decrease in net earnings in the first quarter was primarily due to a $1.47 billion goodwill impairment charge and a higher provision for cred
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