PacWest Bancorp's Exposure To The Hotel Industry Is A Source Of Concern [Seeking Alpha]
PacWest Bancorp (PACW)
Last pacwest bancorp earnings: 4/21 07:00 am
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pacwestbancorp.com
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Source: Seeking Alpha
Earnings of PacWest Bancorp (PACWHotel Industry Exposure to Drive Provisions ExpensesPACW’s significant exposure to high-risk sectors will likely boost provisions expenses this year. According to aninvestor presentation updatePACW’s loan portfolio also contains multi-family loans in California and New York. The new rent control regulations in these regions can slightly worsen credit quality but are unlikely to significantly increase provisions expenses. Similar rent regulations in the past did not have a material impact on provisions for loan losses. Mostly due to the COVID-19 implications, I’m expecting provisions expenses to increase to $80 million in 2020 from $22 million in 2019.Net Interest Income to Dip Due to Variable-Rate LoansThe federal funds rate slash will squeeze net interest margin, NIM, this year. Around 60% of PACW’s total loans are variable-rate based, which will make NIM sensitive to interest rate changes. Moreover, around 12% of the hybrid and fixed-rate loans will
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