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$45.07 0.4  0.9%

Last Trade - 07/05/21

Sector
Financials
Size
Large Cap
Market Cap £3.82bn
Enterprise Value £4.04bn
Revenue £850.2m
Position in Universe 1354th / 6858

PacWest Bancorp Announces Results for the First Quarter of 2021

Tue 20th April, 2021 9:30pm
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LOS ANGELES, April 20, 2021 (GLOBE NEWSWIRE) --

FIRST QUARTER 2021 RESULTS

 $150.4M       $ 1.27                          $156.0M  25.67 %     
 Net Earnings  Diluted Earnings per Share      PPNR     ROATE       

FIRST QUARTER 2021 HIGHLIGHTS
* Net Earnings of $150.4 Million or $1.27 Per Diluted Share
* Core Deposits Up $3.3 Billion or 15% in 1Q21; Represents 91% of Total
Deposits
* Provision for Credit Losses Benefit of $48.0 Million in 1Q21 Compared to
Provision of $10.0 Million in 4Q20
* Net Interest Income (TE) of $264.6 Million, Compared With $262.1 Million in
4Q20
* Noninterest Income of $44.8 Million, Up 12% From 4Q20, With Continued
Strength in Warrant Income As Well As a $10.1 Million Gain on an Equity
Investment
* Noninterest Expense of $150.1 Million, Up 11% From 4Q20, Driven By Two
Months of Civic Financial Services (“Civic”) Operations, Higher
Acquisition Costs, and a Legal Settlement
* Classified and Special Mention Loans Fell $102.1 Million and $88.3 Million,
Respectively, From 4Q20
* ACL Ratio of 2.02% and ALLL Ratio of 1.54%; Excluding PPP Loans, ACL Ratio
of 2.14% and ALLL Ratio of 1.63%
* Net Charge-offs to Average Loans/Leases of 6 bps
* Cost of Deposits Decreased 3 bps to 11 bps
* Loan and Lease Production of $1.6 Billion Up From $1.1 Billion in 4Q20; WAC
of 5.39% (Excluding PPP Loans) vs. 4.41% in 4Q20
* Net Loans and Leases of $19.0 Billion, Down Slightly From 4Q20 As Production
Was Offset With Payoffs and Paydowns As Well As Further Reduction in the
Security Monitoring Portfolio
* Originated $381 Million of PPP Loans in 1Q21
* Strong Capital Position – CET1 Ratio of 10.41%
* Civic Acquisition Completed on February 1, 2021
* On March 31, 2021, Signed Agreement to Purchase the Homeowners Association
Business from MUFG Union Bank, N.A. With Approximately $4.0 Billion of
Deposits With a Cost of 8 bps; Close Expected in 4Q21
CEO COMMENTARY 
 Matt Wagner, President and CEO, commented, “Our continued focus on growing
net interest income produced strong first quarter earnings boosted by
continued deposit driven balance sheet growth and improved credit costs as a
result of improved economic conditions. Our first quarter results produced a
return on assets of 1.94% and a return on tangible equity of 25.67%.” 

 “We experienced strong deposit growth again in the first quarter driven by
outstanding growth from our venture banking clients as well as our commercial
bank. This increasing liquidity has expanded our average balance of deposits
at the Fed, which grew to $4.8 billion in the first quarter with a yield of 13
basis points. While our focus is on managing net interest income, this excess
liquidity continues to be a drag on our net interest margin, which had a
negative impact of 61 basis points in the first quarter.” 

 “Credit quality continued to improve as we experienced decreases in
nonaccrual, special mention, and classified loans and leases in the first
quarter, while net charge-offs were $2.7 million.” 

 “We closed the Civic acquisition on February 1, 2021 and in two months
Civic originated $231 million of loans. We expect Civic loan production to
remain strong and, as their loan portfolio continues to grow, it will help
sustain our loan yields and drive loan growth.” 

A chart accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/03fbe6a3-20e1-45c9-905b-ab7513e2ee6b

FINANCIAL HIGHLIGHTS

                                                                                       At or For the                                                                         At or For the                                                               
                                                                                       Three Months Ended                                                                    Three Months Ended                                                          
                                                                                       March 31,                    December 31,                  Increase                   March 31,                                            Increase               
 Financial Highlights (1)                                                                    2021                          2020                   (Decrease)                      2021                       2020                 (Decrease)             
                                                                                                                                                                                                                                                         
                                                                                       (Dollars in thousands, except per share data)                                                                                                                     
 Net earnings (loss)                                                                   $     150,406                $      116,830                $     33,576               $    150,406               $    (1,433,111  )        $     1,583,517        
 Diluted earnings (loss)                                                                                                                                                                                                                                 
 per share                                                                             $     1.27                   $      0.99                   $     0.28                 $    1.27                  $    (12.23      )        $     13.50            
 Pre-provision, pre-goodwill                                                                                                                                                                                                                             
 impairment, pre-tax net                                                                                                                                                                                                                                 
 revenue ("PPNR") (2)                                                                  $     155,962                $      163,376                $     (7,414     )         $    155,962               $    160,877              $     (4,915     )     
 Return on average assets                                                                    1.94        %                 1.58        %                0.36                      1.94        %              (21.27      )%             23.21            
 PPNR return on average                                                                                                                                                                                                                                  
 assets (2)                                                                                  2.01        %                 2.22        %                (0.21      )              2.01        %              2.39        %              (0.38      )     
 Return on average                                                                                                                                                                                                                                       
 tangible equity (2)                                                                         25.67       %                 19.63       %                6.04                      25.67       %              6.88        %              18.79            
                                                                                                                                                                                                                                                         
 Yield on average loans and                                                                                                                                                                                                                              
 leases (tax equivalent)                                                                     5.20        %                 5.15        %                0.05                      5.20        %              5.54        %              (0.34      )     
 Cost of average total                                                                                                                                                                                                                                   
 deposits                                                                                    0.11        %                 0.14        %                (0.03      )              0.11        %              0.59        %              (0.48      )     
 Net interest margin ("NIM")                                                                                                                                                                                                                             
 (tax equivalent)                                                                            3.69        %                 3.83        %                (0.14      )              3.69        %              4.31        %              (0.62      )     
 Efficiency ratio                                                                            46.4        %                 43.6        %                2.8                       46.4        %              40.6        %              5.8              
                                                                                                                                                                                                                                                         
 Total assets                                                                          $     32,856,533             $      29,498,442             $     3,358,091            $    32,856,533            $    26,143,267           $     6,713,266        
 Loans and leases held                                                                                                                                                                                                                                   
 for investment,                                                                                                                                                                                                                                         
 net of deferred fees                                                                  $     18,979,228             $      19,083,377             $     (104,149   )         $    18,979,228            $    19,745,305           $     (766,077   )     
 Noninterest-bearing                                                                                                                                                                                                                                     
 demand deposits                                                                       $     11,017,462             $      9,193,827              $     1,823,635            $    11,017,462            $    7,510,218            $     3,507,244        
 Core deposits                                                                         $     25,576,348             $      22,264,480             $     3,311,868            $    25,576,348            $    16,050,522           $     9,525,826        
 Total deposits                                                                        $     28,223,291             $      24,940,717             $     3,282,574            $    28,223,291            $    19,575,837           $     8,647,454        
                                                                                                                                                                                                                                                         
 As percentage of total                                                                                                                                                                                                                                  
 deposits:                                                                                                                                                                                                                                               
 Noninterest-bearing                                                                                                                                                                                                                                     
 demand deposits                                                                             39          %                 37          %                2                         39          %              38          %              1                
 Core deposits                                                                               91          %                 89          %                2                         91          %              82          %              9                
                                                                                                                                                                                                                                                         
 Equity to assets ratio                                                                      11.12       %                 12.19       %                (1.07      )              11.12       %              12.97       %              (1.85      )     
 Common equity tier 1                                                                                                                                                                                                                                    
 capital ratio                                                                               10.41       %                 10.53       %                (0.12      )              10.41       %              9.22        %              1.19             
 Total capital ratio                                                                         13.63       %                 13.76       %                (0.13      )              13.63       %              12.07       %              1.56             
 Tangible common equity                                                                                                                                                                                                                                  
 ratio (2)                                                                                   7.68        %                 8.78        %                (1.10      )              7.68        %              9.10        %              (1.42      )     
 Book value per share                                                                  $     30.68                  $      30.36                  $     0.32                 $    30.68                 $    28.75                $     1.93             
 Tangible book value per                                                                                                                                                                                                                                 
 share (2)                                                                             $     20.39                  $      21.05                  $     (0.66      )         $    20.39                 $    19.31                $     1.08             
                                                                                                                                                                                                                                                         
 (1) The operations of Civic are included from its February 1, 2021 acquisition date.                                                                                                                                                                    
 (2) Non-GAAP measure.                                                                                                                                                                                                                                   

INCOME STATEMENT HIGHLIGHTS

NET INTEREST INCOME

Net interest income increased by $2.1 million to $261.3 million for the first
quarter of 2021 compared to $259.2 million for the fourth quarter of 2020 due
mainly to higher income on investment securities and lower interest expense,
partially offset by lower income on loans and leases and the negative impact
on net interest income due to the change in the earning assets mix. The tax
equivalent yield on average loans and leases was 5.20% for the first quarter
of 2021 compared to 5.15% for the fourth quarter of 2020. The increase in the
tax equivalent yield on average loans and leases was primarily due to higher
loan discount accretion of $1.5 million and higher amortized loan fee income
of $2.9 million mainly from higher PPP loan forgiveness in the first quarter
of 2021 as compared to the fourth quarter of 2020.

The tax equivalent NIM was 3.69% for the first quarter of 2021 compared to
3.83% for the fourth quarter of 2020. The decrease in the NIM was primarily
due to the change in the earning assets mix. The average balance of deposits
in financial institutions increased by $1.2 billion, the average balance of
investment securities increased by $494.1 million, and the average balance of
loans and leases increased by $158.1 million in the first quarter of 2021.
This excess liquidity had a negative impact on the first quarter tax
equivalent NIM of 61 basis points.          

The cost of average total deposits decreased to 0.11% in the first quarter of
2021 from 0.14% for the fourth quarter of 2020. The lower cost of average
total deposits was due primarily to the repricing of maturing brokered time
deposits and the increased average balance of noninterest-bearing deposits.

PROVISION FOR CREDIT LOSSES

The following table presents details of the provision for credit losses for
the periods indicated:

                                                Three Months Ended                                                      
                                                March 31,                 December 31,             Increase             
 Provision for Credit Losses                          2021                       2020              (Decrease)           
                                                                                                                        
                                                                          (In thousands)                                
 (Reduction in) addition to allowance for loan                                                                          
 and lease losses                               $     (53,000  )          $      21,000            $     (74,000  )     
 Addition to (reduction in) reserve for                                                                                 
 unfunded loan commitments                            5,000                      (11,000  )              16,000         
 Total provision for credit losses              $     (48,000  )          $      10,000            $     (58,000  )     

The provision for credit losses decreased by $58.0 million to a benefit of
$48.0 million for the first quarter of 2021 compared to a $10.0 million
provision for the fourth quarter of 2020. This reduction reflected improvement
in certain key macro-economic forecast variables and decreased provisions for
individually evaluated loans and leases, partially offset by a higher
provision for unfunded commitments which grew by $526.6 million.

NONINTEREST INCOME

The following table presents details of noninterest income for the periods
indicated:

                                            Three Months Ended                                                  
                                            March 31,            December 31,               Increase            
 Noninterest Income                                2021                   2020              (Decrease)          
                                                                                                                
                                                                          (In thousands)                        
 Service charges on deposit accounts        $      2,934         $        3,119             $     (185    )     
 Other commissions and fees                        9,158                  9,974                   (816    )     
 Leased equipment income                           11,354                 9,440                   1,914         
 Gain on sale of loans and leases                  139                    1,671                   (1,532  )     
 Gain on sale of securities                        101                    4                       97            
 Other income:                                                                                                  
 Dividends and gains on equity investments         10,904                 5,064                   5,840         
 Warrant income                                    6,123                  7,299                   (1,176  )     
 Other                                             4,116                  3,279                   837           
 Total noninterest income                   $      44,829        $        39,850            $     4,979         

Noninterest income increased by $5.0 million to $44.8 million for the first
quarter of 2021 compared to $39.9 million for the fourth quarter of 2020 due
primarily to an increase of $5.8 million in dividends and gains on equity
investments and a $1.9 million increase in leased equipment income, offset
partially by decreases of $1.5 million in gain on sale of loans and leases and
$1.2 million in warrant income. The increase in dividends and gains on equity
investments was due primarily to a $10.1 million gain on one equity
investment, offset partially by lower net fair value gains on equity
investments still held. The increase in leased equipment income was due
primarily to a higher average balance of equipment leased to others under
operating leases. The decrease in the gain on sale of loans and leases
resulted from the sales of $72.6 million of loans for gains of $0.1 million in
the first quarter of 2021 compared to sales of $119.9 million for gains of
$1.7 million in the fourth quarter of 2020. The decrease in warrant income was
primarily attributable to lower gains from exercised warrants after record
gains in the fourth quarter of 2020.

NONINTEREST EXPENSE

The following table presents details of noninterest expense for the periods
indicated:

                                                    Three Months Ended                                                        
                                                    March 31,             December 31,                    Increase            
 Noninterest Expense                                       2021                  2020                     (Decrease)          
                                                                                                                              
                                                                                 (In thousands)                               
 Compensation                                       $      79,882         $      73,171                   $     6,711         
 Occupancy                                                 14,054                14,083                         (29     )     
 Data processing                                           6,957                 6,718                          239           
 Other professional services                               5,126                 6,800                          (1,674  )     
 Insurance and assessments                                 4,903                 5,064                          (161    )     
 Intangible asset amortization                             3,079                 3,172                          (93     )     
 Leased equipment depreciation                             8,969                 7,501                          1,468         
 Foreclosed assets (income) expense, net                   1                     (272            )              273           
 Acquisition, integration and reorganization costs         3,425                 1,060                          2,365         
 Customer related expense                                  4,818                 4,430                          388           
 Loan expense                                              3,193                 3,926                          (733    )     
 Other                                                     15,729                10,029                         5,700         
 Total operating expense                                   150,136               135,682                        14,454        
 Goodwill impairment                                       -                     -                              -             
 Total noninterest expense                          $      150,136        $      135,682                  $     14,454        

Noninterest expense increased by $14.5 million to $150.1 million for the first
quarter of 2021 compared to $135.7 million for the fourth quarter of 2020 due
primarily to increases of $6.7 million in compensation expense, $5.7 million
in other expense, $2.4 million in acquisition, integration and reorganization
costs, and $1.5 million in leased equipment depreciation, offset partially by
a decrease of $1.7 million in other professional expense. The increase in
compensation expense was mostly due to compensation expense related to the
Civic operations, while, in total, Civic’s noninterest expenses added $10.8
million to total noninterest expense. The increase in other expense was
largely due to a legal settlement in excess of amounts previously accrued. The
increase in acquisition, integration and reorganization costs was due to
advisory services and integration expenses related to the closed Civic
acquisition and the pending acquisition of MUFG Union Bank’s Homeowners
Association Services Division. The increase in leased equipment depreciation
was due primarily to an increase in the average balance of equipment leased to
others under operating leases. The decrease in other professional expense was
due primarily to lower consulting expense.

INCOME TAXES

The effective income tax rate was 26.3% in the first quarter of 2021 compared
to 23.8% for the fourth quarter of 2020. The increase was primarily due to
higher pre-tax income in relation to discrete items for the quarter. The
effective income tax rate for the full year 2021 is currently estimated to be
in the range of 25% to 27%.

BALANCE SHEET HIGHLIGHTS

DEPOSITS AND CLIENT INVESTMENT FUNDS

The following table presents the composition of our deposit portfolio as of
the dates indicated:

                                   March 31, 2021                  December 31, 2020                              March 31, 2020                
                                                     % of                                         % of                              % of        
 Deposit Composition               Balance           Total         Balance                        Total           Balance           Total       
                                                                                                                                                
                                                                          (Dollars in thousands)                                                
 Noninterest-bearing demand        $     11,017,462  39    %       $      9,193,827               37     %        $     7,510,218   38    %     
 Interest checking                       6,862,398   25    %              5,974,910               24     %              3,333,147   17    %     
 Money market                            7,112,610   25    %              6,532,917               26     %              4,712,118   24    %     
 Savings                                 583,878     2     %              562,826                 2      %              495,039     3     %     
 Total core deposits                     25,576,348  91    %              22,264,480              89     %              16,050,522  82    %     
 Non-core non-maturity deposits          1,162,590   4     %              1,149,467               5      %              836,157     4     %     
 Total non-maturity deposits             26,738,938  95    %              23,413,947              94     %              16,886,679  86    %     
 Time deposits $250,000 and under        940,340     3     %              994,197                 4      %              2,086,188   11    %     
 Time deposits over $250,000             544,013     2     %              532,573                 2      %              602,970     3     %     
 Total time deposits                     1,484,353   5     %              1,526,770               6      %              2,689,158   14    %     
 Total deposits                    $     28,223,291  100   %       $      24,940,717              100    %        $     19,575,837  100   %     

At March 31, 2021, core deposits totaled $25.6 billion or 91% of total
deposits, including $11.0 billion of noninterest-bearing demand deposits or
39% of total deposits. Core deposits increased by $3.3 billion or 15% in the
first quarter of 2021 driven by continued strong deposit growth from our
venture banking clients.

In addition to deposit products, we also offer alternative, non-depository
cash investment options for select clients. These alternative options include
investments managed by Pacific Western Asset Management Inc. (“PWAM”), our
registered investment advisor subsidiary, and third-party sweep products.
Total off-balance sheet client investment funds at March 31, 2021 were $1.4
billion, of which $0.9 billion was managed by PWAM.

LOANS AND LEASES

The following table presents roll forwards of loans and leases held for
investment, net of deferred fees, for the periods indicated:

                                                                                                       Three Months Ended                                        
 Roll Forward of Loans and Leases Held                                                                 March 31,                       December 31,              
 for Investment, Net of Deferred Fees (1)                                                                    2021                             2020               
                                                                                                                                                                 
                                                                                                                                                                 
                                                                                                             (Dollars in thousands)                              
 Balance, beginning of period                                                                          $     19,083,377                $      19,026,200         
 Additions:                                                                                                                                                      
 Production                                                                                                  1,612,777                        1,131,165          
 Disbursements                                                                                               1,022,986                        1,354,038          
 Total production and disbursements                                                                          2,635,763                        2,485,203          
 Reductions:                                                                                                                                                     
 Payoffs                                                                                                     (1,635,264  )                    (1,330,321  )      
 Paydowns                                                                                                    (1,067,418  )                    (957,075    )      
 Total payoffs and paydowns                                                                                  (2,702,682  )                    (2,287,396  )      
 Sales                                                                                                       (72,641     )                    (119,931    )      
 Transfers to foreclosed assets                                                                              (647        )                    (385        )      
 Charge-offs                                                                                                 (3,988      )                    (20,314     )      
 Transfers to loans held for sale                                                                            (25,554     )                    -                  
 Total reductions                                                                                            (2,805,512  )                    (2,428,026  )      
 Loans acquired through Civic acquisition                                                                    65,600                           -                  
 Net increase (decrease)                                                                                     (104,149    )                    57,177             
 Balance, end of period                                                                                $     18,979,228                $      19,083,377         
                                                                                                                                                                 
 Weighted average rate on production (2)                                                                     4.36        %                    4.41        %      
                                                                                                                                                                 
 (1) Includes direct financing leases but excludes equipment leased to others under operating leases.                                                            
 (2) The weighted average rate on production presents contractual rates on a tax equivalent basis and excludes amortized fees. Amortized fees added approximately 43 basis points to loan yields in 2021. 
                                                                                                                                                                 

Loans and leases held for investment, net of deferred fees, decreased by
$104.1 million in the first quarter of 2021 to $19.0 billion at March 31,
2021. The decrease in the loans and leases balance for the first quarter of
2021 was primarily due to a $123.5 million decrease in the security monitoring
portfolio, for which new originations have been discontinued since the fourth
quarter of 2019. The weighted average rate on first quarter of 2021 production
decreased to 4.36% due to first quarter production including $381 million of
PPP loans at a coupon rate of 1%, while the fourth quarter of 2020 included no
PPP loan production. Excluding PPP loans, the weighted average rate on new
production for the first quarter of 2021 was 5.39%.

The following table presents the composition of loans and leases held for
investment by loan portfolio segment and class, net of deferred fees, as of
the dates indicated:

                                     March 31, 2021                  December 31, 2020                  March 31, 2020                
                                                       % of                             % of                              % of        
 Loan and Lease Portfolio            Balance           Total         Balance            Total           Balance           Total       
                                                                                                                                      
                                                                     (In thousands)                                                   
 Real estate mortgage:                                                                                                                
 Commercial                          $     3,941,610   21    %       $      4,096,671   21     %        $     4,220,649   21    %     
 Income producing and other                                                                                                           
 residential                               4,045,603   21    %              3,803,265   20     %              3,788,295   19    %     
 Total real estate mortgage                7,987,213   42    %              7,899,936   41     %              8,008,944   40    %     
 Real estate construction and land:                                                                                                   
 Commercial                                990,035     5     %              1,117,121   6      %              1,087,505   6     %     
 Residential                               2,575,788   14    %              2,243,160   12     %              1,792,748   9     %     
 Total real estate construction                                                                                                       
 and land                                  3,565,823   19    %              3,360,281   18     %              2,880,253   15    %     
 Total real estate                         11,553,036  61    %              11,260,217  59     %              10,889,197  55    %     
 Commercial:                                                                                                                          
 Asset-based                               3,383,403   18    %              3,429,283   18     %              3,938,402   20    %     
 Venture capital                           1,495,798   8     %              1,698,508   9      %              2,715,837   14    %     
 Other commercial                          2,206,639   11    %              2,375,114   12     %              1,771,985   9     %     
 Total commercial                          7,085,840   37    %              7,502,905   39     %              8,426,224   43    %     
 Consumer                                  340,352     2     %              320,255     2      %              429,884     2     %     
 Total loans and leases held for                                                                                                      
 investment, net of deferred fees    $     18,979,228  100   %       $      19,083,377  100    %        $     19,745,305  100   %     
                                                                                                                                      
 Total unfunded loan commitments     $     8,127,999                 $      7,601,390                   $     7,697,724               

ALLOWANCE FOR CREDIT LOSSES

The following tables present roll forwards of the allowance for credit losses
for the periods indicated:

                       Three Months Ended March 31, 2021                                                       
                       Allowance for                Reserve for                         Total                  
 Allowance for Credit  Loan and                     Unfunded Loan                       Allowance for          
 Losses Rollforward    Lease Losses                 Commitments                         Credit Losses          
                                                                                                               
                                                           (In thousands)                                      
 Beginning balance     $      348,181               $      85,571                       $      433,752         
 Charge-offs                  (3,988   )                   -                                   (3,988   )      
 Recoveries                   1,252                        -                                   1,252           
 Net charge-offs              (2,736   )                   -                                   (2,736   )      
 Provision                    (53,000  )                   5,000                               (48,000  )      
 Ending balance        $      292,445               $      90,571                       $      383,016         
                                                                                                               
                       Three Months Ended December 31, 2020                                                    
                       Allowance for                Reserve for                         Total                  
 Allowance for Credit  Loan and                     Unfunded Loan                       Allowance for          
 Losses Rollforward    Lease Losses                 Commitments                         Credit Losses          
                                                                                                               
                                                           (In thousands)                                      
 Beginning balance     $      345,966               $      96,571                       $      442,537         
 Charge-offs                  (20,314  )                   -                                   (20,314  )      
 Recoveries                   1,529                        -                                   1,529           
 Net charge-offs              (18,785  )                   -                                   (18,785  )      
 Provision                    21,000                       (11,000         )                   10,000          
 Ending balance        $      348,181               $      85,571                       $      433,752         

The following table presents allowance for credit losses information as of and
for the dates and periods indicated:

                                                      March 31,              December 31,                            Increase             
 Allowance for Credit Losses                                2021                    2020                             (Decrease)           
                                                                                                                                          
                                                                                    (Dollars in thousands)                                
 Allowance for loan and lease losses                  $     292,445          $      348,181                          $     (55,736  )     
 Reserve for unfunded loan commitments                      90,571                  85,571                                 5,000          
 Allowance for credit losses                          $     383,016          $      433,752                          $     (50,736  )     
                                                                                                                                          
 Provision for credit losses (for the quarter)        $     (48,000  )       $      10,000                           $     (58,000  )     
 Net charge-offs (for the quarter)                    $     2,736            $      18,785                           $     (16,049  )     
 Net charge-offs to average loans and leases                                                                                              
 (for the quarter)                                          0.06     %              0.40                    %                             
 Allowance for loan and lease losses to loans                                                                                             
 and leases held for investment                             1.54     %              1.82                    %                             
 Allowance for loan and lease losses to loans                                                                                             
 and leases held for investment, excluding PPP loans        1.63     %              1.93                    %                             
 Allowance for credit losses to loans and leases                                                                                          
 held for investment                                        2.02     %              2.27                    %                             
 Allowance for credit losses to loans and leases                                                                                          
 held for investment, excluding PPP loans                   2.14     %              2.41                    %                             

The allowance for credit losses decreased by $50.7 million in the first
quarter of 2021 to $383.0 million at March 31, 2021. The decrease in the
allowance for credit losses during the first quarter of 2021 was attributable
to a provision for credit losses benefit of $48.0 million and $2.7 million in
net charge-offs.  

Net charge-offs were $2.7 million for the first quarter of 2021. Gross
charge-offs of $4.0 million were reduced by recoveries of $1.3 million.

Net charge-offs were $18.8 million for the fourth quarter of 2020. Gross
charge-offs of $20.3 million were reduced by recoveries of $1.5 million. The
most significant charge-off was $15.5 million related to a security monitoring
loan.

Security monitoring loans decreased by 38% from $329.3 million as of December
31, 2020 to $205.8 million as of March 31, 2021, as the Company continues to
actively reduce the remaining loans. As of March 31, 2021, $172.1 million or
84% of these security monitoring loans are performing and pass-rated, while
$33.7 million are classified, of which $6.1 million are on nonaccrual.

CREDIT QUALITY  

The following table presents loan and lease credit quality metrics as of the
dates indicated:

                                                        March 31,                                                                                            December 31,                      Increase              
 Credit Quality Metrics                                                                  2021                                                                          2020                    (Decrease)            
                                                                                                                                                                                                                     
                                                                                                                                                             (Dollars in thousands)                                  
 NPAs and Performing TDRs:                                                                                                                                                                                           
 Nonaccrual loans and leases held for investment (1)    $                                67,652                                                              $         91,163                  $     (23,511   )     
 Accruing loans contractually past due 90 days or more                                   -                                                                             -                             -               
 Foreclosed assets, net                                                                  14,298                                                                        14,027                        271             
 Total nonperforming assets ("NPAs")                    $                                81,950                                                              $         105,190                 $     (23,240   )     
                                                                                                                                                                                                                     
 Performing TDRs held for investment                    $                                27,999                                                              $         14,254                  $     13,745          
                                                                                                                                                                                                                     
 Nonaccrual loans and leases held for investment                                                                                                                                                                     
 to loans and leases held for investment                                                 0.36                             %                                            0.48        %                                 
 Nonperforming assets to loans and leases                                                                                                                                                                            
 held for investment and foreclosed assets                                               0.43                             %                                            0.55        %                                 
 Allowance for credit losses to nonaccrual loans                                                                                                                                                                     
 and leases held for investment                                                          566.2                            %                                            475.8       %                                 
                                                                                                                                                                                                                     
 Loan and Lease Credit Risk Ratings:                                                                                                                                                                                 
 Pass                                                   $                                18,183,114                                                          $         18,096,830              $     86,284          
 Special mention                                                                         632,997                                                                       721,285                       (88,288   )     
 Classified                                                                              163,117                                                                       265,262                       (102,145  )     
 Total loans and leases held for investment,                                                                                                                                                                         
 net of deferred fees                                   $                                18,979,228                                                          $         19,083,377              $     (104,149  )     
                                                                                                                                                                                                                     
 Classified loans and leases held for investment                                                                                                                                                                     
 to loans and leases held for investment                                                 0.86                             %                                            1.39        %                                 
                                                                                                                                                                                                                     
                                                                                                                                                                                                                     
 (1) Nonaccrual loans include guaranteed amounts of $18.4 million at March 31, 2021 and $13.9 million at December 31, 2020.                                                                                          

Since pro-actively downgrading certain loans at the onset of the pandemic in
the first quarter of 2020, special mention loans and leases have decreased
$265.7 million from their peak in the first quarter of 2020, while classified
loans and leases have decreased $130.1 million from their peak in the second
quarter of 2020, and each have continued their decline in the first quarter of
2021.

The following table presents nonaccrual loans and leases and accruing loans
and leases past due between 30 and 89 days by loan portfolio segment and class
as of the dates indicated:

                             March 31, 2021                                      December 31, 2020                       Increase (Decrease)                           
                                                              Accruing                                 Accruing                                    Accruing            
                                                              and 30-89                                and 30-89                                   and 30-89           
                                                              Days Past                                Days Past                                   Days Past           
                             Nonaccrual                       Due                Nonaccrual            Due               Nonaccrual                Due                 
                                                                                                                                                                       
                                                              (Dollars in thousands)                                                                                   
 Real estate mortgage:                                                                                                                                                 
 Commercial                  $             46,436             $      5           $       43,731        $      3,636      $     2,705               $     (3,631  )     
 Income producing and other                                                                                                                                            
 residential                               2,471                     6,339               1,826                600              645                       5,739         
 Total real estate mortgage                48,907                    6,344               45,557               4,236            3,350                     2,108         
 Real estate construction and land:                                                                                                                                    
 Commercial                                302                       -                   315                  -                (13      )                -             
 Residential                               416                       1,241               -                    759              416                       482           
 Total real estate                                                                                                                                                     
 construction and land                     718                       1,241               315                  759              403                       482           
 Commercial:                                                                                                                                                           
 Asset-based                               2,379                     -                   2,679                -                (300     )                -             
 Venture capital                           2,432                     6,750               1,980                540              452                       6,210         
 Other commercial                          12,660                    1,251               40,243               2,078            (27,583  )                (827    )     
 Total commercial                          17,471                    8,001               44,902               2,618            (27,431  )                5,383         
 Consumer                                  556                       954                 389                  1,260            167                       (306    )     
 Total held for investment   $             67,652             $      16,540      $       91,163        $      8,873      $     (23,511  )          $     7,667         

During the first quarter of 2021, nonaccrual loans and leases decreased by
$23.5 million due primarily to one security monitoring loan for $25.6 million
being moved to held for sale at March 31, 2021. The sale of this loan was
completed in early April 2021 and resulted in a gain of $1.4 million.

CAPITAL

The following table presents certain actual capital ratios and ratios
excluding PPP loans:

                                                                                                    March 31, 2021                                              
                                                                                                                         Excluding            December 31,      
                                                                                                                         PPP                  2020              
                                                                                                    Actual (1)           Loans (1)            Actual            
 PacWest Bancorp Consolidated:                                                                                                                                  
 Tier 1 leverage capital ratio                                                                      7.95    %            8.25   %      (3  )  8.55     %        
 Common equity tier 1 capital ratio                                                                 10.41   %            10.41  %             10.53    %        
 Total capital ratio                                                                                13.63   %            13.63  %             13.76    %        
 Tangible common equity ratio (2)                                                                   7.68    %            7.95   %      (3  )  8.78     %        
                                                                                                                                                                
 (1) Capital information for March 31, 2021 is preliminary.                                                                                                     
 (2) Non-GAAP measure.                                                                                                                                          
 (3) PPP loans have been excluded from total assets in denominator as they are zero risk-weighted.                                                              

ABOUT PACWEST BANCORP

PacWest Bancorp (“PacWest”) is a bank holding company with over $32
billion in assets headquartered in Los Angeles, California, with an executive
office in Denver, Colorado, with one wholly-owned banking subsidiary, Pacific
Western Bank (the “Bank”). The Bank has 70 full-service branches located
in California, one branch located in Durham, North Carolina, and one branch
located in Denver, Colorado. The Bank provides community banking products
including lending and comprehensive deposit and treasury management services
to small and medium-sized businesses conducted primarily through our
California-based branch offices and Denver, Colorado branch office. The Bank
offers national lending products including asset-based, equipment, and real
estate loans and treasury management services to established middle-market
businesses on a national basis. The Bank also offers venture banking products
including a comprehensive suite of financial services focused on
entrepreneurial and venture-backed businesses and their venture capital and
private equity investors, with offices located in key innovative hubs across
the United States. For more information about PacWest Bancorp or Pacific
Western Bank, visit www.pacwest.com.

FORWARD LOOKING STATEMENTS

This communication 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. Statements that are not historical or current facts, including
statements about future financial and operational results, expectations, or
intentions are forward-looking statements. Such statements are based on
information available at the time of the communication and are based on
current beliefs and expectations of the Company’s management and are subject
to significant risks, uncertainties and contingencies, many of which are
beyond our control. The COVID-19 pandemic is adversely affecting PacWest, its
employees, customers and third-party service providers, and the ultimate
extent of the impacts on its business, financial position, results of
operations, liquidity and prospects is uncertain. The length of the COVID-19
pandemic and the severity of its impact on key macro-economic indicators such
as unemployment and GDP may have a material impact on our allowance for credit
losses and related provision for credit losses. Continued deterioration in
general business and economic conditions could adversely affect PacWest’s
revenues and the values of its assets, including goodwill, and liabilities,
lead to a tightening of credit, and increase stock price volatility. In
addition, PacWest’s results could be adversely affected by changes in
interest rates, sustained high unemployment rates, deterioration in the credit
quality of its loan portfolio or in the value of the collateral securing those
loans, deterioration in the value of its investment securities, the magnitude
of individual loan losses on security monitoring loans, and legal and
regulatory developments. Actual results may differ materially from those set
forth or implied in the forward-looking statements due to a variety of
factors, including the risk factors described in documents filed by PacWest
with the U.S. Securities and Exchange Commission.

We are under no obligation (and expressly disclaim any such obligation) to
update or alter our forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by law.

                                                                                                                                                         
 PACWEST BANCORP AND SUBSIDIARIES                                                                                                                        
 CONDENSED CONSOLIDATED BALANCE SHEET                                                                                                                    
                                                                                                                                                         
                                                          March 31,                         December 31,                      March 31,                  
                                                                 2021                              2020                              2020                
                                                                                                                                                         
                                                          (Dollars in thousands, except per share data)                                                  
 ASSETS:                                                                                                                                                 
 Cash and due from banks                                  $      177,199                    $      150,464                    $      172,570             
 Interest-earning deposits in financial institutions             5,517,667                         3,010,197                         439,690             
 Total cash and cash equivalents                                 5,694,866                         3,160,661                         612,260             
                                                                                                                                                         
 Securities available-for-sale, at estimated fair value          5,941,690                         5,235,591                         3,757,663           
 Federal Home Loan Bank stock, at cost                           17,250                            17,250                            54,244              
 Total investment securities                                     5,958,940                         5,252,841                         3,811,907           
                                                                                                                                                         
 Loans held for sale                                             25,554                            -                                 -                   
                                                                                                                                                         
 Gross loans and leases held for investment                      19,055,165                        19,153,357                        19,806,394          
 Deferred fees, net                                              (75,937      )                    (69,980      )                    (61,089      )      
 Total loans and leases held for investment,                                                                                                             
 net of deferred fees                                            18,979,228                        19,083,377                        19,745,305          
 Allowance for loan and lease losses                             (292,445     )                    (348,181     )                    (221,292     )      
 Total loans and leases held for investment, net                 18,686,783                        18,735,196                        19,524,013          
                                                                                                                                                         
 Equipment leased to others under operating leases               327,413                           333,846                           306,530             
 Premises and equipment, net                                     39,622                            39,234                            39,799              
 Foreclosed assets, net                                          14,298                            14,027                            1,701               
 Goodwill                                                        1,204,092                         1,078,670                         1,078,670           
 Core deposit and customer relationship intangibles, net         21,312                            23,641                            34,446              
 Other assets                                                    883,653                           860,326                           733,941             
 Total assets                                             $      32,856,533                 $      29,498,442                 $      26,143,267          
                                                                                                                                                         
 LIABILITIES:                                                                                                                                            
 Noninterest-bearing deposits                             $      11,017,462                 $      9,193,827                  $      7,510,218           
 Interest-bearing deposits                                       17,205,829                        15,746,890                        12,065,619          
 Total deposits                                                  28,223,291                        24,940,717                        19,575,837          
 Borrowings                                                      19,750                            5,000                             2,295,000           
 Subordinated debentures                                         465,814                           465,812                           458,994             
 Accrued interest payable and other liabilities                  493,541                           491,962                           423,047             
 Total liabilities                                               29,202,396                        25,903,491                        22,752,878          
 STOCKHOLDERS' EQUITY (1)                                        3,654,137                         3,594,951                         3,390,389           
 Total liabilities and stockholders’ equity               $      32,856,533                 $      29,498,442                 $      26,143,267          
                                                                                                                                                         
 Book value per share                                     $      30.68                      $      30.36                      $      28.75               
 Tangible book value per share (2)                        $      20.39                      $      21.05                      $      19.31               
 Shares outstanding                                              119,105,642                       118,414,853                       117,916,789         
                                                                                                                                                         
 (1) Includes net unrealized gain on securities                                                                                                          
 available-for-sale, net                                  $      106,381                    $      172,523                    $      90,916              
 (2) Non-GAAP measure.                                                                                                                                   



                                                                                                                                                          
 PACWEST BANCORP AND SUBSIDIARIES                                                                                                                         
 CONDENSED CONSOLIDATED STATEMENT OF EARNINGS (LOSS)                                                                                                      
                                                                                                                                                          
                                              Three Months Ended                                                                                          
                                              March 31,                                           December 31,                  March 31,                 
                                                             2021                                        2020                          2020               
                                                                                                                                                          
                                              (Dollars in thousands, except per share data)                                                               
 Interest income:                                                                                                                                         
 Loans and leases                             $              241,544                              $      242,198                $      262,278            
 Investment securities                                       30,265                                      28,843                        27,446             
 Deposits in financial institutions                          1,528                                       1,135                         1,608              
 Total interest income                                       273,337                                     272,176                       291,332            
                                                                                                                                                          
 Interest expense:                                                                                                                                        
 Deposits                                                    7,500                                       8,454                         28,247             
 Borrowings                                                  193                                         37                            6,778              
 Subordinated debentures                                     4,375                                       4,477                         6,560              
 Total interest expense                                      12,068                                      12,968                        41,585             
                                                                                                                                                          
 Net interest income                                         261,269                                     259,208                       249,747            
 Provision for credit losses                                 (48,000        )                            10,000                        112,000            
 Net interest income after provision                                                                                                                      
 for credit losses                                           309,269                                     249,208                       137,747            
                                                                                                                                                          
 Noninterest income:                                                                                                                                      
 Service charges on deposit accounts                         2,934                                       3,119                         2,658              
 Other commissions and fees                                  9,158                                       9,974                         9,721              
 Leased equipment income                                     11,354                                      9,440                         12,251             
 Gain on sale of loans and leases                            139                                         1,671                         87                 
 Gain on sale of securities                                  101                                         4                             182                
 Other income                                                21,143                                      15,642                        4,201              
 Total noninterest income                                    44,829                                      39,850                        29,100             
                                                                                                                                                          
 Noninterest expense:                                                                                                                                     
 Compensation                                                79,882                                      73,171                        61,282             
 Occupancy                                                   14,054                                      14,083                        14,207             
 Data processing                                             6,957                                       6,718                         6,454              
 Other professional services                                 5,126                                       6,800                         4,258              
 Insurance and assessments                                   4,903                                       5,064                         4,249              
 Intangible asset amortization                               3,079                                       3,172                         3,948              
 Leased equipment depreciation                               8,969                                       7,501                         7,205              
 Foreclosed assets (income) expense, net                     1                                           (272     )                    66                 
 Acquisition, integration and                                                                                                                             
 reorganization costs                                        3,425                                       1,060                         -                  
 Customer related expense                                    4,818                                       4,430                         3,932              
 Loan expense                                                3,193                                       3,926                         2,650              
 Goodwill impairment                                         -                                           -                             1,470,000          
 Other expense                                               15,729                                      10,029                        9,719              
 Total noninterest expense                                   150,136                                     135,682                       1,587,970          
                                                                                                                                                          
 Earnings (loss) before income taxes                         203,962                                     153,376                       (1,421,123  )      
 Income tax expense                                          53,556                                      36,546                        11,988             
 Net earnings (loss)                          $              150,406                              $      116,830                $      (1,433,111  )      
                                                                                                                                                          
 Basic and diluted earnings (loss) per share  $              1.27                                 $      0.99                   $      (12.23      )      
 Dividends declared and paid per share        $              0.25                                 $      0.25                   $      0.60               
                                                                                                                                                          



                                                                                                                                                                                                                          
 PACWEST BANCORP AND SUBSIDIARIES                                                                                                                                                                                         
 NET EARNINGS (LOSS) PER SHARE CALCULATIONS                                                                                                                                                                               
                                                                                                                                                                                                                          
                                                                                            Three Months Ended                                                                                                            
                                                                                            March 31,                December 31,               September 30,              June 30,               March 31,               
                                                                                                  2021                      2020                       2020                     2020                    2020              
                                                                                                                                                                                                                          
                                                                                            (In thousands, except per share data)                                                                                         
 Basic Earnings (Loss) Per Share:                                                                                                                                                                                         
 Net earnings (loss)                                                                        $     150,406            $      116,830             $      45,503              $    33,204            $     (1,433,111  )     
 Less: earnings allocated to                                                                                                                                                                                              
 unvested restricted stock (1)                                                                    (2,355   )                (1,398   )                 (578     )               (362     )              (939        )     
 Net earnings (loss) allocated to                                                                                                                                                                                         
 common shares                                                                              $     148,051            $      115,432             $      44,925              $    32,842            $     (1,434,050  )     
                                                                                                                                                                                                                          
 Weighted-average basic shares                                                                                                                                                                                            
 and unvested restricted stock                                                                                                                                                                                            
 outstanding                                                                                      118,852                   118,446                    118,438                  118,192                 118,775           
 Less: weighted-average unvested                                                                                                                                                                                          
 restricted stock outstanding                                                                     (2,003   )                (1,652   )                 (1,684   )               (1,606   )              (1,495      )     
 Weighted-average basic shares                                                                                                                                                                                            
 outstanding                                                                                      116,849                   116,794                    116,754                  116,586                 117,280           
                                                                                                                                                                                                                          
 Basic earnings (loss) per share                                                            $     1.27               $      0.99                $      0.38                $    0.28              $     (12.23      )     
                                                                                                                                                                                                                          
 Diluted Earnings (Loss) Per Share:                                                                                                                                                                                       
 Net earnings (loss) allocated to                                                                                                                                                                                         
 common shares                                                                              $     148,051            $      115,432             $      44,925              $    32,842            $     (1,434,050  )     
                                                                                                                                                                                                                          
 Weighted-average diluted shares                                                                                                                                                                                          
 outstanding                                                                                      116,849                   116,794                    116,754                  116,586                 117,280           
                                                                                                                                                                                                                          
 Diluted earnings (loss) per share                                                          $     1.27               $      0.99                $      0.38                $    0.28              $     (12.23      )     
                                                                                                                                                                                                                          
 (1) Represents cash dividends paid to holders of unvested stock, net of forfeitures, plus                                                                                                                                
 undistributed earnings amounts available to holders of unvested restricted stock, if any.                                                                                                                                

 

 PACWEST BANCORP AND SUBSIDIARIES                                                                                                                                                                                                                                                                                                                                           
 AVERAGE BALANCE SHEET AND YIELD ANALYSIS                                                                                                                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                          Three Months Ended                                                                                                                                                                                                                
                                                                                                                                          March 31, 2021                                                                                                                    December 31, 2020                                 March 31, 2020                                
                                                                                                                                                                                                                                            Interest        Average                           Interest        Average                           Interest        Average     
                                                                                                                                          Average                                                                                           Income/         Yield/          Average           Income/         Yield/          Average           Income/         Yield/      
                                                                                                                                          Balance                                                                                           Expense         Cost            Balance           Expense         Cost            Balance           Expense         Cost        
                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                            (Dollars in thousands)                                                                                                          
 Assets:                                                                                                                                                                                                                                                                                                                                                                    
 Loans and leases (1)(2)                                                                                                                  $                                                18,927,314                                       $      242,846  5.20  %         $     18,769,214  $      243,188  5.15  %         $     19,065,035  $      262,764  5.54  %     
 Investment securities (3)                                                                                                                                                                 5,383,140                                               32,329   2.44  %               4,888,993          30,757   2.50  %               3,853,217          28,641   2.99  %     
 Deposits in financial                                                                                                                                                                                                                                                                                                                                                      
 institutions                                                                                                                                                                              4,790,231                                               1,528    0.13  %               3,576,335          1,135    0.13  %               537,384            1,608    1.20  %     
 Total interest-earning                                                                                                                                                                                                                                                                                                                                                     
 assets (1)                                                                                                                                                                                29,100,685                                              276,703  3.86  %               27,234,542         275,080  4.02  %               23,455,636         293,013  5.02  %     
 Other assets                                                                                                                                                                              2,315,197                                                                              2,100,247                                         3,643,404                               
 Total assets                                                                                                                             $                                                31,415,882                                                                       $     29,334,789                                  $     27,099,040                              
                                                                                                                                                                                                                                                                                                                                                                            
 Liabilities and                                                                                                                                                                                                                                                                                                                                                            
 Stockholders' Equity:                                                                                                                                                                                                                                                                                                                                                      
 Interest checking                                                                                                                        $                                                6,401,869                                               2,232    0.14  %         $     5,191,435          2,064    0.16  %         $     3,466,812          7,135    0.83  %     
 Money market                                                                                                                                                                              7,975,996                                               3,278    0.17  %               7,636,220          3,225    0.17  %               5,247,866          10,016   0.77  %     
 Savings                                                                                                                                                                                   572,959                                                 35       0.02  %               567,646            35       0.02  %               497,959            160      0.13  %     
 Time                                                                                                                                                                                      1,493,267                                               1,955    0.53  %               1,650,150          3,130    0.75  %               2,684,143          10,936   1.64  %     
 Total interest-bearing                                                                                                                                                                                                                                                                                                                                                     
 deposits                                                                                                                                                                                  16,444,091                                              7,500    0.18  %               15,045,451         8,454    0.22  %               11,896,780         28,247   0.95  %     
 Borrowings                                                                                                                                                                                226,053                                                 193      0.35  %               237,098            37       0.06  %               2,026,749          6,778    1.35  %     
 Subordinated debentures                                                                                                                                                                   466,101                                                 4,375    3.81  %               463,951            4,477    3.84  %               458,399            6,560    5.76  %     
 Total interest-bearing                                                                                                                                                                                                                                                                                                                                                     
 liabilities                                                                                                                                                                               17,136,245                                              12,068   0.29  %               15,746,500         12,968   0.33  %               14,381,928         41,585   1.16  %     
 Noninterest-bearing                                                                                                                                                                                                                                                                                                                                                        
 demand deposits                                                                                                                                                                           10,173,459                                                                             9,589,789                                         7,357,717                               
 Discontinued operations                                                                                                                                                                   -                                                                                      -                                                 1,583                                   
 Total other liabilities                                                                                                                                                                   488,930                                                                                462,075                                           401,034                                 
 Other liabilities                                                                                                                                                                         488,930                                                                                462,075                                           402,617                                 
 Total liabilities                                                                                                                                                                         27,798,634                                                                             25,798,364                                        22,142,262                              
 Stockholders' equity                                                                                                                                                                      3,617,248                                                                              3,536,425                                         4,956,778                               
 Total liabilities and                                                                                                                                                                                                                                                                                                                                                      
 stockholders' equity                                                                                                                     $                                                31,415,882                                                                       $     29,334,789                                  $     27,099,040                              
 Net interest income (1)                                                                                                                                                                                                                    $      264,635                                    $      262,112                                    $      251,428              
 Net interest spread (1)                                                                                                                                                                                                                                    3.57  %                                           3.69  %                                           3.86  %     
 Net interest margin (1)                                                                                                                                                                                                                                    3.69  %                                           3.83  %                                           4.31  %     
                                                                                                                                                                                                                                                                                                                                                                            
 Total deposits (4)                                                                                                                       $                                                26,617,550                                       $      7,500    0.11  %         $     24,635,240  $      8,454    0.14  %         $     19,254,497  $      28,247   0.59  %     
                                                                                                                                                                                                                                                                                                                                                                            
 (1) Tax equivalent.                                                                                                                                                                                                                                                                                                                                                        
 (2) Includes discount accretion on acquired loans of $5.4 million, $3.8 million, and $4.8 million for the three months ended March 31, 2021,                                                                                                                                                                                                                               
 December 31, 2020, and March 31, 2020, respectively.                                                                                                                                                                                                                                                                                                                       
 (3) Includes tax-equivalent adjustments of $2.1 million, $1.9 million, and $1.2 million for the three months ended March 31, 2021,                                                                                                                                                                                                                                         
 December 31, 2020, and March 31, 2020 related to tax-exempt income on investment securities.                                                                                                                                                                                                                                                                               
 The federal statutory tax rate utilized was 21%.                                                                                                                                                                                                                                                                                                                           
 (4) Total deposits is the sum of total interest-bearing deposits and noninterest-bearing demand deposits. The cost of total deposits is                                                                                                                                                                                                                                    
 calculated as annualized interest expense on total deposits divided by average total deposits.                                                                                                                                                                                                                                                                             



 PACWEST BANCORP AND SUBSIDIARIES                                                                                                                                                                         
 FIVE QUARTER BALANCE SHEET                                                                                                                                                                               
                                                                                                                                                                                                          
                                             March 31,                               December 31,                    September 30,                   June 30,                    March 31,                
                                                        2021                                2020                            2020                          2020                         2020               
                                                                                                                                                                                                          
                                             (Dollars in thousands, except per share data)                                                                                                                
 ASSETS:                                                                                                                                                                                                  
 Cash and due from banks                     $          177,199                      $      150,464                  $      187,176                  $    174,059                $     172,570            
 Interest-earning deposits in financial                                                                                                                                                                   
 institutions                                           5,517,667                           3,010,197                       2,766,020                     1,747,077                    439,690            
 Total cash and cash equivalents                        5,694,866                           3,160,661                       2,953,196                     1,921,136                    612,260            
                                                                                                                                                                                                          
 Securities available-for-sale                          5,941,690                           5,235,591                       4,532,614                     3,851,141                    3,757,663          
 Federal Home Loan Bank stock                           17,250                              17,250                          17,250                        17,250                       54,244             
 Total investment securities                            5,958,940                           5,252,841                       4,549,864                     3,868,391                    3,811,907          
                                                                                                                                                                                                          
 Loans held for sale                                    25,554                              -                               -                             -                            -                  
                                                                                                                                                                                                          
 Gross loans and leases held for investment             19,055,165                          19,153,357                      19,101,680                    19,780,476                   19,806,394         
 Deferred fees, net                                     (75,937      )                      (69,980      )                  (75,480      )                (85,845      )               (61,089      )     
 Total loans and leases held for                                                                                                                                                                          
 investment, net of deferred fees                       18,979,228                          19,083,377                      19,026,200                    19,694,631                   19,745,305         
 Allowance for loan and lease losses                    (292,445     )                      (348,181     )                  (345,966     )                (301,050     )               (221,292     )     
 Total loans and leases held for                                                                                                                                                                          
 investment, net                                        18,686,783                          18,735,196                      18,680,234                    19,393,581                   19,524,013         
                                                                                                                                                                                                          
 Equipment leased to others under                                                                                                                                                                         
 operating leases                                       327,413                             333,846                         286,425                       295,191           -          306,530            
 Premises and equipment, net                            39,622                              39,234                          40,544                        42,299                       39,799             
 Foreclosed assets, net                                 14,298                              14,027                          13,747                        1,449                        1,701              
 Goodwill                                               1,204,092                           1,078,670                       1,078,670                     1,078,670                    1,078,670          
 Core deposit and customer relationship                                                                                                                                                                   
 intangibles, net                                       21,312                              23,641                          26,813                        30,564                       34,446             
 Other assets                                           883,653                             860,326                         797,223                       734,457                      733,941            
 Total assets                                $          32,856,533                   $      29,498,442               $      28,426,716               $    27,365,738             $     26,143,267         
                                                                                                                                                                                                          
 LIABILITIES:                                                                                                                                                                                             
 Noninterest-bearing deposits                $          11,017,462                   $      9,193,827                $      9,346,744                $    8,629,543              $     7,510,218          
 Interest-bearing deposits                              17,205,829                          15,746,890                      14,618,951                    14,299,036                   12,065,619         
 Total deposits                                         28,223,291                          24,940,717                      23,965,695                    22,928,579                   19,575,837         
 Borrowings                                             19,750                              5,000                           60,000                        60,000                       2,295,000          
 Subordinated debentures                                465,814                             465,812                         463,282                       460,772                      458,994            
 Accrued interest payable and other                                                                                                                                                                       
 liabilities                                            493,541                             491,962                         451,508                       463,489                      423,047            
 Total liabilities                                      29,202,396                          25,903,491                      24,940,485                    23,912,840                   22,752,878         
 STOCKHOLDERS' EQUITY (1)                               3,654,137                           3,594,951                       3,486,231                     3,452,898                    3,390,389          
 Total liabilities and stockholders’                                                                                                                                                                      
 equity                                      $          32,856,533                   $      29,498,442               $      28,426,716               $    27,365,738             $     26,143,267         
                                                                                                                                                                                                          
 Book value per share                        $          30.68                        $      30.36                    $      29.42                    $    29.17                  $     28.75              
 Tangible book value per share (2)           $          20.39                        $      21.05                    $      20.09                    $    19.80                  $     19.31              
 Shares outstanding                                     119,105,642                         118,414,853                     118,489,927                   118,374,603                  117,916,789        
                                                                                                                                                                                                          
 (1) Includes net unrealized gain on                                                                                                                                                                      
 securities available-for-sale, net          $          106,381                      $      172,523                  $      155,474                  $    145,038                $     90,916             
 (2) Non-GAAP measure.                                                                                                                                                                                    



 PACWEST BANCORP AND SUBSIDIARIES                                                                                                                                                            
 FIVE QUARTER STATEMENT OF EARNINGS (LOSS)                                                                                                                                                   
                                                                                                                                                                                             
                                              Three Months Ended                                                                                                                             
                                              March 31,                                   December 31,                September 30,          June 30,                March 31,               
                                                           2021                                  2020                          2020               2020                     2020              
                                                                                                                                                                                             
                                              (Dollars in thousands, except per share data)                                                                                                  
 Interest income:                                                                                                                                                                            
 Loans and leases                             $            241,544                        $      242,198              $        240,811       $    247,851            $     262,278           
 Investment securities                                     30,265                                28,843                        24,443             26,038                   27,446            
 Deposits in financial institutions                        1,528                                 1,135                         654                186                      1,608             
 Total interest income                                     273,337                               272,176                       265,908            274,075                  291,332           
                                                                                                                                                                                             
 Interest expense:                                                                                                                                                                           
 Deposits                                                  7,500                                 8,454                         9,887              13,075                   28,247            
 Borrowings                                                193                                   37                            27                 1,319                    6,778             
 Subordinated debentures                                   4,375                                 4,477                         4,670              5,402                    6,560             
 Total interest expense                                    12,068                                12,968                        14,584             19,796                   41,585            
                                                                                                                                                                                             
 Net interest income                                       261,269                               259,208                       251,324            254,279                  249,747           
 Provision for credit losses                               (48,000      )                        10,000                        97,000             120,000                  112,000           
 Net interest income after provision                                                                                                                                                         
 for credit losses                                         309,269                               249,208                       154,324            134,279                  137,747           
                                                                                                                                                                                             
 Noninterest income:                                                                                                                                                                         
 Service charges on deposit accounts                       2,934                                 3,119                         2,570              2,004                    2,658             
 Other commissions and fees                                9,158                                 9,974                         10,541             10,111                   9,721             
 Leased equipment income                                   11,354                                9,440                         9,900              12,037                   12,251            
 Gain on sale of loans and leases                          139                                   1,671                         35                 346                      87                
 Gain on sale of securities                                101                                   4                             5,270              7,715                    182               
 Other income                                              21,143                                15,642                        9,936              6,645                    4,201             
 Total noninterest income                                  44,829                                39,850                        38,252             38,858                   29,100            
                                                                                                                                                                                             
 Noninterest expense:                                                                                                                                                                        
 Compensation                                              79,882                                73,171                        75,131             61,910                   61,282            
 Occupancy                                                 14,054                                14,083                        14,771             14,494                   14,207            
 Data processing                                           6,957                                 6,718                         6,505              7,102                    6,454             
 Other professional services                               5,126                                 6,800                         4,713              4,146                    4,258             
 Insurance and assessments                                 4,903                                 5,064                         3,939              9,373                    4,249             
 Intangible asset amortization                             3,079                                 3,172                         3,751              3,882                    3,948             
 Leased equipment depreciation                             8,969                                 7,501                         7,057              7,102                    7,205             
 Foreclosed assets (income) expense, net                   1                                     (272     )                    335                (146     )               66                
 Acquisition, integration and                                                                                                                                                                
 reorganization costs                                      3,425                                 1,060                         -                  -                        -                 
 Customer related expense                                  4,818                                 4,430                         4,762              4,408                    3,932             
 Loan expense                                              3,193                                 3,926                         3,499              3,379                    2,650             
 Goodwill impairment                                       -                                     -                             -                  -                        1,470,000         
 Other expense                                             15,729                                10,029                        8,939              11,315                   9,719             
 Total noninterest expense                                 150,136                               135,682                       133,402            126,965                  1,587,970         
                                                                                                                                                                                             
 Earnings (loss) before income taxes                       203,962                               153,376                       59,174             46,172                   (1,421,123  )     
 Income tax expense                                        53,556                                36,546                        13,671             12,968                   11,988            
 Net earnings (loss)                          $            150,406                        $      116,830              $        45,503        $    33,204             $     (1,433,111  )     
                                                                                                                                                                                             
 Basic and diluted earnings (loss) per share  $            1.27                           $      0.99                 $        0.38          $    0.28               $     (12.23      )     
 Dividends declared and paid per share        $            0.25                           $      0.25                 $        0.25          $    0.25               $     0.60              



 PACWEST BANCORP AND SUBSIDIARIES                                                                                                                                                                      
 FIVE QUARTER SELECTED FINANCIAL DATA                                                                                                                                                                  
                                                                                                                                                                                                       
                                           At or For the Three Months Ended                                                                                                                            
                                           March 31,                               December 31,                  September 30,                       June 30,                  March 31,               
                                                       2021                               2020                             2020                           2020                       2020              
                                                                                                                                                                                                       
                                                                                                                 (Dollars in thousands)                                                                
 Performance Ratios:                                                                                                                                                                                   
 Return on average assets (1)                          1.94        %                      1.58        %                    0.65        %                  0.50        %              (21.27      )%    
 Pre-provision, pre-goodwill impairment,                                                                                                                                                               
 pre-tax net revenue ("PPNR")                                                                                                                                                                          
 return on average assets (1)(2)                       2.01        %                      2.22        %                    2.22        %                  2.51        %              2.39        %     
 Return on average equity (1)                          16.86       %                      13.14       %                    5.18        %                  3.87        %              (116.28     )%    
 Return on average tangible equity (1)(2)              25.67       %                      19.63       %                    8.20        %                  6.39        %              6.88        %     
 Efficiency ratio                                      46.4        %                      43.6        %                    45.1        %                  42.9        %              40.6        %     
 Noninterest expense as a percentage                                                                                                                                                                   
 of average assets (1)                                 1.94        %                      1.84        %                    1.90        %                  1.92        %              23.57       %     
                                                                                                                                                                                                       
 Average Yields/Costs (1):                                                                                                                                                                             
 Yield on:                                                                                                                                                                                             
 Average loans and leases (3)                          5.20        %                      5.15        %                    5.01        %                  5.01        %              5.54        %     
 Average interest-earning assets (3)                   3.86        %                      4.02        %                    4.13        %                  4.53        %              5.02        %     
 Cost of:                                                                                                                                                                                              
 Average interest-bearing deposits                     0.18        %                      0.22        %                    0.27        %                  0.40        %              0.95        %     
 Average total deposits                                0.11        %                      0.14        %                    0.17        %                  0.25        %              0.59        %     
 Average interest-bearing liabilities                  0.29        %                      0.33        %                    0.38        %                  0.55        %              1.16        %     
 Net interest spread (3)                               3.57        %                      3.69        %                    3.75        %                  3.98        %              3.86        %     
 Net interest margin (3)                               3.69        %                      3.83        %                    3.90        %                  4.20        %              4.31        %     
                                                                                                                                                                                                       
 Average Balances:                                                                                                                                                                                     
 Assets:                                                                                                                                                                                               
 Loans and leases, net of deferred fees    $           18,927,314                  $      18,769,214             $         19,195,737                $    19,951,603           $     19,065,035        
 Interest-earning assets                               29,100,685                         27,234,542                       25,858,001                     24,531,204                 23,455,636        
 Total assets                                          31,415,882                         29,334,789                       27,935,193                     26,621,227                 27,099,040        
 Liabilities:                                                                                                                                                                                          
 Noninterest-bearing deposits                          10,173,459                         9,589,789                        8,812,391                      8,292,151                  7,357,717         
 Interest-bearing deposits                             16,444,091                         15,045,451                       14,516,923                     13,116,297                 11,896,780        
 Total deposits                                        26,617,550                         24,635,240                       23,329,314                     21,408,448                 19,254,497        
 Borrowings                                            226,053                            237,098                          181,315                        871,110                    2,026,749         
 Subordinated debentures                               466,101                            463,951                          462,375                        459,466                    458,399           
 Interest-bearing liabilities                          17,136,245                         15,746,500                       15,160,613                     14,446,873                 14,381,928        
 Stockholders' equity                                  3,617,248                          3,536,425                        3,497,869                      3,446,850                  4,956,778         
                                                                                                                                                                                                       
 (1) Annualized.                                                                                                                                                                                       
 (2) Non-GAAP measure.                                                                                                                                                                                 
 (3) Tax equivalent.                                                                                                                                                                                   



 PACWEST BANCORP AND SUBSIDIARIES                                                                                                                                                                            
 FIVE QUARTER SELECTED FINANCIAL DATA                                                                                                                                                                        
                                                                                                                                                                                                             
                                                             At or For the Three Months Ended                                                                                                                
                                                             March 31,                   December 31,                  September 30,                       June 30,                  March 31,               
                                                                   2021                         2020                             2020                           2020                       2020              
                                                                                                                                                                                                             
                                                                                                                       (Dollars in thousands)                                                                
 Credit Quality Ratios:                                                                                                                                                                                      
 Nonaccrual loans and leases held for                                                                                                                                                                        
 investment to loans and leases                                                                                                                                                                              
 held for investment                                               0.36        %                0.48        %                    0.45        %                  0.84        %              0.48        %     
 Nonperforming assets to loans and                                                                                                                                                                           
 leases held for investment and                                                                                                                                                                              
 foreclosed assets                                                 0.43        %                0.55        %                    0.52        %                  0.85        %              0.49        %     
 Classified loans and leases held for                                                                                                                                                                        
 investment to loans and leases                                                                                                                                                                              
 held for investment                                               0.86        %                1.39        %                    1.44        %                  1.49        %              0.75        %     
 Provision for credit losses (for the                                                                                                                                                                        
 quarter) to average loans and leases                                                                                                                                                                        
 held for investment (annualized)                                  (1.03       )%               0.21        %                    2.01        %                  2.42        %              2.36        %     
 Net charge-offs (for the quarter) to                                                                                                                                                                        
 average loans and leases held                                                                                                                                                                               
 for investment (annualized)                                       0.06        %                0.40        %                    0.75        %                  0.27        %              0.40        %     
 Trailing 12 months net charge-offs                                                                                                                                                                          
 to average loans and leases                                                                                                                                                                                 
 held for investment                                               0.37        %                0.45        %                    0.36        %                  0.20        %              0.19        %     
 Allowance for loan and lease losses to                                                                                                                                                                      
 loans and leases held for investment                              1.54        %                1.82        %                    1.82        %                  1.53        %              1.12        %     
 Allowance for credit losses to loans                                                                                                                                                                        
 and leases held for investment                                    2.02        %                2.27        %                    2.33        %                  1.94        %              1.39        %     
 Allowance for credit losses to                                                                                                                                                                              
 nonaccrual loans and leases                                                                                                                                                                                 
 held for investment                                               566.2       %                475.8       %                    516.9       %                  229.7       %              287.5       %     
                                                                                                                                                                                                             
 PacWest Bancorp Consolidated:                                                                                                                                                                               
 Tier 1 leverage capital ratio (1)                                 7.95        %                8.55        %                    8.66        %                  8.93        %              8.63        %     
 Common equity tier 1 capital ratio (1)                            10.41       %                10.53       %                    10.45       %                  9.97        %              9.22        %     
 Tier 1 capital ratio (1)                                          10.41       %                10.53       %                    10.45       %                  9.97        %              9.22        %     
 Total capital ratio (1)                                           13.63       %                13.76       %                    13.74       %                  13.18       %              12.07       %     
 Risk-weighted assets (1)                                    $     22,968,958            $      22,837,693             $         22,114,040                $    22,781,836           $     24,214,209        
                                                                                                                                                                                                             
 Equity to assets ratio                                            11.12       %                12.19       %                    12.26       %                  12.62       %              12.97       %     
 Tangible common equity ratio (2)                                  7.68        %                8.78        %                    8.71        %                  8.93        %              9.10        %     
 Book value per share                                        $     30.68                 $      30.36                  $         29.42                     $    29.17                $     28.75             
 Tangible book value per share (2)                           $     20.39                 $      21.05                  $         20.09                     $    19.80                $     19.31             
                                                                                                                                                                                                             
 Pacific Western Bank:                                                                                                                                                                                       
 Tier 1 leverage capital ratio (1)                                 8.83        %                9.53        %                    9.70        %                  10.03       %              9.71        %     
 Common equity tier 1 capital ratio (1)                            11.57       %                11.73       %                    11.70       %                  11.18       %              10.38       %     
 Tier 1 capital ratio (1)                                          11.57       %                11.73       %                    11.70       %                  11.18       %              10.38       %     
 Total capital ratio (1)                                           12.82       %                12.99       %                    12.95       %                  12.44       %              11.39       %     
                                                                                                                                                                                                             
 (1) Capital information for March 31, 2021 is preliminary.                                                                                                                                                  
 (2) Non-GAAP measure.                                                                                                                                                                                       

GAAP TO NON-GAAP RECONCILIATIONS

This press release contains certain non-GAAP financial disclosures for: (1)
Pre-provision, pre-goodwill impairment, pre-tax net revenue (“PPNR”), (2)
PPNR return on average assets (3) return on average tangible equity, (4)
tangible common equity ratio, and (5) tangible book value per share. The
Company uses these 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.
In particular, the use of return on average tangible equity, tangible common
equity ratio, tangible book value per share, and PPNR is prevalent among
banking regulators, investors, and analysts. Accordingly, we disclose the
non-GAAP measures in addition to the related GAAP measures of: (1) net
earnings, (2) return on average assets, (3) return on average equity, (4)
equity to assets ratio, and (5) book value per share.  

The tables below present the reconciliations of these GAAP financial measures
to the related non-GAAP financial measures:

                                                                Three Months Ended                                                                                                                                
 PPNR and PPNR Return                                           March 31,                  December 31,                 September 30,                            June 30,                 March 31,               
 on Average Assets                                                    2021                        2020                         2020                                   2020                      2020              
                                                                                                                                                                                                                  
                                                                                                                               (Dollars in thousands)                                                             
 Net earnings (loss)                                            $     150,406              $      116,830               $      45,503                            $    33,204              $     (1,433,111  )     
 Add: Provision for credit losses                                     (48,000     )               10,000                       97,000                                 120,000                   112,000           
 Add: Goodwill impairment                                             -                           -                            -                                      -                         1,470,000         
 Add: Income tax expense                                              53,556                      36,546                       13,671                                 12,968                    11,988            
 Pre-provision, pre-goodwill impairment,                                                                                                                                                                          
 pre-tax net revenue ("PPNR")                                   $     155,962              $      163,376               $      156,174                           $    166,172             $     160,877           
                                                                                                                                                                                                                  
 Average assets                                                 $     31,415,882           $      29,334,789            $      27,935,193                        $    26,621,227          $     27,099,040        
                                                                                                                                                                                                                  
 Return on average assets (1)                                         1.94        %               1.58        %                0.65                    %              0.50        %             (21.27      )%    
 PPNR return on average assets (2)                                    2.01        %               2.22        %                2.22                    %              2.51        %             2.39        %     
                                                                                                                                                                                                                  
 (1) Annualized net earnings (loss) divided by average assets.                                                                                                                                                    
 (2) Annualized PPNR divided by average assets.                                                                                                                                                                   
                                                                                                                                                                                                                  



                                                                                  Three Months Ended                                                                                                                             
                                                                                  March 31,                 December 31,                September 30,                            June 30,                March 31,               
 Return on Average Tangible Equity                                                      2021                       2020                        2020                                   2020                     2020              
                                                                                                                                                                                                                                 
                                                                                                                                               (Dollars in thousands)                                                            
 Net earnings (loss)                                                              $     150,406             $      116,830              $      45,503                            $    33,204             $     (1,433,111  )     
 Add: Intangible asset amortization                                                     3,079                      3,172                       3,751                                  3,882                    3,948             
 Add: Goodwill impairment                                                               -                          -                           -                                      -                        1,470,000         
 Adjusted net earnings                                                            $     153,485             $      120,002              $      49,254                            $    37,086             $     40,837            
                                                                                                                                                                                                                                 
 Average stockholders' equity                                                     $     3,617,248           $      3,536,425            $      3,497,869                         $    3,446,850          $     4,956,778         
 Less: Average intangible assets                                                        1,192,780                  1,103,945                   1,107,548                              1,111,302                2,569,189         
 Average tangible common equity                                                   $     2,424,468           $      2,432,480            $      2,390,321                         $    2,335,548          $     2,387,589         
                                                                                                                                                                                                                                 
 Return on average equity (1)                                                           16.86      %               13.14      %                5.18                    %              3.87       %             (116.28     )%    
 Return on average tangible equity (2)                                                  25.67      %               19.63      %                8.20                    %              6.39       %             6.88        %     
                                                                                                                                                                                                                                 
 (1) Annualized net earnings divided by average stockholders' equity.                                                                                                                                                            
 (2) Annualized adjusted net earnings divided by average tangible common equity.                                                                                                                                                 
                                                                                                                                                                                                                                 



                                                                                                                                                                                                               
 Tangible Common Equity Ratio/                              March 31,                     December 31,                    September 30,                   June 30,                    March 31,                
                                                                                                                                                                                                               
 Tangible Book Value Per Share                                    2021                           2020                            2020                          2020                         2020               
                                                                                                                                                                                                               
                                                                  (Dollars in thousands, except per share data)                                                                                                
                                                                                                                                                                                                               
                                                                                                                                                                                                               
 Stockholders' equity                                       $     3,654,137               $      3,594,951                $      3,486,231                $    3,452,898              $     3,390,389          
 Less: Intangible assets                                          1,225,404                      1,102,311                       1,105,483                     1,109,234                    1,113,116          
 Tangible common equity                                     $     2,428,733               $      2,492,640                $      2,380,748                $    2,343,664              $     2,277,273          
                                                                                                                                                                                                               
 Total assets                                               $     32,856,533              $      29,498,442               $      28,426,716               $    27,365,738             $     26,143,267         
 Less: Intangible assets                                          1,225,404                      1,102,311                       1,105,483                     1,109,234                    1,113,116          
 Tangible assets                                            $     31,631,129              $      28,396,131               $      27,321,233               $    26,256,504             $     25,030,151         
                                                                                                                                                                                                               
 Equity to assets ratio                                           11.12        %                 12.19        %                  12.26        %                12.62        %               12.97        %     
 Tangible common equity ratio (1)                                 7.68         %                 8.78         %                  8.71         %                8.93         %               9.10         %     
                                                                                                                                                                                                               
 Book value per share                                       $     30.68                   $      30.36                    $      29.42                    $    29.17                  $     28.75              
 Tangible book value per share (2)                          $     20.39                   $      21.05                    $      20.09                    $    19.80                  $     19.31              
 Shares outstanding                                               119,105,642                    118,414,853                     118,489,927                   118,374,603                  117,916,789        
                                                                                                                                                                                                               
 (1) Tangible common equity divided by tangible assets.                                                                                                                                                        
 (2) Tangible common equity divided by shares outstanding.                                                                                                                                                     
                                                                                                                                                                                                               

CONTACTS

 Matthew P. Wagner President and CEO 303.802.8900  Bart R. Olson EVP and CFO 714.989.4149  William J. Black EVP Strategy and Corporate Development 919.597.7466  

(https://www.globenewswire.com/NewsRoom/AttachmentNg/07407c97-bf90-4ba0-8831-19256df07597)
Figure 1 
(https://www.globenewswire.com/NewsRoom/AttachmentNg/03fbe6a3-20e1-45c9-905b-ab7513e2ee6b/en)
Well-Positioned Balance Sheet


GlobeNewswire, Inc. 2021
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