PacWest Bancorp logo

PACW - PacWest Bancorp News Story

$40.82 1.0  2.6%

Last Trade - 8:06pm

Sector
Financials
Size
Large Cap
Market Cap £3.38bn
Enterprise Value £3.60bn
Revenue £852.8m
Position in Universe 1459th / 6852

PacWest Bancorp Announces Results for the Fourth Quarter and Full Year 2020

Wed 20th January, 2021 10:00pm
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20210120:nGNX4RsyzX&default-theme=true


Fourth Quarter 2020 Highlights
* Net Earnings of $116.8 Million, or $0.99 Per Diluted Share
* Strong Pre-Provision, Pre-Tax Net Revenue (“PPNR”) of $163.4 Million
* Provision for Credit Losses of $10.0 Million in Q4 Compared to $97.0 Million
in Q3
* Core Deposits Up $1.1 Billion or 5% in Q4; Represents 89% of Total Deposits
* Strong Capital Position – CET1 Ratio of 10.53%
Full Year 2020 Highlights
* Excluding Goodwill Impairment, Net Earnings of $232.4 Million, or $1.97 Per
Diluted Share
* Net Loss of $1.24 Billion, or $(10.61) Per Diluted Share Due to $1.47
Billion Goodwill Impairment
* Strong Pre-Provision, Pre-Tax Net Revenue (“PPNR”) of $646.6 Million
* Provision for Credit Losses of $339.0 Million Compared to $22.0 Million in
2019
* Core Deposits Up $6.1 Billion or 38% in 2020
* Strong Capital Position – Increased CET1 Ratio 75 Basis Points to 10.53%
in 2020
* Increased Allowance for Credit Losses Ratio to 2.41% (Excluding PPP Loans)
LOS ANGELES, Jan. 20, 2021 (GLOBE NEWSWIRE) -- PacWest Bancorp (Nasdaq: PACW)
today announced net earnings for the fourth quarter of 2020 of $116.8 million,
or $0.99 per diluted share, compared to net earnings for the third quarter of
2020 of $45.5 million, or $0.38 per diluted share. The increase in net
earnings for the fourth quarter was due primarily to an $87.0 million decrease
in the provision for credit losses.

Net loss for the full year 2020 was $1.24 billion, or $10.61 per diluted
share, compared to net earnings for the full year 2019 of $468.6 million, or
$3.90 per diluted share. The decrease in net earnings for 2020 was primarily
due to a $1.47 billion goodwill impairment charge and a higher provision for
credit losses attributable mainly to the significant deterioration in the
economic forecast used to estimate the allowance for credit losses as a result
of the COVID-19 pandemic.

Matt Wagner, President and CEO, commented, “We finished the year strong with
fourth quarter earnings boosted by continued asset growth and improved credit
costs. Our fourth quarter results produced a return on assets of 1.58% and a
return on tangible equity of 19.63%.”

Mr. Wagner continued, “We experienced strong deposit growth again in the
fourth quarter, resulting in further increases in our liquidity position. Our
average on-balance sheet cash balance grew to $3.6 billion in the fourth
quarter with a yield of 13 basis points. While our focus is on managing net
interest income, this excess liquidity had a negative impact on our fourth
quarter NIM of 46 basis points.”

Mr. Wagner added, “Our priority continues to be on mitigating potential
credit losses in our portfolios, especially those portfolios impacted most by
COVID-19. We are also focused on assisting our customers with applying for new
PPP loans and forgiveness for their previous PPP loans during 2021.”

Mr. Wagner added, “In 2020, our operating results were significantly
impacted by the economic impact of the COVID-19 pandemic. These factors
resulted in the goodwill impairment in the first quarter and elevated credit
loss provisions in 2020, however, our strong PPNR allowed us to internally
generate capital and build our allowance for credit losses during the year. As
we head into 2021 with good momentum, we will continue to focus on the safety
of our employees amid the pandemic, delivering high quality service to our
valued clients, while strategically managing our business to optimize
profitability in this low-rate environment.”

FINANCIAL HIGHLIGHTS

                                                                                                                                                                                              
                              At or For the                                                                           At or For the                                                           
                              Three Months Ended                                                                      Year Ended                                                              
                              December 31,                   September 30,                 Increase                   December 31,                                    Increase                
 Financial Highlights                2020                           2020                   (Decrease)                     2020                    2019                (Decrease)              
                                                                                                                                                                                              
                              (Dollars in thousands, except per share data)                                                                                                                   
 Net earnings (loss)          $      116,830                 $      45,503                 $     71,327               $   (1,237,574  )       $   468,636             $     (1,706,210  )     
 Diluted earnings (loss)                                                                                                                                                                      
 per share                    $      0.99                    $      0.38                   $     0.61                 $   (10.61      )       $   3.90                $     (14.51      )     
 Pre-provision, pre-goodwill                                                                                                                                                                  
 impairment, pre-tax net                                                                                                                                                                      
 revenue ("PPNR") (1)         $      163,376                 $      156,174                $     7,202                $   646,599             $   654,940             $     (8,341      )     
 Return on average assets            1.58        %                  0.65        %                0.93                     (4.46       )%          1.80        %             (6.26       )     
 PPNR return on average                                                                                                                                                                       
 assets (1)                          2.22        %                  2.22        %                -                        2.33        %           2.51        %             (0.18       )     
 Return on average                                                                                                                                                                            
 tangible equity (1)                 19.63       %                  8.20        %                11.43                    10.36       %           21.49       %             (11.13      )     
                                                                                                                                                                                              
 Yield on average loans and                                                                                                                                                                   
 leases (tax equivalent)             5.15        %                  5.01        %                0.14                     5.18        %           6.00        %             (0.82       )     
 Cost of average total                                                                                                                                                                        
 deposits                            0.14        %                  0.17        %                (0.03      )             0.27        %           0.77        %             (0.50       )     
 Net interest margin ("NIM")                                                                                                                                                                  
 (tax equivalent)                    3.83        %                  3.90        %                (0.07      )             4.05        %           4.54        %             (0.49       )     
 Efficiency ratio                    43.6        %                  45.1        %                (1.5       )             43.1        %           42.7        %             0.4               
                                                                                                                                                                                              
 Total assets                 $      29,498,442              $      28,426,716             $     1,071,726            $   29,498,442          $   26,770,806          $     2,727,636         
 Loans and leases held                                                                                                                                                                        
 for investment,                                                                                                                                                                              
 net of deferred fees         $      19,083,377              $      19,026,200             $     57,177               $   19,083,377          $   18,846,872          $     236,505           
 Noninterest-bearing                                                                                                                                                                          
 demand deposits              $      9,193,827               $      9,346,744              $     (152,917   )         $   9,193,827           $   7,243,298           $     1,950,529         
 Core deposits                $      22,264,480              $      21,117,629             $     1,146,851            $   22,264,480          $   16,187,287          $     6,077,193         
 Total deposits               $      24,940,717              $      23,965,695             $     975,022              $   24,940,717          $   19,233,036          $     5,707,681         
                                                                                                                                                                                              
 As percentage of total                                                                                                                                                                       
 deposits:                                                                                                                                                                                    
 Noninterest-bearing                                                                                                                                                                          
 demand deposits                     37          %                  39          %                (2         )             37          %           38          %             (1          )     
 Core deposits                       89          %                  88          %                1                        89          %           84          %             5                 
                                                                                                                                                                                              
 Equity to assets ratio              12.19       %                  12.26       %                (0.07      )             12.19       %           18.51       %             (6.32       )     
 Tangible common equity                                                                                                                                                                       
 ratio (1)                           8.78        %                  8.71        %                0.07                     8.78        %           9.79        %             (1.01       )     
 Book value per share         $      30.36                   $      29.42                  $     0.94                 $   30.36               $   41.36               $     (11.00      )     
 Tangible book value per                                                                                                                                                                      
 share (1)                    $      21.05                   $      20.09                  $     0.96                 $   21.05               $   19.77               $     1.28              
                                                                                                                                                                                              
 (1) Non-GAAP measure.                                                                                                                                                                        
                                                                                                                                                                                              

INCOME STATEMENT HIGHLIGHTS

Net Interest Income

Net interest income increased by $7.9 million to $259.2 million for the fourth
quarter of 2020 compared to $251.3 million for the third quarter of 2020 due
mainly to higher income on investment securities, higher loan prepayment fees,
higher recapture of nonaccrual interest, higher amortized loan fee income from
PPP loan forgiveness, and lower interest expense, partially offset by a
negative impact on net interest income due to the change in the earning asset
mix and a lower balance of average loans and leases. The tax equivalent yield
on average loans and leases was 5.15% for the fourth quarter of 2020 compared
to 5.01% for the third quarter of 2020. The increase in the tax equivalent
yield on average loans and leases was primarily due to higher loan prepayment
fees, higher recapture of nonaccrual interest, and higher amortized loan fee
income from PPP loan forgiveness in the fourth quarter as compared to the
third quarter.

The tax equivalent NIM was 3.83% for the fourth quarter of 2020 compared to
3.90% for the third quarter of 2020. The decrease in the NIM was due mostly to
the change in the earning asset mix. Average loans and leases decreased by
$426.5 million, while the average balance of deposits in financial
institutions increased by $1.0 billion and the average balance of investment
securities increased by $781.1 million in the fourth quarter of 2020. This
excess liquidity had a negative impact on the fourth quarter tax equivalent
NIM of 46 basis points.

The cost of average total deposits decreased to 0.14% for the fourth quarter
of 2020 from 0.17% for the third quarter of 2020. The lower cost of average
total deposits was due primarily to the repricing of maturing brokered time
deposits.

Provision for Credit Losses

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

                                                  Three Months Ended                                                      
                                                  December 31,                 September 30,         Increase             
 Provision for Credit Losses                             2020                  2020                  (Decrease)           
                                                                                                                          
                                                  (In thousands)                                                          
 Addition to allowance for loan and lease losses  $      21,000                $        81,000       $     (60,000  )     
 (Reduction in) addition to reserve for                                                                                   
 unfunded loan commitments                               (11,000  )                     16,000             (27,000  )     
 Total provision for credit losses                $      10,000                $        97,000       $     (87,000  )     
                                                                                                                          

The provision for credit losses decreased by $87.0 million to $10.0 million
for the fourth quarter of 2020 compared to $97.0 million for the third quarter
of 2020. This reduction reflected improvement in certain key macro-economic
forecast variables, a lower provision for unfunded loan commitments, and
decreased provisions for individually evaluated loans and leases.

Noninterest Income

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

                                            Three Months Ended                                                       
                                            December 31,               September 30,             Increase            
 Noninterest Income                                2020                2020                      (Decrease)          
                                                                                                                     
                                            (In thousands)                                                           
 Service charges on deposit accounts        $      3,119               $      2,570              $     549           
 Other commissions and fees                        9,974                      10,541                   (567    )     
 Leased equipment income                           9,440                      9,900                    (460    )     
 Gain on sale of loans and leases                  1,671                      35                       1,636         
 Gain on sale of securities                        4                          5,270                    (5,266  )     
 Other income:                                                                                                       
 Dividends and gains on equity investments         5,064                      6,945                    (1,881  )     
 Warrant income                                    7,299                      500                      6,799         
 Other                                             3,279                      2,491                    788           
 Total noninterest income                   $      39,850              $      38,252             $     1,598         

Noninterest income increased by $1.6 million to $39.9 million for the fourth
quarter of 2020 compared to $38.3 million for the third quarter of 2020 due
primarily to an increase of $6.8 million in warrant income attributable to
higher gains from exercised warrants, and an increase of $1.6 million in gain
on sale of loans and leases, offset partially by decreases of $5.3 million in
gain on sale of securities and $1.9 million in dividends and gains on equity
investments. The increase in the gain on sale of loans and leases resulted
from the sales of $119.9 million of loans for a gain of $1.7 million in the
fourth quarter compared to sales of $3.0 million for a gain of $35 thousand in
the third quarter. The decrease in the gain on sale of securities resulted
from minimal sales in the fourth quarter compared to sales of $17.0 million of
securities for a gain of $5.3 million in the third quarter. The decrease in
dividends and gains on equity investments was due primarily to lower net fair
value gains on equity investments still held, offset partially by higher
income from distributions on fair value equity investments.

Noninterest Expense

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

                                                                                                                           
                                                    Three Months Ended                                                     
                                                    December 31,                 September 30,         Increase            
 Noninterest Expense                                       2020                  2020                  (Decrease)          
                                                                                                                           
                                                    (In thousands)                                                         
 Compensation                                       $      73,171                $        75,131       $     (1,960  )     
 Occupancy                                                 14,083                         14,771             (688    )     
 Data processing                                           6,718                          6,505              213           
 Other professional services                               6,800                          4,713              2,087         
 Insurance and assessments                                 5,064                          3,939              1,125         
 Intangible asset amortization                             3,172                          3,751              (579    )     
 Leased equipment depreciation                             7,501                          7,057              444           
 Foreclosed assets (income) expense, net                   (272     )                     335                (607    )     
 Acquisition, integration and reorganization costs         1,060                          -                  1,060         
 Customer related expense                                  4,430                          4,762              (332    )     
 Loan expense                                              3,926                          3,499              427           
 Other                                                     10,029                         8,939              1,090         
 Total noninterest expense                          $      135,682               $        133,402      $     2,280         
                                                                                                                           

Noninterest expense increased by $2.3 million to $135.7 million for the fourth
quarter of 2020 compared to $133.4 million for the third quarter of 2020
attributable primarily to increases of $2.1 million in other professional
services, $1.1 million in insurance and assessments, $1.1 million in
acquisition, integration and reorganization costs, and $1.1 million in other
expense, offset partially by a decrease of $2.0 million in compensation
expense. The increase in other professional services was due mainly to higher
consulting expense. The increase in insurance and assessments expense was due
to an increase in FDIC assessment expense. The increase in acquisition,
integration and reorganization costs was due to advisory services. The
increase in other expense was due primarily to an increase in franchise taxes.
The decrease in compensation expense was due mainly to lower bonus accruals
and lower stock compensation expense.

Income Taxes

The effective income tax rate was 23.8% for the fourth quarter of 2020
compared to 23.1% for the third quarter of 2020. The effective tax rate for
the year ended December 31, 2020 was (6.5%), however when excluding the
non-deductible goodwill impairment, the effective tax rate for the full year
2020 was 24.4%. The effective tax rate for the full year 2021 is currently
estimated to be in the range of 26% to 28%.

BALANCE SHEET HIGHLIGHTS

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                                                                                              Year Ended                
 Roll Forward of Loans and Leases Held     December 31,                                            September 30,                                           December 31,              
 for Investment, Net of Deferred Fees (1)                2020                                                    2020                                             2020               
                                                                                                                                                                                     
                                           (Dollars in thousands)                                                                                                                    
 Balance, beginning of period              $             19,026,200                                $             19,694,631                                $      18,846,872         
 Additions:                                                                                                                                                                          
 Production                                              1,131,165                                               519,671                                          4,243,538          
 Disbursements                                           1,354,038                                               1,008,336                                        5,159,912          
 Total production and disbursements                      2,485,203                                               1,528,007                                        9,403,450          
 Reductions:                                                                                                                                                                         
 Payoffs                                                 (1,330,321    )                                         (982,889      )                                  (3,738,754  )      
 Paydowns                                                (957,075      )                                         (1,160,692    )                                  (5,193,848  )      
 Total payoffs and paydowns                              (2,287,396    )                                         (2,143,581    )                                  (8,932,602  )      
 Sales                                                   (119,931      )                                         (2,979        )                                  (125,999    )      
 Transfers to foreclosed assets                          (385          )                                         (12,594       )                                  (14,755     )      
 Charge-offs                                             (20,314       )                                         (37,284       )                                  (93,589     )      
 Total reductions                                        (2,428,026    )                                         (2,196,438    )                                  (9,166,945  )      
 Net increase (decrease)                                 57,177                                                  (668,431      )                                  236,505            
 Balance, end of period                    $             19,083,377                                $             19,026,200                                $      19,083,377         
                                                                                                                                                                                     
 Weighted average rate on production (2)                 4.41          %                                         4.95          %                                  3.57        %      
                                                                                                                                                                                     
 (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 25 basis points to loan yields in 2020.                                                                             
                                                                                                                                                                                     

Loans and leases held for investment, net of deferred fees, increased by $57.2
million in the fourth quarter of 2020 to $19.1 billion at December 31, 2020.
The majority of the increase in the loans and leases balance for the fourth
quarter of 2020 related to increases in the asset-based and income producing
and other residential loan classes, offset partially by decreases in the other
commercial and commercial construction and land classes. The weighted average
rate on fourth quarter production decreased to 4.41% due to fourth quarter
production including a higher percentage of lower-rate products such as equity
fund loans and multi-family loans as compared to third quarter production. The
weighted average rate on new production for the year ended December 31, 2020
of 3.57% was negatively impacted by the $1.2 billion of Paycheck Protection
Program (“PPP”) loans originated with a coupon rate of 1%. Excluding PPP
loans, the weighted average rate on new production for the year was 4.66%. For
the year ended December 31, 2020, loans and leases held for investment, net of
deferred fees, increased by $236.5 million. The majority of the increase in
the loans and leases balance for the year related to increases in the other
commercial and residential construction and land classes, offset partially by
decreases in the venture capital, asset-based, and consumer loan classes.

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:

                                                                                                                                                
                                     December 31, 2020                    September 30, 2020                   December 31, 2019                
                                                        % of                                 % of                                 % of          
 Loan and Lease Portfolio            Balance            Total             Balance            Total             Balance            Total         
                                                                                                                                                
                                     (In thousands)                                                                                             
 Real estate mortgage:                                                                                                                          
 Commercial                          $      4,096,671   21     %          $      4,192,466   22     %          $      4,202,687   22     %      
 Income producing and other                                                                                                                     
 residential                                3,803,265   20     %                 3,684,579   19     %                 3,770,060   20     %      
 Total real estate mortgage                 7,899,936   41     %                 7,877,045   41     %                 7,972,747   42     %      
 Real estate construction and land:                                                                                                             
 Commercial                                 1,117,121   6      %                 1,241,647   7      %                 1,082,368   6      %      
 Residential                                2,243,160   12     %                 2,182,100   11     %                 1,655,434   9      %      
 Total real estate construction                                                                                                                 
 and land                                   3,360,281   18     %                 3,423,747   18     %                 2,737,802   15     %      
 Total real estate                          11,260,217  59     %                 11,300,792  59     %                 10,710,549  57     %      
 Commercial:                                                                                                                                    
 Asset-based                                3,429,283   18     %                 3,153,048   17     %                 3,748,407   20     %      
 Venture capital                            1,698,508   9      %                 1,637,132   9      %                 2,179,422   12     %      
 Other commercial                           2,375,114   12     %                 2,572,994   13     %                 1,767,667   9      %      
 Total commercial                           7,502,905   39     %                 7,363,174   39     %                 7,695,496   41     %      
 Consumer                                   320,255     2      %                 362,234     2      %                 440,827     2      %      
 Total loans and leases held for                                                                                                                
 investment, net of deferred fees    $      19,083,377  100    %          $      19,026,200  100    %          $      18,846,872  100    %      
                                                                                                                                                
 Total unfunded loan commitments     $      7,601,390                     $      7,178,506                     $      8,183,158                 
                                                                                                                                                

Allowance for Credit Losses

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

                                                                                                                  
                                 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         
                                                                                                                  
                                                                                                                  
                                 Three Months Ended September 30, 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               $      301,050               $      80,571                $      381,621         
 Charge-offs                            (37,284  )                   -                            (37,284  )      
 Recoveries                             1,200                        -                            1,200           
 Net charge-offs                        (36,084  )                   -                            (36,084  )      
 Provision                              81,000                       16,000                       97,000          
 Ending balance                  $      345,966               $      96,571                $      442,537         
                                                                                                                  
                                                                                                                  
 Allowance for Credit            Year Ended December 31,                                                          
 Losses Rollforward                     2020                         2019                                         
                                                                                                                  
                                 (In thousands)                                                                   
 Beginning balance               $      174,646               $      169,333                                      
 Cumulative effect of change in                                                                                   
 accounting principle - CECL            7,327                        -                                            
 Charge-offs                            (93,589  )                   (32,262  )                                   
 Recoveries                             6,368                        15,575                                       
 Net charge-offs                        (87,221  )                   (16,687  )                                   
 Provision                              339,000                      22,000                                       
 Ending balance                  $      433,752               $      174,646                                      
                                                                                                                  

The allowance for credit losses decreased by $8.8 million in the fourth
quarter of 2020 to $433.8 million at December 31, 2020. The decrease in the
allowance for credit losses during the fourth quarter was attributable to
$18.8 million in net charge-offs, offset partially by a $10.0 million
provision for credit losses.

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 and related to a security
monitoring loan.

Net charge-offs were $36.1 million for the third quarter of 2020. Gross
charge-offs of $37.3 million were reduced by recoveries of $1.2 million.  The
most significant charge-off was $32.8 million and also related to a security
monitoring loan. 

Security monitoring loans have decreased 47% from $619.3 million as of
December 31, 2019 to $329.3 million as of December 31, 2020 since ceasing new
originations in the fourth quarter of 2019 while actively reducing the
remaining loans. As of December 31, 2020, $250.6 million of these are
performing and pass-rated, while $78.7 million are classified, of which $32.5
million are on nonaccrual.

For the fourth quarter of 2020 and third quarter of 2020, annualized net
charge-offs to average loans and leases were 0.40% and 0.75%, respectively.

The allowance for credit losses as a percentage of loans and leases held for
investment was 2.27% at December 31, 2020 and 2.33% at September 30, 2020. The
allowance for loan and lease losses as a percentage of loans and leases held
for investment was 1.82% at December 31, 2020 and September 30, 2020. The
allowance for credit losses and allowance for loan and lease losses as a
percentage of loans and leases held for investment, excluding PPP loans that
are fully guaranteed and do not carry any allowance, were 2.41% and 1.93% at
December 31, 2020, respectively, compared to 2.48% and 1.94% at September 30,
2020, respectively.

For the full year 2020, gross charge-offs were $93.6 million and included
$63.5 million for other commercial loans, of which $59.6 million related to
security monitoring loans, $11.8 million for asset-based loans, $10.2 million
for commercial real estate loans, and $6.8 million for venture capital loans
compared to gross charge-offs for the full year 2019 of $32.3 million that
included $12.0 million for asset-based loans, of which $11.8 million related
to a single loan, $9.4 million for venture capital loans, and $9.1 million for
other commercial loans.

For the full year 2020, recoveries were $6.4 million and included $3.6 million
for other commercial loans and $1.3 million for venture capital loans compared
to recoveries for the full year 2019 of $15.6 million that included $8.2
million for venture capital loans, $4.8 million for other commercial loans,
and $1.4 million for asset-based loans.

For the full year 2020, net charge-offs to average loans and leases increased
to 0.45% from 0.09% for the full year 2019.

Deposits and Client Investment Funds

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

                                                                                                                                                   (Keep as 12/31)                  
                                   December 31, 2020                    September 30, 2020                      December 31, 2019                  December 31, 2019                
                                                      % of                                      % of                               % of                               % of          
 Deposit Composition               Balance            Total             Balance                 Total           Balance            Total           Balance            Total         
                                                                                                                                                                                    
                                   (Dollars in thousands)                                                                                                                           
 Noninterest-bearing demand        $      9,193,827   37     %          $     9,346,744         39    %         $      7,243,298   38     %        $      7,243,298   38     %      
 Interest checking                        5,974,910   24     %                4,657,511         20    %                3,753,978   19     %               3,753,978   19     %      
 Money market                             6,532,917   26     %                6,539,313         27    %                4,690,420   24     %               4,690,420   24     %      
 Savings                                  562,826     2      %                574,061           2     %                499,591     3      %               499,591     3      %      
 Total core deposits                      22,264,480  89     %                21,117,629        88    %                16,187,287  84     %               16,187,287  84     %      
 Non-core non-maturity deposits           1,149,467   5      %                1,123,909         5     %                496,407     3      %               496,407     3      %      
 Total non-maturity deposits              23,413,947  94     %                22,241,538        93    %                16,683,694  87     %               16,683,694  87     %      
 Time deposits $250,000 and under         994,197     4      %                1,047,621         4     %                2,065,733   11     %               2,065,733   11     %      
 Time deposits over $250,000              532,573     2      %                676,536           3     %                483,609     2      %               483,609     2      %      
 Total time deposits                      1,526,770   6      %                1,724,157         7     %                2,549,342   13     %               2,549,342   13     %      
 Total deposits                    $      24,940,717  100    %          $     23,965,695        100   %         $      19,233,036  100    %        $      19,233,036  100    %      
                                                                                                                                                                                    

At December 31, 2020, core deposits totaled $22.3 billion, or 89% of total
deposits, including $9.2 billion of noninterest-bearing demand deposits, or
37% of total deposits. Core deposits increased by $1.1 billion in the fourth
quarter driven by continued strong deposit growth from our venture banking
clients. For the year ended December 31, 2020, core deposits increased by $6.1
billion and total deposits increased by $5.7 billion.

In addition to deposit products, we also offer alternative non-depository cash
investment options for select clients; these alternatives 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 December 31, 2020 were $1.3
billion, of which $1.0 billion was managed by PWAM.

CREDIT QUALITY

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

                                                                                                                                           
                                                        December 31,                   September 30,                  Increase             
 Credit Quality Metrics                                        2020                           2020                    (Decrease)           
                                                                                                                                           
                                                        (Dollars in thousands)                                                             
 NPAs and Performing TDRs:                                                                                                                 
 Nonaccrual loans and leases held for investment (1)    $      91,163                  $      85,615                  $     5,548          
 Accruing loans contractually past due 90 days or more         -                              -                             -              
 Foreclosed assets, net                                        14,027                         13,747                        280            
 Total nonperforming assets ("NPAs")                    $      105,190                 $      99,362                  $     5,828          
                                                                                                                                           
 Performing TDRs held for investment                    $      14,254                  $      13,679                  $     575            
                                                                                                                                           
 Nonaccrual loans and leases held for investment                                                                                           
 to loans and leases held for investment                       0.48        %                  0.45        %                                
 Nonperforming assets to loans and leases                                                                                                  
 held for investment and foreclosed assets                     0.55        %                  0.52        %                                
                                                                                                                                           
 Loan and Lease Credit Risk Ratings:                                                                                                       
 Pass                                                   $      18,076,832              $      17,967,872              $     108,960        
 Special mention                                               741,283                        783,756                       (42,473  )     
 Classified                                                    265,262                        274,572                       (9,310   )     
 Total loans and leases held for investment,                                                                                               
 net of deferred fees                                   $      19,083,377              $      19,026,200              $     57,177         
                                                                                                                                           
 Classified loans and leases held for investment                                                                                           
 to loans and leases held for investment                       1.39        %                  1.44        %                                
                                                                                                                                           
 Allowance for Credit Losses:                                                                                                              
 Allowance for loan and lease losses                    $      348,181                 $      345,966                 $     2,215          
 Reserve for unfunded loan commitments                         85,571                         96,571                        (11,000  )     
 Allowance for credit losses                            $      433,752                 $      442,537                 $     (8,785   )     
 Provision for credit losses (for the quarter)          $      10,000                  $      97,000                  $     (87,000  )     
 Net charge-offs (for the quarter)                      $      18,785                  $      36,084                  $     (17,299  )     
 Net charge-offs to average loans and leases                                                                                               
 (for the quarter)                                             0.40        %                  0.75        %                                
 Allowance for loan and lease losses to loans                                                                                              
 and leases held for investment                                1.82        %                  1.82        %                                
 Allowance for credit losses to loans and leases                                                                                           
 held for investment                                           2.27        %                  2.33        %                                
 Allowance for credit losses to nonaccrual loans                                                                                           
 and leases held for investment                                475.8       %                  516.9       %                                
                                                                                                                                           
 (1) Nonaccrual loans include guaranteed amounts of $13.9 million at December 31, 2020 and $13.8 million at September 30, 2020.            
                                                                                                                                           

After taking pro-active and decisive steps in the first quarter at the onset
of the pandemic to downgrade certain loans, the level of special mention loans
and leases, which peaked in the first quarter of 2020, and classified and
nonaccrual loans and leases, which peaked in the second quarter of 2020, have
declined with the enhanced ongoing monitoring of the loan and lease portfolio
during the course of the year. Despite the early actions, enhanced monitoring,
and build in the allowance for credit losses, certain credit metrics remain
elevated as we continue to manage the credit environment and economic impacts
caused by the pandemic.

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:

                             December 31, 2020                                   September 30, 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                  $             43,731              $      3,636      $       45,120        $      -          $     (1,389  )          $     3,636         
 Income producing and other                                                                                                                                           
 residential                               1,826                      600                2,008                1,761            (182    )                (1,161  )     
 Total real estate mortgage                45,557                     4,236              47,128               1,761            (1,571  )                2,475         
 Real estate construction and land:                                                                                                                                   
 Commercial                                315                        -                  324                  -                (9      )                -             
 Residential                               -                          759                -                    3,108            -                        (2,349  )     
 Total real estate                                                                                                                                                    
 construction and land                     315                        759                324                  3,108            (9      )                (2,349  )     
 Commercial:                                                                                                                                                          
 Asset-based                               2,679                      -                  2,817                -                (138    )                -             
 Venture capital                           1,980                      540                2,001                2,319            (21     )                (1,779  )     
 Other commercial                          40,243                     2,078              32,941               185              7,302                    1,893         
 Total commercial                          44,902                     2,618              37,759               2,504            7,143                    114           
 Consumer                                  389                        1,260              404                  791              (15     )                469           
 Total held for investment   $             91,163              $      8,873      $       85,615        $      8,164      $     5,548              $     709           
                                                                                                                                                                      

During the fourth quarter of 2020, nonaccrual loans and leases increased by
$5.5 million due primarily to an addition of one security monitoring loan for
$26.3 million, partially offset by the sale of one security monitoring loan
for $12.1 million and the paydown of another security monitoring loan for $5.8
million.

CAPITAL

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

                                     December 31, 2020                                                                         
                                                                            Excluding                        September 30,     
                                                                            PPP                              2020              
                                     Actual (1)                             Loans (1)                        Actual            
 PacWest Bancorp Consolidated:                                                                                                 
 Tier 1 leverage capital ratio       8.55         %                         8.93         %            (3  )  8.66     %        
 Common equity tier 1 capital ratio  10.53        %                         10.53        %                   10.45    %        
 Total capital ratio                 13.76        %                         13.76        %                   13.74    %        
 Tangible common equity ratio (2)    8.78         %                         9.12         %            (3  )  8.71     %        
                                                                                                                               
 (1) Capital information for December 31, 2020 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 $29
billion in assets headquartered in Los Angeles, California, with executive
offices 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
Bancorp 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 Bancorp, 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 Bancorp’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 Bancorp’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 the Company 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                                                                                                                              
                                                                                                                                                                   
                                                          December 31,                                September 30,                     December 31,               
                                                                      2020                                   2020                              2019                
                                                                                                                                                                   
                                                          (Dollars in thousands, except per share data)                                                            
 ASSETS:                                                                                                                                                           
 Cash and due from banks                                  $           150,464                         $      187,176                    $      172,585             
 Interest-earning deposits in financial institutions                  3,010,197                              2,766,020                         465,039             
 Total cash and cash equivalents                                      3,160,661                              2,953,196                         637,624             
                                                                                                                                                                   
 Securities available-for-sale, at estimated fair value               5,235,591                              4,532,614                         3,797,187           
 Federal Home Loan Bank stock, at cost                                17,250                                 17,250                            40,924              
 Total investment securities                                          5,252,841                              4,549,864                         3,838,111           
                                                                                                                                                                   
 Gross loans and leases held for investment                           19,153,357                             19,101,680                        18,910,740          
 Deferred fees, net                                                   (69,980      )                         (75,480      )                    (63,868      )      
 Total loans and leases held for investment,                                                                                                                       
 net of deferred fees                                                 19,083,377                             19,026,200                        18,846,872          
 Allowance for loan and lease losses                                  (348,181     )                         (345,966     )                    (138,785     )      
 Total loans and leases held for investment, net                      18,735,196                             18,680,234                        18,708,087          
                                                                                                                                                                   
 Equipment leased to others under operating leases                    333,846                                286,425                           324,084             
 Premises and equipment, net                                          39,234                                 40,544                            38,585              
 Foreclosed assets, net                                               14,027                                 13,747                            440                 
 Goodwill                                                             1,078,670                              1,078,670                         2,548,670           
 Core deposit and customer relationship intangibles, net              23,641                                 26,813                            38,394              
 Other assets                                                         860,326                                797,223                           636,811             
 Total assets                                             $           29,498,442                      $      28,426,716                 $      26,770,806          
                                                                                                                                                                   
 LIABILITIES:                                                                                                                                                      
 Noninterest-bearing deposits                             $           9,193,827                       $      9,346,744                  $      7,243,298           
 Interest-bearing deposits                                            15,746,890                             14,618,951                        11,989,738          
 Total deposits                                                       24,940,717                             23,965,695                        19,233,036          
 Borrowings                                                           5,000                                  60,000                            1,759,008           
 Subordinated debentures                                              465,812                                463,282                           458,209             
 Accrued interest payable and other liabilities                       491,962                                451,508                           365,856             
 Total liabilities                                                    25,903,491                             24,940,485                        21,816,109          
                                                                                                                                                                   
 STOCKHOLDERS' EQUITY:                                                                                                                                             
 Common stock                                                         1,207                                  1,208                             1,219               
 Additional paid-in-capital                                           3,100,633                              3,125,554                         3,306,006           
 Retained earnings                                                    409,391                                292,561                           1,652,248           
 Treasury stock                                                       (88,803      )                         (88,566      )                    (83,434      )      
 Accumulated other comprehensive income                               172,523                                155,474                           78,658              
 STOCKHOLDERS' EQUITY (1)                                             3,594,951                              3,486,231                         4,954,697           
 Total liabilities and stockholders’ equity               $           29,498,442                      $      28,426,716                 $      26,770,806          
                                                                                                                                                                   
 Book value per share                                     $           30.36                           $      29.42                      $      41.36               
 Tangible book value per share (2)                        $           21.05                           $      20.09                      $      19.77               
 Shares outstanding                                                   118,414,853                            118,489,927                       119,781,605         
                                                                                                                                                                   
 (1) Includes net unrealized gain on securities                                                                                                                    
 available-for-sale, net                                  $           172,523                         $      155,474                    $      78,658              
 (2) Non-GAAP measure.                                                                                                                                             
                                                                                                                                                                   



 PACWEST BANCORP AND SUBSIDIARIES                                                                                                                                                     
 CONDENSED CONSOLIDATED STATEMENT OF EARNINGS (LOSS)                                                                                                                                  
                                                                                                                                                                                      
                                              Three Months Ended                                                                      Year Ended                                      
                                              December 31,                  September 30,                 December 31,                December 31,                                    
                                                     2020                          2020                          2019                      2020                       2019            
                                                                                                                                                                                      
                                              (Dollars in thousands, except per share data)                                                                                           
 Interest income:                                                                                                                                                                     
 Loans and leases                             $      242,198                $      240,811                $      263,402              $    993,138               $    1,097,845       
 Investment securities                               28,843                        24,443                        28,135                    106,770                    115,569         
 Deposits in financial institutions                  1,135                         654                           2,056                     3,583                      6,479           
 Total interest income                               272,176                       265,908                       293,593                   1,103,491                  1,219,893       
                                                                                                                                                                                      
 Interest expense:                                                                                                                                                                    
 Deposits                                            8,454                         9,887                         34,802                    59,663                     148,460         
 Borrowings                                          37                            27                            5,189                     8,161                      26,961          
 Subordinated debentures                             4,477                         4,670                         6,983                     21,109                     29,843          
 Total interest expense                              12,968                        14,584                        46,974                    88,933                     205,264         
                                                                                                                                                                                      
 Net interest income                                 259,208                       251,324                       246,619                   1,014,558                  1,014,629       
 Provision for credit losses                         10,000                        97,000                        3,000                     339,000                    22,000          
 Net interest income after                                                                                                                                                            
 provision for credit losses                         249,208                       154,324                       243,619                   675,558                    992,629         
                                                                                                                                                                                      
 Noninterest income:                                                                                                                                                                  
 Service charges on deposit accounts                 3,119                         2,570                         3,611                     10,351                     14,637          
 Other commissions and fees                          9,974                         10,541                        10,170                    40,347                     43,623          
 Leased equipment income                             9,440                         9,900                         10,648                    43,628                     38,727          
 Gain on sale of loans and leases                    1,671                         35                            23                        2,139                      1,114           
 Gain on sale of securities                          4                             5,270                         184                       13,171                     25,445          
 Other income                                        15,642                        9,936                         2,540                     36,424                     19,016          
 Total noninterest income                            39,850                        38,252                        27,176                    146,060                    142,562         
                                                                                                                                                                                      
 Noninterest expense:                                                                                                                                                                 
 Compensation                                        73,171                        75,131                        74,637                    271,494                    285,862         
 Occupancy                                           14,083                        14,771                        14,541                    57,555                     57,407          
 Data processing                                     6,718                         6,505                         6,770                     26,779                     27,556          
 Other professional services                         6,800                         4,713                         4,261                     19,917                     17,803          
 Insurance and assessments                           5,064                         3,939                         4,168                     22,625                     16,404          
 Intangible asset amortization                       3,172                         3,751                         4,153                     14,753                     18,726          
 Leased equipment depreciation                       7,501                         7,057                         6,856                     28,865                     24,016          
 Foreclosed assets (income) expense, net             (272     )                    335                           (3,446   )                (17         )              (3,555     )    
 Acquisition, integration and                                                                                                                                                         
 reorganization costs                                1,060                         -                             (269     )                1,060                      349             
 Customer related expense                            4,430                         4,762                         3,952                     17,532                     13,839          
 Loan expense                                        3,926                         3,499                         2,967                     13,454                     12,931          
 Goodwill impairment                                 -                             -                             -                         1,470,000                  -               
 Other expense                                       10,029                        8,939                         5,138                     40,002                     30,913          
 Total noninterest expense                           135,682                       133,402                       123,728                   1,984,019                  502,251         
                                                                                                                                                                                      
 Earnings (loss) before income taxes                 153,376                       59,174                        147,067                   (1,162,401  )              632,940         
 Income tax expense                                  36,546                        13,671                        29,186                    75,173                     164,304         
 Net earnings (loss)                          $      116,830                $      45,503                 $      117,881              $    (1,237,574  )         $    468,636         
                                                                                                                                                                                      
 Basic and diluted earnings (loss) per share  $      0.99                   $      0.38                   $      0.98                 $    (10.61      )         $    3.90            
 Dividends declared and paid per share        $      0.25                   $      0.25                   $      0.60                 $    1.35                  $    2.40            
                                                                                                                                                                                      



 PACWEST BANCORP AND SUBSIDIARIES                                                                                                                                                                           
 NET EARNINGS (LOSS) PER SHARE CALCULATIONS                                                                                                                                                                 
                                                                                                                                                                                                            
                                        Three Months Ended                                                                                                         Year Ended                               
                                        December 31,                                    September 30,                                   December 31,               December 31,                             
                                                    2020                                            2020                                       2019                    2020                    2019         
                                                                                                                                                                                                            
                                        (In thousands, except per share data)                                                                                                                               
 Basic Earnings (Loss) Per Share:                                                                                                                                                                           
 Net earnings (loss)                    $           116,830                             $           45,503                              $      117,881             $   (1,237,574  )       $   468,636      
 Less: earnings allocated to unvested                                                                                                                                                                       
 restricted stock (1)                               (1,398      )                                   (578        )                              (1,458   )              (1,782      )           (5,182   )   
 Net earnings (loss) allocated to                                                                                                                                                                           
 common shares                          $           115,432                             $           44,925                              $      116,423             $   (1,239,356  )       $   463,454      
                                                                                                                                                                                                            
 Weighted-average basic shares and                                                                                                                                                                          
 unvested restricted stock outstanding              118,446                                         118,438                                    119,804                 118,463                 120,468      
 Less: weighted-average unvested                                                                                                                                                                            
 restricted stock outstanding                       (1,652      )                                   (1,684      )                              (1,566   )              (1,610      )           (1,502   )   
 Weighted-average basic shares                                                                                                                                                                              
 outstanding                                        116,794                                         116,754                                    118,238                 116,853                 118,966      
                                                                                                                                                                                                            
 Basic earnings (loss) per share        $           0.99                                $           0.38                                $      0.98                $   (10.61      )       $   3.90         
                                                                                                                                                                                                            
 Diluted Earnings (Loss) Per Share:                                                                                                                                                                         
 Net earnings (loss) allocated to                                                                                                                                                                           
 common shares                          $           115,432                             $           44,925                              $      116,423             $   (1,239,356  )       $   463,454      
                                                                                                                                                                                                            
 Weighted-average diluted shares                                                                                                                                                                            
 outstanding                                        116,794                                         116,754                                    118,238                 116,853                 118,966      
                                                                                                                                                                                                            
 Diluted earnings (loss) per share      $           0.99                                $           0.38                                $      0.98                $   (10.61      )       $   3.90         
                                                                                                                                                                                                            
 (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                                                                                                                                                                                  
                            December 31, 2020                                                       September 30, 2020                                                  December 31, 2019                                       
                                                    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)    $           18,769,214  $           243,188     5.15%                   $           19,195,737  $          241,547    5.01%                 $          18,470,583  $          263,783    5.67%      
 Investment securities (3)  4,888,993               30,757                  2.50%                   4,107,915               26,015                2.52%                 3,811,216              29,509                3.07%      
 Deposits in financial                                                                                                                                                                                                          
 institutions               3,576,335               1,135                   0.13%                   2,554,349               654                   0.10%                 498,068                2,056                 1.64%      
 Total interest-earning                                                                                                                                                                                                         
 assets (1)                 27,234,542              275,080                 4.02%                   25,858,001              268,216               4.13%                 22,779,867             295,348               5.14%      
 Other assets               2,100,247                                                               2,077,192                                                           3,600,872                                               
 Total assets               $           29,334,789                                                  $           27,935,193                                              $          26,380,739                                   
                                                                                                                                                                                                                                
 Liabilities and                                                                                                                                                                                                                
 Stockholders' Equity:                                                                                                                                                                                                          
 Interest checking          $           5,191,435   2,064                   0.16%                   $           4,904,614   2,019                 0.16%                 $          3,731,696   10,031                1.07%      
 Money market               7,636,220               3,225                   0.17%                   7,170,842               3,081                 0.17%                 5,117,553              12,063                0.94%      
 Savings                    567,646                 35                      0.02%                   565,395                 35                    0.02%                 509,497                204                   0.16%      
 Time                       1,650,150               3,130                   0.75%                   1,876,072               4,752                 1.01%                 2,744,156              12,504                1.81%      
 Total interest-bearing                                                                                                                                                                                                         
 deposits                   15,045,451              8,454                   0.22%                   14,516,923              9,887                 0.27%                 12,102,902             34,802                1.14%      
 Borrowings                 237,098                 37                      0.06%                   181,315                 27                    0.06%                 1,179,220              5,189                 1.75%      
 Subordinated debentures    463,951                 4,477                   3.84%                   462,375                 4,670                 4.02%                 456,997                6,983                 6.06%      
 Total interest-bearing                                                                                                                                                                                                         
 liabilities                15,746,500              12,968                  0.33%                   15,160,613              14,584                0.38%                 13,739,119             46,974                1.36%      
 Noninterest-bearing                                                                                                                                                                                                            
 demand deposits            9,589,789                                                               8,812,391                                                           7,338,888                                               
 Other liabilities          462,075                                                                 464,320                                                             372,550                                                   
 Total liabilities          25,798,364                                                              24,437,324                                                          21,450,557                                              
 Stockholders' equity       3,536,425                                                               3,497,869                                                           4,930,182                                               
 Total liabilities and                                                                                                                                                                                                          
 stockholders' equity       $           29,334,789                                                  $           27,935,193                                              $          26,380,739                                   
 Net interest income (1)                            $           262,112                                                     $          253,632                                                 $          248,374               
 Net interest spread (1)                                                    3.69%                                                                 3.75%                                                              3.78%      
 Net interest margin (1)                                                    3.83%                                                                 3.90%                                                              4.33%      
                                                                                                                                                                                                                                
 Total deposits (4)         $           24,635,240  $           8,454       0.14%                   $           23,329,314  $          9,887      0.17%                 $          19,441,790  $          34,802     0.71%      
                                                                                                                                                                                                                                
 (1) Tax equivalent.                                                                                                                                                                                                            
 (2) Includes discount accretion on acquired loans of $3.8 million, $2.0 million, and $3.0 million for the three months ended December 31, 2020,                                                                                
 September 30, 2020, and December 31, 2019, respectively.                                                                                                                                                                       
 (3) Includes tax-equivalent adjustments of $1.9 million, $1.6 million, and $1.4 million for the three months ended December 31, 2020,                                                                                          
 September 30, 2020, and December 31, 2019 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                                                                                                                                                                               
                                                                                                                                                                                                          
                                             December 31,                            September 30,                   June 30,                    March 31,                     December 31,               
                                                        2020                                2020                          2020                         2020                           2019                
                                                                                                                                                                                                          
                                             (Dollars in thousands, except per share data)                                                                                                                
 ASSETS:                                                                                                                                                                                                  
 Cash and due from banks                     $          150,464                      $      187,176                  $    174,059                $     172,570                 $      172,585             
 Interest-earning deposits in financial                                                                                                                                                                   
 institutions                                           3,010,197                           2,766,020                     1,747,077                    439,690                        465,039             
 Total cash and cash equivalents                        3,160,661                           2,953,196                     1,921,136                    612,260                        637,624             
                                                                                                                                                                                                          
 Securities available-for-sale                          5,235,591                           4,532,614                     3,851,141                    3,757,663                      3,797,187           
 Federal Home Loan Bank stock                           17,250                              17,250                        17,250                       54,244                         40,924              
 Total investment securities                            5,252,841                           4,549,864                     3,868,391                    3,811,907                      3,838,111           
                                                                                                                                                                                                          
 Gross loans and leases held for investment             19,153,357                          19,101,680                    19,780,476                   19,806,394                     18,910,740          
 Deferred fees, net                                     (69,980      )                      (75,480      )                (85,845      )               (61,089      )                 (63,868      )      
 Total loans and leases held for                                                                                                                                                                          
 investment, net of deferred fees                       19,083,377                          19,026,200                    19,694,631                   19,745,305                     18,846,872          
 Allowance for loan and lease losses                    (348,181     )                      (345,966     )                (301,050     )               (221,292     )                 (138,785     )      
 Total loans and leases held for                                                                                                                                                                          
 investment, net                                        18,735,196                          18,680,234                    19,393,581                   19,524,013                     18,708,087          
                                                                                                                                                                                                          
 Equipment leased to others under                                                                                                                                                                         
 operating leases                                       333,846                             286,425                       295,191                      306,530            -           324,084             
 Premises and equipment, net                            39,234                              40,544                        42,299                       39,799                         38,585              
 Foreclosed assets, net                                 14,027                              13,747                        1,449                        1,701                          440                 
 Goodwill                                               1,078,670                           1,078,670                     1,078,670                    1,078,670                      2,548,670           
 Core deposit and customer relationship                                                                                                                                                                   
 intangibles, net                                       23,641                              26,813                        30,564                       34,446                         38,394              
 Other assets                                           860,326                             797,223                       734,457                      733,941                        636,811             
 Total assets                                $          29,498,442                   $      28,426,716               $    27,365,738             $     26,143,267              $      26,770,806          
                                                                                                                                                                                                          
 LIABILITIES:                                                                                                                                                                                             
 Noninterest-bearing deposits                $          9,193,827                    $      9,346,744                $    8,629,543              $     7,510,218               $      7,243,298           
 Interest-bearing deposits                              15,746,890                          14,618,951                    14,299,036                   12,065,619                     11,989,738          
 Total deposits                                         24,940,717                          23,965,695                    22,928,579                   19,575,837                     19,233,036          
 Borrowings                                             5,000                               60,000                        60,000                       2,295,000                      1,759,008           
 Subordinated debentures                                465,812                             463,282                       460,772                      458,994                        458,209             
 Accrued interest payable and other                                                                                                                                                                       
 liabilities                                            491,962                             451,508                       463,489                      423,047                        365,856             
 Total liabilities                                      25,903,491                          24,940,485                    23,912,840                   22,752,878                     21,816,109          
 STOCKHOLDERS' EQUITY (1)                               3,594,951                           3,486,231                     3,452,898                    3,390,389                      4,954,697           
 Total liabilities and stockholders’                                                                                                                                                                      
 equity                                      $          29,498,442                   $      28,426,716               $    27,365,738             $     26,143,267              $      26,770,806          
                                                                                                                                                                                                          
 Book value per share                        $          30.36                        $      29.42                    $    29.17                  $     28.75                   $      41.36               
 Tangible book value per share (2)           $          21.05                        $      20.09                    $    19.80                  $     19.31                   $      19.77               
 Shares outstanding                                     118,414,853                         118,489,927                   118,374,603                  117,916,789                    119,781,605         
                                                                                                                                                                                                          
 (1) Includes net unrealized gain on                                                                                                                                                                      
 securities available-for-sale, net          $          172,523                      $      155,474                  $    145,038                $     90,916                  $      78,658              
 (2) Non-GAAP measure.                                                                                                                                                                                    
                                                                                                                                                                                                          



 PACWEST BANCORP AND SUBSIDIARIES                                                                                                                                                                
 FIVE QUARTER STATEMENT OF EARNINGS (LOSS)                                                                                                                                                       
                                                                                                                                                                                                 
                                              Three Months Ended                                                                                                                                 
                                              December 31,                             September 30,                 June 30,                March 31,                    December 31,           
                                                         2020                                  2020                       2020                     2020                          2019            
                                                                                                                                                                                                 
                                              (Dollars in thousands, except per share data)                                                                                                      
 Interest income:                                                                                                                                                                                
 Loans and leases                             $          242,198                       $       240,811               $    247,851            $     262,278                $      263,402         
 Investment securities                                   28,843                                24,443                     26,038                   27,446                        28,135          
 Deposits in financial institutions                      1,135                                 654                        186                      1,608                         2,056           
 Total interest income                                   272,176                               265,908                    274,075                  291,332                       293,593         
                                                                                                                                                                                                 
 Interest expense:                                                                                                                                                                               
 Deposits                                                8,454                                 9,887                      13,075                   28,247                        34,802          
 Borrowings                                              37                                    27                         1,319                    6,778                         5,189           
 Subordinated debentures                                 4,477                                 4,670                      5,402                    6,560                         6,983           
 Total interest expense                                  12,968                                14,584                     19,796                   41,585                        46,974          
                                                                                                                                                                                                 
 Net interest income                                     259,208                               251,324                    254,279                  249,747                       246,619         
 Provision for credit losses                             10,000                                97,000                     120,000                  112,000                       3,000           
 Net interest income after                                                                                                                                                                       
 provision for credit losses                             249,208                               154,324                    134,279                  137,747                       243,619         
                                                                                                                                                                                                 
 Noninterest income:                                                                                                                                                                             
 Service charges on deposit accounts                     3,119                                 2,570                      2,004                    2,658                         3,611           
 Other commissions and fees                              9,974                                 10,541                     10,111                   9,721                         10,170          
 Leased equipment income                                 9,440                                 9,900                      12,037                   12,251                        10,648          
 Gain on sale of loans and leases                        1,671                                 35                         346                      87                            23              
 Gain on sale of securities                              4                                     5,270                      7,715                    182                           184             
 Other income                                            15,642                                9,936                      6,645                    4,201                         2,540           
 Total noninterest income                                39,850                                38,252                     38,858                   29,100                        27,176          
                                                                                                                                                                                                 
 Noninterest expense:                                                                                                                                                                            
 Compensation                                            73,171                                75,131                     61,910                   61,282                        74,637          
 Occupancy                                               14,083                                14,771                     14,494                   14,207                        14,541          
 Data processing                                         6,718                                 6,505                      7,102                    6,454                         6,770           
 Other professional services                             6,800                                 4,713                      4,146                    4,258                         4,261           
 Insurance and assessments                               5,064                                 3,939                      9,373                    4,249                         4,168           
 Intangible asset amortization                           3,172                                 3,751                      3,882                    3,948                         4,153           
 Leased equipment depreciation                           7,501                                 7,057                      7,102                    7,205                         6,856           
 Foreclosed assets (income) expense, net                 (272       )                          335                        (146     )               66                            (3,446   )      
 Acquisition, integration and                                                                                                                                                                    
 reorganization costs                                    1,060                                 -                          -                        -                             (269     )      
 Customer related expense                                4,430                                 4,762                      4,408                    3,932                         3,952           
 Loan expense                                            3,926                                 3,499                      3,379                    2,650                         2,967           
 Goodwill impairment                                     -                                     -                          -                        1,470,000                     -               
 Other expense                                           10,029                                8,939                      11,315                   9,719                         5,138           
 Total noninterest expense                               135,682                               133,402                    126,965                  1,587,970                     123,728         
                                                                                                                                                                                                 
 Earnings (loss) before income taxes                     153,376                               59,174                     46,172                   (1,421,123  )                 147,067         
 Income tax expense                                      36,546                                13,671                     12,968                   11,988                        29,186          
 Net earnings (loss)                          $          116,830                       $       45,503                $    33,204             $     (1,433,111  )          $      117,881         
                                                                                                                                                                                                 
 Basic and diluted earnings (loss) per share  $          0.99                          $       0.38                  $    0.28               $     (12.23      )          $      0.98            
 Dividends declared and paid per share        $          0.25                          $       0.25                  $    0.25               $     0.60                   $      0.60            
                                                                                                                                                                                                 



 PACWEST BANCORP AND SUBSIDIARIES                                                                                                                                                                
 FIVE QUARTER SELECTED FINANCIAL DATA                                                                                                                                                            
                                                                                                                                                                                                 
                                           At or For the Three Months Ended                                                                                                                      
                                           December 31,                            September 30,                 June 30,                  March 31,                   December 31,              
                                                       2020                               2020                        2020                       2020                         2019               
                                                                                                                                                                                                 
                                           (Dollars in thousands)                                                                                                                                
 Performance Ratios:                                                                                                                                                                             
 Return on average assets (1)                          1.58        %                      0.65        %               0.50        %              (21.27      )%               1.77        %      
 Pre-provision, pre-goodwill impairment,                                                                                                                                                         
 pre-tax net revenue ("PPNR")                                                                                                                                                                    
 return on average assets (1)(2)                       2.22        %                      2.22        %               2.51        %              2.39        %                2.26        %      
 Return on average equity (1)                          13.14       %                      5.18        %               3.87        %              (116.28     )%               9.49        %      
 Return on average tangible equity (1)(2)              19.63       %                      8.20        %               6.39        %              6.88        %                20.68       %      
 Efficiency ratio                                      43.6        %                      45.1        %               42.9        %              40.6        %                44.8        %      
 Noninterest expense as a percentage                                                                                                                                                             
 of average assets (1)                                 1.84        %                      1.90        %               1.92        %              23.57       %                1.86        %      
                                                                                                                                                                                                 
 Average Yields/Costs (1):                                                                                                                                                                       
 Yield on:                                                                                                                                                                                       
 Average loans and leases (3)                          5.15        %                      5.01        %               5.01        %              5.54        %                5.67        %      
 Average interest-earning assets (3)                   4.02        %                      4.13        %               4.53        %              5.02        %                5.14        %      
 Cost of:                                                                                                                                                                                        
 Average interest-bearing deposits                     0.22        %                      0.27        %               0.40        %              0.95        %                1.14        %      
 Average total deposits                                0.14        %                      0.17        %               0.25        %              0.59        %                0.71        %      
 Average interest-bearing liabilities                  0.33        %                      0.38        %               0.55        %              1.16        %                1.36        %      
 Net interest spread (3)                               3.69        %                      3.75        %               3.98        %              3.86        %                3.78        %      
 Net interest margin (3)                               3.83        %                      3.90        %               4.20        %              4.31        %                4.33        %      
                                                                                                                                                                                                 
 Average Balances:                                                                                                                                                                               
 Assets:                                                                                                                                                                                         
 Loans and leases, net of deferred fees    $           18,769,214                  $      19,195,737             $    19,951,603           $     19,065,035            $      18,470,583         
 Interest-earning assets                               27,234,542                         25,858,001                  24,531,204                 23,455,636                   22,779,867         
 Total assets                                          29,334,789                         27,935,193                  26,621,227                 27,099,040                   26,380,739         
 Liabilities:                                                                                                                                                                                    
 Noninterest-bearing deposits                          9,589,789                          8,812,391                   8,292,151                  7,357,717                    7,338,888          
 Interest-bearing deposits                             15,045,451                         14,516,923                  13,116,297                 11,896,780                   12,102,902         
 Total deposits                                        24,635,240                         23,329,314                  21,408,448                 19,254,497                   19,441,790         
 Borrowings                                            237,098                            181,315                     871,110                    2,026,749                    1,179,220          
 Subordinated debentures                               463,951                            462,375                     459,466                    458,399                      456,997            
 Interest-bearing liabilities                          15,746,500                         15,160,613                  14,446,873                 14,381,928                   13,739,119         
 Stockholders' equity                                  3,536,425                          3,497,869                   3,446,850                  4,956,778                    4,930,182          
                                                                                                                                                                                                 
 (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                                                                                                                                  
                                         December 31,                                  September 30,                       June 30,                  March 31,                   December 31,              
                                                     2020                                        2020                           2020                       2020                         2019               
                                                                                                                                                                                                           
                                         (Dollars in thousands)                                                                                                                                            
 Credit Quality Ratios:                                                                                                                                                                                    
 Nonaccrual loans and leases held for                                                                                                                                                                      
 investment to loans and leases                                                                                                                                                                            
 held for investment                                 0.48        %                               0.45        %                  0.84        %              0.48        %                0.49        %      
 Nonperforming assets to loans and                                                                                                                                                                         
 leases held for investment and                                                                                                                                                                            
 foreclosed assets                                   0.55        %                               0.52        %                  0.85        %              0.49        %                0.49        %      
 Classified loans and leases held for                                                                                                                                                                      
 investment to loans and leases                                                                                                                                                                            
 held for investment                                 1.39        %                               1.44        %                  1.49        %              0.75        %                0.93        %      
 Provision for credit losses (for the                                                                                                                                                                      
 quarter) to average loans and leases                                                                                                                                                                      
 held for investment (annualized)                    0.21        %                               2.01        %                  2.42        %              2.36        %                0.06        %      
 Net charge-offs (for the quarter) to                                                                                                                                                                      
 average loans and leases held                                                                                                                                                                             
 for investment (annualized)                         0.40        %                               0.75        %                  0.27        %              0.40        %                0.02        %      
 Trailing 12 months net charge-offs                                                                                                                                                                        
 to average loans and leases                                                                                                                                                                               
 held for investment                                 0.45        %                               0.36        %                  0.20        %              0.19        %                0.09        %      
 Allowance for loan and lease losses to                                                                                                                                                                    
 loans and leases held for investment                1.82        %                               1.82        %                  1.53        %              1.12        %                0.74        %      
 Allowance for credit losses to loans                                                                                                                                                                      
 and leases held for investment                      2.27        %                               2.33        %                  1.94        %              1.39        %                0.93        %      
 Allowance for credit losses to                                                                                                                                                                            
 nonaccrual loans and leases                                                                                                                                                                               
 held for investment                                 475.8       %                               516.9       %                  229.7       %              287.5       %                189.1       %      
                                                                                                                                                                                                           
 PacWest Bancorp Consolidated:                                                                                                                                                                             
 Tier 1 leverage capital ratio (1)                   8.55        %                               8.66        %                  8.93        %              8.63        %                9.74        %      
 Common equity tier 1 capital ratio (1)              10.53       %                               10.45       %                  9.97        %              9.22        %                9.78        %      
 Tier 1 capital ratio (1)                            10.53       %                               10.45       %                  9.97        %              9.22        %                9.78        %      
 Total capital ratio (1)                             13.76       %                               13.74       %                  13.18       %              12.07       %                12.41       %      
 Risk-weighted assets (1)                $           22,837,693                        $         22,114,040                $    22,781,836           $     24,214,209            $      23,582,495         
                                                                                                                                                                                                           
 Equity to assets ratio                              12.19       %                               12.26       %                  12.62       %              12.97       %                18.51       %      
 Tangible common equity ratio (2)                    8.78        %                               8.71        %                  8.93        %              9.10        %                9.79        %      
 Book value per share                    $           30.36                             $         29.42                     $    29.17                $     28.75                 $      41.36              
 Tangible book value per share (2)       $           21.05                             $         20.09                     $    19.80                $     19.31                 $      19.77              
                                                                                                                                                                                                           
 Pacific Western Bank:                                                                                                                                                                                     
 Tier 1 leverage capital ratio (1)                   9.53        %                               9.70        %                  10.03       %              9.71        %                10.95       %      
 Common equity tier 1 capital ratio (1)              11.73       %                               11.70       %                  11.18       %              10.38       %                11.00       %      
 Tier 1 capital ratio (1)                            11.73       %                               11.70       %                  11.18       %              10.38       %                11.00       %      
 Total capital ratio (1)                             12.99       %                               12.95       %                  12.44       %              11.39       %                11.74       %      
                                                                                                                                                                                                           
 (1) Capital information for December 31, 2020 is preliminary.                                                                                                                                             
 (2) Non-GAAP measure.                                                                                                                                                                                     
                                                                                                                                                                                                           

GAAP TO NON-GAAP RECONCILIATIONS

This press release contains certain non-GAAP financial disclosures for: (1)
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                                                                                                    Year Ended                                  
 PPNR and PPNR Return               December 31,                                        September 30,                       December 31,                  December 31,                                
 on Average Assets                                2020                                            2020                             2019                       2020                    2019            
                                                                                                                                                                                                      
                                    (Dollars in thousands)                                                                                                                                            
 Net earnings (loss)                $             116,830                               $         45,503                    $      117,881                $   (1,237,574  )       $   468,636         
 Add: Provision for credit losses                 10,000                                          97,000                           3,000                      339,000                 22,000          
 Add: Goodwill impairment                         -                                               -                                -                          1,470,000               -               
 Add: Income tax expense                          36,546                                          13,671                           29,186                     75,173                  164,304         
 Pre-provision, pre-goodwill impairment,                                                                                                                                                              
 pre-tax net revenue ("PPNR")       $             163,376                               $         156,174                   $      150,067                $   646,599             $   654,940         
                                                                                                                                                                                                      
 Average assets                     $             29,334,789                            $         27,935,193                $      26,380,739             $   27,752,412          $   26,105,608      
                                                                                                                                                                                                      
 Return on average assets (1)                     1.58          %                                 0.65        %                    1.77        %              (4.46       )%          1.80        %   
 PPNR return on average assets (2)                2.22          %                                 2.22        %                    2.26        %              2.33        %           2.51        %   
                                                                                                                                                                                                      
 (1) Annualized net earnings (loss) divided by average assets.                                                                                                                                        
 (2) Annualized PPNR divided by average assets.                                                                                                                                                       
                                                                                                                                                                                                      



                                        Three Months Ended                                                                                                   Year Ended                                 
                                        December 31,                                September 30,                               December 31,                 December 31,                               
 Return on Average Tangible Equity                 2020                                        2020                                    2019                      2020                    2019           
                                                                                                                                                                                                        
                                                                                                                                                                                                        
                                                                                                                                                                                                        
                                                                                                                                                                                                        
                                        (Dollars in thousands)                                                                                                                                          
 Net earnings (loss)                    $          116,830                          $          45,503                           $      117,881               $   (1,237,574  )       $   468,636        
 Add: Intangible asset amortization                3,172                                       3,751                                   4,153                     14,753                  18,726         
 Add: Goodwill impairment                          -                                           -                                       -                         1,470,000               -              
 Adjusted net earnings                  $          120,002                          $          49,254                           $      122,034               $   247,179             $   487,362        
                                                                                                                                                                                                        
 Average stockholders' equity           $          3,536,425                        $          3,497,869                        $      4,930,182             $   3,857,610           $   4,864,332      
 Less: Average intangible assets                   1,103,945                                   1,107,548                               2,589,217                 1,470,989               2,596,389      
 Average tangible common equity         $          2,432,480                        $          2,390,321                        $      2,340,965             $   2,386,621           $   2,267,943      
                                                                                                                                                                                                        
 Return on average equity (1)                      13.14      %                                5.18       %                            9.49       %              (32.08      )%          9.63       %   
 Return on average tangible equity (2)             19.63      %                                8.20       %                            20.68      %              10.36       %           21.49      %   
                                                                                                                                                                                                        
 (1) Annualized net earnings divided by average stockholders' equity.                                                                                                                                   
 (2) Annualized adjusted net earnings divided by average tangible common equity.                                                                                                                        
                                                                                                                                                                                                        



 Tangible Common Equity Ratio/      December 31,                                              September 30,                         June 30,                    March 31,                     December 31,               
 Tangible Book Value Per Share                      2020                                                2020                             2020                         2020                           2019                
                                                                                                                                                                                                                         
                                    (Dollars in thousands, except per share data)                                                                                                                                        
 Stockholders' equity               $               3,594,951                                 $         3,486,231                   $    3,452,898              $     3,390,389               $      4,954,697           
 Less: Intangible assets                            1,102,311                                           1,105,483                        1,109,234                    1,113,116                      2,587,064           
 Tangible common equity             $               2,492,640                                 $         2,380,748                   $    2,343,664              $     2,277,273               $      2,367,633           
                                                                                                                                                                                                                         
 Total assets                       $               29,498,442                                $         28,426,716                  $    27,365,738             $     26,143,267              $      26,770,806          
 Less: Intangible assets                            1,102,311                                           1,105,483                        1,109,234                    1,113,116                      2,587,064           
 Tangible assets                    $               28,396,131                                $         27,321,233                  $    26,256,504             $     25,030,151              $      24,183,742          
                                                                                                                                                                                                                         
 Equity to assets ratio                             12.19           %                                   12.26        %                   12.62        %               12.97        %                 18.51        %      
 Tangible common equity ratio (1)                   8.78            %                                   8.71         %                   8.93         %               9.10         %                 9.79         %      
                                                                                                                                                                                                                         
 Book value per share               $               30.36                                     $         29.42                       $    29.17                  $     28.75                   $      41.36               
 Tangible book value per share (2)  $               21.05                                     $         20.09                       $    19.80                  $     19.31                   $      19.77               
 Shares outstanding                                 118,414,853                                         118,489,927                      118,374,603                  117,916,789                    119,781,605         
                                                                                                                                                                                                                         
 (1) Tangible common equity divided by tangible assets.                                                                                                                                                                  
 (2) Tangible common equity divided by shares outstanding.                                                                                                                                                               
                                                                                                                                                                                                                         



 Contact:  Matthew P. Wagner                   Bart R. Olson                         
           President and CEO                   Executive Vice President and CFO      
 Phone:    303-802-8900                        714-989-4149                          
                                                                                     
 Contact:  William J. Black                                                          
           Executive Vice President                                                  
           Strategy and Corporate Development                                        
 Phone:    919-597-7466                                                              



GlobeNewswire, Inc. 2021
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.