Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
On April 25, 2023, PacWest Bancorp reported a net loss of $1.21 billion or $10.22 per diluted share for Q1 2023, influenced by a non-cash goodwill impairment of $1.38 billion amid market volatility. Adjusted earnings stood at $89.4 million or $0.66 per diluted share after excluding impairment and severance costs. Total deposits grew by $1.1 billion to $28.2 billion, with insured deposits rising from 48% to 73% of totals. The company reported an immediate liquidity of $12.4 billion exceeding uninsured deposits. While credit metrics remained stable, net interest income decreased due to rising costs on deposits, leading to a net interest margin decline to 2.89%. The CEO highlighted strategies aimed at enhancing liquidity and operational efficiency. The conference call regarding these results is scheduled for April 26, 2023.
Summary not available.