Welcome to our dedicated page for Pacwest Bancorp Del news (Ticker: PACW), a resource for investors and traders seeking the latest updates and insights on Pacwest Bancorp Del stock.
Banc of California, Inc. (NASDAQ: PACW) delivers essential banking services to businesses and communities through Pacific Western Bank. This news hub provides investors and stakeholders with official updates on strategic developments, financial performance, and regulatory milestones.
Access real-time information about the company's transformative merger with Banc of California, approved by federal and state regulators. Track operational updates across 70+ branches and key financial metrics, including recent improvements in noninterest income and deposit growth strategies.
Our curated collection includes:
• Merger implementation details
• Quarterly earnings reports
• Regulatory filings
• Leadership announcements
• Community initiative updates
Bookmark this page for verified updates on PACW's business banking services, treasury management solutions, and economic development programs supporting small businesses across California and beyond.
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.
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