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.
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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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