PacWest Bancorp (PACW) has declared a quarterly cash dividend of $0.25 per share, scheduled for payment on December 10, 2020. This dividend will benefit stockholders of record as of November 30, 2020. With assets exceeding $28 billion, PacWest operates primarily through its subsidiary, Pacific Western Bank, which maintains a substantial presence in California and additional branches in North Carolina and Colorado. This dividend reinforces the company's commitment to returning value to its shareholders.
PacWest Bancorp (PACW) reported net earnings of $45.5 million, or $0.38 per diluted share, for Q3 2020, up from $33.2 million in Q2 2020. Strong pre-provision net revenue (PPNR) reached $156.2 million, with a robust CET1 ratio of 10.46%. Core deposits increased by $1.6 billion or 10%, representing 88% of total deposits. However, net interest margin (NIM) fell to 3.90% from 4.20% in Q2 due to excess liquidity. The credit loss provision decreased to $97 million, showing improved economic conditions despite ongoing concerns due to COVID-19.
Summary not available.