PacWest Bancorp in Westwood on Tuesday reported strong second quarter earnings, beating analyst estimates in the first quarter since the company closed its merger with CapitalSource, another Los Angeles bank.
PacWest earned net income of $63.8 million (64 cents a share) for the three months ended June 30, up 230 percent from the same period a year earlier. Analysts estimated net income of 66 cents a share.
In a press release accompanying the earnings, PacWest’s Chief Executive Matt Wagner said the company is “very strong and well-positioned” and said the CapitalSource merger has already paid off.
“The benefits of the CapitalSource merger are apparent in our second quarter results: record adjusted net earnings of $64 million, new loan and lease fundings of $881 million, organic loan and lease growth of $143 million, and significant progress in meeting our deposit transformation and cost savings targets,” Wagner said.
PacWest was No. 5 on the Business Journal’s most recent list of the largest banks headquartered in Los Angeles County. CapitalSource was No. 4.
PacWest’s shares on Tuesday closed up slightly to $41.19 on the Nasdaq.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- PacWest to Buy First California
- PacWest Bancorp Acquires CU Bancorp in $705 Million Transaction
- Higher PacWest Profit Lower Than Expected
- PacWest Continues Buyout Binge, Grabs Tech Lender Square 1
- Banks Break Out Their Checkbooks To Buy Up Rivals
- Key Deals: PacWest Gets CU Bancorp for $681 Million
- Bank Parents Put Money on Union
- PacWest Acquisition Gets Final OK