PacWest Bancorp (PACW) in Los Angeles posted strong quarterly earnings to end a year marked by aggressive acquisitions.
The $5.5 billion-asset company's fourth-quarter earnings rose 32% from a year earlier, to $19.9 million, or 54 cents a share.
PacWest's net interest income rose 9% from a year earlier, to $69.6 million. The bank recorded a $4.3 million credit to its allowance for loan losses. Its net interest margin expanded 49 basis points from a year earlier, to 5.49%.
Noninterest income fell 75% from a year earlier, to $2 million, due in part to a loss-share expense of $6 million tied to past acquisitions of failed banks. The company also booked $1.2 million in securities gains in the fourth quarter of 2012.
Backed by
PacWest's stock was slightly up in Wednesday morning's trading, to just above $26 per share.