PacWest Bancorp, which suffered large deposit outflows after last month's bank failures, has grown its deposits by $1.8 billion over the last several weeks, the bank said Tuesday.
Total deposits stood at $28.2 billion at the end of the first quarter, up from $27.1 billion on March 20. And so far in the second quarter, the bank has added about $700 million in deposits, PacWest said.
It had about $33.9 billion in deposits at the end of 2022, before customers began to withdraw funds last month.
The bank reported a loss of $1.2 billion in the first quarter, thanks to a declining stock price and reorganization costs. Still, the loss was smaller than expected by some analysts. Revenue of $315.7 million also topped expectations.
The earnings report offers the first concrete glimpse into the $43 billion-asset bank's financials after a quarter that saw significant withdrawals and a
The March crisis was "one of the most challenging recent periods in the banking industry," PacWest CEO Paul Taylor said in a statement Tuesday.
PacWest, the parent company of Pacific Western Bank, expects its total assets to fall to approximately $35 billion within the next few months, once it sells certain assets and its liquidity returns to a normal level, Taylor said in a statement.
The Beverly Hills, California-based bank, like peers that experienced major deposit losses last month, has increased its rate of insured deposits in recent weeks. That percentage stood at 73% as of April 24, up from 48% at the end of 2022.
PacWest shares rose as much as 24% in after-market trading, reaching $12.87 before paring some of its gains.
The bank is set to hold its quarterly earnings call Wednesday at 11 a.m. Eastern.
