Pacwest Bancorp (PACW) Tops Q2 EPS by 88c

Pacwest Bancorp (NASDAQ: PACW) reported Q2 EPS of $0.22, $0.88 better than the analyst estimate of ($0.66). Revenue for the quarter came in at $57.99 million versus the consensus estimate of $134.78 million.

Moments before publishing its quarterly financials, PacWest agreed to merge with Banc of California (BANC) in an all-stock deal.

The bank suffered $277.7M of losses on the sale of loans and unfunded commitments, Civic loan sale charge-offs of $22.4M, and $12.4M of reorganization costs. Since the start of 2023, PACW has reduced its headcount by 560 staffers., primarily at its Civic unit, said President and CEO Paul Taylor.

For earnings history and earnings-related data on Pacwest Bancorp (PACW) click here.

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