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PacWest Bancorp reports lower Q3 credit loss provision

Beverly Hills, Calif.-based PacWest Bancorp reported third-quarter net earnings allocated to common shares of $108.7 million, or 92 cents per share, a decrease from $114.9 million, or 94 cents per share, in the year-ago period.

The decrease in net earnings was due primarily to a $22.2 million pretax gain on the sale of securities in the second quarter that contributed 13 cents per share.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was 93 cents.

Net interest margin for the third quarter stood at 4.46%, down from 4.72% in the previous quarter and 4.99% in the year-ago period.

Net interest income for the quarter was $252.2 million, a decrease from $260.3 million in the same period last year. Third-quarter noninterest income slightly decreased on a year-over-year basis to $33.4 million from $36.9 million.

Provision for credit losses was $7.0 million, a decrease from $11.5 million in the year-ago period.

Total net loans held for investment at the end of the third quarter were $18.60 billion, compared with $18.34 billion at the end of the previous quarter and $17.83 billion at the end of the year-ago period.

Total deposits at the end of the third quarter were $19.73 billion, compared with $18.81 billion at the end of the previous quarter and $18.87 billion at the end of the year-ago period.

"In a very competitive market, we achieved our largest core deposit growth quarter ever with growth of $854 million in the third quarter. Core deposits generation, with an emphasis on noninterest-bearing deposits, remains a priority in this declining-rate environment," President and CEO Matt Wagner said. The bank's core deposits for the quarter were $16.47 billion, both representing increases from $15.62 billion in the previous quarter and $15.51 billion in the same period last year.