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PacWest Bancorp's net earnings climb 8% YOY

Beverly Hills, Calif.-based PacWest Bancorp Oct. 17 posted an 8.0% year-over-year increase in third-quarter profit.

Net earnings allocated to common shares climbed to $100.3 million, or 84 cents per share, from net earnings of $92.8 million, or 77 cents per share, in the third quarter of the prior year.

The S&P Capital IQ consensus estimate for normalized EPS for the third quarter was 75 cents.

The bank's net interest margin for the quarter was 5.08%, down from 5.21% in the previous quarter and 5.26% last year.

The company recorded a provision for credit losses of $15.1 million, compared to $11.5 million in the previous quarter and up from $8.5 million a year earlier.

At the end of the third quarter, nonperforming assets totaled $171.1 million, compared to $187.8 million in the linked quarter.