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PacWest posts YOY rise in Q3 net earnings

Beverly Hills, Calif.-based PacWest Bancorp reported third-quarter net earnings allocated to common shares of $114.9 million, or 94 cents per share, up from net earnings of $100.3 million, or 84 cents per share, in the same quarter of the prior year.

The S&P Capital IQ consensus GAAP EPS estimate for the recent quarter was 92 cents.

Total deposits were $17.88 billion, compared with $17.93 billion in the linked quarter and $16.77 billion in the year-ago period.

Loans and leases held for investment, net of deferred fees, amounted to $17.23 billion in the third quarter, compared with $16.89 billion in the linked quarter and $15.69 billion a year ago.

Provision for credit losses amounted to $11.5 million in the third quarter, down from $17.5 million in the previous quarter and from $15.1 million in the year-ago quarter. The quarter-over-quarter decrease was due mainly to a lower level of loans rated special mention, which have a higher general reserve amount than loans graded pass.