PacWest: Q1 Earnings Snapshot
By AP News
Published - Apr 25, 2023, 04:27 PM ET
Last Updated - Jun 22, 2023, 03:59 AM EDT
BEVERLY HILLS, Calif. (AP) — BEVERLY HILLS, Calif. (AP) — PacWest Bancorp (PACW) on Tuesday reported a loss of $1.2 billion in its first quarter.
The bank, based in Beverly Hills, California, said it had a loss of $10.22 per share. Earnings, adjusted for asset impairment costs, were 66 cents per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 65 cents per share.
The holding company for Pacific Western Bank posted revenue of $554.2 million in the period. Its revenue net of interest expense was $315.7 million, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $320.1 million.
