PacWest Bancorp (PACW) reported that its third-quarter profit per share increased to $0.43 from $0.36 last year. Net income was $16.09 million compared to $13.30 million last year. Adjusted earnings before income taxes was $33.44 million for the quarter. Net interest income was $70.77 million compared to $64.44 million last year. Total noninterest income was $5.68 million compared to $7.14 million last year. Analysts polled by Thomson Reuters expected the company to report profit per share of $0.45 on revenue of $74.47 million for the quarter. Analysts' estimates typically exclude special items.
Vic Santoro, Executive Vice President and Chief Financial Officer, stated, "Our third quarter results were very good, with $33.4 million in adjusted pre-tax earnings, a return on average assets of 1.16% and a return on average equity of over 11%. Our net interest margin was 5.58%, being positively impacted by a strong loan yield and increasing DDA balances. Credit quality trends remain positive and core deposit growth continues to be strong, generated both organically and through the APB acquisition. The combination of these factors, along with our continued focus on controlling noninterest expenses, strengthens our balance sheet and allows us to pursue attractive growth and acquisition opportunities as they arise."
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