PacWest Bancorp (PACW) announced net earnings for the first quarter of 2013 of $13.49 million, or $0.37 per share, up from $5.26 million or $0.14 per share in the year ago quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.49 per share for the quarter. Analysts' estimates typically exclude special items.
Total noninterest expense decreased to $44.18 million from $68.90 million in the prior year.
Net interest income for the quarter declined to $65.69 million from $67.68 million in the prior year quarter. Total noninterest income was $2.84 million, down from $3.26 million in the previous year.
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