FOURTH QUARTER 2022 RESULTS
$0.33 | 14.39% | 8.70% | ||
Net Earnings Available to Common Stockholders | Diluted Earnings per Common Share | ROATCE | CET1 |
FOURTH QUARTER 2022 HIGHLIGHTS
- Announced leadership transition with
Paul Taylor as President and CEO andKevin Thompson as CFO - Strategically sold
$1 billion of available-for-sale securities for a loss of$49 million to pay down FHLB borrowings and to improve the capital and liquidity position of the Bank - Recorded goodwill impairment of
$29 million related to Civic as part of a strategy to restructure this lending subsidiary - Shut down Premium Finance and Multi-Family lending groups as part of a strategy to focus on relationship-based community banking, which will result in cost savings and improved capital
- Recorded early retirement benefits and severance expense of
$5.7 million as a first step in operational efficiency initiative - All risk-based capital ratios increased from 3Q22, with CET1 increasing from 8.56% to 8.70%
- Credit metrics remain steady with nonperforming assets ratio of 38 basis points
FULL YEAR 2022 RESULTS
$3.37 | 21.04% | 51.0% | ||
Net Earnings Available to Common Stockholders | Diluted Earnings per Common Share | ROATCE | Efficiency Ratio |
FULL YEAR 2022 HIGHLIGHTS
- Loan growth of
$5.7 billion ; up 24.7% from 2021 - Net interest income (TE) of
$1.3 billion in 2022 vs.$1.1 billion in 2021; up 16.6% - Strong earnings allowed us to return
$140 million to our stockholders through dividends
CEO COMMENTARY
“PacWest is a strong organization with extraordinary clients and has a talented and loyal team. Credit quality remains strong as evidenced by credit metrics such as nonperforming assets of 38 basis points and net charge-offs of four basis points for the quarter and two basis points for the year. As we head into 2023, our priority is to refocus on core relationship-based community banking, which is expected to result in increased core deposits, increased capital ratios, and an improved efficiency ratio, and allow us to maintain our credit quality at the current favorable levels.”
FINANCIAL HIGHLIGHTS
At or For the | At or For the | ||||||||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||||||
Increase | Increase | ||||||||||||||||||||||
Financial Highlights (1) | 2022 | 2022 | (Decrease) | 2022 | 2021 | (Decrease) | |||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||
Net earnings available to | |||||||||||||||||||||||
common stockholders | $ | 39,562 | $ | 122,224 | $ | (82,662 | ) | $ | 404,274 | $ | 606,959 | $ | (202,685 | ) | |||||||||
Diluted earnings per | |||||||||||||||||||||||
common share | $ | 0.33 | $ | 1.02 | $ | (0.69 | ) | $ | 3.37 | $ | 5.10 | $ | (1.73 | ) | |||||||||
Pre-provision, pre-goodwill | |||||||||||||||||||||||
impairment, pre-tax net | |||||||||||||||||||||||
revenue ("PPNR") (2) | $ | 106,151 | $ | 178,182 | $ | (72,031 | ) | $ | 621,068 | $ | 660,334 | $ | (39,266 | ) | |||||||||
Return on average assets | 0.48 | % | 1.28 | % | (0.80 | ) | 1.05 | % | 1.71 | % | (0.66 | ) | |||||||||||
PPNR return on average | |||||||||||||||||||||||
assets (2) | 1.02 | % | 1.73 | % | (0.71 | ) | 1.53 | % | 1.86 | % | (0.33 | ) | |||||||||||
Return on average | |||||||||||||||||||||||
tangible common equity (2) | 14.39 | % | 24.11 | % | (9.72 | ) | 21.04 | % | 24.41 | % | (3.37 | ) | |||||||||||
Yield on average loans and | |||||||||||||||||||||||
leases (tax equivalent) | 5.73 | % | 5.12 | % | 0.61 | 5.07 | % | 5.08 | % | (0.01 | ) | ||||||||||||
Cost of average total | |||||||||||||||||||||||
deposits | 1.37 | % | 0.70 | % | 0.67 | 0.59 | % | 0.09 | % | 0.50 | |||||||||||||
Net interest margin ("NIM") | |||||||||||||||||||||||
(tax equivalent) | 3.41 | % | 3.57 | % | (0.16 | ) | 3.49 | % | 3.40 | % | 0.09 | ||||||||||||
Efficiency ratio | 53.3 | % | 51.0 | % | 2.3 | 51.0 | % | 46.9 | % | 4.1 | |||||||||||||
Total assets | $ | 41,228,936 | $ | 41,404,592 | $ | (175,656 | ) | $ | 41,228,936 | $ | 40,443,344 | $ | 785,592 | ||||||||||
Loans and leases held | |||||||||||||||||||||||
for investment, | |||||||||||||||||||||||
net of deferred fees | $ | 28,609,129 | $ | 27,660,041 | $ | 949,088 | $ | 28,609,129 | $ | 22,941,548 | $ | 5,667,581 | |||||||||||
Noninterest-bearing | |||||||||||||||||||||||
demand deposits | $ | 11,212,357 | $ | 12,775,756 | $ | (1,563,399 | ) | $ | 11,212,357 | $ | 14,543,133 | $ | (3,330,776 | ) | |||||||||
Core deposits | $ | 26,561,129 | $ | 28,559,310 | $ | (1,998,181 | ) | $ | 26,561,129 | $ | 32,734,949 | $ | (6,173,820 | ) | |||||||||
Total deposits | $ | 33,936,334 | $ | 34,195,872 | $ | (259,538 | ) | $ | 33,936,334 | $ | 34,997,757 | $ | (1,061,423 | ) | |||||||||
As percentage of total | |||||||||||||||||||||||
deposits: | |||||||||||||||||||||||
Noninterest-bearing | |||||||||||||||||||||||
demand deposits | 33 | % | 37 | % | (4 | ) | 33 | % | 41 | % | (8 | ) | |||||||||||
Core deposits | 78 | % | 83 | % | (5 | ) | 78 | % | 93 | % | (15 | ) | |||||||||||
Equity to assets ratio | 9.58 | % | 9.36 | % | 0.22 | 9.58 | % | 9.89 | % | (0.31 | ) | ||||||||||||
Common equity tier 1 | |||||||||||||||||||||||
capital ratio | 8.70 | % | 8.56 | % | 0.14 | 8.70 | % | 8.86 | % | (0.16 | ) | ||||||||||||
Tier 1 capital ratio | 10.60 | % | 10.46 | % | 0.14 | 10.60 | % | 9.32 | % | 1.28 | |||||||||||||
Total capital ratio | 13.61 | % | 13.43 | % | 0.18 | 13.61 | % | 12.69 | % | 0.92 | |||||||||||||
Tangible common equity | |||||||||||||||||||||||
ratio (2) | 5.13 | % | 4.85 | % | 0.28 | 5.13 | % | 6.54 | % | (1.41 | ) | ||||||||||||
Tangible book value per | |||||||||||||||||||||||
common share (2) | $ | 17.00 | $ | 16.11 | $ | 0.89 | $ | 17.00 | $ | 21.31 | $ | (4.31 | ) | ||||||||||
(1) The operations of the HOA Business are included from its | |||||||||||||||||||||||
(2) Non-GAAP measure. |
INCOME STATEMENT HIGHLIGHTS
NET INTEREST INCOME
Net interest income decreased by
The tax equivalent NIM was 3.41% for the fourth quarter of 2022 compared to 3.57% for the third quarter of 2022. The decrease in the NIM was due mainly to a higher cost of average interest-bearing liabilities due primarily to a
The cost of average total deposits was 1.37% for the fourth quarter of 2022 compared to 0.70% for the third quarter of 2022 due mainly to higher market interest rates and an increase in the average balance of time deposits.
PROVISION FOR CREDIT LOSSES
The following table presents details of the provision for credit losses for the periods indicated:
Three Months Ended | |||||||||||
Increase | |||||||||||
Provision for Credit Losses | 2022 | 2022 | (Decrease) | ||||||||
(In thousands) | |||||||||||
Addition to allowance for | |||||||||||
loan and lease losses | $ | 14,000 | $ | 3,000 | $ | 11,000 | |||||
Reduction in reserve for | |||||||||||
unfunded loan commitments | (4,000 | ) | - | (4,000 | ) | ||||||
Total loan-related provision | 10,000 | 3,000 | 7,000 | ||||||||
Addition to allowance for | |||||||||||
held-to-maturity securities | - | - | - | ||||||||
Total provision for credit losses | $ | 10,000 | $ | 3,000 | $ | 7,000 | |||||
The provision for credit losses was
NONINTEREST INCOME
The following table presents details of noninterest income for the periods indicated:
Three Months Ended | |||||||||||
Increase | |||||||||||
Noninterest Income | 2022 | 2022 | (Decrease) | ||||||||
(In thousands) | |||||||||||
Service charges on deposit accounts | $ | 3,178 | $ | 3,608 | $ | (430 | ) | ||||
Other commissions and fees | 11,208 | 10,034 | 1,174 | ||||||||
Leased equipment income | 12,322 | 12,835 | (513 | ) | |||||||
Gain on sale of loans and leases | 388 | 58 | 330 | ||||||||
(Loss) gain on sale of securities | (49,302 | ) | 86 | (49,388 | ) | ||||||
Dividends and gains on equity investments | 661 | 3,228 | (2,567 | ) | |||||||
Warrant (loss) income | (46 | ) | 292 | (338 | ) | ||||||
Other income | 2,635 | 8,478 | (5,843 | ) | |||||||
Total noninterest (loss) income | $ | (18,956 | ) | $ | 38,619 | $ | (57,575 | ) | |||
Noninterest income decreased by
NONINTEREST EXPENSE
The following table presents details of noninterest expense for the periods indicated:
Three Months Ended | |||||||||||
Increase | |||||||||||
Noninterest Expense | 2022 | 2022 | (Decrease) | ||||||||
(In thousands) | |||||||||||
Compensation | $ | 106,124 | $ | 105,933 | $ | 191 | |||||
Occupancy | 14,922 | 15,574 | (652 | ) | |||||||
Data processing | 9,722 | 9,568 | 154 | ||||||||
Other professional services | 6,924 | 10,674 | (3,750 | ) | |||||||
Insurance and assessments | 7,205 | 7,159 | 46 | ||||||||
Intangible asset amortization | 2,629 | 3,649 | (1,020 | ) | |||||||
Leased equipment depreciation | 8,627 | 8,908 | (281 | ) | |||||||
Foreclosed assets (income) expense, net | (108 | ) | (248 | ) | 140 | ||||||
Acquisition, integration and reorganization costs | 5,703 | - | 5,703 | ||||||||
Customer related expense | 18,197 | 12,673 | 5,524 | ||||||||
Loan expense | 6,150 | 6,228 | (78 | ) | |||||||
Other | 11,737 | 15,500 | (3,763 | ) | |||||||
Total operating expense | 197,832 | 195,618 | 2,214 | ||||||||
29,000 | - | 29,000 | |||||||||
Total noninterest expense | $ | 226,832 | $ | 195,618 | $ | 31,214 | |||||
Noninterest expense increased by
INCOME TAXES
The effective income tax rate was 26.3% for the fourth quarter of 2022 compared to 24.9% for the third quarter of 2022. The increase from the third quarter of 2022 was primarily due to a tax benefit recorded in the third quarter resulting from a lapsed statute. The effective tax rate for the full year 2022 was 25.4%. The effective tax rate for the full year 2023 is currently estimated to be in the range of 26% to 28%.
BALANCE SHEET HIGHLIGHTS
DEPOSITS AND CLIENT INVESTMENT FUNDS
The following table presents the composition of our deposit portfolio as of the dates indicated:
% of | % of | % of | |||||||||||||||
Deposit Composition | Balance | Total | Balance | Total | Balance | Total | |||||||||||
(Dollars in thousands) | |||||||||||||||||
Noninterest-bearing demand | $ | 11,212,357 | 33 | % | $ | 12,775,756 | 37 | % | $ | 14,543,133 | 41 | % | |||||
Interest checking | 6,990,377 | 20 | % | 6,780,900 | 20 | % | 7,319,898 | 21 | % | ||||||||
Money market | 7,780,758 | 23 | % | 8,361,779 | 24 | % | 10,241,265 | 29 | % | ||||||||
Savings | 577,637 | 2 | % | 640,875 | 2 | % | 630,653 | 2 | % | ||||||||
Total core deposits | 26,561,129 | 78 | % | 28,559,310 | 83 | % | 32,734,949 | 93 | % | ||||||||
Wholesale non-maturity deposits | 2,637,362 | 8 | % | 2,367,544 | 7 | % | 889,976 | 3 | % | ||||||||
Total non-maturity deposits | 29,198,491 | 86 | % | 30,926,854 | 90 | % | 33,624,925 | 96 | % | ||||||||
Retail time deposits | 2,434,414 | 7 | % | 1,778,325 | 5 | % | 1,177,147 | 3 | % | ||||||||
Brokered time deposits | 2,303,429 | 7 | % | 1,490,693 | 5 | % | 195,685 | 1 | % | ||||||||
Total time deposits (1) | 4,737,843 | 14 | % | 3,269,018 | 10 | % | 1,372,832 | 4 | % | ||||||||
Total deposits | $ | 33,936,334 | 100 | % | $ | 34,195,872 | 100 | % | $ | 34,997,757 | 100 | % | |||||
(1) Includes time deposits over | |||||||||||||||||
Total deposits decreased by
In addition to deposit products, we also offer alternative, non-depository cash investment options for select clients. These alternative options include investments managed by
LOANS AND LEASES
The following table presents roll forwards of loans and leases held for investment, net of deferred fees, for the periods indicated:
Three Months Ended | Year Ended | ||||||||||
Roll Forward of Loans and Leases Held | |||||||||||
for Investment, Net of Deferred Fees | 2022 | 2022 | 2022 | ||||||||
(Dollars in thousands) | |||||||||||
Balance, beginning of period | $ | 27,660,041 | $ | 26,501,137 | $ | 22,941,548 | |||||
Additions: | |||||||||||
Production | 1,287,248 | 1,758,107 | 8,435,396 | ||||||||
Disbursements | 1,919,979 | 1,677,795 | 7,058,553 | ||||||||
Total production and disbursements | 3,207,227 | 3,435,902 | 15,493,949 | ||||||||
Reductions: | |||||||||||
Payoffs | (1,136,016 | ) | (977,654 | ) | (4,909,797 | ) | |||||
Paydowns | (1,050,727 | ) | (1,256,557 | ) | (4,755,033 | ) | |||||
Total payoffs and paydowns | (2,186,743 | ) | (2,234,211 | ) | (9,664,830 | ) | |||||
Sales | (2,611 | ) | (19,635 | ) | (63,263 | ) | |||||
Transfers to foreclosed assets | (4,714 | ) | (2,966 | ) | (7,985 | ) | |||||
Charge-offs | (3,352 | ) | (4,652 | ) | (14,037 | ) | |||||
Transfers to loans held for sale | (60,719 | ) | (15,534 | ) | (76,253 | ) | |||||
Total reductions | (2,258,139 | ) | (2,276,998 | ) | (9,826,368 | ) | |||||
Net increase | 949,088 | 1,158,904 | 5,667,581 | ||||||||
Balance, end of period | $ | 28,609,129 | $ | 27,660,041 | $ | 28,609,129 | |||||
Weighted average rate on production (1) | 7.55 | % | 5.92 | % | 5.24 | % | |||||
(1) The weighted average rate on production presents contractual rates on a tax equivalent basis and excludes amortized fees. Amortized fees added approximately 21 basis points to loan yields in 2022. | |||||||||||
Loans and leases held for investment, net of deferred fees, increased by
Civic loan production was
The weighted average rate on the
The following table presents the composition of loans and leases held for investment by loan portfolio segment and class, net of deferred fees, as of the dates indicated:
% of | % of | % of | ||||||||||||
Loan and Lease Portfolio | Balance | Total | Balance | Total | Balance | Total | ||||||||
(Dollars in thousands) | ||||||||||||||
Real estate mortgage: | ||||||||||||||
Commercial | $ | 3,846,831 | 13 | % | $ | 3,770,706 | 14 | % | $ | 3,762,299 | 17 | % | ||
Residential | 11,396,781 | 40 | % | 10,860,043 | 39 | % | 7,416,421 | 32 | % | |||||
Total real estate mortgage | 15,243,612 | 53 | % | 14,630,749 | 53 | % | 11,178,720 | 49 | % | |||||
Real estate construction and land: | ||||||||||||||
Commercial | 898,592 | 3 | % | 843,086 | 3 | % | 832,591 | 4 | % | |||||
Residential | 3,740,292 | 13 | % | 3,450,430 | 12 | % | 2,604,536 | 11 | % | |||||
Total real estate construction | ||||||||||||||
and land | 4,638,884 | 16 | % | 4,293,516 | 15 | % | 3,437,127 | 15 | % | |||||
Total real estate | 19,882,496 | 69 | % | 18,924,265 | 68 | % | 14,615,847 | 64 | % | |||||
Commercial: | ||||||||||||||
Asset-based | 5,140,209 | 18 | % | 5,154,654 | 19 | % | 4,075,477 | 18 | % | |||||
Venture capital | 2,033,302 | 7 | % | 2,001,086 | 7 | % | 2,320,593 | 10 | % | |||||
Other commercial | 1,108,451 | 4 | % | 1,115,442 | 4 | % | 1,471,981 | 6 | % | |||||
Total commercial | 8,281,962 | 29 | % | 8,271,182 | 30 | % | 7,868,051 | 34 | % | |||||
Consumer | 444,671 | 2 | % | 464,594 | 2 | % | 457,650 | 2 | % | |||||
Total loans and leases held for | ||||||||||||||
investment, net of deferred fees | $ | 28,609,129 | 100 | % | $ | 27,660,041 | 100 | % | $ | 22,941,548 | 100 | % | ||
Total unfunded loan commitments | $ | 11,110,264 | $ | 11,227,234 | $ | 9,006,350 |
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES
The following tables present roll forwards of the allowance for credit losses on loans and leases for the periods indicated:
Three Months Ended | |||||||||||
Allowance for Credit | Allowance for | Reserve for | Total | ||||||||
Losses on Loans and | Loan and | Unfunded Loan | Allowance for | ||||||||
Leases Rollforward | Lease Losses | Commitments | Credit Losses | ||||||||
(In thousands) | |||||||||||
Beginning balance | $ | 189,327 | $ | 95,071 | $ | 284,398 | |||||
Charge-offs | (3,352 | ) | - | (3,352 | ) | ||||||
Recoveries | 757 | - | 757 | ||||||||
Net charge-offs | (2,595 | ) | - | (2,595 | ) | ||||||
Provision | 14,000 | (4,000 | ) | 10,000 | |||||||
Ending balance | $ | 200,732 | $ | 91,071 | $ | 291,803 | |||||
Three Months Ended | |||||||||||
Allowance for Credit | Allowance for | Reserve for | Total | ||||||||
Losses on Loans and | Loan and | Unfunded Loan | Allowance for | ||||||||
Leases Rollforward | Lease Losses | Commitments | Credit Losses | ||||||||
(In thousands) | |||||||||||
Beginning balance | $ | 188,705 | $ | 95,071 | $ | 283,776 | |||||
Charge-offs | (4,652 | ) | - | (4,652 | ) | ||||||
Recoveries | 2,274 | - | 2,274 | ||||||||
Net charge-offs | (2,378 | ) | - | (2,378 | ) | ||||||
Provision | 3,000 | - | 3,000 | ||||||||
Ending balance | $ | 189,327 | $ | 95,071 | $ | 284,398 | |||||
Allowance for Credit | |||||||||||
Losses on Loans and | Year Ended | ||||||||||
Leases Rollforward | 2022 | 2021 | |||||||||
(In thousands) | |||||||||||
Beginning balance | $ | 273,635 | $ | 433,752 | |||||||
Charge-offs | (14,037 | ) | (10,715 | ) | |||||||
Recoveries | 9,205 | 12,598 | |||||||||
Net (charge-offs) recoveries | (4,832 | ) | 1,883 | ||||||||
Provision | 23,000 | (162,000 | ) | ||||||||
Ending balance | $ | 291,803 | $ | 273,635 | |||||||
The following table presents allowance for credit losses information on loans and leases as of and for the dates and periods indicated:
Allowance for Credit Losses | Increase | ||||||||||
on Loans and Leases | 2022 | 2022 | (Decrease) | ||||||||
(Dollars in thousands) | |||||||||||
Allowance for loan and lease losses | $ | 200,732 | $ | 189,327 | $ | 11,405 | |||||
Reserve for unfunded loan commitments | 91,071 | 95,071 | (4,000 | ) | |||||||
Allowance for credit losses | $ | 291,803 | $ | 284,398 | $ | 7,405 | |||||
Provision for credit losses (for the quarter) | $ | 10,000 | $ | 3,000 | $ | 7,000 | |||||
Net charge-offs (for the quarter) | $ | 2,595 | $ | 2,378 | $ | 217 | |||||
Net charge-offs to average loans | |||||||||||
and leases (for the quarter) | 0.04 | % | 0.03 | % | |||||||
Allowance for loan and lease losses to loans | |||||||||||
and leases held for investment | 0.70 | % | 0.68 | % | |||||||
Allowance for credit losses to loans and leases | |||||||||||
held for investment | 1.02 | % | 1.03 | % | |||||||
The allowance for credit losses increased by
Net charge-offs over the trailing twelve months were
CREDIT QUALITY
The following table presents loan and lease credit quality metrics as of the dates indicated:
Increase | |||||||||||
Credit Quality Metrics | 2022 | 2022 | (Decrease) | ||||||||
(Dollars in thousands) | |||||||||||
NPAs and Performing TDRs: | |||||||||||
Nonaccrual loans and leases held for investment (1) | $ | 103,778 | $ | 89,742 | $ | 14,036 | |||||
Accruing loans contractually past due 90 days or more | - | - | - | ||||||||
Foreclosed assets, net | 5,022 | 2,967 | 2,055 | ||||||||
Total nonperforming assets ("NPAs") | $ | 108,800 | $ | 92,709 | $ | 16,091 | |||||
Performing TDRs held for investment | $ | 7,141 | $ | 8,106 | $ | (965 | ) | ||||
Nonaccrual loans and leases held for investment | |||||||||||
to loans and leases held for investment | 0.36 | % | 0.32 | % | |||||||
Nonperforming assets to loans and leases | |||||||||||
held for investment and foreclosed assets | 0.38 | % | 0.34 | % | |||||||
Allowance for credit losses to nonaccrual loans | |||||||||||
and leases held for investment | 281.2 | % | 316.9 | % | |||||||
Loan and Lease Credit Risk Ratings: | |||||||||||
Pass | $ | 27,924,599 | $ | 27,099,362 | $ | 825,237 | |||||
Special mention | 566,259 | 463,994 | 102,265 | ||||||||
Classified | 118,271 | 96,685 | 21,586 | ||||||||
Total loans and leases held for investment, | |||||||||||
net of deferred fees | $ | 28,609,129 | $ | 27,660,041 | $ | 949,088 | |||||
Special mention loans and leases held for investment | |||||||||||
to loans and leases held for investment | 1.98 | % | 1.68 | % | |||||||
Classified loans and leases held for investment | |||||||||||
to loans and leases held for investment | 0.41 | % | 0.35 | % | |||||||
(1) Nonaccrual loans include SBA guaranteed amounts of | |||||||||||
Nonaccrual loans and leases increased by
The following table presents nonaccrual loans and leases and accruing loans and leases past due between 30 and 89 days by loan portfolio segment and class as of the dates indicated:
Increase (Decrease) | |||||||||||||||||||||
Accruing | Accruing | Accruing | |||||||||||||||||||
and 30-89 | and 30-89 | and 30-89 | |||||||||||||||||||
Days Past | Days Past | Days Past | |||||||||||||||||||
Nonaccrual | Due | Nonaccrual | Due | Nonaccrual | Due | ||||||||||||||||
(In thousands) | |||||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||||
Commercial | $ | 42,509 | $ | 1,047 | $ | 42,772 | $ | 14 | $ | (263 | ) | $ | 1,033 | ||||||||
Residential | 45,272 | 69,397 | 25,950 | 21,700 | 19,322 | 47,697 | |||||||||||||||
Total real estate mortgage | 87,781 | 70,444 | 68,722 | 21,714 | 19,059 | 48,730 | |||||||||||||||
Real estate construction and land: | |||||||||||||||||||||
Commercial | - | - | - | - | - | - | |||||||||||||||
Residential | 10,621 | 26,257 | 7,101 | 3,051 | 3,520 | 23,206 | |||||||||||||||
Total real estate | |||||||||||||||||||||
construction and land | 10,621 | 26,257 | 7,101 | 3,051 | 3,520 | 23,206 | |||||||||||||||
Commercial: | |||||||||||||||||||||
Asset-based | 865 | - | 2,127 | - | (1,262 | ) | - | ||||||||||||||
Venture capital | - | - | 3,809 | - | (3,809 | ) | - | ||||||||||||||
Other commercial | 4,345 | 385 | 7,616 | 265 | (3,271 | ) | 120 | ||||||||||||||
Total commercial | 5,210 | 385 | 13,552 | 265 | (8,342 | ) | 120 | ||||||||||||||
Consumer | 166 | 1,935 | 367 | 1,996 | (201 | ) | (61 | ) | |||||||||||||
Total held for investment | $ | 103,778 | $ | 99,021 | $ | 89,742 | $ | 27,026 | $ | 14,036 | $ | 71,995 | |||||||||
Loans and leases accruing and 30-89 days past due generally fluctuate from period to period. The
CAPITAL
The following table presents capital ratios as of the dates indicated:
2022 | 2022 | 2021 | ||||||||||
PacWest Bancorp Consolidated: | ||||||||||||
Common equity tier 1 capital ratio (1) | 8.70 | % | 8.56 | % | 8.86 | % | ||||||
Tier 1 capital ratio (1) | 10.60 | % | 10.46 | % | 9.32 | % | ||||||
Total capital ratio (1) | 13.61 | % | 13.43 | % | 12.69 | % | ||||||
Tier 1 leverage capital ratio (1) | 8.61 | % | 8.63 | % | 6.84 | % | ||||||
Risk-weighted assets (1) (in thousands) | $ | 33,033,597 | $ | 33,042,173 | $ | 28,508,808 | ||||||
Tangible common equity ratio (2) | 5.13 | % | 4.85 | % | 6.54 | % | ||||||
Tangible common equity ratio excluding | ||||||||||||
the impact of AOCI for securities (2) | 7.12 | % | 6.97 | % | 6.37 | % | ||||||
(1) Capital information for | ||||||||||||
(2) Non-GAAP measure. |
CONFERENCE CALL
Participants may access the conference call/webcast at:
Participant Webcast Link: https://event.webcasts.com/starthere.jsp?ei=1590835&tp key=aedee87ee7
Confirmation Code: 2205611
The call will be recorded and made available for replay on
ABOUT
PacWest is a bank holding company with over
FORWARD-LOOKING STATEMENTS
This communication contains certain forward-looking information about PacWest that is intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Statements that are not historical or current facts, including statements about future financial and operational results, expectations, or intentions are forward-looking statements. Such statements often use words such as “anticipates,” “targets,” “expects,” “estimates,” “intends,” “plans,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Such statements are based on information available at the time of the communication and are based on current beliefs and expectations of PacWest’s management and are subject to significant risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from those expressed in them. Continued deterioration in general business, economic, and political conditions, geopolitical tensions, uncertainty in
All forward-looking statements in this communication are based on information available at the time the statement is made. We are under no obligation (and expressly disclaim any such obligation) to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
PACWEST BANCORP AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEET | |||||||||||
2022 | 2022 | 2021 | |||||||||
(Dollars in thousands, except per share data) | |||||||||||
ASSETS: | |||||||||||
Cash and due from banks | $ | 212,273 | $ | 216,436 | $ | 112,548 | |||||
Interest-earning deposits in financial institutions | 2,027,949 | 2,244,272 | 3,944,686 | ||||||||
Total cash and cash equivalents | 2,240,222 | 2,460,708 | 4,057,234 | ||||||||
Securities available-for-sale, at estimated fair value | 4,843,487 | 5,891,328 | 10,694,458 | ||||||||
Securities held-to-maturity, at amortized cost, | |||||||||||
net of allowance for credit losses | 2,269,135 | 2,264,601 | - | ||||||||
34,290 | 36,990 | 17,250 | |||||||||
Total investment securities | 7,146,912 | 8,192,919 | 10,711,708 | ||||||||
Loans held for sale | 65,076 | 15,534 | - | ||||||||
Gross loans and leases held for investment | 28,726,016 | 27,775,962 | 23,026,308 | ||||||||
Deferred fees, net | (116,887 | ) | (115,921 | ) | (84,760 | ) | |||||
Total loans and leases held for investment, | |||||||||||
net of deferred fees | 28,609,129 | 27,660,041 | 22,941,548 | ||||||||
Allowance for loan and lease losses | (200,732 | ) | (189,327 | ) | (200,564 | ) | |||||
Total loans and leases held for investment, net | 28,408,397 | 27,470,714 | 22,740,984 | ||||||||
Equipment leased to others under operating leases | 404,245 | 338,691 | 339,150 | ||||||||
Premises and equipment, net | 54,315 | 50,781 | 46,740 | ||||||||
Foreclosed assets, net | 5,022 | 2,967 | 12,843 | ||||||||
1,376,736 | 1,405,736 | 1,405,736 | |||||||||
Core deposit and customer relationship intangibles, net | 31,381 | 34,010 | 44,957 | ||||||||
Other assets | 1,496,630 | 1,432,532 | 1,083,992 | ||||||||
Total assets | $ | 41,228,936 | $ | 41,404,592 | $ | 40,443,344 | |||||
LIABILITIES: | |||||||||||
Noninterest-bearing deposits | $ | 11,212,357 | $ | 12,775,756 | $ | 14,543,133 | |||||
Interest-bearing deposits | 22,723,977 | 21,420,116 | 20,454,624 | ||||||||
Total deposits | 33,936,334 | 34,195,872 | 34,997,757 | ||||||||
Borrowings | 1,764,030 | 1,864,815 | - | ||||||||
Subordinated debt | 867,087 | 863,379 | 863,283 | ||||||||
Accrued interest payable and other liabilities | 710,954 | 604,581 | 582,674 | ||||||||
Total liabilities | 37,278,405 | 37,528,647 | 36,443,714 | ||||||||
STOCKHOLDERS' EQUITY (1) | 3,950,531 | 3,875,945 | 3,999,630 | ||||||||
Total liabilities and stockholders’ equity | $ | 41,228,936 | $ | 41,404,592 | $ | 40,443,344 | |||||
Book value per common share | $ | 28.71 | $ | 28.07 | $ | 33.45 | |||||
Tangible book value per common share (2) | $ | 17.00 | $ | 16.11 | $ | 21.31 | |||||
Common shares outstanding | 120,222,057 | 120,314,023 | 119,584,854 | ||||||||
(1) Includes net unrealized (loss) gain on: | |||||||||||
Securities available-for-sale, net | $ | (586,450 | ) | $ | (637,346 | ) | $ | 65,968 | |||
Securities held to maturity | (204,453 | ) | (210,868 | ) | - | ||||||
Total | $ | (790,903 | ) | $ | (848,214 | ) | $ | 65,968 | |||
(2) Non-GAAP measure. | |||||||||||
PACWEST BANCORP AND SUBSIDIARIES | |||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF EARNINGS | |||||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||
Interest income: | |||||||||||||||||||
Loans and leases | $ | 404,985 | $ | 346,550 | $ | 263,662 | $ | 1,312,580 | $ | 996,457 | |||||||||
Investment securities | 50,292 | 53,135 | 48,469 | 209,751 | 153,468 | ||||||||||||||
Deposits in financial institutions | 17,746 | 10,359 | 2,674 | 34,158 | 8,804 | ||||||||||||||
Total interest income | 473,023 | 410,044 | 314,805 | 1,556,489 | 1,158,729 | ||||||||||||||
Interest expense: | |||||||||||||||||||
Deposits | 117,591 | 61,288 | 6,622 | 200,449 | 27,808 | ||||||||||||||
Borrowings | 19,962 | 3,081 | 64 | 25,645 | 623 | ||||||||||||||
Subordinated debt | 12,531 | 10,494 | 7,714 | 39,633 | 26,474 | ||||||||||||||
Total interest expense | 150,084 | 74,863 | 14,400 | 265,727 | 54,905 | ||||||||||||||
Net interest income | 322,939 | 335,181 | 300,405 | 1,290,762 | 1,103,824 | ||||||||||||||
Provision for credit losses | 10,000 | 3,000 | (6,000 | ) | 24,500 | (162,000 | ) | ||||||||||||
Net interest income after provision | |||||||||||||||||||
for credit losses | 312,939 | 332,181 | 306,405 | 1,266,262 | 1,265,824 | ||||||||||||||
Noninterest income: | |||||||||||||||||||
Service charges on deposit accounts | 3,178 | 3,608 | 3,476 | 13,991 | 13,269 | ||||||||||||||
Other commissions and fees | 11,208 | 10,034 | 10,633 | 43,635 | 42,287 | ||||||||||||||
Leased equipment income | 12,322 | 12,835 | 12,602 | 50,586 | 45,746 | ||||||||||||||
Gain on sale of loans and leases | 388 | 58 | 172 | 518 | 1,733 | ||||||||||||||
(Loss) gain on sale of securities | (49,302 | ) | 86 | 999 | (50,321 | ) | 1,615 | ||||||||||||
Dividends and gains (losses) on equity investments | 661 | 3,228 | (1,570 | ) | (3,389 | ) | 23,115 | ||||||||||||
Warrant (loss) income | (46 | ) | 292 | 23,990 | 2,490 | 49,341 | |||||||||||||
Other income | 2,635 | 8,478 | 7,080 | 17,317 | 16,821 | ||||||||||||||
Total noninterest (loss) income | (18,956 | ) | 38,619 | 57,382 | 74,827 | 193,927 | |||||||||||||
Noninterest expense: | |||||||||||||||||||
Compensation | 106,124 | 105,933 | 99,700 | 406,839 | 368,450 | ||||||||||||||
Occupancy | 14,922 | 15,574 | 14,656 | 60,964 | 58,422 | ||||||||||||||
Data processing | 9,722 | 9,568 | 8,171 | 38,177 | 30,277 | ||||||||||||||
Other professional services | 6,924 | 10,674 | 5,946 | 30,278 | 21,492 | ||||||||||||||
Insurance and assessments | 7,205 | 7,159 | 5,032 | 25,486 | 17,365 | ||||||||||||||
Intangible asset amortization | 2,629 | 3,649 | 3,876 | 13,576 | 12,734 | ||||||||||||||
Leased equipment depreciation | 8,627 | 8,908 | 9,569 | 35,658 | 35,755 | ||||||||||||||
Foreclosed assets (income) expense, net | (108 | ) | (248 | ) | (260 | ) | (3,737 | ) | (213 | ) | |||||||||
Acquisition, integration and reorganization costs | 5,703 | - | 5,590 | 5,703 | 9,415 | ||||||||||||||
Customer related expense | 18,197 | 12,673 | 6,175 | 55,273 | 20,504 | ||||||||||||||
Loan expense | 6,150 | 6,228 | 5,627 | 24,572 | 17,031 | ||||||||||||||
29,000 | - | - | 29,000 | - | |||||||||||||||
Other expense | 11,737 | 15,500 | 12,028 | 51,732 | 46,185 | ||||||||||||||
Total noninterest expense | 226,832 | 195,618 | 176,110 | 773,521 | 637,417 | ||||||||||||||
Earnings before income taxes | 67,151 | 175,182 | 187,677 | 567,568 | 822,334 | ||||||||||||||
Income tax expense | 17,642 | 43,566 | 51,632 | 143,955 | 215,375 | ||||||||||||||
Net earnings | 49,509 | 131,616 | 136,045 | 423,613 | 606,959 | ||||||||||||||
Preferred stock dividends | 9,947 | 9,392 | - | 19,339 | - | ||||||||||||||
Net earnings available to | |||||||||||||||||||
common stockholders | $ | 39,562 | $ | 122,224 | $ | 136,045 | $ | 404,274 | $ | 606,959 | |||||||||
Basic and diluted earnings per common share | $ | 0.33 | $ | 1.02 | $ | 1.14 | $ | 3.37 | $ | 5.10 | |||||||||
Dividends declared and paid per common share | $ | 0.25 | $ | 0.25 | $ | 0.25 | $ | 1.00 | $ | 1.00 | |||||||||
PACWEST BANCORP AND SUBSIDIARIES | |||||||||||||||||||
NET EARNINGS PER COMMON SHARE | |||||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||
Basic Earnings Per Common Share: | |||||||||||||||||||
Net earnings | $ | 49,509 | $ | 131,616 | $ | 136,045 | $ | 423,613 | $ | 606,959 | |||||||||
Less: Preferred stock dividends | (9,947 | ) | (9,392 | ) | - | (19,339 | ) | - | |||||||||||
Net earnings available to | |||||||||||||||||||
common stockholders | 39,562 | 122,224 | 136,045 | 404,274 | 606,959 | ||||||||||||||
Less: Earnings allocated to | |||||||||||||||||||
unvested restricted stock (1) | (714 | ) | (2,331 | ) | (2,311 | ) | (7,474 | ) | (10,248 | ) | |||||||||
Net earnings allocated to | |||||||||||||||||||
common shares | $ | 38,848 | $ | 119,893 | $ | 133,734 | $ | 396,800 | $ | 596,711 | |||||||||
Weighted average basic shares | |||||||||||||||||||
and unvested restricted stock | |||||||||||||||||||
outstanding | 120,314 | 120,342 | 119,577 | 120,071 | 119,349 | ||||||||||||||
Less: weighted average unvested | |||||||||||||||||||
restricted stock outstanding | (2,503 | ) | (2,556 | ) | (2,314 | ) | (2,442 | ) | (2,255 | ) | |||||||||
Weighted average basic shares | |||||||||||||||||||
outstanding | 117,811 | 117,786 | 117,263 | 117,629 | 117,094 | ||||||||||||||
Basic earnings per common share | $ | 0.33 | $ | 1.02 | $ | 1.14 | $ | 3.37 | $ | 5.10 | |||||||||
Diluted Earnings Per Common Share: | |||||||||||||||||||
Net earnings allocated to | |||||||||||||||||||
common shares | $ | 38,848 | $ | 119,893 | $ | 133,734 | $ | 396,800 | $ | 596,711 | |||||||||
Weighted average diluted shares | |||||||||||||||||||
outstanding | 117,811 | 117,786 | 117,263 | 117,629 | 117,094 | ||||||||||||||
Diluted earnings per common share | $ | 0.33 | $ | 1.02 | $ | 1.14 | $ | 3.37 | $ | 5.10 | |||||||||
(1) Represents cash dividends paid to holders of unvested stock, net of forfeitures, plus undistributed earnings amounts available to holders of unvested restricted stock, if any. | |||||||||||||||||||
PACWEST BANCORP AND SUBSIDIARIES | ||||||||||||||||||||||||||
AVERAGE BALANCE SHEET AND YIELD ANALYSIS | ||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||
Interest | Average | Interest | Average | Interest | Average | |||||||||||||||||||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | Average | Income/ | Yield/ | ||||||||||||||||||
Balance | Expense | Cost | Balance | Expense | Cost | Balance | Expense | Cost | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Loans and leases (1)(2) | $ | 28,192,953 | $ | 407,135 | 5.73 | % | $ | 27,038,873 | $ | 348,639 | 5.12 | % | $ | 21,367,665 | $ | 265,549 | 4.93 | % | ||||||||
Investment securities (3) | 7,824,915 | 50,697 | 2.57 | % | 8,803,349 | 54,423 | 2.45 | % | 9,964,568 | 50,710 | 2.02 | % | ||||||||||||||
Deposits in financial | ||||||||||||||||||||||||||
institutions | 1,881,950 | 17,746 | 3.74 | % | 1,809,809 | 10,359 | 2.27 | % | 5,961,104 | 2,674 | 0.18 | % | ||||||||||||||
Total interest-earning | ||||||||||||||||||||||||||
assets (1) | 37,899,818 | 475,578 | 4.98 | % | 37,652,031 | 413,421 | 4.36 | % | 37,293,337 | 318,933 | 3.39 | % | ||||||||||||||
Other assets | 3,252,145 | 3,189,241 | 3,064,810 | |||||||||||||||||||||||
Total assets | $ | 41,151,963 | $ | 40,841,272 | $ | 40,358,147 | ||||||||||||||||||||
Liabilities and | ||||||||||||||||||||||||||
Stockholders' Equity: | ||||||||||||||||||||||||||
Interest checking | $ | 7,146,333 | 41,427 | 2.30 | % | $ | 6,650,477 | 19,475 | 1.16 | % | $ | 7,767,211 | 2,041 | 0.10 | % | |||||||||||
Money market | 10,088,641 | 51,687 | 2.03 | % | 10,914,027 | 31,780 | 1.16 | % | 10,226,366 | 3,400 | 0.13 | % | ||||||||||||||
Savings | 616,298 | 66 | 0.04 | % | 649,574 | 42 | 0.03 | % | 634,874 | 39 | 0.02 | % | ||||||||||||||
Time | 3,909,130 | 24,411 | 2.48 | % | 3,000,187 | 9,991 | 1.32 | % | 1,421,859 | 1,142 | 0.32 | % | ||||||||||||||
Total interest-bearing | ||||||||||||||||||||||||||
deposits | 21,760,402 | 117,591 | 2.14 | % | 21,214,265 | 61,288 | 1.15 | % | 20,050,310 | 6,622 | 0.13 | % | ||||||||||||||
Borrowings | 1,675,738 | 19,962 | 4.73 | % | 505,482 | 3,081 | 2.42 | % | 234,391 | 64 | 0.11 | % | ||||||||||||||
Subordinated debt | 864,581 | 12,531 | 5.75 | % | 863,719 | 10,494 | 4.82 | % | 862,777 | 7,714 | 3.55 | % | ||||||||||||||
Total interest-bearing | ||||||||||||||||||||||||||
liabilities | 24,300,721 | 150,084 | 2.45 | % | 22,583,466 | 74,863 | 1.32 | % | 21,147,478 | 14,400 | 0.27 | % | ||||||||||||||
Noninterest-bearing | ||||||||||||||||||||||||||
demand deposits | 12,325,902 | 13,653,177 | 14,713,385 | |||||||||||||||||||||||
Other liabilities | 626,540 | 593,450 | 543,017 | |||||||||||||||||||||||
Total liabilities | 37,253,163 | 36,830,093 | 36,403,880 | |||||||||||||||||||||||
Stockholders' equity | 3,898,800 | 4,011,179 | 3,954,267 | |||||||||||||||||||||||
Total liabilities and | ||||||||||||||||||||||||||
stockholders' equity | $ | 41,151,963 | $ | 40,841,272 | $ | 40,358,147 | ||||||||||||||||||||
Net interest income (1) | $ | 325,494 | $ | 338,558 | $ | 304,533 | ||||||||||||||||||||
Net interest spread (1) | 2.53 | % | 3.04 | % | 3.12 | % | ||||||||||||||||||||
Net interest margin (1) | 3.41 | % | 3.57 | % | 3.24 | % | ||||||||||||||||||||
Total deposits (4) | $ | 34,086,304 | $ | 117,591 | 1.37 | % | $ | 34,867,442 | $ | 61,288 | 0.70 | % | $ | 34,763,695 | $ | 6,622 | 0.08 | % | ||||||||
(1) Tax equivalent. | ||||||||||||||||||||||||||
(2) Includes net loan premium amortization of | ||||||||||||||||||||||||||
(3) Includes tax-equivalent adjustments of | ||||||||||||||||||||||||||
(4) Total deposits is the sum of total interest-bearing deposits and noninterest-bearing demand deposits. The cost of total deposits is calculated as annualized interest expense on total deposits divided by average total deposits. |
PACWEST BANCORP AND SUBSIDIARIES | |||||||||||||||||||
FIVE QUARTER BALANCE SHEET | |||||||||||||||||||
2022 | 2022 | 2022 | 2022 | 2021 | |||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||
ASSETS: | |||||||||||||||||||
Cash and due from banks | $ | 212,273 | $ | 216,436 | $ | 197,027 | $ | 205,446 | $ | 112,548 | |||||||||
Interest-earning deposits in financial | |||||||||||||||||||
institutions | 2,027,949 | 2,244,272 | 2,192,877 | 1,865,235 | 3,944,686 | ||||||||||||||
Total cash and cash equivalents | 2,240,222 | 2,460,708 | 2,389,904 | 2,070,681 | 4,057,234 | ||||||||||||||
Securities available-for-sale | 4,843,487 | 5,891,328 | 6,780,648 | 9,975,109 | 10,694,458 | ||||||||||||||
Securities held-to-maturity | 2,269,135 | 2,264,601 | 2,260,367 | - | - | ||||||||||||||
34,290 | 36,990 | 33,210 | 17,250 | 17,250 | |||||||||||||||
Total investment securities | 7,146,912 | 8,192,919 | 9,074,225 | 9,992,359 | 10,711,708 | ||||||||||||||
Loans held for sale | 65,076 | 15,534 | - | - | - | ||||||||||||||
Gross loans and leases held for investment | 28,726,016 | 27,775,962 | 26,608,541 | 24,439,749 | 23,026,308 | ||||||||||||||
Deferred fees, net | (116,887 | ) | (115,921 | ) | (107,404 | ) | (87,677 | ) | (84,760 | ) | |||||||||
Total loans and leases held for | |||||||||||||||||||
investment, net of deferred fees | 28,609,129 | 27,660,041 | 26,501,137 | 24,352,072 | 22,941,548 | ||||||||||||||
Allowance for loan and lease losses | (200,732 | ) | (189,327 | ) | (188,705 | ) | (197,398 | ) | (200,564 | ) | |||||||||
Total loans and leases held for | |||||||||||||||||||
investment, net | 28,408,397 | 27,470,714 | 26,312,432 | 24,154,674 | 22,740,984 | ||||||||||||||
Equipment leased to others under | |||||||||||||||||||
operating leases | 404,245 | 338,691 | 324,233 | 325,305 | - | 339,150 | |||||||||||||
Premises and equipment, net | 54,315 | 50,781 | 51,083 | 51,011 | 46,740 | ||||||||||||||
Foreclosed assets, net | 5,022 | 2,967 | - | 304 | 12,843 | ||||||||||||||
1,376,736 | 1,405,736 | 1,405,736 | 1,405,736 | 1,405,736 | |||||||||||||||
Core deposit and customer relationship | |||||||||||||||||||
intangibles, net | 31,381 | 34,010 | 37,659 | 41,308 | 44,957 | ||||||||||||||
Other assets | 1,496,630 | 1,432,532 | 1,355,451 | 1,208,261 | 1,083,992 | ||||||||||||||
Total assets | $ | 41,228,936 | $ | 41,404,592 | $ | 40,950,723 | $ | 39,249,639 | $ | 40,443,344 | |||||||||
LIABILITIES: | |||||||||||||||||||
Noninterest-bearing deposits | $ | 11,212,357 | $ | 12,775,756 | $ | 13,338,029 | $ | 14,057,051 | $ | 14,543,133 | |||||||||
Interest-bearing deposits | 22,723,977 | 21,420,116 | 20,630,123 | 19,167,844 | 20,454,624 | ||||||||||||||
Total deposits | 33,936,334 | 34,195,872 | 33,968,152 | 33,224,895 | 34,997,757 | ||||||||||||||
Borrowings | 1,764,030 | 1,864,815 | 1,592,000 | 991,000 | - | ||||||||||||||
Subordinated debt | 867,087 | 863,379 | 863,756 | 863,880 | 863,283 | ||||||||||||||
Accrued interest payable and other | |||||||||||||||||||
liabilities | 710,954 | 604,581 | 548,412 | 519,269 | 582,674 | ||||||||||||||
Total liabilities | 37,278,405 | 37,528,647 | 36,972,320 | 35,599,044 | 36,443,714 | ||||||||||||||
STOCKHOLDERS' EQUITY (1) | 3,950,531 | 3,875,945 | 3,978,403 | 3,650,595 | 3,999,630 | ||||||||||||||
Total liabilities and stockholders’ | |||||||||||||||||||
equity | $ | 41,228,936 | $ | 41,404,592 | $ | 40,950,723 | $ | 39,249,639 | $ | 40,443,344 | |||||||||
Book value per common share | $ | 28.71 | $ | 28.07 | $ | 28.93 | $ | 30.52 | $ | 33.45 | |||||||||
Tangible book value per common share (2) | $ | 17.00 | $ | 16.11 | $ | 16.93 | $ | 18.42 | $ | 21.31 | |||||||||
Common shares outstanding | 120,222,057 | 120,314,023 | 120,288,024 | 119,601,766 | 119,584,854 | ||||||||||||||
(1) Includes net unrealized (loss) gain on: | |||||||||||||||||||
Securities available-for-sale, net | $ | (586,450 | ) | $ | (637,346 | ) | $ | (428,242 | ) | $ | (376,475 | ) | $ | 65,968 | |||||
Securities held to maturity | (204,453 | ) | (210,868 | ) | (216,508 | ) | - | - | |||||||||||
Total | $ | (790,903 | ) | $ | (848,214 | ) | $ | (644,750 | ) | $ | (376,475 | ) | $ | 65,968 | |||||
(2) Non-GAAP measure. |
PACWEST BANCORP AND SUBSIDIARIES | |||||||||||||||||||
FIVE QUARTER STATEMENT OF EARNINGS | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
2022 | 2022 | 2022 | 2022 | 2021 | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||
Interest income: | |||||||||||||||||||
Loans and leases | $ | 404,985 | $ | 346,550 | $ | 293,286 | $ | 267,759 | $ | 263,662 | |||||||||
Investment securities | 50,292 | 53,135 | 52,902 | 53,422 | 48,469 | ||||||||||||||
Deposits in financial institutions | 17,746 | 10,359 | 4,330 | 1,723 | 2,674 | ||||||||||||||
Total interest income | 473,023 | 410,044 | 350,518 | 322,904 | 314,805 | ||||||||||||||
Interest expense: | |||||||||||||||||||
Deposits | 117,591 | 61,288 | 15,362 | 6,208 | 6,622 | ||||||||||||||
Borrowings | 19,962 | 3,081 | 2,441 | 161 | 64 | ||||||||||||||
Subordinated debt | 12,531 | 10,494 | 8,790 | 7,818 | 7,714 | ||||||||||||||
Total interest expense | 150,084 | 74,863 | 26,593 | 14,187 | 14,400 | ||||||||||||||
Net interest income | 322,939 | 335,181 | 323,925 | 308,717 | 300,405 | ||||||||||||||
Provision for credit losses | 10,000 | 3,000 | 11,500 | - | (6,000 | ) | |||||||||||||
Net interest income after provision | |||||||||||||||||||
for credit losses | 312,939 | 332,181 | 312,425 | 308,717 | 306,405 | ||||||||||||||
Noninterest income: | |||||||||||||||||||
Service charges on deposit accounts | 3,178 | 3,608 | 3,634 | 3,571 | 3,476 | ||||||||||||||
Other commissions and fees | 11,208 | 10,034 | 10,813 | 11,580 | 10,633 | ||||||||||||||
Leased equipment income | 12,322 | 12,835 | 12,335 | 13,094 | 12,602 | ||||||||||||||
Gain on sale of loans and leases | 388 | 58 | 12 | 60 | 172 | ||||||||||||||
(Loss) gain on sale of securities | (49,302 | ) | 86 | (1,209 | ) | 104 | 999 | ||||||||||||
Dividends and gains (losses) on equity investments | 661 | 3,228 | 4,097 | (11,375 | ) | (1,570 | ) | ||||||||||||
Warrant (loss) income | (46 | ) | 292 | 1,615 | 629 | 23,990 | |||||||||||||
Other income | 2,635 | 8,478 | 3,049 | 3,155 | 7,080 | ||||||||||||||
Total noninterest (loss) income | (18,956 | ) | 38,619 | 34,346 | 20,818 | 57,382 | |||||||||||||
Noninterest expense: | |||||||||||||||||||
Compensation | 106,124 | 105,933 | 102,542 | 92,240 | 99,700 | ||||||||||||||
Occupancy | 14,922 | 15,574 | 15,268 | 15,200 | 14,656 | ||||||||||||||
Data processing | 9,722 | 9,568 | 9,258 | 9,629 | 8,171 | ||||||||||||||
Other professional services | 6,924 | 10,674 | 6,726 | 5,954 | 5,946 | ||||||||||||||
Insurance and assessments | 7,205 | 7,159 | 5,632 | 5,490 | 5,032 | ||||||||||||||
Intangible asset amortization | 2,629 | 3,649 | 3,649 | 3,649 | 3,876 | ||||||||||||||
Leased equipment depreciation | 8,627 | 8,908 | 8,934 | 9,189 | 9,569 | ||||||||||||||
Foreclosed assets (income) expense, net | (108 | ) | (248 | ) | (28 | ) | (3,353 | ) | (260 | ) | |||||||||
Acquisition, integration and reorganization costs | 5,703 | - | - | - | 5,590 | ||||||||||||||
Customer related expense | 18,197 | 12,673 | 11,748 | 12,655 | 6,175 | ||||||||||||||
Loan expense | 6,150 | 6,228 | 7,037 | 5,157 | 5,627 | ||||||||||||||
29,000 | - | - | - | - | |||||||||||||||
Other expense | 11,737 | 15,500 | 12,879 | 11,616 | 12,028 | ||||||||||||||
Total noninterest expense | 226,832 | 195,618 | 183,645 | 167,426 | 176,110 | ||||||||||||||
Earnings before income taxes | 67,151 | 175,182 | 163,126 | 162,109 | 187,677 | ||||||||||||||
Income tax expense | 17,642 | 43,566 | 40,766 | 41,981 | 51,632 | ||||||||||||||
Net earnings | 49,509 | 131,616 | 122,360 | 120,128 | 136,045 | ||||||||||||||
Preferred stock dividends | 9,947 | 9,392 | - | - | - | ||||||||||||||
Net earnings available to | |||||||||||||||||||
common stockholders | $ | 39,562 | $ | 122,224 | $ | 122,360 | $ | 120,128 | $ | 136,045 | |||||||||
Basic and diluted earnings per common share | $ | 0.33 | $ | 1.02 | $ | 1.02 | $ | 1.01 | $ | 1.14 | |||||||||
Dividends declared and paid per common share | $ | 0.25 | $ | 0.25 | $ | 0.25 | $ | 0.25 | $ | 0.25 |
PACWEST BANCORP AND SUBSIDIARIES | |||||||||||||||||||
FIVE QUARTER SELECTED FINANCIAL DATA | |||||||||||||||||||
At or For the Three Months Ended | |||||||||||||||||||
2022 | 2022 | 2022 | 2022 | 2021 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Performance Ratios: | |||||||||||||||||||
Return on average assets (1) | 0.48 | % | 1.28 | % | 1.23 | % | 1.22 | % | 1.34 | % | |||||||||
Pre-provision, pre-goodwill impairment, | |||||||||||||||||||
pre-tax net revenue ("PPNR") return | |||||||||||||||||||
on average assets (1)(2) | 1.02 | % | 1.73 | % | 1.75 | % | 1.65 | % | 1.79 | % | |||||||||
Return on average equity (1) | 5.04 | % | 13.02 | % | 13.44 | % | 12.66 | % | 13.65 | % | |||||||||
Return on average tangible common | |||||||||||||||||||
equity (1)(2) | 14.39 | % | 24.11 | % | 24.42 | % | 20.93 | % | 22.06 | % | |||||||||
Efficiency ratio | 53.3 | % | 51.0 | % | 49.5 | % | 50.1 | % | 46.2 | % | |||||||||
Noninterest expense as a percentage | |||||||||||||||||||
of average assets (1) | 2.19 | % | 1.90 | % | 1.84 | % | 1.70 | % | 1.73 | % | |||||||||
Average Yields/Costs (1): | |||||||||||||||||||
Yield on: | |||||||||||||||||||
Average loans and leases (3) | 5.73 | % | 5.12 | % | 4.65 | % | 4.66 | % | 4.93 | % | |||||||||
Average investment securities (3) | 2.57 | % | 2.45 | % | 2.32 | % | 2.17 | % | 2.02 | % | |||||||||
Average interest-earning assets (3) | 4.98 | % | 4.36 | % | 3.85 | % | 3.59 | % | 3.39 | % | |||||||||
Cost of: | |||||||||||||||||||
Average interest-bearing deposits | 2.14 | % | 1.15 | % | 0.31 | % | 0.13 | % | 0.13 | % | |||||||||
Average total deposits | 1.37 | % | 0.70 | % | 0.18 | % | 0.07 | % | 0.08 | % | |||||||||
Average interest-bearing liabilities | 2.45 | % | 1.32 | % | 0.49 | % | 0.27 | % | 0.27 | % | |||||||||
Net interest spread (3) | 2.53 | % | 3.04 | % | 3.36 | % | 3.32 | % | 3.12 | % | |||||||||
Net interest margin (3) | 3.41 | % | 3.57 | % | 3.56 | % | 3.43 | % | 3.24 | % | |||||||||
Average Balances: | |||||||||||||||||||
Assets: | |||||||||||||||||||
Loans and leases, net of deferred fees | $ | 28,192,953 | $ | 27,038,873 | $ | 25,499,773 | $ | 23,433,019 | $ | 21,367,665 | |||||||||
Investment securities | 7,824,915 | 8,803,349 | 9,488,653 | 10,397,709 | 9,964,568 | ||||||||||||||
Deposits in financial institutions | 1,881,950 | 1,809,809 | 1,984,751 | 3,083,159 | 5,961,104 | ||||||||||||||
Interest-earning assets | 37,899,818 | 37,652,031 | 36,973,177 | 36,913,887 | 37,293,337 | ||||||||||||||
Total assets | 41,151,963 | 40,841,272 | 40,031,891 | 39,883,304 | 40,358,147 | ||||||||||||||
Liabilities: | |||||||||||||||||||
Noninterest-bearing deposits | 12,325,902 | 13,653,177 | 13,987,398 | 14,463,667 | 14,713,385 | ||||||||||||||
Interest-bearing deposits | 21,760,402 | 21,214,265 | 19,661,618 | 19,868,395 | 20,050,310 | ||||||||||||||
Total deposits | 34,086,304 | 34,867,442 | 33,649,016 | 34,332,062 | 34,763,695 | ||||||||||||||
Borrowings | 1,675,738 | 505,482 | 1,356,616 | 298,444 | 234,391 | ||||||||||||||
Subordinated debt | 864,581 | 863,719 | 863,653 | 863,572 | 862,777 | ||||||||||||||
Interest-bearing liabilities | 24,300,721 | 22,583,466 | 21,881,887 | 21,030,411 | 21,147,478 | ||||||||||||||
Stockholders' equity | 3,898,800 | 4,011,179 | 3,652,368 | 3,847,481 | 3,954,267 | ||||||||||||||
(1) Annualized. | |||||||||||||||||||
(2) Non-GAAP measure. | |||||||||||||||||||
(3) Tax equivalent. |
PACWEST BANCORP AND SUBSIDIARIES | |||||||||||||||||||
FIVE QUARTER SELECTED FINANCIAL DATA | |||||||||||||||||||
At or For the Three Months Ended | |||||||||||||||||||
2022 | 2022 | 2022 | 2022 | 2021 | |||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||
Credit Quality Metrics for Loans | |||||||||||||||||||
and Leases Held for Investment: | |||||||||||||||||||
Nonaccrual loans and leases | $ | 103,778 | $ | 89,742 | $ | 78,527 | $ | 66,538 | $ | 61,174 | |||||||||
Nonperforming assets | 108,800 | 92,709 | 78,527 | 66,842 | 74,017 | ||||||||||||||
Special mention loans and leases | 566,259 | 463,994 | 480,261 | 377,315 | 391,611 | ||||||||||||||
Classified loans and leases | 118,271 | 96,685 | 104,264 | 82,068 | 116,104 | ||||||||||||||
Allowance for loan and lease losses | 200,732 | 189,327 | 188,705 | 197,398 | 200,564 | ||||||||||||||
Allowance for credit losses | 291,803 | 284,398 | 283,776 | 272,469 | 273,635 | ||||||||||||||
For the quarter: | |||||||||||||||||||
Provision for credit losses | 10,000 | 3,000 | 10,000 | - | (6,000 | ) | |||||||||||||
Net charge-offs (recoveries) | 2,595 | 2,378 | (1,307 | ) | 1,166 | 169 | |||||||||||||
Nonaccrual loans and leases to loans | |||||||||||||||||||
and leases | 0.36 | % | 0.32 | % | 0.30 | % | 0.27 | % | 0.27 | % | |||||||||
Nonperforming assets to loans and | |||||||||||||||||||
leases and foreclosed assets | 0.38 | % | 0.34 | % | 0.30 | % | 0.27 | % | 0.32 | % | |||||||||
Special mention loans and leases to | |||||||||||||||||||
loans and leases | 1.98 | % | 1.68 | % | 1.81 | % | 1.55 | % | 1.71 | % | |||||||||
Classified loans and leases to loans | |||||||||||||||||||
and leases | 0.41 | % | 0.35 | % | 0.39 | % | 0.34 | % | 0.51 | % | |||||||||
Allowance for loan and lease losses | |||||||||||||||||||
to loans and leases | 0.70 | % | 0.68 | % | 0.71 | % | 0.81 | % | 0.87 | % | |||||||||
Allowance for credit losses to loans | |||||||||||||||||||
and leases | 1.02 | % | 1.03 | % | 1.07 | % | 1.12 | % | 1.19 | % | |||||||||
Allowance for credit losses to | |||||||||||||||||||
nonaccrual loans and leases | 281.18 | % | 316.91 | % | 361.37 | % | 409.49 | % | 447.31 | % | |||||||||
Net charge-offs (recoveries) | |||||||||||||||||||
to average loans and leases | 0.04 | % | 0.03 | % | (0.02 | )% | 0.02 | % | 0.00 | % | |||||||||
Trailing 12 months net charge-offs | |||||||||||||||||||
(recoveries) to average loans and | |||||||||||||||||||
leases | 0.02 | % | 0.01 | % | 0.00 | % | (0.02 | )% | (0.01 | )% | |||||||||
PacWest Bancorp Consolidated: | |||||||||||||||||||
Common equity tier 1 capital ratio (1) | 8.70 | % | 8.56 | % | 8.24 | % | 8.64 | % | 8.86 | % | |||||||||
Tier 1 capital ratio (1) | 10.60 | % | 10.46 | % | 10.15 | % | 9.07 | % | 9.32 | % | |||||||||
Total capital ratio (1) | 13.61 | % | 13.43 | % | 13.12 | % | 12.27 | % | 12.69 | % | |||||||||
Tier 1 leverage capital ratio (1) | 8.61 | % | 8.63 | % | 8.52 | % | 7.11 | % | 6.84 | % | |||||||||
Risk-weighted assets (1) | $ | 33,033,597 | $ | 33,042,173 | $ | 33,009,455 | $ | 30,297,312 | $ | 28,508,808 | |||||||||
Equity to assets ratio | 9.58 | % | 9.36 | % | 9.72 | % | 9.30 | % | 9.89 | % | |||||||||
Tangible common equity ratio (2) | 5.13 | % | 4.85 | % | 5.15 | % | 5.83 | % | 6.54 | % | |||||||||
Book value per common share | $ | 28.71 | $ | 28.07 | $ | 28.93 | $ | 30.52 | $ | 33.45 | |||||||||
Tangible book value per common share (2) | $ | 17.00 | $ | 16.11 | $ | 16.93 | $ | 18.42 | $ | 21.31 | |||||||||
Common equity tier 1 capital ratio (1) | 10.32 | % | 10.17 | % | 9.78 | % | 9.32 | % | 9.56 | % | |||||||||
Tier 1 capital ratio (1) | 10.32 | % | 10.17 | % | 9.78 | % | 9.32 | % | 9.56 | % | |||||||||
Total capital ratio (1) | 12.34 | % | 12.16 | % | 11.77 | % | 11.45 | % | 11.80 | % | |||||||||
Tier 1 leverage capital ratio (1) | 8.39 | % | 8.39 | % | 8.21 | % | 7.31 | % | 7.00 | % | |||||||||
(1) Capital information for | |||||||||||||||||||
(2) Non-GAAP measure. |
GAAP TO NON-GAAP RECONCILIATIONS
This press release contains certain non-GAAP financial disclosures for: (1) Pre-provision, pre-goodwill impairment, pre-tax net revenue (“PPNR”), (2) PPNR return on average assets (3) return on average tangible common equity, (4) tangible common equity ratio, and (5) tangible book value per common share. The Company uses these non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance. In particular, the use of PPNR, return on average tangible common equity, tangible common equity ratio, and tangible book value per common share is prevalent among banking regulators, investors, and analysts. Accordingly, we disclose the non-GAAP measures in addition to the related GAAP measures of: (1) net earnings, (2) return on average assets, (3) return on average equity, (4) equity to assets ratio, and (5) book value per common share.
The tables below present the reconciliations of these GAAP financial measures to the related non-GAAP financial measures:
Three Months Ended | Year Ended | ||||||||||||||||||
PPNR and PPNR Return | |||||||||||||||||||
on Average Assets | 2022 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Net earnings | $ | 49,509 | $ | 131,616 | $ | 136,045 | $ | 423,613 | $ | 606,959 | |||||||||
Net interest income | $ | 322,939 | $ | 335,181 | $ | 300,405 | $ | 1,290,762 | $ | 1,103,824 | |||||||||
Add: Noninterest (loss) income | (18,956 | ) | 38,619 | 57,382 | 74,827 | 193,927 | |||||||||||||
Less: Noninterest expense | (226,832 | ) | (195,618 | ) | (176,110 | ) | (773,521 | ) | (637,417 | ) | |||||||||
Add: | 29,000 | - | - | 29,000 | - | ||||||||||||||
Pre-provision, pre-goodwill impairment, | |||||||||||||||||||
pre-tax net revenue ("PPNR") | $ | 106,151 | $ | 178,182 | $ | 181,677 | $ | 621,068 | $ | 660,334 | |||||||||
Average assets | $ | 41,151,963 | $ | 40,841,272 | $ | 40,358,147 | $ | 40,481,581 | $ | 35,518,488 | |||||||||
Return on average assets (1) | 0.48 | % | 1.28 | % | 1.34 | % | 1.05 | % | 1.71 | % | |||||||||
PPNR return on average assets (2) | 1.02 | % | 1.73 | % | 1.79 | % | 1.53 | % | 1.86 | % | |||||||||
(1) Annualized net earnings divided by average assets. | |||||||||||||||||||
(2) Annualized PPNR divided by average assets. |
Three Months Ended | Year Ended | ||||||||||||||||||
Return on Average | |||||||||||||||||||
Tangible Common Equity | 2022 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Net earnings | $ | 49,509 | $ | 131,616 | $ | 136,045 | $ | 423,613 | $ | 606,959 | |||||||||
Less: Preferred stock dividends | (9,947 | ) | (9,392 | ) | - | (19,339 | ) | - | |||||||||||
Net earnings available to | |||||||||||||||||||
common stockholders | 39,562 | 122,224 | 136,045 | 404,274 | 606,959 | ||||||||||||||
Add: Intangible asset amortization | 2,629 | 3,649 | 3,876 | 13,576 | 12,734 | ||||||||||||||
Add: | 29,000 | - | - | 29,000 | - | ||||||||||||||
Adjusted net earnings | $ | 71,191 | $ | 125,873 | $ | 139,921 | $ | 446,850 | $ | 619,693 | |||||||||
Average stockholders' equity | $ | 3,898,800 | $ | 4,011,179 | $ | 3,954,267 | $ | 3,853,033 | $ | 3,808,019 | |||||||||
Less: Average intangible assets | 1,438,173 | 1,441,689 | 1,437,780 | 1,443,528 | 1,269,546 | ||||||||||||||
Less: Average preferred stock | 498,516 | 498,516 | - | 285,488 | - | ||||||||||||||
Average tangible common equity | $ | 1,962,111 | $ | 2,070,974 | $ | 2,516,487 | $ | 2,124,017 | $ | 2,538,473 | |||||||||
Return on average equity (1) | 5.04 | % | 13.02 | % | 13.65 | % | 10.99 | % | 15.94 | % | |||||||||
Return on average tangible | |||||||||||||||||||
common equity (2) | 14.39 | % | 24.11 | % | 22.06 | % | 21.04 | % | 24.41 | % | |||||||||
(1) Annualized net earnings divided by average stockholders' equity. | |||||||||||||||||||
(2) Annualized adjusted net earnings divided by average tangible common equity. |
Tangible Common Equity Ratio/ | |||||||||||||||||||
Tangible Book Value Per | |||||||||||||||||||
Common Share | 2022 | 2022 | 2022 | 2022 | 2021 | ||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||
Stockholders' equity | $ | 3,950,531 | $ | 3,875,945 | $ | 3,978,403 | $ | 3,650,595 | $ | 3,999,630 | |||||||||
Less: Preferred stock | 498,516 | 498,516 | 498,516 | - | - | ||||||||||||||
Total common equity | 3,452,015 | 3,377,429 | 3,479,887 | 3,650,595 | 3,999,630 | ||||||||||||||
Less: Intangible assets | 1,408,117 | 1,439,746 | 1,443,395 | 1,447,044 | 1,450,693 | ||||||||||||||
Tangible common equity | 2,043,898 | 1,937,683 | 2,036,492 | 2,203,551 | 2,548,937 | ||||||||||||||
Add: Accumulated other | |||||||||||||||||||
comprehensive loss (income) | 790,903 | 848,214 | 644,750 | 376,475 | (65,968 | ) | |||||||||||||
Adjusted tangible common equity | $ | 2,834,801 | $ | 2,785,897 | $ | 2,681,242 | $ | 2,580,026 | $ | 2,482,969 | |||||||||
Total assets | $ | 41,228,936 | $ | 41,404,592 | $ | 40,950,723 | $ | 39,249,639 | $ | 40,443,344 | |||||||||
Less: Intangible assets | 1,408,117 | 1,439,746 | 1,443,395 | 1,447,044 | 1,450,693 | ||||||||||||||
Tangible assets | $ | 39,820,819 | $ | 39,964,846 | $ | 39,507,328 | $ | 37,802,595 | $ | 38,992,651 | |||||||||
Equity to assets ratio | 9.58 | % | 9.36 | % | 9.72 | % | 9.30 | % | 9.89 | % | |||||||||
Tangible common equity ratio (1) | 5.13 | % | 4.85 | % | 5.15 | % | 5.83 | % | 6.54 | % | |||||||||
Tangible common equity ratio, | |||||||||||||||||||
excluding AOCI (2) | 7.12 | % | 6.97 | % | 6.79 | % | 6.82 | % | 6.37 | % | |||||||||
Book value per common share (3) | $ | 28.71 | $ | 28.07 | $ | 28.93 | $ | 30.52 | $ | 33.45 | |||||||||
Tangible book value per common share (4) | $ | 17.00 | $ | 16.11 | $ | 16.93 | $ | 18.42 | $ | 21.31 | |||||||||
Tangible book value per common share, | |||||||||||||||||||
excluding AOCI (5) | $ | 23.58 | $ | 23.16 | $ | 22.29 | $ | 21.57 | $ | 20.76 | |||||||||
Common shares outstanding | 120,222,057 | 120,314,023 | 120,288,024 | 119,601,766 | 119,584,854 | ||||||||||||||
(1) Tangible common equity divided by tangible assets. | |||||||||||||||||||
(2) Adjusted tangible common equity divided by tangible assets. | |||||||||||||||||||
(3) Total common equity divided by common shares outstanding. | |||||||||||||||||||
(4) Tangible common equity divided by common shares outstanding. | |||||||||||||||||||
(5) Adjusted tangible common equity divided by common shares outstanding. | |||||||||||||||||||
CONTACTS | |
Executive Vice President, Chief Financial Officer 303.802.8934 | Executive Vice President, Strategy and Corporate Development 919.597.7466 |
Source:
2023 GlobeNewswire, Inc., source