PacWest: 4Q Earnings Snapshot
BEVERLY HILLS, Calif. (AP) _ PacWest Bancorp (PACW) on Thursday reported fourth-quarter net income of $115 million.
The Beverly Hills, California-based bank said it had earnings of 93 cents per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 92 cents per share.
The holding company for Pacific Western Bank posted revenue of $336.3 million in the period. Its revenue net of interest expense was $295.3 million, missing Street forecasts. Seven analysts surveyed by Zacks expected $297.1 million.
For the year, the company reported profit of $465.3 million, or $3.72 per share. Revenue was reported as $1.19 billion.
PacWest shares have climbed 15 percent since the beginning of the year. The stock has declined 27 percent in the last 12 months.