PacWest: Q2 Earnings Snapshot

·1 min read

BEVERLY HILLS, Calif. (AP) _ PacWest Bancorp (PACW) on Monday reported second-quarter net income of $180.5 million.

The Beverly Hills, California-based bank said it had earnings of $1.52 per share.

The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 98 cents per share.

The holding company for Pacific Western Bank posted revenue of $320.9 million in the period. Its revenue net of interest expense was $306.7 million, which also beat Street forecasts. Four analysts surveyed by Zacks expected $303.5 million.

PacWest shares have increased 42% since the beginning of the year. In the final minutes of trading on Monday, shares hit $36.15, a rise of 95% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PACW at https://www.zacks.com/ap/PACW

The Associated Press

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