PacWest Q3 Profit Surges

(RTTNews) - PacWest Bancorp (PACW) Wednesday reported a surge in third-quarter profit as well as net interest income from the prior year.

The company attributed a decline in net interest margin to lower accelerated discount accretion from payoffs of acquired loans.

Net profit increased to $62.27 million or $0.60 per share, from $24.16 million or $0.53 per share in the previous year. Excluding certain items, the company recorded a profit of $68.36 million or $0.66 per share. In the previous year, the company had adjusted net profit of $25.77 million or $0.64 per share last year.

On average, 8 analysts polled by Thomson-Reuters estimated earnings to be $0.69. Analysts' estimates typically exclude one-time items.

Net interest income climbed to $188.85 million from $82.29 million a year ago. Its efficiency ratio fell to 46.6 percent from 64.3 percent.

The company recorded net revenues, excluding certain items, of $207.16 million, while the company recorded $86.52 last year. Analysts expected revenues to be $211.02 million.

PacWest's shares closed Tuesday at $39.76 on the Nasdaq.