PACWEST BANCORP
pacwest.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q3 FY2023 10-Q, filed Nov 9, 2023. Its latest SEC filing is a SC 13G/A from Feb 9, 2024.
10-Q for Q3 FY2023, filed Nov 9, 2023
The sections below describe the company as of the FY2022 annual report.
What Did They Do?
Provides loans and deposits, and treasury-management services, to small, middle-market, and venture-backed businesses.
10-K for FY2022, filed Feb 27, 2023The Bank is a relationship-based community bank focused on providing business banking and treasury management services to small…View ↗
How Did They Make Money?
Substantially all revenue comes from interest on loans, investment securities, and interest-earning deposits. The bank also earns transaction fees when transactions occur and account, investment-management, and referral fees monthly.
10-K for FY2022, filed Feb 27, 2023
$1.6B
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10-K for FY2022, filed Feb 28, 2023
$1.6B ↗
Who Were Their Customers?
The bank serves small, middle-market, and venture-backed businesses through branches and loan-production offices; it also provides personal service to business and individual customers.
10-K for FY2022, filed Feb 27, 2023
Did Revenues Turn Into Profits?
Yes. It kept 26 cents of every revenue dollar as net income in FY2022 and turned 42 cents into free cash flow.
How Were They Changing?
- Net income
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Sources
10-Q for Q3 FY2023, filed Nov 10, 2023
−$23.3MView ↗
- ▼ Now a loss
- vs $131.6M in Q3 FY2022
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Dec 1, 2023
Banc of California completed its merger with PacWest
PacWest common stock and depositary shares were no longer listed on Nasdaq.
Sources
8-K, filed Dec 1, 2023
Prior to the Closing Date, PacWest notified The Nasdaq Stock Market LLC (“Nasdaq”) of the closing of the Mergers and requested that Nasdaq…View ↗
Grew. Revenue grew 24% in 4 years, from $1.3B in FY2018 to $1.6B in FY2022, about 6% a year.
Multifamily lending
The older report described multifamily mortgage purchases; the latest says the bank will stop buying those loans and reduce originations.
10-K for FY2019, filed Feb 28, 2020 10-K for FY2022, filed Feb 27, 2023Income producing and other residential real estate mortgage. Our income producing and other residential real estate mortgage loans…View ↗
Commercial real estate mortgage. Our commercial real estate mortgage loans generally are collateralized by first deeds of trust on specific…View ↗
Security-monitoring loans
The older report listed security-alarm monitoring loans and said new originations had stopped; the latest says no security-monitoring loans remain.
10-K for FY2019, filed Feb 28, 2020 10-K for FY2022, filed Feb 27, 2023At December 31, 2019 and 2018, total loans and leases held for investment, net of deferred fees, were $18.8 billion and $18.0 billion. Our…View ↗
In October 2019, we ceased originating new security monitoring loans and healthcare real estate loans in our National Lending group. At…View ↗
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