PacWest Bancorp Q2 net loss narrows

Wed. July 22, 2009; Posted: 01:09 PM

Jul 22, 2009 (Datamonitor via COMTEX) -- PACW | Quote | Chart | News | PowerRating -- PacWest Bancorp has reported a net loss of $5.7 million, or $0.18 per diluted share, for the second quarter ended June 30, 2009, compared to a net loss of $474.51 million, or $17.47 per diluted share, for the second quarter of 2008.

For the second quarter of 2009, total interest income was $63.34 million, compared to $71.42 million in the second quarter of 2008.

For the first six months of 2009, net loss was $4.29 million, or $0.15 per diluted share, compared to a net loss of $747.24 million, or $27.53 per diluted share, in the same period of 2008. Total interest income was $126.79 million, compared to $148.82 million in the prior-year period.

Matt Wagner, CEO of PacWest Bancorp, said: "During the second quarter, we focused on core deposit growth and managing our loan portfolio. Core deposits grew over $10 million for the quarter and over $130 million for the first six months, which has resulted from meaningful inflows from new customers. On the credit side, we continued to review individual credits for early indications of weakness and risk-grade them appropriately."

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For full details on PacWest Bancorp (PACW) click here. PacWest Bancorp (PACW) has Short Term PowerRatings of 6. Details on PacWest Bancorp (PACW) Short Term PowerRatings is available at This Link.

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