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SUBSEQUENT EVENTS (Tables)
 3 Months Ended
Mar. 31, 2014
Subsequent events  
Schedule of the estimated fair values of the assets acquired and liabilities assumed

  May 31, 2013  
 
   (In thousands)
  

Assets Acquired:

        

Cash and due from banks

   $ 6,124  

Interest-earning deposits in financial institutions

     266,889  

Investment securities available-for-sale

     4,444  

FHLB stock

     9,518  

Loans and leases

     1,049,613  

Other real estate owned

     13,772  

Premises and equipment

     15,322  

FDIC loss sharing asset

     17,241  

Cash surrender value of life insurance

     13,265  

Goodwill

     129,070  

Core deposit and customer relationship intangibles

     7,927  

Other assets

     47,671  
       
​ ​ ​ ​ ​

Total assets acquired

   $ 1,580,856  
       
​ ​ ​ ​ ​
​ ​ ​ ​ ​
       

Liabilities Assumed:

        

Noninterest-bearing deposits

   $ 361,166  

Interest-bearing deposits

     739,713  

Subordinated debentures

     24,061  

Discontinued operations

     184,619  

Accrued interest payable and other liabilities

     19,729  
       
​ ​ ​ ​ ​

Total liabilities assumed

   $ 1,329,288  
       
​ ​ ​ ​ ​
​ ​ ​ ​ ​
       

Total consideration paid

   $ 251,568  
       
​ ​ ​ ​ ​
​ ​ ​ ​ ​
       

Summary of consideration:

        

PacWest common stock issued

   $ 242,268  

Cancellation of FCAL common stock owned by PacWest (at acquisition date fair value)

     9,300  
       
​ ​ ​ ​ ​

Total

   $ 251,568  
       
​ ​ ​ ​ ​
​ ​ ​ ​ ​
       
Schedule of accretable yield on the purchased credit impaired loans acquired
  Covered PCI Loans   Non-Covered PCI
Loans		  
 
   Carrying
Amount		   Accretable
Yield		   Carrying
Amount		   Accretable
Yield		  
 
   (In thousands)
    
    
  

Balance, December 31, 2013

   $ 340,677   $ (133,648 ) $ 20,326   $ (5,920 )

Accretion

     13,903     13,903     4,362     4,362  

Payments received

     (60,779 )   —     (7,817 )   —  

Decrease (increase) in expected cash flows, net          

     —     869     —     (3,903 )

Negative provision (provision) for credit losses          

     914     —     (270 )   —  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Balance, March 31, 2014

   $ 294,715   $ (118,876 ) $ 16,601   $ (5,461 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   
Subsequent event
  
Subsequent events  
Schedule of pro forma results of operations

 

 

 
   Three Months Ended
March 31,		  
 
   2014   2013  
 
   (In thousands, except
per share data)
  

Pro forma revenues (net interest income plus noninterest income)

   $ 194,820   $ 207,982  

Pro forma net earnings from continuing operations

   $ 56,943   $ 53,890  

Pro forma net earnings from continuing operations per share:

              

Basic

   $ 0.56   $ 0.53  

Diluted

   $ 0.56   $ 0.53  
Subsequent event | Capital Source
  
Subsequent events  
Schedule of the estimated fair values of the assets acquired and liabilities assumed

 

 

 
   April 7, 2014  
 
   (In thousands)
  

Assets Acquired:

        

Cash and due from banks

   $ 768,553  

Interest-earning deposits in financial institutions

     60,612  

Investment securities available-for-sale

     429,771  

Loans and leases

     6,886,289  

Other real estate owned

     7,665  

Goodwill and intangible assets

     1,611,153  

Deferred tax asset, net

     235,026  

Other assets

     732,514  
       
​ ​ ​ ​ ​

Total assets acquired at fair value

   $ 10,731,583  
       
​ ​ ​ ​ ​
​ ​ ​ ​ ​
       

Liabilities Assumed:

        

Noninterest-bearing deposits

   $ 4,631  

Interest-bearing deposits

     6,236,419  

Other borrowings

     992,109  

Subordinated debentures

     300,918  

Accrued interest payable and other liabilities

     120,318  
       
​ ​ ​ ​ ​

Total liabilities assumed at fair value

   $ 7,654,395  
       
​ ​ ​ ​ ​
​ ​ ​ ​ ​
       

Total consideration paid

   $ 3,077,188  
       
​ ​ ​ ​ ​
​ ​ ​ ​ ​
       

Summary of consideration:

        

Cash paid

   $ 483,118  

PacWest common stock issued

     2,594,070  
       
​ ​ ​ ​ ​

Total

   $ 3,077,188  
       
​ ​ ​ ​ ​
​ ​ ​ ​ ​
       
Schedule of amounts of the significant purchase accounting adjustments which will be accreted/amortized to earnings and the related amortization periods

 

 

Description
  Purchase
Accounting
Adjustment		   Estimated Accretion/
Amortization Period
(In thousands)
(DR. (CR.))

Loans and non-operating leases

   $ (214,765 ) 60 months using a level yield method

Operating leases (included in Other assets)

   $ (10,352 ) 48 months using a level yield method

Core deposit intangible

   $ 6,720   Straight line over 84 months

Investment in trust preferred securities

   $ (3,352 ) Straight line over 280 months

Time deposit premium

   $ (17,183 ) 60 months using an accelerated method

Subordinated debentures

   $ 111,235   Straight line over 280 months
Schedule of accretable yield on the purchased credit impaired loans acquired

 

 

 
   April 7, 2014
Accretable Yield		  
 
   (In thousands)
  

Undiscounted contractual cash flows

   $ 234,378  

Undiscounted cash flows not expected to be collected (nonaccretable difference)

     (120,534 )
       
​ ​ ​ ​ ​

Undiscounted cash flows expected to be collected

     113,844  

Estimated fair value of PCI loans acquired

     (88,627 )

Acquired accrued interest receivable

     —  
       
​ ​ ​ ​ ​

Accretable yield

   $ 25,217  
       
​ ​ ​ ​ ​
​ ​ ​ ​ ​