Exhibit 99.1

PRESS RELEASE

PacWest Bancorp

(Nasdaq: PACW)

Contact:	Matthew P. Wagner	Patrick J. Rusnak
	President and CEO	Executive Vice President and CFO
Phone:	310-887-8520	714-989-4705

FOR IMMEDIATE RELEASE April 16, 2019

PACWEST BANCORP ANNOUNCES RESULTS

FOR THE FIRST QUARTER 2019

Highlights

·Net Earnings of $112.6 Million, or $0.92 Per Diluted Share

·Tax Equivalent Net Interest Margin of 4.69%

·Loan and Lease Production of $1.2 Billion; $350 Million of Net Loan Growth

·Net Charge-offs Less Than $200 Thousand

·Provision for Credit Losses Decreases 67% to $4.0 Million

·Core Deposits Represent 84% of Total Deposits

Los Angeles, California . . . PacWest Bancorp (Nasdaq: PACW) today announced net earnings for the first quarter of 2019 of $112.6 million, or $0.92 per diluted share, compared to net earnings for the fourth quarter of 2018 of $115.0 million, or $0.93 per diluted share.

Matt Wagner, President and CEO, commented, “We continue to see the results of our credit de-risking strategy with continued downward trends in net charge-offs and credit loss provision and continued improvement in our credit quality metrics. Our first quarter of 2019 results produced a return on assets of 1.77% and a return on tangible equity of 20.64%.”

Mr. Wagner continued, “We had one of our strongest first quarters in terms of loan production and net loan growth and will work to continue that momentum into the rest of 2019 with an emphasis on core deposit generation. We also received approval to open a full-service branch office in Denver, Colorado and will continue to execute our expansion plans in that market.”

1

FINANCIAL HIGHLIGHTS

	At or For the									At or For the
	Three Months Ended									Three Months Ended
	March 31,			December 31,			Increase			March 31,						Increase
Financial Highlights	2019			2018			(Decrease)			2019			2018			(Decrease)
	(Dollars in thousands, except per share data)
Net earnings	$	112,604		$	115,041		$	(2,437	)	$	112,604		$	118,276		$	(5,672	)
Diluted earnings per share	$	0.92		$	0.93		$	(0.01	)	$	0.92		$	0.93		$	(0.01	)
Return on average assets	1.77		%	1.84		%	(0.07		)	1.77		%	1.99		%	(0.22		)
Return on average tangible equity (1)	20.64		%	21.23		%	(0.59		)	20.64		%	21.08		%	(0.44		)
Net interest margin (“NIM”) (tax equivalent)	4.69		%	4.91		%	(0.22		)	4.69		%	5.11		%	(0.42		)
Yield on average loans and leases (tax equivalent)	6.16		%	6.27		%	(0.11		)	6.16		%	6.11		%	0.05
Cost of average total deposits	0.73		%	0.62		%	0.11			0.73		%	0.31		%	0.42
Efficiency ratio	42.4		%	41.7		%	0.7			42.4		%	41.7		%	0.7
Total assets	$	26,324,138		$	25,731,354		$	592,784		$	26,324,138		$	24,149,330		$	2,174,808
Loans and leases held for investment, net of deferred fees	$	18,307,697		$	17,957,713		$	349,984		$	18,307,697		$	16,455,285		$	1,852,412
Noninterest-bearing demand deposits	$	7,712,409		$	7,888,915		$	(176,506	)	$	7,712,409		$	8,232,140		$	(519,731	)
Core deposits	$	16,127,638		$	16,346,671		$	(219,033	)	$	16,127,638		$	15,661,529		$	466,109
Total deposits	$	19,285,927		$	18,870,501		$	415,426		$	19,285,927		$	18,078,788		$	1,207,139
As percentage of total deposits:
Noninterest-bearing demand deposits	40		%	42		%	(2		)	40		%	46		%	(6		)
Core deposits	84		%	87		%	(3		)	84		%	87		%	(3		)
Equity to assets ratio	18.20		%	18.75		%	(0.55		)	18.20		%	20.16		%	(1.96		)
Tangible common equity ratio (1)	9.23		%	9.60		%	(0.37		)	9.23		%	10.43		%	(1.20		)
Book value per share	$	39.86		$	39.17		$	0.69		$	39.86		$	38.47		$	1.39
Tangible book value per share (1)	$	18.22		$	18.02		$	0.20		$	18.22		$	17.75		$	0.47

(1) Non-GAAP measure.

2

INCOME STATEMENT HIGHLIGHTS

Net Interest Income

Net interest income decreased by $6.9 million to $254.9 million for the first quarter of 2019 compared to $261.8 million for the fourth quarter of 2018 due to interest expense growth exceeding interest income growth and two less days in the first quarter compared to the fourth quarter. Interest expense increased by $8.7 million due mainly to higher deposit costs, offset partially by two less days in the first quarter of 2019. Interest income increased by $1.8 million due primarily to a higher balance of average loans and leases, offset partially by a lower yield on average loans and leases and two less days in the first quarter of 2019.  The tax equivalent yield on average loans and leases was 6.16% for the first quarter of 2019 compared to 6.27% for the fourth quarter of 2018. The decrease in the yield on average loans and leases was due principally to lower discount accretion on acquired loans (seven basis points in the first quarter versus 16 basis points in the fourth quarter).

The tax equivalent NIM was 4.69% for the first quarter of 2019 compared to 4.91% for the fourth quarter of 2018. The decrease in the NIM was due mainly to higher deposit and borrowing costs and a lower yield on average loans and leases.

The cost of average total deposits increased to 0.73% for the first quarter of 2019 from 0.62% for the fourth quarter of 2018. The increase was driven primarily by a shift in our deposit mix with increases in time and money market deposits and lower noninterest-bearing demand deposits along with higher rates paid on deposits in conjunction with the Federal Reserve December rate move.

Provision for Credit Losses

The following table presents details of the provision for credit losses for the periods indicated:

	Three Months Ended
	March 31,		December 31,		Increase
Provision for Credit Losses	2019		2018		(Decrease)
	(In thousands)
Addition to allowance for loan and lease losses	$	4,000	$	10,500	$	(6,500	)
Addition to reserve for unfunded loan commitments	—		1,500		(1,500		)
Total provision for credit losses	$	4,000	$	12,000	$	(8,000	)

Noninterest Income

The following table presents details of noninterest income for the periods indicated:

	Three Months Ended
	March 31,		December 31,			Increase
Noninterest Income	2019		2018			(Decrease)
	(In thousands)
Service charges on deposit accounts	$	3,730	$	4,091		$	(361	)
Other commissions and fees	11,008		11,114			(106		)
Leased equipment income	9,282		9,384			(102		)
Gain on sale of securities	2,161		786			1,375
Other income:
Dividends and gains (losses) on equity investments	296		(1,331		)	1,627
Warrant income	2,279		2,187			92
Other	2,308		7,295			(4,987		)
Total noninterest income	$	31,064	$	33,526		$	(2,462	)

3

Noninterest income decreased by $2.5 million to $31.1 million for the first quarter of 2019 compared to $33.5 million for the fourth quarter of 2018 due mainly to a $5.0 million decrease in other income, offset partially by an increase of $1.6 million in dividends and gains on equity investments and a $1.4 million increase in gain on sale of securities. Other income decreased due primarily to lower miscellaneous income from borrower settlements and lower BOLI income attributable to a death benefit received in the fourth quarter of 2018.  Dividends and gains on equity investments increased mainly due to negative mark-to-market valuation adjustments in the fourth quarter on equity investments arising from exercised warrants. The increase in gain on sale of securities was attributable to a net gain of $2.2 million on sales of $405.8 million of securities in the first quarter of 2019 as part of a partial portfolio repositioning compared to a net gain of $0.8 million on sales of $70.9 million of securities in the fourth quarter of 2018.

Noninterest Expense

The following table presents details of noninterest expense for the periods indicated:

	Three Months Ended
	March 31,		December 31,			Increase
Noninterest Expense	2019		2018			(Decrease)
	(In thousands)
Compensation	$	70,845	$	69,299		$	1,546
Occupancy	14,320		13,356			964
Data processing	6,925		6,930			(5		)
Other professional services	4,513		6,198			(1,685		)
Insurance and assessments	4,038		4,202			(164		)
Intangible asset amortization	4,870		4,986			(116		)
Leased equipment depreciation	5,651		5,758			(107		)
Foreclosed assets expense (income), net	29		(311		)	340
Acquisition, integration and reorganization costs	618		970			(352		)
Loan expense	2,885		2,991			(106		)
Other	11,593		14,856			(3,263		)
Total noninterest expense	$	126,287	$	129,235		$	(2,948	)

Noninterest expense decreased by $2.9 million to $126.3 million for the first quarter of 2019 compared to $129.2 million for the fourth quarter of 2018 attributable primarily to a $3.3 million decrease in other expense and a $1.7 million decrease in other professional services, offset partially by a $1.5 million increase in compensation expense. The decrease in other expense was mainly due to the $2.1 million write-off of the Square 1 Bank trademark asset in the fourth quarter of 2018 as a result of our plan to retire the Square 1 Bank name and increased employee expense in the fourth quarter of 2018 due to executive relocation costs.  Other professional services expense decreased due to lower legal and consulting expenses. Compensation expense increased due to normal seasonal increases in payroll tax and other employee benefit expenses and higher bonus expense, offset partially by lower stock compensation expense, due to an increase in forfeitures, and lower commissions expense.

Income Taxes

The overall effective income tax rate was 27.7% for the first quarter of 2019 and 25.3% for the fourth quarter of 2018.  The fourth quarter 2018 effective tax rate was lower due primarily to a change in the state apportionment method applied by the state of Maryland.  The effective tax rate for the full year 2019 is estimated to be in the range of 27-28%.

4

BALANCE SHEET HIGHLIGHTS

Loans and Leases

The following table presents roll forwards of loans and leases held for investment, net of deferred fees, for the periods indicated:

	Three Months Ended
Roll Forward of Loans and Leases Held	March 31,			December 31,
for Investment, Net of Deferred Fees (1)	2019			2018
	(Dollars in thousands)
Balance, beginning of period	$	17,957,713		$	17,230,146
Additions:
Production	1,174,838			1,571,565
Disbursements	1,192,972			1,186,351
Total production and disbursements	2,367,810			2,757,916
Reductions:
Payoffs	(933,300		)	(1,070,691		)
Paydowns	(1,038,964		)	(920,633		)
Total payoffs and paydowns	(1,972,264		)	(1,991,324		)
Sales	(16,936		)	—
Transfers to foreclosed assets	(37		)	(13,679		)
Charge-offs	(3,465		)	(25,346		)
Transfers to loans held for sale	(25,124		)	—
Total reductions	(2,017,826		)	(2,030,349		)
Balance, end of period	$	18,307,697		$	17,957,713
Weighted average rate on production (2)	5.11		%	5.38		%

(1) Includes direct financing leases but excludes equipment leased to others under operating leases.

(2) The weighted average rate on production presents contractual rates on a tax equivalent basis and excludes amortized fees.  Amortized fees added approximately 24 basis points to loan yields in 2019 and 31 basis points to loan yields in 2018.

Loans and leases held for investment, net of deferred fees, increased by $350.0 million, or 8% annualized, in the first quarter of 2019 to $18.3 billion at March 31, 2019.  The net loan growth in the first quarter was primarily from the real estate construction loan class and income producing and other residential loan class, which included $285 million of multi-family loan pool purchases.

5

The following table presents the composition of loans and leases held for investment, net of deferred fees, as of the dates indicated:

	March 31, 2019				December 31, 2018				March 31, 2018
			% of				% of				% of
Loan and Lease Portfolio (1)	Amount		Total		Amount		Total		Amount		Total
	(In thousands)
Real estate mortgage:
Commercial	$	4,640,510	25	%	$	4,824,298	27	%	$	5,033,006	31	%
Income producing and other residential	3,518,948		19	%	3,093,843		17	%	2,521,237		15	%
Total real estate mortgage	8,159,458		44	%	7,918,141		44	%	7,554,243		46	%
Real estate construction and land:
Commercial	943,596		5	%	912,583		5	%	789,892		5	%
Residential	1,408,128		8	%	1,321,073		8	%	887,110		5	%
Total real estate construction and land	2,351,724		13	%	2,233,656		13	%	1,677,002		10	%
Total real estate	10,511,182		57	%	10,151,797		57	%	9,231,245		56	%
Commercial:
Asset-based	3,422,202		19	%	3,305,421		18	%	2,957,890		18	%
Venture capital	2,027,450		11	%	2,038,748		11	%	1,920,643		12	%
Other commercial	1,974,702		11	%	2,060,426		12	%	1,947,590		12	%
Total commercial	7,424,354		41	%	7,404,595		41	%	6,826,123		42	%
Consumer	372,161		2	%	401,321		2	%	397,917		2	%
Total loans and leases held for investment, net of deferred fees	$	18,307,697	100	%	$	17,957,713	100	%	$	16,455,285	100	%
Total unfunded loan commitments	$	7,465,392			$	7,528,248			$	6,352,803

(1) Excludes loans held for sale carried at lower of cost or fair value at March 31, 2019.

Allowance for Credit Losses

The following tables present roll forwards of the allowance for credit losses for the periods indicated:

	Three Months Ended March 31, 2019
	Allowance for			Reserve for		Total
Allowance for Credit	Loan and			Unfunded Loan		Allowance for
Losses Rollforward	Lease Losses			Commitments		Credit Losses
	(In thousands)
Beginning balance	$	132,472		$	36,861	$	169,333
Charge-offs	(3,465		)	—		(3,465		)
Recoveries	3,274			—		3,274
Net charge-offs	(191		)	—		(191		)
Provision	4,000			—		4,000
Ending balance	$	136,281		$	36,861	$	173,142

6

	Three Months Ended December 31, 2018
	Allowance for			Reserve for		Total
Allowance for Credit	Loan and			Unfunded Loan		Allowance for
Losses Rollforward	Lease Losses			Commitments		Credit Losses
	(In thousands)
Beginning balance	$	141,920		$	35,361	$	177,281
Charge-offs	(25,346		)	—		(25,346		)
Recoveries	5,398			—		5,398
Net charge-offs	(19,948		)	—		(19,948		)
Provision	10,500			1,500		12,000
Ending balance	$	132,472		$	36,861	$	169,333

The allowance for credit losses as a percentage of loans and leases held for investment increased to 0.95% at March 31, 2019 from 0.94% at December 31, 2018.

Gross charge-offs for the first quarter of 2019 were $3.5 million and were primarily for other commercial loans.  Gross charge-offs for the fourth quarter of 2018 were $25.3 million and included $23.4 million for venture capital loans, of which $20.0 million related to two loans, and $1.7 million for other commercial loans.  Recoveries for the first quarter of 2019 were $3.3 million and included $2.3 million for venture capital loans and $0.8 million for other commercial loans. Recoveries for the fourth quarter of 2018 were $5.4 million and included $3.1 million for venture capital loans and $1.7 million for other commercial loans.

For the first quarter of 2019 and fourth quarter of 2018, annualized net charge-offs to average loans and leases were 0.00% and 0.46%.

Deposits and Client Investment Funds

The following table presents the composition of our deposit portfolio as of the dates indicated:

	March 31, 2019				December 31, 2018				March 31, 2018
			% of				% of				% of
Deposit Composition	Amount		Total		Amount		Total		Amount		Total
	(Dollars in thousands)
Noninterest-bearing demand	$	7,712,409	40	%	$	7,888,915	42	%	$	8,232,140	46	%
Interest checking	3,163,228		16	%	2,842,463		15	%	2,076,152		11	%
Money market	4,714,078		25	%	5,043,871		27	%	4,676,734		26	%
Savings	537,923		3	%	571,422		3	%	676,503		4	%
Total core deposits	16,127,638		84	%	16,346,671		87	%	15,661,529		87	%
Non-core non-maturity deposits	454,277		2	%	518,192		3	%	585,399		3	%
Total non-maturity deposits	16,581,915		86	%	16,864,863		90	%	16,246,928		90	%
Time deposits $250,000 and under	2,258,989		12	%	1,593,453		8	%	1,482,118		8	%
Time deposits over $250,000	445,023		2	%	412,185		2	%	349,742		2	%
Total time deposits	2,704,012		14	%	2,005,638		10	%	1,831,860		10	%
Total deposits	$	19,285,927	100	%	$	18,870,501	100	%	$	18,078,788	100	%

At March 31, 2019, core deposits totaled $16.1 billion, or 84% of total deposits, including $7.7 billion of noninterest-bearing demand deposits, or 40% of total deposits.

7

In addition to deposit products, we also offer alternative non-depository cash investment options for select clients; these alternatives include investments managed by Square 1 Asset Management, Inc. (“S1AM”), our registered investment advisor subsidiary, and third-party sweep products.  Total off-balance sheet client investment funds at March 31, 2019 were $2.2 billion, of which $1.6 billion was managed by S1AM.

CREDIT QUALITY

The following table presents loan and lease credit quality metrics as of the dates indicated:

	March 31,			December 31,			Increase
Credit Quality Metrics	2019			2018			(Decrease)
	(Dollars in thousands)
NPAs and Performing TDRs:
Nonaccrual loans and leases held for investment (1)(2)	$	88,527		$	79,333		$	9,194
Accruing loans contractually past due 90 days or more	—			—			—
Foreclosed assets, net	3,291			5,299			(2,008		)
Total nonperforming assets (“NPAs”)	$	91,818		$	84,632		$	7,186
Nonaccrual loans and leases held for investment to loans and leases held for investment	0.48		%	0.44		%
Nonperforming assets to loans and leases held for investment and foreclosed assets	0.50		%	0.47		%
Nonaccrual loans and leases held for investment (1)(2)	$	88,527		$	79,333		$	9,194
Performing TDRs held for investment	17,027			17,701			(674		)
Total impaired loans and leases	$	105,554		$	97,034		$	8,520
Loan and Lease Credit Risk Ratings:
Pass	$	17,824,612		$	17,459,205		$	365,407
Special mention	292,780			261,398			31,382
Classified (1)	190,305			237,110			(46,805		)
Total loans and leases held for investment, net of deferred fees	$	18,307,697		$	17,957,713		$	349,984
Classified loans and leases held for investment to loans and leases held for investment	1.04		%	1.32		%
Allowance for Credit Losses:
Allowance for credit losses	$	173,142		$	169,333		$	3,809
Provision for credit losses (for the quarter)	$	4,000		$	12,000		$	(8,000	)
Net charge-offs (for the quarter)	$	191		$	19,948		$	(19,757	)
Net charge-offs to average loans and leases (for the quarter)	0.00		%	0.46		%
Allowance for credit losses to loans and leases held for investment	0.95		%	0.94		%
Allowance for credit losses to nonaccrual loans and leases held for investment	195.6		%	213.5		%

(1) Excludes loans held for sale carried at lower of cost or fair value at March 31, 2019.

(2) Nonaccrual loans include guaranteed amounts of $10.2 million at March 31, 2019 and $11.2 million at December 31, 2018.

8

Nonaccrual, classified, and special mention loans and leases fluctuate from period to period as a result of loan repayments and our ongoing active portfolio monitoring.

During the first quarter of 2019, nonaccrual loans and leases increased $9.2 million from what was a five-year low as of December 31, 2018, while classified loans and leases decreased by $46.8 million driven primarily by the payoff of a $30 million commercial real estate mortgage loan.

The following table presents nonaccrual loans and leases and accruing loans and leases past due between 30 and 89 days by portfolio segment and class as of the dates indicated:

	Nonaccrual Loans and Leases (1)								Accruing and
	March 31, 2019				December 31, 2018				30-89 Days Past Due
			% of				% of		March 31,		December 31,
			Loan				Loan		2019		2018
	Amount		Category		Amount		Category		Amount		Amount
	(Dollars in thousands)
Real estate mortgage:
Commercial	$	12,750	0.3	%	$	15,321	0.3	%	$	6,863	$	3,276
Income producing and other residential	2,444		0.1	%	2,524		0.1	%	1,853		1,557
Total real estate mortgage	15,194		0.2	%	17,845		0.2	%	8,716		4,833
Real estate construction and land:
Commercial	430		0.0	%	442		0.0	%	—		—
Residential	—		0.0	%	—		0.0	%	8,949		1,527
Total real estate construction and land	430		0.0	%	442		0.0	%	8,949		1,527
Commercial:
Asset-based	43,406		1.3	%	32,324		1.0	%	3,750		47
Venture capital	20,437		1.0	%	20,299		1.0	%	4,500		1,028
Other commercial	8,633		0.4	%	7,380		0.4	%	1,694		2,467
Total commercial	72,476		1.0	%	60,003		0.8	%	9,944		3,542
Consumer	427		0.1	%	1,043		0.3	%	614		581
Total held for investment	$	88,527	0.5	%	$	79,333	0.4	%	$	28,223	$	10,483

(1) Excludes loans held for sale carried at lower of cost or fair value at March 31, 2019.

9

STOCK REPURCHASE PROGRAM

In February 2019, the Company announced a new stock repurchase program with an authorized repurchase amount not to exceed $225 million and with a program maturity of February 29, 2020.  During the first quarter of 2019, we repurchased 3,070,676 shares at an average price of $38.94 and a total cost of $119.6 million, of which $65.4 million was under the new plan, leaving $159.6 million remaining under the plan as of March 31, 2019.

ABOUT PACWEST BANCORP

PacWest Bancorp (“PacWest”) is a bank holding company with over $26 billion in assets with one wholly-owned banking subsidiary, Pacific Western Bank (the “Bank”). The Bank has 74 full-service branches located throughout the state of California and one branch in Durham, North Carolina. Our Community Banking group provides lending and comprehensive deposit and treasury management services to small and medium-sized businesses conducted primarily through our California-based branch offices. We offer additional products and services through our National Lending and Venture Banking groups. National Lending provides asset-based, equipment, real estate and security cash flow loans and treasury management services to established middle-market businesses on a national basis. Venture Banking offers a comprehensive suite of financial services focused on entrepreneurial businesses and their venture capital and private equity investors, with offices located in key innovative hubs across the United States.  For more information about PacWest Bancorp, visit www.pacwestbancorp.com, or to learn more about Pacific Western Bank, visit www.pacificwesternbank.com.

FORWARD LOOKING STATEMENTS

This communication contains certain forward-looking information about PacWest that is intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Such statements include future financial and operating results, expectations, intentions and other statements that are not historical facts. Such statements are based on information available at the time of this communication and are based on current beliefs and expectations of the Company’s management and are subject to significant risks, uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those set forth in the forward-looking statements due to a variety of factors, including the risk factors described in documents filed by the Company with the Securities and Exchange Commission.

We are under no obligation (and expressly disclaim any such obligation) to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

10

PACWEST BANCORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET

	March 31,			December 31,
	2019			2018
	(Dollars in thousands, except per share data)
ASSETS:
Cash and due from banks	$	224,758		$	175,830
Interest-earning deposits in financial institutions	332,124			209,937
Total cash and cash equivalents	556,882			385,767
Securities available-for-sale, at estimated fair value	3,994,708			4,009,431
Federal Home Loan Bank stock, at cost	29,430			32,103
Total investment securities	4,024,138			4,041,534
Loans held for sale	25,124			—
Gross loans and leases held for investment	18,371,295			18,026,365
Deferred fees, net	(63,598		)	(68,652		)
Total loans and leases held for investment, net of deferred fees	18,307,697			17,957,713
Allowance for loan and lease losses	(136,281		)	(132,472		)
Total loans and leases held for investment, net	18,171,416			17,825,241
Equipment leased to others under operating leases	293,853			292,677
Premises and equipment, net	37,783			34,661
Foreclosed assets, net	3,291			5,299
Deferred tax asset, net	—			17,489
Goodwill	2,548,670			2,548,670
Core deposit and customer relationship intangibles, net	52,250			57,120
Other assets	610,731			522,896
Total assets	$	26,324,138		$	25,731,354
LIABILITIES:
Noninterest-bearing deposits	$	7,712,409		$	7,888,915
Interest-bearing deposits	11,573,518			10,981,586
Total deposits	19,285,927			18,870,501
Borrowings	1,481,087			1,371,114
Subordinated debentures	454,458			453,846
Accrued interest payable and other liabilities	311,684			210,305
Total liabilities	21,533,156			20,905,766
STOCKHOLDERS’ EQUITY (1)	4,790,982			4,825,588
Total liabilities and stockholders’ equity	$	26,324,138		$	25,731,354
Book value per share	$	39.86		$	39.17
Tangible book value per share (2)	$	18.22		$	18.02
Shares outstanding	120,201,149			123,189,833

(1) Includes net unrealized gain (loss) on securities available-for-sale, net	$	37,258	$	(6,075	)
(2) Non-GAAP measure.

11

PACWEST BANCORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF EARNINGS

	Three Months Ended
	March 31,		December 31,			March 31,
	2019		2018			2018
	(Dollars in thousands, except per share data)
Interest income:
Loans and leases	$	274,229	$	272,522		$	251,085
Investment securities	29,680		29,690			26,138
Deposits in financial institutions	650		527			552
Total interest income	304,559		302,739			277,775
Interest expense:
Deposits	34,235		28,834			13,818
Borrowings	7,710		4,602			920
Subordinated debentures	7,738		7,538			6,537
Total interest expense	49,683		40,974			21,275
Net interest income	254,876		261,765			256,500
Provision for credit losses	4,000		12,000			4,000
Net interest income after provision for credit losses	250,876		249,765			252,500
Noninterest income:
Service charges on deposit accounts	3,730		4,091			4,174
Other commissions and fees	11,008		11,114			10,265
Leased equipment income	9,282		9,384			9,587
Gain on sale of loans and leases	—		—			4,569
Gain on sale of securities	2,161		786			6,311
Other income	4,883		8,151			3,653
Total noninterest income	31,064		33,526			38,559
Noninterest expense:
Compensation	70,845		69,299			71,023
Occupancy	14,320		13,356			13,223
Data processing	6,925		6,930			6,659
Other professional services	4,513		6,198			4,439
Insurance and assessments	4,038		4,202			5,727
Intangible asset amortization	4,870		4,986			6,346
Leased equipment depreciation	5,651		5,758			5,375
Foreclosed assets expense (income), net	29		(311		)	(122		)
Acquisition, integration and reorganization costs	618		970			—
Loan expense	2,885		2,991			2,271
Other expense	11,593		14,856			12,454
Total noninterest expense	126,287		129,235			127,395
Earnings before income taxes	155,653		154,056			163,664
Income tax expense	43,049		39,015			45,388
Net earnings	$	112,604	$	115,041		$	118,276
Basic and diluted earnings per share	$	0.92	$	0.93		$	0.93
Dividends declared and paid per share	$	0.60	$	0.60		$	0.50

12

PACWEST BANCORP AND SUBSIDIARIES

NET EARNINGS PER SHARE CALCULATIONS

	Three Months Ended
	March 31,			December 31,			March 31,
	2019			2018			2018
	(In thousands, except per share data)
Basic Earnings Per Share:
Net earnings	$	112,604		$	115,041		$	118,276
Less: earnings allocated to unvested restricted stock (1)	(1,163		)	(1,219		)	(1,115		)
Net earnings allocated to common shares	$	111,441		$	113,822		$	117,161
Weighted-average basic shares and unvested restricted stock outstanding	122,227			123,238			127,487
Less: weighted-average unvested restricted stock outstanding	(1,352		)	(1,426		)	(1,413		)
Weighted-average basic shares outstanding	120,875			121,812			126,074
Basic earnings per share	$	0.92		$	0.93		$	0.93
Diluted Earnings Per Share:
Net earnings allocated to common shares	$	111,441		$	113,822		$	117,161
Weighted-average basic shares outstanding	120,875			121,812			126,074
Diluted earnings per share	$	0.92		$	0.93		$	0.93

(1)Represents cash dividends paid to holders of unvested stock, net of forfeitures, plus undistributed earnings amounts available to holders of unvested restricted stock, if any.

13

PACWEST BANCORP AND SUBSIDIARIES

AVERAGE BALANCE SHEET AND YIELD ANALYSIS

	Three Months Ended
	March 31, 2019						December 31, 2018						March 31, 2018
			Interest		Average				Interest		Average				Interest		Average
	Average		Income/		Yield/		Average		Income/		Yield/		Average		Income/		Yield/
	Balance		Expense		Cost		Balance		Expense		Cost		Balance		Expense		Cost
	(Dollars in thousands)
Assets:
Loans and leases (1)(2)	$	18,064,230	$	274,513	6.16	%	$	17,275,343	$	272,824	6.27	%	$	16,682,124	$	251,260	6.11	%
Investment securities (3)	3,968,531		30,572		3.12	%	3,899,520		30,992		3.15	%	3,682,138		27,935		3.08	%
Deposits in financial institutions	111,950		650		2.35	%	94,500		527		2.21	%	150,674		552		1.49	%
Total interest-earning assets (1)	22,144,711		305,735		5.60	%	21,269,363		304,343		5.68	%	20,514,936		279,747		5.53	%
Other assets	3,631,238						3,515,099						3,556,212
Total assets	$	25,775,949					$	24,784,462					$	24,071,148
Liabilities and Stockholders’ Equity:
Interest checking	$	3,041,822	9,321		1.24	%	$	2,785,702	7,932		1.13	%	$	2,311,988	3,050		0.54	%
Money market	5,274,987		14,908		1.15	%	5,107,468		13,621		1.06	%	5,038,119		6,812		0.55	%
Savings	553,032		242		0.18	%	597,259		273		0.18	%	685,173		258		0.15	%
Time	2,286,932		9,764		1.73	%	1,932,332		7,008		1.44	%	1,923,963		3,698		0.78	%
Total interest-bearing deposits	11,156,773		34,235		1.24	%	10,422,761		28,834		1.10	%	9,959,243		13,818		0.56	%
Borrowings	1,218,319		7,710		2.57	%	764,039		4,602		2.39	%	239,293		920		1.56	%
Subordinated debentures	454,203		7,738		6.91	%	452,998		7,538		6.60	%	461,648		6,537		5.74	%
Total interest-bearing liabilities	12,829,295		49,683		1.57	%	11,639,798		40,974		1.40	%	10,660,184		21,275		0.81	%
Noninterest-bearing demand deposits	7,783,652						8,163,699						8,311,104
Other liabilities	347,037						222,564						198,653
Total liabilities	20,959,984						20,026,061						19,169,941
Stockholders’ equity	4,815,965						4,758,401						4,901,207
Total liabilities and stockholders’ equity	$	25,775,949					$	24,784,462					$	24,071,148
Net interest income (1)			$	256,052					$	263,369					$	258,472
Net interest spread (1)					4.03	%					4.28	%					4.72	%
Net interest margin (1)					4.69	%					4.91	%					5.11	%
Total deposits (4)	$	18,940,425	$	34,235	0.73	%	$	18,586,460	$	28,834	0.62	%	$	18,270,347	$	13,818	0.31	%

(1) Tax equivalent.

(2) Includes discount accretion on acquired loans of $3.0 million, $6.9 million, and $7.6 million for the three months ended March 31, 2019, December 31, 2018, and March 31, 2018, respectively.

(3) Includes tax-equivalent adjustments of $0.9 million, $1.3 million, and $1.8 million for the three months ended March 31, 2019, December 31, 2018, and March 31, 2018 related to tax-exempt income on investment securities. The federal statutory tax rate utilized was 21%.

(4) Total deposits is the sum of total interest-bearing deposits and noninterest-bearing demand deposits.  The cost of total deposits is calculated as annualized interest expense on total deposits divided by average total deposits.

14

PACWEST BANCORP AND SUBSIDIARIES

FIVE QUARTER BALANCE SHEET

	March 31,			December 31,			September 30,			June 30,			March 31,
	2019			2018			2018			2018			2018
	(Dollars in thousands, except per share data)
ASSETS:
Cash and due from banks	$	224,758		$	175,830		$	196,502		$	245,998		$	235,061
Interest-earning deposits in financial institutions	332,124			209,937			185,284			205,567			312,735
Total cash and cash equivalents	556,882			385,767			381,786			451,565			547,796
Securities available-for-sale	3,994,708			4,009,431			3,820,333			3,857,788			3,801,986
Federal Home Loan Bank stock	29,430			32,103			31,077			26,271			17,250
Total investment securities	4,024,138			4,041,534			3,851,410			3,884,059			3,819,236
Loans held for sale	25,124			—			—			—			—
Gross loans and leases held for investment	18,371,295			18,026,365			17,295,589			16,947,502			16,516,627
Deferred fees, net	(63,598		)	(68,652		)	(65,443		)	(62,310		)	(61,342		)
Total loans and leases held for investment, net of deferred fees	18,307,697			17,957,713			17,230,146			16,885,192			16,455,285
Allowance for loan and lease losses	(136,281		)	(132,472		)	(141,920		)	(132,139		)	(134,275		)
Total loans and leases held for investment, net	18,171,416			17,825,241			17,088,226			16,753,053			16,321,010
Equipment leased to others under operating leases	293,853			292,677			275,707			266,576			280,648
Premises and equipment, net	37,783			34,661			34,012			34,513			33,686
Foreclosed assets, net	3,291			5,299			4,407			2,231			1,236
Deferred tax asset, net	—			17,489			41,280			25,551			12,584
Goodwill	2,548,670			2,548,670			2,548,670			2,548,670			2,548,670
Core deposit and customer relationship intangibles, net	52,250			57,120			62,106			67,693			73,280
Other assets	610,731			522,896			494,522			495,646			511,184
Total assets	$	26,324,138		$	25,731,354		$	24,782,126		$	24,529,557		$	24,149,330
LIABILITIES:
Noninterest-bearing deposits	$	7,712,409		$	7,888,915		$	7,834,480		$	8,126,153		$	8,232,140
Interest-bearing deposits	11,573,518			10,981,586			10,045,063			9,803,039			9,846,648
Total deposits	19,285,927			18,870,501			17,879,543			17,929,192			18,078,788
Borrowings	1,481,087			1,371,114			1,513,166			1,187,226			575,284
Subordinated debentures	454,458			453,846			452,944			451,878			452,223
Accrued interest payable and other liabilities	311,684			210,305			194,788			183,302			175,545
Total liabilities	21,533,156			20,905,766			20,040,441			19,751,598			19,281,840
STOCKHOLDERS’ EQUITY (1)	4,790,982			4,825,588			4,741,685			4,777,959			4,867,490
Total liabilities and stockholders’ equity	$	26,324,138		$	25,731,354		$	24,782,126		$	24,529,557		$	24,149,330
Book value per share	$	39.86		$	39.17		$	38.46		$	38.36		$	38.47
Tangible book value per share (2)	$	18.22		$	18.02		$	17.28		$	17.35		$	17.75
Shares outstanding	120,201,149			123,189,833			123,283,450			124,567,950			126,537,871

(1) Includes net unrealized gain (loss) on securities available-for-sale, net	$	37,258	$	(6,075	)	$	(43,854	)	$	(22,340	)	$	(11,936	)
(2) Non-GAAP measure.

15

PACWEST BANCORP AND SUBSIDIARIES

FIVE QUARTER STATEMENT OF EARNINGS

	Three Months Ended
	March 31,		December 31,			September 30,			June 30,			March 31,
	2019		2018			2018			2018			2018
	(Dollars in thousands, except per share data)
Interest income:
Loans and leases	$	274,229	$	272,522		$	264,062		$	260,300		$	251,085
Investment securities	29,680		29,690			28,061			27,730			26,138
Deposits in financial institutions	650		527			519			484			552
Total interest income	304,559		302,739			292,642			288,514			277,775
Interest expense:
Deposits	34,235		28,834			21,121			16,367			13,818
Borrowings	7,710		4,602			3,814			2,649			920
Subordinated debentures	7,738		7,538			7,390			7,166			6,537
Total interest expense	49,683		40,974			32,325			26,182			21,275
Net interest income	254,876		261,765			260,317			262,332			256,500
Provision for credit losses	4,000		12,000			11,500			17,500			4,000
Net interest income after provision for credit losses	250,876		249,765			248,817			244,832			252,500
Noninterest income:
Service charges on deposit accounts	3,730		4,091			3,979			4,265			4,174
Other commissions and fees	11,008		11,114			12,397			11,767			10,265
Leased equipment income	9,282		9,384			9,120			9,790			9,587
Gain on sale of loans and leases	—		—			—			106			4,569
Gain on sale of securities	2,161		786			826			253			6,311
Other income	4,883		8,151			10,590			13,457			3,653
Total noninterest income	31,064		33,526			36,912			39,638			38,559
Noninterest expense:
Compensation	70,845		69,299			72,333			69,913			71,023
Occupancy	14,320		13,356			13,069			13,575			13,223
Data processing	6,925		6,930			6,740			6,896			6,659
Other professional services	4,513		6,198			6,058			5,257			4,439
Insurance and assessments	4,038		4,202			5,446			5,330			5,727
Intangible asset amortization	4,870		4,986			5,587			5,587			6,346
Leased equipment depreciation	5,651		5,758			5,001			5,237			5,375
Foreclosed assets expense (income), net	29		(311		)	(257		)	(61		)	(122		)
Acquisition, integration and reorganization costs	618		970			800			—			—
Loan expense	2,885		2,991			2,249			3,058			2,271
Other expense	11,593		14,856			11,127			11,657			12,454
Total noninterest expense	126,287		129,235			128,153			126,449			127,395
Earnings before income taxes	155,653		154,056			157,576			158,021			163,664
Income tax expense	43,049		39,015			41,289			42,286			45,388
Net earnings	$	112,604	$	115,041		$	116,287		$	115,735		$	118,276
Basic and diluted earnings per share	$	0.92	$	0.93		$	0.94		$	0.92		$	0.93
Dividends declared and paid per share	$	0.60	$	0.60		$	0.60		$	0.60		$	0.50

16

PACWEST BANCORP AND SUBSIDIARIES

FIVE QUARTER SELECTED FINANCIAL DATA

	At or For the Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2019			2018			2018			2018			2018
	(Dollars in thousands)
Performance Ratios:
Return on average assets (1)	1.77		%	1.84		%	1.89		%	1.93		%	1.99		%
Return on average equity (1)	9.48		%	9.59		%	9.72		%	9.61		%	9.79		%
Return on average tangible equity (1)(2)	20.64		%	21.23		%	21.61		%	20.98		%	21.08		%
Yield on average loans and leases (1)(3)	6.16		%	6.27		%	6.20		%	6.30		%	6.11		%
Yield on average interest-earning assets (1)(3)	5.60		%	5.68		%	5.60		%	5.70		%	5.53		%
Cost of average interest-bearing deposits (1)	1.24		%	1.10		%	0.83		%	0.68		%	0.56		%
Cost of average total deposits (1)	0.73		%	0.62		%	0.46		%	0.37		%	0.31		%
Cost of average interest-bearing liabilities (1)	1.57		%	1.40		%	1.14		%	0.98		%	0.81		%
Net interest spread (1)(3)	4.03		%	4.28		%	4.46		%	4.72		%	4.72		%
Net interest margin (1)(3)	4.69		%	4.91		%	4.99		%	5.18		%	5.11		%
Efficiency ratio	42.4		%	41.7		%	40.9		%	39.8		%	41.7		%
Noninterest expense as a percentage of average assets (1)	1.99		%	2.07		%	2.09		%	2.11		%	2.15		%
Average Balances:
Loans and leases, net of deferred fees	$	18,064,230		$	17,275,343		$	16,913,792		$	16,576,361		$	16,682,124
Interest-earning assets	22,144,711			21,269,363			20,866,478			20,492,121			20,514,936
Total assets	25,775,949			24,784,462			24,357,771			23,999,637			24,071,148
Noninterest-bearing deposits	7,783,652			8,163,699			8,120,306			8,253,413			8,311,104
Interest-bearing deposits	11,156,773			10,422,761			10,111,927			9,703,611			9,959,243
Total deposits	18,940,425			18,586,460			18,232,233			17,957,024			18,270,347
Borrowings	1,218,319			764,039			720,449			549,665			239,293
Subordinated debentures	454,203			452,998			452,312			451,973			461,648
Interest-bearing liabilities	12,829,295			11,639,798			11,284,688			10,705,249			10,660,184
Stockholders’ equity	4,815,965			4,758,401			4,748,819			4,832,480			4,901,207

(1) Annualized.

(2) Non-GAAP measure.

(3) Tax equivalent.

17

PACWEST BANCORP AND SUBSIDIARIES

FIVE QUARTER SELECTED FINANCIAL DATA

	At or For the Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2019			2018			2018			2018			2018
	(Dollars in thousands)
Credit Quality Ratios:
Nonaccrual loans and leases held for investment to loans and leases held for investment	0.48		%	0.44		%	0.66		%	0.67		%	0.63		%
Nonperforming assets to loans and leases held for investment and foreclosed assets	0.50		%	0.47		%	0.68		%	0.69		%	0.64		%
Classified loans and leases held for investment to loans and leases held for investment	1.04		%	1.32		%	1.51		%	1.40		%	1.26		%
Trailing 12 months net charge-offs to average loans and leases held for investment	0.22		%	0.26		%	0.28		%	0.28		%	0.31		%
Allowance for credit losses to loans and leases held for investment	0.95		%	0.94		%	1.03		%	0.99		%	1.02		%
Allowance for credit losses to nonaccrual loans and leases held for investment	195.6		%	213.5		%	156.9		%	147.3		%	161.1		%
PacWest Bancorp Consolidated
Capital:
Tier 1 leverage ratio (1)	9.38		%	10.13		%	10.10		%	10.33		%	10.66		%
Common equity tier 1 capital ratio (1)	9.48		%	10.01		%	10.18		%	10.59		%	11.16		%
Tier 1 capital ratio (1)	9.48		%	10.01		%	10.18		%	10.59		%	11.16		%
Total capital ratio (1)	12.15		%	12.72		%	13.03		%	13.48		%	14.11		%
Risk-weighted assets (1)	$	22,939,074		$	22,525,096		$	21,650,542		$	20,929,325		$	20,523,487
Equity to assets ratio	18.20		%	18.75		%	19.13		%	19.48		%	20.16		%
Tangible common equity ratio (2)	9.23		%	9.60		%	9.61		%	9.86		%	10.43		%
Book value per share	$	39.86		$	39.17		$	38.46		$	38.36		$	38.47
Tangible book value per share (2)	$	18.22		$	18.02		$	17.28		$	17.35		$	17.75
Pacific Western Bank Capital:
Tier 1 leverage ratio (1)	10.57		%	10.80		%	10.78		%	11.11		%	11.33		%
Common equity tier 1 capital ratio (1)	10.69		%	10.68		%	10.87		%	11.40		%	11.86		%
Tier 1 capital ratio (1)	10.69		%	10.68		%	10.87		%	11.40		%	11.86		%
Total capital ratio (1)	11.45		%	11.44		%	11.69		%	12.21		%	12.67		%

(1) Capital information for March 31, 2019 is preliminary.

(2) Non-GAAP measure.

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GAAP TO NON-GAAP RECONCILIATIONS

This press release contains certain non-GAAP financial disclosures for: (1) return on average tangible equity, (2) tangible common equity ratio, and (3) tangible book value per share. The Company uses these non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance.  In particular, the use of return on average tangible equity, tangible common equity ratio, and tangible book value per share is prevalent among banking regulators, investors and analysts.  Accordingly, we disclose the non-GAAP measures in addition to the related GAAP measures of: (1) return on average equity, (2) equity to assets ratio, and (3) book value per share.

The tables below present the reconciliations of these GAAP financial measures to the related non-GAAP financial measures:

	Three Months Ended
	March 31,			December 31,			March 31,
Return on Average Tangible Equity	2019			2018			2018
	(Dollars in thousands)
Net earnings	$	112,604		$	115,041		$	118,276
Average stockholders’ equity	$	4,815,965		$	4,758,401		$	4,901,207
Less: Average intangible assets	2,603,842			2,608,497			2,625,593
Average tangible common equity	$	2,212,123		$	2,149,904		$	2,275,614
Return on average equity (1)	9.48		%	9.59		%	9.79		%
Return on average tangible equity (2)	20.64		%	21.23		%	21.08		%

(1) Annualized net earnings divided by average stockholders’ equity.

(2) Annualized net earnings divided by average tangible common equity.

Tangible Common Equity Ratio/	March 31,			December 31,			September 30,			June 30,			March 31,
Tangible Book Value Per Share	2019			2018			2018			2018			2018
	(Dollars in thousands, except per share data)
Stockholders’ equity	$	4,790,982		$	4,825,588		$	4,741,685		$	4,777,959		$	4,867,490
Less: Intangible assets	2,600,920			2,605,790			2,610,776			2,616,363			2,621,950
Tangible common equity	$	2,190,062		$	2,219,798		$	2,130,909		$	2,161,596		$	2,245,540
Total assets	$	26,324,138		$	25,731,354		$	24,782,126		$	24,529,557		$	24,149,330
Less: Intangible assets	2,600,920			2,605,790			2,610,776			2,616,363			2,621,950
Tangible assets	$	23,723,218		$	23,125,564		$	22,171,350		$	21,913,194		$	21,527,380
Equity to assets ratio	18.20		%	18.75		%	19.13		%	19.48		%	20.16		%
Tangible common equity ratio (1)	9.23		%	9.60		%	9.61		%	9.86		%	10.43		%
Book value per share	$	39.86		$	39.17		$	38.46		$	38.36		$	38.47
Tangible book value per share (2)	$	18.22		$	18.02		$	17.28		$	17.35		$	17.75
Shares outstanding	120,201,149			123,189,833			123,283,450			124,567,950			126,537,871

(1) Tangible common equity divided by tangible assets.

(2) Tangible common equity divided by shares outstanding.

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